Mike, Ric,<div>This is from the Boesendorfer website (undated but hey it's their site). And this from Yamaha's site (12/2007) <<a href="http://www.global.yamaha.com/news/2007/20071220a.html">http://www.global.yamaha.com/news/2007/20071220a.html</a>>.</div>
<div>Patrick Draine<br><span style="line-height:18px"><h1 style="font-size:1.3em;padding-top:1em;padding-right:0px;padding-bottom:0.5em;padding-left:0px">
Bösendorfer - Press release from BAWAG PSK</h1><p style="font-size:10pt;font-weight:bold">
Agreement between BAWAG PSK and Yamaha on the sale of Bösendorfer <br style="font-size:10pt">
<br style="font-size:10pt">Guarantee to maintain Austrian headquarter and production site</p>
<p style="font-size:10pt">Yamaha, the internationally leading producer of musical instruments, and BAWAG PSK reached an agreement on the sale of 100% of the shares in L. Bösendorfer Klavierfabrik GmbH today. <br style="font-size:10pt">
<br style="font-size:10pt">Yamaha as well as BAWAG PSK are fully convinced that the combination of the strengths of Bösendorfer and Yamaha will bring benefits for the company Bösendorfer and its employees. The new owner issued a guarantee to maintain the seat, headquarter and the production of the company in Austria and to sustainably secure the future of the Austrian piano manufacturer. <br style="font-size:10pt">
<br style="font-size:10pt">Mr. Ewald Nowotny, CEO of BAWAG PSK: "The piano manufacturer Bösendorfer is a special company. Therefore I am very pleased that with Yamaha, a strategic owner could be found which is able to support the financial development of Bösendorfer and will continue the cultural heritage. The guarantee issued by Yamaha to maintain the headquarters and production in Austria clearly indicates that we did also consider the interests of the staff in the sale and that overall, a very good solution could be achieved."<br style="font-size:10pt">
<br style="font-size:10pt">Mr. Alfred Zellinger, managing director of Bösendorfer: "We are glad that we succeeded to find such an excellent investor for Bösendorfer which has already proven respect towards our house as well as positive expectations of the future in the negotiations. Yamaha constitutes a competent and strong strategic investor for the traditional company Bösendorfer that will undertake every effort to support the Bösendorfer regarding distribution, optimization of the production and development of product innovations. Therefore, Yamaha will secure the future chances of this top brand."<br style="font-size:10pt">
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Further inquiries:<br style="font-size:10pt">
BAWAG P.S.K. group press office<br style="font-size:10pt">
Tel. 0043 (1) 534 53 – 31210,<br style="font-size:10pt">
e-mail: <a href="mailto:presse@bawagpsk.com" style="font-size:10pt;color:rgb(0, 0, 0);background-color:inherit" target="_blank">presse@bawagpsk.com</a></p>
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