Corporate Governance Germany

WWW.ICGG.BIZ issue 09/2010 INSIGHT corporate governance germany

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

CONTENTS

02 COMPANIES 11 DIRECTORS´DEALINGS Loans with no rating 03 BUHLMANN´S CORNER 13 INSIGHT SHAREHOLDER ID

05 ACTIONS CORNER 31 INVESTOR INFORMATION 06 POLITICS Your IR contacts in the Prime More debts from new accounting rules 08 PEOPLE 35 EVENTS DIARY Zitzewitz leaves Inﬁ neon 35 READING SUGGESTIONS 09 CAMPUSAMPUS Fewer shareholders 11 CAPITAL NEWS 36 INDEXES OF COMPANIES Buying & Selling in August AND PERSONS

01 INSIGHT corporate Governance Germany

companies

Companies dispense with ratings

When issuing loans companies are increasingly doing without ratings from the big agencies. In Germany SAP, adidas, Otto, Solarworld, Sixt, Evonik, Celesio and Stada, and most recently also Dürr, are the leaders. Internationally, Christian Dior, Air France, Emirates and Heineken join this list. Doing without a rating saves the groups money and at the same time increasingly takes the ground from under the feet of Standard & Poor’s, Moody’s and Fitch. Th e DZ Bank estimated the market for ratings-free loans in the ﬁ rst half of this year at already some 10% of all bond issues, with a rising tendency.

Commerzbank soon private again?

“For a Liberal politician there is scarcely anything worse than State invol- vement in banks. Something like that has to remain an absolute exception,” warned federal economics minister Rainer Brüderle (FDP) in early August in relation to the Commerzbank. To save Germany’s second-biggest fi nancial institution from collapse aft er the takeover of Dresdner Bank, the State came to the Frankfurt bank’s assistance in early 2009 with €18.2 billion, and since then has held 25% of the bank plus one share. €16.4 billion of the amount are a silent investment, bearing interest of 9%. With his statement, Brüderle sparked off discussion as to when interest on the aid money will run from and how fast the State aid as a whole is to be paid back. In 2009, because of losses, Commerzbank paid no interest to the bank rescue fund. Th is year the bank will conclude its group result in the blue, and aft er 2012 possibly start repayments, said management in early August. Th e criterion for interest payments or repayment of the money is, however, the company result calculated in accordance with the Commercial Code, which might possibly be in the red for the whole year 2010. Brüderle called for the State to have completely withdrawn from the Frankfurt bank by three years at most. Here, however, federal fi nance minister Wolfgang Schäuble (CDU) links repayments and interest payments to the general fi nancial situation of the institutions involved.

ISSUE 09/2010 02 companies

BUHLMANN`S CORNER Who are the people?

How long can a king rule against the people? In 1989 chanting human chains threaded through Leipzig’s city centre, and a little blooper on television ended with the breaking down of the Wall. In 2010 half the nation’s managerial elite goes on the media to announce “we are the people”, to get the government back on track again. If there were elections today, there would presumably be a different ruler.

Dare a ruler set up a successor he knows the majority of voters do not “want”? Dare a company or town administration invest in a project that brings upright Swabians onto the streets in droves? Should levies be invented that may be justiﬁ ed in terms of regulatory policy but are manifestly nothing other than sharp practice? I am thinking here of the solidarity levy which for 20 years has been facilitating the merger of the German Democratic Republic with the Federal Republic, or the sugar-market levy, forgetting to abolish which has led to a new sugar-sweet sugar tax on the new European elite. Now the nuclear levy is to come on top of it all, probably leading mainly to frightening off the energy consumer.

If the people do not pull the responsibility brake, then they have no right to complain later – at most, they should leave the country. If the shareholder does not pull the responsibility brake then he too has no right to complain later about what management has got up to.

The people of Karstadt pensioners are still surprised that breaking up the group depends on a decision about an oustanding account of the very bank that those very same pensioners wholly own. Who was actually on the Supervisory Board when all this started to happen? Who is going to take responsibility for it, and not just their fee? Or is there nothing like that in retirement provision, since after all the Pensions-Sicherungs- Verein is there to guarantee pensions? There the facts, the incomes and the irresponsibility are remixed, recalculated and reconverted – is it any surprise if the contribution is multiplied several times this year?

What counts is the people. And it is the people who have the power – if they only want it.

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

ISSUE 09/2010 03 companies

Hapag-Lloyd considers reﬁ nancing

Even a year ago things looked extremely gloomy for the world’s sixth-big- � � � � gest shipping fi rm, Hapag Lloyd. To escape bankruptcy, the subsidiary of � � � � � � � � � � �� tourism group TUI had even asked for a State guarantee. Now the Hamburg company, in which TUI still has a 43.3% share, with the other shares being �� held by the Albert-Balim-Konsortium, is brightening up the balance sheet �� of its parent in Hanover. Between April and June Hapag Lloyd had earnings before interest, taxes, depreciation and amortization (EBITDA) of €226.2 million, thus bringing TUI’s profi t for the third quarter to €105 million, making profi t for the whole year possible. Th is comfortable economic position is now suffi cient occasion for the Hapag management to discuss giving back the State guarantee and proceeding with the necessary refi nancing. As long as the State guarantee is present no dividends can be paid out and claims will be deferred. Th e refi nancing that has now become possible is to be insured by a loan of at least €500 million, associated with a higher credit envelope. Th e shipping fi rm still has debts of €600 million with its parent TUI, and at the end of June it had commitments of €1.2 billion to banks.

Wiedeking’s disclosure was correct Next year the merger of the two carmakers Volks- wagen (VW) and Porsche is to be completed. Ho- wever, in the runup to the merger both partners are to be subjected to assessment. Th is might increase VW’s weight, which might also have eﬀ ects on the proportion of shares in the new group. In the mean- time, along with DWS supervisory-board member Christian Strenger, Deka Bank and the Scandinavi- an pension fund Norges Bank had submitted an ap- plication for a special audit to Stuttgart Regional Court in early August. Aft er �� Strenger’s motion to this eﬀ ect failed at the Porsche AGM, the member of the � �� Government Commission on the German Corporate Governance Code wis- �� hes in this way to have both the option transactions in the planned takeover � �� of Volkswagen by Porsche and the severance payments of €62.5 million to �� ex Porsche CEO Wendelin Wiedeking aandnd ex CFO HHolgerolger HHärterärter ddeclaredeclared illicit. Investigation of both by Stuttgart public prosecutors for breach of dis- � �� closure obligations has been discontinued. �� Springer in the MDAX �� From 20 September the Axel Springer AG share will be listed in the MDAX, displacing civil-engineering specialist Bauer, which slips down into the SDAX. Network equipment supplier Adva Optical moves into the TECDAX, while biotech company Medigene leaves the technology segment. Th e DAX remains unchanged. Th e next review of index composition is on 3 Decem- ber.

ISSUE 09/2010 04 INSIGHT corporate Governance Germany companies

Turbulence at Conergy

In formal terms, the solar group’s creditor banks have extended the loan due at the end of July through the end of 2011. While aft er three years of losses Conergy had managed to regain the profi t Mortgage insurers against zone in the second quarter of this year, its equity capital continues to be dangerously low. To protect Deutsche Bank the company against possible bankruptcy, the twenty banks involved are The on-line magazine Der Aktionär reports currently looking into whether they should convert their loans to equity that Deutsche Bank may possibly be facing a capital and thus into shares. Th is might however involve big write-off s major lawsuit. US mortgage insurers such as that would burden the banks’ balance sheets. Auditors are now to draw MBIA, eleven syndicated banks and several up an opinion on the Hamburg group’s business development that can issuers of mortgage-guaranteed securities act as a basis for decision. Another destabilizing factor is the reshuffl e at wish to sue for wrong or misleading infor- the head of the group: ex Infi neon CEO and Conergy deputy CEO An- mation on real-estate values. A study by dreas von Zitzewitz was really supposed to take over from group CEO Compass Point Research and Trading LLC Dieter Ammer at the end of October, but in August he resigned with estimates the possible total claims at $134 immediate eff ect. On 1 November, moreover, CFO Jörg Spiekerkötter’s billion. The accusations are however not contract expires. Ammer will now for the present extend his appoint- new, and the likelihood that the losses really ment. are of the size mentioned is rather small, says the magazine. Bidding race for BHF MAN’s new compliance 16 August was the fi rst closing date for non-binding bids for Deutsche system Bank subsidiary BHF. As well as Liechtenstein bank LGT, French BNP A year after the corruption scandal at car Paribas and Swiss private bank Julius Bär, fi nancial investors like Per- and engine manufacturer MAN SE, the mira, Apollo and Kohlberg Kravis Roberts (KKR) have also apparently second-biggest bribery case in German displayed an interest, writes Financial Times Deutschland (FTD). All postwar history after Siemens, the new bidders able to present a convincing concept are now to be given a clo- compliance system is taking shape. Cur- ser look at the BHF fi gures. When it bought Cologne private bank Sal. rently the team around the anti-corruption Oppenheim last year, Deutsche Bank had also taken over the BHF bank, offi cer appointed at the start of the year, but wants to get rid of it. Since the BHF bank’s business focus is on ris- Olaf Schneider, numbers 25. By the year’s ky capital-market transactions, the Federal Financial Services Oversight end there are to be 44. Schneider is relying Panel (BaFin) will look closely at ensuring that the institution is taken on the employees’ own responsibility: they over by a purchaser with a strong rating. As a purchase price €600 mil- are allowed to spend up to 100 on a meal lion has been mentioned. € and receive gifts to a value of €50. § Corner On appeal, Deutsche Bank has won its case against Stadtwerke Pforzheim (SWP) over so-called Spread Lad- der Swaps. Frankfurt Higher Regional Court confi rmed that the bank had given adequate information regar- ding derivative transactions and therefore threw out the action for damages. In fi rst instance, the Regional Court had found in favour of Stadtwerke, meaning the institute would have had to pay SWP €3.9 million for alleged wrong advice on derivatives. The bank appealed against this decision. Actions

