Jürgen Rautert — The View from ‘Hei’ Above

PI: Do you see a recovery in process or do you expect that business will continue to be depressed through the end of Q4 2009? What practical signs of recovery do you see in Heidelberg’s business now?

Rautert: As a global company with a presence in more than 170 countries, we are facing local markets with different economical situations. While business was already down in the U.S., other countries continue to enjoy good business. Here is an example from Central Europe: During the last open house in Switzerland, we closed approximately U.S. $6.5 million—and this was in June 2009! The markets in Asia are also different. Following “Print China” in May 2009 we are also confident, because the business exceeded our expectations. If you ask about future development there is no global answer, but we are prepared to adjust to the situation.