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The board of directors of Hulbee Aktiengesellschaft hereby declares

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									 The board of directors of Hulbee Aktiengesellschaft hereby declares with respect
to the recommendations of “Government Commission German Corporate Govern-
                       ance Code” according to § 161 AktG:

According to § 161 AktG, the board of directors of a listed stock company must declare each year
that the recommendations of “Government Commission German Corporate Governance Code” of
the Federal Ministry of Justice, made public in the official part of the electronic Federal Gazette,
have been and still are being adhered to as well as which recommendations, if any, weren’t or are
not being applied. The declaration must be made permanently available to shareholders.

According to mandatory checks, the board of Hulbee AG hereby declares:

With the Declaration of Conformity, Hulbee AG has adhered to the recommendations of “Govern-
ment Commission German Corporate Governance Code” in the form dated 26th May 2010 with the
following exceptions:

4.2.1 Members of the board, organisational plan

According to the articles the managerial board of Hulbee AG may only consist of one individual. The
internal rules of procedure do not make provision for an organisational plan.

4.2.3 Para. 3 – Share options and comparable instruments

Hulbee AG does not conform to the recommendations of the codex regarding share options and
comparable instruments in its entirety. Selection options in the event if extraordinary developments
were not agreed for the share options programme.

5.1.2 Setting of an age limit for board members

The supervisory committee of Hulbee AG has not set any age limit for members of the board of
managers. Determination is made on an individual basis during appointment to the board.

5.3 Formation of committees Due to the size of the board Hulbee AG did not form any committees.

7.1.4 Disclosure of results from associated companies

The list of external companies, disclosed by the company and in which the company holds more than
an insubstantial participation, includes the details required under law.

Egnach , 23rd September 2011

The Board

								
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