EACVA 8th ANNUAL BUSINESS VALUATION CONFERENCE AGENDA

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2 EACVA 8th ANNUAL BUSINESS VALUATION CONFERENCE AGENDA in cooperation with THURSDAY, OCTOBER 16, :30-9:00 a.m. Registration & Welcome Coffee & Exhibition 9:00-9:15 a.m. Welcome Address: Andreas Creutzmann, WP, StB, CVA / Wolfgang Kniest, CVA / Michael Nall, CPA, CM&AA, CGMA 9:15-10:30 a.m. General Session: Opening Keynote (simultaneous translation into English Language) Prof. Dr. Dr. h.c. Wolfgang Ballwieser Business Valuation and the Reduction of Complexity 10:30-11:00 a.m. Morning Coffee Break & Exhibition Session s Business Valuation I (in German) Business Valuation II (in German) Business Valuation III (simultaneous translation into English) M&A and Valuation in cooperation with AM&AA (in English) 11:00 a.m. - 12:00 p.m. Session A-1 Dr. Jörn Schulte, WP, StB, CVA Multiples die einfache Bewertung? Praxisfragen und Spezialprobleme Session A-2 Andreas Grün, WP, StB Fairness Opinion: Gefälligkeitsgutachten oder modernes Kapitalmarktinstrument? Session A-3 Dr. Andreas Tschöpel, CVA, CIIA, CEFA Total Risk Assessment: Monte Carlo-Simulations in Business Valuation Session A-4 Lisa Wright, CM&AA Mid-Market Deal Activity in 2014 Famine or Feast? 12:00-1:30 p.m. Networking Lunch & Exhibition 1:30-2:30 p.m. Session B-5 Session B-6 Session B-7 Session B-8 Prof. Dr. Bernhard Schwetzler, CVA Cash und Excess Cash in der Unternehmensbewertung Alexander Sobanski, WP, StB Sonderfragen bei aktienrechtlichen Bewertungen Santiago Ruiz de Vargas, WP, CVA International CAPM and Exchange Rate Forecasting in Business Valuation Willis Eayrs, CVA, CM&AA, CMAP, CEPA Valuing Privately Held Businesses for Succession and Exit Planning 2:45-3:45 p.m. Session C-9 Session C-10 Session C-11 Session C-12 Thomas Walther, WP, StB, CVA KMU-Bewertungen bei gesell - schafts- und familienrechtlichen Anlässen aus Sicht eines Gerichtsgutachters Christoph Wollny, WP, StB Unternehmensbewertung zur Ermittlung von Schadensersatzansprüchen Dr. Tim Laas, WP, CFA Valuation of Subordinated Debt in Corporate Crisis. Volatility as Key Component: A Practitioner's Tips Prof. Dr.-Ing. Kai Lucks Corporate M&A with Germany 3:45-4:15 p.m. Afternoon Coffee Break & Exhibition 4:15-5:15 p.m. General Session: Keynote (simultaneous translation into English Language) Prof. Dr. Lothar J. Seiwert, CSP Simplify Your Time 6:00 p.m. Bus transfer from andel s Hotel to Wintergarten Variety 7:00-11:00 p.m. Champagne Reception, Dinner & Show: THE MAGICAL MYSTERY SHOW at the Wintergarten Variety Berlin 11:00 p.m. Bus transfer back to andel s Hotel

3 in cooperation with FRIDAY, OCTOBER 17, :30-9:00 a.m. Registration & Welcome Coffee & Exhibition 9:00-10:15 a.m. General Session: Keynote Roger J. Grabowski, FASA Cost of Capital Update Matching Risk and Return in the Post-Crisis World 10:15-10:45 a.m. Morning Coffee Break & Exhibition Session s Business Valuation I (in German) Business Valuation II (in German) Business Valuation III (simultaneous translation into English) M&A and Valuation in cooperation with AM&AA (in English) 10:45-11:45 a.m. Session D-13 Session D-14 Session D-15 Session D-16 Susann Ihlau, WP, StB Anforderungen an die Planungsrechnung bei KMU VRLG Dr. Georg Lauber Führen objektivierte Werte zu einer angemessenen Barabfin - dung? Prof. Dr. Andreas Schüler Market Prices Estimated by Multiples: Explanatory Notes Prof. Dr. Anamaria Ciobanu Figures That Matter in Cash Flows Forecast 12:00-1:00 p.m. Session E-17 Session E-18 Session E-19 Session E-20 Dr. Irg Müller, WP, StB Der Einfluss der Ergänzungsbilanz auf den Unternehmens - wert der Personengesellschaft Cornelius Nickert, RA, StB, CVA Honorare für Unternehmensbewertungen: Win-Win für Kunden und Berater Dr. Matthias Meitner, CFA Short-, Mid- and Long Term Planning of CAPEX and Depreciation Carlos Daniel Junqueira dos Reis, CM&AA / Erich K. Schmid, CM&AA Similarities, Differences and How to Better Use Them to Succeed in a Cross-Border Deal 1:00 bis 2:15 p.m. Networking Lunch & Exhibition 2:15 bis 3:15 p.m. Session F-21 Session F-22 Session F-23 Session F-24 Dr. Werner Gleißner Robuste Unternehmensbewertung Fokus auf kritische Wert-Determinanten Jeannette Witte, WP, StB Praktische Aspekte der Liquidationswertbestimmung Prof. Dr. Andreas Bertsch Leasing in Business Valuation Urs Breitsprecher, RA, LL.B. M&A Structure in EU Cross- Border Deals 3:15-3:45 p.m. Afternoon Coffee Break & Exhibition 3:45-5:00 p.m. General Session: Closing Keynote Prof. Aswath Damodaran, Ph.D., MBA Dealing with Noise: Valuation and Investing in the Face of Uncertainty 5:00 p.m. End of the Conference

