Price Target: EUR 3.50 (4.70)

Recommendation: HOLD (HOLD) Risk: HIGH (HIGH) Price Target: EUR 3.50 (4.70) 08 June 2011 Huge earnings volatility and still low visibility During the last weeks three important events happened. 1) The CEO was replaced 2) Release of FY 2010 figures 3) Release of 1Q 2011 figures. We had intense communication with the new management and discussed the recent events. Share price (dark) vs. CDAX According to the company, the change in management was agreed to unanimously by the former CEO Bernd Sexauer and the supervisory board. While Mr. Sexauer s strategy was aimed at only investing in majority stakes, the supervisory board was of the opinion that investments should also be conducted in minority stakes as well. There has been huge volatility in Heliad s results. After the large loss of EUR -19.4m in FY 2010 due to write-offs and impairments recorded in 4Q, the large profit of EUR 16.2m in 1Q 2011 is due to deconsolidation gains. Without deconsolidation gains the first quarter 2011 would have been shown a small net profit. We have adjusted our FY 2011E estimates taking into account the 1Q deconsolidation gain that led to a net income of EUR 16.2m, conservatively assuming a flat earnings development for the rest of the year (old net income estimate: EUR 8.1m, new estimate: EUR 16.5m). Source: CBS Research AG, Deutsche Börse AG Source: CBS Research AG, Bloomberg, Heliad Equity Partners Change 2010 2011E 2012E new old new old new old Tot. Rev. 54.6-35.3 73.0 36.1 75.3 EBIT 11.0-2.4 11.0 2.6 11.8 EPS -1.81-1.46 0.69 0.13 0.73 Internet: www.heliad.de WKN: A0L1NN Reuters: HPBGm.DE Short company profile: Sector: Private Equity ISIN: DE000A0L1NN5 Bloomberg: HPBK GY Heliad invests in fast-growing, medium-sized companies in German-speaking countries. It selects established, owner-managed business models with sales of EUR 10m to EUR 150m, and focuses primarily on majority interests and controlling minority interests. Share data: As we feel that the visibility regarding the developments in the portfolio will stay low making earnings forecasts quite challenging, we reduce our FY 2012E net income estimate from EUR 8.6m to EUR 1.5m. The stock trades at a significant discount of 56% to our calculated NAV per share of EUR 5.69 as of 31 March 2011. In our opinion, this reflects the low visibility in the portfolio, the frequent changes in management and is also the consequence of the negative earnings surprises. We reduce our PT from EUR 4.70 to EUR 3.50 and maintain our HOLD recommendation until there is more visibility regarding the portfolio. Key data Share price (EUR, latest closing price): 2.52 Shares outstanding (m): Ø daily trading volume (3 m., no. of shares): Absolute performance (12 months): Relative performance vs. CDAX: 1 month 3 months 6 months 12 months 11.3 Market capitalisation (EUR m): 28.4 Enterprise value (EUR m): 9.2 Performance data: 11,134 High 52 weeks (EUR): 4.63 Low 52 weeks (EUR): 2.45-26.9% -3.5% -25.8% -36.9% -40.1% FY 12/31, EUR m 2008 2009 2010 2011E 2012E Total revenues 74.9 35.3 54.6 35.3 36.1 EBITDA 6.0-5.1 7.1-0.1 0.1 EBIT -27.8-12.8 11.0 2.4 2.6 Net result -28.6-9.9-19.4 16.5 1.5 EPS -4.12-1.43-1.81 1.46 0.13 DPS 0.00 0.00 0.00 0.00 0.00 EBITDA margin 8.0% -14.5% 13.0% -0.2% 0.3% EBIT margin -37.2% -36.1% 20.2% 6.7% 7.3% EV/EBITDA 1.6-1.8 1.3-120.7 81.2 EV/EBIT -0.3-0.7 0.8 3.9 3.5 P/E neg. neg. neg. 1.7 18.9 NAV 9.3 6.4 4.3 5.9 6.0 2008 only Heliad, from 2009 onwards merged company Heliad (incl. TIG) Source: Heliad Equity Partners GmbH & Co KGaA, CBS Research AG Shareholders: IFOS Internationale Fonds Service AG 16.7% Altira AG 13.6% Silvia Quandt Family Office 10.4% Others 12.0% Free float 47.3% Financial calendar: AGM 29 June 2011 Authors: Manuel Martin, CEFA (Analyst) Kristina Kardum (Analyst) Close Brothers Seydler Research AG Phone: +49 (0) 69-977 84 56 0 Email: research@cbseydlerresearch.ag www.cbseydlerresearch.ag Please notice the information on the preparation of this document, the disclaimer, the advice regarding possible conflicts of interests, and the mandatory information required by 34b WpHG (Securities Trading Law) at the end of this document. This financial analysis in accordance with 34b WpHG is exclusively intended for distribution to individuals that buy or sell financial instruments at their own account or at the account of others in connection with their trading activities, occupation, or employment.

