Corporate Governance Germany

WWW.ICGG.BIZ issue 08/2011 insight corporate governance germany

Essential: Information, Analysis and Opinion for Investment Professionals, Advisers and Academics

CONTENTS

02 COMPANIES 14 CAMPUS Exchange merger decision VW ahead on transparency

03 BUHLMANN´S CORNER 15 CAPITAL NEWS Buying & Selling in July 06 ACTIONS CORNER 16 DIRECTORS´DEALINGS 07 AGM DATES 17 INSIGHT SHAREHOLDER ID

08 POLITICS 35 INVESTORS INFORMATION Banks save the euro Your IR contacts in the Prime

11 PEOPLE 40 INDEXES OF COMPANIES Ackermann succeeds Börsig AND PERSONS

01 insight corporate Governance Germany

companies

Shareholders approve stock-exchange merger

After NYSE Euronext shareholders gave the were exchanged, the number of units is reduced. merger into the largest stock-market operator At the same time the free-float rate was lowered worldwide their imprimatur in early July, with an to 77.83 percent. Deutsche Börse shareholders approval rate of 96 per cent, a week later more will hold 60 percent of the new company after than 80 percent of Deutsche Börse’s shareholders the completion of the action. While NYSE CEO exchanged their shares for the securities of Alpha Duncan Niederauer will head the company’s Beta Netherland Holding, set up specially for the business, Deutsche-Börse chief Reto Francioni merger. Thus all of the conditions for the merger will chair the supervisory board. The deal has on the shareholder side are in place. The Deutsche a value of 6.52 billion euros. However, various Börse share was replaced in the Dax on 20 July by authorities still have to approve the merger. This the new Alpha Beta Holding one, with a new se- may take until 2012. The EU Commission is to curity code number but still under the Deutsche indicate by 4 August whether not they accept Börse name. Since not all Deutsche Börse shares the deal.

Vossloh has new major shareholder

He sees his investment as long-term and strategic, said Heinz Hermann Thiele at the end of July. But he would not influence the composition of the supervisory board or management or change the dividend policy, the billionaire, who already owns brake manufacturer Knorr-Bremse, stated. Thiele had expanded his commitment to the Vossloh rail technology group in spring to over five percent, and announced plans to expand his share further. In July Thiele took advantage of a Vossloh stock price slippage: the company was forced by delayed operations in China and Russia to reduce its forecasts for 2011. By the end of July Thiele finally held 15.29 percent and was catching up on the Vossloh family, with its 31 percent stake in the Sauerland company. Observers now speculate as to whether Thiele might be planning a merger of Vossloh with Knorr-Bremse, since both companies are engaged in the railroad business. However, there are no real overlaps.

issue 08/2011 02 companies

BUHLMANN`S CORNER

Leaky Umbrellas QSC: IHR PARTNER

Christine Lagarde, the head of the IMF world bailout umbrella, has got stuck. FÜR PREMIUM- At the start of an official investigation for breach of trust a Prussian official KOMMUNIKATION would have resorted to the gun, or at least a duelling pistol. A rudderless Europe takes shelter under its own umbrella, although top European José Manuel Barroso rates it as faulty after just two weeks. Pre- sumably he was just off for a fortnight’s holiday and had no smarter way to tell his colleagues something.

They pervert the financial crisis into a holiday crisis and fail to see that in fact it was and is a crisis of confidence. Anyone looking at the Websites of the two Spanish IPOs Bankia and Banca Cívica is bound to wonder at the chil- dish respect one pays investors there! VIP wants to change that: for women and for the rest of the world, there should be voting receipts from the AGM, and agenda changes like the recent ones by Ferdinand Piëch should be immediately available to the female voters and their male counterparts. Then it should be equally clear that, with subtle legal practices, 150 million euros of market capitalization were cut out of the Vodafone AGM last month – VIP was to represent two shareholders there, but that failed because the shareholder’s will of registered shareholder State Street was not implemented, or in such a way that our representative was sent home with his 150 million euros by the issuer’s service provider.

Unless that changes, we’ll be like the Italians. They send their prosecutors to Standard & Poor’s to investigate whether there has been profiteering from investments here because of certain statements. The assertive Munich prosecutors also currently have that on their table: they think the ratings and • Starke Sprach- und opinion people were the profiteers. Datenprodukte für jeden Bedarf Not that the banks are any better. Barclay’s economist says in a television • Maßgeschneiderte individuelle interview that the banks now expect a debt-reducing contribution from the Lösungen State – although it was they, the banks, who took the biggest mouthful out of the liability and debt bottle. What the commentators forget is that it was • Eigenes Breitband-Netz: only 40 months ago that it was the end of the world when a CEO could not Sicher, solide, zukunftsorientiert move straight to the Supervisory Board chairmanship. Now even DSW people • Höchste Verpflichtung zu lament that it is regrettable to have to forego the cooperation of Wenning, Qualität und Service Hambrecht & Co. for 24 months (even though their boss is at Weber-Rey beavering away at the Code). And today at the Deutsche Bank commentators see it as the Decline of the West if a cooling-off period is dispensed with www.qsc.de – although there is nothing worse than when two alpha animals draw the same ox carts and grain after grain falls off the wagon. In their view of the world beyond the Main, there was only ever Josef Ackermann, whom Alfred Herrhausen begat.

Hans-Martin Buhlmann is the founder of proxy-voting agency VIP Vereinigung Institutionelle Privatanleger e.V. (www.vip-cg.com).

03 issue 08/2011 03 companies

Major shareholder sells K+S shares

Andrei Melnichenko has reduced his involvement in K+S to 9.88 percent, to raise funds for the development of his own potash production. In September 2010, the share of the Russian multi-billionaire, who runs his participation in the Kassel DAX Group through Meritus Trust, stood at 14.9 percent. Shortly thereafter in October 2010, talks on the joint development of a potash project in the Urals region of Perm were ter- minated unilaterally by EuroChem. The Russian producer of nitrogen and phosphate fertilizers also belongs, among others, to the anchor shareholder’s empire. To develop the deposit alone, the Russians now need the money from the sale of the K+S shares. It was only in March that the former parent company, BASF, had to drop out.

Terex holds 82 percent of Demag Cranes

After the extended acceptance period expired on 19 July at midnight, Terex holds 81.83 percent of the share capital of Demag Cranes. In the second period, the Americans were tendered a further 9.02 percent of the shares, as is evident from the electronic Federal Gazette. At the end of the regular acceptance period, the U.S. industrial group had held 72.81 percent in the Düsseldorfers. Since the construction machinery manufacturer’s bid was thus successful, according to the German Takeover Act another two-week offering period started, in which hitherto undecided shareholders could sell their papers on the given conditions.

RHJ wants BHF Bank

The Deutsche Bank is, it claims, currently in exclusive negotiations with the Belgian financial investor RHJ International for the purchase of BHF Bank. The institution has belonged to Deutsche Bank since the 2009 takeover of Sal. Oppenheim, but never counted as a strategic core business. As a possible purchase price, €500 million has been mentioned. According to analysts, the price would then be below the book value of €550 million. RHJ International also includes the former Commerzbank subsidiary Kleinwort Benson. Their operations in Great Britain, Ireland and the Channel Islands, as well as the capital-markets business, will be expanded after a possible takeover. Only in April sales negotiations with the Luxembourg LGT Bank failed in consequence of a veto by the Federal Financial Supervisory Authority (BaFin).

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VW has majority at MAN VW consolidates Suzuki

Even at the end of June EU antitrust What is a technical ba- prevented VW from putting three of lance-sheet need for the its own candidates on truckmaker Wolfsburgers is a broken MAN’s supervisory board before ac- agreement for Japanese quiring a majority stake under com- carmaker Suzuki. The pany law. The sticking point here was background to the latest that Martin Winterkorn, Hans Dieter “cultural misunderstanding” - as VW puts Poetsch and Jochem Heizmann al- it - was that the involvement in Suzuki had ready oversee VW subsidiary Scania. been consolidated in VW’s annual re- After the Wolfsburgers in May passed the 30 percent limit at the Munich port. Suzuki would therefore, contrary to DAX company, a public offer followed. VW offered MAN shareholders agreement, be considered as part of the €95 per ordinary share and €59.90 per preference share. When the MAN Volkswagen Group, on which Volkswagen price temporarily fell below the offer price, acceptance soared. 35.8 mil- could exert financial and operational im- lion common and 0.16 million preferred shares changed hands. With pact, complained Suzuki. In 2009, Volks- 55.9 percent, the actual goal of a 35 to 40 percent holding was far excee- wagen acquired a 19.9 percent or €1.7 ded, and VW had to dig into its pockets for an extra €3.4 billion. With billion share in the fourth-largest Japanese the majority that VW now holds in MAN, the Munich firm will now automaker. As part of a cross-ownership, be integrated into the VW group and there merged with Scandinavian Suzuki bought an €850 million stake in truck subsidiary Scania in one holding company. VW expects synergies the largest European manufacturer. While of up to €200 million from common purchasing alone, as well as putting Wolfsburg hopes through Suzuki to gain a spoke in the wheel of the German market leader in the truck business, entry into the small-car segment and the Daimler. Analysts expect that VW could expand its share of MAN to 75 lucrative Indian market, the Japanese are to 100 percent in the medium term. A separate stock-exchange listing looking to the collaboration for access to for MAN in the Dax is thus coming to an end. The VW-MAN alliance is engine technologies. Suzuki now wants currently still subject to regulatory approval. the criss-cross holdings put back to zero.

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§ Corner

t Cropscience has according to its own account and Supervisory Boards and capital decisions of the settled out of court with the lawyers for the growers shareholder’s meeting. In the Deutsche Bank’s opinion, of U.S. long-grain rice, in the legal dispute over gene- however, the decision has no practical effect because tically modified rice in the U.S. As theBayer subgroup the capital measures sanctioned at the AGM have al- stated, the farmers concerned will be paid a total ready been legally registered, says the news agency. Actions amount of up to 750 million U.S. dollars (just under 520 million euros) to settle the compensation claims. t In the legal battle between Leo Kirch and Deutsche All U.S. farmers who grew long-grain rice in the period Bank, the bank has won a partial victory. On 19 July from 2006 to 2010 can take part in the program. The the Federal Court of Justice (BGH) ruled on a com- negotiated settlement will only be valid if the farmers plaint filed by the late media entrepreneur, seeking in who accept it account for at least 85 percent of the conjunction with four other plaintiffs to overturn the acreage of long-grain rice in the U.S. decisions of the bank’s annual general meeting in May 2008. Incorrect information on an invitation to the t The BASF Group now need not pay an antitrust AGM, which “affected only the mode of participation fine in the amount of 68.4 million euros imposed by and voting,” did not lead to the nullity of all decisions, said the BGH. Thus Supervisory Board Chairman Cle- mens Börsig remains in office.

t In the dispute with the United States about impro- per mortgage transactions by MortgageIT, the Deut- sche Bank has gone on the offensive in court. The bank has now officially applied to a New York court to dismiss the U.S. government’s lawsuit, potential- ly worth billions. The government had accused the bank and its former real-estate subsidiary of having fraudulently accessed a government program that un- derwrote mortgages. Andrew Levander, attorney from the EU Commission in 2009, due to lapse of time. At the law firm Dechert, described the action as “funda- the end of March in a suit the European Court had mentally flawed”; Germany’s largest financial instituti- defined fundamental guidelines for the prescription, on had taken over the property financier shortly before which is why the EU authority itself dispensed with a the company ceased trading, is the argument. continuation of the case. Ciba and Elementis therefore had to pay no fines for participation in a cartel for so- t On 13 July Dexia sued Deutsche Bank before the called heat stabilizers, the Commission stated on 4 July Supreme Court of the State of New York for fraud in Brussels. The Commission considers that the BASF in connection with a more than one-billion-dollar subsidiary and its British competitor agreed prices and purchase of mortgage securities. Bank spokeswoman allocated customers and markets among themselves, Renee Calabro said the complaint was totally unfoun- but Ciba was involved only up to1998. ded. According to the application, the German bank had sold mortgage securities to the financial-services t The Frankfurt Higher Regional Court has declared provider, although they knew that the home loans some of the decisions of the 2009 AGM null and void, contained in them were of poor quality. as Deutsche Bank and Leo Kirch confirmed before his death on 5 July. According to information from t The Deutsche Bank is striving through out-of- a Kirch spokesman, the court criticized formal errors court settlements to resolve pending cases from CMS in the invitation among other things, reports Reuters. credit ladder swaps it had sold. The bank was che- The ruling applies to the discharge to the Executive cking the applicability of the decision of the Bundes- >>

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§ Corner

gerichtshof (BGH) to pending proceedings, it declared. investigations. As part of a bribery scandal the former In March, the BGH had ruled against the bank in a trial Siemens chief financial officer was involved in the big- about this product. The bank had reached settlements gest corruption scandal in German economic history. in some cases; however, only in instances of the same Now, the proceedings against him are to be set aside, type of derivatives. In addition, there was a growing against contributions totalling 400,000 euros to chari- Actions number of complaints from retail investors, who had ties. Neubürger would accept the investigators’ offer, purchased similar products and want to use the Su- his lawyers said. The case against him for tax evasion preme Court ruling for themselves. on behalf of Siemens would then be suspended, but not the claim for damages of €15 million. t In the dispute among shareholders of Media-Sa- turn-Holding, METRO has had a first defeat in court. t ThyssenKrupp is to pay 160 million euros less than The Ingolstadt District Court stated in an interim deci- decided in 2007 by the European Commission. The Eu- sion that the advisory panel founded in March at the ropean Court of Justice ruled on 13 July that only a request of the majority shareholder would probably penalty of 320 million euros was appropriate instead have to take decisions with a majority of more than 80 of the 480 million euros originally imposed for illegal percent. The retail giant wants to trim the veto of the collusion with its competitors. According to the judge, former owners and make important decisions in the the EU Commission made a mistake in calculating the future by a simple majority in the newly established amount of the fine. The breach of EU law could not be advisory panel. The court adjourned its decision to 11 seen as a repeat offence by the same company. In the October. former decision the group had been wrongly classified as a repeat offender, so that the fine had been increa- t Heinz-Joachim Neubürger expects a suspension of sed by 50 percent.

