##### 



Exhibit 2.6 Declaration by the Board of Management and Supervisory Board
of Pfeiffer Vacuum AG pursuant to § 161 Joint Stock Corporation
Act (AktG)
regarding to the German Corporate Governance Code in effect as of May 21, 2003
(convenience translation) § 161 of the German
Stock Corporation Act (AktG) requires the Board of
Management and the Supervisory Board of a listed stock corporation to declare
each year that the recommendations of the German Corporate Governance Code
Government Commission, published by the Federal Ministry of Justice in the
official section of the electronic Federal Gazette have been and are being met
or, if not, which recommendations have not been or are not being applied. This
declaration must be made available to shareholders at all times. The German Corporate Governance Code (Code) contains rules with varying
binding effect. Apart from outlining aspects of the current German Stock
Corporation Act, it contains recommendations from which companies are permitted
to deviate. However, if they do so, they must disclose this each year. The Code
also contains suggestions which can be ignored without giving rise to any
disclosure requirement. Pursuant to § 161 of the German Stock Corporation Act, the Management and
Supervisory Boards of Pfeiffer Vacuum Technology AG issued the statement of
compliance for the year 2003 in December 2003. With the following exceptions,
this statement reflects compliance with the recommendations of the German
Corporate Governance Code Government Commission:  
    
    No agreement was able to be reached in negotiations with our D&O
insurance carrier to obtain a lower premium if a deductible is
arranged. We will therefore not arrange for a deductible. A deductible
would not improve the overall motivation and sense of responsibility
of the Management and Supervisory Boards. Both the Management and
Supervisory Boards work to the benefit of the enterprise. (Point 3.8
of the Code)  
    
    The compensation of the members of the Management Board has in the
past been and presently still is stated collectively in the Notes to
the Consolidated Financial Statements. (Point 4.2.4 of the Code)  
    
    The members of the Supervisory Board have in the past received and
presently still receive fixed compensation, which does not contain any
performance-related variable income components. Their compensation is
stated collectively in the Notes to the Consolidated Financial
Statements. (Point 5.4.5 of the Code) The full text of the Code is included in this exhibit and available at the
following Internet address:
www.corporate-governance-code.de




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German Corporate Governance Code as amended on May 21, 2003
(convenience translation) Government Commission
German Corporate Governance Code




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##### 



German Corporate Governance Code
as amended on May 21, 2003
(convenience translation) Foreword This German Corporate Governance Code (the Code) presents essential
statutory regulations for the management and supervision (governance)
of German listed companies and contains internationally and nationally
recognized standards for good and responsible governance. The Code
aims at making the German Corporate Governance system transparent and
understandable. Its purpose is to promote the trust of international
and national investors, customers, employees and the general public in
the management and supervision of listed German stock corporations. The Code clarifies the rights of shareholders, who provide the company
with the required equity capital and who carry the entrepreneurial
risk. A dual board system is prescribed by law for German stock corporations:  The Management Board is responsible for managing the enterprise.
Its members are jointly accountable for the management of the
enterprise. The Chairman of the Management Board coordinates the
work of the Management Board.The Supervisory Board appoints, supervises and advises the members
of the Management Board and is directly involved in decisions of
fundamental importance to the enterprise. The chairman of the
Supervisory Board coordinates the work of the Supervisory Board.The members of the Supervisory Board are elected by the
shareholders at the General Meeting. In enterprises having more
than 500 or 2000 employees in Germany, employees are also
represented in the Supervisory Board, which then is composed of
employee representatives to one third or to one half respectively.
For enterprises with more than 2000 employees, the Chairman of the
Supervisory Board, who, for all practical purposes, is a
representative of the shareholders, has the casting vote in the
case of split resolutions. The representatives elected by the
shareholders and the representatives of the employees are equally
obliged to act in the enterprises best interests. In practice the dual board system, also established in other
continental European countries, and the internationally widespread
system of management by a single management body (Board of Directors)
converge because of the intensive interaction of the Management Board
and the Supervisory Board, both being likewise successful. 1




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German Corporate Governance Code
as amended on May 21, 2003
(convenience translation) The accounting standards of German enterprises are oriented on the
true and fair view principle and represent a fair picture of the
actual conditions of the asset, financial and earnings situations of
the enterprise. The recommendationsof the Code are marked in the text by use of the
word shall. Companies can deviate from them, but are then obliged to
disclose this annually. This enables companies to reflect sector and
enterprise-specific requirements. Thus, the Code contributes to more
flexibility and more self-regulation in the German corporate
constitution. Furthermore, the Code contains suggestionswhich can be
deviated from without disclosure; for this the Code uses terms such as
should or can. The remaining passages of the Code not marked by
these terms contain provisions that enterprises are compelled to
observe under applicable law. For Code stipulations relating to not only the listed company itself
but also its group companies, the term enterprise is used instead of
company. Primarily, the Code addresses listed corporations. It is recommended
that non-listed companies also respect the Code. As a rule the Code will be reviewed annually against the background of
national and international developments and be adjusted, if necessary. 2




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German Corporate Governance Code
as amended on May 21, 2003
(convenience translation)  2.
    
    Shareholders and the General Meeting2.1
    
    Shareholders2.1.1
    
    Shareholders exercise their rights at the General Meeting and vote there.2.1.2
    
    In principle, each share carries one vote. There are no shares with
multiple voting rights, preferential voting rights (golden shares) or
maximum voting rights.2.2
    
    General Meeting2.2.1
    
    The Management Board submits to the General Meeting the Annual
Financial Statements and the Consolidated Financial Statements. The
General Meeting resolves on the appropriation of net income and the
discharge of the acts of the Management Board and of the Supervisory
Board. It elects the shareholders representatives to the Supervisory
Board and, as a rule, the auditors.Furthermore, the General Meeting resolves on the Articles of
Association, the purpose of the company, amendments to the Articles of
Association and essential corporate measures such as, in particular,
inter-company agreements and transformations, the issuing of new shares and, in particular, of convertible bonds and bonds with
warrants, and the authorization to purchase own shares.2.2.2
    
    When new shares are issued, shareholders, in principle, have
pre-emptive rights corresponding to their share of the equity capital.2.2.3
    
    Each shareholder is entitled to participate in the General Meeting,
to take the floor on matters on the agenda and to submit materially
relevant questions and proposals.2.2.4
    
    The chair of the meeting provides for the expedient running of the
General Meeting.2.3
    
    Invitation to the General Meeting, Proxies2.3.1
    
    At least once a year the shareholders General Meeting is to be
convened by the Management Board giving details of the agenda. A quorum of
shareholders is entitled to demand the convening of a General Meeting and
the extension of the agenda. The Management Board shall not only provide
the reports and documents, including the Annual Report, required by law
for the General Meeting, and send them to shareholders upon request, but
shall also publish them on the companys Internet site together with the
agenda. 3




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##### 



German Corporate Governance Code
as amended on May 21, 2003
(convenience translation)  2.3.2
    
    The company shall inform all domestic and foreign shareholders,
shareholders associations and financial services providers, who, in the
preceding 12 months, have requested such notification, of the convening of
the General Meeting together with the convention documents, upon request,
also using electronic channels.2.3.3
    
    The company shall facilitate the personal exercising of
shareholders voting rights. The company shall also assist the
shareholders in the use of proxies. The Management Board shall arrange for
the appointment of a representative to exercise shareholders voting
rights in accordance with instructions; this representative should also be
reachable during the General Meeting.2.3.4
    
    The company should make it possible for shareholders to follow the
General Meeting using modern communication media (e.g. Internet).3.
    
    Cooperation between Management Board and Supervisory Board3.1
    
    The Management Board and Supervisory Board cooperate closely to the
benefit of the enterprise.3.2
    
    The Management Board coordinates the enterprises strategic approach
with the Supervisory Board and discusses the current state of strategy
implementation with the Supervisory Board in regular intervals.3.3
    
    For transactions of fundamental importance, the Articles of
Association or the Supervisory Board specify provisions requiring the
approval of the Supervisory Board. They include decisions or measures
which fundamentally change the asset, financial or earnings situations of
the enterprise.3.4
    
    Providing sufficient information to the Supervisory Board is the joint
responsibility of the Management Board and Supervisory Board.The Management Board informs the Supervisory Board regularly, without
delay and comprehensively, of all issues important to the enterprise with
regard to planning, business development, risk situation and risk
management. The Management Board points out deviations of the actual
business development from previously formulated plans and targets,
indicating the reasons therefor.The Supervisory Board shall specify the Management Boards
information and reporting duties in more detail. The Management Boards
reports to the Supervisory Board are, as a rule, to be submitted in
writing (including electronic form). Documents required for decisions, in
particular, the Annual Financial Statements, the Consolidated Financial
Statements and the Auditors Report are to be sent to the members of the
Supervisory Board, to the extent possible, in due time before the meeting. 4




