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59HERAEUS | ANNUAL REPORT 2014 | HERAEUS GROUP Forecast The turnover level of many of Heraeus‘ operative units is greatly influenced by the development of precious metal prices. Owing to the volatility of prices achieved by precious metals trading and the uncertainty of the general economic situation of several large national economies, an accurate sales forecast remains a difficult thing to produce. In 2015 and subsequent years, Heraeus will therefore focus its financial performance indicators on its earnings before interests and taxes (EBIT) and the turnover made without precious metals. In the 2015 fiscal year, Heraeus is anticipating a stable development: sales without precious metals should slightly increase compared to the previous year. Following exchange rate adjustment, sales without precious metals will pre- sumably stay at the level of the 2014 fiscal year. Foreign currency and other non-recurring effects had a major negative impact on the EBIT yielded in the past 2014 fiscal year. Adjusting these effects leads Heraeus to expect the 2015 EBIT to retain the previous year‘s level. Due to the expected reduced negative influence these special effects will have on the earnings, the Group‘s net total operating results before interests and taxes are anticipated to be clearly higher than in the previous year.

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