Corporate Governance Report

Statement on Corporate Management and Corporate Governance Report of TTL Beteiligungs- und Grundbesitz-AG (TTL AG)

 

In this statement, the Management Board and Supervisory Board also report on the company's corporate governance in accordance with Principle 23 of the German Corporate Governance Code.

Corporate governance stands for responsible management and control of companies geared toward long-term value creation. The Management Board and Supervisory Board continued to focus on compliance with the recommendations of the German Corporate Governance Code in the 2024 financial year. The deliberations resulted in the adoption of an updated annual declaration of conformity dated December 20, 2024, which was made permanently available to the public on the company's website.

The Management Board and Supervisory Board of TTL AG declare in accordance with Section 161 of the German Stock Corporation Act (AktG):

TTL AG has complied with the recommendations of the "Government Commission on the German Corporate Governance Code" in the version dated April 28, 2022, as published in the official section of the Federal Gazette, since submitting its last declaration of conformity, with the following exceptions, and will continue to comply with them in the future, with the following exceptions:

 

Section A.4

According to Section A.4 of the Code, employees should be given the opportunity to report violations of the law within the company in a protected manner.

Due to the currently low number of employees, the company is not legally obliged to set up a whistleblowing system and, for the same reason, refrains from setting up such a system.

 

Section B.1

Section B1 of the Code recommends that the Supervisory Board should ensure diversity in the composition of the Management Board.

The Supervisory Board decides on the composition of the Management Board primarily on the basis of expertise and competence. Other characteristics such as gender or national or religious affiliation were and are of secondary importance in the decision-making process. Since August 1, 2024, the Management Board of the company has consisted of only one person.

 

Section C.1

Section C.1 of the Code recommends that the supervisory board should set specific targets for its composition and draw up a competency profile for the entire board. In doing so, the supervisory board should pay attention to diversity. According to the Code, the competency profile should also include expertise on sustainability issues that are important for the company. Proposals made by the supervisory board to the annual general meeting should take these objectives into account and at the same time strive to fulfill the competency profile for the entire board. The status of implementation should be disclosed in the form of a qualification matrix in the corporate governance statement. This should also provide information on the number of independent shareholder representatives deemed appropriate by the shareholder representatives on the supervisory board and the names of these members.

There have been and continue to be some deviations from this recommendation:

With the exception of an age limit for Supervisory Board members and the proportion of women on the Supervisory Board, the Supervisory Board has not specified any specific targets for its composition in deviation from Section C.1 of the Code and has not developed a competency profile for the entire board, nor will it specify any such targets or develop a formal competency profile. Potential conflicts of interest, competency requirements, and the appointment of an appropriate number of independent members are also taken into account by the Supervisory Board without formal specifications. For these reasons, the Supervisory Board has refrained from making formal specifications. In the absence of corresponding objectives and a competency profile for the entire committee, and in deviation from Section C.1 of the Code, neither the Supervisory Board's nominations to the Annual General Meeting nor a publication on the status of implementation, including the specific number of independent members and their names, will be taken into account.

 

Section C.10, sentence 1

Section C.10, sentence 1 of the Code recommends that the Chairman of the Supervisory Board should be independent of the company and the Management Board. According to Section C.7 of the Code, when assessing independence from the company and the Management Board, consideration should be given, among other things, to whether the Supervisory Board member currently or in the year prior to his or her appointment has or had a significant business relationship with the company or a company dependent on it, either directly or as a shareholder or in a responsible position in a company outside the group. The Supervisory Board has decided to use the formal indicators specified in the Code as the basis for its assessment and not to make any deviating classification, as permitted by Section C.8 of the Code. Notwithstanding the fact that, based on the above formal indicators, the Chairman of the Supervisory Board would therefore not be classified as independent of the company and the Management Board, the Supervisory Board has no doubt that he is able to perform his advisory and supervisory duties without restriction. In addition, the Supervisory Board believes that it has an appropriate number of independent members; more than half of the shareholder representatives are independent of the company and the Management Board.

 

Sections C.13 and C.14

According to Section C.13 of the Code, when submitting its nominations to the Annual General Meeting for the election of Supervisory Board members, the Supervisory Board should disclose the personal and business relationships of each candidate with the company, the company's executive bodies, and any shareholder with a significant interest in the company. According to Section C.14 of the Code, the candidate proposal should be accompanied by a curriculum vitae providing information on relevant knowledge, skills, and professional experience; this should be supplemented by an overview of the main activities in addition to the Supervisory Board mandate and published annually on the company's website for all Supervisory Board members.