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German Corporate Governance Code
as amended on May 21, 2003
(convenience translation)  3.5
    
    Good corporate governance requires an open discussion between the
Management Board and Supervisory Board as well as among the members within
the Management Board and the Supervisory Board. The comprehensive
observance of confidentiality is of paramount importance for this.All board members ensure that the staff members they employ observe
the confidentiality obligation accordingly.3.6
    
    In Supervisory Boards with codetermination, representatives of the
shareholders and of the employees should prepare the Supervisory Board
meetings separately, possibly with members of the Management Board.If necessary, the Supervisory Board should meet without the Management
Board.3.7
    
    In the event of a takeover offer, the Management Board and Supervisory
Board of the target company must submit a statement of their reasoned
position so that the shareholders can make an informed decision on the
offer.After the announcement of a takeover offer, the Management Board may
not take any actions outside the ordinary course of business that could
prevent the success of the offer unless the Management Board has been
authorized by the General Meeting or the Supervisory Board has given its
approval. In making their decisions, the Management and Supervisory Boards
are bound to the best interests of the shareholders and of the enterprise.In appropriate cases the Management Board should convene an
extraordinary General Meeting at which shareholders discuss the takeover
offer and may decide on corporate actions.3.8
    
    The Management Board and Supervisory Board comply with the rules of
proper corporate management. If they violate the due care and diligence of
a prudent and conscientious Managing Director or Supervisory Board member,
they are liable to the company for damages.If the company takes out a D&O (directors and officers liability
insurance) policy for the Management Board and Supervisory Board, a
suitable deductible shall be agreed.3.9
    
    Extending loans from the enterprise to members of the Management and
Supervisory Boards or their relatives requires the approval of the
Supervisory Board.3.10
    
    The Management Board and Supervisory Board shall report each year on
the enterprises Corporate Governance in the Annual Report. This includes
the explanation of possible deviations from the recommendations of this
Code. Comments can also be provided on the Codes suggestions. 5




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German Corporate Governance Code
as amended on May 21, 2003
(convenience translation)  4.
    
    Management Board4.1
    
    Tasks and Responsibilities4.1.1
    
    The Management Board is responsible for independently managing the
enterprise. In doing so, it is obliged to act in the enterprises best
interests and undertakes to increase the sustainable value of the
enterprise.4.1.2
    
    The Management Board develops the enterprises strategy, coordinates
it with the Supervisory Board and ensures its implementation.4.1.3
    
    The Management Board ensures that all provisions of law are abided
by and works to achieve their compliance by group companies.4.1.4
    
    The Management Board ensures appropriate risk management and risk
controlling in the enterprise.4.2
    
    Composition and Compensation4.2.1
    
    The Management Board shall be comprised of several persons and have
a Chairman or Spokesman. Terms of Reference shall regulate the allocation
of areas of responsibility and the cooperation in the Management Board.4.2.2
    
    At the proposal of the committee dealing with Management Board
contracts, the full Supervisory Board shall discuss and regularly review
the structure of the Management Board compensation system.Compensation of the members of the Management Board is determined by
the Supervisory Board at an appropriate amount based on a performance
assessment in considering any payments by group companies. Criteria
for determining the appropriateness of compensation are, in
particular, the tasks of the respective member of the Management
Board, his personal performance, the performance of the Management
Board as well as the economic situation, the performance and outlook
of the enterprise taking into account its peer companies.4.2.3
    
    The overall compensation of the members of the Management Board
shall comprise a fixed salary and variable components. Variable
compensation should include one-time and annually-payable components
linked to the business performance as well as long-term incentives
containing risk elements. All compensation components must be appropriate,
both individually and in total.In particular, company stocks with a multi-year blocking period, stock
options or comparable instruments (e.g. phantom stocks) serve as
variable compensation components with long-term incentive effect and
risk elements. Stock options and comparable instruments shall be
related to demanding, relevant comparison parameters. Changing such
performance targets or the 6