AGM DATES in August

TECDAX ä Other AGM dates www.vip-cg.com Company Event Date Time Place Address published on

Roth & Rau ord. AGM 26.08.2011 10:00 09337 Hohen- An der Baumschule 6-8 15.07.2011 stein-Ernstthal The Agenda for the ordinary AGM of Roth & Rau AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. Elections to the Supervisory Board are to be held.

centrotherm ord. AGM 18.08.2011 09:00 89073 Ulm Böfinger Str. 50, Messe Ulm, 08.07.2011 Donausaal The Agenda for the ordinary AGM of centrotherm photovoltaics AG starts with the usual items, like presentation of annual accounts and discharge to the company bodies. centrotherm photovoltaics AG earned balance-sheet profits of €75.14m last business year. Of the profits,€ 14.81m is to be paid out as dividend and €60.33m carried forward to a new account. A resolution on non-disclosure of executive pay is to be taken. The existing Autho- rized Capital I is to be replaced by a new one of €2.84m.

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The banks save the Euro

Now that the rescue of Greece has taken concrete cent in the first half of forms, it is becoming apparent that the two major the year. At the end of German banks, Deutsche and Commerzbank, will June, the institution participate in the rescheduling action. While public still held government aid from the European rescue fund EFSF and the bonds from Greece, International Monetary Fund (IMF) will amount to Italy, Ireland, Portugal 109 billion euros, the European financial sector is to and Spain to a value contribute a total of around 50 billion euros to the of 3.7 billion euros on rescue package in the first step to 2014, by exchan- its books, as the bank ging Greek government bonds for new securities announced at the pre- with a longer term and putting up with markdowns. sentation of the latest The contribution of German banks and insurers is quarterly figures. The likely to be around 8 billion euros. “It hits us hard,” financial paper Börsen- Deutsche Bank CEO Josef Ackermann made clear zeitung quantifies the Greece commitment of the in an interview. Ackermann had participated in German market leader at 1.51 billion euros. Here, the negotiations as head of international banking the Deutsche Bank no longer extended expiring lo- association IIF and given States the assurance that ans in the case of Greece, and wrote off 155 milli- the private financial sector would participate in the on euros on these holdings. The impact of the euro bailout. Banks and other financial institutions will rescue package for Greece has here still not been thereby eliminate about 21 percent of their claims. taken into account by the bank. At Commerzbank, The Deutsche Bank has already reduced its involve- Börsenzeitung says there is a burden of 2.90 billion ment in debt in the eurozone countries by 70 per- euros in the area of Greek bonds.

Bank levy made concrete

The special levy for the German credit institutions was already decided in March last year. It was not until early July of this year that the Bundesrat and Bundestag could agree on the regulation that governs the details of the bank tax. Although the Bundesrat agreed to an appropriate ordinance on 8 July, it nonetheless made changes. Thus, small banks with total assets of up to €300 million, i.e. generally savings banks and Volksbanks, are excluded from the levy. Critical to the amount of the levy are the size, the risk and the networking of the bank concerned. Until recently, the acceptability limit was controversial. It has now been raised from 15 to 20 percent of annual results. If the amount actually due exceeds this limit, it can be recovered over the next five years. By 2019, however, the time limit for recovery will be just two years. Around one billion euros a year are to be paid into the fund. The overall pot will be 70 billion euros. It is becoming apparent that the Deutsche Bank alone will have to pay around 124 million euros into the German fund this year. The exact effects are still not predictable and also depend on whether the German tax can be charged against the sum to be paid in Britain. Germany’s largest bank has to pay €200 million in the island kingdom.

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Basel III spelled out

If the Basel III rules are implemented, European banks have to increase their core capital by up to 460 billion euros by 2019. The EU Commission arrived at this assessment in July. The baseline year here is 2009. According to the Basel Committee, on which central bankers and financial supervisors of the industry as well as the emerging economies sit, the proportion of common equity should be raised by 2013 from the current 2 percent to be 3.5 percent and then in further steps to 7 percent by 2019. The aim is to avoid a repeated Europeans want to rate financial crisis. Some institutions, such as the Deutsche Bank, have, however, themselves increased their capital in the meantime. The EU Commission must turn the Basel requirements into binding law for The three major rating agencies, Fitch’s, the approximately 8,300 European banks. Brussels will, under special con- Moody and S&P, are accused in Europe ditions, allow the institutions to add silent contributions to core capital. For of not just being US-centric, but also violations of the guidelines, however, the Commission could prove harsh: In- of firing up the euro debt crisis by gi- ternal Market Commissioner Michel Barnier plans fines of up to ten percent ving government bonds bad grades in of income for non-compliance, as well as a temporary employment ban for their rating judgments. Again and again bank managers responsible. Also planned are a maximum leverage ratio and a the call for the curtailment of the three liquidity buffer. The European Commission’s draft law must still be approved houses was loud. Recently EU Justice by the individual EU governments and the European Parliament. Commissioner Viviane Reding called Now, a study ordered by the EU parliament has confirmed that the stricter for the three U.S. agencies to be broken capital rules will affect neither economic growth nor employment in the EU up: out of three agencies the U.S. should significantly negatively. In the long term the effects would tend to zero, says make six. Germany’s President Christian the paper. An increase in the equity ratio by one percentage point would lower Wulff, however, brought up the question growth in the short term by only 0.18 percent. The result thus contradicts the of the rating agencies’ liability for the banks’ fears. damage they have caused. EU Competi- Meanwhile, the Financial Stability Board and the Basel Committee have tion Commissioner Michel Barnier, on drawn up a list of 28 banks classed as systemically important, to which more the other hand, wants to allow natio- stringent capital requirements are to apply. Among those affected by this surcharge of 1.0 to 2.5 percentage points on top of the Basel-III minimum nal governments to review the data the requirements are the Deutsche Bank and Commerzbank. A final decision agencies relied on before a downgrade on this will be taken by the leaders of the G20 countries meeting in early of a country, which would amount to a November in Cannes. clear curtailment of the agencies’ independence. Moreover, the call for a Euro- pean counterweight is often made. The business magazine Capital now reports concrete plans for setting up a European rating agency in the form of a foundation. The initial capital of around €300 million is to come from European companies in the financial industry. By the end of the year, a consortium of 25 members should be set up. Ideas were that not issuers - as hitherto - but investors should pay for the ratings. The evaluations should also be half as expensive. Already in the second quarter of 2012 the first sovereign ratings could thus be published. Later, banking and corporate valuations should follow. Deutsche Bank CEO Josef Ackermann was also said to support the idea.

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Stressful stress test Snail’s pace in In mid July the European Banking Authority (EBA) presented the results Solvency II of the second bank stress test, hotly debated in the run-up. The 91 houses tested represent 65 percent of total consolidated assets of the banking sys- tem in the whole EU. Two different scenarios were used to test whether As with the Basel III rules, new capital rules the capital adequacy of financial institutions was sufficient under certain for the European insurance sector are to stress assumptions, such as a decline in GDP, rising unemployment or fal- apply from 1 January 2013. However, the ling stock prices. However, no State bankruptcy was simulated. Of the 91 European Parliament is currently working institutions from 21 countries tested, eight banks, including five Spanish, on a compromise that the regulations will two Greek and one Austrian, failed. 16 more banks barely met the require- apply in full only as from 2014 and initially ments. The resulting capital requirement of the failures is estimated at €2.5 transition rules could be introduced. The billion. Analysts at Crédit Suisse expect a real need for capital totalling 83 new rules stipulate that insurers with high billion euros. Standard & Poor’s even estimates it at 250 billion euros. By equity exposure or other high risks have the end of the year the failing banks must fill the capital gap. to hold more equity. However, Europe- The twelve German participants came out relatively well, with an average an bonds are considered with a uniform core capital ratio of 7.5 percent by the end of 2012. HSH Nordbank and probability of failure. In March a stress test Nord/LB scraped past, close to the minimum rate of 5.0 percent. A pro- carried out by the industry showed that blem for the German Landesbanks is that the EBA did not count silent approximately ten percent of European partnerships as part of the core capital. While the Deutsche Bank shows its insurance companies do not meet the ca- involvement in Greece at 1.5 billion euros in the stress test, Commerzbank pital rules laid down in Solvency II, said the considers its Greek papers as worth around three billion euros. Criticism European insurance supervisory authority of the stress test came prior to its completion from the Central Credit EIOPA. According to the test, in unfavou- Committee (ZKA), the federation of the German banking associations. rable market conditions, declining share In a letter, the federation complained that as part of the test banks would prices or frequent natural disasters, 13 of need to disclose far more than in their regular financial reports. Thus, the the 129 European companies tested will institutions had been asked to disclose their credit positions in detail for sink under the minimum capital threshold. each country, including amount and maturity. Other market participants While the Federal Financial Supervisory could read from this a need for depreciation, and bet against the firm, Authority (BaFin) voted generally against warned the ZKA. Previously the association had complained that the EBA the postponement of the Solvency II start was now requiring a core capital of five percent from the banks, which the date, it does, however, foresee transitional Basel-III regulations demanded only by 2019. periods for individual parts of the rules.

issue 08/2011 10 insight corporate Governance Germany In & Out people in July

Board and Supervisory Board changes in DAX30, MDAX and TECDAX30

With the retirement of Rudolf Knepper on age grounds at the year’s end, Axel Sprin- ger will enlarge the number of its directors from four to five. On 1 January 2012, Jan Bayer and Ralph Büchi will join the Board. Bayer, chairman of publishing for regional and subsription newspapers (Welt Group / Berliner Morgenpost / Hamburger Abendblatt), will head subsription newspapers and printers. Büchi, President of Axel Springer International and CEO of Axel Springer Switzerland, is appointed Internatio- nal board member. IT management, as well as retiring vice-chairman Knepper’s Logisti- cs & Services, go to “Bild” and magazines chief Andreas Wiele, while Lothar Lanz takes responsibility for personnel and purchasing.

Ralph Büchi Clemens Börsig is giving up his post as Supervisory Board chairman after six years, after Josef Ackermann decided to take up the chairmanship. The outgoing CEO will resign from the Executive Board of Deutsche Bank with the end of the 2012 Annual Ge- neral Meeting. Jürgen Fitschen and Anshu Jain will then take on the dual leadership of the bank at the end of May next year. Rainer Neske will also get a new contract as co-CEO.

The appointment of Claudia Nemat and Marion Schick takes two women to the Board of Deutsche Telekom. The 42-year-old Nemat takes over the vacant Europe executive division from the beginning of October, while former Baden-Württemberg education minister Schick takes the Human Resources department in May 2012. She succeeds Thomas Sattelberger. In protest against the appointment of the former Württ- Jan Bayer emberg Education Minister the employee side left the Supervisory Board meeting. On the appointment of the new board members Ulrich Lehner said: “In Ms. Schick and Ms. Nemat we have found two distinguished experts for the two departments. I am looking forward to working together.” The Compliance board member Manfred Balz is also to be replaced by a woman, but the appointment is delayed because of an existing employment relationship.

Uwe Flach was elected as the new chairman of the supervisory body of Deutsche Wohnen at the Supervisory Board meeting on 5 July. The former advisor to Oaktree Capital Group has been a member of the Supervisory Board since 2008. The current incumbent, Hermann Dambach, had already retired from office in late June. A promi- nent new addition to the Supervisory Board of the real-estate company is Wolfgang Clement . Marion Schick

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In Out &

Marc Brucherseifer is the new chairman of the Supervisory Board at Drillisch. As one of the in July founders, he was Chief Executive Officer up to 31 March 2005. Brucherseifer has been a member of the Supervisory Board since October 2007. He succeeds Hartmut Schenk, who has gone to the freenet Supervisory Board. The outgoing Supervisory Board chairman of the German mobile- service provider has been on the body since 2002 and its Chairman since 2003.