4 KEYNOTE SPEAKERS Prof. Dr. Dr. h.c. Wolfgang Ballwieser Keynote title: Business Valuation and the Reduction of Complexity Chair Professor of the Institute of Accounting, Auditing and Corporate Valuation at the Munich School of Management, University of Munich (LMU), Germany until end of March Prof. Ballwieser is an expert in accounting, auditing and valuation and is a member of the management board of Schmalenbach-Gesellschaft. Prof. Aswath Damodaran, Ph.D., MBA Keynote title: Dealing with Noise: Valuation and Investing in the Face of Uncertanty is the Kerschner Family Chair Professor of Finance at the Stern School of Business at New York University. He teaches the corporate finance and valuation courses in the MBA program. His research interests lie in valuation, portfolio management and applied corporate finance. He has written four books on valuation (Damodaran on Valuation, Investment Valuation, The Dark Side of Valuation, The Little Book of Valuation), and two on corporate finance (Corporate Finance:Theory and Practice, Applied Corporate Finance: A User s Manual). Roger J. Grabowski, FASA Keynote title: Cost of Capital Update: Matching Risk and Return in the Post-Crisis World is a managing director in the Chicago office and part of the firm s Valuation Advisory Services practice. He has more than 30 years of experience in business valuation. Roger is co-author of three recently published books: Cost of Capital: Applications and Examples, with Shannon Pratt (2014); The Lawyer s Guide to Cost of Capital with Shannon Pratt (2014); and the 2014 Valuation Handbook Guide to Cost of Capital. Roger teaches courses for the American Society of Appraisers, including Cost of Capital, part of the curriculum of the Center for Advanced Valuation Studies and a course he co-developed. Prof. Dr. Lothar J. Seiwert, CSP Keynote title: Simplify your time Prof. Dr. Lothar Seiwert is the World s leading and most well-known expert in the field of new time and life management. In the last few years, he received several awards in honor of his life s work: In 2007, the Lifetime Achievement Award of the German Training and Development Federation, and his induction into the German Speakers Association s Hall of Fame; in 2008, the Conga Award of the Association of German Event Organizers for his excellent performance as a business speaker. The celebrity keynote speaker and internationally successful best-selling author manages the Heidelberg-based Seiwert-Institute GmbH, which specializes in the fields of time management, Life-Leadership and work/life balance. Conference Venue andel s Hotel Berlin Landsberger Allee Berlin, Germany Room reservations: EACVA Conference Rate: EUR 129,- (single room per night, breakfast buffet is included). Price incl. 19% VAT and service charges. Promotion Code: EACVA. Expires: August 21, 2014 Phone: +49 (0) ; Fax: +49 (0) ; info@andelsberlin.com or download the hotel booking form at:

5 SESSION DETAILS THURSDAY, OCTOBER 16, 2014 Session A-1 (in German) Dr. Jörn Schulte, WP, StB, CVA IVC Independent Valuation & Consulting Multiples die einfache Bewertung? Praxisfragen und Spezialprobleme Peer Group-Auswahl Geschäftsmodell, Margen- und Wachstumserwartungen als Kriterien? Ergebnisgröße Verwendung von Vergangenheits-, Forecast oder nachhaltigen Größen? Net Debt Berücksichtigung von verzinslichen Rückstellungen, Minderheiten, Vorzugsaktien und Abgleich mit der verwendeten Ergebnisgröße? Verdichtung (gewichtete) Durchschnittbildung oder Verwendung des best fit? Session A-2 (in German) Andreas Grün, WP, StB PwC Fairness Opinion: Gefälligkeitsgutachten oder modernes Kapitalmarktinstrument? Organhaftung als bedeutender Ausgangspunkt Rechtsprechung und Organhaftung Anwendungsgebiete für Fairness Opinions Transaktionsentscheidungen Sonstige unternehmerische Initiativen Abgrenzung und Auslegung: Erfahrungen aus der Praxis Session A-3 (simultaneous translation into English) Dr. Andreas Tschöpel, CVA, CIIA, CEFA KPMG Total Risk Assessment: Monte Carlo- Simulations in Business Valuation Risk equivalence in business valuation Assumptions with regards to distribution of value- and riskdrivers Expected values and financial planning Outlook: cost of capital Session A-4 (in English) Lisa Wright, CM&AA Bureau van Dijk Mid-Market Deal Activity in 2014 Famine or Feast? 2014 M&A deal activity YTD the reality by numbers 2014 M&A deal activity the story so far geographically and by industry 2014 the increasing return of Private Equity what do the stats say? Where are we now in the deal cycle 2014 vs. earlier years? Where are we heading? Session B-5 (in German) Prof. Dr. Bernhard Schwetzler, CVA HHL Leipzig Cash und Excess Cash in der Unternehmensbewertung Gibt es einen Wertunterschied zwischen Cash und Excess Cash? Wie bewertet man transitorische Cashbestände (z.b. im Anlagenbau)? Welchen Einfluss haben Corporate Governance Variablen auf den Wert von Cash? Prämien oder Discounts auf den Buchwert von Cash eine Argumentationshilfe Session B-6 (in German) Alexander Sobanski, WP, StB Ebner Stolz Sonderfragen bei aktienrechtlichen Bewertungen Bewertungen bei geplanten/bestehenden Beherrschungsund Gewinnabführungsverträgen Bewertung beherrschter Unternehmen Ermittlung der Ausgleichszahlung unter Berücksichtigung ausländischer Einkünfte Kapitalisierung der Ausgleichszahlung als Methode? Berücksichtigung von Steuern beim nicht betriebsnotwendigen Vermögen Steuerliches Einlagenkonto und Steuerbilanz: unterschätzte Werttreiber? Aufteilung des Unternehmenswertes auf Stamm- und Vorzugsaktien Session B-7 (simultaneous translation into English) Santiago Ruiz de Vargas, WP, CVA Noerr International CAPM and Exchange Rate Forecasting in Business Valuation National, global and international CAPM Determination of the international cost of capital from a domestic perspective An inherent method of forecasting exchange rates Forward Rate Method: Empirical findings Session B-8 (in English) Willis Eayrs, CVA, CM&AA, CMAP, CEPA Corporate Financial Advisor Valuing Privately Held Businesses for Succession and Exit Planning Objectives of Business Valuation in Exit Planning Effect of Business Value on Owner s Net Wealth Business Value vs. Net Proceeds Impact of Exit Strategy on Valuation and Net Proceeds

6 THURSDAY, OCTOBER 16, 2014 Session C-9 (in German) Thomas Walther, WP, StB, CVA KMU-Bewertungen bei gesellschaftsund familienrechtlichen Anlässen aus Sicht eines Gerichtsgutachters Rahmenbedingungen der KMU-Bewertung bei gesellschafts- und familienrechtlichen Anlässen Darstellung der in der (gerichtlichen) Praxis anzutreffenden Vorgehensweisen bei der Bewertung von KMU: Anpassungen im Zähler Anpassungen im Nenner Möglichkeiten der Vereinheitlichung Session C-10 (in German) Christoph Wollny, WP, StB WOLLNY WP Unternehmensbewertung zur Ermittlung von Schadensersatzansprüchen Objektiver und subjektiver Schadensbegriff Objektivierter und subjektiver Unternehmenswert Kalkulationszinssatz und Schadensersatz Wurzeltheorie und Schadensersatz Mindestwert und Schadensersatz Session C-11 (simultaneous translation into English) Dr. Tim Laas, WP, CFA Alvarez & Marsal Valuation of Subordinated Debt in Corporate Crisis. Volatility as Key Component: A Practitioner's Tips Valuation of subordinated loans with structured options The significant value driver volatility Calculation of historical and implied volatilities Impact of capital structure, duration and moneyness on volatility FRIDAY, OCTOBER 17, 2014 Session D-13 (in German) Susann Ihlau, WP, StB MAZARS Anforderungen an die Planungsrechnung bei KMU Grundsätzliche Anforderungen an die Planungsrechnung Besonderheiten bei KMU Übertragbare Ertragskraft Beispiel zur partiell (temporär) übertragbaren Ertragskraft Session D-14 (in German) VRLG Dr. Georg Lauber