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German Corporate Governance Code
as amended on May 21, 2003
(convenience translation)  comparison parameters retroactively shall be excluded. For
extraordinary, unforeseen developments a possibility of limitation
(Cap) shall be agreed for by the Supervisory Board.The salient points of the compensation system and the concrete form of
a stock options scheme or comparable instruments for components with
long-term incentive effect and risk elements shall be published on the
companys website in plainly understandable form and be detailed in
the annual report. This shall include information on the value of
stock options.The Chairman of the Supervisory Board shall outline the salient points
of the compensation system and any changes thereto to the General
Meeting.4.2.4
    
    Compensation of the members of the Management Board shall be
reported in the Notes of the Consolidated Financial Statements subdivided
according to fixed, performance-related and long-term incentive
components. The figures shall be individualized.4.3
    
    Conflicts of Interest4.3.1
    
    During their employment for the enterprise, members of the
Management Board are subject to a comprehensive non-competition
obligation.4.3.2
    
    Members of the Management Board and employees may not, in connection
with their work, demand nor accept from third parties payments or other
advantages for themselves or for any other person nor grant third parties
unlawful advantages.4.3.3
    
    Members of the Management Board are bound by the enterprises best
interests. No member of the Management Board may pursue personal interests
in his decisions or use business opportunities intended for the enterprise
for himself.4.3.4
    
    All members of the Management Board shall disclose conflicts of
interest to the Supervisory Board without delay and inform the other
members of the Management Board thereof. All transactions between the
enterprise and the members of the Management Board as well as persons they
are close to or companies they have a personal association with must
comply with standards customary in the sector. Important transactions
shall require the approval of the Supervisory Board.4.3.5
    
    Members of the Management Board shall take on sideline activities,
especially Supervisory Board mandates outside the enterprise, only with
the approval of the Supervisory Board.5.
    
    Supervisory Board5.1
    
    Tasks and Responsibilities5.1.1
    
    The task of the Supervisory Board is to advise regularly and
supervise the Management Board in the management of the enterprise. It
must be involved in decisions of fundamental importance to 7




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German Corporate Governance Code
as amended on May 21, 2003
(convenience translation)  the enterprise.5.1.2
    
    The Supervisory Board appoints and dismisses the members of the
Management Board. Together with the Management Board it shall ensure that there is a
long-term succession planning. The Supervisory Board can delegate
preparations for the appointment of members of the Management Board to
a committee, which also determines the conditions of the employment
contracts including compensation.For first time appointments the maximum possible appointment period
of five years should not be the rule. A re-appointment prior to one year
before the end of the appointment period with a simultaneous termination
of the current appointment shall only take place under special
circumstances. An age limit for members of the Management Board shall be
specified.5.1.3
    
    The Supervisory Board shall issue Terms of Reference.5.2
    
    Tasks and Authorities of the Chairman of the Supervisory BoardThe Chairman of the Supervisory Board coordinates work within the
Supervisory Board and chairs its meetings.The Chairman of the Supervisory Board shall also chair the committees
that handle contracts with members of the Management Board and prepare the
Supervisory Board meetings. He should not be Chairman of the Audit
Committee.The Chairman of the Supervisory Board shall regularly maintain
contact with the Management Board, in particular, with the Chairman or
Spokesman of the Management Board and consult with him on strategy,
business development and risk management of the enterprise. The Chairman
of the Supervisory Board will be informed by the Chairman or Spokesman of
the Management Board without delay of important events which are essential
for the assessment of the situation and development as well as for the
management of the enterprise. The Chairman of the Supervisory Board shall
then inform the Supervisory Board and, if required, convene an
extraordinary meeting of the Supervisory Board.5.3
    
    Formation of Committees5.3.1
    
    Depending on the specifics of the enterprise and the number of its
members, the Supervisory Board shall form committees with sufficient
expertise. They serve to increase the efficiency of the Supervisory
Boards work and the handling of complex issues. The respective committee
chairmen report regularly to the Supervisory Board on the work of the
committees.5.3.2
    
    The Supervisory Board shall set up an Audit Committee which, in
particular, handles issues of accounting and risk management, the
necessary independence required of the auditor, the issuing 8




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German Corporate Governance Code
as amended on May 21, 2003
(convenience translation)  of the audit mandate to the auditor, the determination of auditing
focal points and the fee agreement. The Chairman of the Audit
Committee should not be a former member of the Management Board of the
company.5.3.3
    