These recommendations are not followed. In the company's opinion, the recommendation in Section C.13 of the Code does not specify in sufficient detail which relationships of each candidate must be disclosed in detail and to what extent in election proposals to the Annual General Meeting in order to comply with the recommendation. In the interests of legal certainty for future elections to the Supervisory Board, the Management Board and Supervisory Board have decided to declare a deviation from the recommendation. We are of the opinion – also with regard to section C.14 of the Code , we believe that the statutory disclosure requirements in Sections 124 and 125 of the German Stock Corporation Act (AktG) already take into account the information needs of shareholders and will review and decide in due course whether additional information about the candidates and/or the other members of the Supervisory Board will be made available voluntarily and without being bound by the recommendations of the Code when nominations are submitted to the Annual General Meeting.

 

Sections D.2 and D.4

Notwithstanding Section D.2 of the Code, no committees of the Supervisory Board other than the Audit Committee are formed; this also applies to the formation of a Nomination Committee (Section D.4 of the Code). The Supervisory Board consists of five members. In view of this small number of members, the formation of additional committees would not lead to more efficient work by the Supervisory Board. Since the Supervisory Board consists solely of shareholder representatives and the current practice of preparing election proposals by the entire Supervisory Board has proven to be efficient, the Supervisory Board sees no need to form a nomination committee.

 

Section D.7

Notwithstanding Section D.7 of the Code, the Supervisory Board's report does not state how many meetings of the Supervisory Board and the Audit Committee each member has attended. In the opinion of the Supervisory Board, the information needs of shareholders can be adequately met even without such individualized information.

 

Section F.2

Notwithstanding Section F.2 of the Code, the consolidated financial statements and the group management report for the 2023 financial year were not made publicly available within 90 days of the end of the financial year, and the mandatory interim financial information (2024 half-year financial report) was not made publicly available within 45 days of the end of the reporting period. A major reason for this was the later publication of financial reports by TTL AG's most significant associated company in 2024.

In future, TTL AG will again comply with recommendation F.2 of the Code.

 

Section G.1

Notwithstanding Section G.1, first and second indents, of the Code, the remuneration system for members of the Management Board does not specify a so-called "target total remuneration," which corresponds to the total remuneration in the event of 100% target achievement (based on variable remuneration components), and does not specify the relative proportions of individual remuneration components in the total remuneration in relation to such a "target total remuneration." According to the remuneration system for members of the Executive Board approved by the Annual General Meeting on March 26, 2021, their variable remuneration consists of a performance-related annual bonus (STI) and options on virtual shares of the company as an equity-based remuneration element with a long-term incentive effect (LTI). With regard to the STI, the Supervisory Board sets company-related and personal annual targets. The specific amount of payments from the STI upon achievement of the annual targets is at the discretion of the Supervisory Board and is determined ex post in connection with the Supervisory Board's assessment of target achievement. Payments from the LTI depend solely on the share price; therefore, no ex ante agreed "target amount" is provided for the LTI either. The Supervisory Board believes that the variable remuneration structure for the members of the Executive Board is clearly geared towards linking the performance of the members of the Executive Board with the level of remuneration (pay for performance) and that the design of the share-based remuneration element contributes to a greater alignment of the interests of the members of the Executive Board and the shareholders. This structure promotes the strategic goal of long-term value enhancement for the company.

 

Section G.2

According to the recommendation in Section G.2 of the Code, a specific "target total remuneration" should be set annually for each member of the Management Board, which is commensurate with the tasks and performance of the member of the Management Board and the situation of the company and does not exceed the usual remuneration without special reasons. In accordance with the provisions of stock corporation law, the appropriateness of the total remuneration of the members of the Management Board is reviewed regularly and, if necessary, on a case-by-case basis (e.g., when deciding on a contract extension). As explained, the remuneration system does not provide for a "target total remuneration" within the meaning of the Code, so that there is no need to set a specific annual target. In the opinion of the Supervisory Board, the remuneration conditions specified in the Executive Board service contract and the subsequent determination of the amount of the payment from the STI provide sufficient scope to ensure the appropriateness of Executive Board remuneration across the board.

