Lenzing - Leading Fiber Innovation

The Austrian Code of Corporate Governance has been in force since October 2002. It has been revised several time and is available in the current version of 1 January 2010. The Austrian Code of Corporate Governance provides a framework for managing and monitoring companies.

The objective of the code is the management and control of companies and groups oriented towards sustainable and long-term value creation. This objective best serves the interests of all whose economic well-being is linked to the company's success. The code realizes a high degree of transparency for all of the company's stakeholders.

The code includes internationally common standards of good corporate governance and, moreover, important regulations of the Austrian Stock Corporation Act.

Lenzing AG already largely complied with the C-Rules ('comply or explain') contained in the Austrian Code of Corporate Governance in business year 2009. The management board of Lenzing AG has therefore decided, taking into account the legal requirement of compiling corporate governance reports from business year 2009 on, to recognize the Code of Corporate Governance.