The Freudenberg Group

During fiscal 2006, the Management Board and the Board of Partners held regular and detailed discussions on the progress of the company, its Business Groups and Divisions and major individual business transactions on the basis of oral and written reports from the Management Board. Business policy was agreed in consultations between the two bodies and updated where necessary in joint deliberations.

Four scheduled meetings of the Board of Partners were held in fiscal 2006. Furthermore, the body concerned itself with its duties and processes. The objective was to sharpen the selfimage and to strengthen transparency and professionalism in keeping with good corporate governance. In addition to considering the continued improvement of innovative capabilities, a further important topic at the regular meetings was the implementation of corporate strategy. The Board of Partners welcomes the successes achieved in meeting strategic targets. The forthcoming strategy period will focus on a further sustained improvement in earnings. Furthermore, the Board of Partners devoted its particular attention to special developments in the Business Groups. The planned sale of Freudenberg Building Systems played an important role in this context.

The success of the Freudenberg Group is the result of the commitment of every individual employee. For this reason, the Board of Partners expresses its appreciation to the Management Board and all employees for their dedication and performance during the 2006 financial year.

The consolidated financial statements for 2006 were audited by Ernst & Young, Mannheim, Germany, and were approved without reservation. The Board of Partners approves the consolidated financial statements and, following examination, concurs with the auditor's findings.

Weinheim, May 2007

For the Board of Partners

Dr. Wolfram Freudenberg
Chairman

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