ISSUE 09/2010 05 INSIGHT corporate Governance Germany POLITICS

Political decision on bank levy and bankruptcy procedures

In late August the “black-yellow” [Liberal plus available in critical situations. In the Christian Democrat] government set both the long term the new fund is to replace long-controversial bank levy and a new bank- the Special Fund For Financial Market ruptcy procedure for credit institutions going. Stabilization (SoFFin) and to provide cre- Th e model of the bank levy provides for the set- dit guarantees for up to 100 billion Euros. ting up of a restructuring fund, to be administe- Th e new bankruptcy procedures decided by the red by the Financial Market Stabilization Insti- federal cabinet provide for a two-stage model in tution (FMSA). Except for insurance companies which large banks networked worldwide can be and investment funds, all credit institutions, restructured in crisis situations. In a ﬁ rst stage, including savings banks and cooperative banks, in a so-called rehabilitation process, a volunta- will have to pay into the fund. Both liabilities ry insolvency-plan procedure can be brought (less equity capital) and customer deposits will in. Here, the court can appoint a reorganizati- be taxed. Th e tax rate starts at 0.02% for ten bil- on consultant responsible for implementing the lion Euros and ends at 0.04% for all amounts ex- procedure presented by the bank. At this stage ceeding 100 billion Euros. Th e amount of levy, to no interference can be made with rights of third be paid annually, is capped at 15% of the group’s parties, including shareholders. In a second sta- annual result. Calculations estimate the proceeds ge, systemically relevant parts of the bank can be of the levy at up to €1.2 billion per year. Th rough hived oﬀ and transferred to a private purchaser this money the banks are not only to take a share or a governmental bridging bank. Th e relevant in the course of the crisis but also create a vehic- bills are to be passed in Parliament before the le through which in future money can be made end of the year.

Damage compensation in the event of breach of trust is to require proof

In August the German Constitutional Court clarifi ed the requirements for fi nding a manager guilty of breach of trust. For a verdict, accordingly, the courts must in future put more exact fi gures to the damage the group’s management have caused. The Constitutional Court accordingly set aside the judgments in the Berlin banking scandal and referred the cases back to the Regional Court. Managers of the Berlin bank were accused of having issued a loan of ten million Euros in the 1990s despite existing risks. The judges in Karlsruhe found that it had not been established beyond doubt that the conduct of the ex managers had actually caused damage to the bank. The decision went differently in the Siemens corruption case: the setting up of slush funds had clearly caused damage to the Munich group. The Siemens judgments accordingly needed no revision. The federal government sees no need to change the existing laws. All that was needed was to clarify an existing act.

ISSUE 09/2010 06 INSIGHT corporate Governance Germany POLITICS

More debts because of new EU tightens up oversight accounting rules over insurance companies EU fi nancial watchdogs want in future to take According to the draft new joint accounting standards published in mid- closer oversight of insurance companies and August by the International Accounting Standards Board (IASB) and fi nancial institutions operating across bor- its US counterpart Financial Accounting Standards Board (FASB), com- ders. Following three years of consultations, panies are to disclose their leasing and rental contracts in full on their the Brussels offi cials want to equip national balance sheets as from 2013. In future the benefi cial interest and corre- authorities for the purpose with new rights of spondingsponding commitmentscommitments forfor utilizationutilization ofof thethe leasingleasing objectobject willwill bebe onon intervention in parent companies and hol- thethe balancebalance sheet,sheet, alwaysalways andand independentlyindependently ofof thethe oldold rules.rules. Th iiss mmeanseans ding companies. Some 60 European fi nancial thatthat tthehe ccommitmentsommitments ttoo bbee ddisclosedisclosed bbyy mmanyany ccompanies,ompanies, eespeciallyspecially groups are affected by the new regulations, airlines,airlines, llogisticsogistics fi rmsrms andand rretailetail ttraders,raders, wwillill iinn ffutureuture bbee cconsiderablyonsiderably including Allianz. If Member States and the EU higher.higher. Th ee ddebtsebts ooff DDAXAX ggroupsroups wwillill iincreasencrease bbyy €€76.376.3 bbillionillion oonn tthehe parliament agree, the new rules could enter into force as from 2012. newnew standard,standard, statedstated WirtschaftWirtschaft sswoche.woche. TToo ddateate aa ddistinctionistinction iiss ddrawnrawn betweenbetween fi nancialnancial andand operationaloperational leasing,leasing, soso tthathat lleasingeasing rratesates ddidid nnotot appearappear onon thethe balancebalance sheetsheet ifif leasesleases werewere onlyonly forfor a shortshort period.period. WithWith thethe currentcurrent accountingaccounting procedureprocedure somesome 640640 billionbillion dollarsdollars failedfailed toto ap-ap- Bank loans more uncertain pearpear onon balancebalance sheets,sheets, complainedcomplained IASBIASB headhead DavidDavid Tweedie.Tweedie. ConstantConstant in future? leasingleasing rratesates aarere nnowow rreplacedeplaced bbyy wwrite-offrite-off s oonn tthehe bbenefienefi ccialial iinterestnterest activatedactivated aass wwellell aass iinterestnterest ccosts.osts. Th iiss mmeanseans aa ppredatingredating ooff eexpenditurexpenditure The Basel Committee, responsible for bank whichwhich mightmight meanmean thatthat thethe degreedegree ofof indebtednessindebtedness ofof leasingleasing customerscustomers regulation worldwide, suggested in August, couldcould lleadead ttoo ppooreroorer ccreditredit cconditions.onditions. CCompaniesompanies iinvolvednvolved aarere aalsolso mma-a- according to the FTD, that banks should kingking thethe criticismcriticism thatthat thethe newnew accountingaccounting isis inconsistentinconsistent andand increasesincreases in future be able to give only Tier-2 loans thethe ccomplexityomplexity ooff fi nalnal accounts.accounts. that can in bad situations be converted into shares or written off. Investors could then no longer in the case of future bank loans be able to rely on the rescuing of a bank servicing their loans. The bank representa- Balance-sheet rules should be tives have until 1 October to take positions on the proposal. reformed

CurrentCurrent sstandardstandards fforor bbalancealance ssheetsheets hhaveave iinn tthehe vviewiew ooff vvariousarious eexpertsxperts Consultant liability tightened §helped to bring about the fi nancial crisis. To make annual accounts The Federal Court of Justice tightened the more transparent and give more weight to sustainability, the Internatio- liability of fi nancial advisers in a ruling in Au- nal Integrated Reporting Committee (IIRC) has brought together major gust. To date sellers of closed funds for real- groups, regulators and auditors together with stock-exchange operators, estate or shipping investments rely on the who with support from the US accounting panel of the FASB and the Eu- fact that their customers are aware of the ropean IASB wish to renew the regulations. Th e group is also supported risks described in the sales prospectus. The by the four major accounting fi rms Deloitte, PwC, KPMG and Ernst & judges in Karlsruhe have now ruled that the Young. Still in 2010, the committee wishes to develop a set of measures sole deciding factor is what the adviser said which will then be presented to the G20 States in the coming year. As about the risks in talks. To date, moreover, well as the pure fi gures, comments by management and group manage- a three-year statute of limitations applied to ment, an overview of executive pay and social and economic indications consultant liability, running from the date should also come into focus more. No German companies are part of the sales prospectus is handed over. Now the initiative. with closed funds the clock will start running from the date when the investor hears about the risk in the investment.

ISSUE 09/2010 07 INSIGHT corporate Governance Germany In & Out PEOPLE in August Board and Supervisory Board changes in DAX30, MDAX and TECDAX30

Andreas von Zitzewitz, appointed deputy CEO in July 2009 as successor to Dieter Ammer, left Conergy on 19 August with immediate effect, following a supervisory board meeting. He was to replace the former Tchibo manager as designated successor at the end of October. The 50-year-old will receive payment on his current contract, due to expire at the end of 2011.

Bernhard Reutersberg took over, with immediate effect, the last free board seat and thus responsibility for Länder companies at E.ON, stated the Düsseldorf DAX group on 11 August. Currently head of subsidiary Ruhrgas, he brings the energy Bernhard Reutersberg group’s board up to six members, thus bringing the leadership team round CEO Jo- hannes Teyssen up to strength again.

Klaus Miller joined the board of Hanover Re on 1 September. The 50-year-old would be taking over market responsibility for north and central Europe. This was stated by the MDAX group on 11 August. Miller most recently was in charge of the Structured Insurance Solutions sector at Commerzbank.

Andreas Stockert, who moved from Kühne + Nagel management in June 2009 to HUGO BOSS, has resigned as Chief Operations Ofﬁ cer (COO), by agreement with the Supervisory Board, on 6 August, to devote himself to other tasks, stated the fa- shion group, controlled by ﬁ nancial investor Permira, on 4 August. Nothing is known Klaus Miller as to the background to this staff decision.

At Inﬁ neon, Peter Bauer has won a power struggle on the board. Marco Schröter is leaving the company with immediate effect. The executive committee of the Su- pervisory Board had long been considering making Bauer group chairman. Following the appointment, Bauer is also said to have taken on competence for mergers and takovers. Before the decision Schröter allegedly protested and threatened to resign.

The board of Software has been cut from six to four members in the context of the newly created Group Executive Board. Existing board members Mark Edwards and Ivo Totev have taken posts as sector directors. A new member is Wolfram Jost, appointed to the board as of 1 August. Current products director Peter Kürpick left Wolfram Jost the company at his own request.

