The German Corporate Governance Code contains extensive recommendations concerning shareholders and the general meeting, collaboration between and codes of conduct for the management board and supervisory board, transparency, accounting and auditing. Business enterprises are at liberty to diverge from these recommendations. However, if they do so they must disclose this annually, commenting on the reasons. The aim of the code is to render the German system of corporate governance more transparent and comprehensible. It is designed to encourage international and national investors, customers, employees and the general public to have confidence in the management and supervision of German listed stock companies.

TOMORROW FOCUS AG is committed to the principles of the Corporate Governance Code and issues the required statement of compliance in full. The Management Board and Supervisory Board of TOMORROW FOCUS AG state in the annual reports the extent to which the company complies with the Corporate Governance Code.

Munich, December 2005
The Management Board