Supervisory Board’s report to the 2017 Shareholders’ meeting

The 2016 financial year was again characterized by the development and implementation of the Group strategy and the Group’s transformation in an age of digitization and technological change. Strong development on the domestic German market, excellent business development in the United States, the ongoing difficult macroeconomic situation in southern and eastern Europe and continued high competitive and regulatory pressure were major features. Despite these ongoing challenges, the Group generated good results in the 2016 financial year and fulfilled expectations. The Supervisory Board exercised its statutory functions as an advisory and supervisory body and gave the Board of Management its full support.