METRO is to appoint Heiko Hutmacher as Chief Human Resources Officer and Labour Di- rector, the trade group announced on 22 July. The Supervisory Board’s Personnel Committee had proposed the appointment of the Akzo Nobel Manager as from 1 October. The Board would thus be expanded to five members. The post has been a shared responsibility of Eckhard Cordes since Heiko Hutmacher the departure of Zygmunt Mierdorf in early 2010.

For “personal reasons”, Thomas Richterich does not want to extend his contract with Nordex expiring on 30 June 2012, the wind-turbine manufacturer announced on 22 July. The Supervisory Board respected the decision, which enabled early transition planning. The Klatten family, majority shareholder at Nordex with nearly 24 percent, must now find a new CEO for the Hamburg company.

Wolfgang Werner has informed the Supervisory Board chairman that he is resigning, announced Praktiker on 20 July. The CEO will run the business provisionally until a successor is found. He headed the Board for almost ten years, first as spokesman and then as chairman. The troubled DIY chain had already replaced its chief financial officer last September.

Franz Koch on 25 July officially took over the post of PUMA CEO Jochen Zeitz, who becomes Chairman of the PUMA Supervisory Board. The date of the change in the management team was tied to the registration of the new legal form of European Company (SE) in the commercial Thomas Richterich register. Melody Harris-Jensbach would henceforth no longer form part of the leadership. A successor would not be appointed.

Joachim Trickl leaves QSC at the end of August in order to pursue new professional challenges. The Chief Operating Officer had come to the Cologne telecommunications providers only in Fe- bruary 2009, and was to facilitate the operational and sales development of the three business units Managed Services, Products and Wholesale. The heads of the business units will take on Trickl’s tasks from now until further notice.

On the Roth & Rau Supervisory Board to be newly elected on 26 August all three posts are in future to be occupied by Meyer Burger representatives, as the invitation to the Annual Meeting shows. One is Peter Maria Wagner, who if elected will take over as chairman of the committee. Other proposed members are Chief Financial OfficerMichael Hirschi and attorney Andrea Sieber of law firm meyerlustenberger. The Swiss were advised on the acquisition of the Saxon solar company by, among others, the Zurich law firm. The former Supervisory Board around Chairman Eberhard Reiche, his deputy Prof. Alexander Michaelis and Daniel Schoch will Wolfgang Werner retire. Meyer Burger now holds over 80 percent of Roth & Rau.

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In Out &

Angelika Dammann left SAP last month for personal reasons. The personnel manager had in July drawn the wrath of the Works Council on herself. Dammann’s job as personnel manager has been taken over for the moment by Chief Financial Officer Werner Brandt.

David Broadbent has left the Board of Software AG with immediate effect. The Chief Opera- ting Officer was responsible for product sales in Europe (excluding the German-speaking countries), the Middle East and Africa. This task was taken over by Darren Roos, the former head of sales in Benelux and Scandinavia. This was announced by the Darmstadt firm in a press release dated 28 July.

Colette Rückert-Hennen SolarWorld has increased its board from four to five members against the backdrop of growth and the increasing internationalization of the group, and appointed the first woman to the Board. Colette Rückert-Hennen is in charge of staff and branding (Chief Human Resources and Brand Officer) from 1 July, announced the Bonn TecDax Group.

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issue 08/2011 13 insight corporate Governance Germany

campus

VW ahead on transparency

DAX-listed companies have to catch up in terms of transparency, cri- ticizes a study by consultancy Klenk & Hoursch. The Frankfurt firm had interviewed 3000 consumers as to how transparent they perceive DAX-listed companies, both in product descriptions and on executive pay. Carmaker Volkswagen cut the best figure, with nearly 45 percent of respondents finding it transparent. Second place went to BMW, followed by Adidas. At the bottom end of the transparency rankings came energy providers RWE and E.on and insurance company Munich Re.

One in four balance-sheets faulty Financial statements

In the first six months of this year, the German Financial Reporting faster Enforcement Panel (DPR) has again identified numerous errors in Companies have increased the speed corporate balance-sheets. The error rate of 26 percent was average for of their reporting despite steadily rising recent years. The accounting watchdogs regard a lot of mistakes in the requirements, but are no longer willing annual reports of German companies as inevitable, however, as compa- to trade speed against quality. According nies are unable to cope with the ever more complicated rules. Most er- to a study by PwC, last year nearly one rors were due to the intricate accounting of acquisitions and disposals in two of 230 surveyed companies could of firms. So far this year 22 companies have had to disclose accounting provide a certified financial statement at deficiencies, and last year it was 31. Behind one of the incorrect balance an earlier stage than in 2009. Particularly sheets, according to DPR, is even a DAX company. The process is not fast companies achieved this after only yet complete, so there is currently no disclosure. The previous year, 19 working days. In the two previous Infineon and Merck were affected. years a good 40 percent and 35 percent respectively of companies surveyed were able to shorten their time; at a good one in ten companies, reductions even DSW in cooperation with university of more than five working days were possible in 2009, as the latest “Reporting Shareholder association Deutsche Schutzvereinigung für Wertpapier- Survey” from the auditing and consul- besitz e.V. (DSW) and the University of Bremen will jointly launch a ting company shows. Despite the time hands-on programme in which they explain issues of investment ad- constraints, final quality has according vice and investment to students. “Interested students are to be given to PwC priority for 65 percent of respon- the opportunity, at shareholders’ meetings or at conferences and Ac- dents, and 85 percent will seek a further tion Forums which DSW regularly organizes nationwide, to partici- increase in quality. Specifically, further pate,” says the CEO of DSW, Ulrich Hocker. The collaboration will also standardizing (60 percent of responses), include special courses as well as the supervision of practice-oriented more integrated systems and interfaces diploma and bachelor theses. Joint events by the DSW and the Univer- (55 percent) and training at group com- sity of Bremen are planned for the years 2012/2013. panies (41 percent) will be pursued.

issue 08/2011 14 insight corporate Governance Germany

capital news

Capital Measures in July

LANXESS has announced a share buyback in or- percent of the share capital will be sold in order to der to issue shares to staff. The programme started reduce net financial debt for “strategic develop- on 12 July. By 22 July up to 140,000 own shares ment”. The sale of 49,484,842 own shares has been are to be purchased. This corresponds to about 0.2 rapidly translated into action. Institutional investors percent of share capital and is expected to cost the from home and abroad put around 1.63 billion eu- MDAX-listed company almost eight million euros. ros on the table. CEO Hiesinger had also announced he wanted to reinvest several billion euros from the As ThyssenKrupp announced ad-hoc after mar- proceeds in future growth areas, especially in the ket close on 6 July, own shares amounting to 9.6 technology business and emerging markets.

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issue 08/2011 15 capital insight corporate Governance Germany news

Directors´ Dealings in July

Company Person Function Buy / Sell Total value Number of Datum in Euro shares adidas Christian Tourres AR S 5.079.568 92.346 29.06.2011 Allianz Dr. Wulf Bernotat AR S 97.460 1.000 04.07.2011 Bilfinger Berger Roland Koch VR-Chef B 49.837 730 01.07.2011 Demag Cranes Karlheinz Hornung AR S 62.017 1.363 30.06.2011 Drillisch Dr. Hartmut Schenk AR B 19.825 2.500 24.06.2011 Fielmann Hans Joachim Oltersdorf AR S 459.000 6.000 01.07.2011 GERRY WEBER R + U Weber GmbH & B 473.580 20.000 22.07.2011 Co. KG Henkel Christoph Henkel S 2.415.000 50.000 04.07.2011 Kabel Deutschland Basil Management Inc. S 9.245.250 225.000 01.07.2011 KRONES Leopold Kronseder B 11.857 215 27.06.2011 Nora Kronseder B 11.857 215 27.06.2011 LEONI Marcel Bellé B 5.153 130 04.07.2011 MERCK Dr. Karl-Ludwig Kley VR-Chef B 100.082 1.350 27.07.2011 Dr. Stefan Oschmann VR B 103.834 1.400 27.07.2011 Phoenix Solar Dr. Andreas Hänel VR-Chef B 13.885 1.000 20.07.2011 QSC John C. Baker AR E 0 42.135 28.06.2011 Baker Capital Partners II E 0 71.089 28.06.2011 (Anguilla), LLC SGL CARBON SKion GmbH B 47.499.971 1.616.195 01.07.2011 Theodore H. Breyer VR S 39.500 1.000 01.07.2011 Süss MicroTec Frank P. Averdung VR-Chef B 46.215 4.500 04.07.2011 United Internet Ralph Dommermuth S 28.260.000 2.000.000 05.07.2011 Beteiligungen GmbH

* B: Buy; S: Sell; A1: Option; A2: Exercising an Option; R1: Rights; R2: Exercising an Right; P: Purchase from capital increase; E: Payment; AR: Supervisory Board Member; VR: Executive Director; M: Manager;

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issue 08/2011 16 capital insight corporate Governance Germany news INSIGHT Shareholder ID: July 2011

INSIGHT, in collaboration with AfU, the specialist in shareholder data and analyses, brings transparency to the shareholder structure of DAX, MDAX and TECDAX securities. For the 110 most-capitalized companies in the three most important stock-market indexes on the German capital market, each month the shareholding notifications statutorily required in Germany on crossing disclosure thresholds, up or down, are evaluated. At the same time, indications on holdings from over 16,000 public and special funds at home and abroad are followed.

Shares held by capital investment companies: Shares Changes* 1. Linde 28,77 % 1. adidas + 3,15 2. adidas 26,03 % 2. Fresenius + 2,04 3. Bayer 25,68 % 3. FMC + 1,42 DAX DAX 28. ThyssenKrupp 9,23 % 28. Siemens - 0,34 29. Beiersdorf 7,75 % 29. ThyssenKrupp - 0,40 30. Commerzbank 1,19 % 30. Daimler - 0,57

1. Rheinmetall 44,53 % 1. Kabel Deutschland + 4,91 2. Bilfinger Berger 42,23 % 2. ProSieben + 4,13 3. LANXESS 38,53 % 3. MTU + 2,93 MDAX MDAX 48. Hamburger Hafen 5,20 % 48. STADA - 0,73 49. GAGFAH 4,78 % 49. HOCHTIEF - 0,96 50. BayWa 2,90 % 50. HUGO BOSS - 1,03

1. Pfeiffer Vacuum 44,48 % 1. Phoenix Solar + 8,38 2. AIXTRON 42,26 % 2. Dialog + 4,09 3. Wirecard 40,88 % 3. AIXTRON + 3,81 TECDAX TECDAX 28. QSC 6,48 % 28. MorphoSys - 0,34 29. Q-Cells 5,52 % 29. QSC - 0,54 30. Nordex 5,06 % 30. STRATEC Biomedical - 2,04 * Changes from previous month, percent

Column (1) gives the company name. Column (2) shows how high a proportion of own shares each company holds. Columns (3) and (4) list the notifiable shareholders and their most recently declared holdings. Column (5) gives information on how heavily the capital investment companies making disclosures (i.e. the public and special funds) were involved altogether in each security according to their latest disclosures. Column (6) shows the percentage (of the holding) by which the holding of the capital investment company making the disclosure has increased or decreased. Columns (7) and (8) indicate the capital investment company most involved in the given security and its share.

issue 08/2011 17 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: DAX

INSIGHT Shareholder ID: DAX Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

adidas Capital Research and Ma- 5,01 St 26,03 3,15 Capital Research 3,93 nagement and Management BlackRock 4,92 St The Bank of New York Mellon 3,07 St Aberdeen Asset Management 2,9 St Aufsichtsrat 1,92 (1,96) St Vorstand 1,00 St Allianz 0,62 (St) BlackRock 5,03 St 18,01 0,20 DWS Investment 1,29 BASF BlackRock 5,35 St 18,56 0,45 DWS Investment 1,44 Bayer Capital Research and Ma- 9,97 St 25,68 0,23 Capital Research 7,31 nagement and Management BlackRock 5,03 St Capital World Growth and 2,95 St Income Fund Société Générale 2,76 (3,44) St BMW Stefan Quandt KG für Auto- 17,4 St 14,97 0,13 Fidelity Manage- 1,66 mobilwerte ment & Research Johanna Quandt 16,7 St Susanne Klatten KG für Auto- 12,56 St mobilwerte BlackRock 3,05 St Beiersdorf 9,99 (St) maxingvest ag 50,47 St 7,75 -0,11 Artisan Funds 0,61 Capital Research and Ma- 2,75 St nagement Commerzbank 0,79 (St) Bundesrepublik Deutschland 25 St 1,19 0,22 Fidelity Manage- 0,15 Allianz SE 4,85 St ment & Research BlackRock 3,07 St Assicurazioni Generali 1,11 St UBS AG 0,78 St Credit Suisse AG 0,59 St NEU Citigroup 0,46 St JPMorgan Chase & Co. 0,32 St HSBC Holdings 0,1 St Goldman Sachs Group 0,04 St ING Groep N.V. 0,01 St

issue 08/2011 18 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: DAX Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

