Notes and Disclaimer

The documents of Deutsches Analyse Netzwerk AG (hereinafter: “DAN/AG”) are addressed to institutional investors (professional investors and eligible counterparties) and do not constitute an offer or solicitation to buy or sell any security under any circumstances. They are for information purposes only.

The documents contain only non-binding opinions on the investment instruments addressed and the market conditions at the time of publication of the document. Due to the content, which serves the purpose of general information, the documents prepared by DAN/AG do not replace personal investor and issue-specific advice when making investment decisions and do not convey the essential information needed for an investment decision and that is given in other sources, in particular, duly approved prospectuses.

All data used by DAN/AG in the preparation of the documents and the statements made are based on sources that we consider reliable. However, we do not guarantee their accuracy or their completeness.

Opinions expressed reflect the personal views of the author at a particular moment in time. These opinions may change at any time and without notice. Any liability on the part of the analyst or the institutions commissioning the analyst for both direct and consequential damage is excluded. As confidential reports, the documents are only made available to a limited group of recipients. Forwarding or distribution to third parties is only permitted with the approval of DAN/AG. All applicable capital market regulations concerning the preparation, content and distribution of research in the various national jurisdictions must be applied and complied with by both the supplier and the recipient.

Essential basis and standards relating to the value judgements contained in the documents:

The valuations underlying DAN/AG’s investment judgements are based on generally accepted and widely used methods of fundamental analysis, such as the DCF (discounted cash flow) model, peer group comparisons and where appropriate, a sum-of-the-parts model.

Significance of the investment judgement:

“Buy“: in the opinion of DAN/AG’s analyst, the share price will rise within the next twelve months.

“Sell“: in the opinion of DAN/AG’s analyst, the share price will fall within the next twelve months.

With respect to distribution in the United Kingdom, the documents prepared by DAN/AG are only intended for distribution to individuals who are authorised persons or exempted persons within the meaning of the 1986 Financial Services Act or any order made thereunder or to persons described in Article 11(3) of the 1986 Financial Act (Investment Advertisements) (Exemptions) Order 1996 (as amended from time to time) and are not intended to be communicated directly or indirectly to any other persons.

It is expressly prohibited to bring, transfer or distribute documents produced by DAN/AG or copies of these into the United States of America, Canada, Japan or their territories or possessions.

In the past 12 months, DAN/AG has entered into agreement with the following issuers for the remunerated preparation of financial analyses: