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Vienna, 11 November 2011 Adjustment of the Austrian Corporate Governance Code

As a result of national and international developments, the Austrian Working Group for Corporate Governance, chaired by the Special Representative for the Capital Market, Dr Richard Schenz, has prepared a draft concerning adjustment of the Austrian Corporate Governance Code.

The focal points of the revision consist of further development of the diversity rule, as well as new rules for the improvement of collaboration between supervisory boards and statutory auditors.

Richard Schenz commented thus on the adjustments to the Code: "The rule introduced in 2009 in order to take account of diversity in terms of internationalism, representation of both genders and age structure when filling vacant supervisory-board positions needs to be made more binding and be upgraded to a "comply-or-explain rule". The aim here is, taking account of each company's specific circumstances, to further advance the proportion of women and non-Austrian members on supervisory boards of Austrian listed companies. I consider the intensification of communication between supervisory boards/audit committees and statutory auditors to be a key measure for improving corporate control and enhancing the value of statutory audits."

Further changes relate to fighting corruption and placing restrictions on a management-board member being appointed supervisory-board chairman. The planned new Code rules may be downloaded from the website of the Austrian Working Group for Corporate Governance, at . The public posting expires on 29 November 2011.