EXECUTIVE MBA In REAL ESTATE FInAnCE

INTERNATIONALFINANCE

“The IREBS Executive MBA in Real Estate was a great capstone program even at a later stage in my career. The small group fostered challenging classroom discussions with high-calibre academics and practitioners. Truly enjoyable, but also hard work!”

Wenzel Hoberg TRIUVA Kapitalverwaltungsgesellschaft | CEO

“The content of the Executive MBA Real-Estate programme reflects the increasing global nature and connectedness of the market, between mature and developing economies, guided by very experienced academics and professionals.”

Peter DuncanHASSELL | Board Director

“The Executive MBA in Real Estate course has enabled me not only to update but also to deepen my knowledge. In particular, the stays abroad at excellent partner institutes have broadened my outlook enormously.”

Jörg Kuttig FRICSJKT Immobilien | CEO

“I am still benefiting after the course from the excellent network it provided. The exchange of opinions among participants is crucial both during and after the course.”

Kristina BrockhoffBrockhoff & Partner Immobilien

“The sharply increasing capital market focus of real-estate companies, as well as listed vehicles such as REITs, have led to strong demand for excellent analysts in the real estate and finance sectors.”

Barbara Knoflach Global Head of Investment Management | BNP Paribas Real Estate

Chairwoman of the Academic Advisory Council | IRE|BS Real Estate Academy

“There has been strong progress in the professionalisation of the real-estate sector in Germany. Never-theless, trends in recent years have shown how important selective training is. The programme makes an important contribution towards this, because it helps market operators to prepare and make the right investment decisions.”

Dr. Jürgen Schäfer FRICS Managing Partner | CORESIS Management Business Development

ExECUTIVE EDUCATION THAT PUTS YOU AHEAD

INTERACTIVE ExECUTIVE MBA IN REAL ESTATE FINANCE

Real estate is a complex asset, and property investment markets have become very competitive. The Executive MBA in Real Estate Finance was designed to give real-estate professionals a competitive edge over other market players, providing them with the tools to compete in an international invest-ment world, applying modern financial structures and vehicles. The course is directed at real-estate professionals who wish to shape the industry sustainably and to gain a better understanding of property finance and investment.

The course consists of three modules: In the economics module, participants learn the fundamentals of real estate and urban economics. The finance module teaches real estate management skills such as negotiation, corporate strategy or innovation management. The general management module consists of lectures on capital markets, financial vehicles and investment structures.

The Executive MBA in Real Estate Finance at the International Real Estate Business School (IRE|BS) at the University of Regensburg opens up attractive career opportunities. It allows you to

n Further develop and deepen your knowledge through goal-orientated teaching and discussion with top-flight lecturers

n Obtain a recognised qualification: successful participants earn the title „Master of Business Administration (MBA)“.

n Benefit from our excellent reputation: The IRE|BS is one of Europe’s leading teaching and research institutions. The IRE|BS Institute is the largest real-estate research institute in Germany, with more than 20 professors

n Develop international contacts for your professional future: participants have access to membership of IMMOEBS, Germany’s largest network in the real-estate sector

n The University of Regensburg is system-accredited by ACQUIN

n Capitalize on all these benefits and increase your market value significantly

ExCELLENT CAREER PROSPECTS

Course Content

MODULE ECONOMICS

MODULEGENERAL MANAGEMENT

MODULEFINANCE / Certified Real Estate Investment Analyst

MASTER’S THESIS

GENERAL COURSE STRUCTURE

International Real-Estate Markets> Current economic development> Economic policy analysis> Globalisation> Sources of foreign trade earnings

International Financial Markets> International capital flows> Who benefits from international

capital movements?> Fixed exchange-rate systems> Sovereign default> International debt crises

Decision-based Game Theory> Elements of game theory> Static and dynamic games with complete

and incomplete information> Negotiations> Auctions

Behavioural Economics > Which systematic behavioural patterns affect our decision‐making> Being aware of your potential biases when making

decisions> Anticipating how others might react and adapting your behaviour accordingly