Landgericht Köln Führen objektivierte Werte zu einer angemessenen Barabfindung? Bewertungsgegenstand der Barabfindung: Verkehrswert des Unternehmens, Grenzpreis des Aktionärs und/oder Börsenkurs? Definition des Verkehrswerts des Unternehmens Wert und Preis des Unternehmens Marktsicht bei Verkehrswert vs. Inhabersicht bei objektiviertem Wert Auswirkungen auf Planung, Kapitalkosten und Methodik Verkehrswertermittlung im gerichtlichen Verfahren Wirkungskette IDW S 1 Sachverständiger Gericht Bereitstellung von Konsensmodellen und -daten durch die betriebswirtschaftliche Lehre und Praxis Session D-15 (simultaneous translation into English) Prof. Dr. Andreas Schüler Universität der Bundeswehr München Market Prices Estimated by Multiples: Explanatory Notes Consistent valuation with multiples Leeway in using multiples Definition of an average multiple Using components of multiples Multiples based upon market values or present values Links between different multiples APV-based multiples Session C-12 (in English) Prof. Dr.-Ing. Kai Lucks MMI Merger Management Institut Corporate M&A with Germany Germany in the Global M&A Market The German Corporate Network The German Way of making M&A Session D-16 (in English) Prof. Dr. Anamaria Ciobanu National Association of Authorized Romanian Valuers (ANEVAR) Figures that Matter in Cash Flows Forecast The presentation has the objective to highlight the important aspects the appraisers should consider when forecasting cash flows and applying DCF for business valuation, such as: Divers to consider in cash flows forecast Selection of the inputs via the analysis of historical financial statements and their adjustments that should be taken into consideration in cash flows forecast Analysis of the logical chain coherence between the inputs and outputs which are taken into account in cash flows forecast Drivers of the cash flows growth rate and estimation of the terminal value

7 FRIDAY, OCTOBER 17, 2014 Session E-17 (in German) Dr. Irg Müller, WP, StB NS+P Dr. Neumann Schmeer und Partner Der Einfluss der Ergänzungsbilanz auf den Unternehmenswert der Personengesellschaft Session F-21 (in German) Dr. Werner Gleißner FutureValue Group Robuste Unternehmensbewertung Fokus auf kritische Wert-Determinanten Ist die Ergänzungsbilanz für den Unternehmenswert relevant? Besteht ein Einfluss dem Grunde nach? Wie bemisst sich der Einfluss der Höhe nach? Iterative vs. formale Bestimmung: Vor- und Nachteile Die einzelnen Einflussfaktoren und ihre Sensitivitäten Grundlagen: Die wichtigsten Determinanten des Unternehmenswerts (Werttreiber) Ein kompaktes und robustes Unternehmensbewertungsmodell Fallstudie: Der relative Erklärungsbeitrag verschiedener Werttreiber Empfehlungen: Wie nutzt man die knappe Arbeitszeit bei Erstellung eines Gutachters optimal? Session E-18 (in German) Session F-22 (in German) Cornelius Nickert, RA, StB, CVA Jeannette Witte, WP, StB KANZLEI NICKERT Flick Gocke Schaumburg Anwendungsfälle: Nicht nur Wertuntergrenze bei Abfindungen Wie ermittelt man die optimale Zerschlagungsintensität und Zerschlagungsgeschwindigkeit? Luftleerer Raum? - Relevanz vorausgegangener Sanierungsund Veräußerungsversuche oder vorhandener Abwicklungskonzepte Liquidationsbeschluss als Game-Changer : Rechtliche und wirtschaftliche Rahmenbedingungen Simulation denkbarer Abwicklungsszenarien, Realisierbarkeitskontrolle und Planungserstellung Diskontierung Honorare für Unternehmensbewertungen: Win-Win für Kunden und Berater Pricing old school Der Wert einer Dienstleistung Vom Wert zum Preis der Dienstleistung Preisarten / -möglichkeiten Vorteile des wertorientierten Pricings Session E-19 (simultaneous translation into English) Dr. Matthias Meitner, CFA Short-, Mid- and Long Term Planning of CAPEX and Depreciation Relationship between CAPEX/depreciation and other components of cash flow and earnings How to implement CAPEX cycles, maintenance and expansion investments CAPEX /depreciation and the calculation of rate of returns Plausible terminal value assumptions and implication on modells Implementation in MS Excel Session E-20 (in English) Carlos Daniel Junqueira dos Reis, CM&AA Praktische