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1 Run Better 2010 Annual Report The Best-Run Businesses Run SAP

2 Successful companies know how to recognize opportunity and seize it. Companies today need real-time access to information to remain agile and make well-informed business decisions in an everchanging and complex environment. That is why organizations of all sizes and across all industries rely on SAP. Our solutions and services help 109,000 companies in 120 countries anticipate market demands better, respond flexibly, and innovate quickly. Our solutions are available and accessible when and where our customers need them on premise, on demand, or on device. SAP helps customers turn change into opportunity and simply run their businesses better.

3 Best-Run Businesses Run Freer Commonwealth Bank of Australia Run Speedier ebay Inc. Run Juicier Sambazon Run Leaner Sinopec Run Edgier WMF To Our Shareholders Letter from the Co-CEOs Executive Board Investor Relations Corporate Governance Report Report by the Supervisory Board Compensation Report Declaration of the Executive Board Independent Auditor s Report Management Report The SAP Group of Companies Portfolio of Software and Services Customers Research and Development Partner Ecosystem Acquisitions Employees Changes in Management Financial Measures Cited in This Review Economic Conditions Assets, Finances, and Operating Results Sustainability Assets, Financial Position, and Income of SAP AG Overall Financial Position Corporate Governance Information Concerning Takeovers Risk Report Events after the Reporting Period Outlook Financial Statements Consolidated Income Statements Consolidated Statements of Comprehensive Income Consolidated Statements of Financial Position Consolidated Statements of Changes in Equity Consolidated Statements of Cash Flows Notes to the Consolidated Financial Statements Management s Annual Report on Internal Control over Financial Reporting in the Consolidated Financial Statements Additional Information Five-Year Summary Glossary Addresses Publications for Shareholders Financial Calendar Publication Details 1

4 Run Freer With over 1,000 branches and 4,000 ATMs nationwide, the Commonwealth Bank of Australia (CBA) needed a powerful core banking platform. SAP for Banking gives CBA the freedom to deliver transactions, products, and services anytime, anywhere. Wider reach CBA is Australia s number-one provider of integrated financial services. To maintain that lead, CBA stays incredibly close to each of its customers every day. It does that with the largest financial services distribution network in the country. And thanks to the national rollout of the new deposit account functionality, CBA delivers the most points of access of any of the bank s nearest competitors. Greater speed To keep its network moving and growing, CBA runs it across an incredibly powerful SAP core banking platform. SAP for Banking, SAP Deposits Management, and in the near future SAP Loans Management applications help keep transactions flowing quickly, safely, and securely. And that helps CBA stay connected to each of its customers wherever they happen to be. Learn more: 2 Best-Run Businesses

5 Commonwealth Bank 3

6 Run Speedier ebay Inc. wanted to use its PayPal platform to pay suppliers faster and cut transaction costs. The SAP Custom Development team helped ebay Inc. integrate PayPal into its SAP ERP Financials application. Now, ebay Inc. pays its bills faster than you can say the check s in the mail. Global transactions Founded in 1995, ebay Inc. is a global e-commerce and payments leader. Its flagship brand is ebay, the world s largest online marketplace, where practically anyone can buy or sell practically anything at any time. In 2002, the company acquired PayPal, which is the leader in global online payments. With PayPal, any person or business can securely, quickly, and easily send and receive payments using just an address. Faster payments As it turns out, what s good for ebay Inc. s customers is also great for ebay Inc. That s why the company decided to pay its own suppliers using PayPal. And it asked SAP to help make it happen. The SAP Custom Development team helped ebay to be both agile and innovative by adding PayPal as a new payment type within its existing SAP ERP Financials application. Up and running in six weeks, it allows the company to pay any invoice in a second. Now, ebay Inc. enjoys more early payment discounts and lower transaction costs. And for ebay Inc. vendors, there s no longer a check in the mail just money in the bank. Learn more: 4 Best-Run Businesses

7 ebay 5

8 Run Juicier Amazon superfood company Sambazon needed a better way to keep up with its explosive 50 % growth. SAP Business ByDesign helps the young start-up tame its business transactions, supply chain, and finances to keep profits flowing. Explosive growth Sambazon makes delicious, organic superfood products using unique blends of Brazilian fruits and botanicals including açaí, a palm fruit from the Amazon rain forest. The rapidly growing company is just over 10 years old. But it already sells its delicious juices, sorbets, and frozen smoothie packs in 10,000 healthfood stores, grocery stores, and juice bars across the United States. Sustainable business To cut business risk, boost product procurement, and ensure product availability, Sambazon runs SAP Business ByDesign. It helps Sambazon increase transparency and streamline its business operations. And with its first bottom line under control, Sambazon is now free to focus on the triple bottom line: Providing over 10,000 local family farmers with an economic alternative to logging and protecting 6,769 km 2 of Amazon rain forest. Learn more: 6 Best-Run Businesses

