Reference in accordance with section 34b of the German Securities Trading Act (WpHG), the Ordinance on the Analysis of Financial Instruments (FinAnV), MAR and Commission Delegated Regulation (EU) regarding possible conflicts of interest with companies analysed:
-1-
Warburg Research, or an affiliated company, 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-
Warburg Research, or an affiliated company, within the last twelve months 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-
Companies affiliated with Warburg Research 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-
MMWB, Warburg Research, or an affiliated company, 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.
-6- Companies affiliated with Warburg Research regularly trade financial instruments of the analysed company or derivatives of these.
-6a-
Warburg Research, or an affiliated company, holds a net long position of more than 0.5% of the total issued share capital of the analysed company.
-6b-
Warburg Research, or an affiliated company, holds 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 Warburg Research or 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.
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