The introduction of the German Corporate Governance Code meant that for the first time both nationally and internationally recognised standards of responsible corporate management were formally codified as a complement to existing legislation on the management and control of German listed companies.

PWO AG is a stock corporation (Aktiengesellschaft) governed by German law. As such, it is administered jointly by the management and supervisory boards. PWO regards the maintenance of high standards of governance as a key element of the company?s identity. Consequently, both the management and supervisory boards of PWO welcome the introduction of a Corporate Governance Code and are fully supportive of this initiative. They have resolved to manage and control the company?s affairs in future with reference to the German Corporate Governance Code.

In the absence of industry- or company-specific requirements, there is no intention to draw up a separate code for PWO AG.

Please note that the following information on this subject is only available in German with the exception of the ?Declaration of conformity?.