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19 CONSOLIDATED MANAGEMENT REPORT 2014 19 5.3 Opportunity report On a global level, the Sennheiser Group is active in over 50 countries with 21 subsidiaries. In light of the Sennheiser Group’s global orientation, country-specific issues such as tariffs, frequency variations and marketing authorization requirements are very important for the company. In particular, the Transatlantic Trade Agreement currently being negotiated between the European Union and the USA could help dismantle barriers to trade and enable the company to meet customer needs even better. The Sennheiser Group is pursuing a long-term strategy of further expanding its global business activities. The focus of these expansion efforts is to offer every customer the same professional services all over the world. Especially in the Asia-Pacific region, Sennheiser has implemented a variety of measures to strengthen the regional positioning of its brand. In addition to founding a new subsidiary for Australia and New Zealand in the previous year, the company also opened a subsidiary of Sennheiser Electronic Asia in Seoul, South Korea. Furthermore, the Sennheiser Group stepped up its partnership with the Shanghai Music Hall, which was renamed the Sennheiser Shanghai Concert Hall in March 2014. The long-term goal of this prestigious partnership is to further boost Sennheiser’s name recognition and reputation in the Chinese market. The Sennheiser Group also laid an important cornerstone for opening up new, technologically advanced business areas by founding the Sennheiser Streaming Technologies subsidiary. To ensure a sustainable and successful future for the company, Sennheiser took a variety of steps at its head- quarters in Wedemark as well: opened in early 2015, the Innovation Campus now offers 7,000 m² of space for multi-team projects working on developing and marketing cutting-edge products. In 2014, Sennheiser also opened a day care facility at the company – “Ohrwürmchen” – to enable its employees to improve their work-life balance. Wennebostel, April 2015 On behalf of the Executive Management Board of Sennheiser electronic GmbH & Co. KG Daniel Sennheiser and Dr. Andreas Sennheiser CEOs of Sennheiser electronic GmbH & Co. KG

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