 

Section G.6

According to the recommendation in Section G.6 of the Code, long-term variable remuneration (LTI) should exceed the proportion of remuneration based on short-term targets (STI), with the Code using 100% target achievement as a basis for comparison. The options granted on virtual shares of the company (LTI) provide for a long-term remuneration component, which, however, does not normally account for the majority of the total variable remuneration granted. Even taking into account the fact that neither the STI nor the LTI provide for "target remuneration," a deviation from the recommendation in Section G.6 of the Code is declared. The Supervisory Board considers the long-term component of variable remuneration (LTI), which can account for up to 20% of total remuneration, to be sufficiently weighted.

 

Section G.7, sentence 1

The recommendation in Section G.7, sentence 1 of the Code, according to which the Supervisory Board should set performance criteria for each member of the Management Board for all variable remuneration components for the coming financial year, which are based not only on operational but above all on strategic objectives, is not followed insofar as no further performance criteria are specified for the long-term share price-based remuneration component (LTI), no further performance criteria are specified apart from the fact that the payment amount of the depends on the stock market price. The link to the stock market price contributes to a greater alignment of the interests of Management Board members and shareholders and promotes the strategic goal of long-term value enhancement for the company.

 

Section G.10, sentence 1

According to the recommendation in Section G.10, Sentence 1 of the Code, the variable remuneration granted should be predominantly share-based or invested in shares. The options granted on virtual shares of the company (LTI) provide for an equity-based remuneration component. However, as already explained, the equity-based remuneration component does not generally make up the majority of the variable remuneration. The reasons stated in Section G.6 apply.

 

Section G.10, sentence 2

Section G.10, sentence 2 of the Code recommends that members of the Management Board should only be able to dispose of their long-term variable remuneration after four years. The options on virtual shares in the company granted as LTIs provide for a vesting period based on the term of the respective Management Board service contract, which generally covers around two to five years and after which the options can be exercised at the earliest. Taking into account the term of the respective Management Board service contract, the four-year period recommended by the Code may therefore be shorter. In the opinion of the Supervisory Board, the fact that the vesting period is generally based on the respective term of appointment contributes sufficiently to the incentive effect of share-based remuneration.

 

Section G.11

Notwithstanding Section G.11 of the Code, the remuneration system and the existing Management Board contracts do not provide for any possibility agreed in advance to take account of exceptional developments and to withhold or reclaim variable remuneration in justified cases (so-called malus and clawback provisions). In the opinion of the Supervisory Board, the subsequent determination of the amount of the performance-related annual bonus (STI) at the discretion of the Supervisory Board and the limitation by the maximum remuneration provided for in the remuneration system, among other things, represent sufficiently effective means of taking into account any exceptional developments that may have occurred. In view of the statutory claims that exist in the event of a breach of duty, the Supervisory Board does not consider contractual malus and clawback provisions to be necessary.

 

Munich, December 20, 2024

 

Corporate governance practices

The Management Board and Supervisory Board are committed to ensuring the continued existence of the company and sustainable value creation through responsible and long-term corporate governance. For TTL AG and its group companies, good corporate governance also includes the responsible management of risks. The Management Board therefore ensures that the company has an appropriate and effective internal control and risk management system in place, which also covers sustainability-related objectives and includes a compliance management system tailored to the company's risk situation (see also the comments in the risk and opportunity report). It ensures compliance with laws and regulations in the company and the Group, as well as with the recommendations of the German Corporate Governance Code in accordance with the annual declaration of conformity. The Management Board regularly informs the Supervisory Board about existing risks and their development. Internal control, reporting, and compliance structures are regularly reviewed, further developed, and adapted to changing conditions.

Working methods of the Management Board, Supervisory Board, and Supervisory Board Audit Committee

In accordance with German stock corporation law, TTL AG has a dual management system consisting of an Executive Board and a Supervisory Board. This means that the management and supervisory bodies are clearly separated. The management body of the company is the Executive Board, which is supervised and advised by the Supervisory Board in its management of the company. Good corporate governance requires trust and efficient cooperation between the Executive Board and the Supervisory Board. Open communication and close cooperation are particularly important in this regard . The Executive Board informs the Supervisory Board regularly, promptly, and comprehensively about all relevant issues.

