The Executive Board bases its estimate of the overall risk situation on the risk management system in place. The system compiles all risks identified by our divisions, corporate departments and regional entities, and is regularly reviewed by the Executive Board. Now that WACKER and the Chinese Ministry of Commerce (MOFCOM) have resolved the issue of polysilicon exports to China, a major risk facing our business has been eliminated. Consequently, the overall risk level for the WACKER Group has decreased somewhat compared with the previous year. As of this report’s publication date, the Executive Board does not see any individual or aggregate risk that could endanger WACKER’s future in any material way. Market risks still exist in the photovoltaic industry, which is dominated by overcapacity, low prices and intra-sector consolidation. Despite these risks, we continue to see good opportunities for WACKER to be successful in this market in the medium to long term. We remain confident that WACKER is strategically and financially so well positioned that we can take advantage of any opportunities that arise.