Corporate Governance.

According to Art. 19 MAR of the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG) all members of the Management Board and the Supervisory Board of Heidelberger Druckmaschinen Aktiengesellschaft (hereinafter referred to as the "Company") as well as persons with executive duties defined by law, which are persons who have regularly access to insider facts and who are in the position to make essential company decisions for the Company have to notify to the German Financial Supervisory Authority (Bundesanstalt für Finandienstleistungen) and to the Company transactions in securities of the Company or rights that are related to aforementioned securities within three working days. The same obligation lays on the

• spouses, registered partners and relatives in the first degree (e.g. children and parents)
• relatives, which live together within one household with the persons mentioned above at least since one year at the time of the transaction in securities notified
• juristic persons, in which aforementioned persons have executive duties
• juristic persons, which are controlled by persons with executive duties, which are established for the benefit of such a person or which economic interest is largely identical with such a person.

The obligation exists if the total amount of the transactions in securities of the Company or rights that are related to aforementioned securities of a person with executive duties or the persons privately related to the person aforementioned reaches 20,000 Euro within one calendar year.

The Company must publish the notifications.