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Accounting Principles and Audit

Annual and consolidated financial statements

The annual financial statements prepared by the Executive Board in accordance with the rules of the German Commercial Code (HGB) for the financial year from 1 January 2016 to 31 December 2016 and the freenet AG management report were audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt. The audit assignment had been awarded by the chairman of the audit committee in accordance with the resolution passed by the Annual General Meeting on 12 May 2016. The auditor awarded an unqualified audit opinion. The consolidated financial statements of freenet AG as at 31 December 2016 were prepared in accordance with section 315a HGB on the basis of the international accounting standards IFRS. The auditor granted these consolidated financial statements and the Group management report an unqualified audit opinion.

The auditor’s report of the auditor, PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, has been signed by Dr Andreas Focke in his capacity as the responsible auditor. Dr Andreas Focke has been responsible for auditing the company and the Group since PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft was appointed as auditor for the financial year 2014.

The audit was reported on and discussed in the audit committee on 1 March 2017 and at the Supervisory Board meeting on 21 March 2017. The auditors participated in the discussion of the annual and consolidated financial statements in both committees. They reported on the most significant results of the audits and were at the disposal of the audit committee and the Supervisory Board for supplementary questions and information. As a result of its own final audit of the annual and consolidated financial statements, the management report and the Group management report, the Supervisory Board raised no objections and approved the result of the audit conducted by the auditor.

The Supervisory Board followed the audit committee’s recommendation and approved the annual and consolidated financial statements at its meeting on 21 March 2017. The annual financial statements are thereby adopted. At its meeting on 21 March 2017, the Supervisory Board also examined the Executive Board’s proposal for the appropriation of the net profits and discussed it with the auditor. Subsequent to this, the Supervisory Board – following the audit committee’s recommendation – gave its consent to the Executive Board’s proposal.

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