A virtuous cycle of success Leading position in German league facilitates consistent access …drives larger revenue potential… to European competitions… ▪ High probability of UCL participation ▪ Material portion of revenue linked to participation, with − Top 4 Bundesliga teams have a guaranteed place in further upside the UCL group stage ▪ BVB received a total pay-out by UEFA Champions League − #5 goes to the third qualifying round of the UCL of EUR 78.7m in 2020/21 (EUR 67.4m in 2019/20) …maximizing ability to retain and develop players… …and a “shop-window” to entice young talent… ▪ Data-driven and professionalized talent recruitment ▪ Ultimate showcase, attracting global young talent process − European competition exposure serves as the perfect ▪ Highly successful academy with at least two youth “scouting” ground for the ‘Big 5’ league clubs players ready to play in the first team every season − Greater ability to compete for titles and individual ▪ Individual development programmes prizes in the domestic league ▪ Ability to obtain and reacquire players