Dear Sir or Madam,

China, the world's largest automotive market, is showing more and more signs of decreasing growth. We at Dürr, however, have not seen any clear indication that this recent slowdown in automotive sales is leading to a widespread reluctance of the entire automotive industry to invest here. In fact, we anticipate growing demand in upgrade projects, as more and more production systems are showing their age and environmental protection requirements are becoming more stringent.

When it comes to upgrades, Dürr is a competent and sought-after partner. In mid-May 2015 we modernized a paint shop for Shanghai General Motors in record time, making the plant more environmentally friendly and resource-efficient. The situation in China will ultimately depend on whether the weakness in demand will be long-lasting or can be overcome quickly. We anticipate that the automotive market will have regained momentum by the middle of 2016.

China remains one of Dürr's key markets. We are therefore building a new campus in Shanghai that will accommodate testing and training facilities for our customers as well as a large manufacturing area. We will intensify our local service and modernization business. Despite all warning signs, Dürr continues to maintain its strong presence in China and to support its customers even better.

Best wishes
Ralf W. Dieter
CEO of Dürr AG