diff --git a/pitch-deck/components/slides/TheAskSlide.tsx b/pitch-deck/components/slides/TheAskSlide.tsx
index e8f9dc0..03e5f29 100644
--- a/pitch-deck/components/slides/TheAskSlide.tsx
+++ b/pitch-deck/components/slides/TheAskSlide.tsx
@@ -8,8 +8,7 @@ import GradientText from '../ui/GradientText'
 import FadeInView from '../ui/FadeInView'
 import AnimatedCounter from '../ui/AnimatedCounter'
 import GlassCard from '../ui/GlassCard'
-import { Landmark } from 'lucide-react'
-import { Target, Calendar, FileText } from 'lucide-react'
+import { Landmark, Banknote, ArrowRightLeft, TrendingUp, ShieldCheck, Target, Calendar, FileText } from 'lucide-react'
 import { PieChart, Pie, Cell, ResponsiveContainer, Tooltip } from 'recharts'
 
 interface TheAskSlideProps {
@@ -43,10 +42,12 @@ function formatTargetDate(dateStr: string, lang: Language): string {
 export default function TheAskSlide({ lang, funding }: TheAskSlideProps) {
   const i = t(lang)
   const de = lang === 'de'
+  const isWandeldarlehen = (funding?.instrument || '').toLowerCase().includes('wandeldarlehen')
   const rawFunds = funding?.use_of_funds
   const useOfFunds = Array.isArray(rawFunds) ? rawFunds : (typeof rawFunds === 'string' ? JSON.parse(rawFunds) : [])
   const amount = Number(funding?.amount_eur) || 0
   const { target, suffix } = formatFundingAmount(amount)
+  const totalBudget = isWandeldarlehen ? amount * 2 : amount
 
   const pieData = useOfFunds.map((item: Record<string, unknown>) => ({
     name: (de ? item.label_de : item.label_en) as string || 'N/A',
@@ -74,6 +75,24 @@ export default function TheAskSlide({ lang, funding }: TheAskSlideProps) {
             <span className="text-3xl md:text-4xl text-white/50 ml-2">EUR</span>
           </p>
         </motion.div>
+        {isWandeldarlehen && (
+          <div className="flex items-center justify-center gap-3 mt-4">
+            <div className="text-center px-4 py-2 bg-indigo-500/10 border border-indigo-500/20 rounded-xl">
+              <p className="text-xs text-white/40">{de ? 'Ihr Investment' : 'Your Investment'}</p>
+              <p className="text-lg font-bold text-indigo-400">200k EUR</p>
+            </div>
+            <span className="text-2xl text-white/30 font-light">+</span>
+            <div className="text-center px-4 py-2 bg-emerald-500/10 border border-emerald-500/20 rounded-xl">
+              <p className="text-xs text-white/40">L-Bank Pre-Seed</p>
+              <p className="text-lg font-bold text-emerald-400">200k EUR</p>
+            </div>
+            <span className="text-2xl text-white/30 font-light">=</span>
+            <div className="text-center px-4 py-2 bg-white/5 border border-white/10 rounded-xl">
+              <p className="text-xs text-white/40">{de ? 'Gesamtfinanzierung' : 'Total Funding'}</p>
+              <p className="text-lg font-bold text-white">400k EUR</p>
+            </div>
+          </div>
+        )}
       </FadeInView>
 
       {/* Details — dynamisch aus funding-Objekt */}
@@ -97,6 +116,124 @@ export default function TheAskSlide({ lang, funding }: TheAskSlideProps) {
         </GlassCard>
       </div>
 