9 Sambazon 7

10 Run Leaner After its successful transformation into an integrated, publicly traded upstream and downstream oil and gas company, China Petroleum and Chemical Corporation (Sinopec) needed to unify its far-flung internal processes under a single roof. SAP gives Sinopec a unified overview of its domestic and export trading operations and a global perspective for its business. Better oversight With 300,000 employees, Sinopec is one of China s largest energy companies. The petrochemical giant touches every point along the oil and gas supply chain from exploration and development to sales and distribution. Since Sinopec restructured and became a publicly traded company, it has climbed from number 23 on the Fortune 500 rankings in 2006 to number 7 in Best practices SAP ERP applications and business intelligence software are helping reshape Sinopec into an industry leader. Thanks to standardized business processes and better management visibility, it is achieving operational excellence. And that means that the company s business information, like oil and gas, can flow full speed ahead. Learn more: 8 Best-Run Businesses

11 Sinopec 9

12 Run Edgier The premium knife-, cook-, and tableware manufacturer WMF wanted to deliver cutting-edge products to its customers quicker than ever. SAP CRM 7.0 gives WMF deeper insights and better business processes to do just that. Sharper insights Founded in 1853, WMF (Württembergische Metallwarenfabrik AG) is a legendary German manufacturer and designer of precision cutlery, cookware, tableware, and coffee machines. With 6,000 employees and a turnover of 900 million, the company s branded products are revered worldwide for their superior design, quality, and function. Faster results WMF is a master at bringing innovation into the world s kitchens and dining rooms. And with SAP CRM 7.0, the company is maintaining a clear competitive advantage. That is because SAP applications give WMF a more consistent view of customers and better business processes. Taken together, they give WMF the necessary insight to create incredibly personalized customer experiences. And that s a recipe for global success. Learn more: 10 Best-Run Businesses

13 WMF 11

14 800 mn ProduCT Safety Solutions from SAP help 800 million consumers live safer and healthier. 12

15 To Our Shareholders Letter from the Co-CEOs Executive Board Investor Relations Corporate Governance Report Report by the Supervisory Board Compensation Report Declaration of the Executive Board Independent Auditor s Report 13 To Our Shareholders 13

16 Letter from the Co-CEOs Run Better Dear Shareholders, Customers, Partners, and Colleagues, We started 2010 with the goal of making SAP a growth company again. We decided to concentrate on delivering superior value to our customers and we refocused our strategy on innovation. We started with an ambitious vision: to make the world run better. We then centered everything on our mission to make our customers best-run businesses. This strategy allows us to both strengthen leadership in our traditional business and to double our addressable market by investing in new innovations that will change the game for our customers. As we look back at 2010, our efforts to refine and accelerate our strategy, combined with excellent execution, produced solid results capped off by our best fourth quarter ever. We saw broad-based, double-digit increases in software and software-related service (SSRS) revenue in all regions. High growth markets, the BRIC countries in particular, saw 70 % year-over-year gains in software revenue. Full-year non-ifrs SSRS revenue increased approximately 20 % (13 % at constant currencies) and exceeded our company guidance. We added 15,000 new customers during the year, including 5,800 small and midsize companies. Just as important, we met our guidance for full year 2010 non-ifrs operating margin at constant currencies. Our innovation strategy includes a focus on new game-changing technologies such as in-memory computing, mobile computing, and cloud computing. We delivered important innovations in all three categories. We successfully launched SAP Business ByDesign, enabling companies to run best practices through the cloud without any installation of IT. We also launched our High-Performance Analytic Appliance (SAP HANA) that allows customers to analyze, in real time, what is going on in their business, without any change to their landscape. The development of SAP HANA is a leading example of our rapid innovation cycle. And as we look to this coming year, our innovation pipeline is full. Working closely with partners worldwide, we offer more powerful inno vation to our customers. We strongly believe that in this world of innovation, one company cannot offer all of the options that businesses require. We promote co-innovation with partners to offer customers optimal choice, and embrace our role orchestrating our customers data and processes consistently and securely across their diverse IT landscapes. With our acquisition of Sybase, SAP became the leader in enterprise mobility, setting the stage for the unwired enterprise and the evolution of mobile devices as the new desktop. We are also aggressively pursuing other transformative technologies, such as virtualization, cloud, and in-memory computing, to deliver solutions that are easier to implement and use, integrated across SAP and non-sap environments, enabling our customers to operate in real-time, with information at their fingertips. Through lean development practices, we connected our development teams more closely to our customers and accelerated the delivery of solutions to the market. Our field sales teams grew savvier in positioning IT solutions with shorter implementation times and lower total cost of ownership to deliver the value our customers require. Through our value management disciplines, we ensured that, for every dollar customers spend with SAP, they can expect ten in return. No other company can create this holistic cycle from strategy to business outcome for our customers like SAP and our open partner ecosystem. 14 To Our Shareholders

