Statement of Wolf-Henning Scheider, CEO at ZF Friedrichshafen AG, 8th of April, 2020

At ZF, we are currently operating within our range of visibility - this means that we are assessing the situation every day for all of our locations worldwide while also working hard to review how to restart our production and indirect activities. We have made progress here to some extent as normality is slowly returning to our Chinese plants, even if production is still significantly below what it was before the Coronavirus outbreak.

Where production is completely suspended or in emergency operation only, we are partially planning to ramp up in individual cases in the second half of April. Unfortunately, this ramp-up will take place in very few locations only, and not simultaneously.

Unfortunately, the end of this crisis is not yet in sight. We are doing everything we can to get back as quick as possible to the time before the outbreak of the pandemic. However, we have to assume that we will not return back to the planned level for the whole year. At ZF, we all pull together. On behalf of the entire Board, I would like to thank all employees who contribute to coping with the crisis worldwide.

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