ISSUE 09/2010 08 INSIGHT corporate Governance Germany

CAMPUS

Fewer shareholders in Germany

According to the latest survey by the Deutsches Aktieninstitut (DAI) the number of share and share-fund owners fell by 0.2 million in the ﬁ rst half-year to 8.6 million. Th is corresponds to a shareholder quota of 13.3% of the German population, the lowest level since 1999. Since 2001 the number of shareholders has shrunk by around a third. However, the number of direct shareholders rose by 269,000, whereas the number of share-fund holders fell by 484,000.

IR turns to social networks

Canada’s Q4 Web Systems expanded its study of so-called social networks this year. It says the trend in investorrelations services is towards active PDF is the standard for business utilization of portals like Twitter or Facebook. While in 2009 35% of the reports 350 fi rms surveyed stated they used short-message service Twitter for IR 92.9% of companies, fi nds geschäft sberichte-portal in its July survey, produ- purposes, in 2010 the fi gure was ce their business report as a PDF document and publish it on their home- already 65%. Facebook was used page. 28.6% of them send out this document by email. In most cases the fi le by 37%, YouTube by 29%, corpo- size is between two and fi ve megabytes. 69.2% stated that analysis and fi le rate blogs and SlideShare by 10% size were criteria of equal value: 61.5% secure their reports, 15.4% of them each, and Linkedln by 93% of fi rms by password, 30.8% against changes, and a further 15.4% against the copy- surveyed. ing of texts. Freedom from barriers was a concern for only 30.77%.

ISSUE 09/2010 09 INSIGHT corporate Governance Germany CAMPUS

BASF, Deutsche Post and Linde in front Banks’ poor image Th e chemicals giant BASF SE, Deutsche Post and industrial-gases pro- The fi nancial-market crisis has severely ducer Linde this year presented the best on-line business reports in the damaged the image of banks. According DAX and the MDAX, according to business consultancy Kirchhoff Con- to a representative survey commissioned sult. Between May and June 2010 it assessed the categories of concept, in April by the Bund deutscher Banken design, service and technique. Whereas BASF, Deutsche Post and Linde (BdB), four of ten respondents stated that were convincing particularly for their concept, Deutsche Bank and che- their trust in banks had suffered strongly micals group Lanxess scored best for design. Insurance company Allianz from the crisis. In March 2009 the fi gure scored in terms of service. Demag Cranes, Deutsche Post and Linde were was a full 54%. While there has been able to sparkle for technique employed. Altogether, of the 30 Dax groups considerable progress with efforts to 29 published an interactive on-line business report that uses HTML, hy- regain the trust of bank customers, the brid versions and PDF Plus to go beyond a simple PDF variant. 23 DAX credit institutions still need some time to companies and 37 of the 50 MDAX groups were convincing here with rehabilitate themselves completely, says all-out HTML reports. A new feature is the use of social bookmarks. the BdB. However, eight out of ten bank Here the user has the possibility of feeding the on-line report to their customers stated they were satisfi ed on social bookmark service such as Facebook or Twitter with a few clicks the whole with the investment advice and thus sharing it with their social network. Eight of 30 DAX groups from their own bank. equipped their on-line reports with social bookmarks in 2009.

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ISSUE 09/2010 10 INSIGHT corporate Governance Germany

CAPITAL NEWS

Capital Measures in Agust

Sky Deutschland is planning to carry out fi nan- after the conclusion of the fi nancing measures. cing measures with gross proceeds amounting to at least €340 million. In connection with a new capital Wincor Nixdorf will be buying back up to increase, up to 269,580,929 new shares are to be 400.000 shares between 3 August and 3 November. issued. The rights offer is planned for September- This was decided by the board on 2 August on the October. As well as the new share issue, the issue basis of authorization from the AGM on 25 January, of a convertible bond or preparation for a company as emerges from a press release published on 3 Au- loan by News Adelaide Holding is also in the offi ng. gust. As in previous buyback campaigns, proceeds This 100% indirect subsidiary of News Corporation, would be used in particular to service share option which currently holds 45.42% of Sky Deutschland’s programs. By the end of the business year 2008-9 registered capital, has committed itself to subscribing the ATM manufacturer held 1,420,980 of its own the rights offer at least at a price not below the legally shares, corresponding to a proportion of 4.295% of required net minimum price and to subscribing up to the registered capital. The planned buyback could 49.9% of the registered capital of Sky Deutschland raise this proportion to 5.5%. Directors´ Dealings in August

Company Person Function Buy / Sell Total value Number of Datum in Euro shares AIXTRON Joachim Simmroß AR B 48.735 3.000 13.-18.08.2010 CAMMA GmbH S 1.809.363 74.608 30.07.2010

Allianz Michael Diekmann SR-Chef B 410.000 5.000 20.08.2010

Celesio Dr. Fritz Oesterle SR-Chef B 166.900 10.000 16.08.2010

Delticom Binder GmbH B 14.756 369 13.08.2010

DEUTSCHE BANK Lewis Stuart S 234.000 4.500 19.08.2010 KeSin E. Parker S 369.211 5.000 04.08.2010 Seth Harisson Waugh S 1.811.776 25.283 29.07.-02.08.2010 Dr. Michael Kröner S 191.109 3.588 28.07.2010 Pierre de Weck S 843.889 15.607 29.07.2010

Dialog Martin Powell B 11.594 1.319 24.08.2010 Andrew Austin B 23.969 2.500 09.08.2010 Gregorio Reyes SR S 477.000 45.000 23.07.2010 Gregorio Reyes SR B 19.800 15.000 22.07.2010

ISSUE 09/2010 11 CAPITAL INSIGHT corporate Governance Germany NEWS

>> Directors´ Dealings

Company Person Function Buy / Sell Total value Number of Datum in Euro shares Douglas Dr. Henning Kreke SR-Chef S 590.655 16.900 23.-26.07.2010

Drillisch SP Beteiligungs GmbH B 295.906 58.875 13.08.2010

E.ON Jorgen Kildahl SR B 46.045 2.000 17.08.2010

Fraport Peter Schmitz SR B 40.660 1.000 09.-16.08.2010

FMC Michael Brosnan SR O 479.133 10.683 19.08.2010 Dr. Ben J. Lipps SR-Chef O 8.807.798 204.146 09.-16.08.2010 Rice Powell SR O 3.342.793 77.577 06.08.2010 Dr. Rainer Runte SR O 986.300 22.884 05.08.2010

Fresenius Rainer Baule SR O 919.696 25.800 06.08.2010

GEA Michael Kämpfert AR B 11.688 697 18.08.2010 Alexandra Heraeus B 79.210 4.800 16.08.2010 Birgit Heraeus B 69.287 4.200 16.08.2010

HeidelbergCement Kötitzer Leder B 19.805.654 595.000 19.-24.08.2010 Dr. Dominik Son Achten SR B 142.283 3.688 30.07.2010

Kontron Ulrich Gehrmann SR-Chef B 28.000 5.000 26.08.2010

Linde Dr. Aldo Belloni SR S 4.054.030 43.139 03.-05.08.2010 Josef Schregle AR S 16.111 172 03.08.2010 J. Kent Masters SR S 294.030 3.139 03.08.2010 Prof.Dr. Wolfgang Reitzle SR-Chef S 882.278 9.419 03.08.2010

Manz Automation Solker Renz SR B 4.950 100 20.07.2010

MTU Udo Stark Sermögens- S Anleihe 328.000 3 10.-19.08.2010 Serwaltung

Nordex Sentus Senture Fund B 2.126.393 299.988 17.-24.08.2010

RHÖN-KLINIKUM Detlef Klimpe AR Bezugs- 19.514 1.100 05.08.2010 rechte

RWE Dagmar Sikorski-Groß- B 161.088 3.000 12.08.2010 mann

SAP Dr. Angelika Dammann SR B 50.240 1.420 23.08.2010

SMA Solar Alexander Naujoks AR B 9.439 110 13.08.2010

Tognum BJC Equity KG S 11.812.500 750.000 10.08.2010

Sossloh Norbert Schiedeck SR-Chef B 49.500 45.000 28.07.2010 Dr. Wilfried Kaiser AR-Chef B 76.020 1.000 28.07.2010

A: Exercised Options; O: Option; AR: Supervisory Board Member; VR: Executive Director; M: Manager;

ISSUE 09/2010 12 CAPITAL insight corporate Governance Germany NEWS INSIGHT Shareholder ID: August 2010

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 notiﬁ cations 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 32,82 % 1. Münchener Rück + 4,23 2. Merck 31,60 % 2. Merck + 1,51 3. Deutsche Börse 28,87 % 3. Linde + 1,07 DAX DAX 28. Beiersdorf 7,74 % 28. FMC - 0,08 29. Volkswagen 7,65 % 29. Henkel - 0,20 30. Commerzbank 6,74 % 30. Fresenius - 1,26

1. Symrise 35,18 % 1. Sky Deutschland + 1,38 2. Rheinmetall 34,48 % 2. Praktiker + 1,30 3. Gerresheimer 34,44 % 3. LANXESS + 0,99 MDAX MDAX 48. GAGFAH 5,29 % 48. GILDEMEISTER - 1,16 49. Brenntag 0,00 % 49. BAUER - 1,24 50. Kabel Deutschland 0,00 % 50. Aurubis - 1,49