17 From left: Jim Hagemann Snabe, co-ceo, Bill McDermott, co-ceo In addition to the focus externally on our customers, we made significant strides with our people strategy. The appointment of Angelika Dammann as a member of the SAP Executive Board in charge of human resources promises a new focus on our greatest asset our employees. Across the organization, we are making SAP run better through a stronger focus on leadership and people development. We are fostering a culture at SAP that engages and inspires our people around one goal: helping our customers be best-run businesses. The year was not without its setbacks. As the accountable company that we are, we took responsibility for any mistakes made by the defunct TomorrowNow subsidiary. However, we believe that amount awarded by the jury in the trial is disproportionate and are pursuing options to reduce that amount. Nonetheless, we learned a valuable lesson about transparency and good governance. Fortunately, our customers realize that the actions at TomorrowNow were isolated and discontinued years ago. The strong momentum from our 2010 performance gives us full confidence that we will achieve our ambitious goals for the coming years and that SAP will expand its market leadership in business software. We continuously challenge ourselves to run better with the goal of making SAP more valuable for our customers, employees, and shareholders. We have made great strides since we took the helm of SAP in February 2010, bringing back confidence in the company, our strategy, and our management team. We are running better to make SAP the innovator and undisputed market leader. We look forward to strengthening our strong partnerships with all stakeholders as we lead SAP into a new generation of profitable growth. Best regards, Jim Hagemann Snabe Co-CEO SAP AG Bill McDermott Co-CEO SAP AG Letter from the Co-CEOs 15

18 Executive Board Committed to the Success of Our Customers Bill McDermott Co-CEO Joined SAP: 2002 Appointed to Executive Board: 2008 Werner Brandt Chief Financial Officer Joined SAP: 2001 Appointed to Executive Board: 2001 Gerhard Oswald Chief Operating Officer Joined SAP: 1981 Appointed to Executive Board: To Our Shareholders

19 Jim Hagemann Snabe Co-CEO Joined SAP: 1990 Appointed to Executive Board: 2008 Angelika Dammann Chief Human Resources Officer and Labor Relations Director Joined SAP: 2010 Appointed to Executive Board: 2010 Vishal Sikka Joined SAP: 2002 Appointed to Executive Board: 2010 Executive Board 17

