On a quarterly basis, the Management Board reported to the Supervisory Board meetings on business development and the position of the Company. In this context, the Management Board also informed the Supervisory Board about instances where business had not developed in line with corporate planning, at the same time indicating the reasons for this. In addition, the committee chairmen regularly briefed the Supervisory Board meetings on the work being carried out by the committees.

On 9 October 2009, the Supervisory Board resolved to approve the rolling multi-year planning (over five years) presented by the Management Board on the basis of the Annual Budget for 2009/2010.

At the Supervisory Board meeting held on 4 December 2009, we approved both the Financial Statements and the Consolidated Financial Statements for financial year 2008/2009 and followed the Management Board proposal on the appropriation of net income for financial year 2008/2009.

As well as receiving the Management Board’s report on current business developments, the Supervisory Board meeting on 2 March 2010 mainly prepared for the Annual General Meeting that was to take place after that Supervisory Board meeting.

The main point of discussion at the Supervisory Board meeting on 7 May 2010 was the strategic focus of the Demag Cranes Group. We also dealt with issues related to Management Board remuneration for the period after the current Matching Stock Program expires.

On 6 August 2010, the Supervisory Board held an extraordinary meeting at which the Management Board informed the Supervisory Board that a preliminary, non-binding expression of interest had been received from a foreign company regarding the acquisition of Demag Cranes AG shares and discussed with the Supervisory Board the further course of action in this matter.

The current status of the aforementioned expression of interest and the next steps in this regard were discussed at length again at the Supervisory Board meeting on 3 September 2010. The Supervicory Board agreed with the Management Board that further discussions with the relevant parties were not in the interest of the Company or its stakeholders. This meeting also resolved to transfer to the General Committee certain functions related to advising and monitoring the Management Board when carrying out transactions. We also approved the Annual Budget for 2010/2011 presented by the Management Board and the rolling multi-year planning. At the same meeting, the Management Board reported in depth on Demag Cranes AG’s corporate strategy, which is fully supported by the Supervisory Board. The Supervisory Board was also presented with a transaction requiring its approval, namely the inclusion of Kranservice Rheinberg GmbH in Demag Cranes AG’s consolidated tax group. This was approved. In accordance with the current version of the German Corporate Governance Code, we also set objectives for the future composition of the Supervisory Board. These objectives are described in detail in the Corporate Governance Report on pages 34 to 43 of this Annual Report.

In new financial year 2010/2011 on 11 November 2010, we resolved to approve the refinancing of Demag Cranes AG proposed by the Management Board. In preparation, details of the refinancing had already been discussed at the preceding meetings of the Supervisory Board and in particular the Audit Committee. At the first Supervisory Board meeting of the current financial year, held on 3 December 2010, we approved both the Financial Statements and the Consolidated Financial Statements for financial year 2009/2010 and followed the Management Board proposal on the appropriation of net income for financial year 2009/2010. We also received and approved the Management Board proposal regarding the convening of and agenda for the Company’s forthcoming Annual General Meeting and adopted our proposals regarding the resolution of the items on the agenda.

At the Supervisory Board meeting on 2 March 2010, one member of the Supervisory Board sent apologies for his absence. The other Supervisory Board meetings were attended by all members of the Supervisory Board.

There were no conflicts of interest involving members of the Management or Supervisory Boards in financial year 2009/2010.