1. Pfeiffer Vacuum 50,74 % 1. Roth & Rau + 5,14 2. Kontron 39,54 % 2. centrotherm + 1,98 3. Phoenix Solar 35,45 % 3. Manz Automation + 1,73 TECDAX TECDAX 28. QSC 6,60 % 28. freenet - 0,58 29. MediGene 4,58 % 29. Nordex - 1,07 30. Conergy 1,86 % 30. QIAGEN - 2,71 * 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 notiﬁ able 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 percen- tage (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 09/2010 13 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 Notiﬁ able shareholders Share shares Total Change Biggest KAG Share **

adidas BlackRock 5,21 St 19,19 0,56 Capital Research 1,61 Capital Research 5,01 St The Bank of New York Mellon 3,07 St Euro Paciﬁ c Growth Fund 2,95 St Aufsichtsrat 2,31 St Vorstand 1 St Allianz 0,60 (St) BlackRock 5,02 24,61 0,62 DWS Investment 1,54 (4,85) St AXA 2,96 (3,11) St BASF BlackRock 5,4 St 18,65 0,26 BlackRock Finan- 1,02 cial Management Bayer Capital Research 9,97 St 27,22 0,95 Capital Research 3,69 BlackRock 5,04 (6,33) St Capital World Growth and 3,07 St Income Fund BMW 0,56 (Vz) AQTON SE 17,44 St 16,83 0,88 Franklin Templeton 1,40 Johanna Quandt 16,7 St Investments Susanne Klatten Beteiligung 12,55 St AXA 2,95 St breit gestreut 99,44 Vz Beiersdorf 9,99 (St) maxingvest ag 50,46 St 7,74 0,35 DWS Investment 0,72 Capital Research 5,02 St Commerzbank 0,31 Bundesrepublik Deutschland 25 St 6,74 0,19 Harbor Fund 1,20 (0,07) (St) Allianz SE 14,03 St Generali Beteiligungs-GmbH 4,84 St Daimler 0,14 (St) International Petroleum 9,09 St 17,06 0,28 Deka Investment 0,94 Investment (IPIC) Kuwait Investment Authority 5,33 St BlackRock 3,9 St Capital Research 3,1 St Renault S. A. 3,1 St Deutsche Bank 0,10 (St) BlackRock 5,02 19,12 0,55 DWS Investment 1,48 (4,89) St Capital Research 2,96 St AXA 2,84 St

ISSUE 09/2010 14 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: DAX Holdings in per cent

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

Deutsche Börse 4,66 (St) BlackRock 4,98 St 28,87 0,81 Fidelity Manage- 4,94 Sun Life Financial 3,34 St ment & Research FMR LLC 3,03 St Franklin Mutual Advisers 3,01 St Fidelity Management & 2,97 St Research FIL 2,95 St Capital Research 2,94 (3,03) St Fidelity Investment Trust 2,87 St Deutsche Lufthansa BlackRock 4,22 St 25,48 0,27 Deka Investment 2,39 Janus Capital Management 3,29 St Deka International 2,55 St Deutsche Post KfW - Kreditanstalt für Wie- 30,5 St 20,75 0,39 Franklin Templeton 2,30 deraufbau Investments BlackRock 3,18 St AXA 2,96 St Deutsche Telekom 0,04 (St) KfW - Kreditanstalt für Wie- 16,87 St 13,57 0,51 DWS Investment 1,82 deraufbau Bundesanstalt für Post und 14,83 St Deutsche Telekom Blackstone Private Equity 4,4 St Funds BlackRock 3,34 St E.ON 4,77 (St) Staat Norwegen 5,91 St 18,02 0,32 Fidelity Manage- 1,65 BlackRock 4,87 St ment & Research

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ISSUE 09/2010 15 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: DAX Holdings in per cent

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

FMC Fresenius SE 35,8 St 18,98 0,08 Fidelity Manage- 1,87 Thornburg Investment Ma- 3,76 St ment & Research nagement BlackRock 3,53 St Fresenius Else Kröner-Fresenius Stiftung 58,11 St 24,50 -1,26 Union Investment 1,78 Allianz Lebensversicherungs- 9,39 St Privatfond AG FMR LLC 3,46 St Artio Global Investors 3 St HeidelbergCement Ludwig Merckle 24,42 St 7,95 0,66 Fidelity Manage- 1,28 BlackRock 5,05 ment & Research (4,95) St FMR LLC 5,02 St Arnhold and S. Bleichroeder 3,12 St Holdings Fidelity Management & 3,1 St Research FIL 3,05 (2,97) St Norges Bank (norwegische 2,96 St Zentralbank) Henkel 2,55 (Vz) Familie Henkel 52,53 St 15,52 -0,20 UBS Fund Service 1,64 Silchester International 2,99 (Luxembourg) Investors (3,01) St Inﬁ neon Dodge & Cox 9,82 St 28,09 0,76 Dodge & Cox 9,64 BlackRock 5,11 St Capital Group International 3,4 St Odey Asset Management LLP 3,05 St K+S 0,10 (St) MCC Holding (Linea) 14,99 St 11,46 0,33 DWS Investment 1,14 BASF SE 10,3 St BlackRock 3,24 St Deutsche Bank AG 1,3 St Morgan Stanley 1,1 St Linde Capital Research 9,46 St 32,82 1,07 Capital Research 3,86 Sun Life Financial 5,12 St Allianz SE 4,39 St BlackRock 3,23 St Capital World Growth and 2,94 St Income Fund Banco Santander SA 2,34 St MAN Volkswagen AG 29,9 St 20,68 0,53 F&C Management 2,20 BlackRock 4,15 St

ISSUE 09/2010 16 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: DAX Holdings in per cent

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

Merck BlackRock 11,23 St 31,60 1,51 ING Investors Trust 6,81 Capital Research 9,79 St Sun Life Financial 9,56 St Barclays plc 5,6 St Templeton Global Advisors 4,99 (5,02) St Deutsche Bank AG 4,48 St FIL 4,48 St Capital World Growth and 3,04 St Income Fund METRO Stimmrechtsbündelung Hani- 50,01 St 8,22 0,13 Deka Investment 1,04 el/Schmidt-Ruthenbeck Gesellschafterstamm Beisheim 10,09 St Münchener Rück 1,28 (St) Warren E. Buffett 8,37 St 26,26 4,23 Allianz Global 1,28 BlackRock 6,15 St Investors KAGmbH AXA 2,9 St RWE 5,51 (St) RW Energie-Beteiligungsge- 16,09 St 18,13 0,14 DWS Investment 1,96 sellschaft mbH Privataktionäre 14 St BlackRock 4,57 St Capital Research 2,98 St Belegschaftsaktionäre 1 St SAP 3,04 (St) Prof. Hasso Plattner 10,37 St 14,71 0,49 Allianz Global 0,86 Dr. Dietmar Hopp 9,2 St Investors KAGmbH Dr. Klaus Tschira 9 St Deutsche Bank Trust Americas 7,35 St BlackRock 3,21 St Capital Research 3,19 St Siemens 4,98 (St) Siemens-Vermögensverwal- 5,2 St 20,44 0,41 Franklin Templeton 1,48 tung Investments BlackRock 3,92 St Capital Research 2,99 St Vorstand 0,05 St Aufsichtsrat 0 St ThyssenKrupp 9,92 (St) Alfried Krupp von Bohlen und 25,33 St 10,04 0,13 Deka Investment 0,69 Halbach-Stiftung NEW Norges Bank (nor- 3,03 St wegische Zentralbank) BlackRock 3,01 St Volkswagen Porsche 53,13 St 7,65 0,19 DWS Investment 1,55 Land Niedersachsen 20,01 St State of Qatar 17 St Credit Suisse Group AG 2,49 St

(): Vormonat *Anteil jeweils bezogen auf die indexrelevante Aktiengattung ** Änderung zum Vormonat in Prozentpunkten St: Stammaktien, Vz: Vorzugsaktien Die AfU erfasst mehr als 18.000 Fonds und Kapitalanlagegesellschaften, die publizieren. Der Stand ist den zuletzt veröffentlichten Jahres- und Quartalsberichten entnommen.

ISSUE 09/2010 17 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 Notiﬁ able shareholders Share shares Total Change Biggest KAG Share **

Aareal Bank Bayerische Beamten Lebens- 8,94 St 30,56 0,12 Franklin Templeton 4,75 versicherung a.G. Investments Schweizerische Lebens und 8,94 St Renten Versorgungsanstalt des Bun- 6,68 St des und der Länder Bankhaus Lampe KG 6,06 St Deutscher Ring Gruppe 5,25 St DWS Investment 5,02 St Wellington Management, LLP 2,14 St Condor Lebensversicherung-AG 1,36 St Aurubis Salzgitter AG 25,26 St 18,33 -1,49 DFA Investment 2,83 BlackRock 3,16 St Dimensions Group Dimensional Fund Advisors LP 3,01 St Barclays Global Investors UK 2,95 St Holdings Vorstand 0,03 St Aufsichtsrat 0,02 St BAUER Familie Bauer 48,19 St 22,79 -1,24 DWS Investment 5,96 DWS Investment 4,90 (5,02) St Henderson Global Investors 3,01 (3,02) St BayWa Bayerische Raiffeisen-Beteili- 35,37 St 5,95 -0,04 SKAGEN Fondene 4,20 gungs-AG Raiffeisen Agrar Invest 25,02 St SKAGEN AS 3,18 St Bilﬁ nger 4,09 (St) Invesco 5,15 St 30,51 -0,20 Allianz Global 2,34 BlackRock 5,04 St Investors KAGmbH DJE Investment 4,93 St Allianz Global Investors 3,78 St The Bank of New York Mellon 2,78 St Deka Investment 2,48 St Brenntag Brachem Acquisition S.C.A. 70,97 St 0,00 0,00 0,00 Paulson 3,05 St

ISSUE 09/2010 18 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: MDAX Holdings in per cent

