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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 2017 to 31 December 2017 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 1 June 2017. The auditor awarded an unqualified audit opinion. The consolidated financial statements of freenet AG as at 31 December 2017 were prepared in accordance with section 315e 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 Claus Brandt in his capacity as the responsible auditor. Claus Brandt has been responsible for the first time for the audit of the company and of the Group; PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft has been acting as the auditor of the company without interruption since auditing the annual financial statements for the financial year 2014.

The audit was reported on and discussed in the audit committee on 28 February 2018. 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 20 March 2018. The annual financial statements are thereby adopted. At its meeting on 20 March 2018, 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.

The non-financial statement for the financial year from 1 January to 31 December 2017 which was prepared by the Executive Board as part of the management report of freenet AG and the group management report was audited by Mazars GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Hamburg. The audit engagement was awarded on the basis of the Supervisory Board resolution of 5 December 2017. After auditing the non-financial statement, the auditor concluded that he had not identified any issues which would lead him to conclude that the information in the non-financial statement has not been prepared in all material respects in compliance with the legal requirements. The auditor reported on the audit actions and the audit result in the meeting of the audit committee of 28 February 2018 and in the meeting of the Supervisory Board of 20 March 2018.The Supervisory Board agreed with the result of the auditor following a corresponding recommendation of the audit committee.

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