The Austrian Corporate Governance Codex was presented publicly on 1st October 2002 and is valid since then. Amendments to the Codex were implemented in February 2005, January 2006 and finally in June 2007.

This voluntary self-regulation effort will boost confidence of shareholders by improving transparency, increasing the quality of the interaction between supervisory board, management board and shareholders and supporting a long-term view to create value. The Austrian Corporate Governance Codex is an important building block for the further development and enhancement of the Austrian capital markets.

Due to the change in the stock exchange listing from the Frankfurt to the Vienna Stock Exchange in March 2007, Pankl Racing Systems AG will from then on focus voluntarily on the Austrian Corporate Governance Codex. Before the company complied with the German Corporate Governance Codex. Pankl Racing Systems AG considers the strict principles of good corporate leadership and transparency its major focus in any of its entrepreneurial activities.

For further information: www.corporate-governance.at