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

Celesio Franz Haniel & Cie. 54,6 St 11,09 0,16 Franklin Templeton 1,18 BlackRock 2,94 St Investments AXA 2,76 (3,09) St Continental Schaefﬂ er 42,17 St 9,62 0,02 Harbor Fund 1,49 B. Metzler seel. Sohn Holding 16,48 St AG M.M. Warburg & CO KGaA 16,48 St The Goldman Sachs Group 1,24 St Deutsche Bank AG 0,81 St Demag Cranes Cevian Capital II Master Fund 10,07 St 29,92 -1,01 COMINVEST ASSET 3,80 LP Management Allianz Global Investors 4,33 St Gregg Hymowitz 3,13 St Mark Fife 3,13 St Financière de l`Echiquier 3,12 St cominvest Asset Management 2,97 St UBS AG 2,41 St Deutsche EuroShop Familie Otto 18 St 14,69 0,44 Allianz Dresdner 1,35 AROSA Vermögensverwal- 9,63 St Asset Manage- tungsgesellschaft ment Attfund 4,99 St Karoo Investment Fund S.C.A. 3,81 St SICAV-SIF BlackRock 3,01 St NEW ‚Charlie-Fox‘ Beteili- 2,9 St gungs G.m.b.H. Commerzbank AG 0,11 St Vorstand 0,06 St Deutsche Postbank Deutsche Post AG 39,5 St 7,32 0,20 Fidelity Manage- 0,52 Deutsche Bank AG 25 St ment & Research UBS AG 0,28 St DOUGLAS Dr. August Oetker Finanzie- 25,81 14,10 -0,11 Sparinvest DK 2,00 rungs- und Beteiligung (25,84) St Dr. Jörn Kreke 12,16 (12,17) St Rabobank 9,55 (9,09) St Sparinvest Holding A/S 5,35 (5,36) St Erwin Müller 5,06 St Deutsche Bank AG 4,97 (4,98) St Governance for Owners LLP 3,81 (4,93) St Deka International 0,5 (3,26) St

ISSUE 09/2010 19 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: MDAX Holdings in per cent

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

ElringKlinger Familien Lechler 55,39 St 17,61 0,02 Fidelity Invest- 3,11 FIL 3,13 St ments Luxembourg EADS 0,64 (St) SOGEADE 22,46 St 6,93 0,33 M&G 1,13 Daimler AG 14,96 St Investorenkonsortium 7,5 St Sociedad Estatal de Participa- 5,48 St ciones Industriales Vneshtorgbank - Bank for 5,03 St Foreign Trade Dubai International Capital 3,12 St (DIC) Mitarbeiter 0,52 St Fielmann Prof. Dr. h.c. Günther Fielmann 36,8 St 10,23 0,12 Fidelity Investment 1,42 Fielmann INTER-OPTIK 15,12 St Funds (UK) Fielmann Familienstiftung 11,36 St Marc Fielmann 7,73 St Fraport Land Hessen 31,52 St 17,72 0,04 Artio Global Ma- 5,60 Stadtwerke Frankfurt a.M. 20,13 St nagement LLC Holding Artio Global Investors 10,33 St Deutsche Lufthansa AG 9,92 St Taube Hodson Stonex Partners 3,59 St LLP

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ISSUE 09/2010 20 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: MDAX Holdings in per cent

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

FUCHS PETROLUB Familie Fuchs 51,7 St 10,86 0,39 JPMorgan Funds 1,64 DWS Investment 5,2 St SICAV Mawer Investment Manage- 3,02 St ment Capital Research 3 St GAGFAH Fortress Investment Group LLC 60,09 St 5,29 0,11 Capital Research 0,85 GEA BlackRock 10,06 St 33,12 0,77 Fidelity Manage- 7,15 Kuwait Investment Ofﬁ ce 8,3 St ment & Research AMUNDI 5,11 St FMR LLC 4,93 St Allianz Global Investors 3,59 St Alecta pensionsförsäkring, 3,1 St ömsesidigt Fidelity Management & 2,99 St Research Gerresheimer Edward A. Gilhuly 9,67 34,44 -0,19 COMINVEST ASSET 3,25 (10,01) St Management Eton Park Master Fund 5,17 St Clifton S. Robbins 5,02 St Tremblant Holdings LLC 4,98 (5,60) St Allianz Global Investors 3,89 St WS Management LLLP 3,1 St Neuberger Berman 2,99 St Egerton Capital Partnership 2,86 St GILDEMEISTER Mori Seiki Co., 5 St 12,47 -1,16 DFA Investment 1,40 Dimensions Group Hamburger Hafen Freie und Hansestadt Ham- 69,65 St 6,35 -0,04 TIAA CREF 1,34 und Logistik burg Hannover Rück Talanx AG 50,22 St 13,41 -0,04 SKAGEN Fondene 1,80 Heidelberger Druck 0,51 (St) Allianz SE 12 St 20,97 0,02 SEB Invest 5,66 RWE AG 8,01 St SEB Invest 5,02 St Capital Research 3,14 St SMALLCAP World Fund 3,13 St Union Investment Privatfond 3,02 St HOCHTIEF 4,94 (St) Acs, Actividades de Construc- 29,98 St 17,63 0,21 Fidelity Invest- 1,38 cion y Servicios ments Luxembourg Southeastern Asset Manage- 3,24 St ment Sparinvest Holding A/S 3,06 St NEW BlackRock 3,04 St HOCHTIEF Pension Trust e. V. 3 St

ISSUE 09/2010 21 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: MDAX Holdings in per cent

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

HUGO BOSS 1,47 (St) Red & Black S.r.l. 88,02 St 13,82 0,03 Fidelity Investment 2,47 2,48 (Vz) Red & Black S.r.l. 55,28 Vz Funds (UK) IVG Mann Immobilien-Verwaltung 20,75 St 17,42 -0,18 Universal-Invest- 1,89 AG ment-Gesellschaft Santo Holding AG 14,39 St mbH NEW Goldsmith Capital 5,02 St Partners Universal Investment Gesell- 4,99 St schaft mbH LVM 3,31 St INKA Internationale 3,15 St Cohen & Steers 2,74 St Commerzbank AG 0,01 St Kabel Deutschland Cable Holding 61,67 St 0,00 0,00 0,00 The Goldman Sachs Group 3,19 St Klöckner & Co Norges Bank (norwegische 5,15 St 28,42 -0,53 Franklin Templeton 5,43 Zentralbank) Investments BlackRock 2,78 St Franklin Mutual Advisers 2,66 (9,89) St KRONES 4,51 (St) Familie Kronseder 54,04 St 14,34 -0,19 TIAA CREF 2,35 Tweedy, Browne LLC 5,19 St Schadeberg GbR 3,28 St LANXESS Dodge & Cox International 10,25 St 30,96 0,99 Dodge & Cox 10,66 Stock Fund JPMorgan Asset Management 5,06 St (UK) Greenlight Capital 5,01 St Teachers Advisors 3,11 St Third Avenue Management 2,99 St LLC Norges Bank (norwegische 2,98 St Zentralbank) Vorstand und Aufsichtsrat 0,37 St LEONI NÜRNBERGER Beteiligungs-AG 3,12 St 21,37 -0,24 DWS Investment 2,21 Johann Erich Wilms 3,03 St MTU 5,92 (St) Capital Research 9,85 St 21,43 -0,76 MEAG 1,36 BlackRock 4,99 St Barclays Global Investors UK 3,06 St Holdings Gryphon Investment Counsel 3,02 St NEW Ameriprise Financial 3,01 St Longview Partners LP 2,94 St

ISSUE 09/2010 22 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: MDAX Holdings in per cent

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

Praktiker Eric M. Mindich 8,39 St 28,63 1,30 Artisan Funds 3,64 Mackenzie Financial 5,09 St Odey Asset Management LLP 4,72 St Allianz Global Investors 2,96 (4,07) St AVI Germany Fund I 2,27 St UBS AG 1,88 St ProSieben 5,51 (Vz) Lavena Holding 5 88 St 12,84 0,08 Fidelity Invest- 2,92 Telegraaf Media International 12 St ments Luxembourg B.V. Lavena Holding 4 KKR/Permira 25,3 Vz PUMA SAPARDIS 69,36 St 8,55 0,29 Invesco Aim Capi- 1,69 Bear Stearns International 3,38 St tal Management BlackRock 3,01 St Invesco 3,01 St RATIONAL Siegfried Meister 63,78 St 10,48 0,20 Columbia Wanger 1,49 Walter Kurtz 7,81 St Asset Manage- Royce & Associates 3,05 St ment, L.P. Rheinmetall 3,50 (St) FMR LLC 6,6 St 34,48 0,36 DWS Investment 2,69 Harris Associates L.P. 4,91 St DWS Investment 3,16 St Allianz Global Investors 3,01 St Schroders plc 2,65 St Vorstand und Aufsichtsrat 1,1 St

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ISSUE 09/2010 23 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: MDAX Holdings in per cent

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

Rhön-Klinikum Familie Münch 12,45 St 27,88 0,19 Franklin Templeton 3,16 Alecta pensionsförsäkring, 9,94 St Investments ömsesidigt Franklin Mutual Advisers 5,07 St Ameriprise Financial 4,87 (5,58) St Sun Life Financial 3,07 St Salzgitter 10,00 (St) Land Niedersachsen 26,5 St 12,26 0,12 Allianz Global 1,02 BlackRock 5,25 Investors KAGmbH (4,84) St SGL CARBON Susanne Klatten 22,25 St 15,50 -0,09 DWS Investment 1,16 Voith AG 5,12 St Credit Agricole Asset Manage- 4,7 St ment Landesbank Baden-Württem- 4,43 St berg Mackenzie Financial 2,97 St UBS AG 1,53 St Sky Deutschland News/RupertMurdoch 45,42 St 10,52 1,38 Classic Fund Ma- 2,59 Odey Asset Management LLP 11,26 St nagement AG Taube Hodson Stonex Partners 4,99 St LLP BlackRock 3,26 St Ameriprise Financial 2,81 (3,44) St Mark Andrew Williams 0,02 St Dr. Stefan Jentzsch 0,01 St STADA 0,18 (St) Morgan Stanley International 3,18 St 26,70 -0,29 SKAGEN Fondene 4,03 plc York Capital Management 3,09 St Global Advisors. SKAGEN AS 3,01 St Südzucker Süddeutsche Zuckerrübenver- 55 St 7,19 -0,05 DFA Investment 0,55 wertungs-eG Dimensions Group Zucker Invest 10 St BlackRock 2,96 St Symrise Gerberding Vermögensver- 5,86 St 35,18 0,73 M&G 5,23 waltung M&G Securities 5,18 St Prudential plc 5,08 St Sun Life Financial 5,02 St Schroders plc 4,91 St JPMorgan Asset Management 3,16 St (Taiwan)

