THE HAMBURG GRAIN EXCHANGE

The Hamburg Grain Exchange is the sole remaining active commodity exchange forming part of the Hamburg Exchange and is the central trade and service exchange for grain, oilseed, animal feed, pulses, seed and related products. The Hamburg Grain Exchange is operated by the Association of Grain Merchants of the Hamburg Exchange e.V. (Verein der Getreidehändler der Hamburger Börse e.V. - VdG), representing the interests of wholesalers and overseas merchants and serving as the association's official representative. One of the Grain Exchange's primary tasks, in addition to trading, is the publication of form contracts for buying and selling grain, animal feed and pulses. The aforementioned contracts are valid worldwide, but are principally employed in European countries. Arbitration is closely linked to contracting. On average a total of 70 to 80 hearings are settled each year, often times involving foreign participants. Every year in January, April and May supraregional meetings of grain traders take place on the floor of the Hamburg Exchange. The high response to these events is strong proof of the desire of and need for personal contact and information exchange in this area of business.

Trading at the Hamburg Exchange is based on the rules and regulations as defined in the exchange statute as well as on the orders and regulations and schedule of fees stipulated by the Grain Exchange (German only).