Important information

Security investments generally involve high risks. Investors may lose some or all of the money invested. Potential investors should take into account that security prices may fall and rise and that income from an investment may fluctuate considerably. Past performance is no guarantee for future results. Investors make their decisions at their own risk.

Disclaimer

The following documents were compiled by BankM AG solely for informational purposes and for the personal use by experienced persons in Germany that purchase or sell transferable securities for their own account or the account of others in the context of their trade, profession or occupation. The documents neither constitute a contract nor any kind of obligation. The documents and their content, in whole or in part, may not be reproduced, distributed, published or passed on to any other person without the prior written consent of BankM AG.

The following documents are not intended to be an offer, or the solicitation of any offer, or any advice or recommendation to buy or sell the securities referred to herein. The documents are intended to provide information to assist investors in making their own investment decisions, not to provide investment advice to any specific investor. Potential investors should seek professional and individual advice before making their investment decisions. Investment decisions must not be based on these documents.

The documents usually are being prepared due to a service agreement with the respective issuer. In the function as a designated sponsor, BankM AG normally manages the financial instruments that are, or whose issuers are, the subject of the documents on a market by placing buy or sell orders and will regularly hold a trading stock or long or short positions in the issuer´s stock.

BankM AG (incl. subsidiaries and affiliates), the authors of the documents as well as other persons that were involved in the compilation of the documents or affiliated parties may have a major shareholding (shareholding exceeding 5%) of the share capital of the issuer that is, or whose financial instruments are, the subject of documents, may have, within the past twelve months, participated in leading a consortium for the issue via public offer of the financial instruments that are, or whose issuers are, the subject of the documents, may have, within the past twelve months, been party to an agreement on the provision of investment banking services with the issuer that is, or whose financial instruments are, the subject of the documents, or have received services or a promise to perform under the terms of such an agreement during the same period, or may have other significant economic interests relating to the issuer that is, or whose financial instruments are, the subject of the documents.

BankM AG´s internal organisation is aligned with the prevention of conflict of interests in producing and distributing such documents.

The remuneration of the analysts is not dependent on any investment banking transactions of BankM AG or its affiliates.

The information within the following documents has been obtained from sources believed by BankM AG to be reliable, but BankM AG does not examine the information to be accurate and complete, nor guarantees its accuracy and completeness. Although due care has been taken in compiling the documents, it cannot be excluded that the information given is incomplete or the documents contain errors. Possible errors or incompleteness of the following documents do not constitute grounds for liability. BankM AG does not accept any liability or responsibility for any loss arising from any use of this publication or its contents or otherwise arising in connection herewith.

A specific date or time for an update of the following documents has not been set. The information given in the documents reflect the author’s judgement on the date of this publication and is subject to change without notice. It is in the sole responsibility of BankM AG to decide on a potential update of the documents.

For updated information according to Commission Delegated Regulation (EU) 2016/958 Art. 6 para. 3 click here.

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Note regarding MiFID II: All BankM research reports have been only prepared by order of the issuer based on a contractual agreement and are being compensated for by the issuer. The research reports have simultaneously been made publicly available to all interested persons. Hence, the receipt of these research reports is to be regarded as a permitted insignificant non-monetary benefit according to § 64 para 7 sentence 2 No. 1 and 2 of the German Securities Trading Act (WpHG).

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