Corporate Governance

The Government Commission of the German Corporate Governance Code set up by the German minister of justice in September 2001 passed the German Corporate Governance Code ("Kodex") on February 26, 2002 and various amendments to it on May 26, 2010.

The Kodex gives recommendations and ideas for managing and monitoring German listed companies. It is oriented towards internationally and nationally recognized standards of good and responsible corporate management. The Kodex is designed to make the German corporate governance system transparent and comprehensible. It contains recommendations ("target regulations") and ideas ("optional regulations“) for corporate governance with regard to shareholders and shareholders' meetings, management and supervisory boards, transparency, accounts and auditing. The Kodex can be found at www.corporate-governance-code.de

There is no obligation to observe the recommendations or ideas brought forth in the Kodex. Equities law merely obliges the management and supervisory boards of a listed company, in accordance with § 161 AktG (German companies act), to make a declaration once a year that it has and intends to further comply with the recommendations of the Kodex, or to declare which recommendations it has not or will not apply. This declaration is to be made available at all times to the shareholders. The ideas contained in the Kodex can be deviated from without any declaration.

The management and supervisory boards will make a statement in the annual report about the corporate governance guidelines within AURELIUS. This will include an explanation of any deviations from the recommendations of the Kodex and a description of any other practices used.

The statement of compliance as of March 2011 is available in German only.