Real Estate Taxation> Acquisition and construction phase> Utilisation phase> Termination phase

Urban and Real-Estate Economics> The simultaneous model of real-estate asset use> Markets, urban agglomerations, rents and prices> The urban housing market: Structural attributes and density> Corporate site selection and industrial land use

Demographic Developments and the Real-Estate Sector> Global demographic trends> Housing markets under pressure?> Pressure on commercial real estate> Management implications

Internationalisation of the Real-Estate Market> Market overview> Internationalisation of investors> Internationalisation of vehicles> Understanding scoring tools

Regional Economics> Interaction – market potential approach and gravitation models> Distribution and dynamics> Regional research and real estate markets

Sustainable Real Estate> The sustainable development approach> Overview of certification systems> The German sustainable building seal of approval> Comparison of DGNB and LEED programmes

Real Estate Cycles and Forecasting Models> Market models> Real estate cycles> Forecasting methods> Econometric models

ECONOMICSMODULE

Fundamentals of International Accounting> Reasons for the international standardisation of accounting> Relevant institutions and norms> The significance and conceptual basis of the IFRS> Fundamentals of financial reporting in accordance with IFRS> Income and equity statements> Cash-flow statements

International Real-Estate Valuation> Types of value> Standardised procedures> Non-standardised procedures> Valuation parameters> Procedure application

negotiations> Fundamental methods> Techniques

Business Ethics> Necessity of business ethics> Function of business ethics> Implementation of business ethics

Strategic Management > Strategy concept> Strategy management process> Sector analysis using Porter’s Five Forces model > Basic and company strategies> Case study

Corporate Management> Theories of corporate management> Normative management> Strategic management> Operative management

Cultural Management> Activity-based management concepts> People-based management concepts> Handling-based management concepts> Personnel qualification

Management of Innovation> Technology strategy> Disruptive technology> Implementation of IM

Personnel Management> Relevance to real estate> HR management> Leadership> Personnel management systems> HR audit

Change Management in Real Estate> Changing environment> Strategies to adapt> Leading change

Corporate Governance> Boundaries of corporate governance> Corporate governance in Germany> Social responsibility> National and international governance models> Lessons from the crisis

Institutional Investments in Real Estate> Direct real estate investment> Indirect real estate investment> Designing an optimal fund structure> Developing a fund strategy

Financial Modelling > Financial statement analysis> Modelling the P&L> Modelling the balance sheet

Risk Management> Risk management for a global real-estate fund

Capital Markets > Capital market efficiency> Stock market> Bond market> Risk management

GENERAL MANAGEMENT MODULE

Course Content

Strategic Real Estate Financing in Practice> Understanding financing strategy as result

of a strategy process> Structural elements of a financing strategy> Financing of a real-estate business> Expectations management

Case Study in Real Estate Investment > Students will work on an investment project

for a large property or portfolio> Participants will learn to deal with complex

decision-making processes> Feasibility of a real-estate investment and

its future in decision making> Strategic setting for the respective investor > Construction and interpretation of an integrated cash-flow

model> Presentation of the results in front of a board

of tutors

Real Estate Project Development> Project development today: market and players> Trends and strategies in real-estate investment and their effects on business models in project development> Paradigm shifts in investors’ asset allocation> Value-based project development and investment> Value creation and project development fees> Participation models and partnerships> From project development to asset management> Aspects of sustainability in project development

Urban Planning> Situation analysis> Europe: transformation and shrinkage/ spatial disparities> Urban planning development schemes> International differences> Brownfield revitalisation and waterfront developments> Shopping centres

Urban Development as Real Case> Develop a strategy in a real-life setting> Negotiate with city planners> Workshop

Investment Vehicles and Investors> Real estate investment market> Differentiation criteria for indirect investments