Daimler 0,02 (St) International Petroleum 9,09 St 18,58 -0,57 Capital Research 3,41 Investment and Management Kuwait Investment Authority 6,9 St BlackRock 3,9 St Capital Research and Ma- 3,1 St nagement Renault S. A. 3,1 St Société Générale 2,79 St Deutsche Bank 1,08 (St) BlackRock 5,14 St 15,73 0,33 Capital Research 2,34 Credit Suisse Group AG 3,86 St and Management Société Générale 1,67 St Dr. Josef Ackermann 0,06 St Anshuman Jain 0,05 St Jürgen Fitschen 0,02 St Dr. Hugo Bänziger 0,01 St Dr. Clemens Börsig 0,01 St Rainer Neske 0,01 St Hermann-Josef Lamberti 0,01 St Bank of America 0,01 St Deutsche Börse 4,59 (St) BlackRock 5,01 St Sun Life Financial 3,34 St Franklin Mutual Advisers 3,01 St The Royal Bank of Scotland 1,5 St Group Deutsche Lufthansa BlackRock 5,08 St 24,98 -0,28 Janus Capital 3,73 Janus Capital Management 2,94 St Group Credit Suisse Group AG 2,62 St Deutsche Post KfW - Kreditanstalt für Wie- 30,5 St 15,14 0,08 Allianz Global 1,11 deraufbau Investors BlackRock 3,18 St Deutsche Telekom KfW - Kreditanstalt für Wie- 17 St 10,38 -0,13 DWS Investment 0,91 deraufbau Bundesanstalt für Post und 15 St Deutsche Telekom Blackstone Group 4,4 St BlackRock 3,34 St E.ON 4,78 (St) Staat Norwegen 5,91 St 14,09 0,11 DWS Investment 1,16 BlackRock 5,01 St FMC Fresenius 35,74 St 17,29 1,42 Fidelity Manage- 3,05 Thornburg Investment Ma- 3,76 St ment & Research nagement 3,58 St BlackRock 2,99 St FIL Limited

issue 08/2011 19 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: DAX Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

Fresenius Else Kröner-Fresenius-Stiftung 28,85 St 13,91 2,04 Fidelity Manage- 3,04 Allianz SE 4,26 St ment & Research Artio Global Investors 2,36 St Skandinaviska Enskilda 1,77 St Banken AB FMR 1,69 St HeidelbergCement Ludwig Merckle 25,43 St 15,75 0,23 Fidelity Manage- 2,56 Arnhold and S. Bleichroeder 5,12 St ment & Research Holdings BlackRock 4,83 St Fidelity Management & 2,96 St Research FMR 2,96 St Pommersche Provinzial- 0,02 St Zuckersiederei AG Henkel 2,26 (Vz) Familie Henkel 53,17 St 16,12 -0,31 Allianz Global 1,52 Investors Infineon Dodge & Cox 9,82 St 25,42 0,55 Dodge & Cox 9,64 BlackRock 5,08 St Funds Odey Asset Management LLP 3,05 St Capital Research and Ma- 3,02 St nagement K+S Meritus Trust Limited 9,88 15,30 1,11 DWS Investment 2,25 (14,86) St BlackRock 5,46 St Capital Research and Ma- 3,13 St nagement AXA 2,96 St Credit Suisse Group AG 2,74 (3,09) St The Royal Bank of Scotland 2,29 St Group Linde Sun Life Financial 5,13 St 28,77 1,11 Capital Research 3,62 BlackRock 5,02 St and Management Capital Research and Ma- 4,94 St nagement Allianz SE 2,97 St MAN Volkswagen AG 30,47 St 19,19 0,85 Newton Fund 2,14 BlackRock 4,15 St Managers

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issue 08/2011 20 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: DAX Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

Merck Sun Life Financial 9,56 St 24,41 0,06 Capital Research 6,64 Barclays 5,6 St and Management Templeton Investment 5,13 St Counsel BlackRock 5,06 St Templeton Global Advisors 5,06 St Limited Capital Research and Ma- 4,89 nagement (9,79) St Deutsche Bank AG 4,48 St FIL Limited 4,48 St Capital World Growth and 2,86 St Income Fund METRO Stimmrechtsbündelung Hani- 50,01 St 11,02 -0,12 Capital Research 1,75 el/Schmidt-Ruthenbeck and Management Gesellschafterstamm Beisheim 9,97 St Münchener Rück 0,79 (St) Warren E. Buffett 10,24 St 18,47 0,23 Allianz Global 1,25 BlackRock 6,15 St Investors RWE 5,51 (St) RW Energie-Beteiligungsge- 16,09 St 11,00 0,04 Allianz Global 0,72 sellschaft Investors Privataktionäre 14 St BlackRock 3,69 St Société Générale 2,93 (3,49) St Belegschaftsaktionäre 1 St SAP 3,19 (St) Prof. Hasso Plattner 9,96 St 17,21 0,28 Allianz Global 1,20 Dr. Dietmar Hopp 9,2 St Investors Dr. Klaus Tschira 9 St Deutsche Bank Trust Americas 3,73 St BlackRock 3,59 St Capital Research and Ma- 2,99 St nagement Siemens 4,85 (St) Siemens (Familie) 6 St 16,04 -0,34 Capital Research 1,53 BlackRock 3,92 St and Management Vorstand 0,03 St Aufsichtsrat 0,01 St ThyssenKrupp Alfried Krupp von Bohlen und 25,33 St 9,23 -0,40 Allianz Global 0,67 Halbach-Stiftung Investors Franklin Mutual Advisers 3,06 St BlackRock 3,01 St Volkswagen Porsche 53,13 St 12,09 0,86 Capital Research 1,25 Land Niedersachsen 20 St and Management State of Qatar 17 St

*Share in each case in relation to index-relevant share type **Change from previous month, percent St: ordinary shares, Vz: preference shares The AfU company information agency lists over 18,000 funds and investment companies making disclosures. The position shown is taken from recently published annual and quarterly reports.

issue 08/2011 21 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: MDAX

INSIGHT Shareholder ID: MDAX Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

Aareal Bank Aareal Holding Verwaltungs- 26,59 St 16,55 0,54 DWS Investment 1,96 gesellschaft Allianz Global Investors 3,29 St Aurubis Salzgitter AG 22,73 St 19,08 0,42 DWS Investment 4,36 DWS Investment 4,07 St BlackRock 3,16 St DJE Investment 3,07 St Dimensional Fund Advisors LP 3,01 St Vorstand 0,03 St Aufsichtsrat 0,02 St Axel Springer 0,60 (St) Axel Springer Gesellschaft für 51,55 St 6,15 0,39 DWS Investment 1,59 Publizistik Dr. Friede Springer 7 St Michael Lewis 3,62 St Dr. Mathias Döpfner 1,26 St Dr. Giuseppe Vita 0,03 St Oliver Heine 0,003 St BayWa Bayerische Raiffeisen-Betei- 35,15 St 2,90 0,00 Allianz Global 1,53 ligung Investors Raiffeisen Agrar Invest 25,04 St SKAGEN AS 2,98 St Bilfinger Berger 4,09 (St) BlackRock 5,04 St 42,23 -0,01 INVESCO Fund 4,27 Invesco Limited 4,98 St Managers DJE Investment 4,96 St Allianz Global Investors 3,78 St DWS Investment 2,94 St UBS AG 2,29 St Brenntag Brachem Acquisition S.C.A. 36,02 St 10,51 0,64 DWS Investment 2,01 Paulson & Co. 3,05 St Celesio Franz Haniel & Cie. 54,6 St 7,70 0,15 BlackRock Financi- 0,57 BlackRock 3,03 St al Management Baillie Gifford & Co. 2,89 St Continental Schaeffler 42,17 St 9,92 0,14 DWS Investment 1,79 B. Metzler seel. Sohn & Co. 5,19 St Holding M.M. Warburg & CO 5,19 St

issue 08/2011 22 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: MDAX Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

Demag Cranes Cevian Capital II Master Fund 10,07 St 21,26 0,24 Allianz Global 1,68 LP Investors Paul E. Singer 5,55 (2,99) St Centaurus Capital LP 5,06 St Financière de l`Echiquier 2,98 St Halso Lux 2 S.à r.l. 2,6 St Allianz Global Investors 1,98 St Boussard & Gavaudan Asset 1,7 St Management Credit Suisse Group AG 0,32 (3,79) St Deutsche EuroShop Familie Otto 15 St 13,92 -0,50 DWS Investment 2,18 AROSA Vermögensverwaltung 9,63 St BlackRock 3,29 St Attfund 2,89 St Vorstand 0,05 St Commerzbank AG 0,04 St Deutsche Wohnen Deutsche Asset Management 5,75 St 21,78 0,65 First Eagle Funds 7,85 Cohen & Steers 5,24 St First Eagle Overseas Fund 5,24 St Sun Life Financial 5,03 St Asset Value Investors Limited 4,94 (9,99) St Ärzteversorgung Westfalen- 3,33 St Lippe Oyster Asset Management 3,01 St Ruffer LLP 2,99 St DOUGLAS Dr. August Oetker Finanzie- 25,81 St 14,09 -0,55 Deka Investment 2,74 rungs- und Beteiligung Dr. Jörn Kreke 12,14 St Müller Auslandsimmobilien 10,06 St Holding Bank Sarasin & Cie AG 5,86 (3,02) St BlackRock 5,05 St Deutsche Bank AG 4,97 St Governance for Owners LLP 3,8 St ElringKlinger Familien Lechler 52,004 St 17,39 0,57 DWS Investment 2,72 BlackRock 3,12 St FIL Limited 2,98 St Deutsche Bank AG 0,12 St EADS 0,65 (St) SOGEADE 22,46 St 7,27 0,14 M&G Investment 1,16 Daimler AG 14,96 St Management Investorenkonsortium 7,5 St SEPI 5,47 St Vnesheconombank 5,04 St

issue 08/2011 23 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: MDAX Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

Fielmann Prof. Dr. h.c. Günther Fielmann 36,8 St 10,87 0,12 Threadneedle In- 1,20 Fielmann INTER-OPTIK KG 15,12 St vestment Services Fielmann Familienstiftung 11,36 St Marc Fielmann 7,73 St Fraport Land Hessen 31,5 St 12,13 -0,46 Artio Global Ma- 5,84 Stadtwerke Frankfurt a.M. 20,12 St nagement Holding Artio Global Investors 9,96 St Deutsche Lufthansa AG 9,92 St Taube Hodson Stonex Partners 2,99 St LLP FUCHS PETROLUB Familie Fuchs 51,7 St 5,51 -0,04 Allianz Global 0,98 DWS Investment 5,2 St Investors Mawer Investment Manage- 3,02 St ment SMALLCAP World Fund 3,01 St Capital Research and Ma- 3 St nagement GAGFAH Fortress Investment Group 60,09 St 4,78 0,07 Capital Research 0,85 and Management GEA BlackRock 9,99 St 31,10 0,53 Allianz Global 3,12 Kuwait Investment Office 8,25 St Investors AMUNDI 4,96 St Allianz Global Investors 3,59 St Alecta pensionsförsäkring, 3,1 St ömsesidigt 2,99 St FMR Gerresheimer Eton Park Master Fund 5,17 St 24,98 -0,25 Threadneedle In- 3,16 Ameriprise Financial 5,03 St vestment Services Clifton S. Robbins 5,02 St Tremblant Holdings 4,98 St Governance for Owners LLP 3,16 St WS Management LLLP 3,1 St BlackRock 3,01 St Edward A. Gilhuly 2,99 (4,99) St Credit Suisse Group AG 1,01 St GERRY WEBER 2,84 (St) Gerhard Weber 28,09 St 6,82 0,36 DWS Investment 1,09 Udo Hardieck 17,85 St Dipl.-Kfm. Ralf Weber 4,98 St Charlotte Weber-Dresselhaus 0,15 St Doris Strätker 0,01 St GILDEMEISTER Mori Seiki Co., 20,1 St 11,60 0,82 Allianz Global 1,39 Investors

issue 08/2011 24 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: MDAX Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

Hamburger Hafen Freie und Hansestadt Ham- 68,5 St 5,20 -0,28 Allianz Global 0,68 burg Investors NEU Macquarie Group 2,74 St Limited Hannover Rück Talanx AG 50,22 St 12,21 0,24 DWS Investment 1,98 Heidelberger Druck 0,17 (St) Allianz SE 13 St 20,18 0,47 SEB Asset Ma- 5,45 SEB Invest 5,02 St nagement AG RWE AG 4,22 St Capital Research and Ma- 3,14 St nagement SMALLCAP World Fund 3,13 St BlackRock 3,02 St Bernhard Schreier 0,01 St Robert J. Koehler 0,005 St Dirk Kaliebe 0,004 St Dieter Willi Brandt 0,003 St Dr. Werner Brandt 0,003 St Stephan Plenz 0,002 St Marcel Kießling 0,001 St Bent Mortensen 0,001 St HOCHTIEF Actividades de Construccion y 50,16 St 13,87 -0,96 Allianz Global 2,10 Servicios Investors Qatar Holdings 10 St BlackRock 3 St Southeastern Asset Manage- 2,96 St ment HUGO BOSS 1,47 (St) Red & Black S.r.l. 88,02 St 13,84 -1,03 Fidelity Investment 2,28 2,48 (Vz) Red & Black S.r.l. 55,28 Vz Funds (UK) IVG Immobilien Mann Immobilien-Verwaltung 20 St 9,72 1,38 DFA Investment 1,08 AG Dimensions Group Santo Holding AG 14,39 St Goldsmith Capital Partners 4,94 St Limited Universal Investment Gesell- 4,64 St schaft LVM 3,31 St Internationale 2,17 St Deutsche Bank AG 0,53 St Kabel Deutschland BlackRock 11,00 St 17,36 4,91 Fidelity Manage- 4,18 Norges Bank 5,25 ment & Research (4,80) St FMR 5,08 St Ameriprise Financial 3,29 St Fidelity Investment Trust 3,07 St Scout Capital Management, 3,03 St L.L.C.

