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• General
• Certain disclaimers
• Forward-looking and cautionary statements
• Confidential information
• Global availability
• Business relationships
• Linking to this site
• Translations
• Disclaimer of warranty
• Limitation of liability

General

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Certain Disclaimers

Forward-Looking And Cautionary Statements

Global Availability

Business Relationships

Linking To This Site

Translations

Disclaimer Of Warranty

Limitation Of Liability

USE OF OUR DATA

The following statements represent legally relevant information for the use of theScreener.com SA data on Internet sites in Germany or by users who are subject to financial market regulation in Germany. Disclaimer, obligatory information according to § 34 b of the German Securities Trading Act (WpHG) and possible conflicts of interest (disclosures) for information and valuations of securities prepared by theScreener – hereinafter referred to as publication.

theScreener.com SA, 18, rue de la Gare in 1260 Nyon, Switzerland (hereinafter referred to as theScreener) prepares its financial analyses in accordance with the legal requirements of the Securities Trading Act and the Financial Analysis Ordinance. The following explanations inform investors about the legal requirements that must be observed when preparing financial analyses.

Liability Statement

Our valuations and information do not constitute client-specific investment advice and, depending on the specific investment objectives, the investment horizon or the individual financial situation, may not be suitable or only partially suitable for individual investors. The valuations and statements contained in this publication have been made by theScreener to the best of its judgement and reflect the state of affairs at the time of publication and may change as a result of future events or developments. theScreener is not obliged to update this publication. This publication represents an independent, fully computer-generated valuation of theScreener’s financial instruments, and any valuation statements contained herein do not necessarily represent those of third parties. This publication has been provided to you for information purposes only and may not be reproduced, redistributed to other persons or published in whole or in part. It is not directed at persons with their domicile and/or registered office and/or branches abroad, particularly in the United States of America, Canada, the United Kingdom or Japan. theScreener has taken the information on which the publication is based from sources it believes to be reliable, but has not verified all of this information itself. Accordingly, neither theScreener nor the Internet operators on whose sites data from theScreener is displayed and/or their respective subsidiaries make any representations or warranties as to the completeness or accuracy of the information or estimates contained in this publication. Furthermore, theScreener assumes no liability for losses caused by and/or related to the distribution and/or use of this publication. This publication does not constitute a public offer to purchase financial instruments. The information in this publication does not constitute investment advice. In preparing this publication, theScreener is not acting as investment advisor or portfolio manager to any person. Any decision regarding an investment in securities should be based on a consultation, independent investment research and other studies, including, but not limited to, information memoranda, sales or offering prospectuses, and in no case on the basis of this publication. Although theScreener may provide hyperlinks to Internet sites of companies mentioned in this study, the inclusion of a link does not imply that theScreener endorses, recommends or approves all data on the linked site or data accessible from that site. theScreener assumes no liability for such data or for any consequences arising from the use of such data. theScreener is authorized to maintain business relations with the company(ies) that are the subject of this study. The employees of theScreener have no influence on the valuation of individual securities. The methods used to value securities are applied uniformly by computer to all securities analysed. Accordingly, the valuation of a security is not influenced by financial incentives for employees or activities in other business areas. Employees of theScreener and members of their households are not subject to any restrictions on their personal investments and trading activities, with the exception of trading restrictions from the start of database updates until the publication of update results.

All price targets indicated for the companies analyzed in this report may not be achieved due to various risk factors, including, but not limited to, market volatility, industry volatility, actions taken by the company, economic conditions, failure to meet earnings and/or revenue projections, unavailability of complete and accurate information and/or a subsequent event affecting the underlying assumptions and data sources on which theScreener relies in this publication.

theScreener is entitled to publish another study about the company during the analysis period that does not specify a price target. The stated price targets should be considered in the context of all studies and developments published to date relating to the company and the industry and financial markets in which the company operates. By accepting this publication, you accept the above restrictions as having been imposed on you.

Mandatory Disclosures Pursuant To Section 34b Of The German Securities Trading Act Information Sources

Important sources of information for the preparation of financial analyses are historical price data, estimates and forecasts by external analysts of brokers, investment banks and other companies not employed by theScreener, as well as other data that theScreener obtains from Thomson Reuters or other sources.

