Disclosure

Montega has taken a number of measures to avoid conflicts of interest. This includes that employees are not permitted to deal in shares of our own coverage universe, when there is a mandate relationship with the issuer for the preparation of research. Additionally, employees and the company are prohibited from accepting gratuities given by persons with a particular interest in the contents of research publications. To ensure a maximum degree of transparency Montega has prepared an overview according to Section 85 of the German Securities Trading Act (WpHG) and Art. 20 Regulation (EU) No. 596/2014 in conjunction with Commission Delegated Regulation (Delegierte Verordnung) 2016/958.

ad pepper media International N.V. (1,8)
ADVA Optical Networking SE (8,9)
All for One Group SE (8,9)
AT & S Austria Technologie & Systemtechnik AG (8,9)
Aumann AG (8,9)
BAUER AG (8,9)
Bertrandt AG (8,9)
bet-at-home.com AG (8,9)
capsensixx AG (1,8)
CEWE Stiftung & Co. KGaA (1,8)
CLIQ Digital AG (1,8)
CropEnergies AG (8,9)
CTS Eventim AG & Co. KGaA (8,9)
DATAGROUP SE (8,9)
DEAG Deutsche Entertainment AG (1,8)
DFV Deutsche Familienversicherung AG (8,9)
Dr. Hönle AG (8,9)
EDAG Engineering Group AG (8,9)
Einhell Germany AG (8,9)
ElringKlinger AG (8,9)
FinLab AG (1,8)
FORTEC Elektronik AG (1,8)
GK Software SE (1,8)
Heidelberger Druckmaschinen AG (8,9)
HELMA Eigenheimbau AG (1,8)

HolidayCheck Group AG (8,9)
home24 SE (8,9)
HORNBACH Holding AG & Co. KGaA (8,9)
JDC Group AG (8,9)
JOST Werke AG (8,9)
Koenig & Bauer AG (8,9)
Leifheit Aktiengesellschaft (8,9)
LPKF Laser & Electronics AG (8,9)
Masterflex SE (8,9)
MBB SE (8,9)
Mobotix AG (1,8)
Mountain Alliance AG (1,8)
MS Industrie AG (1,8)
Nagarro SE (8,9)
Netfonds AG (1,8)
Nynomic AG (1,4,8)
pferdewetten.de AG (1,8)
PORR AG (8,9)
PVA TePla AG (8,9)
q.beyond AG (1,8)
S&T AG (8,9)
SAF-Holland SE (8,9)
SBF AG (1,8)
Schweizer Electronic AG (1,8)
SFC Energy AG (8,9)

Shop Apotheke Europe N.V. (8,9)
SMT Scharf AG (1,8)
SNP Schneider-Neureither & Partner SE (8,9)
STEICO SE (1,8)
Sto SE & Co. KGaA (1,8)
SÜSS MicroTec SE (8,9)
technotrans SE (8,9)
Uzin Utz AG (1,8)
va-Q-tec AG (1,8)
VERBIO Vereinigte BioEnergie AG (8,9)
Villeroy & Boch AG (8,9)
VITA 34 AG (1,8)
Wacker Neuson SE (8,9)
Westwing Group AG (8,9)
Wienerberger AG (8,9)
windeln.de SE (1,8)
Wolftank-Adisa Holding AG (1,8)
Wüstenrot & Württembergische AG (1,8)
Zalando SE (8,9)
ZEAL Network SE (8,9)
zooplus AG (8,9)

Explanation

Overview of potential conflicts of interest.:

(1) Montega, within the last 12 months, reached an agreement with the issuer on the compilation of research for which Montega receives compensation.

(2) Montega, within the last 12 months, reached an agreement with a third party on the compilation of research for which Montega receives compensation.

(3) Montega, within the last 12 months, provided other advisory services for this company and/or its shareholders.

(4) Montega or any related legal person, within the last 12 months, was bound to an agreement on the provision of investment banking services with the analysed company or received benefits under the term of such an agreement.

(5) Montega or its affiliates, within the next three months, expects a remuneration for investment banking services from the company or intends to seek such remuneration.

(6) Montega, the analyst responsible for the compilation of the research or another employee of Montega holds a share of more than 5% of the equity capital of the analysed company.

(7) Montega, the analyst responsible for the compilation of the research or another employee of Montega holds a net long or net short position of more than 0.5% of the total issued share capital of the analysed company.

(8) A company affiliated with Montega AG may hold shares in the equity capital of the issuer or other financial interests in the issuer’s share capital.

(9) Montega or any related legal person, has other important interests in relation to the analysed company, such as, for example, the exercising of mandates and/or providing of other services for the analysed company (e.g. roadshows, presentation at conferences, round tables etc.)

For any questions related to the implementation of the compliance guidelines please contact: Patrick Speck (p.speck@montega.de)