issue 08/2011 25 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: MDAX Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

Klöckner & Co Norges Bank 5,58 St 15,16 0,20 Allianz Global 1,28 AMUNDI 3 St Investors JPMorgan Chase & Co. 0,08 St KRONES 4,51 (St) Familie Kronseder 53,71 St 8,00 1,15 Allianz Dresdner 1,22 Tweedy, Browne 4,99 St Asset Manage- Schadeberg GbR 3,28 St ment ODDO ET CIE 3,27 St LANXESS 0,14 (St) Dodge & Cox 9,93 St 38,53 0,55 Dodge & Cox 10,66 BlackRock 5,1 St Funds Teachers Advisors 3,24 St FIL Limited 3,18 St JPMorgan Chase Bank 2,9 (4,88) St FMR 2,88 St Dr. Axel Claus Heitmann 0,32 St Dr. Rainier van Roessel 0,02 St Matthias Zachert 0,01 St Dr. Werner Breuers 0,01 St LEONI Johann Erich Wilms 3,03 St 20,20 0,67 Allianz Global 2,01 BlackRock 2,86 St Investors MTU 6,25 (St) Capital Research and Ma- 10,22 St 29,27 2,93 Capital Research 2,54 nagement and Management BlackRock 4,99 St FIL Limited 4,99 St FMR 4,14 St Fidelity Management & 3,27 St Research Barclays Global Investors UK 3,06 St Holdings Gryphon Investment Counsel 3,02 St Ameriprise Financial 2,97 St Praktiker Eric M. Mindich 8,39 St 24,64 1,41 Deka International 2,85 Odey Asset Management LLP 5,56 St Mackenzie Financial 3,08 St Credit Suisse Group AG 2,99 St OppenheimerFunds 2,69 (3,23) St RIT Capital Partners 2,14 (3,01) St UBS AG 1,82 (1,42) St ProSieben 5,20 (Vz) Lavena Holding 4 KKR/Permira 88 St 22,78 4,13 Fidelity Manage- 10,08 Telegraaf Media International 12 St ment & Research B.V. Lavena Holding 4 KKR/Permira 18 Vz

issue 08/2011 26 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: MDAX Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

PUMA 0,67 (St) SAPARDIS 71,58 St 6,70 -0,21 DWS Investment 0,76 J.P. Morgan Markets Limited 3,19 St AMUNDI 3,1 St BlackRock 3,01 St Invesco Limited 2,92 St RATIONAL Siegfried Meister 62,9 St 9,18 0,32 Allianz Global 1,63 Walter Kurtz 7,81 St Investors Royce & Associates 2,99 St The Royce Fund 2,99 St Vorstand 0,13 St Rheinmetall 3,30 (St) FMR 5,54 St 44,53 1,90 DWS Investment 4,00 BlackRock 5,11 St Harris Associates L.P. 4,91 St DWS Investment 3,16 St Allianz Global Investors 2,84 St Vorstand und Aufsichtsrat 1,1 St Rhön-Klinikum Familie Münch 12,45 St 17,73 0,64 BlackRock (UK) 1,31 Alecta pensionsförsäkring, 9,94 St ömsesidigt Franklin Mutual Advisers 5,07 St Sun Life Financial 3,07 St Templeton Investment 3,05 St Counsel BlackRock 2,93 St Salzgitter 10,00 (St) Land Niedersachsen 26,5 St 10,97 0,38 BlackRock Financi- 0,91 BlackRock 4,13 St al Management SGL CARBON Susanne Klatten 29,53 10,21 0,21 Allianz Global 1,21 (27,23) St Investors Volkswagen AG 8,12 St Voith AG 5,01 St Sky Deutschland News/RupertMurdoch 49,9 St 7,36 0,09 Classic Fund Ma- 2,66 Odey Asset Management LLP 11,26 St nagement AG Taube Hodson Stonex Partners 4,92 St LLP BlackRock 2,77 St Dr. Stefan Jentzsch 0,02 St STADA 0,17 (St) Gryphon Investment Counsel 3,2 St 18,48 -0,73 SKAGEN Fondene 4,02 Morgan Stanley & Co. Inter- 3,18 St national SKAGEN AS 3,01 St BlackRock 2,77 St Südzucker Süddeutsche Zuckerrübenver- 55 St 6,16 0,28 DFA Investment 0,61 wertungs-eG Dimensions Group Zucker Invest 10 St

issue 08/2011 27 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: MDAX Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

Symrise Prudential 10,02 St 38,32 -0,05 M&G Investment 5,39 Gerberding Vermögensverwal- 5,86 St Management tung KG Sun Life Financial 5,02 St Schroders 3,1 St Ameriprise Financial 3,07 St Standard Life Investments 3,07 St FIL Limited 3,04 St BlackRock 2,98 St JPMorgan Asset Management 2,87 St (Taiwan) TUI S-Group Travel Holding 20,45 St 15,15 0,06 Vanguard Group, 2,70 Monteray Enterprises 15,01 St The Barclays 5,45 St Familie Riu 5,1 St Caisse de Dépôt et de Gestion 4,99 St Baillie Gifford & Co. 3,01 St BlackRock 2,99 St Confederación Espanola de 1,93 St Cajas de Ahorros Aufsichtsrat 0,8 St Vossloh 9,94 (St) Familiengemeinschaft Vossloh 31,00 St 25,22 -0,44 Columbia Wanger 2,63 GbR Asset Manage- Heinz Hermann Thiele 15,29 ment (5,01) St DWS Investment 3,27 St BlackRock 2,99 St WACKER CHEMIE 4,75 (St) Dr. Alexander Wacker Famili- 60,39 St 12,56 0,07 Fidelity Invest- 1,33 engesellschaft ments Luxem- Blue Elephant Holding 10,86 St bourg Wincor Nixdorf 10,00 (St) DWS Investment 5,1 St 29,44 -0,24 DWS Investment 4,80 AMUNDI 4,98 St BlackRock 4,84 (5,17) St NEU Aberdeen Asset Ma- 3,15 St nagement ODDO ET CIE 2,92 St William Blair & 2,9 St Governance for Owners LLP 2,27 St Macquarie Bank 2,14 St

issue 08/2011 28 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: TECDAX30

INSIGHT Shareholder ID: TECDAX30 Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

ADVA EGORA Holding 18,4 St 21,93 1,78 DWS Investment 8,59 DWS Investment 5,71 St Capital Research and Ma- 3,1 St nagement UBS AG 3,01 St Juniper Networks 1,17 St Eric Protiva 0,68 St Brian L. Protiva 0,62 St Prof. Albert J. Rädler 0,33 St Anthony T. Maher 0,01 St AIXTRON Camma 7,56 St 42,26 3,81 DWS Investment 4,76 Baillie Gifford & Co. 5,23 (3,14) St Jupiter Asset Management 3,19 St Limited DWS Investment 3,09 (2,97) St Allianz Global Investors 2,97 St Ameriprise Financial 2,97 St Norges Bank (norwegische 2,82 St Zentralbank) BB BIOTECH 7,30 (St) eigene Anteile 7,54 0,19 Newton Fund 1,99 Managers Bechtle Karin Schick-Krief 34,33 St 16,85 0,54 DWS Investment 3,33 DWS Investment 5,73 St JPMorgan Asset Management 3,04 (UK) Limited (2,97) St Dr. Jürgen Schäfer 0,02 St Klaus Winkler 0,01 St Sonja Glaser-Reuss 0,01 St Uli Drautz 0,01 St Carl Zeiss Meditec Carl Zeiss AG 65,05 St 12,31 0,68 Oppenheimer- 2,46 Massachusetts Mutual Life 3,07 St Funds Insurance Legg Mason 3,01 St

issue 08/2011 29 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: TECDAX30 Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

centrotherm TCH 50 St 19,78 0,48 Deka Investment 3,32 Deka Investment 3,04 St Capital Research and Ma- 2,79 St nagement FMR 2,72 St Autenrieth Beteiligung 2,65 St Vorstand und Aufsichtsrat 0,4 St Dialog 6,14 (St) Grange Nominees Limited 7,28 St 29,95 4,09 Capital Research 3,07 Citigroup Global Markets 6,1 St and Management Chase Nominees Ltd 6 St BNP Paribas Securities 5,8 St Services Robert Citrone 5,6 St Deutsche Bank AG 4,99 St State Street f. Benefit of 4,7 St Clients Morgan Stanley Bank AG 4,6 St UBS AG 4,12 (3,27) St Caceis Bank 3,3 St X-FAB Semiconductors AG 3 St Board of Directors 1,11 St Drillisch Marc Brucherseifer 7,35 St 23,62 -0,16 Fidelity Invest- 5,48 FIL Limited 5,55 St ments Lux Paschalis Choulidis 3,67 St Vlasios Choulidis 3,46 St IPConcept Fund Management 3,11 St JPMorgan Asset Management 3,03 St (UK) Johann Weindl 0,01 St Dr. Hartmut Schenk 0,01 St Drägerwerk Familie Dräger 71,46 St 33,07 2,68 Nordea Investment 5,57 DWS Investment 3,3 St Funds Allianz Global Investors 2,33 St Dräger-Stiftung München/ 1,72 Vz Lübeck Dr. Christian Dräger 1,49 Vz EVOTEC Roland Oetker 14,74 St 9,56 2,61 LBBW Asset Ma- 1,47 TVM V Life Science Venture 9,71 St nagement LBBW Asset Management 3,01 St Dr. Werner Lanthaler 0,4 St Geratherm Medical AG 0,12 St Mary C. Tanner 0,05 St Dr. Mario Polywka 0,05 St Dr. Hubert Birner 0,02 St Dr. Peter Fellner 0,01 St Dr. Walter Wenninger 0,01 St Dr. Flemming Ornskov 0,01 St

issue 08/2011 30 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: TECDAX30 Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

freenet Drillisch AG 21,86 St 28,43 0,79 Janus Capital 3,53 Ralph Dommermuth 4,98 St Group Classic Fund Management 3,01 St Janus Capital Management 2,99 (3,09) St DWS Investment 2,97 St Gigaset 0,10 (St) Mantra Investissement SCA 5,19 10,26 1,68 Oppenheimer- 6,30 (3,02) St Funds Dr. Dr. Peter Löw 4,57 St OppenheimerFunds 2,04 St JENOPTIK ECE Industriebeteiligungen 14,01 6,96 0,66 DFA Investment 1,61 (25,02) St Dimensions Group NEU Thüringer Industrie- 11,00 St beteiligung MEAG MUNICH ERGO 6,62 St ERGO Lebensversicherung 5,75 St ZOOM Immobilien 4,84 St Templeton Investment 3,11 St Counsel BT Pension Scheme Trustees 3,06 St Kontron 0,22 (St) Warburg Pincus & Co. 18,62 St 28,40 -0,02 Fidelity Manage- 6,96 FMR 6,3 St ment & Research Virmont S.a.r.l. 3,17 St Allianz Global Investors 2,96 St Ulrich Gehrmann 0,49 St Nevin Hugh 0,33 St Dipl.-Ing. Helmut Krings 0,07 St Thomas Sparrvik 0,06 St David Malmberg 0,02 St Dirk Finstel 0,01 St MorphoSys 0,35 (St) Novartis Pharma AG 7 St 21,72 -0,34 Oppenheimer- 4,34 AstraZeneca 6 St Funds Massachusetts Mutual Life 4,56 St Insurance Vorstand und Aufsichtsrat 2 St Nordex Skion/momentum capital/ 23,95 St 5,06 -0,19 Jupiter Unit Trust 0,44 Klatten Managers Norges Bank (norwegische 2,68 St Zentralbank) Thomas Richterich 0,74 St Carsten Risvig Pedersen 0,51 St Pfeiffer Vacuum Arnhold and S. Bleichroeder 9,61 St 44,48 0,96 First Eagle Funds 9,27 Holdings Legg Mason 4,95 St Allianz Global Investors 3,49 St Hakuto - Handelsvertretung 3,48 St

issue 08/2011 31 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: TECDAX30 Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

