The Executive Board and Supervisory Board declare that the recommendations of the "Government Commission on German Corporate Governance Codes" edition published in the electronic Bundesanzeiger have been followed in the financial year 2009 with the following exception:

The remuneration received by the members of the Executive and Supervisory Board is not shown individually in the notes to the consolidated financial statements as we consider the summarized publication of payments made to the boards to be sufficient. There is no age-limit for Executive and Supervisory Board members as we do not consider the competence and commitment of board members to be dependent on age.

The Executive Board and Supervisory Board hereby declare that a D&O insurance policy has been taken out. The deductible is EUR 5,000 and not as recommended in the Code. With effect from June 30, 2010, the deductible will comply with the legal requirements.

We only follow to a limited extend the recommendation that attention should be paid when making contracts with Executive Board members to ensure that any payments including supplements made on premature resignation for no urgent reason should not exceed the value of two years' remuneration (severance payment cap) or the normal payment for the remaining period of the contract. Specifically, we do not follow the recommendation that severance payments should not exceed two years' remuneration for the remaining period of the contract. A severance payment cap of two years makes a three or five-year contract absurd, and results in a desirable contract for the company becoming unattractive to the Board member in question. Our contracts include a clause which stipulates a ceiling on variable payments.

 

Bremerhaven, March 18, 2010