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Compensation of the Supervisory Board

The compensation of the Supervisory Board is stipulated in the Articles of Association. In addition to reimbursement of expenses, the individual members of the Supervisory Board receive a non-variable compensation of €10,000 at the end of the financial year, with the Chairman of the Supervisory Board receiving triple that amount and his Deputy one and a half times that amount. If a member of the Supervisory Board is also a member of a Supervisory Board committee, he or she additionally receives a quarter of the relevant fixed compensation and the committee chairman receives a further quarter. A member of the Supervisory Board may receive a maximum of two and a half times the fixed compensation, i.e. a maximum of €25,000. The maximum for the Chairman of the Supervisory Board is €75,000 and €37,500 for his Deputy.

In line with GCGC, the members of the Supervisory Board also receive a variable compensation payment. This component is dependent on the dividend distributed to the shareholders. No variable component is paid for a dividend of up to 4% of the share capital, which equates to €0.04 per share. The Supervisory Board as a whole receives €1,500 for each half a percentage point that the dividend paid exceeds this basic return on the share capital of 4%. For financial year 2011, a dividend of €0.56 per share, or 56% of the share capital, will be proposed to the annual general meeting. If approved by the annual general meeting, a volume of €156 thousand will be made available for the variable compensation of the Supervisory Board. Pursuant to a resolution by the Supervisory Board, this sum will be divided among the members of the Supervisory Board, irrespective of their activities on committees, in accordance with the ratio for non-variable compensation.

The compensation paid to members of the Supervisory Board, including if necessary statutory VAT accrued on the compensation, is shown in the following table individually.

€ thousand Non-variable components Variable components Remuneration for committee activities Total
  2011 2010 2011 2010 2011 2010 2011 2010
Martin Zielke 0 18 0 24 0 12 0 54
Frank Annuscheit 0 10 0 13 0 0 0 23
Thorben Gruschka 12 12 23 16 0 0 35 28
Karin Katerbau (since 11 October 2011) 3 0 5 0 0 0 8 0
Angela Kierstein 12 12 23 16 3 3 38 31
Georg Rönnberg 12 8 23 10 3 2 38 20
Dr. Achim Kassow (until 30 June 2011) 9 34 16 45 7 25 32 104
Klaus Müller-Gebel (until 7 May 2010) 0 6 0 9 0 3 0 18
Total 48 100 90 133 13 45 151 278

Mr Zielke and Mr Annuscheit have waived their compensation as members of the Supervisory Board for financial year 2011.