The Executive Board performs its management duties as a collegial body. It determines the corporate goals, strategic orientation, corporate policy, and group organization, coordinates these with the Supervisory Board, and ensures their implementation. In doing so, the Executive Board takes into account not only long-term economic goals but also ecological and social goals. In doing so, it is bound by the interests of the Group as a whole and is committed to the sustainable increase in the value of the company and the interests of shareholders, customers, employees, and other groups associated with the company. Until Mr. Thomas Grimm resigned from his position on the Executive Board on July 31, 2024, for personal reasons, the members of the Executive Board shared responsibility for the overall management of the company. Notwithstanding their overall responsibility, the individual members of the Executive Board managed their assigned departments on their own responsibility within the framework of the Executive Board's decisions. The distribution of responsibilities among the members of the Executive Board was based on the schedule of responsibilities. The Executive Board had a quorum if at least the majority of its members participated in the decision-making process and passed its resolutions by a simple majority of votes. Since August 1, 2024, TTL AG and the TTL Group have been managed by Mr. Theo Reichert as the sole member of the Executive Board.

The Supervisory Board appoints and dismisses the members of the Executive Board and, together with the Executive Board, ensures long-term succession planning (see "Succession planning for the Executive Board" below). The Supervisory Board monitors and advises the Management Board on the management and administration of the company. In accordance with the rules of procedure for the Management Board, the approval of the Supervisory Board is required for specific measures of significant importance, such as extensive investments.

The Supervisory Board is involved by the Management Board in strategy and planning as well as in all matters of fundamental importance to the company. The Chairman of the Supervisory Board coordinates the work of the Supervisory Board, chairs its meetings, and represents the interests of the board externally. The Management Board informs the Supervisory Board promptly and comprehensively in writing and by telephone, as well as at Supervisory Board meetings, about the business development and the situation of the Group. In the event of significant events, an extraordinary Supervisory Board meeting may be convened. The Supervisory Board has adopted rules of procedure for its work. The rules of procedure of the Supervisory Board are available on the company's website at https://www.ttl-ag.de/de/investor-relations/corporate-governance/geschaeftsordnung-aufsichtsrat.html. The Supervisory Board generally passes its resolutions at meetings. At the request of the Chairman of the Supervisory Board, resolutions may also be passed by telephone or video conference or outside of a meeting, e.g., by telephone, in writing, or by email. Resolutions may also be passed by a combination of votes cast at meetings and other forms of voting. The Supervisory Board has a quorum if all members have been invited and at least three members participate in the decision-making process. Resolutions of the Supervisory Board are generally passed by a simple majority of the votes cast, unless the law prescribes a different majority. Minutes are taken of Supervisory Board meetings and signed by the chair of the meeting (usually the Chairman of the Supervisory Board). Resolutions passed outside of meetings are also recorded in writing. A copy of the minutes or of the resolution passed outside of the meeting is sent to all members of the Supervisory Board without delay.

The Supervisory Board has formed an Audit Committee. The Audit Committee meets as required and deals in particular with the audit of the financial statements, the monitoring of the accounting process, the effectiveness of the internal control system, the risk management system and the internal audit system, as well as the audit of the financial statements and compliance. Accounting includes, in particular, the consolidated financial statements and the group management report (including any CSR reporting), any financial information during the year, and the individual financial statements in accordance with the German Commercial Code (HGB). The Audit Committee also deals with the selection and necessary independence of the auditor and monitors the latter, deals with the determination of audit priorities, and monitors the additional services provided by the auditor. The Audit Committee decides in advance on the approval of permissible non-audit services provided by the auditor. The Audit Committee prepares the Supervisory Board's decision on the award of the audit mandate to the auditor and on the fee agreement . It prepares the Supervisory Board's proposal to the Annual General Meeting for the election of the auditor and issues a reasoned recommendation. The Audit Committee also regularly assesses the quality of the audit and prepares the Supervisory Board's decision on the adoption of the annual financial statements and the approval of the consolidated financial statements. To this end, it is responsible for a preliminary review of the annual financial statements, the management report, the consolidated financial statements, the group management report, and the proposal for the appropriation of profits.

