Disclaimer

1. General

This homepage and the publications (as well as data and analyses) contained therein are created by LeanVal Research GmbH for information purposes only. They do not constitute an offer or invitation to subscribe for or to purchase or sell any security, nor do they or the information contained therein form the basis of any contractual or other obligation of any kind. The analyses contained herein should not be construed as a personal recommendation and do not take into account the investment objectives or strategies or the financial situation or needs of any particular person. Investors should seek the advice of an investment advisor in making their investment decision. In this respect, the analyses cannot assume an advisory function. The analyses and price targets are based on numerous assumptions. Different assumptions can lead to materially different results. The opinions, estimates and forecasts contained in the analyses are solely those of the respective authors. They are date-related, not necessarily also the opinion of LeanVal Research GmbH and may change at any time without prior notice. The analyses are intended only for distribution to persons who, in connection with their trade, profession or employment, acquire or sell transferable financial instruments for their own account or for the account of others. They are not intended for distribution to private investors or retail customers. This material may not be reproduced or duplicated without the prior consent of LeanVal Research GmbH. Unless otherwise agreed in writing, LeanVal Research GmbH expressly prohibits any distribution or disclosure of this material to third parties. LeanVal Research GmbH shall not be liable for any claims or actions by third parties arising out of the use or distribution of this material. The distribution of this publication may only take place within the framework of the legislation applicable to it.

2. Sources of Information

All analyses are prepared on the basis of generally accessible sources (“information”) that LeanVal Research GmbH considers to be reliable. However, LeanVal Research GmbH has not checked the information for accuracy or completeness and assumes no liability for the accuracy and completeness of the information. Any incomplete or incorrect information does not establish any liability on the part of LeanVal Research GmbH for damages of any kind, and LeanVal Research GmbH is not liable for indirect and/or direct damages and/or consequential damages. In particular, LeanVal Research GmbH assumes no liability for statements, plans or other details contained in these analyses with regard to the companies studied. Although the information is compiled with all due care, errors or incompleteness cannot be excluded. LeanVal Research GmbH, its shareholders, corporate bodies and employees do not assume any liability for the accuracy or completeness of the statements, assessments, recommendations derived from the information contained in the analyses.

3. Summary of the assessment bases

The valuations underlying the investment recommendations for stocks analyzed by LeanVal Invest GmbH are based on generally accepted and widely used methods of fundamental analysis, such as the ROIC (Return on Invested Capital) approach, the DCF (Discounted Cash Flow) model, peer group comparisons, NAV (Net Asset Value) valuations, sum-of-the-parts models, etc.

4. Explanation of the recommendation system

The rating system of LeanVal Invest GmbH comprises the action recommendations “Buy”, “Hold” and “Sell”. The rating of a share is based on the expected return for the next twelve to fifteen months. The expected return is composed of the forecast change in the share price and the expected dividend yield.

5. Conflicts of interest

In the financial analyses, circumstances or relationships that could give rise to conflicts of interest because they could jeopardize the impartiality – of the employees of LeanVal Research GmbH who prepared the analysis, – of LeanVal Research GmbH as the company responsible for the preparation or of companies affiliated with it, or – of other persons or companies working for LeanVal Research GmbH and contributing to the preparation must be disclosed. Information on interests or conflicts of interest that must be disclosed exists in particular if

1. 1. 1. significant shareholdings (= shareholding > 5% of the share capital) exist between the above-mentioned persons or companies and the issuers who are themselves or whose financial instruments are the subject of the financial analysis,
      2. the above-mentioned persons or companies manage financial instruments, which themselves or their issuers are the subject of the financial analysis, on a market by placing buy or sell orders (market making/designated sponsoring),
      3. the above-mentioned persons or companies have been involved in the management of a consortium for an issue by way of a public offering of such financial instruments which are themselves or the issuers of which are the subject of the financial analysis within the preceding twelve months,
      4. above-mentioned persons or companies were bound to an agreement for services in connection with investment banking transactions within the previous twelve months vis-à-vis issuers who are themselves or whose financial instruments are the subject of the financial analysis, or received a service or a promise of service from such an agreement during this period, insofar as no confidential business information is affected by the disclosure of this information,
      5. the above-mentioned persons or companies have entered into an agreement with issuers who are themselves or whose financial instruments are the subject of the financial analysis to prepare the financial analysis,
      6. the above-mentioned persons hold management or supervisory board mandates with issuers whose financial instruments are the subject of the financial analysis, or
      7. above-mentioned persons or companies have other significant financial interests in relation to the issuers who are themselves or whose financial instruments are the subject of the financial analysis.

6. Compliance

LeanVal Research GmbH has taken internal organizational and regulatory precautions in implementation of legal and supervisory regulations to avoid conflicts of interest in the preparation and dissemination of financial analyses. In particular, there are internal information barriers that prevent analysts from accessing insider information. Compliance is monitored by the Compliance Officer.

7. International

The analyses, if distributed in the United Kingdom, may only be made available to persons who are deemed to be authorized or exempt within the meaning of the Financial Services Act 1986, or persons as defined in Section 9 (3) of the Financial Services Act 1986 (lnvestment Advertisement) (Exemptions) Order 1988 (as amended), and may not be communicated, directly or indirectly, to any other person or class of persons. Neither the analyses nor copies thereof may be sent, brought or distributed into the United States of America, Canada or Japan or their respective territories or possessions, nor may they be distributed to a U.S. person within the meaning of the provisions of the U.S. Securities Act 1933 or to persons resident in Canada or Japan. Distribution of the analyses in other jurisdictions may be restricted by law, and persons into whose possession the analyses come should inform themselves about and comply with any restrictions. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. Reprinting, redistribution and publication of the analyses and their contents in whole or in part is only permitted with the prior written consent of LeanVal Research GmbH.