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Significant Events After the Balance Sheet Date

On July 9, 2015, the Bertelsmann Supervisory Board appointed Fernando Carro de Prada to the Bertelsmann Executive Board as CEO of Arvato. He succeeds Achim Berg, who left the Bertelsmann Executive Board. The appointment is related to the further development of the Arvato division, which leads to greater entrepreneurial independence for the individual Arvato business units and accelerates decision processes. The further development will have no impact on Group management. As part of this change, the Arvato Executive Board is to be disbanded and replaced by a company management.