The Executive Board and the Supervisory Board do hereby declare that MVV Energie AG complies with the recommendations of the Government Commission on the German Corporate Governance Code published by the Federal Ministry of Justice in the official section of the electronic Bundesanzeiger. Only the following recommendations have not been realised:

No. 3.8, Para. 2:
Should a company take out D&O insurance for its executive and supervisory boards, agreement should be reached on a commensurate deductible (retention).

MVV Energie AG‘s D&O (Directors & Officers) insurance, which is intended to protect the insured against possible claims for damages, does not provide for insurance coverage for intentional wrongdoing or negligence as well as for knowingly committing acts of nonfeasance on the part of the executive board or the supervisory board.

As a consequence, the question of a deductible (retention) only arises for negligent behaviour. Nevertheless, we are convinced that our efforts to gain outstanding personalities for activities either in the Executive or Supervisory Boards at MVV Energie AG would be severely restricted if said personalities had to reckon with the risk of liability claims even for negligent behaviour.

No. 5.4.5, Para. 2, Sentence 1:
The members of the supervisory board shall receive both a fixed salary and variable remuneration based on performance.

The articles of incorporation of MVV Energie AG currently only provide for fixed salaries for its Supervisory Board. However, this does not mean that MVV Energie AG may not introduce performance- based remuneration for its Supervisory Board members in future. In the near future, we intend to await developments in real-world practise. At present, we have found neither partial linkage of the Supervisory Board’s remuneration with the dividend nor remuneration models based on the share price particularly convincing as criteria for performance- based remuneration. We intend to examine various concepts and will implement the one that offers a completely convincing solution for both the shareholders and the administration.