Thilo Bollenbach joined our company on 1st May 2005 as a member of the Board and contributed a major part to the success of the FAUN Group. To the regret of both sides there are conflicts, regarding the allocation of tasks and the future direction of FAUN. Therefore it has been decided, by mutual consent of both Thilo & FAUN, to part company. Thilo’s successor is Peter Höning (aged 45). Peter has a degree in industrial engineering with an additional 2 years business management qualification from Bournemouth University in England. Since 2002 he has been a CFO with various companies involved in similar areas of expertise in the in relevant commercial fields within the international industrial sector. I would like to thank Thilo Bollenbach for his commitment to the company and I wish him all the best for his future. I look forward to working with Peter Höning and wish him good luck and success within the FAUN Group.