Legal disclosures

Legal disclaimer

This research report (“investment recommendation”) was prepared by Münchmeyer Petersen Capital Markets GmbH (MPCM). This research report is intended solely for the recipient and may not be passed on to another company without its prior consent, regardless of whether the company is part of the same corporation or not. It contains selected information and does not purport to be complete. The investment recommendation is based on publicly available information and data ("information") believed to be accurate and complete. MPCM neither examines the information for accuracy and completeness, nor guarantees its accuracy and completeness. Possible errors or incompleteness of the information do not constitute grounds for liability of MPCM for damages of any kind whatsoever, and MPCM is not liable for indirect and/or direct and/or consequential damages. In particular, MPCM is not liable for the statements, plans or other details contained in these investment recommendations concerning the examined companies, their affiliated companies, strategies, economic situations, market and competitive situations, regulatory environment, etc. Although due care has been taken in compiling this investment recommendation, it cannot be excluded that it is incomplete or contains errors. MPCM, its shareholders and employees are not liable for the accuracy and completeness of the statements, estimations and the conclusions derived from the information contained in this investment recommendation. Provided an investment recommendation is being transmitted in connection with an existing contractual relationship, i.e. financial advisory or similar services, the liability of MPCM shall be restricted to gross negligence and wilful misconduct. In case of failure in essential tasks, MPCM is liable for normal negligence. In any case, the liability of MPCM is limited to typical, expectable damages. This investment recommendation does not constitute an offer or a solicitation of an offer for the purchase or sale of any security. Partners, directors or employees of MPCM or affiliated companies may serve in a position of responsibility, i.e. on the board of directors of companies mentioned in the report. Opinions expressed in this investment recommendation are subject to change without notice. The views expressed in this research report accurately reflect the research analyst’s personal views about the subject securities and issuers. Unless otherwise specified in the research report, no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in the research report. All rights reserved.

Copyright notice

This work including all its parts is protected by copyright. Any use beyond the limits provided by copyright law without permission is prohibited and punishable. This applies, in particular, to reproductions, translations, microfilming, and storage and processing on electronic media of the entire content or parts thereof.

Disclosure according to Section 85 of the German Securities Trading Act (WpHG), MAR and MiFID II incl. Commission Delegated Regulation (EU) 2016/958 and (EU) 2017/565

The valuation underlying the investment recommendation for the respective company analysed is based on generally accepted and widely used methods of fundamental analysis, such as e.g. DCF Model, Free Cash Flow Value Potential, NAV, Peer Group Comparison or Sum of the Parts Model (see also https://disclaimer.mp-capitalmarkets.com/disclaimer.htm#Valuation). The result of this fundamental valuation is modified to take into consideration the analyst’s assessment as regards the expected development of investor sentiment and its impact on the share price.

The respective commentary reflects the opinion of the relevant author at the point in time of its compilation. A change in the fundamental factors underlying the valuation can mean that the valuation is subsequently no longer accurate. Whether, or in what time frame, an update of this commentary follows is not determined in advance.

Price target risk

Independent of the applied valuation methods, there is the risk that the price target will not be met, for instance because of unforeseen changes in demand for the company’s products, changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rate etc. For investments in foreign markets and instruments there are further risks, generally based on exchange rate changes or changes in political and social conditions.

Reference in accordance with section 85 of the German Securities Trading Act (WpHG) and Art. 20 MAR regarding possible conflicts of interest with companies analysed

-1- MPCM, or an affiliated company according to Section 271 (2) of the German Commercial Code (HGB) (affiliated companies), or an employee of one of these companies responsible for the compilation of the research, hold a share of more than 5% of the equity capital of the analysed company.

-2- Within the last twelve months affiliated companies participated in the management of a consortium for an issue in the course of a public offering of such financial instruments, which are, or the issuer of which is, the subject of the investment recommendation.

-3- Affiliated companies manage financial instruments, which are, or the issuers of which are, subject of the investment recommendation, in a market based on the provision of buy or sell contracts.

-4- Affiliated companies reached an agreement with the issuer to provide investment banking and/or investment services and the relevant agreement was in force in the last 12 months or there arose for this period, based on the relevant agreement, the obligation to provide or to receive a service or compensation - provided that this disclosure does not result in the disclosure of confidential business information.

-5- The company compiling the analysis or an affiliated company had reached an agreement on the compilation of the investment recommendation with the analysed company.

-6a- Affiliated companies hold a net long position of more than 0.5% of the total issued share capital of the analysed company.

-6b- Affiliated companies hold a net short position of more than 0.5% of the total issued share capital of the analysed company.

-6c- The issuer holds shares of more than 5% of the total issued capital of an affiliated company.

-7- The company preparing the analysis as well as its affiliated companies and employees have other important interests in relation to the analysed company, such as, for example, the exercising of mandates at analysed companies.

Analyst compensation

Additional internal and organisational arrangements to prevent or to deal with conflicts of interest have been implemented. Among these are internal information barriers and the creation of areas of confidentiality. This prevents the exchange of information, which could form the basis of conflicts of interest for MPCM in terms of the analysed issuers or their financial instruments.

The analysts of MPCM do not receive a gratuity – directly or indirectly – from the investment banking activities of MPCM, MPC Münchmeyer Petersen & Co. GmbH or affiliated companies.

All prices of financial instruments given in this investment recommendation are the closing prices on the last stock-market trading day before the publication date stated, unless another point in time is explicitly stated.

MPCM is subject to the supervision of the Federal Financial Supervisory Authority, BaFin.

Additional information for clients in the United States

1. This research report (the “Report”) is a product of Münchmeyer Petersen Capital Markets GmbH (MPCM), Germany. MPCM is the employer of the research analyst(s), who have prepared the Report. The research analyst(s) reside outside the United States and are not associated persons of any U.S. regulated broker-dealer and therefore are not subject to the supervision of any U.S. regulated broker-dealer.

2. The Report is provided in the United States for distribution solely to "major U.S. institutional investors" under Rule 15a-6 of the U.S. Securities Exchange Act of 1934.

3. Crédit Industriel et Commercial (CIC) and MPCM have concluded a Research Distribution Agreement that gives CIC Market Solutions Inc. exclusive distribution in France, the US and Canada of the MPCM research product.

4. The research reports are distributed in the United States of America by CIC pursuant to a SEC Rule 15a-6 agreement with CIC Market Solutions Inc (“CICI”), a U.S. registered broker-dealer and a related company of CIC, and are distributed solely to persons who qualify as “Major U.S. Institutional Investors” as defined in SEC Rule 15a-6 under the Securities Exchange Act of 1934.

5. Any person who is not a Major U.S. Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein.

Additional information for clients in the United Kingdom

This research report is directed only at persons in the United Kingdom who are professional clients or eligible counterparties for the purposes of the UK financial promotion and investment research regime. Persons who do not meet these criteria should not rely on this communication or act upon it.

Investment recommendation definitions

Investment recommendation: expected direction of the share price development of the financial instrument up to the given price target in the opinion of the analyst who covers this financial instrument.