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International sales activities

China

STADA Pharmaceuticals (Asia) Ltd.¹⁾ (based in Hong Kong) manages STADA’s activities in the Asian market on the whole. STADA Asia is also active in the local business in China’s special economic zone Hong Kong.

In China, sales went down by 72% in the local currency or by 70% in euro to EUR 2.0 million (previous year: EUR 6.8 million). The adjusted sales decrease was 9%.

In view of the overall unsatisfactory sales and earnings levels of the Chinese business, on October 26, 2009, STADA signed a contract for the disposal of non-core activities in China and sold the 51% share in Health Vision Enterprise Ltd., Hong Kong, China, to two companies. Health Vision Enterprise Ltd. is primarily active in the area of commercial business which, as is known, is not part of the Group’s core business. The agreement provides for staggered payments of the purchase price in the total amount of approx. EUR 4.2 million. In the context of the sale, STADA achieved a moderate book profit in the amount of EUR 2.2 million. Due to lack of material significance Health Vision Enterprise Ltd. was deconsolidated from the Group already as of January 1, 2009.

In China, sales rose by 16% applying the exchange rates of the previous year. In euro, sales increased by 9% to EUR 0.7 million (1-3/2009: EUR 0.6 million).

1)	100% STADA-owned.

1)	Sales below EUR 0.05 million were rounded to EUR 0.0 million.