20 Investor Relations Clear, Open Communication Our dialog with investors focused on SAP s growth strategy, our solutions, the acqui sition of Sybase, and on membership changes on the Executive Board. SAP stock performed well, broadly in line with the significant benchmark stock indexes. Stock markets gain traction The beginning of 2010 saw stock markets on the way into a slight dip. Having rallied to over 6,000 points toward the end of the old year, the DAX 30 index of German blue chip stocks bottomed for 2010 at 5,434 on February 5. The debt crisis in Europe and the United States determined the mood on global stock markets early in the year. By mid-month, the DAX 30 again advanced beyond 6,000 points. On April 28, it reached a 19-month high at 6,332, heralding a return to heights unvisited since the collapse of Lehman Brothers in September From the end of April, concerns about the sovereign debt of some of the countries in the euro area and the fiscal easing in the United States were reflected on the financial markets. Between the spring and fall of 2010, they teeter-tottered without a sustained sense of direction. They responded positively to the stronger-than-expected recovery, which owed much to the resilience of the Brazilian, Chinese, Indian, Russian, and other emerging market economies. But anxieties about a possible double dip in the United States and about the sovereign debt of Greece, Portugal, Ireland, and Spain also pulled in the opposite direction. The DAX 30 was buoyed by good economic news and the expectation of better to come, as well as by a perception that stocks were underpriced, by interest rate cuts in the United States, and by unexpectedly strong recovery in Germany. It ended 2010 having gained slightly more than 16 % over the year, due more than anything to a strong finish. Comparable indexes, such as the Dow Jones Industrial Average in the United States, advanced only around 11 % over the year. Like the DAX 30, the Technology Peer Group Index (TechPGI) moved ahead about 16 % in The components of the TechPGI are 10 major companies in the field of technology. The S&P 500 rose 12.8 %, and the S&P North Software-Software Index rose almost twice as fast as that, by just shy of 25 %. SAP Stock continues to Advance Having performed well in 2009, SAP stock continued its upward trend in Following a 30.4 % rise in 2009, SAP stock gained 15.5 % in That gain was on a par with the showing of the key comparator indexes: Over the same period, the DAX 30 moved forward 16.1 % and the Tech PGI gained 15.9 %. The EURO STOXX 50 followed an altogether different path in 2010, declining 5.8 % over the year. SAP stock ended the year on in Frankfurt on the Xetra electronic trading system in 2009, and closed on a year later on December 30, In the eventful first quarter of 2010, SAP stock outperformed the market. Among the positives were SAP s showing at the CeBit computer industry fair and the announcement of a dividend unchanged since the previous year. The change at the top of SAP the resignation of CEO Léo Apotheker and the appointment of new co-ceos Bill McDermott and Jim Hagemann Snabe was briefly unsettling, and in a weak market the stock dipped to on February 11, its low for the year. A few days before, on February 5, the DAX 30 had fallen back to its lowest level for the year at 5, By the end of the quarter on March 31, SAP stock had recovered to The second quarter brought another trial for SAP stock when, on May 12, plans were announced to acquire Sybase. However, the stock markets welcomed the news. Despite the US$5.8 billion enterprise value of Sybase, SAP stock remained relatively steady, reflecting the fact that the acquisition strengthens SAP s position in the key mobile enterprise applications market of the future. Issues around sovereign debt in some euro area countries and the price of the euro shaped market sentiment in May, but SAP stock gained ground regardless to reach by the end of the first half. 18 To Our Shareholders

21 SAP Share in Comparison with the DAX 30, the Dow Jones EURO STOXX 50 and the S&P North Software-Software Index January 1, 2010 to February 28, 2011 Percent SAP Share (Xetra) DAX 30 Performance Index (Xetra) Dow Jones EURO StoXX 50 Price Index S&P North Software-Software Index Price Index As market optimism grew, SAP stock climbed to by July 14. Profit-taking after the release of the preliminary secondquarter interims brought the price back down to at the end of August. Good news, such as the unveiling of the latest version of SAP Business ByDesign, was overshadowed by the litigation with our competitor Oracle over the business activities of the former SAP US subsidiary TomorrowNow. The volatility of the stock markets due to concerns about a renewed weakening in the global economy lasted into the fall, and the price of SAP stock was at the end of September. At the start of the fourth quarter, SAP stock reached a new high for the year at It lost ground slightly following the publication of the provisional third-quarter results because the operating margin fell short of investors expectations. The verdict of the U.S. jury, which awarded Oracle US$1.3 billion in damages, led to a fall in the price of SAP stock. Our stock regained its previous form in December, reaching its highest value for the year at on December 29, while the DAX 30 peaked at 7,078 points on December 21 as part of a year-end rally. Due to the influence of the euro/u.s. dollar exchange rate, the price of SAP American depositary receipts (ADRs) traded on the New York Stock Exchange rose only 8.1 % in the course of the year. The ADRs stood at US$46.81 at the end of 2009 and at US$50.61 at the end of Investor Relations 19

22 Key Facts about SAP Stock/SAP ADRs Listings Germany Berlin-Bremen, Frankfurt, Stuttgart USA (ADR) New York Stock Exchange IDs and symbols WKN/ISIN /DE NYSE (ADR) (CUSIP) Reuters SAPG.F or.de Bloomberg SAP GR Quotron SAGR.EU. Weight in indexes at 12/31/2010 DAX % Prime All Share 4.66 % CDAX 4.68 % HDAX 4.92 % Dow Jones StoXX % Dow Jones EURO StoXX % Dividend increased by 20 % We believe our shareholders should benefit appropriately from the profit the Company made in 2010 and wish to continue our dividend policy of recent years. The policy has been to pay a total dividend in the region of 30 % of profit after tax. However, we do not believe costs arising out of the TomorrowNow litigation ought to affect the dividend. Therefore, although profit after tax increased only 4 %, the Executive Board and the Supervisory Board recommend to the Annual General Meeting of Shareholders that the dividend be increased 20 % to 0.60 per share (2009: 0.50). This would result in a total distributed dividend of 793 million. The dividend payout ratio (which here means total distributed dividend as a percentage of profit) would be 39 % (2009: 34 %). Shares Repurchased Again In addition to the dividend, we returned 220 million excess liquidity to our shareholders in 2010 by buying back shares for treasury. For more information, see the Notes to the Consolidated Financial Statements section. capital Stock increased SAP s capital stock is 1,226,822,697 (2009: 1,226,039,608). It is issued as 1,226,822,697 no-par shares, each with an attributable value of 1 in relation to the capital stock. Larger Free Float The proportion of our stock in free float increased again slightly in Applying the new definition accepted on the Frankfurt Stock Exchange which excludes treasury stock from the free float on February 28, 2011, the free float stood at 73.1 % (2008: 72.4 %). Approximately 23.7 % (2008: 24.6 %) of the stock was under the control of the three founders and their trusts and holding companies. U.S. institutions remained the next largest group of shareholders, holding around 17.1 % of the stock. Continental European investors outside Germany held about 11.7 %, followed by institutions in the UK and Ireland, which held approximately 11.1 %. Institutions in Germany held 8.1 % and investors from the rest of the world held 3.1 % of the stock at the close of the year. Private or unidentified investors held 22.0 %. SAP held 3.2 % of the stock in treasury. Employees Profit from SucceSS As in previous years, our employees and managers profited from our business success. For more information about our stock award programs, see the Notes to Consolidated Financial Statements section. 20 To Our Shareholders

23 Communication with InvestORS Our directors and senior officers again aimed for the greatest possible transparency and openness in their continuous dialog with our shareholders. In more than 500 one-on-one meetings held at SAP, during investor road shows worldwide, and at investor events, we answered institutional investors and analysts inquiries about our business. We also held telephone conferences and analyst meetings when we published our quarterly results. Investor presentations at the SAPPHIRE conference, which took place simultaneously in Orlando, Florida (United States), and in Frankfurt, Germany, as well as SAP Investor Day in Walldorf, Germany and Newtown Square, Pennsylvania, United States, were other key elements of our communication with the financial markets. These events focused on our strategy for growth, including our on-demand strategy, the midmarket segment, membership changes on the Executive Board, our acquisition of Sybase, and the TomorrowNow litigation. In addition, we gave presen tations about the environment, social issues, and corporate governance to socially responsible investors (SRIs) at the SRI in the Rockies conference and at an SRI road show in London. Return on SAP Common Stock WKN ; ISIN DE Initial investment 10,000 Date of investment 12/31/ /31/ /31/2009 Period of investment 10 years 5 years 1 year Value in on December 31, 2010¹ ) 13,702 10,627 11,705 Average annual return 3.2 % 1.2 % 17.0 % Performance comparators DAX 30 Performance total return index 0.7 % 5.0 % 16.1 % REX General Bond total return index 5.1 % 4.3 % 4.0 % S&P 500 Composite total return index 2.1 % 0.3 % 23.1 % S&P North Software-Software Index price index 4.9 % 5.4 % 33.8 % 1) Assuming all dividends were reinvested. Source: Datastream Return on SAP ADRs (CUSIP) Initial investment US$10,000 Date of investment 12/31/ /31/ /31/2009 Period of investment 10 years 5 years 1 year Value in on December 31, 2010¹ ) 16,152 11,810 10,919 Average annual return 4.9 % 3.4 % 9.2 % Performance comparators S&P 500 Composite total return index 1.4 % 2.3 % 15.1 % 1) Assuming all dividends were reinvested. Source: Datastream Investor Relations 21

24 comprehensive Service for Individual InvestORS Providing a full service for individual investors is a priority for SAP. We broadcast all key events at which members of our Executive Board share news about SAP with financial analysts and institutional investors live on the Internet. We publish their presentations on our Investor Relations site and on slideshare. There is a range of information for investors about SAP and SAP stock online, including a text message service and Twitter feeds. We publish an overview of the latest analyst assessments in collaboration with Vara Research. International AWARds for Investor Relations In 2010, IR Magazine nominated us for its award for best investor relations by a continental European company in the U.S. market, and the German investment magazine Capital ranked SAP joint second with Bayer and RWE out of the EURO StoXX companies. Institutional Investor magazine ranked SAP third among technology and software companies (sell-side) for our investor relations work. About 1,100 sell-side analysts and 650 investors took part in the survey. The quarterly SAP INVESTOR magazine is one of the cornerstones of SAP s service for individual investors. In summer 2010, we provided the first HTML edition of SAP INVESTOR. Other channels are the monthly newsletter, the shareholder hotline, and the contact at Our investor relations team presented information at stock exchanges and at shareholder conventions in Germany and, for example, at The World Money Show in Orlando, Florida, the Better Investing National Convention in St. Louis, Missouri, and InvestEd in Baltimore, Maryland, in the United States. In addition to our direct contacts with individual U.S. investors at financial conventions, we also communicated in depth with consultants from financial service providers of all sizes. 22 To Our Shareholders

25 Corporate Governance Report Responsible Management SAP s global business operations and international shareholder structure mean that effective, transparent corporate governance is key for the Company. In their work, the Super visory Board and Executive Board therefore attach great importance to good corporate governance. Corporate governance is the application of international and national values and principles of good, responsible management to the activities of a company s executive and supervisory bodies and its employees. It is not a system of rigid rules and regulations. Rather, it is a process in which values and principles constantly evolve in line with changing requirements. corporate Governance at SAP Because SAP is listed on the German stock exchange, our corporate governance is based on the provisions of the German Stock Corporation Act and of the German Corporate Governance Code (the Code in this report) as from time to time amended. SAP also complies with the provisions that are relevant to German companies listed on the New York Stock Exchange (NYSE). These include the Corporate Governance Standards of the NYSE, the U.S. Sarbanes-Oxley Act, and the requirements of the U.S. Securities and Exchange Commission. SAP s Executive and Supervisory Boards provide the Company s shareholders with detailed information about its implementation of the Code s recommendations by publishing an annual declaration of implementation, as required by the German Stock Corporation Act, section 161. In addition, with the annual financial statements the Executive Board publishes a corporate governance statement pursuant to the German Commercial Code, section 289a, describing certain aspects of the Company s corporate governance in greater detail. This report on corporate governance at SAP in 2010, prepared by the SAP Executive and Supervisory Boards, is a requirement of the Code, section 3.10, sentence 1. Executive BOARd At the time this annual report went to press, the SAP Executive Board had six members. It is solely responsible for managing the Company. It has a duty to exercise its management powers in the interest of the Company and in pursuit of the sustained growth of corporate value. It discusses and agrees on its strategy for the Company with the Supervisory Board, ensures compliance with the requirements of the law throughout the Group, and maintains appropriate risk management structures and risk controls. Supervisory BOARd The SAP Supervisory Board has 16 members who, in equal numbers, represent the shareholders and the employees. It appoints, monitors, and advises the Executive Board. The Executive Board involves the Supervisory Board in decisions on matters of fundamental importance for the Company. The Supervisory Board has reserved to itself the approval of certain defined transactions of fundamental importance. In accordance with the recommendation in section of the Code, the Supervisory Board has stated its aims for its composition. These aims are explained below. New Code Recommendations The version of the Code published on May 26, 2010, contains 90 recommendations, a number of which relate to diversity and require companies to increase diversity, and in particular to increase the proportion of women in senior management positions, and on executive and supervisory boards. New recommendations were added to the Code and existing recommendations were amended to reflect this objective. The new recommendation in section of the Code requires executive boards to have regard to diversity when appointing people to senior management positions, and in particular to strive for an appropriate representation of women. Our Executive Board complies with this new Code recommendation; for each vacant senior management position it considers the aspect of diversity and in particular strives to increase the representation of women. The Executive Board has drawn up a plan to promote diversity when appointing people to senior management positions. Section of the Code contains the new recommendation that supervisory boards are to strive for an appropriate representation of women at executive board level as well. The Supervisory Board follows the new recommendation. Angelika Dammann is the first woman to have been appointed to the Executive Board. In the amended version of the Code, section 5.4.1, paragraph 2, recommends that supervisory boards state specific aims with respect to the composition of their membership. These aims should reflect the company s particular position, its international business activities, any potential conflicts of interest, any age limit to be defined for supervisory board members, and diversity. Particular attention is to be paid to the repre- Corporate Governance Report 23

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