 

Succession planning for the Management Board

The Supervisory Board works with the Management Board to ensure long-term succession planning. In addition to the requirements of the German Stock Corporation Act, the German Corporate Governance Code, and the rules of procedure, long-term succession planning also takes into account the target percentage of women on the Management Board set by the Supervisory Board and a requirements profile. Taking into account the specific qualification requirements and the aforementioned specifications, an ideal profile is developed, on the basis of which the Supervisory Board makes a shortlist of available candidates with whom structured interviews are conducted. If necessary, the Supervisory Board is supported by external consultants in developing the requirement profiles and/or selecting candidates. When deciding on the appointment of Management Board positions, the professional qualifications for the department to be taken over, leadership qualities, previous achievements and acquired skills, as well as knowledge of the company, are essential suitability criteria.

 

Composition of the committees

During the reporting period, Mr. Theo Reichert (CEO) and Mr. Thomas Grimm (CFO) were appointed to the Management Board by the Supervisory Board. However, Mr. Grimm resigned from his position on the Management Board on July 31, 2024, for personal reasons. At the time of writing this report, the Management Board of TTL AG therefore consists of only one member.

The Supervisory Board has set an age limit for members of the Management Board in accordance with Recommendation B.5 of the German Corporate Governance Code. According to this, only persons who have not yet reached the age of 67 may be appointed to the Management Board.

The Supervisory Board has five members, all of whom are elected by the Annual General Meeting. The Supervisory Board has elected a Chairman and a Deputy Chairman. During the 2024 financial year, the Supervisory Board consisted of the following persons:

• Prof. Dr. Gerhard Schmidt (Chairman)
• Mr. Klaus Kirchberger (Vice Chairman)
• Dr. Daniel Schütze
• Mr. Jan B. Rombach
• Mr. Michael Bock

The terms of office of Supervisory Board members Prof. Dr. Gerhard Schmidt, Mr. Klaus Kirchberger, and Dr. Daniel Schütze will run until the end of the Annual General Meeting that decides on the discharge for the 2028 financial year. The terms of office of Supervisory Board members Mr. Jan B. Rombach and Mr. Michael Bock run until the end of the Annual General Meeting that decides on the discharge for the 2027 financial year.

The Audit Committee consists of three members of the Supervisory Board to be elected by the Supervisory Board. The current members of the Audit Committee are:

• Michael Bock (Chairman of the Audit Committee)
• Prof. Dr. Gerhard Schmidt
• Klaus Kirchberger

The Chairman of the Audit Committee, Mr. Michael Bock, is independent and has particular expertise in the areas of auditing and accounting, including sustainability reporting and auditing, thanks to his relevant training, his many years of professional experience as the former Chief Financial Officer of a large insurance company, and his current position as Managing Partner of REALKAPITAL Vermögens . Mr. Klaus Kirchberger, due to his qualification as a tax advisor and his many years of experience at auditing firms, as well as his current position as Chairman of the Management Board of companies in the Helaba Group, also has expertise in the areas of accounting and auditing, including sustainability reporting and its auditing. The members of the Audit Committee are collectively familiar with the real estate sector.

 

Setting targets for the proportion of women on the Supervisory Board and Management Board

As a listed company without co-determination, TTL AG is legally obliged to set targets for the proportion of women on the Supervisory Board and the Management Board. In the absence of a management level below the Management Board, the Management Board is not obliged to set targets for the management level.

The supervisory board has set the target for the proportion of women on the supervisory board at 1/5 (20%). A deadline of January 31, 2027, has been set for achieving this target.

In setting the target of 1/5 (20%) for the supervisory board, the supervisory board was guided by the following considerations in 2022:

"The Supervisory Board currently consists of five male members. Three of these members are appointed until the end of the Annual General Meeting that decides on the discharge for the 2023 financial year. The other two members are appointed until the end of the Annual General Meeting that decides on the discharge for the 2022 financial year. If a female candidate can be proposed for election to the Supervisory Board at the 2023 Annual General Meeting or the 2024 Annual General Meeting, the newly set quota could be achieved within the set deadline."