Investment Appraisal Methods> Discounted cash-flow> Internal rate of return

International Real Estate Markets> Real Estate as investment > Return on investment and risks > Approaches to valuation

Macroeconomic Policy> Real-estate economics> Current data and the importance of macroeconomics

in the real-estate sector> Market failures in the real-estate sector:

causes and possible solutions

Corporate Sustainability in Real Estate> Reasons why> Measurability and reporting> CS implementation

Analysis of Real-Estate Markets with External Data Sources > Market overview> Application of market values

Quantitative Methods> Descriptive statistics> Introduction to regression analysis> Introduction to cluster analysis

Business model: Project Development/Refurbishment> Fundamentals of project development > Project developer: types, trends, strategies> Market- and value-based approaches to project

development investment > Case study: development of a „Core“ > Investment calculation: risk and return on investment

Business model: Commercial Real-Estate Investment and Asset Management> Definition of working asset management> Goals and building blocks for successful

commercial real-estate investment

Business model: Property Management> What‘s the point? Value drivers! > Excursion: residential property management > Excursion: technical property and maintenance

management > Excursion: guidelines and standards (optional)

Business model: Corporate Housing> German housing: structure, trends, development

and international comparison> Housing: participants and growth> Key management and analysis figures> Value levers/portfolio management

Business model: Retail Property Investment> From warehouse to shopping centre> Challenges of online trading for bricks-and-

mortar businesses> The placement process for shopping centres

national Valuation Standards> Types of value> Valuation parameters> Procedure application

Real-Estate Bonds: Function and Analysis> Bond markets> Rating > Corporate real estate on the bond market

Capital Markets Law> Regulation of indirect real-estate investment vehicles

Real Estate Debt Financing> Excursion: finance market/bank crisis> Special themes of bank financing

Introduction in Real-Estate Valuation> Fundamentals of accounting according to IFRS > Classification of real estate according to IFRS > Approach, valuation and identification of real estate in

different ways

Forms of Equity Capital and Balance-Sheet Structure Management in the Real-Estate Sector> Legal basis and scope of regulation> The management of investment funds according

to the investment code> Product level: real-estate investment distribution

FINANCE MODULE

Equals CREA®

(Certified Real Estate Investment Analyst (DVFA/IREBS)

Course Content

The course of studies is completed with the Master’s thesis, for which a three-month preparation period is provided. It may cover topics relevant to the participant’s employer, provided these are academically challenging.

MASTER’S THESIS

Open-end Real-Estate Funds: Function and Analysis> Structures> Real-estate investment> Management of an open real-estate fund

Closed-end Real-Estate Funds: Function and Analysis> The AIFM regime and its implementation in the German

capital investment act> Depository activity in closed-end investment funds> Product specifications for closed-end investment funds

Real-Estate Investment Banking> Mergers and acquisitions> Initial public offerings (IPOs)> Convertibles> Capital increases

Real-Estate AGs/REITs: Function and Analysis> Definitions, legal bases, national and international

markets > Performance of listed real-estate companies > Procedures for the valuation of real-estate companies

Monetarization of Real-Estate Funding> Monetarization of real-estate introduction> Stock exchange listings in the real-estate sector> Mergers and acquisitions in the real-estate market> Comparison of M & A and stock exchanges> The dual track process

Investment and Portfolio Analysis> Case study: purchasing commercial property in Germany> Analysis of property companies> Analysis of real-estate portfolios

Portfolio Theory> Portfolio management> Risk management> Practice of real-estate portfolio management

Real-Estate Portfolio Management with Case Study> Management of a real-estate portfolio> Auditing a real-estate portfolio

Performance Measurement of Real-Estate Investments> Why measure real-estate investments> Types of performance measurement> Attribution analysis

Risk Equivalent Real-Estate Valuation and Portfolio Controlling> Quantitative methods: risk, probability distribution and

simulation-based planning

Case Study: Real-Estate Bidding Game> Calculation of an offer and an internal decision template

Four Routes to the Executive MBA in Real Estate Finance

Of course we accept ECTs credit points earned at other universities inside and outside Germany. Please contact us if you have questions whether you are qualified for our 15- or 20-month MBA programme. We are happy to develop strategies for you to obtain missing ECTs credit points or qualifications.