Phoenix Solar DWS Investment 5,81 St 29,34 8,38 DWS Investment 7,47 Swisscanto Asset Manage- 5,56 St ment International NEU Allianz SE 5,1 St Swisscanto Asset Manage- 3,17 St ment Dr. Andreas Hänel 3,12 St Deutsche Asset Management 3,11 St Dr. Murray Cameron 0,95 St Prof. Dr. Klaus Höfle 0,02 St Q-Cells Good Energies (Solar Invest- 13,55 St 5,52 0,09 Vanguard Group, 0,96 ments) The Taube Hodson Stonex Partners 4,98 St LLP Baillie Gifford & Co. 2,49 St Citigroup 0,18 St Good Energies (Solar Invest- 100 Vz ments) QIAGEN FMR 8,39 St 23,05 1,60 DWS Investment 5,14 FIL Limited 4,41 St Dr. Metin Colpan 1,95 St Prof. Detlev H. Riesner 0,75 St Peer M. Schatz 0,67 St QSC John C. Baker 18,56 6,48 -0,54 J O Hambro Capi- 1,85 (18,48) St tal Management Gerd Eickers 10,11 (10,12) St Dr. Bernd Schlobohm 10,07 (10,08) St Herbert Brenke 0,14 St Jürgen Hermann 0,12 (0,11) St David Ruberg 0,01 St Roth & Rau Meyer Burger Technology AG 25,12 24,65 0,85 Fidelity Manage- 4,71 (24,99) St ment & Research Gutekunst Holding S.à.r.l. 15,06 St NEU Swisscanto Asset 5,41 St Management Internatio- nal S. A. KLK Holdings LTD 4,04 St Swisscanto Asset Manage- 3,73 St ment AG Arnhold and S. Bleichroeder 2,97 St Holdings FMR 2,9 St BlackRock 2,28 St

issue 08/2011 32 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: TECDAX30 Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

SINGULUS Dimensional Fund Advisors LP 2,51 St 7,84 0,92 DFA Investment 1,65 VVG Familie Roland Lacher KG 1,21 St Dimensions Group Dr. Wolfhard Leichnitz 0,05 St Günter Bachmann 0,04 (0,03) St Dr. Stefan Rinck 0,02 St Markus Ehret 0,01 St SMA Solar Lars Cramer 25,2 St 9,31 0,13 Vanguard Group, 1,10 Rainer Wettlaufer 12,81 St The Peter Drews 12,81 St Günther Cramer 12,79 St Prof. Dr. Werner Kleinkauf 9,25 St Reiner Wettlaufer Stiftung 5,76 St Peter Drews Stiftung 5,76 St Günther Cramer Stiftung 5,76 St Ruane, Cunniff & Goldfarb 2,89 (4,98) St BlackRock 2,84 St Pierre-Pascal Urbon 0,5 St Software AG Software AG Stiftung 29 St 6,49 0,15 Deka Investment 1,46 Alken Fund SICAV 4,8 St Deka Investment 4,61 St Braun, von Wyss & Müller AG 3,9 St DWS Investment 3,7 St JPMorgan Asset Management 3,02 St (UK) Fidelity International Limited 3,01 St Deka International 0,76 St SolarWorld 0,83 (St) Frank H. Asbeck 27,8 St 8,83 -0,30 DWS Investment 2,40 UBS AG 2,92 St DWS Investment 2,49 St STRATEC Biomedical 0,24 (St) Familie Hermann Leistner 42,9 St 21,71 -2,04 Threadneedle In- 5,18 Threadneedle Asset Manage- 5,57 St vestment Services ment FIL Limited 2,99 St

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Have you any questions, criticisms or suggestions? ä Do you wish to subscribe to the Newsletter? We look forward to hearing from you: Please send a mail to : [email protected] [email protected]

issue 08/2011 33 capital insight corporate Governance Germany news

INSIGHT Shareholder ID: TECDAX30 Holdings in per cent

Investment companies (KAGs) making disclosures* Own- Companies Notifiable shareholders Share shares Total Change Biggest KAG Share **

SÜSS MicroTec DWS Investment 8,53 25,81 0,93 DWS Investment 7,84 (8,68) St Credit Suisse Fund Manage- 3,29 ment S.A (3,35) St Union Investment Privatfond 2,89 (2,94) St GAM Holding AG 2,78 (2,83) St Crest Capital 2,27 (2,31) St Frank P. Averdung 0,43 (0,41) St Michael Knopp 0,33 (0,31) St Dr. Stefan Reineck 0,05 St United Internet 8,24 Ralph Dommermuth 40,00 17,37 1,47 DWS Investment 4,39 (6,67) (St) (40,89) St Warburg Pincus & Co. 5,29 St Deutsche Bank AG 4,86 St Allianz Global Investors 3,23 St Michael Scheeren 0,29 St Norbert Lang 0,2 St Wirecard MB Beteiligungsgesellschaft 7,6 St 40,88 0,01 Alken Asset Ma- 6,98 Jupiter Asset Management 6,26 St nagement Limited Alken Fund SICAV 5 St Artisan Partners Limited 4,97 St Partnership WA Holdings 3,1 St Columbia Wanger Asset 3,08 St Managment Ameriprise Financial 3,04 St Henderson Group 3,04 St

EVENTS DIARY August 2011

24 August 2011 Fallstricke im Entwurf des Umwandlungssteuererlasses [Pitfalls in the design of the conversion tax decree] Organizer: Haarmann Frühstück Steuern & Recht; place: Restaurant Opéra, Alte Oper, Frankfurt am Main; info:[email protected]

issue 08/2011 34 capital insight corporate Governance Germany news

Investors Information

DAX

adidas AG, John-Paul O´Meara, [email protected]; Allianz SE, Oliver Schmidt, [email protected]; BASF SE, Magdalena Moll, investorrela- [email protected]; Bayer AG, Dr. Alexander Rosar, [email protected]; Bayerische Motoren Werke AG, Torsten Schüssler, [email protected]; Beiersdorf AG, Dr. Jens Geissler, [email protected]; Commerzbank AG, Jürgen Ackermann, [email protected]; Daimler AG, Dr. Michael Mühlbayer, ir.dai@daimler.com; Deutsche Bank AG, Wolfgang Schnorr, [email protected]; Deutsche Börse AG, Frank Herkenhoff, [email protected]; Deutsche Lufthansa AG, Frank Hülsmann, [email protected]; Deutsche Post AG, Martin Ziegenbalg, [email protected]; Deutsche Telekom AG, Philipp Schindera, [email protected]; E.ON AG, Sascha Bibert, [email protected]; Fresenius Medical Care AG & Co. KGaA, Oliver Maier, [email protected]; Fresenius SE, Birgit Grund, [email protected]; Henkel AG & Co. KGaA, Oliver Luckenbach, [email protected]; Infineon Technologies AG, Ulrich Pelzer, [email protected]; K+S AG, Christian Herrmann, [email protected]; Linde AG, Thomas Eisenlohr, [email protected]; MAN SE, Silke Glitza-Stamberger, [email protected]; Merck KGaA, Dr. Markus Launer, [email protected]; METRO AG, Henning Gieseke, [email protected]; Münchener Rückversicherungs-Gesellschaft AG, Christian Becker-Hussong, [email protected]; RWE AG, Dr. Stephan Lowis, [email protected]; Salzgitter AG, Bernhard Kleinermann, [email protected]; SAP AG, Stefan Gruber, [email protected]; Siemens AG, Mariel von Drathen, [email protected]; ThyssenKrupp AG, Dr. Claus Ehrenbeck, [email protected]; Volkswagen AG, Christine Ritz, [email protected];

MDAX

www.gerresheimer.com

Gerresheimer produces high-quality specialty products made of glass and pla- stic, primarily for the pharma & life science industry, and in almost all its fields of business ranks today among the global market leaders. In addition to specific primary containers for a wide variety of substances and medicines, its product and service portfolio comprises complex drug delivery systems. Business volume 08/09: € 1,000.2m Current number of shares; 31,400,000 Operating profit 08/09: € 60.4m Current free float: 53 percent Segment: MDAX IR Contact: Anke Linnartz, [email protected] Phone: +49 211 61 81-00, Fax: +49 211 61 81-121 Benrather Straße 18-20, D-40213 Düsseldorf, Germany

Aareal Bank AG, Jürgen Junginger, [email protected]; Aurubis AG, Marcus Kartenbeck, [email protected]; BAUER AG, Bettina Erhart, investor.relations@ bauer.de; BayWa AG, Josko Radeljic, investorrelations@baywa.de; Bilfinger Berger AG, Andreas Müller, [email protected]; Celesio AG, Michaela Wanka, investor@ celesio.com; Continental AG, Rolf Woller, [email protected]; Demag Cranes AG, Horst-Jürgen Thelen, [email protected]; Deutsche EuroShop AG, Patrick Kiss, [email protected]; Deutsche Postbank AG, Lars Stoy, [email protected]; Deutsche Wohnen AG, Tanja Kurz, [email protected]; DOUGLAS HOLDING AG, Wolfgang Schulte, [email protected]; ElringKlinger AG, Stephan Haas, [email protected]; European Aeronautic Defence and Space Company EADS N.V., Nathalie Errard, [email protected]; Fielmann AG, Ulrich Brockmann, [email protected]; Fraport AG Frankfurt Airport Services Worldwide, Stephan J. Rüter, [email protected]; FUCHS PETROLUB AG, Hubertus Stärk, [email protected]; GAGFAH S.A., Heiko C. Frantzen, [email protected]; GEA Group AG, Donat von Müller, [email protected]; Gerresheimer AG, Anke Linnartz, [email protected]; GILDEMEISTER AG, André Danks, andre.danks@gildemeister. com; Hamburger Hafen und Logistik AG, Matthias Funk, investor-relations@hhla.de; Hannover Rückversicherung AG, Klaus Paesler, [email protected]; HeidelbergCement AG, Günter Wesch, [email protected]; Heidelberger Druckmaschinen AG, Andreas Trösch, [email protected]; HOCHTIEF AG, Dr. Lars Petzold, [email protected]; HUGO BOSS AG, Philipp Wolff, [email protected]; IVG Immobilien AG, Martin Praum, [email protected]; Klöckner & Co SE, Dr. Thilo Theilen, [email protected]; KRONES AG, Olaf Scholz, [email protected]; LANXESS AG, Oliver Stratmann, oliver.stratmann@lanxess. com; LEONI AG, Susanne Kertz, [email protected]; MLP AG, Helmut Achatz, [email protected]; MTU Aero Engines Holding AG, Inka Koljonen, Inka.Koljonen@mtu. de; Pfleiderer AG, Lothar Sindel, [email protected]; Praktiker Bau- und Heimwerkermärkte Holding AG, Dr. Rolf-Dieter Graß, investorrelations@praktiker. de; ProSiebenSat.1 Media AG, Ralf Gierig, [email protected]; PUMA AG Rudolf Dassler Sport, Dieter Bock, [email protected]; RATIONAL AG, Erich Baumgärtner, [email protected]; Rheinmetall AG, Franz-Bernd Reich, [email protected]; Rhön-Klinikum AG, Boris Tramm, [email protected]; SGL CARBON SE, Frau Raj Roychowdhury, [email protected]; Sky Deutschland AG, Christine Scheil, [email protected]; STADA Arzneimittel AG, Dr. Axel Müller, [email protected]; Südzucker AG, Nikolai Baltruschat, [email protected]; Symrise AG, Dr. Andrea Rolvering, [email protected]; Tognum AG, Dieter Royal, [email protected]; TUI AG, Björn Beroleit, [email protected]; Vossloh AG, Lucia Mathée, [email protected]; WACKER CHEMIE AG, Jörg Hoffmann, [email protected]; Wincor Nixdorf AG, Peter Holder, [email protected];

TECDAX

AIXTRON AG, Guido Pickert, [email protected]; BB BIOTECH AG, Maria-Grazia Alderuccio-Iten, [email protected]; Bechtle AG, Thomas Fritsche, thomas.fritsche@bechtle. com; Carl Zeiss Meditec AG, Patrick Kofler, [email protected]; centrotherm photovoltaics AG, Saskia Schultz-Ebert, [email protected]; Conergy AG, Christoph Marx, [email protected]; Dialog Semiconductor PLC, Birgit Hummel, [email protected]; Drägerwerk AG & Co. KGaA, Vanina Herbst, vanina. [email protected]; Drillisch AG, Oliver Keil, [email protected]; EVOTEC AG, Anne Hennecke, [email protected]; freenet AG, Andreas Neumann, [email protected];

issue 08/2011 35 capital insight corporate Governance Germany news

www.qsc.de

QSC AG is a nationwide telecommunications provider with its own broadband network, offering businesses of all sizes a comprehensive portfolio of high-quality broadband communication options. Its range goes from complete enterprise networks (VPNs) to provision of integrated voice and data services.