    The Supervisory Board can delegate other subjects to be handled by
one or several committees. These subjects include the strategy of the
enterprise, the compensation of the members of the Management Board,
investments and financing.5.3.4
    
    The Supervisory Board can arrange for committees to prepare
Supervisory Board meetings and to take decisions in place of the
Supervisory Board.5.4
    
    Composition and Compensation5.4.1
    
    For nominations for the election of members of the Supervisory
Board, care shall be taken that the Supervisory Board, at all times, is
composed of members who, as a whole, have the required knowledge,
abilities and expert experience to properly complete their tasks and are
sufficiently independent. Furthermore, the international activities of the
enterprise, potential conflicts of interest and an age limit to be
specified for the members of the Supervisory Board shall be taken into
account.5.4.2
    
    To ensure the Supervisory Boards independent advice and supervision
of the Management Board, not more than two former members of the
Management Board shall be members of the Supervisory Board and Supervisory
Board members shall not exercise directorships or similar positions or
advisory tasks for important competitors of the enterprise.5.4.3
    
    Every member of the Supervisory Board must take care that he/she has
sufficient time to perform his/her mandate. Members of the Management
Board of a listed company shall not accept more than a total of five
Supervisory Board mandates in non-group listed companies.5.4.4
    
    The election or re-election of members of the Supervisory Board at
different dates and for different periods of office enables changing
requirements to be taken into account.5.4.5
    
    Compensation of the members of the Supervisory Board is specified by
resolution of the General Meeting or in the Articles of Association. It
takes into account the responsibilities and scope of tasks of the members
of the Supervisory Board as well as the economic situation and performance
of the enterprise. Also to be considered here shall be the exercising of
the Chair and Deputy Chair positions in the Supervisory Board as well as
the chair and membership in committees.Members of the Supervisory Board shall receive fixed as well as
performance-related compensation. Performance-related compensation should
also contain components based on the long-term performance of the
enterprise.The compensation of the members of the Supervisory Board shall be reported
in the Notes of the 9




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German Corporate Governance Code
as amended on May 21, 2003
(convenience translation)  Consolidated Financial Statements, subdivided according to components.
Also payments made by the enterprise to the members of the Supervisory
Board or advantages extended for services provided individually, in
particular, advisory or agency services shall be listed separately in
the Notes to the Consolidated Financial Statements.5.4.6
    
    If a member of the Supervisory Board took part in less than half of
the meetings of the Supervisory Board in a financial year, this shall be
noted in the Report of the Supervisory Board.5.5
    
    Conflicts of Interest5.5.1
    
    All members of the Supervisory Board are bound by the enterprises
best interests. No member of the Supervisory Board may pursue personal
interests in his/her decisions or use business opportunities intended for
the enterprise for himself/herself.5.5.2
    
    Each member of the Supervisory Board shall inform the Supervisory
Board of any conflicts of interest which may result from a consultant or
directorship function with clients, suppliers, lenders or other business
partners.5.5.3
    
    In its report, the Supervisory Board shall inform the General
Meeting of any conflicts of interest which have occurred together with
their treatment. Material conflicts of interest and those which are not
merely temporary in respect of the person of a Supervisory Board member
shall result in the termination of his mandate.5.5.4
    
    Advisory and other service agreements and contracts for work between
a member of the Supervisory Board and the company require the Supervisory
Boards approval.5.6
    
    Examination of EfficiencyThe Supervisory Board shall examine the efficiency of its activities on a
regular basis.6.
    
    Transparency6.1
    
    The Management Board will disclose without delay any new facts which
have arisen within the enterprises field of activity and which are not
known publicly, if such facts could, owing to their impact on the asset
and financial situations or general business development, substantially
influence the price of the companys registered securities.6.2
    
    As soon as the company becomes aware of the fact that an individual
acquires, exceeds or falls short of 5, 10, 25, 50 or 75% of the voting
rights in the company by means of a purchase, sale or any other manner,
the Management Board will disclose this fact without delay. 10




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German Corporate Governance Code
as amended on May 21, 2003
(convenience translation)  6.3
    
    The companys treatment of all shareholders in respect of information
shall be equal. All new facts made known to financial analysts and similar
addressees shall also be disclosed to the shareholders by the company
without delay.6.4
    
    The company shall use suitable communication media, such as the
Internet, to inform shareholders and investors in a prompt and uniform
manner.6.5
    