Executive summary During the last weeks three important events happened. 1) Heliad released the news on 26 April that the CEO Bernd Sexauer resigned and was replaced by the former supervisory board member Andreas Lange. 2) The financial statements of FY 2010 were presented at the end of April. 3) Heliad recently reported 1Q 2011 figures. We had intense discussion with the new management and reviewed the recent events. FY 2010 In mid February Heliad, released preliminary figures FY 2010 with a net loss of EUR - 10.6m in its separate-entity financial statements; which we had previously commented on. The financial statements of FY 2010 were presented at the end of April. The FY 2010 figures are not comparable to FY 2009 due to the consolidation of two portfolio companies, Unicorn and RT Group in 2H 2010, that were classified as discontinued business in 4Q 2010. Heliad plans to deconsolidate both companies in FY 2011. Figures FY 2009 and FY 2009 are not comparable Heliad Equity Partners GmbH & Co. KGaA Profit and loss y/y comparison IFRS EURm 4Q 2009 4Q 2010 change % change 2009 2010 change % change Sales 8.3 10.7 2.3 27.8% 32.2 51.4 19.3 60.0% Thereof: Proceeds on the sale of financial assets 0.0 6.2 6.2 n.m. 0.0 20.7 20.6 n.m. Thereof: Other sales revenues 8.3 4.4-3.9-46.8% 32.1 30.8-1.4-4.2% Total revenues 9.0 11.0 4.6 21.3% 35.3 54.6 38.6 54.4% EBITDA -5.9 4.9 4.6 n.m. -5.1 7.1 38.6 n.m. EBIT -12.8 5.3 18.0 n.m. -12.8 11.0 23.8 n.m. EBT -8.7 5.4 18.0 n.m. -7.6 11.6 23.8 n.m. Income from continued operations -9.1 4.9 14.0 n.m. -10.0 9.7 19.8 n.m. Income from discontinued operations 0.0-34.5-34.5 n.m. 0.0-34.5-34.5 n.m. Net income attributable to shareholders -8.8-24.1-15.3-173.2% -9.9-19.4-9.5-96.0% Shares outstanding (in millions) 10.3 11.3 18.0 9.4% 6.9 10.7 23.8 54.8% Earnings per share (EUR) -0.86-2.14-1.28-149.7% -1.43-1.81-0.38-26.6% Source: CBS Research AG; Heliad Equity Partners GmbH & Co. KGaA Included in total revenues of EUR 54.6m (PY EUR 35.3m, +54.4%) were EUR 20.7m proceeds on the sale of financial assets where private equity fund participations were sold (PY EUR 0m). In total, EUR 31.4m write-offs on long-term assets and securities had to be booked. A large part of it was recorded in income from discontinued operations where Unicorn and RT Group were classified. The main part of these write-offs stems from the RT- Group where some companies of the Group filed for insolvency in March 2011. EUR 20.7m proceeds on the sale of financial assets EUR 31.4m write-offs on long term assets and securities Net loss almost doubled to EUR -19.4m (PY EUR -9.9m). This was the third consecutive year with a net loss. Net loss of EUR -19.4m www.cbseydlerresearch.ag Close Brothers Seydler Research AG 2

1Q 2011 The 1Q 2011 figures are not comparable on a net income level with 1Q 2010 as RT Group and Unicorn were not consolidated in 1Q 2010. There was a decrease by 15.2% in sales to EUR 7.9m due to declining disposal proceeds of EUR 0.8m (PY EUR 2.5m). The disposal program concerning the private equity funds participations has been basically concluded, only two funds remain. COGS (EUR 3.3m), SG&A (EUR 6.2m) and write-downs on financial assets and securities (EUR 1.8m) were at similar levels as compared with 1Q 2010. Net income of EUR 16.2m was significantly higher (PY EUR 0m) due to EUR 14.9m income from discontinued operations which stems from RT Group and Unicorn. This figure includes a net deconsolidation gain of approx. EUR 15.9m from the RT Group. Without the deconsolidation gain, net income would have been slightly positive. Figures not completely