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DES GB2012 E

Business and Economic Conditions 120 Remuneration report 121 Overview of the course of business 122 Results of operations, financial position and net assets 124 Environment 132 Reports not included 133 Risks and opportunities management, internal control system 133 Outlook 137 2012 Forward-looking statements This Management Report contains forward-looking statements based on estimates of future developments by the Executive Board. The statements and forecasts represent estimates based on all of the informa- tion available at the current time. If the assumptions on which these statements and forecasts are based do not materialise, the actual results may differ from those currently being forecast. Rounding and rates of change Percentages and figures stated in this report may be subject to rounding differences. The signs attrib- uted to rates of change are based on economic considerations: improvements are denoted with a plus (+) and debasements with a minus (-).