Main Targets of Treasury Priority Target % 1To ensure liquidity95 1To ensure liquidity95 2To optimize financing costs 92 2To optimize financing costs 92 3To optimize yields on financial assets74 3To optimize yields on financial assets74 4To hedge costs (e.g. against possible 4To hedge costs (e.g. against possible exchange rate fluctuations)61 5To hedge sales (e.g. against possible 5To hedge sales (e.g. against possible exchange rate fluctuations)52 6To contribute to profit through active 6To contribute to profit through active management of open positions 30 1) 1) % of all companies surveyed Source:Price Waterhouse Top500 Survey (Germany)

Cashforecast Cash Forecast Incorporation of all data: customers, vendors, planned items Incorporation of all data: customers, vendors, planned items Expected cash in/outflows over a planning interval of 1-24 weeks Expected cash in/outflows over a planning interval of 1-24 weeks Assistance in optimizing financial investment and borrowing Assistance in optimizing financial investment and borrowing Control of liquidity development Control of liquidity development France (E4) Payer of cash discount (E2) Payer of net amount (E3) France (E4) (E2) Bank collection (E1) (E1) Payer of net amount (E3) FI = Posting/Sales FW = Bill of exchange XA = Blocking reason 'A' (E5) Groups: Groups: -Customers with similar payment history -Customers of particular interest Levels: Levels: - Balance specified according to level

Summary: The Different Levels of Treasury Purchase Orders Logistics Financials RiskLiquidityPerformance A/PG/L A/R Planning TR-FM Cash Forecast TR-CM Cash Position TR-CM TR- Instruments TR-TM Sales Orders Financials Budgeting Sales Procurement MM / SD Accounting TreasuryTreasury

Cash Position and Cash Forecast Cash Position Cash Forecast Bank accounts in currency: Account 1 : Account n Total Paymenttransactions: - incoming - outgoing Financialinvestmentsandborrowings Subledgers: - A/R - A/P

Integration of Logistics and Financial Flow Purchasing dept. Accountspayable Treasury Delivery date + payment terms Historical payment behavior Updated Cash mgmt / forecast Accountsreceivable Sales dept. Payment settlement by value date agreed or forecasted By value date on bank acct Cash mgmt position Purchaseorder Goodsreceipt Invoice Payment Accountstate-ment Invoice Cashreceipt Accountstate-ment Purchaseorder Goodsreceipt

Overview Tools Cash management position By value date By value date Cash forecast Liquidity forecast Liquidity forecast Expected cash in/out flows Expected cash in/out flows Taxes Taxes Database Bank accounts Bank accounts Bank clearing accounts Bank clearing accounts Payment advices Payment advices Typical planning interval days weeks Customers Customers Vendors Vendors Memo records Memo records Planned items Planned items FI, MM, SD FI, MM, SD Financial budgeting 12 months Revenues Revenues Expenses Expenses Bank Bank Cash Cash