Business volume 2008: € 413.3m Current number of shares; 136,998,137 Profit 2008: € 0.77m Current free float: 47 percent Segment: TECDAX IR Contact: Arne Thull, [email protected] Phone: +49 221 6698-114, Fax: +49 221 6698-009 Mathias-Brüggen-Straße 55, D-50829 Köln, Germany

JENOPTIK AG, Sabine Barnekow, [email protected]; Kontron AG, Gaby Moldan, [email protected]; Manz Automation AG, Dominic Großmann, info@manz-automation. com; MediGene AG, Dr. Georg Dönges, [email protected]; MorphoSys AG, Dr. Claudia Gutjahr-Löser, [email protected]; Nordex SE, Ralf Peters, rpe- [email protected]; Pfeiffer Vacuum Technology AG, Dr. Brigitte Looss, [email protected]; Phoenix Solar AG, Anka Leiner, [email protected]; Q-Cells SE, Stefan Lissner, [email protected]; QIAGEN N.V., Dr. Solveigh Mähler, [email protected]; QSC AG, Arne Thull, [email protected]; Roth & Rau AG, Prof. Dr. Silvia Roth, [email protected]; SINGULUS TECHNOLOGIES AG, Maren Schuster, [email protected]; SMA Solar Technology AG, Pierre-Pascal Urbon, [email protected]; SMARTRAC N.V., Andreas Schwarzwälder, [email protected]; Software AG, Otmar F. Winzig, [email protected]; SolarWorld AG, Sybille Teyke, [email protected]; United Internet AG, Marcus Bauer, [email protected]; Wirecard AG, Iris Stöckl, [email protected];

SDAX

Air Berlin PLC, Dr. Ingolf T. Hegner, [email protected]; alstria office REIT-AG, Brigitte Büchner, [email protected]; Amadeus FiRe AG, Thomas Weider, Investor-Relations@ amadeus-fire.de; Axel Springer AG, Claudia Thomé, [email protected]; Balda AG, Clas Röhl, [email protected]; Bertrandt AG, Sandra Baur, [email protected]; Biotest AG, Dr. Monika Buttkereit, [email protected]; C.A.T. oil AG, Herbert Doile, [email protected]; CENTROTEC Sustainable AG, Dr. Frank Rose, [email protected]; CeWe Color Holding AG, Axel Weber, [email protected]; Colonia Real Estate AG, Claudia Kellert, [email protected]; comdirect bank AG, Thore Ludwig, [email protected]; Constantin Medien AG, Jan Rietzschel, [email protected]; CTS EVENTIM AG, Volker Bischoff, [email protected]; Delticom AG, Melanie Gereke, melanie.gereke@ delti.com; Deutsche Beteiligungs AG, Thomas Franke, [email protected]; DEUTZ AG, Christian Krupp, [email protected]; DIC Asset AG, Immo von Homeyer, ir@dic-asset. de; Dürr AG, Günter Dielmann, [email protected]; Dyckerhoff AG, Birgit Eggersmeier, [email protected]; elexis AG, Gabriele Bornemann, borne- [email protected]; GERRY WEBER International AG, Sandra Steltenkamp, [email protected]; GESCO AG, Oliver Vollbrecht, [email protected]; GfK SE, Bernhard Wolf, [email protected]; Grammer AG, Ralf Hoppe, [email protected]; GRENKELEASING AG, Renate Hauss, [email protected]; H&R WASAG AG, Christian Pokropp, [email protected]; Highlight Communications AG, Dr. Ingo Mantzke, [email protected]; HOMAG Group AG, Simone Müller, simone.mueller@homag-group. de; HORNBACH HOLDING AG, Axel Müller, [email protected]; INDUS Holding AG, Regina Wolter, [email protected]; Jungheinrich AG, Horst Schwerin, info@ jungheinrich.de; Koenig & Bauer AG, Dr. Bernd Heusinger, [email protected]; KUKA AG, Andreas Spitzauer, [email protected]; KWS Saat AG, Georg Folttmann, [email protected]; LOEWE AG, Axel Gentzsch, [email protected]; MEDION AG, Joachim Bernsdorff, [email protected]; MVV Energie AG, Marcus Jentsch, [email protected]; PATRIZIA Immobilien AG, Margit Miller, [email protected]; Sixt AG, Frank Elsner, [email protected]; SKW Stahl-Metal- lurgie Holding AG, Christian Schunck, [email protected]; TAG Immobilien AG, Dominique Mann, [email protected]; TAKKT AG, Frank Schwitalla, frank.schwitalla@ takkt.de; Teleplan International N.V., Monika Collée, [email protected]; Tipp24 SE, Frank Hoffmann, [email protected]; VBH Holding AG, Dr. Ralf Lieb, [email protected]; Villeroy & Boch AG, Philipp Schmidt, [email protected]; VTG AG, Felix Zander, [email protected]; Wacker Neuson SE, Katrin Yvonne Neuffer, [email protected];

PRIME

A.S. Creation Tapeten AG, Maik Krämer, [email protected]; aap Implantate AG, Nanette Hüdepohl, [email protected]; Abwicklungsgesellschaft Biogas I AG, Ralf Trück, [email protected]; ad pepper media International N.V., Jens Körner, [email protected]; AdLINK Internet Media AG, Marcus Bauer, investorrelations@ adlinkgroup.net; ADVA AG Optical Networking, Wolfgang Guessgen, [email protected]; Advanced Vision Technology Ltd., Daphna Rosenbaum, daphnar@ avt-inc.com; Agennix AG, Martin Brändle, [email protected]; Ahlers AG, Dr. Karsten Kölsch, [email protected]; AIRE GmbH & Co. KGaA, Conradin Schneider, [email protected]; aleo solar AG, Jasmin Michaelis, [email protected]; All for One Midmarket AG, Dirk Sonntag, [email protected]; Alphaform AG, Bettina Halseband, [email protected]; ALTANA AG, Oliver König, [email protected]; Analytik Jena AG, Dana Schmidt, [email protected]; Arques Industries AG, Hubert

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Have you any questions, criticisms or suggestions? ä Do you wish to subscribe to the Newsletter? We look forward to hearing from you: Please send a mail to : [email protected] [email protected]

issue 08/2011 36 capital insight corporate Governance Germany news

Wiedemann, [email protected]; artnet AG, Renate Bothe, [email protected]; Asian Bamboo AG, Anja Holst, [email protected]; ATOSS Software AG, Christof Leiber, [email protected]; AUGUSTA Technologie AG, Stefanie Zimmermann, [email protected]; Basler AG, Christian Höck, info@ baslerweb.com; BDI - BioDiesel International AG, Janina Wismar, [email protected]; Beate Uhse AG, Birte Hennig, [email protected]; Beta Systems Software AG, Stefanie Frey, [email protected]; biolitec AG, Dr. Marlies Zedlacher, [email protected]; bmp AG, Corinna Riewe, [email protected]; BÖWE SYSTEC AG, Alfred Just, inve- [email protected]; Brenntag AG, Georg Müller, [email protected]; Brüder Mannesmann AG, Kerstin Kremers, [email protected]; burgbad AG, Michael Kemp- kes, [email protected]; CANCOM IT Systeme AG, Beate Rosenfeld, [email protected]; CENIT AG Systemhaus, Fabian Rau, [email protected]; Centrosolar Group AG, Thomas Kneip, [email protected]; CeoTronics AG, Thomas Stamm, [email protected]; COLEXON Energy AG, Jan Hutterer, [email protected]; CompuGROUP Holding AG, Christian B. Teig, [email protected]; COR&FJA AG, Eva Hesse, [email protected]; Corporate Equity Partners AG, Alexander Koppel, info@corporate- equity.com; C-QUADRAT Investment AG, Roland Starha, [email protected]; CropEnergies AG, Tobias Erfurth, [email protected]; CURANUM AG, Bernd Rothe, info@ curanum.de; D.Logistics AG, Rainer Monetha, [email protected]; D+S europe AG, Bernd Humke, [email protected]; DAB bank AG, Carolin Mayr, communi- [email protected]; DATA MODUL AG, Barbara Lederer, [email protected]; DEAG Deutsche Entertainment AG, Claudia Richter, [email protected]; DF Deutsche Forfait AG, [email protected]; Dr. Hönle AG - UV Technology, Peter Weinert, [email protected]; Eckert & Ziegler Strahlen- und Medizintechnik AG, Karolin Riehle, [email protected]; ecotel communication ag, Annette Drescher, [email protected]; Einhell Germany AG, Helmut Angermeier, [email protected]; ELMOS Semi- conductor AG, Mathias Kukla, [email protected]; EnviTec Biogas AG, Olaf Brandes, [email protected]; Epigenomics AG, Oliver Schacht, [email protected]; ESSA- NELLE HAIR GROUP AG, Michael Müller, [email protected]; ESTAVIS AG, Peter Vogt, [email protected]; Eurofins Scientific S.E., Stuart Morgan, ir@eurofins.

www.deag.de www.schaltbau.de

DEAG Deutsche Entertainment AG is one of the leading live entertainment The Schaltbau group is one of the leading suppliers of components and providers in Europe, and Europe’s biggest classical music promoter. DEAG’S systems for transportation technology and the investment goods industry, 360° approach is supplemented by its own label, DEAG music, and its involve- providing door systems for buses and trains, brakes for container cranes, ment in Ticketmaster Deutschland. The company operates chiefly in Germany, power supply devices and components for rail vehicles, as well as complete Switzerland and Britain. level crossing systems. Business volume 2008: € 109.45m Current number of shares; 12,388,983 Business volume 2009: € 269.8m Current number of shares; 1,871,668 Operating profit 2008: € 10.12m Current free float: 49.98 percent Operating profit 2009:€ 20.3m Current free float: 72 percent Segment: CDAX, PRIME ALL, CLASSIC ALL SHARE Segment: PRIME STANDARD IR Contact: Axel Mühlhaus, [email protected] IR Contact: Wolfdieter Bloch, [email protected] Phone: +49-69-905505-50, Fax: +49-69-905505-77 Phone: +49- 89-93005-209, Fax: +49- 89-93005-318 Zeißelstr. 19, D-60318 Frankfurt, Germany Hollerithstraße 5, D-81829 München, Germany

www.vita.de www.suss.com Vita 34 is Germany’s oldest and biggest bank for umbilical-cord blood for SÜSS MicroTec is one of the international leading suppliers of equipment and personal health precaution. In its years of experience with stem cells from process solutions for microstructuring applications in the chip, MEMS and LED umbilical-cord blood the company has developed and been the first to use industries. SÜSS MicroTec’s high-precision lithography, bonding and cleaning many innovative processes. Vita 34 is working to ensure that storage of stem- systems provide a comprehensive portfolio of processes for many applications cell-rich umbilical-cord blood becomes better known, and in the medium term in research and development as well as in manufacturing. even standard. Business volume 2009: € 103.9m Current number of shares: 17,019,126 Business volume 2008: € 14.96m Current number of shares; 2,646,500 Operating profit 2009: € 2.8m Current free float: 70 percent Operating profit 2008: -€ 1.71m Current free float: 48.5 percent Segment: Prime Standard Segment: CDAX, Prime All Share, Technology All Share IR Contact: Julia Hartmann, [email protected] IR Contact: Axel Mühlhaus, [email protected] Phone: +49-89-32007-161, Fax: +49-89-32007-336 Phone: +49-69-905505-50, Fax: +49-69-905505-77 Schleißheimer Str. 90, D-85478 Garching b. München, Germany Zeißelstr. 19, D-60318 Frankfurt, Germany

www.nemetschek.com

The Nemetschek Group is Europe‘s leading vendor of software for architecture and construction. The portfolio of the software programs includes CAD solutions for architects and engineers up to construction software for cost planning, tenders, invoicing and execution of building work. Business volume 2010: € 149,7m Current number of shares: 9.625.000 Operating profit 2010: € 37,1m Current free float: 46,43percent Segment: CDAX, Prime All Share, DAXPLUS Family, Technology All Share, DAXsector IR Contact: Regine Petzsch, [email protected] Tel: 0049-89-92793-1219, FAX: 0049-89-92793-4219 Konrad-Zuse-Platz 1, 81829 München

