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Expert Corporate Governance Service (ECGS)
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Aurubis - February 28, 2019

General: Aurubis is a leading worldwide provider of non-ferrous metals and the world's largest copper recycler. The Company processes complex metal concentrates, scrap metals and metal-bearing recycling materials into metals of the highest quality. Aurubis produces more than 1m tons of copper cathodes per year and has about 6,700 employees, production sites in Europe and the USA as well as an extensive service and sales system in Europe, Asia and North America.

As of 30 September 2018, Salzgitter AG held 20.00% of the Company's shares.

In financial year 2017/2018, Group revenues increased by 5.9% to EUR 11.7bn, EBIT increased by 7.8% to EUR 332m and net income attributable to the shareholders of Aurubis AG decreased by 17.3% to EUR 290m.

On 11 December 2018, the Company announced that Jürgen Schachler, CEO since 1 July 2016, will leave the Company when his contract expires on 30 June 2019. A successor has not been named yet.

Item 4: We recommend to oppose the discharge of the Supervisory Board due to our concerns over the fact that the amended remuneration system for the Management Board applicable since financial year 2018/2019 has not been put to shareholder approval at this year's AGM as well as over the insufficient attendance of Supervisory Board member Edna Schöne in financial year 2017/2018.

Underlying
Aurubis AG

Norddeutsche Steingut is a Germany-based manufacturer and distributor of tiles, concentrating on wall and floor tiles for the residential and commercial sector. As of December 31, 2011, Co. was operational through its two wholly owned subsidiaries Nord Ceram Fliesenproduktions und -vertriebs GmbH & Co. KG, which mass produces standard- and large-size floor tiles under the Pro brand for its own sale and for partners of the parent company; as well as Bremer Wandplatten GmbH, which produces floor and wall tiles under the BW brand. Co.concentrates on business activities in Germany

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

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Analysts
Expert Corporate Governance Service (ECGS)

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