Compliance statement

Declaration by the Management Board and Supervisory Board of Demag Cranes AG on the recommendations of the "Government Commission for the German Corporate Governance Code" (Regierungskommission Deutscher Corporate Governance Kodex) according to paragraph 161 of the German Stock Corporation Act

Demag Cranes AG can confirm that the recommendations made by the Federal Ministry of Justice in the official section of the electronic Federal Gazette with regard to the “Government Commission on the German Corporate Governance Code” have been complied with in full with the following exceptions since issuing the last declaration of conformity on 25 January 2007 and up to 19 July 2007, in accordance with the Code in force on 12 June 2006 and since the 20 July 2007, in accordance with the Code in force on 14 June 2007.

a)	In accordance with Clause 3.8, a reasonable deductible is to be agreed if the Company takes out a D & O insurance policy on behalf of the Management and Supervisory Boards. The D&O insurance policy for Demag Cranes AG’s Management and Supervisory Boards does not include a deductible.
b)	In accordance with the recommendations in Clause 5.4.7, the members of the Supervisory Board should be paid a success-related remuneration in addition to their fixed basic remuneration. The Articles of Association of Demag Cranes AG do not include a performance-related component for members of the Supervisory Board.
c)	According to Clause 7.1.2, the Consolidated Financial Statements shall be made publicly available within 90 days following the end of the financial year, the interim reports within 45 days following the end of the interim report period. The Management and Supervisory Boards did not follow this recommendation with regard to the interim Financial Report for the first quarter of the 2006/2007 financial year. The deadline was exceeded by 13 days.

Apart from the exceptions listed under Clauses a) and b) above, the recommendations of the “Government Commission on the German Corporate Governance Code” in force on 14 June 2007 were fully met.

Düsseldorf 12 December 2007

The Management BoardThe Supervisory Board