Summary Of Valuation Principles And Methods

Valuations are prepared with the greatest care and in consideration of the data available at the time and processed by computer. Further information on the valuation method can be found on these web pages in the section”Method”.

Sensitivity Of The Valuation Parameters

The respective expectations regarding the future performance of a financial instrument are the result of a snapshot and may change at any time. The evaluation of the underlying parameters is carried out automatically on the basis of methods known from stock analysis. Nevertheless, the result of the analysis always describes only one of a multitude of possible future developments. It is the development to which the analysis method attributes the greatest probability of occurrence at the time of the analysis.

Many of the valuation bases may change unpredictably. Demand for a company’s products may decrease, competition may increase (falling sales prices), wages or purchase prices may rise (rising costs), technological breakthroughs by competitors may occur, problems may arise in the use of the products (e.g. side effects of drugs). External influences can also have a surprising effect on the position of a company. Rising interest rates, fluctuating exchange rates and changes in tax law have an impact on profits, regulatory intervention by the state can change prices and costs. Shifts in risk preferences on the stock market can lead to valuation changes. Last but not least, theScreener is an external observer who only has access to publicly available company information. It cannot always detect errors or even misrepresentations in the data sources. Other unforeseeable influences on valuation and share price development are conceivable.

Timing Conditions For Planned Updates

The publications appear regularly twice a week. For which securities such publications are made is solely at theScreener’s discretion. Whether and when the financial instruments contained in this publication are updated is also at the sole discretion of theScreener.

Internal Organisational And Regulatory Arrangements To Prevent Or Manage Conflicts Of Interest

In order to prevent conflicts of interest in accordance with Section 33 (1) of the German Securities Trading Act (WpHG) of BaFin, the securities valuations are prepared entirely by computer on the basis of predefined programs. The data is updated at the same time for all securities valued and the new data is made available to all partners who receive data from theScreener at the same time. The updating of the data is usually carried out outside the opening hours of the stock exchanges, on weekends and Thursdays before the opening of the European stock exchanges. Employees who are involved in updating the data are subject to an absolute ban on trading and communication of individual securities from the beginning of the data update until the data is published.

Investment Period/Assessment

All ratings are based on the expected absolute price development of a stock or other security in the currency in which the security is listed on theScreener.

• The time horizon for these analyses can vary. In principle, the valuation of all securities is reviewed twice a week and may change accordingly. Experience has shown that the time horizon of the majority of the securities evaluated, and thus the investment horizon of a slightly positive or positive assessment, is six months or more until a rating worse than neutral. This is a statistical value. Individual securities may be subject to a much more rapid change in classification.
• The investment ratings Positive, Slightly Positive, Neutral, Slightly Negative, or Negative, the number of stars awarded (from 0-4) and do not automatically indicate particularly strong expected price movements. They merely state that the computer, based on the data available to it and the programming used, estimates future price movements to be rather positive or rather negative. However, the actual price development can deviate massively from the estimate given. The strength of the estimate is shown in the analysis text.

Special Note On Risk Assessment

In principle, theScreener’s risk assessment of securities is only compared to other securities of the same asset class and currency. In particular, when classifying the risk of equities, it is important to bear in mind that equities generally represent high-risk securities, in which the investor may suffer a total loss. This total loss can occur regardless of theScreener’s risk assessment, as the risk classification is only relative to other shares and is based on statistical past values that do not necessarily continue into the future. “Value at Risk” information is also considered a statistical figure. With the corresponding percentage probability of usually 95%, a security in this volatility and price behaviour class has historically not lost more than the specified value for around 40 trading days. This also means, however, that in 5% of cases a massively higher loss must be expected. In addition, stock market phases must be reckoned with in which more than the specified loss in value occurs simultaneously for most securities.

Responsible Supervisory Authority

In Switzerland: Swiss Financial Market Supervisory Authority FINMA, Einsteinstrasse 2, 3003 Bern
In Germany: Federal Financial Supervisory Authority BaFin, Lurgiallee 12, 60439 Frankfurt am Main

By accepting this publication, you accept the above restrictions as binding on you. Additional information on the content of this study is available upon request.