Audit

The Annual General Meeting appoints the auditor and decides on the remuneration of the auditor. The Company has one auditor which shall be a public accounting firm authorised by the Central Chamber of Commerce of Finland. In addition to the duties prescribed in current accounting regulations, the auditor reports to the Board of Directors of Componenta when necessary.

The responsible auditor may function as an auditor for a maximum of 7 years in succession.

The Annual General Meeting on 28 February 2011 elected Authorized Public Accounting firm, PricewaterhouseCoopers Oy, as the company’s auditor.

According to the decision by the Annual General Meeting the remuneration for the auditor is based on invoicing. Remuneration in 2010 based on invoicing for Componenta Group's auditors totalled EUR 486,000, comprising EUR 427,000 in audit fees and EUR 59,000 for other services.