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In addition, the Executive Board prepared a<br />
dependency report on the Company’s affiliation<br />
in fiscal 1996 pursuant to Art. 312 AktG.<br />
The statutory auditors examined said report,<br />
too, laid down the results of their audit in writing<br />
and issued the following opinion thereon:<br />
“According to our audit, which we performed<br />
with due care and to professional standards, it<br />
is our opinion that<br />
(1) the facts stated in the report are valid,<br />
(2) the consideration paid by the Company<br />
for the legal transactions mentioned in the<br />
report was not unreasonably high.”<br />
According to the final result of its own examination,<br />
the Supervisory Board has no objections,<br />
either to the representations of the Executive<br />
Board in the report the latter prepared under<br />
the terms of Art. 312 AktG, or to the auditors’<br />
opinion issued thereon.<br />
Cologne, May 1997<br />
THE SUPERVISORY BOARD<br />
Erwin Conradi<br />
Chairman<br />
<strong>METRO</strong> <strong>AG</strong><br />
Report of the Supervisory Board<br />
91
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