    Any information which the company discloses abroad in line with
corresponding capital market law provisions shall also be disclosed
domestically without delay.6.6
    
    The purchase or sale of shares in the company or of related purchase
or sale rights (e.g. options) and of rights directly dependent on the
stock market price of the company by members of the management board and
supervisory board of the company or its parent company and by related
parties shall be reported without delay to the company. Purchases based on
employment contracts, as a compensation component as well as immaterial
purchase and sale transactions (EURO25,000 in 30 days) are excepted from
the reporting requirement. The company shall publish the disclosure
without delay.Corresponding information shall be provided in the Notes to the
Consolidated Financial Statements. The shareholdings, including
options and derivatives, held by individual Management Board and
Supervisory Board members shall be reported if these directly or
indirectly exceed 1% of the shares issued by the company. If the
entire holdings of all members of the Management Board and Supervisory
Board exceed 1% of the shares issued by the company, these shall be
reported separately according to Management Board and Supervisory
Board.6.7
    
    As part of regular information policy, the dates of essential regular
publications (including the Annual Report, interim reports, General
Meeting) shall be published sufficiently in advance in a financial
calendar.6.8
    
    Information on the enterprise which the company discloses shall also
be accessible via the companys Internet site. The Internet site shall be
clearly structured. Publications should also be in English. 11




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German Corporate Governance Code
as amended on May 21, 2003
(convenience translation)  7.
    
    Reporting and Audit of the Annual Financial Statements7.1
    
    Reporting7.1.1
    
    Shareholders and third parties are mainly informed by the Consolidated
Financial Statements. They shall be informed during the financial year by means of interim
reports. The Consolidated Financial Statements and interim reports
shall be prepared under observance of internationally recognised
accounting principles. For corporate law purposes (calculation of
dividend, shareholder protection), Annual Financial Statements will be
prepared according to national regulations (German Commercial Code),
which also form the basis for taxation.7.1.2
    
    The Consolidated Financial Statements will be prepared by the
Management Board and examined by the auditor and Supervisory Board. The
Consolidated Financial Statements shall be publicly accessible within 90
days of the end of the financial year; interim reports shall be publicly
accessible within 45 days of the end of the reporting period.7.1.3
    
    The Consolidated Financial Statements shall contain information on
stock option programmes and similar securities-based incentive systems of
the company.7.1.4
    
    The company shall publish a list of third party companies in which
it has a shareholding that is not of minor importance for the enterprise.
The trading portfolios of banks and financial services companies, on which
voting rights are not exercised, are disregarded in this context. The
following shall be provided: name and headquarters of the company, the
amount of the shareholding, the amount of equity and the operating result
of the past financial year.7.1.5
    
    Notes on the relationships with shareholders considered to be
related parties pursuant to the applicable accounting regulations shall
be provided in the Consolidated Financial Statements.7.2
    
    Audit of Annual Financial Statements7.2.1
    
    Prior to submitting a proposal for election, the Supervisory Board
or, respectively, the Audit Committee shall obtain a statement from the
proposed auditor stating whether, and where applicable, which
professional, financial and other relationships exist between the auditor
and its executive bodies and head auditors on the one hand, and the
enterprise and the members of its executive bodies on the other hand, that
could call its independence into question. This statement shall include
the extent to which other services were performed for the enterprise in
the past year, especially in the field of consultancy, or which are
contracted for the following year.The Supervisory Board shall agree with the auditor that the Chairman
of the Supervisory Board will be informed immediately of any grounds
for disqualification or impartiality occurring during the audit,
unless such grounds are eliminated immediately.7.2.2
    
    The Supervisory Board commissions the auditor to carry out the audit
and concludes an agreement on the latters fee. 12




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German Corporate Governance Code
as amended on May 21, 2003
(convenience translation)  7.2.3
    
    The Supervisory Board shall arrange for the auditor to report
without delay on all facts and events of importance for the tasks of the
Supervisory Board which arise during the performance of the audit.The Supervisory Board shall arrange for the auditor to inform it
and/or note in the Auditors Report if, during the performance of the
audit, the auditor comes across facts which show a misstatement by the
Management Board and Supervisory Board on the Code.7.2.4
    
    The auditor takes part in the Supervisory Boards deliberations on
the Annual Financial Statements and Consolidated Financial Statements and
reports on the essential results of its audit. 13