ISSUE 09/2010 24 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: MDAX Holdings in per cent

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

Symrise BlackRock 3,04 St 35,18 0,73 M&G 5,23 FMR LLC 2,9 St Fidelity Management & 2,82 St Research Capital Research 2,38 St Tognum Daimler AG 25 St 20,89 -0,55 First Eagle Funds 2,13 Vorstand und Aufsichtsrat 6,00 (6,60) St ING Groep N.V. 5,02 St Arnhold and S. Bleichroeder 3,08 St Holdings TUI S-Group Travel Holding 15,03 St 11,33 0,18 Deka Investment 1,53 Monteray Enterprises 15,01 St Familie Riu 5,08 St Caisse de Dépôt et de Gestion 5 St Inversiones Cotizadas del 5 St Mediterráneo, S.L. BlackRock 4,98 St Aufsichtsrat 0,8 St Vorstand 0,02 St Vossloh 9,98 (St) Familiengemeinschaft Vossloh 31 St 21,43 -1,11 Columbia Wanger 2,20 GbR Asset Manage- Generation Investment Ma- 5,02 St ment, L.P. nagement LLP WACKER CHEMIE 4,75 (St) Wacker Familiengesellschaft 63,38 St 15,09 0,98 Artisan Funds 3,40 mbH Blue Elephant Holding 10,86 St Wincor Nixdorf 4,30 (St) Lehman Brothers Holdings 5,68 St 27,66 0,33 DWS Investment 3,39 BlackRock 5,18 St FIL 4,87 St AMUNDI 3,42 St NEW Governance for 3,06 St Owners LLP Schroders plc 3,06 St DWS Investment 3,04 St ODDO ET CIE 3,04 St Capital Research 2,77 St Ameriprise Financial 2,6 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 09/2010 25 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 Notiﬁ able shareholders Share shares Total Change Biggest KAG Share **

AIXTRON Camma 7,83 28,77 0,21 Fidelity Manage- 7,54 (7,90) St ment & Research Capital Group International 3,3 St BlackRock 3,09 St NEW Ameriprise Financial 3,06 St NEW Standard Life In- 3,04 St vestments Norges Bank (norwegische 3,03 St Zentralbank) FMR LLC 2,15 St BB BIOTECH 10,05 (St) Deutsche Bank AG 4,98 St 12,59 0,14 Fidelity Manage- 3,44 ment & Research Bechtle Karin Schick-Krief 34,33 St 10,93 -0,54 Loys 2,20 BWK 2. Vermögensverwal- 18,65 St tungsgesellschaft mbH 0,02 St Dr. Jürgen Schäfer 0,01 St Klaus Winkler 0,01 St Sonja Glaser-Reuss 0,01 St Uli Drautz Carl Zeiss Meditec Carl Zeiss Gruppe 65,05 St 10,81 0,99 Oppenheimer- 2,82 Aufsichtsrat 0,02 St Funds Vorstand 0,02 St centrotherm TCH 50,53 St 14,72 1,98 Deka Investment 3,84 Autenrieth Beteiligung 5,01 St FMR LLC 5,01 (3,02) St Deka Investment 3,04 St Vorstand und Aufsichtsrat 1,01 St Conergy Commerzbank AG 29,08 1,86 -0,01 Claymore Ex- 0,85 (37,01) St change Athos Service 14,95 St Dieter Ammer 3,79 St Dialog 0,73 (St) Dialog Semiconductor Plc 7,27 St 17,51 0,25 JPMorgan Funds 2,58 Employee Beneﬁ t Trust SICAV Deutsche Bank AG 4,99 St JPMorgan Asset Management 4,86 St Holdings Inc Bank of New York Mellon 4,31 St

ISSUE 09/2010 26 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: TECDAX30 Holdings in per cent

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

Dialog 0,73 (St) X-FAB Semiconductor 3,29 St 17,51 0,25 JPMorgan Funds 2,58 Foundries AG SICAV Allianz Global Investors 3,13 St Capital Group International 2,99 St Citibank N.A. 2,89 St Adtran 2,74 St Board of Directors 1,81 (1,86) St Drillisch Marc Brucherseifer 7,35 St 17,98 0,46 Fidelity Invest- 2,96 FIL 5,55 St ments Luxembourg Paschalis Choulidis 3,67 (3,56) St Vlasios Choulidis 3,41 St Familie Nico Forster 3,31 St Farringdon Capital Manage- 3,19 St ment SA (FCML) JPMorgan Asset Management 3,03 (UK) (2,96) St Volkmar Spielmann 0,71 St Johann Weindl 0,01 St Dr. Hartmut Schenk 0,01 St Drägerwerk Dräger-Stiftung München/Lü- 68,36 24,69 -0,49 Financiere de 5,97 beck (67,19) St L‘Echiquier Allianz Global Investors 3,09 (2,01) St Dr. Christian Dräger 2,11 St Streubesitz 100 Vz EVOTEC Roland Oetker 11,07 St 8,34 -0,01 DFA Investment 1,63 TVM V Life Science Ventures 6,4 St Trust Dr. Werner Lanthaler 0,47 St Dr. Corey Goodman 0,41 St Geratherm Medical AG 0,13 St Dr. Mario Polywka 0,06 St Mary C. Tanner 0,05 St Dr. Hubert Birner 0,02 St Dr. Peter Fellner 0,01 St Dr. Flemming Ornskov 0,01 St freenet Ralph Dommermuth 16,57 St 28,43 -0,58 DWS Investment 7,34 DWS Investment 5,06 St Classic Fund Management 3,01 St Aktiengesellschaft Scherzer AG 0,5 St JENOPTIK ECE Industriebeteiligungen 25,02 St 15,09 -0,11 MEAG 6,61 VARIS Vermögensverwaltung 5,33 St

ISSUE 09/2010 27 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: TECDAX30 Holdings in per cent

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

Kontron 0,22 (St) Warburg Pincus 8,79 St 39,54 0,92 Fidelity Manage- 8,96 FMR LLC 6,9 St ment & Research Virmont S.a.r.l. 3,17 St Allianz Global Investors 3,06 St Ulrich Gehrmann 0,52 St Nevin Hugh 0,32 St Dipl.-Ing. Helmut Krings 0,08 St Thomas Sparrvik 0,04 St Dr. Martin Zurek 0,03 St David Malmberg 0,02 St Dieter Gauglitz 0,01 St Manz Automation Dieter Manz 44,49 St 19,99 1,73 Deka Investment 4,55 Ulrike Manz 4,7 St Otto Angerhofer 3,35 St FMR LLC 3,22 St MediGene Santo Holding AG 4,95 St 4,58 0,05 Union Lux 1,37 Syngenta AG 3,27 St Vorstand und Aufsichtsrat 0,81 St Rainer Kreifels 0,11 St MorphoSys 0,35 (St) Novartis AG 7 St 24,45 0,11 Oppenheimer- 4,39 AstraZeneca PLC 5 St Funds Massachusetts Mutual Life 4,56 St Insurance Dr. Simon Elton Moroney 1,36 St Vorstand und Aufsichtsrat 0,08 St Nordex Skion/momentum capital/Klat- 23,79 St 7,15 -1,07 DWS Investment 0,96 ten CJ Holding ApS 3,36 St Och Ziff Capital Management 2,95 St Group LLC The Goldman Sachs Group 1,2 St CMP-Fonds I (CMP) 0,12 St Thomas Richterich 0,11 St Carsten Risvig Pedersen 0,05 St Pfeiffer Vacuum 5,09 (St) Arnhold and S. Bleichroeder 24,89 St 50,74 0,78 First Eagle Funds 23,48 Advisors Legg Mason & Co (UK) 5,02 St Capital Research 4,93 St Hakuto - Handelsvertretung 3,48 St Franklin Templeton Instituti- 3 St onal SMALLCAP World Fund 2,95 St DWS Investment 2,2 St Phoenix Solar NEW Allianz Global Inves- 5,07 St 35,45 0,28 DWS Investment 5,63 tors DWS Investment 4,93 St Dr. Andreas Hänel 3,39 St

ISSUE 09/2010 28 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: TECDAX30 Holdings in per cent

