In financial year 2009/2010, the Supervisory Board continued to devote considerable attention to the Company’s corporate governance. In particular, the Supervisory Board set objectives for its future composition in light of the new version of the German Corporate Governance Code issued in May 2010. Pursuant to Clause 3.10 of the Corporate Governance Code of 26 May 2010, the Management and Supervisory Boards report on corporate governance within the Demag Cranes Group in the Corporate Governance Report. On 7 December 2010, the Management and Supervisory Boards issued an updated Declaration of Compliance in accordance with Section 161 of the Stock Corporations Act, which the Supervisory Board adopted at its meeting on 3 December 2010. This declaration is published both at Compliance Statement and at www.demagcranes-ag.de/compliance_statement.

We would like to thank the members of the Management Board, the employees and the employee representatives of all Group companies and associated companies for their personal commitment and constructive cooperation in meeting the demanding challenges that persisted throughout financial year 2009/2010.

Düsseldorf, 7 December 2010

The Supervisory Board
Burkhard Schuchmann
Chairman