BORUSSIA DORTMUNDGmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund represents the best possible degree of stability income. Consequently, transfer deals are always and an excellent economic foundation for the assessed against the background of the current coming seasons. season. High transfer sums often go hand in hand with a drop in quality within the team, but it cannot The COVID-19 pandemic is also affecting international be ruled out that value-driven transfers will be TV marketing from UEFA competitions. To alleviate concluded contrary to the Company's sporting the financial impact of the pandemic on the clubs, the interests. Given Borussia Dortmund's sustained income shortfall will be spread over five seasons success, its players are increasingly piquing the (from the 2019/2020 to the 2023/2024 season), interest of other top clubs. which will stretch the adverse effects out over a longer period. In specific terms, UEFA will make the The COVID-19 pandemic continues to affect deductions before distributing funds to the clubs. transfers. Based on last year's summer transfer The planned distributions nevertheless remain window, it can be assumed that the economic highly attractive. uncertainty and decline in income experienced by clubs around the world will continue to temporarily Stadium marketing is subject to compliance with reduce the transfer fees received for players. The social distancing and health and safety protocols, summer transfer window is now back to normal but this does enable stadium tours to be offered. and will last from 1 July to 31 August 2021. External events can likewise be held in the Despite the expected potential losses and the hospitality areas, albeit with restricted guest uncertainty as the situation continues to unfold, the numbers. Under the appropriate conditions, football European leagues remain attractive for talented training courses can also be offered. The likely young players. Besides that, Borussia Dortmund restrictions on selling alcoholic beverages and the has an excellent team. An active transfer market limited stadium capacities at home matches will can be expected all the same in the summer of weigh on the profitability of public catering. 2021, with some very lucrative deals in the pipeline. This sales category therefore also remains A notable example is the transfer of Jadon Sancho affected, since it is dictated by political decisions to Manchester United in July 2021. and official stipulations. Transfer deals are an important part of Borussia Dortmund's business and, as in previous years, represent a significant source of income. However, in view of the developments in the economic environment, Borussia Dortmund on principle only takes transfer income into limited account in its planning. The transfer policy nevertheless presents significant opportunities to generate substantial 80