Examples of Real-Estate Executive Programmes: * 60 ECTs: programme in Real-Estate Economics (IRE|BS)

** 16 ECTs: programme in real-estate asset management (IRE|BS) 16 ECTs: programme in corporate real-estate management (IRE|BS) 16 ECTs: programme in retail asset management (IREBS/GCSC) 19 ECTs: programme certified real-estate investment analyst (DVFA/IREBS) (plus 11-14 ECTs acquired in other programmes or seminars) Students may earn credits with additional IRE|BS seminars on campus.

*** If you have already finished the certified real-estate investment analyst programme and gained (at least) 260 ECTs, it is possible to receive the MBA title in only 34 days. additionally time for writing a Master’s thesis.

Executive MBA in Real Estate Finance (IRE|BS) 60 ECTs 41 ECTs

Route 1

Bachelor’s180 ECTs

Real Estate Executive Programme* 60 ECTs

Route 2

Master’s-programme (at least ) 240 ECTs

Route 3

Bachelor’s210 ECTs

Real Estate Executive Programme** 30 ECTs

What is the ECTs? The European Credit Transfer and Accumulation System (ECTs) is a tool that helps to design, describe, and deliver study programmes and award higher education qualifications. Each learning outcome is expressed in terms of credits, with a student workload ranging from 1,500 to 1,800 hours for an academic year, and one credit generally corresponds to 25-30 hours of work.

Route 4

Master’s-programme (at least) 240 ECTs

Certified Real Estate Investment Analyst***(DVFA/IREBS) 19 ECTs

51 DAYS 51 DAYS 51 DAYS 34 DAYS

Course Summary

The first two modules are taught in English. Upon successful completion of all modules, the “Master of Business Administration” will be awarded by the Faculty of Economics of the University of Regensburg.

ADMISSION REQUIREMENTS

APPLICATIONApplicants should submit an application for admission to the course. The requirements include:

At least a three-year university degree (180 ECTs) in business studies, economics, law, urban planning, architecture, engineering, etc.

60 ECTs from postgraduate courses in real-estate-related subjects, e.g. Real Estate Economics, Master of Science in Real Estate or „CIS HypZert F“

Alternatively, 240 ECTs from another course of studies. The academic supervisors of the MBA programme will decide if the admission is possible.

Experience in the real estate and related sectors Good knowledge of English

SELECTIONThe Admissions Committee selects applicants on the basis of their written application and an interview.

A course day generally comprises eight

to ten 45-minute lectures. These begin

at 9.00 or 9.30 am and finish at 5.00 or

5.30 pm.

DATES

Please find the exact schedule of

the executive programme at

www.irebs-immobilienakademie.de/fmba

TUITION FEE Tuition fee: 19.950,- Euro

Early bird rate: 18.950,- Euro

(for bookings until 31 May)

Reduced tuition fee: 18.950,- Euro

(for members of IMMOEBS

and IRE|BS Core and DVFA)

Reduced tuition fee: 17.950,- Euro

(for graduates of our executive

programmes in real-estate economics)

Reduced tuition fee: 13.950,- Euro

(for graduates of our certified

real-estate investment analyst

programme)

These offers are not cumulative

All figures exempt from VAT.

