011 REPORT BY THE SUPERVISORY BOARD MANAGEMENT Chap. 1 In the year under report the Supervisory Board held six meetings. The General Commit- tee, which in particular handles the transactions subject to the approval of the Super- visory Board in accordance with the internal rules of the Supervisory Board, met twice. The Committee for Matters of the Managing Board, which deals in particular with the employment contracts of the members of the Board of Management, held three meet- ings. The committee under section 27 para. 3 of the Co-Determination Act did not have to be convened. Major issues of deliberation and resolutions In the business year 2007, the following issues were of particular importance for the work of the Supervisory Board: New appointments to the Board of Management Upon the resignation of Dr. Thießen, in agreement with the Supervisory Board, as at June 30, 2007, the Supervisory Board decided to appoint Mr. Dietmar Meister, until then the Chief Financial Officer, as Chief Executive. In addition, Dott. Lorenzo Kravina, until then a General Representative of the company, was appointed as a member of the Board of Management, already with effect from May 16, 2007. Furthermore Mr. Christoph Schmallenbach was appointed to the Board of Management with effect from July 15, 2007. Since 1991 Mr. Schmallenbach has held various functions within the AMB Generali Group, most recently as a member of the Board of Management of AachenMünchener Versicherungen. Merger of Generali Versicherungen and Volksfürsorge In September the Board of Management presented to the Supervisory Board its plans for the merger of Generali Versicherungen with Volksfürsorge. Also at its following meeting, the Supervisory Board was informed on the further development of the "New Generali" project, which is to be largely implemented in the course of the current business year. The opportu- nities and risks involved in the project were discussed in detail at each of these meetings. The Supervisory Board will continue to concern itself intensively with this issue. Reporting on other project activities The Supervisory Board was also regularly informed about the measures to increase the AMB Generali Group's competitiveness, which were already initiated in the previous business year and are comprised under the project name "MOVE". AMB Generali Services GmbH, where the Group has consolidated the functions of the areas of accounting, tax and logistics, and AMB Generali Schadenmanagement GmbH as the Group's new claims specialist, took up their operations in the business year 2007. This has been the subject of regular reports and discussions, just like the individual meas- ures of the Group companies as well as the international projects to increase efficiency and competitiveness, in which the AMB Generali Group participates. The transfer of the tied-agent network of AachenMünchener into Deutsche Vermögens- beratung AG, which had already been resolved in the previous year, has meanwhile been implemented and has been continuously accompanied by the Supervisory Board.