For us, proactive open communication means seeking direct contact with investors and analysts. The goal of our investor relations (IR) work is to maintain a continuous dialog with those involved in the capital markets. We want to continue to meet the high-quality expectations we have of our IR communications work by providing fast, transparent and easy-to-understand information on the performance of the Company and its strategic direction.

In the fiscal year just ended, we took the opportunity of maintaining existing acquaintances and building up new contacts at 18 roadshows and conferences held in Germany, the U.K., the U.S., France, the Netherlands, Norway, Denmark, Spain and Switzerland.

We also conducted a great number of individual meetings with investors who visited us at our Paderborn headquarters. The investors often used their visits as an opportunity to get a better picture of our product offerings and of the Company itself.

In all, the Board of Directors and the investor relations team met with more than 100 institutional investors. In particular, fund managers in the U.K. and the U.S. have shown a strong interest in the Company.

In January 2005, we held an Investors’ Day for the first time, extending invitations to numerous investors and analysts. The Investors’ Day, which took place on one of the days during our annual Company exhibition “Wincor World” in Paderborn, offered the financial experts an opportunity to gain a comprehensive overview of the Company’s current offerings.

The Company’s finances were explained at some length and in great detail during four telephone conferences for analysts and investors, which also included information on performance and developments in the individual business segments.

In addition, we used the first Wincor Nixdorf AG Annual General Meeting of shareholders since the flotation as an opportunity to maintain and expand our contacts with institutional and private investors. Delegates to the AGM represented 54 % of the Company’s voting shares. All agenda resolutions were passed with large majorities.

The agenda for the 2005 AGM is available for download on our Web site at: www.wincor-nixdorf.com. The next Annual General Meeting will be held on February 21, 2006 in Paderborn.

All ad-hoc and ordinary press releases and quarterly reports are published promptly on this Web site in both English and German. Our shareholders can also find detailed information on Company organization, management and strategy on the site.

Analyst Coverage.
The Company is currently covered by 14 financial analysts who publish regular comments and recommendations (in alphabetical order):

ABN Amro, Bankhaus Lampe, Cazenove & Co. Ltd., Cheuvreux, Deutsche Bank AG, DrKW, DZ Bank, Fairesearch, Goldman Sachs, LBBW, Morgan Stanley, Nord LB, UBS, WestLB.