The Supervisory Board has set a target of 0% for the proportion of women on the Management Board. In setting the target of zero for the Management Board, the Supervisory Board was guided by the following considerations in 2022:

"The Management Board currently consists of two male members. Mr. Theo Reichert and Mr. Thomas Grimm are appointed as members of the Management Board until September 30, 2025, and December 31, 2025, respectively. For both members of the Management Board, the company also has the option of extending their appointment as members of the Management Board until

September 30, 2027 and December 31, 2027, respectively. There are currently no plans to fill the Management Board positions or appoint additional members to expand the Management Board. It is generally in the interests of TTL Beteiligungs- und Grundbesitz-AG to work with Management Board members who have proven themselves in their Management Board activities and contribute to the success of the company on as continuous and long-term a basis as possible. The Supervisory Board of TTL Beteiligungs- und Grundbesitz-AG generally strives to fill Management Board positions with diverse candidates in order to benefit from the potential of different skills, experiences, and leadership styles. However, the appointment of members of the Management Board is based on professional and personal qualifications and is independent of gender. Against the background of the current composition of the Management Board and the terms of the appointments, the Supervisory Board considers a target of 0% to be justified. In the event of personnel changes in the Management Board, the Supervisory Board will reconsider the target.

Goals of the Supervisory Board with regard to its composition

The Supervisory Board has specified an age limit for Supervisory Board members in the Rules of Procedure for the Supervisory Board. According to these rules, only persons who have not yet reached the age of 70 may be nominated for election to the Supervisory Board.

Apart from setting an age limit for Supervisory Board members and the proportion of women on the Supervisory Board, the Supervisory Board has not specified any further specific targets for its composition, contrary to Section C.1 of the German Corporate Governance Code, and has not drawn up a formal competency profile for the entire board. For the reasons for this, please refer to the above declaration of conformity.

The Supervisory Board in its current composition complies with the above-mentioned targets.

Disclosure of conflicts of interest

Each member of the Executive Board and Supervisory Board discloses any conflicts of interest that may arise in accordance with the German Corporate Governance Code. No conflicts of interest arose in the 2024 financial year.

Self-assessment of the work of the Supervisory Board and the Audit Committee

The Supervisory Board regularly assesses how effectively the Supervisory Board as a whole and the Audit Committee perform their duties. Externally prepared, structured questionnaires are used, in which the members of the Supervisory Board and the committees are asked to answer questions. The questionnaires cover topics relating to the organizational, personnel, and content-related performance of the committee, as well as the structure and processes of cooperation within the committee and the provision of information, in particular by the Management Board. The results are then discussed jointly by the Supervisory Board. The Supervisory Board last conducted a self-assessment of its work and the work of its Audit Committee in February 2023.

 

D&O insurance

Members of the Executive Board and Supervisory Board are covered by directors and officers insurance (D&O insurance). This insurance covers claims for damages by the company, shareholders, or third parties that may be asserted due to breaches of duty of care by the executive bodies. The costs of the insurance are borne by the company. In the event of a claim, the members of the Executive Board are subject to a deductible.

Transparency – Communication with the capital market and accounting principles

All relevant company information is published on our website www.ttl-ag.de and made permanently available, including annual and any interim reports. In the Investor Relations section, TTL AG also publishes the current declaration of conformity and corporate governance statement, as well as an archive of previous statements.

Regular reporting and ad hoc publicity

The relevant reports are published twice a year as part of the annual and half-yearly reporting. Ad hoc announcements are distributed throughout Europe and made available on the Internet without delay.

Financial calendar

The company's most important dates are published in a financial calendar.

Accounting principles

TTL AG, as the parent company of the group, prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). The annual financial statements of TTL AG are prepared in accordance with the accounting provisions of the German Commercial Code (HGB). Both sets of financial statements are audited and certified by an independent auditing firm elected by the Annual General Meeting.

Remuneration report and remuneration system

The remuneration report pursuant to Section 162 of the German Stock Corporation Act (AktG) for the 2024 financial year, the auditor's note on the audit of the remuneration report, the applicable remuneration system for the members of the Management Board and Supervisory Board, and the most recent resolutions of the Annual General Meeting on the remuneration systems of the Management Board and Supervisory Board and the remuneration of the Supervisory Board are available on the website of TTL Beteiligungs- und Grundbesitz-AG at:

https://www.ttl-ag.de/de/investor-relations/corporate-governance/verguetung.html

 

Archive of Corporate Governance Reports

 

Press contact

Please send your request to the contact stated below

TTL Beteiligungs- und Grundbesitz-AG
Maximilianstraße 35C
80539 Munich
Germany

Phone: +49 89 381611-0
Fax: +49 89 391592
Email: presse@ttl-ag.de