comparable Disposal of private equity funds has been basically concluded Similar costs as last year Net income includes huge deconsolidation gain Heliad Equity Partners GmbH & Co. KGaA Profit and loss y/y comparison IFRS EURm 1Q 2010 1Q 2011 change % change Sales 9.3 7.9-1.4-15.2% Thereof: Proceeds on the sale of financial assets 2.5 0.8-1.7-69.7% Thereof: Other sales revenues 6.8 7.1 0.3 4.7% Total revenues 10.2 8.5-2.8-16.2% EBITDA 0.6-0.9-2.8-254.3% EBIT 0.6 1.8 1.1 183.4% EBT 0.8 1.8 1.1 123.5% Income from continued operations 0.1 1.2 1.1 781.8% Income from discontinued operations 0.0 14.9 14.9 n.m. Net income attributable to shareholders 0.0 16.2 16.2 n.m. Shares outstanding (in millions) 10.9 11.3 1.1 3.9% Earnings per share (EUR) 0.00 1.44 1.44 n.m. Source: CBS Research AG; Heliad Equity Partners GmbH & Co. KGaA www.cbseydlerresearch.ag Close Brothers Seydler Research AG 3

Conclusion According to the company, the change in management was agreed to unanimously by the former CEO Bernd Sexauer and the supervisory board. While Mr. Sexauer s strategy was aimed at only investing in majority stakes, the supervisory board was of the opinion that investments should also be conducted in minority stakes as well. Previous CEO avoided investing as a minority shareholder Andreas Lange, the new CEO and former supervisory board member, will follow the ongoing strategy of primarily investing in companies in the service sector that have a scalable business model and where buy & build possibilities appear. New CEO Andreas Lange There has been huge volatility in Heliad s results. After the large loss of EUR -19.4m in FY 2010 due to write-offs and impairments in 4Q, the large profit of EUR 16.2m in 1Q 2011 is due to a deconsolidation gain. Without the net deconsolidation gain the first quarter 2011 would have been slightly positive. Huge volatility in Heliad s results We have adjusted our FY 2011E estimates taking into account the 1Q deconsolidation gain that led to a net income of EUR 16.2m and conservatively assuming a flat earnings development for the rest of the year (old net income estimate: EUR 8.1m, new estimate: EUR 16.5m). FY 2011E estimates have been adjusted... As we feel that the visibility regarding the developments in the portfolio will stay low making earnings forecasts quite challenging, we reduce our FY 2012E net income estimate from EUR 8.6m to EUR 1.5m.... as well as the FY 2012E estimates. The stock trades at significant discount of 56% to our calculated NAV per share of EUR 5.69 as of 31 March 2011. In our opinion, this reflects the low visibility in the portfolio, the frequent changes in management and is also the consequence of the negative earnings surprises. We reduce our PT from EUR 4.70 to EUR 3.50 and maintain our HOLD recommendation until there is more visibility regarding the portfolio. We maintain our HOLD recommendation until there is more visibility regarding the portfolio www.cbseydlerresearch.ag Close Brothers Seydler Research AG 4

Research Schillerstrasse 27 29 60313 Frankfurt am Main Phone: +49 (0)69 977 8456-0 Roger Peeters +49 (0)69-977 8456-12 Member of the Board Roger.Peeters@cbseydlerresearch.ag Martin Decot +49 (0)69-977 8456-13 Kristina Kardum +49 (0)69-977 8456-21 Martin.Decot@cbseydlerresearch.ag Kristina.Kardum@cbseydlerresearch.ag Rabeya Khan +49 (0)69-977 8456-10 Igor Kim +49 (0)69-977 8456-15 Rabeya.Khan@cbseydlerresearch.ag Igor.Kim@cbseydlerresearch.ag Ralf Marinoni +49 (0)69-977 8456-17 Manuel Martin +49 (0)69-977 8456-16 Ralf.Marinoni@cbseydlerresearch.ag Manuel.Martin@cbseydlerresearch.ag Enid Omerovic +49 (0)69-977 8456-19 Felix Parmantier +49 (0)69-977 8456-22 Enid.Omerovic@cbseydlerresearch.ag Felix.Parmantier@cbseydlerresearch.ag Marcus Silbe +49 (0)69-977 8456-14 Veysel Taze +49 (0)69-977 8456-18 Marcus.Silbe@cbseydlerresearch.ag Veysel.Taze@cbseydlerresearch.ag Institutional Sales Schillerstrasse 27 29 25 Dowgate Hill 60313 Frankfurt am Main London EC4R 2GA Phone: +49 (0)69 9 20 54-400 Raimar Bock +49 (0)69-9 20 54-115 Head of Sales Raimar.Bock@cbseydler.com Henriette Domhardt +49 (0)69-9 20 54-137 Rüdiger Eich +49 (0)69-9 20 54-119 (Austria, Germany) Henriette.Domhardt@cbseydler.com (Germany, Switzerland) Ruediger.Eich@cbseydler.com Uwe Gerhardt +49 (0)69-9 20 54-168 Klaus Korzilius +49 (0)69-9 20 54-114 (Germany, Switzerland) Uwe.Gerhardt@cbseydler.com (Benelux, Germany) Klaus.Korzilius@cbseydler.com Stefan Krewinkel +49 (0)69-9 20 54-118 Markus Laifle +49 (0)69-9 20 54-120 (Execution, UK) Stefan.Krewinkel@cbseydler.com (Execution) Markus.Laifle@cbseydler.com Bruno de Lencquesaing +49 (0)69-9 20 54-116 Christopher Seedorf +49 (0)69-9 20 54-110 (Benelux, France) Bruno.deLencquesaing@cbseydler.com (Sales-Support) Christopher.Seedorf@cbseydler.com Janine Theobald +49 (0)69-9 20 54-116 Bas-Jan Walhof +49 (0)69-9 20 54-105 (Germany) Janine.Theobald@cbseydler.com (Benelux) Bas-Jan.Walhof@cbseydler.com www.cbseydlerresearch.ag Close Brothers Seydler Research AG 5

Disclaimer and statement according to 34b German Securities Trading Act ( Wertpapierhandelsgesetz ) in combination with the provisions on financial analysis ( Finanzanalyseverordnung FinAnV) This report has been prepared independently of the company analysed by Close Brothers Seydler Research AG and/ or its cooperation partners and the analyst(s) mentioned on the front page (hereafter all are jointly and/or individually called the author ). None of Close Brothers Seydler Research AG, Close Brothers Seydler Bank AG or its cooperation partners, the Company or its shareholders has independently verified any of the information given in this document. Section 34b of the German Securities Trading Act in combination with the FinAnV requires an enterprise preparing a security analysis to point out possible conflicts of interest with respect to the company that is the subject of the analysis. Close Brothers Seydler Research AG is a majority owned subsidiary of Close Brothers Seydler Bank AG (hereafter CBS ). However, Close Brothers Seydler Research AG (hereafter CBSR ) provides its research work independent from CBS. CBS is offering a wide range of Services not only including investment banking services and liquidity providing services (designated sponsoring). CBS or CBSR may possess relations to the covered companies as follows (additional information and disclosures will be made available upon request): a. CBS holds more than 5% interest in the capital stock of the company that is subject of the analysis. b. CBS was a participant in the management of a (co)consortium in a selling agent function for the issuance of financial instruments, which themselves or their issuer is the subject of this financial analysis within the last twelve months. c. CBS has provided investment banking and/or consulting services during the last 12 months for the company analysed for which compensation has been or will be paid for. d. CBS acts as designated sponsor for the company s securities on the basis of an existing designated sponsorship contract. The services include the provision of bid and ask offers. Due to the designated sponsoring service agreement CBS may regularly possess shares of the company and