issue 08/2011 37 capital insight corporate Governance Germany news

com; euromicron AG communication & control technology, Ulrike Hauser, [email protected]; Fabasoft AG, Ulrike Kogler, [email protected]; Fair Value REIT-AG, [email protected]; FORTEC Elektronik AG, Elisabeth Sieber, [email protected]; Francotyp-Postalia Holding AG, Andreas Drechsler, [email protected]; Funk- werk AG, Jörg Reichenbach, [email protected]; Generali Deutschland Holding AG, Dennis Foerster, [email protected]; Geratherm Medical AG, Martina Schramm, [email protected]; GFT Technologies AG, Andrea Wlcek, [email protected]; GK SOFTWARE AG, Dr. René Schiller, investorrelations@gk-software. com; GoYellow Media AG, Anja Meyer, [email protected]; Graphit Kropfmühl AG, Martina Krinninger, [email protected]; GWB Immobilien AG, Dr. Norbert Herr- mann, [email protected]; HAMBORNER REIT AG, Sybille Albeser, [email protected]; HAWESKO Holding AG, Thomas Hutchinson, [email protected]; HCI Capital AG, Dr. Olaf Streuer, [email protected]; Heiler Software AG, Constanze Hay, [email protected]; Heliad Equity Partners GmbH & Co. KGaA, Christoph Kauter, inve- [email protected]; Helikos S.E., Stefanie Schusser, [email protected]; Höft & Wessel AG, Arnd Fritzemeier, [email protected]; HORNBACH-Bau- markt-AG, Axel Müller, [email protected]; Hypoport AG, Ines Cumbrowski, [email protected]; IBS AG excellence, collaboration, manufacturing, Ingo Janssen, investor- [email protected]; Identive Group, Fabien Nestmann, [email protected]; IFCO SYSTEMS N.V., Sabine Preiss, [email protected]; IFM Immobilien AG, Lars Kuhnke, [email protected]; IM Internationalmedia AG, Catherine Reitzle, [email protected]; init innovation in traffic systems AG, Alexandra Weiß, aweiss@ initag.de; Integralis AG, Peter Banholzer, [email protected]; Interhyp AG, Florian Prabst, [email protected]; Intershop Communications AG, Annett Körbs, ir@ intershop.de; InTiCa Systems AG, Dieter Schopf, [email protected]; InVision Software AG, Jutta Kropp, [email protected]; ISRA VISION AG, Sandra Braun, [email protected]; itelligence AG, Katrin Schlegel, [email protected]; IVU Traffic Technologies AG, Thomas Vogt, [email protected]; JAXX AG, Stefan Zenker, ir@ fluxx.com;Jetter AG, Günter Eckert, [email protected]; Joyou AG, Ian M. Oades, [email protected]; Kabel Deutschland Holding AG, Insa Calsow, insa.calsow@kabeldeutsch- land.de; Klöckner-Werke AG, Andrea Spiekermann, [email protected]; KROMI Logistik AG, Jörg Schubert, [email protected]; LEIFHEIT AG, Petra Dom- browsky, [email protected]; Lloyd Fonds AG, Dr. Götz Schlegtendal, [email protected]; Logwin AG, Peer Brauer, [email protected]; LPKF Laser & Electronics AG, Bettina Schäfer, [email protected]; Ludwig Beck am Rathauseck - Textilhaus Feldmeier AG, Jens Schott, [email protected]; MAGIX AG, Dr. Sven Reich- ardt, [email protected]; Marseille-Kliniken AG, Mathias Hajek, [email protected]; Masterflex AG, Stephanie Kniep, [email protected]; MBB Industries AG, Anne- Katrin Altmann, [email protected]; MediClin AG, Alexandra Mühr, [email protected]; MeVis Medical Solutions AG, Dr. Olaf Sieker, [email protected]; MOBOTIX AG, Lutz Coelen, [email protected]; MOLOGEN AG, Jörg Petraß, [email protected]; MPC Münchmeyer Petersen Capital AG, Till Gießmann, ir@mpc-capital.com; Mühlbauer Holding AG & Co. KGaA, Tilo Rosenberger-Süß, [email protected]; Nemetschek AG, Regine Petzsch, [email protected]; NEXUS AG, Simon Holzer, [email protected]; Novavisions AG, Claudia Schumacher, [email protected]; november AG, Dr. Dirk Zurek, [email protected]; OHB Technology AG, Michael Vér, [email protected]; Orad Hi-Tec Systems Ltd., Ehud Ben-Yair, [email protected]; ORCO Germany S.A., Jan Findeisen, jfindeisen@orco- group.com; OVB Holding AG, Brigitte Bonifer, [email protected]; P&I Personal & Informatik AG, Andreas Granderath, [email protected]; PAION AG, Ralf Penner, investor.relations@ paion.com; paragon AG, Carsten Vogt, [email protected]; Petrotec AG, Brigitte Manthei, [email protected]; PNE Wind AG, Reiner Heinsohn, Rainer.Hein- [email protected]; POLIS Immobilien AG, Dr. Alan Cadmus, [email protected]; Princess Private Equity Holding Limited, Tamara Krebs, [email protected]; PROCON MultiMedia AG, Lars Schwarz, [email protected]; Progress-Werk Oberkirch AG, Bernd Bartmann, [email protected]; PSI AG für Produkte und Syste- me der Informationstechnologie, Karsten Pierschke, [email protected]; PULSION Medical Systems AG, Dr. Christian Steiner, [email protected]; PVA TePla AG, Dr. Gert Fisahn, [email protected]; R. STAHL AG, Judith Schäuble, [email protected]; REALTECH AG, Volker Hensel, [email protected]; REpower Systems AG, Thomas Schnorren- berg, [email protected]; ROFIN-SINAR Technologies Inc., Katharina Manok, [email protected]; Rücker AG, Jürgen Vogt, [email protected]; SAF Simu- lation, Analysis and Forecasting AG, Astrid Strömer, [email protected]; SAF-Holland S.A., Barbara Zanzinger, [email protected]; Sartorius AG, Andreas Wiederhold, [email protected]; Schaltbau Holding AG, Wolfdieter Bloch, [email protected]; schlott gruppe AG, Marco Walz, marco.walz@ schlottgruppe.de; secunet Security Networks AG, Dr. Kay Rathke, [email protected]; SFC Smart Fuel Cell AG, Barbara v. Frankenberg, barbara.frankenberg@ sfc.com; Silicon Sensor International AG, Ingo Stein, [email protected]; SinnerSchrader AG, Thomas Dyckhoff, [email protected]; SMT Scharf AG, Dr. Friedrich Trautwein, [email protected]; Softing AG, Dr. Wolfgang Trier, [email protected]; SoftM Software und Beratung AG, Friedrich Koopmann, [email protected]; So- lar-Fabrik AG für Produktion und Vertrieb von solartechnischen Produkten, Martin Schlenk, [email protected]; SOLON SE, Therese Raatz, [email protected]; STRATEC Biomedical Systems AG, André Loy, [email protected]; Sunways AG, Dr. Harald F. Schäfer, [email protected]; SURTECO SE, Günter Schneller, g.schneller@ surteco.com; SÜSS MicroTec AG, Julia Hartmann, [email protected]; SYGNIS Pharma AG, Dr. Franz-Werner Haas, [email protected]; Synaxon AG, Alexandra Linck, alexandra. [email protected]; syskoplan AG, Michael Lückenkötter, [email protected]; systaic AG, Sonja Teurezbacher, [email protected]; syzygy AG, Madeleine Metzner, [email protected]; TA Triumph-Adler AG, Dr. Joachim Fleing, [email protected]; technotrans AG, Thessa Roderig, [email protected]; telegate AG, Jörg Kiveris, joerg.kiveris@ telegate.com; TELES AG Informationstechnologien, Olaf Schulz, [email protected]; TOM TAILOR Holding AG, [email protected]; TOMORROW FOCUS AG, Armin Bloh- mann, [email protected]; Travel24.com AG, Dr. Konstantin Korosides, [email protected]; TRIA IT-solutions AG, Jeanette Babik, aktie@ tria.de; UMS United Medical Systems International AG, Wiebke Budwasch, [email protected]; United Labels AG, Timo Koch, [email protected]; USU Software AG, Falk Sorge, [email protected]; VERBIO Vereinigte BioEnergie AG, Anna-Maria Schneider, [email protected]; Versatel AG, Andrea Winzen, andrea.winzen@versatel. de; VITA 34 International AG, Dr. med. Eberhard F. Lampeter, [email protected]; Vtion Wireless Technology AG, Janina Wismar, [email protected]; W.O.M. World of Medicine AG, Stefanie Gehrke, [email protected]; WashTec AG, Karoline Kalb, [email protected]; Westag & Getalit AG, Felix Huisgen, [email protected]; Wilex AG, Katja Arnold, [email protected]; WizCom Technologies Ltd., Yaron Herz, [email protected]; XING AG, Patrick Möller, patrick.moeller@xing.com; YOC AG, Nina Mecklenburger, [email protected]; Zapf Creation AG, Jens U. Keil, [email protected]; ZhongDe Waste Technology AG, Catherine Huang, catherine.hu- [email protected]; zooplus AG, Dominic Großmann, [email protected]; 3U HOLDING AG, Peter Alex, [email protected]; 4SC AG, Yvonne Alexander, yvonne. [email protected];

publishers imprint – insight Corporate Governance Germany issn 1863-8082

Publisher: Club of Florence Publishing House: This Newsletter is intended exclusively e-mail: [email protected] Corporate Governance News GmbH for a privileged circle of people. Any Chief Editors: Dr. Hans-Peter Canibol, Norbert Paulsen Eschersheimer Landstraße 526-532 unauthorized Editors: Michael Garth, Dorina Rea, Christiane Süßel 60433 Frankfurt am Main retransmission in whole or in part to e-mail: [email protected] Telephone + +49 69 40568170 third parties is explicitly forbidden, Layout: Ewa Galinski, e-mail: [email protected]; e-mail: [email protected] except for media quotes with citation of Cooperationspartner: AfU Investor Research GmbH, Fernwald www.afu.de; Verlag Recht und Wirtschaft GmbH, Frankfurt am source. The editors accept no liability for Geschäftsführer: Carsten Stern Main www.ruw.de unsolicited manuscripts. Translations: Iain L.Fraser, e-mail: [email protected] HRB 76433 Amtsgericht Frankfurt am Main The editors accept no liability for the Advertising and Reprints: Marion Gertzen, content of Web sites cited. e-mail: [email protected] Web-Site: www.icgg.biz Reader Service and Subscriptions: [email protected]

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Index of Persons Index of Companies

A Kronseder, Leopold 16 A K Ackermann, Josef 8 9 11 Kronseder, Nora 16 Adidas 14 16 K+S 4 Averdung, Frank P. 16 L Allianz 16 Kabel Deutschland 16 B Lanz, Lothar 11 Axel Springer 11 Klenk & Hoursch 14 Baker, John C. 16 Lehner, Ulrich 11 B Krones 16 Balz, Manfred 11 Levander, Andrew 6 BaFin 4 10 L Barnier, Michel 9 M Baker Capital Partners II (Anguilla), Lanxess 15 Bayer, Jan 11 Melnitschenko, Andrej 4 LLC 16 Leoni 16 Bellé, Marcel 16 Michaelis, Prof. Alexander 12 Baseler Ausschuss 9 M Bernotat, Dr.Wulf 16 Mierdorf, Zygmunt 12 BASF 4 6 MAN 5 Börsig, Clemens 6 11 N Basil Management Inc. 16 Merck 14 16 Brandt, Werner 13 Nemart, Claudia 11 Bayer 6 Metro 7 12 Breyer, Theodore H. 16 Neske, Rainer 11 BGH 6 7 Münchner Rück 14 Broadbent, Daniel 13 Neubürger, Heinz Joachim 7 Bilfinger Berger 16 N Brucherseifer, Marc 12 Niederauer, Duncan 2 BMW 14 Nordex 12 Büchi, Ralph 11 O C P C Oltersdorf, Hans Joachim 16 Centrotherm 7 Phoenix Solar 16 Calabrom, Renee 6 Oschmann, Stefan 16 Commerzbank 8 9 10 Praktiker 12 Christoph Henkel 16 P D Puma 12 Clement, Wolfgang 11 Pötsch, Hans Dieter 5 Daimler 5 PwC 14 Cordes, Eckhard 12 R Demag Cranes 4 15 Q D Rcihterich, Thomas 12 Deutsche Bank 4 6 8 9 10 11 QSC 12 16 Dambach, Hermann 11 Reding, Viviane 9 Deutsche Börse 2 R Dammann, Angelika 13 Reiche, Eberhard 12 Deutsche Telekom 11 R + U Weber GmbH & Co. KG 16 F Roos, Darren 13 Deutsche Wohnen 11 Ralph Dommermuth Beteiligungen Fitschen, Jürgen 11 Rückert-Hennen, Colette 13 DPR 14 GmbH 16 Flach, Uwe 11 S Drillisch 12 16 Roth & Rau 7 12 Francioni, Reto 2 Sattelberger, Thomas 11 DSW 14 RWE 14 H Schenk, Hartmut 12 16 E S Hänel, Andreas 16 Schick, Marion 11 E.on 14 SAP 13 Harns-Jensbach, Melody 12 Schoch, Daniel 12 EBA 10 SGL Carbon 16 Heizmann, Jochen 5 Sieber, Andrea 12 EFSF 8 Siemens 7 Hiesinger, Heinrich 15 T EIOPA 10 SKion GmbH 16 Hirschi, Michael 12 Thiele, Heinz Hermann 2 EU-Kommission 5 9 10 Software 13 Hocker, Ulrich 14 Tourres, Christian 16 F SolarWorld 13 Hornung, Karlheinz 16 Trickl, Joachim 12 Fielmann 16 Süss MicroTec 16 Hutmacher, Heiko 12 W G T J Wagner, Peter Maria 12 Gerry Weber 16 Terex 4 Jain, Anshu 11 Werner, Wolfgang 12 H ThyssenKrupp 7 15 K Wiele, Andreas 11 Henkel 16 U Kirch, Leo 6 Winterkorn, Martin 5 Hochschule Bremen 14 United Internet 16 Kley, Karl-Ludwig 16 Wulff, Christian 9 I V Knepper, Rudolf 11 Z IIF 8 Vossloh 2 Koch, Franz 12 Zeitz, Jochen 12 Infineon 14 VW 5 14 Koch, Roland 16 IWF 8 Z ZKA 10

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