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Efficiency of Supervisory Board activities

The Supervisory Board reviews the efficiency of its activities on an annual basis. Following the extensive efficiency review conducted in March 2011, we discussed the current status in our meeting on 14 March 2012. The activities of the Supervisory Board and its committees were once again unanimously judged to be efficient. No conflicts of interest were reported with regard to a member of the Supervisory Board. The Corporate Governance Officer reported comprehensively in writing to the Supervisory Board.

In the meeting on 23 August 2012 we adopted a resolution regarding the independence of members of the Supervisory Board and the target objective for the composition of the Supervisory Board in line with the recommendation of the GCGC; details are given in the Corporate Governance report that forms part of the Corporate Governance statement, which can be viewed and downloaded from the website at www.comdirect.de/ir under the heading Corporate Governance.