* Consolidation of operative business under a management holding
* Major step towards capital market viability successfully concluded
* Supervisory board with 20 members

The Schaeffler Group has with effect from 28 June 2010 consolidated its operational businesses and its stake in Continental AG under a corporation called Schaeffler GmbH based in Herzogenaurach. Schaeffler GmbH will function as a management holding for the operational businesses of the Schaeffler Group. It is wholly owned by the Schaeffler family.

Schaeffler GmbH will have a supervisory board of 20 members according to the German codetermination rules. For the shareholders, Maria-Elisabeth Schaeffler and Georg F. W. Schaeffler as well as Prof. Hans-Joerg Bullinger, Dr. Eckhard Cordes, Dr. Hubertus Erlen, Prof. Bernd Gottschalk, Franz Josef Kortuem, Dr. Siegfried Luther, Robin Stalker and Dr. Otto Wiesheu will become members of the supervisory board.

There will be no significant change for employees, customers and suppliers as their points of contacts within the Schaeffler Group will remain unaltered and the operative business is not directly affected.

“The conversion into a corporation is a very significant step for us towards the capital market. It provides the Schaeffler Group with greater strategic flexibility. In doing so we will preserve the values, which we stand for as a family-owned business”, said shareholder of the Schaeffler Group Maria-Elisabeth Schaeffler.

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