Aspekte der Liquidationswertbestimmung Session F-23 (simultaneous translation into English) Prof. Dr. Andreas Bertsch HTWG Konstanz Leasing in Business Valuation Advantages of lease versus other forms of financing Common approach comparing the benefits of lease Common approach comparing the benefits of lease under the German tax regime Lease and business valuation Impact of international accounting for lease on business values Accounting for lease according to IAS 17 and ED/2013/6 Business value in case of application of IAS 17 Business value in case of application of ED/2013/6 SAGAZ BRAZIL Session F-24 (in English) Business Intermediary Services Urs Breitsprecher, RA, LL.B. Erich K. Schmid, CM&AA Similarities, Differences and How to Better Use Them to Succeed in a Cross-Border Deal Countries overview Why going cross-border? Finding the correct partner Exploring similarities and understanding differences Mistakes to avoid Some examples v. Woedtke & Partner M&A Structure in EU Cross-Border Deals How to structure your deal with different jurisdictions and company forms Merges under the EU Cross-Border Regulation, with the example of a merge of an English private limited company (Ltd.) into a German private limited company (GmbH) Changing the registered office into a different legislation and/or changing into a different legal form European Companies (SE and SPE), are they useful vehicles for M&A Transactions?

8 EACVA 8th ANNUAL CONFERENCE October 16-17, 2014 andel s Hotel Berlin, Germany REGISTRATION FORM Early Registration Discount: by August 21, 2014 I would like to register for the EACVA Business Valuation Conference on October 16-17, 2014 I would like to register for the Networking Dinner with champagne reception & THE MAGICAL MYSTERY SHOW on October 16, 2014 at 7:00 p.m. (complimentary for conference attendees. Bus transfer at 6:00 p.m. from andel s Hotel Berlin). I would like to register one escort for the THE MAGICAL MYSTERY SHOW in Wintergarten Varieté on October 16, 2014 at 7:00 pm (Fee: 100,00 per person, excl. VAT, incl. bus transfer at 6:00 pm from andel s Hotel Berlin) Special needs: Vegetarian Diabetic Kosher Food Allergy: 1st CONFERENCE DAY (OCTOBER 16, 2014): PLEASE MARK YOUR SESSIONS WITH X 11:00 a.m. - 12:00 p.m. 1:30 p.m. - 2:30 p.m. 2:45 p.m. - 3:45 p.m. Session A-1 Session A-2 Session A-3 * Session A-4 * Session B-5 Session B-6 Session B-7 * Session B-8 * Session C-9 Session C-10 Session C-11 * Session C-12 * 2nd CONFERENCE DAY (OCTOBER 17, 2014): PLEASE MARK YOUR SESSIONS WITH X 10:45 a.m. - 11:45 a.m. 12:00 p.m. - 1:00 p.m. 2:15 p.m. - 3:15 p.m. Session D-13 Session E-17 Session F-21 Session D-14 Session E-18 Session F-22 Session D-15 * Session E-19 * Session F-23 * Session D-16 * Session E-20 * Session F-24 * Notice: Keynote speeches and Sessions marked with * will be held in English or translated simultaneously PLEASE REGISTER THE FOLLOWING ATTENDEE FOR THE CONFERENCE (OCTOBER 16-17, 2014): Last Name / First Name / Designations: Company Name: Billing address: Tel.: Date / Signature: Fax: Please copy this registration form to register additional participants. EACVA / NACVA / AM&AA Member Date: October 16-17, 2014 Conference Venue: andel s Hotel Berlin, Landsberger Allee 106, Berlin, Germany, Conference Registration Fee (October 16-17, 2014): early registration fee (by August 21, 2014) for EACVA/NACVA/AM&AA members per person excl. VAT. ( 895 after August 21, 2014) early registration fee (by August 21, 2014) for non-members per person excl. VAT. ( after August 21, 2014) VAT (19 %) will be added to all. The conference fee includes conference materials, coffee breaks, two lunches, beverages during the conference and the Networking Dinner Show & Dine on October 16, 2014 incl. drinks and bus tranfer from the hotel and back. Please send this registration form to +49 (0)69 / (Fax) or info@eacva.de. Hotel Rates and Reservations: EACVA Conference Rate: 129 (single per night, breakfast buffet, tax and service charges are included). Promotion Code: EACVA. Expires: August 21, Call +49 (0) ; send fax to +49 (0) , info@andelsberlin.com or download the hotel booking