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6 Innovation will remain the key to offering our customers products that give them a sustained competi­ tive advantage. Through our technological expertise and the realignment of the operational business, we are creating potential that can be incorporated into the development of new product and system solutions. We are developing these innovations not only in the operational units themselves, but also through company-wide collaborations. At our headquarters in Hanau, the innovation center – on which construction is starting this year – is a visible symbol of our efforts to put innovation at the heart of our business. We would like to thank our business partners and customers for putting their trust in us and for working so successfully with us in 2014. Let us now pull together to tackle the challenges of the years ahead. For the 12,500 people who work for us all over the world, 2014 was a particularly challenging year. The tough economic situation and the extensive organizational changes made their day-to-day work harder and in many casescreated a need for orientation. We would like to thank them for the hard work that they put in last year, for their loyalty, and for their support with the measures that have been initi- ated. We achieved a great deal in 2014, and we will continue to pull together as a team in future. The outlook for 2015 is for further economic uncertainty, even if we are seeing signs of recovery in certain places. We firmly believe that the efforts we made in 2014 to improve our market focus and increase our efficiency will help us to achieve our growth targets in the coming years. In 2015 we will work together to resolutely pursue our strategy of making essential organizational changes as well as continuous improvements to our procedures and processes. This approach, coupled with our ability to innovate and our strong position in the individual markets, will continue to be the basis for success at Heraeus. The Board of Management of Heraeus Holding GmbH Jan Rinnert Dr. Roland Gerner Rolf Najork Rolf Wetzel Chairman

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