Analysts
| Institution | Location | Analyst | Rating | latest publication |
| Bankhaus Lampe | Düsseldorf | Marc Gabriel | Buy | 18 Aug 08 |
| Bayerische Landesbank | Munich | Gregor Elze | Sell | 11 Apr 06 |
| Berenberg Bank | Hamburg | Stephan Klepp | Buy | 13 Nov 08 |
| CA Cheuvreux ¹ | ||||
| Cazenove ¹ | ||||
| Commerzbank | Frankfurt | Norbert Kretlow | Add | 17 Nov 08 |
| Credit Suisse | London | Ur-Cheng Leong | Outperform | 14 Nov 08 |
| Deutsche Bank | Frankfurt | Michael Kuhn | Buy | 14 Nov 08 |
| Dresdner Kleinwort | London | Alastair Stewart | Buy | 13 Nov 08 |
| DZ Bank | Frankfurt | Marc Nettelbeck | Buy | 14 Nov 08 |
| equinet | Frankfurt | Ingbert Faust | Buy | 17 Nov 08 |
| Euromobiliare SIM | Milan | Gianmarco Bonacina | 26 Mar 08 | |
| Goldman Sachs | London | Eshan Toorabally | Buy | 16 Oct 08 |
| Hamburger Sparkasse | Hamburg | Jochen Intelmann | Sell | 04 Oct 07 |
| Hauck & Aufhäuser | Hamburg | Jens Schott | Buy | 12 Sep 08 |
| HSBC Trinkaus & Burkhardt | Düsseldorf | Thomas Teetz | Overweight | 30 Oct 08 |
| Independent Research | Frankfurt | Stefan Rühle | Buy | 10 Oct 08 |
| Kepler Equities ¹ | ||||
| Landesbank Baden-Württemberg ¹ | Stuttgart | |||
| Merrill Lynch | London | Luis Prieto | Buy | 06 Nov 08 |
| MF Global | London | Tobias Woerner | Neutral | 10 Nov 08 |
| M.M. Warburg & Co | Hamburg | Ralf Dibbern | Buy | 21 Aug 08 |
| NordLB | Hannover | Heino Hammann | Hold | 20 Aug 08 |
| Société Générale | Paris | Sven Edelfelt | Sell | 14 Aug 08 |
| sterne agee | New York | Chase Jacobson | Hold | 05 Sep 08 |
| UBS | London | Gregor Kuglitsch | Buy | 06 Nov 08 |
| UniCredit (HVB) | Munich | Karin Brinkmann | Buy | 17 Nov 08 |
| VDM Capital Research | Lugano | Riccardo Esposito | Buy | 13 Nov 08 |
| WestLB | Düsseldorf | Ralf Dörper | Buy | 17 Nov 08 |
¹ Change of analyst
Disclaimer
The research reports and other analysts' statements referred to here have been
received from third parties, in particular from equity and credit analysts
employed by a range of banks and investment banks. Reference to such reports and
statements is provided for information only and does not imply any agreement
with or consent to the content of such reports and statements or the
information, opinions or conclusions contained therein. HOCHTIEF further draws
attention to the disclaimers issued by each firm whose reports and statements
are referred to here, which should be read in full. HOCHTIEF accepts no
liability for the selection, current relevance, completeness or correctness of
the analysts' recommendations or assessments referred to here. None of the
information contained or referred to on this Internet site is to be understood
as an offer for purchase of shares or bonds of HOCHTIEF or its subsidiaries or
related undertakings. Any liability on the part of HOCHTIEF Aktiengesellschaft
for losses incurred by third parties arising from the research reports and other
analysts' statements contained or referred to on this website is precluded.
