Declaration of conformity

Declaration of conformance by the Management Board and the Supervisory Board in accordance with Section 161 of the German Stock Corporation Act

The Management Board and the Supervisory Board of TAG Tegernsee Immobilien- und Beteiligungs-AG confirm that the Company conforms to the recommendations issued by the German Federal Ministry of Justice and published in the official part of the electronic Bundesanzeiger publication drafted by the Government Commission on the German Corporate Governance Code (hereinafter referred to as "GCGC") in the version dated 14 June 2007 save for the following exceptions:

1. The Company’s D&O insurance provides for a small deductible for in-dividual members of the Management Board and the Supervisory Board (Article 3.8 Sentence 3 of the German Corporate Governance Code (GCGC). This entails group insurance which also covers the Company’s other management and executive staff. A distinction between members of the Company’s corporate bodies and employees is not considered to be appropriate.
2. TAG Tegernsee Immobilien- und Beteiligungs-AG’s Supervisory Board has not formed any committees at this stage. This particularly refers to the establishment of an audit committee (Section 5.3.2 Sentence 1 of the GCGC) and the establishment of a nomination committee (Section 5.3.3 of the GCGC). The Company’s Supervisory Board takes the view that such committees are neither necessary nor appropriate given the Company’s specific situation, particularly the size of the Supervisory Board.
3. The Company’s consolidated and interim financial reports are not published within 90 days of the end of the fiscal year (Section 7.1.2 of the GCGC) for the publication of consolidated and interim financial statements but are published within the first four months of the conclusion of the financial year or six weeks after the end of the quarter in accordance with the statutory provisions. The Company’s Management Board and Supervisory Board do not consider the added cost arising from a shorter reporting period to be justified.
4. The Company did not make previous declarations of conformity accessible on its website until the 2005 financial year. (Section 3.10 GCGC)

Tegernsee, December 2007

Management Board and Supervisory Board of TAG Tegernsee Immobilien- und Beteiligungs-Aktiengesellschaft

Declaration of conformance 2006

Declaration of conformance 2005

You can download the articles of incorporation of TAG Tegernsee Immobilien- und Beteiligungsgesellschaft here.