Master of Business Administration (MBA)

Economics | 11 days

Regensburg/Eltville | written examination: 130 minutes

General Management | 21 days

Regensburg/Eltville | written examination: 190 minutes

Finance | 19 days

International real estate and capital markets Business models of market participantsReal-estate investments and analytics Portfolio managementFour written examinations: each 105 or 170 minutes

Master‘s Thesis | 3 months

Residence/Place of work

n

Prof. Lutz Arnold University of Regensburg

Prof. Alexander Bassen University of Hamburg

Martin Belik MRICS Cushman & Wakefield

Dr. Thomas Beyerle Catella Property Valuation

Prof. Sven Bienert MRICS University of Regensburg

Jörg von Ditfurth/ Steffen Skopp Deloitte Consulting

Prof. Michael Dowling University of Regensburg

Prof. Peter Fischer University of Regensburg

Dr. Konrad Finkenzeller PATRIZIA Immobilien

Dr. Regina-Viola Frey University of Nebraska-Lincoln

Prof. Werner Gleißner FutureValue Group

Prof. Axel Haller University of Regensburg

Prof. Karl Hamberger EY

Dr. Tilman Hickl UBS Real Estate

Hela Hinrichs JLL

Dr. Ralf Hohenstatt TME Consulting

Prof. Tobias Just University of Regensburg

Ralf Klann Apleona GVA

Prof. Wolfgang Maennig University of Hamburg

Dr. Jaroslaw Morawski Norges Bank Investment Management

Prof. Joachim Möller Institute for Employment and Occupational Research of the German Department of Employment; University of Regensburg

Dr. Henrik Pontzen HSBC

Dr. Tillman Prinz Bundesarchitektenkammer

Dr. Holger Rau University of Göttingen

Prof. Klaus Röder University of Regensburg

Dr. Jan Röttgers ECE Projektmanagement

Prof. Andreas Roider University of Regensburg

Dr. Jürgen Schäfer FRICS CORESIS Management

Prof. Wolfgang Schäfers University of Regensburg

Dr. Bernhard Scholz Deutsche Pfandbriefbank

Prof. Thomas Steger University of Regensburg

Prof. Kunibert Wachten scheuvens + wachten

Selected Lecturers

Prof. Tobias Just University of Regensburg

Prof. Michael Dowling University of Regensburg

Prof. Wolfgang Schäfers University of Regensburg

Academic Supervision Lecturers at the Executive MBA in Real Estate Finance programme include among others:

Anke Schneider IRE|BS Immobilienakademie

Phone: +49 6723 9950-45 Email: mba@irebs.de

Direct Contact

IRE|BS Immobilienakademie GmbH

BarocketageKloster Eberbach65346 Eltville Germany

Phone: +49 6723 9950-30Email: mba@irebs.dewww.irebs-immobilienakademie.de

http://www.irebs-immobilienakademie.de/fmba

FURTHER COURSE INFORMATION:

As o

f M

ay 2

017

FURTHER ExEcUTivE EDUcATiON WHicH PUTS YOU AHEAD

Documents required1. Application form (original via mail, scan via e-mail)2. Curriculum vitae (PDF via e-mail)3. Passport photograph (via e-mail)4. Certificate of highest completed degree (scan via e-mail)

Please send your completed application form to the following address: IRE|BS Immobilienakademie GmbH Kloster Eberbach | 65346 Eltville | Germany

Please send your e-mail with the above-mentioned documents attached to the following e-mail address: zulassung@irebs.de

Details on current term dates and campuses as well as the presently applicable tuition fees including early booking discounts and terms of payment can be found on our home page www.irebs-immobilienakademie.de.

APPLicATiON FORMExEcutivE MBA iN REAl EstAtE

INTERNATIONAL

FINANCE

I am a member of IMMOEBS e.V. (Please provide verification)

Term Dates:

IRE|BS Immobilienakademie GmbHBarocketage | Kloster Eberbach | 65346 Eltville | Telephone: +49 6723 9950-30 | Fax: +49 6723 9950-35 | zulassung@irebs.de | www.irebs-immobilienakademie.de

Position

Owner/Managing Partner

Managing Director/CEO

Authorized Signatory/Head of Department

Group Manager/Team Leader

Employee (without managerial responsibility)

Work Experience

Number of years at start of course:

Thereof within the real estate industry:

Sector of Employer Property Investor

Real Estate Developer

Real Estate Lender

Contractor/Builder

Real Estate Operator

Property Manager

Public Sector/Non Profit Organisation

Job Role Real Estate Development

Construction/Project Management

Facility/Property Management

Real Estate Analysis

Real Estate Valuation

Real Estate Investment

Real Estate Finance

Real Estate Marketing

Portfolio-/Asset Management

Corporate Real Estate Management

Public Real Estate Management

Private Real Estate Management

Real Estate Asset Management

Other:

Statistical DataQualifications and Examinations (including professional training)School Education

Higher Education Entrance Qualification

Awarding Institution

Course title

Award title

Start date: end date:

Awarding Institution

Course title

Award title

Start date: end date:

How did you find out about the course?

Brochure

Supplement

Advertisement

Specialised articles/press articles

Internet

Website XING Facebook

Google Web banner

Trade fairs/conferences/specialist events

Personal recommendation via:

Alumni

Employer/colleagues/friends

IMMOEBS e. V. (Alumni Association)

IRE|BS Core e. V.

Other:

Service Provider (please specify)

Architect/Planning Experts

Project Manager

Researcher

Agent/Consultant

Accountant/Tax Advisor

Lawyer

Facility/Property Manager

Asset Manager

Valuer

Other:

Personal Data

Title /First Name/Last Name

Date and Place of Birth

home work

Postal Address

home work

E-mail Address

How would you like to be contacted?

Address home

Street Name and Number

Postcode, Place

Telephone numbers (please include full country and area code)

Land Line

Fax Number

Mobile

E-mail

home work other:

Billing Address

Address work

Company

Position

Department

Street Name and Number

Postcode, Place

Telephone numbers (please include full country and area code)

Land Line

Fax Number

Mobile

E-mail

DEcLARATiONI hereby confirm that my application for admission is true and honest. I have noted the terms and conditions and the tuition fees and terms of payment of the IRE|BS Immobilienakademie and accept them as part of the contract.

The data collected is intended only for internal use by the IRE|BS Real Estate Academy. It will be made available to third parties only as an analysis of the full intake (in aggregated form and without giving names). Please report changes to the data immediately by return to the IRE|BS Immobilienakademie.

Place, Date, Signature Applicant Signature, Company Stamp Employer

How will your tuition fees be paid? Personal resources Employer pro rato: personal % employer %

Stand: April 2017

1. Purpose of contractThese general terms and conditions for services by the IRE|BS Real Estate Academy, hereinafter IRE|BS, govern the provision of training services within the programme selected by the participant and other related services.

The contract services and participant requirements are given in these terms and conditions and in the relevant official catalogue (in hard copy or download online at www.irebs-immobilienakademie.de).

The parties are IRE|BS and the participant admitted to the course.

2. Application for Admission 2.1. Any offer made by IRE|BS for the programme selected by the participant is subject to confirmation.

2.2. The application to the programme selected by the participant must be made to IRE|BS by the applicant by letter or electronically, attaching all the documents specified on the application form.

3. Admission3.1. IRE|BS decides whether to admit the applicant to the programme selected by the participant. There is no legal right to admission.

The contract takes effect on registration by IRE|BS.

3.2. The examination procedures for the programme selected by the participant are detailed in the examination regulations. The regulations applicable at the start of the course are valid throughout the study period.

3.3. The participant will comply with all visa regulations applicable and will obtain and renew any resident permit required. IRE|BS is not liable for any loss which might occur from not meeting visa or residence permit requirements.

4. Delayed paymentIf a payment period given on an invoice to the participant is not met, IRE|BS is entitled to exclude the participant from the classes and examinations in the pro-gramme selected, provided that he or she is given a reasonable period of grace for payment after the end of that payment period and is informed that failure to pay by the end of the period of grace will result in exclusion from the classes and examinations.

