The introduction of the Corporate Governance Codex on 26 February 2002 made the rules for company management and supervision applicable in Germany transparent for domestic and international investors. Cooperative interaction of
Supervisory Board and Management Board, an open style of corporate communications and a solid balance sheet policy should be guaranteed as the minimum requirements.

For these reasons, Neschen AG follows the recommendations of the government commission on the German Corporate Governance Codex as of June 14th 2007, subject only to the following exceptions:
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