Legal form of ProCredit Holding

ProCredit Holding is a partnership limited by shares (Kommanditgesellschaft auf Aktien) under German law. The partnership limited by shares is a hybrid legal form comprising elements of a German limited partnership (Kommanditgesellschaft) and of a German stock corporation (Aktiengesellschaft). It has its own legal personality. Similar to a stock corporation, the partnership limited by shares has a stated capital that is divided into shares. Like a stock corporation, a partnership limited by shares also has the corporate bodies of a supervisory board (Aufsichtsrat) and a general shareholders’ meeting (Hauptversammlung). However, different from a stock corporation, but similar to a limited partnership, a partnership limited by shares has two different groups of shareholders: the general partner (Komplementär), who is solely responsible for the management of the company and carries unlimited personal liability for the company’s liabilities, and the shareholders who participate in the company’s share capital but are excluded from the management of the company and are not personally liable for the company’s liabilities (Kommanditaktionäre) who are represented by the general shareholders’ meeting.

In the case of ProCredit Holding, the general partner is ProCredit General Partner AG, a small separate company which is owned by some of the founding shareholders of ProCredit Holding AG & Co. KGaA: Zeitinger Invest, KfW, DOEN Participaties, EBRD, and ProCredit Staff Invest. ProCredit General Partner AG does not have shares in the KGaA.

ProCredit General Partner AG provides the management of ProCredit Holding. It has a six-person Supervisory Board, chaired by Rainer Ottenstein, which oversees the management and performance of the group.

The Management Board of ProCredit General Partner AG (in turn, the management of ProCredit Holding) comprises Hubert Spechtenhauser (Chairman), Eriola Bibolli, Christian Dagrosa, Dr Gian Marco Felice and Sandrine Massiani.

In addition, the management team is supported by two authorised representatives of the company (Prokuristen). These are Ms Rossana Mazzilli, Chief Legal Counsel and Mr Martin Godemann, head of Group Funding.

In addition, ProCredit Holding AG & Co. KGaA has its own Supervisory Board. Currently the members of the Supervisory Boards of ProCredit General Partner AG and ProCredit Holding AG & Co. KGaA are identical, reflecting the similar role of the core shareholders in both entities.