Background

Each year, the Executive Board and the Supervisory Board of any company listed on the German stock exchange issue a statutory Declaration of Compliance pursuant to Sec. 161 of the German Stock Corporations Act (AktG) in which they state that the recommendations of the German Corporate Governance Code have been adopted. Furthermore, the corporation is obliged to explain any exceptions that have occured or still occur.

Corporate Governance at ProSiebenSat.1 Media AG

The Executive Board and Supervisory Board of ProSiebenSat.1 Media AG are staunch advocates of the German Corporate Governance Code. Based on the recommendations of the Code, they have developed a refined Corporate Governance Code for the Group which takes into account the corporation's specific conditions. Since its implementation, this Code has set standards in Germany for transparent management which acts in the best interest of shareholders and others interested in increasing the value of the company.

Declaration of Compliance

The most recent Declaration of Compliance pursuant to Sec. 161 of the German Stock Corporations Act (AktG) was issued by the Executive Board and the Supervisory Board in March 2008. It can be permanently accessed on the company's web site.

Declaration of Compliance

Articles of Incorporation

Corporate Governance Code (German)