BORUSSIA DORTMUNDGmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund Category 1 – strategic risk fails to qualify for any international competition at We define strategic risk as risk arising from all. The objective of a corresponding worst case incorrect business decisions, poor implementation scenario is not to predict the future but rather to of decisions or the inability to adapt to changes in provide an overview of various contingencies and the corporate environment. Strategic risk also their effects and to better assist the management arises from unexpected changes in market in its strategic planning. conditions and the environment in which the Company operates, which bring with them negative Share price performance describes the consequences for the Company's assets, liabilities, performance of a security, an index, shares or a financial position and profit or loss. portfolio, but also the performance of the management of an investment fund with respect to This category includes four high-priority risks: its investment objectives. The Group is very The risk that financial planning is dependent on conscious of the risk associated with the sporting success describes the risk that failing to performance of Borussia Dortmund's shares and achieve planned sporting objectives could led to a continually analyses the Company's value on the lack of adequate income or proceeds. To account capital market and the consequences of it being for any and all developments both on and off the undervalued. A key component of this risk is the pitch, the Company revises and updates its impact of these factors on potential corporate action longstanding financial and liquidity planning at in the future and the Company's appeal to business least three times per year based on the latest partners. This risk is countered through continual premises. It is all the more important for planning communication with the capital market. The shares projections to be modified on a permanent basis, have been listed on the Prime Standard segment especially during the COVID-19 pandemic in which of the Frankfurt Stock Exchange since May 2014 the external conditions are changing faster than and are also admitted to trading on the SDAX. ever before. In addition to the income statement During the current financial year, Borussia and the statement of financial position, this also Dortmund again held several roadshows in Europe includes the development of Borussia Dortmund's and the United States, either on site or in virtual liquidity. It allows the management to monitor the form on account of the COVID-19 pandemic, in an current and future financial position of the effort to keep existing investors up to date and bring Company at all times and to take any necessary any prospective investors on board. action. Due to developments with regard to income from international TV marketing in particular, the Borussia Dortmund considers the third risk in this amount that a club is certain to receive for a given category to be the risk of conflicting goals of subsequent season varies greatly from a sporting and commercial success. It is important second-place finish to a seventh-place finish in the that Borussia Dortmund continues to pursue Bundesliga. Qualifying for the UEFA Champions balanced business policies with the aim of League guarantees much higher proceeds than ensuring that the club remains competitive and qualifying for the UEFA Europa League or UEFA also focussed on meeting the Group's performance Europa Conference League, let alone if the team indicators. Borussia Dortmund will continue to 156