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

Phoenix Solar Deutsche Asset Management 3,11 St 35,45 0,28 DWS Investment 5,63 Pioneer Asset Management 2,93 St BlackRock 2,88 (3,13) St AVIVA plc 2,73 St Manfred Bächler 2,57 St Dr. Murray Cameron 1,04 St Ulrich Fröhner 0,28 St Commerzbank AG 0,03 St Prof. Dr. Klaus Höﬂ e 0,02 St Q-Cells Good Energies Investments 4 27,2 St 12,78 -0,45 Fidelity Manage- 3,10 (Luxembourg) ment & Research Taube Hodson Stonex Partners 5,07 St LLP Baillie Gifford 5 St Good Energies (Solar Invest- 100 Vz ments) QIAGEN FMR LLC 9,88 St 31,45 -2,71 Fidelity Manage- 6,89 FIL 4,41 St ment & Research Dr. Metin Colpan 1,96 St Prof. Detlev H. Riesner 0,75 St Peer M. Schatz 0,67 St QSC Baker Capital Partners (An- 24,54 St 6,60 0,13 Hansainvest 1,69 guilla) Hanseatische Gerd Eickers 10,13 St Investment Dr. Bernd Schlobohm 10,09 St Herbert Brenke 0,14 St Jürgen Hermann 0,11 St David Ruberg 0,01 St John C. Baker 0,01 St Roth & Rau OTB Group B.V. 6,34 St 32,79 5,14 Deka Investment 4,29 BlackRock 5,7 St FMR LLC 5,16 St Dr. Dietmar Roth 4,9 St Dr. Bernd Rau 4,65 St Swisscanto Fondsleitung AG 3,73 St CMI Asset Management 3,06 St (Luxembourg) AVIVA plc 2,69 St Prof. Dr. Silvia Roth 1,8 St Credit Suisse Group AG 0,13 St SINGULUS Stangl Beteiligungs-GmbH 2,98 St 10,35 0,56 DWS Investment 3,41 DWS Investment 2,84 St VVG Familie Roland Lacher KG 1,59 St Günter Bachmann 0,04 St Dr. Wolfhard Leichnitz 0,03 St Dr. Anton Pawlakowitsch 0,02 St

ISSUE 09/2010 29 CAPITAL INSIGHT corporate Governance Germany NEWS

INSIGHT Shareholder ID: TECDAX30 Holdings in per cent

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

SMA Solar Peter Drews 19,11 St 10,81 0,98 BlackRock Invest- 1,94 Rainer Wettlaufer 19,11 St ment Management Günther Cramer 19,09 St (UK) Prof. Dr. Werner Kleinkauf 15,55 St Generation Investment Ma- 2,89 St nagement LLP Pierre-Pascal Urbon 0,5 St SMARTRAC 0,70 (St) Manfred Rietzler 13,67 St 33,24 0,68 DWS Investment 4,76 BNP Paribas Investment 11,29 St Partners SA Schroders plc 5,17 St Henderson Global Investors 4,85 (5,23) St Avenue Capital Management 4,42 St LP Deutsche Bank AG 4,34 St Wolfgang Schneider 2,9 St Software AG Software AG Stiftung 29 St 19,89 0,78 Deka Investment 4,37 Deka Investment 6,17 St Alken Fund SICAV 4,8 St Allianz Global Investors 2,99 (2,97) St FIL 2,8 St SolarWorld 3,19 (St) Frank H. Asbeck 25 St 23,13 -0,02 DWS Investment 6,07 DWS Investment 5,31 St BlackRock 2,11 St United Internet 6,33 (St) Ralph Dommermuth 38,33 St 16,72 0,08 DWS Investment 3,69 Kizoo AG 4,96 St Deutsche Bank AG 4,86 St Allianz Global Investors 3,03 St Michael Scheeren 0,28 St Norbert Lang 0,23 St Wirecard MB Beteiligungsgesellschaft 7,60 St 35,40 0,78 Artisan Funds 4,03 mbH Jupiter Asset Management 6,26 St International Value Advisers 5,01 (3,03) St Alken Fund SICAV 5,00 St Artisan Partners Partnership 4,97 St T. Rowe Price International 3,44 St WA Holdings 3,10 St Ameriprise Financial 3,04 St

The position shown is taken from recently published annual and quarterly reports.

ISSUE 09/2010 30 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, [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, [email protected]; 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, ir-fre@fresenius. com; Henkel AG & Co. KGaA, Oliver Luckenbach, [email protected]; Inﬁ neon Technologies AG, Ulrich Pelzer, investor.relations@inﬁ neon.com; K+S AG, Chris- tian Herrmann, [email protected]; Linde AG, Thomas Eisenlohr, [email protected]; MAN SE, Silke Glitza-Stamberger, silke.glitza-stamberger@man. eu; Merck KGaA, Dr. Markus Launer, [email protected]; METRO AG, Henning Gieseke, [email protected]; Münchener Rückversicherungs-Gesell- schaft 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 plas- tic, primarily for the pharma & life science industry, and in almost all its fi elds of business ranks today among the global market leaders. In addition to specifi c 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 profi t 08/09: € 60.4m Current free fl oat: 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; Bilfi nger Berger AG, Andreas Müller, sabine.klein@bilfi nger.de; 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]; 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, investorrelations@fi elmann.com; 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, [email protected]; Hamburger Hafen und Logistik AG, Matthias Funk, investor-relations@hhla.de; Hannover Rückversicherung AG, Klaus Paesler, [email protected]; HeidelbergCement AG, Günter Wesch, ir-info@heidelbergcement. com; 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, [email protected]; LEONI AG, Susanne Kertz, [email protected]; MLP AG, Helmut Achatz, [email protected]; MTU Aero Engines Holding AG, Inka Koljonen, [email protected]; Pfl eiderer AG, Lothar Sindel, lothar.sindel@pfl eiderer.com; Prak- tiker Bau- und Heimwerkermärkte Holding AG, Dr. Rolf-Dieter Graß, [email protected]; 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, Investor-Relations@sglcarbon. de; Sky Deutschland AG, Christine Scheil, [email protected]; STADA Arzneimittel AG, Dr. Axel Müller, [email protected]; Südzucker AG, Nikolai Baltru- schat, [email protected]; Symrise AG, Dr. Andrea Rolvering, [email protected]; Tognum AG, Dieter Royal, [email protected]; TUI AG, Björn Beroleit, investor. [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 Koﬂ er, [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 09/2010 31 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 Proﬁ t 2008: € 0.77m Current free ﬂ oat: 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, [email protected]; Pfeiffer Vacuum Technology AG, Dr. Brigitte Looss, [email protected]; Phoenix Solar AG, Anka Leiner, aktie@phoenixsolar. de; 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 ofﬁ ce REIT-AG, Brigitte Büchner, [email protected]; Amadeus FiRe AG, Thomas Weider, Investor-Relations@amadeus- ﬁ re.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]; Con- stantin 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]; Deutsche Wohnen AG, Tanja Kurz, [email protected]; DEUTZ AG, Roswitha Stock, [email protected]; DIC Asset AG, Immo von Homeyer, [email protected]; Dürr AG, Günter Dielmann, [email protected]; Dyckerhoff AG, Birgit Eggersmeier, Inves- [email protected]; elexis AG, Gabriele Bornemann, [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, ir@hlcom. ch; HOMAG Group AG, Simone Müller, [email protected]; HORNBACH HOLDING AG, Axel Müller, [email protected]; INDUS Holding AG, Re- gina Wolter, [email protected]; Jungheinrich AG, Horst Schwerin, [email protected]; 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-Metallurgie Holding AG, Christian Schunck, [email protected]; TAG Immobilien AG, Dominique Mann, [email protected]; TAKKT AG, Frank Schwitalla, [email protected]; 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, investorrel [email protected]; ADVA AG Optical Networking, Wolfgang Guessgen, [email protected]; Advanced Vision Technology Ltd., Daphna Rosenbaum, [email protected]; 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, dirk.sonntag@all-for-one. com; Alphaform AG, Bettina Halseband, [email protected]; ALTANA AG, Oliver König, [email protected]; Analytik Jena AG, Dana Schmidt, [email protected]; Arques In- dustries AG, Hubert 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, [email protected]; 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 SYS- TEC AG, Alfred Just, [email protected]; Brenntag AG, Georg Müller, [email protected]; Brüder Mannesmann AG, Kerstin Kremers, [email protected]; burgbad AG, Michael Kempkes, [email protected]; CANCOM IT Systeme AG, Beate Rosenfeld, [email protected]; CENIT AG Systemhaus, Fabian Rau, [email protected]; Centro- solar 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, [email protected]; C-QUADRAT Investment AG, Roland Starha, [email protected]; CropEnergies AG, Tobias Erfurth, info@cropenergies. de; CURANUM AG, Bernd Rothe, [email protected]; D.Logistics AG, Rainer Monetha, [email protected]; D+S europe AG, Bernd Humke, investor-relations@dseurope. ag; DAB bank AG, Carolin Mayr, [email protected]; DATA MODUL AG, Barbara Lederer, [email protected]; DEAG Deutsche Entertainment AG,

ISSUE 09/2010 32 CAPITAL INSIGHT corporate Governance Germany NEWS

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 chiefl y 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 profi t 2008: € 10.12m Current free fl oat: 49.98 percent Operating profi t 2009: € 20.3m Current free fl oat: 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.suss.com www.vita.de 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 fi rst 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 profi t 2009: € 2.8m Current free fl oat: 70 percent Operating profi t 2008: - € 1.71m Current free fl oat: 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.de

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 2009: € 135,6m Current number of shares: 9.625.000 Operating proﬁ t 2009: € 30,4m Current free ﬂ oat: 46,49 percent 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