receives a compensation and/ or provision for its services. e. The designated sponsor service agreement includes a contractually agreed provision for research services. f. CBSR and the analysed company have a contractual agreement about the preparation of research reports. CBSR receives a compensation in return. g. CBS has a significant financial interest in relation to the company that is subject of this analysis. In this report, the following conflicts of interests are given at the time, when the report has been published: f CBS and/or its employees or clients may take positions in, and may make purchases and/ or sales as principal or agent in the securities or related financial instruments discussed in this analysis. CBS may provide investment banking, consulting, and/ or other services to and/ or serve as directors of the companies referred to in this analysis. No part of the authors compensation was, is or will be directly or indirectly related to the recommendations or views expressed. Recommendation System: Close Brothers Seydler Research AG uses a 3-level absolute share rating system. The ratings pertain to a time horizon of up to 6 months: BUY: The expected performance of the share price is above +10%. HOLD: The expected performance of the share price is between 0% and +10%. SELL: The expected performance of the share price is below 0%. Recommendation history for the company analysed in this report: Date Recommendation Price at change date Target Price 25 June 2010 BUY EUR 4.10 EUR 6.00 07 September 2010 BUY EUR 4.23 EUR 6.00 22 September 2010 BUY EUR 3.81 EUR 6.00 01 November 2010 BUY EUR 3.70 EUR 6.00 www.cbseydlerresearch.ag Close Brothers Seydler Research AG 6

17 December 2010 BUY EUR 4.05 EUR 6.00 24 February 2011 HOLD EUR 3.60 EUR 4.70 08 June 2011 HOLD EUR 2.52 EUR 3.50 Risk-scaling System: Close Brothers Seydler Research AG uses a 3-level risk-scaling system. The ratings pertain to a time horizon of up to 6 months: LOW: The volatility is expected to be lower than the volatility of the benchmark MEDIUM: The volatility is expected to be equal to the volatility of the benchmark HIGH: The volatility is expected to be higher than the volatility of the benchmark The following valuation methods are used when valuing companies: Multiplier models (price/earnings, price/cash flow, price/book value, EV/Sales, EV/EBIT, EV/EBITA, EV/EBITDA), peer group comparisons, historical valuation approaches, discounting models (DCF, DDM), break-up value approaches or asset valuation approaches. The valuation models are dependent upon macroeconomic measures such as interest, currencies, raw materials and assumptions concerning the economy. 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This report should be made available in the United States solely to investors that are (i) "major US institutional investors" (within the meaning of SEC Rule 15a-6 and applicable interpretations relating thereto) that are also "qualified institutional buyers" (QIBs) within the meaning of SEC Rule 144A promulgated by the United States Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the "Securities Act") or (ii) investors that are not "US Persons" within the meaning of Regulation S under the Securities Act and applicable interpretations relating thereto. The offer or sale of certain securities in the United States may be made to QIBs in reliance on Rule 144A. Such securities may include those offered and sold outside the United States in transactions www.cbseydlerresearch.ag Close Brothers Seydler Research AG 7

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