form at: - Conditions of participation: In case of cancellation by September 15, 2014, a cancellation fee of 50 (excl. VAT) will be charged, 150 (excl. VAT) after September 15, If there is no written cancellation or a noshow the complete conference fee (excl. VAT) will be charged. We accept a replacement participant without any additional costs. If a speaker is unable to participate because of force majeure, in the case of illness, accident or because of other unforeseen obstacles or such as are outside our influence, EACVA reserves the right to provide a replacement or to reschedule the program of the conference excluding any compensations for damages. In general, EACVA reserves the right to change the program if the overall character of the program is appropriately maintained. - Event elements can be cancelled or rescheduled by EACVA. If the conference has to be cancelled, the paid fee will be refunded to you. Claims over and above that are excluded. We exclude all liability for damages or loss of any belongings of the attendee, unless this damage is due to gross negligence on our part. Any liability for personal injuries is also excluded. Data: The personal information that you supply to us will be stored by electronic means under consideration of the Data Protection Act. Payment method: We will send an invoice and a confirmation by . For that reason it is absolutely necessary to provide us with your address. Please wire transfer the payment of the due amount in to the bank account stated in our invoice. Bank charges shall be borne by the payer. We regret that it is not possible to pay by credit card or check. Please send your registration form to Fax: +49 (0)69 / or info@eacva.de EACVA GmbH, Schweinfurter Weg 58a, Frankfurt am Main, Germany Phone.: +49 (0)69 / , info@eacva.de, Internet:

9 andel s Hotel Berlin Landsberger Allee Berlin Fax: Registration Form/ keyword: EACVA Name: Arrival: Departure: Single Room Superior at the rate of EUR 129,00 Double Room Superior at the rate of EUR 154,00 The rates are per room/ night and include buffet breakfast, service, 07% VAT on accommodation and 19% VAT on breakfast, which is EUR 3.50 per person/ day. We reserve the right to adjust the rate in the case of a statutory change of VAT rate. You may be required to pay some additional taxes upon arrival at the hotel, depending on the local regulations in force. Own account. The bill will be settled by company (a signed cost transfer on written letter with credit card details will be sent). Privat address: Invoicing address: Tel.: Fax: Please guarantee your booking with a credit card. Unless no credit card guarantee or advance payment has been made - the hotel is entitled to resell the booked room to another party 7 days prior arrival, without the customer being able to derive a claim against the hotel from this fact. Card: No: expiry date Signature: remarks: You can cancel the booking without any cancellation fee until 7 days prior to arrival. For later cancellations, noshow or early departures 90 % of the total booking value will be charged. confirmation for booking required If you have any further questions please do not hesitate to contact us by telephone or by mail reservation@andelsberlin.com.

10 Please be advised: the City State of Berlin is levying an Accommodation Tax of 5% pursuant to overnight stays (exclusive of the VAT) in Berlin in return for payment in an enterprise providing accommodation from Professional expenditure in the context of an overnight stay will be exempt from taxation. In this case the overnight guest shall be required to provide plausible evidence for the professional nature of the expenditure to the enterprise providing the accommodation by the end of his/her stay at the latest. The overnight guest, should he/she not be in agreement with this procedure, shall have the option of applying for the refunding of any retained tax on his/her overnight stay to the responsible fiscal office up until 4 months after his/her overnight stay. Thereby, the guest shall present the proofs of the professional reason for the accommodation expenditure. Further informations: