During the course of financial year 2009/2010, the Supervisory Board of Demag Cranes AG fulfilled its obligations as required by law, the Articles of Association and the Rules of Procedure. We both advised and monitored the Management Board in its management of the Company.

The Management Board provided us with regular, prompt and comprehensive information in verbal or written form, in particular on business development in the individual segments, the position of the Group, proposed business policies, corporate planning and strategy, the profitability of the Company, the current status of the restructuring programme’s implementation, risk management and compliance. The Supervisory Board was involved at an early stage in matters and decisions of fundamental importance to the Company. If a transaction or action by the Management Board required the approval of the Supervisory Board, it was presented by the Management Board in the proper manner and decided upon by the Supervisory Board.

In my capacity as Chairman of the Supervisory Board, I regularly discussed and exchanged views and information on topics and issues of relevance to the Company with the Management Board, particularly the Chairman of the Management Board, also outside the Supervisory Board meetings. Thus, I always learned immediately of any events that could be of major significance to evaluating the Group’s position and prospects.

The Supervisory Board held five meetings during financial year 2009/2010: on 4 December 2009, 2 March 2010, 7 May 2010, 6 August 2010 and 3 September 2010. On 9 October 2009 and in current financial year 2010/2011 on 11 November 2010, it also adopted resolutions in writing without meeting.