Introduction

With the convertible bond program REALTECH has a capital market oriented element of compensation for employees and management that is in line with international standards. It is designed to provide an additional performance incentive to increase the value of our company on a sustained basis in accordance with our operational and strategic objectives. The plan will demonstrate to our stockholders that we attach great priority to their interests. At the same time a successful company is also in the interests of our employees, offering them the platform for a secure future. 
The key figures for the individual tranches are as follows:

Year of Issue	Exercise Price (EUR)	Number of outstanding  Options
2003	5,89	3,000
2004	7,00	42,000
2005	6,97	9.000
2006	8,80	247.000