5. Termination, withdrawal, cancellation5.1. The participant is not entitled to terminate the contract after admission to the course. The right of extraordinary termination of the contract remains unaffected.

5.2. IRE|BS is entitled to cancel the contract until four weeks before the start of the programme selected by the participant if it will not run the further education programme due to insufficient participant numbers. Participant numbers of less than 20 are deemed insufficient.

IRE|BS is however free in individual cases to run the course even with a smaller number of enrolled participants. If the participant has already paid tuition fees to IRE|BS before cancellation, they will be reimbursed in full. Further claims by the participant are excluded.

5.3. Withdrawal by the participant is only possible before the date of the first class. If the participant withdraws, IRE|BS will charge 75% of the tuition fees as com-pensation. This compensation includes the loss of profit by IRE|BS. The balance of the tuition fees already paid will be reimbursed. Further claims by the participant are excluded.

The participant is free to find a qualified replacement participant willing to take up the place left vacant by the participant’s withdrawal. If the replacement meets the admission requirements and is admitted, the participant who withdrew only has to pay a flat rate of 250.00 Euro to IRE|BS for the additional administration cost instead of the compensation.

5.4. In the event of wilful deception and fraud in relation to the admission or exa-mination procedure, IRE|BS is entitled to exclude the participant from the selected programme. Tuition fees already paid will not be reimbursed in this case.

6. Changes to course contentThe right to make slight changes to the content and term of the course is reserved. They do not entitle the participant to terminate the contract. Should speakers have to cancel their attendance, IRE|BS will make an effort to postpone the lecture or obtain a suitable replacement speaker. If the main course content is cancelled, the tuition fee will be reduced pro rata. Further liability on the part of IRE|BS is excluded.

7. CopyrightSeminar documentation and teaching programmes must not be copied, processed, altered, disseminated or otherwise put in the public domain without written con-sent by IRE|BS.

8. Liability8.1. IRE|BS is liable in full for damage caused by wilful intent. IRE|BS is only liable for damage caused by gross negligence up to the level of the foreseeable dama-ge intended to be prevented by the duty of care. IRE|BS is only liable for simple negligence in the event of breach of an obligation so essential to the contract that achievement of its purpose is put at risk. In this case IRE|BS is liable to the participants only for compensation for the typical or foreseeable damage. Should IRE|BS be required to reimburse considerable expenses, the foregoing applies where relevant.

8.2. IRE|BS is not liable for loss, damage or destruction of the participant’s property in connection with running the course, unless caused by intentional or grossly negligent conduct on its part.

8.3. IRE|BS is not liable for damage caused by force majeure, insurrection, war and natural events or other circumstances beyond its control (e.g. strike, lockout, trans-port disruption, orders by national and foreign government authorities) or technical faults not culpably caused, such as in the computer system. Force majeure also means computer viruses or deliberate attacks on computer systems by hackers, provided that appropriate security precautions have been taken.

9. Data protection9.1. The participant is hereby informed under the Federal Data Protection Act that IRE|BS stores his or her full address and other specific contract details in machine readable form and processes them electronically for work associated with the contract. IRE|BS guarantees confidential treatment of the data.

9.2. IRE|BS undertakes to treat the personal data given by the participant as con-fidential, particularly name, address, age and billing information, and not to make it available to third parties. It will ensure by suitable measures (§ 9 Federal Data Protection Act) and by placing an obligation on its staff that this duty of secrecy is maintained during the period of use of the services of IRE|BS and after their end.

9.3. IRE|BS is entitled to use the personal data for purposes of consultancy, advertising and market research. Disclosure of the participants‘ personal data to third parties, particularly for the purposes named above, is not permitted unless the participant gives explicit agreement.

10. Law and jurisdiction10.1. This Agreement is governed by the laws of the Federal Republic of Germany.

10.2. The jurisdiction for all disputes arising out of the contract is Rüdesheim am Rhein.

11. Written formAmendments and additions to the contract terms and conditions require the written form to be effective.

General terms and conditions