+      {/* Wandeldarlehen Explanation — only shown for Wandeldarlehen versions */}
+      {isWandeldarlehen && (
+        <>
+          {/* How it works */}
+          <FadeInView delay={0.5} className="mb-6">
+            <GlassCard hover={false} className="p-6">
+              <h3 className="text-lg font-semibold text-white mb-4 text-center">
+                {de ? 'So funktioniert das Wandeldarlehen' : 'How the Convertible Loan Works'}
+              </h3>
+              <div className="grid md:grid-cols-3 gap-4">
+                <div className="text-center p-4 bg-white/5 rounded-xl">
+                  <Banknote className="w-6 h-6 text-indigo-400 mx-auto mb-2" />
+                  <p className="text-sm font-bold text-white mb-1">
+                    {de ? '1. Investition' : '1. Investment'}
+                  </p>
+                  <p className="text-xs text-white/50 leading-relaxed">
+                    {de
+                      ? 'Investor stellt Darlehen bereit — keine sofortige Bewertung, keine sofortige Verwässerung.'
+                      : 'Investor provides a loan — no immediate valuation, no immediate dilution.'}
+                  </p>
+                </div>
+                <div className="text-center p-4 bg-white/5 rounded-xl">
+                  <ArrowRightLeft className="w-6 h-6 text-purple-400 mx-auto mb-2" />
+                  <p className="text-sm font-bold text-white mb-1">
+                    {de ? '2. Conversion' : '2. Conversion'}
+                  </p>
+                  <p className="text-xs text-white/50 leading-relaxed">
+                    {de
+                      ? 'Bei der nächsten Finanzierungsrunde wandelt das Darlehen in Anteile — mit Discount für den Frühphasen-Investor.'
+                      : 'At the next funding round, the loan converts to equity — with a discount for the early-stage investor.'}
+                  </p>
+                </div>
+                <div className="text-center p-4 bg-white/5 rounded-xl">
+                  <TrendingUp className="w-6 h-6 text-emerald-400 mx-auto mb-2" />
+                  <p className="text-sm font-bold text-white mb-1">
+                    {de ? '3. Investor-Vorteil' : '3. Investor Advantage'}
+                  </p>
+                  <p className="text-xs text-white/50 leading-relaxed">
+                    {de
+                      ? 'Durch den Discount erhält der Investor mehr Anteile pro Euro als spätere Investoren — Prämie für frühes Vertrauen.'
+                      : 'The discount gives the investor more shares per euro than later investors — a premium for early trust.'}
+                  </p>
+                </div>
+              </div>
+            </GlassCard>
+          </FadeInView>
+
+          {/* Pre-Seed BW / L-Bank */}
+          <FadeInView delay={0.6} className="mb-6">
+            <div className="bg-gradient-to-r from-emerald-500/10 to-blue-500/10 border border-emerald-500/20 rounded-xl px-5 py-3">
+              <div className="flex items-start gap-3">
+                <ShieldCheck className="w-5 h-5 text-emerald-400 mt-0.5 shrink-0" />
+                <div>
+                  <p className="text-sm font-bold text-white mb-1">
+                    {de ? 'Pre-Seed BW — Staatliche Co-Finanzierung (L-Bank)' : 'Pre-Seed BW — Government Co-Financing (L-Bank)'}
+                  </p>
+                  <p className="text-xs text-white/50 leading-relaxed">
+                    {de
+                      ? 'Das Investment wird über das Pre-Seed-Programm von Start-up BW / L-Bank staatlich co-finanziert. Die L-Bank stellt eine Zuwendung mit Wandlungsvorbehalt bereit — das reduziert das Risiko für private Investoren und signalisiert staatliches Vertrauen in das Geschäftsmodell.'
+                      : 'The investment is co-financed through the Pre-Seed BW / L-Bank government program. L-Bank provides a grant with conversion option — reducing risk for private investors and signaling government confidence in the business model.'}
+                  </p>
+                </div>
+              </div>
+            </div>
+          </FadeInView>
+
+          {/* Cap Table */}
+          <FadeInView delay={0.7} className="mb-6">
+            <GlassCard hover={false} className="p-6">
+              <h3 className="text-lg font-semibold text-white mb-4 text-center">
+                {de ? 'Cap Table — Beispielrechnung' : 'Cap Table — Example Calculation'}
+              </h3>
+              <div className="grid md:grid-cols-2 gap-6">
+                <div>
+                  <p className="text-xs text-white/40 mb-3 text-center font-semibold uppercase tracking-wider">
+                    {de ? 'Vor Conversion' : 'Before Conversion'}
+                  </p>
+                  <div className="space-y-2">
+                    <div className="flex justify-between items-center bg-white/5 rounded-lg px-4 py-2">
+                      <span className="text-sm text-white/70">{de ? 'Gründer' : 'Founders'}</span>
+                      <span className="text-sm font-bold text-white">100%</span>
+                    </div>
+                    <div className="flex justify-between items-center bg-indigo-500/10 border border-indigo-500/20 rounded-lg px-4 py-2">
+                      <span className="text-sm text-indigo-300">{de ? 'Wandeldarlehen' : 'Convertible Loan'}</span>
+                      <span className="text-xs font-semibold text-indigo-400">{de ? 'ausstehend' : 'outstanding'}</span>
+                    </div>
+                  </div>
+                </div>
+                <div>
+                  <p className="text-xs text-white/40 mb-3 text-center font-semibold uppercase tracking-wider">
+                    {de ? 'Nach Conversion (Beispiel)' : 'After Conversion (Example)'}
+                  </p>
+                  <div className="space-y-2">
+                    <div className="flex justify-between items-center bg-white/5 rounded-lg px-4 py-2">
+                      <span className="text-sm text-white/70">{de ? 'Gründer' : 'Founders'}</span>
+                      <span className="text-sm font-bold text-white">~80-85%</span>
+                    </div>
+                    <div className="flex justify-between items-center bg-indigo-500/10 rounded-lg px-4 py-2">
+                      <span className="text-sm text-indigo-300">{de ? 'Investor' : 'Investor'}</span>
+                      <span className="text-sm font-bold text-indigo-400">~10-15%</span>
+                    </div>
+                    <div className="flex justify-between items-center bg-emerald-500/10 rounded-lg px-4 py-2">
+                      <span className="text-sm text-emerald-300">L-Bank / Pre-Seed</span>
+                      <span className="text-sm font-bold text-emerald-400">~5%</span>
+                    </div>
+                  </div>
+                </div>
+              </div>
+              <p className="text-[11px] text-white/30 mt-4 text-center italic">
+                {de
+                  ? '* Beispielhafte Darstellung. Tatsächliche Anteile abhängig von Bewertung und Discount bei Conversion.'
+                  : '* Illustrative example. Actual shares depend on valuation and discount at conversion.'}
+              </p>
+            </GlassCard>
+          </FadeInView>
+        </>
+      )}
+
       {/* Use of Funds */}
       <FadeInView delay={0.8}>
         <GlassCard hover={false} className="p-6">
@@ -143,7 +280,7 @@ export default function TheAskSlide({ lang, funding }: TheAskSlideProps) {
                   </span>
                   <span className="text-sm font-bold text-white">{item.percentage}%</span>
                   <span className="text-xs text-white/30">
-                    {((amount * item.percentage) / 100).toLocaleString('de-DE')} EUR
+                    {((totalBudget * item.percentage) / 100).toLocaleString('de-DE')} EUR
                   </span>
                 </div>
               ))}