Claudia Richter, [email protected]; DF Deutsche Forfait AG, [email protected]; Dr. Hönle AG - UV Technology, Peter Weinert, [email protected]; Eckert & Ziegler Strah- len- und Medizintechnik AG, Karolin Riehle, [email protected]; ecotel communication ag, Annette Drescher, [email protected]; Einhell Germany AG, Helmut An- germeier, [email protected]; ELMOS Semiconductor AG, Mathias Kukla, [email protected]; EnviTec Biogas AG, Olaf Brandes, [email protected]; Epigenomics AG, Oliver Schacht, [email protected]; ESSANELLE HAIR GROUP AG, Michael Müller, [email protected]; ESTAVIS AG, Peter Vogt, [email protected]; Euro- fi ns Scientifi c S.E., Stuart Morgan, ir@eurofi ns.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]; Funkwerk AG, Jörg Reichenbach, [email protected]; Generali Deutschland Holding AG, Dennis Foerster, investor. [email protected]; Geratherm Medical AG, Martina Schramm, [email protected]; GFT Technologies AG, Andrea Wlcek, [email protected]; GK SOFTWARE AG, Dr. René Schiller, [email protected]; GoYellow Media AG, Anja Meyer, [email protected]; Graphit Kropfmühl AG, Martina Krinninger, gk@graphite. de; GWB Immobilien AG, Dr. Norbert Herrmann, [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, [email protected]; Helikos S.E., Stefanie Schusser, [email protected]; Höft & Wessel AG, Arnd Fritzemeier, [email protected]; HORNBACH-Baumarkt-AG, Axel Müller, [email protected]; Hypoport AG, Ines Cumbrowski, [email protected]; IBS AG excellence, collaboration, manufacturing, Ingo Janssen, [email protected]; Identive Group, Fabien Nestmann, [email protected]; IFCO SYSTEMS N.V., Sabine Preiss, Sabine. [email protected]; IFM Immobilien AG, Lars Kuhnke, [email protected]; IM Internationalmedia AG, Catherine Reitzle, [email protected]; init innovation in traffi c systems AG, Alexandra Weiß, [email protected]; Integralis AG, Peter Banholzer, [email protected]; Interhyp AG, Florian Prabst, fl [email protected]; Intershop Communications AG, Annett Körbs, [email protected]; InTiCa Systems AG, Dieter Schopf, [email protected]; InVision Software AG, Jutta Kropp,

ISSUE 09/2010 33 CAPITAL INSIGHT corporate Governance Germany NEWS

[email protected]; ISRA VISION AG, Sandra Braun, [email protected]; itelligence AG, Katrin Schlegel, [email protected]; IVU Traffi c Technologies AG, Thomas Vogt, [email protected]; JAXX AG, Stefan Zenker, ir@fl uxx.com; Jetter AG, Günter Eckert, [email protected]; Joyou AG, Ian M. Oades, [email protected]; Kabel Deutschland Holding AG, Insa Calsow, [email protected]; Klöckner-Werke AG, Andrea Spiekermann, [email protected]; KROMI Logistik AG, Jörg Schubert, [email protected]; LEIFHEIT AG, Petra Dombrowsky, [email protected]; Lloyd Fonds AG, Dr. Götz Schlegtendal, [email protected]; Logwin AG, Peer Brauer, peer. [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 Reichardt, [email protected]; Marseille-Kliniken AG, Axel Hölzer, [email protected]; Masterfl ex AG, Stephanie Kniep, info@masterfl ex.de; 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 Münchmey- er Petersen Capital AG, Till Gießmann, [email protected]; 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, jfi [email protected]; OVB Holding AG, Brigitte Bonifer, [email protected]; P&I Personal & Informatik AG, Andreas Granderath, [email protected]; PAION AG, Ralf Penner, [email protected]; paragon AG, Carsten Vogt, [email protected]; Petrotec AG, Brigitte Manthei, [email protected]; PNE Wind AG, Reiner Heinsohn, [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 Systeme 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 Hen- sel, [email protected]; REpower Systems AG, Thomas Schnorrenberg, [email protected]; ROFIN-SINAR Technologies Inc., Katharina Manok, ir@rofi n-ham. de; Rücker AG, Jürgen Vogt, [email protected]; SAF Simulation, 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, [email protected]; secunet Security Networks AG, Dr. Kay Rathke, [email protected]; SFC Smart Fuel Cell AG, Barbara v. Frankenberg, [email protected]; 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]; Solar-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. Ha- rald F. Schäfer, [email protected]; SURTECO SE, Günter Schneller, [email protected]; SÜSS MicroTec AG, Julia Hartmann, [email protected]; SYGNIS Pharma AG, Dr. Franz- Werner Haas, [email protected]; Synaxon AG, Alexandra Linck, [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, [email protected]; TELES AG Informationstechnologien, Olaf Schulz, [email protected]; TOM TAILOR Holding AG, [email protected]; TOMORROW FOCUS AG, Armin Blohmann, [email protected]; Travel24.com AG, Dr. Konstantin Korosides, kon- [email protected]; TRIA IT-solutions AG, Jeanette Babik, [email protected]; 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, [email protected]; VITA 34 International AG, Dr. med. Eberhard F. Lampeter, IR@vita34. de; 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, investor. [email protected]; ZhongDe Waste Technology AG, Catherine Huang, [email protected]; zooplus AG, Dominic Großmann, grossmann@cometis. de; 3U HOLDING AG, Peter Alex, [email protected]; 4SC AG, Yvonne Alexander, [email protected];

ISSUE 09/2010 34 CAPITAL INSIGHT corporate Governance Germany NEWS

EVENTS DIARY September 2010

9 September 2010 Corporate Governance im Umbruch [Corporate Governance in Transition] Organizer: DAI; place: DVFA-Center im Signaris, Frankfurt am Main, Mainzer Landstraße 37-39; cost:€900; info: 069 929 150

14 September 2010 Forum Financial Services 2010 Organizer: SRC Research; place: Hilton, Frankfurt am Main; cost: none; info: www.src-research.de/ffs

28 September 2010 Hauptversammlungssaison 2010 [AGM season 2010] Organizer: DAI; place: Alte Börse, Frankfurt am Main; cost:€900; info: 069 929 150

29 September 2010 M&A und Private Equity 2010 Organizer: Frankfurt School of Finance & Management; place Frankfurt School, Frankfurt am Main, Sonnemannstraße 11; cost:€395; info: 069 154 008 680

reading suggestions Höhn, Nicole, Höring, Johannes, Das Steuerrecht international agierender Unternehmen Gabler Verlag, 287 pp, €49.95, ISBN 978-3-8349-2248-9 International trade in goods and services has an important role for German companies. A knowledge of tax characteristics in the international context is essential in order for the consultant to develop optimal tax solutions.

Wenzler, Thomas, Die Selbstanzeige – Ratgeber Steuerstrafrecht Gabler Verlag, 157 pp, €29.95, ISBN 978-3-8349-2263-2 Those who successfully deliver a self-denunciation cannot be punished, although they have committed ﬁ scal fraud. This guide describes the requirements and gives recommendations for action.

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: Dr. Hans-Peter Canibol 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]

ISSUE 09/2010 35 CAPITAL INSIGHT corporate Governance Germany NEWS

Index of Persons Index of Companies

A Miller, Klaus 8 A I AIXTRON 11 IASB 7 Achten, Dominik von 12 N adidas 2 IIRC 7 Ammer, Dieter 5 8 Naujoks, Alexander 12 Allianz 7 10 11 Inﬁ neon 8 Austin, Andrew 12 O B K B Oesterle, Fritz 11 BaFin 5 Kontron 12 Baseler Ausschuss 7 L Bauer, Peter 8 P BASF 10 Lanxess 10 Baule, Rainer 12 Parker, Kevin E. 11 BdB 10 Linde 10 12 Belloni, Aldo 12 Powell, Martin 12 BHF-Bank 5 M Brosnan, Michael 12 Powell, Rice 12 BJC Equity KG 12 MAN 5 Brüderle, Rainer 2 R Bundesgerichtshof 7 Manz Automation 12 Bundesverfassungsgericht 6 MTU 12 Buhlmann, Hans-Martin 2 Reitzle, Prof. Wolfgang 12 C N D Renz, Volker 12 CAMMA GmbH 11 Nordex 12 Dammann, Angelika 12 Reutersberg, Bernhard 8 Celesio 2 11 P Diekmann, Michael 11 Reyes, Gregorio 12 Commerzbank 2 Porsche 4 Conergy 5 8 Post 10 E Runte, Rainer 12 D Q Edwards, Mark 8 S DAI 9 35 Q4 Web Systems 9 G Schiedeck, Norbert 12 Delticom 11 R Gehrmann, Ulrich 12 Schmitz, Peter 12 Demag Cranes 10 RHÖN-KLINIKUM 12 H Schneider, Olaf 5 Deutsche Bank 5 10 11 RWE 12 Deutsche Post 10 S Härter, Holger 4 Schregle, Josef 12 Dialog 12 SAP 2 12 Heraeus, Alexandra 12 Schröter, Marco 8 Douglas 12 Siemens 6 Heraeus, Birgit 12 Sikorski-Großmann, Dagmar 12 Drillisch 12 Sixt 2 Höhn, Nicole 35 Simmroß, Joachim 11 DZ Bank 2 Sky Deutschland 11 E SMA Solar 12 Höring, Johannes 35 Spiekerkötter, Jörg 5 E.on 8 12 SoFFin 6 J Stockert, Andreas 8 F Software 8 Jost, Wolfram 8 Strenger, Christian 4 FASB 7 Solarworld 2 K Stuart, Lewis 11 FMC 12 SP Beteiligungs GmbH 12 Kaiser, Wilfried 12 T FMSA 6 SRC Research 35 Frankfurt School 35 Stada 2 Kämpfert, Michael 12 Teyssen, Johannes 8 Fraport 12 T Kildahl, Jorgen 12 Totev, Ivo 8 Fresenius 12 Tognum 12 Klimpe, Detlef 12 Tweedie, David 7 G TUI 4 Kreke, Henning 12 W Gabler Verlag 35 U GEA 12 Udo Stark Vermögensverwaltung 12 Kröner, Michael 11 Waugh, Seth Harrison 11 geschäftsberichte-portal 9 V Kürpick, Peter 8 Weck, Pierre de 11 H Ventus Venture Fund 12 L Wenzler, Thomas 35 Hannover Rück 8 Vossloh 12 Lipps, Ben J. 12 Wiedeking, Wendelin 4 Hapag-Lloyd 4 VW 4 M Z HeidelbergCement 12 W Hugo Boss 8 Wincor Nixdorf 11 Masters, J. Kent 12 Zitzewitz, Andreas von 5 8

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ISSUE 09/2010 36