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Efficiency of Supervisory Board activities

The Supervisory Board reviews the efficiency of its activities on an annual basis. Following the extensive efficiency review conducted in March 2010, we discussed the current status in our meeting on 10 March 2011. The activities of the Supervisory Board and its committees were once again unanimously judged to be efficient. No conflicts of interest were reported with regard to a member of the Supervisory Board. The Corporate Governance Officer provided a comprehensive written report to the Supervisory Board and prepared the Declaration of Compliance with the German Corporate Governance Code from the Board of Managing Directors and the Supervisory Board in accordance with Section 161 of the German Stock Corporation Act (AktG). The declaration was approved at our meeting on 14 March 2012.

In line with the recommendation in the GCGC, we adopted a resolution on the objectives for the composition of the Supervisory Board at the meeting on 25 August 2011; details of this are provided in the joint Corporate Governance report by the Board of Managing Directors and the Supervisory Board.