SINGULUS
TECHNOLOGIES

Annual Report 2017

COMBINED MANAGEMENT REPORT OF THE SINGULUS TECHNOLOGIES GROUP AND SINGULUS TECHNOLOGIES AG

The Company has exercised the option in accordance with ยง 315 (3) of the
German Commercial Code (Handelsgesetzbuch, "HGB") and published a
combined management report for the SINGULUS TECHNOLOGIES Group and
SINGULUS TECHNOLOGIES AG. The course of business, the Company's
situation, and the risks and opportunities affecting the future development of
SINGULUS TECHNOLOGIES AG and the SINGULUS TECHNOLOGIES Group
broadly coincide, and, where not otherwise indicated, the following explanations,
in particular the figures, refer to the SINGULUS TECHNOLOGIES Group.