Extended Reporting Requirements for Investors in German Listed Companies

The enclosed Alert Memorandum deals with extended reporting requirements for investors in German listed companies respectively entering into force on March 1, 2009 and on May 31, 2009.

The memorandum gives a practical overview of:

• the new rules on the extended attribution of voting rights relating to the shares underlying certain financial instruments,
• new disclosure obligations regarding goals and intentions pursued with the acquisition of shares, and
• the aggravated legal consequences of violations of reporting obligations.

For further questions please do not hesitate to contact the following Cleary Gottlieb partners in the German offices: Dr. Klaus Riehmer, Dr. Gabriele Apfelbacher, Dr. Thomas Kopp, Hanno Sperlich, Dr. Oliver Schröder.