Borussia Dortmund positioned in the sweetspot of a globalising football market “Global brands” ▪ Focus on monetisation of commercial brands ▪ Significant ongoing transfer investments required to maintain squad level at top of key European leagues ▪ Limited profitability and cash flow generation (negative transfer profit) “Sweet Spot” ▪ Dominant / incubent position in the top league competitions outside the ‘Big 5‘ with yearly presence on the European stage ▪ Greater focus on sourcing high-potential players from lower-tier clubs, player development and selling players at significant premiums “Local brands” ▪ Less certain access to key European competitors and limited UEFA revenues ▪ Some player transfer profit Attractive and consistent financial returns through “Sweet Spot“ positioning