Risk Disclosure/Disclaimer

Security purchases are always associated with risks which, in extreme cases, may lead to a total loss of the capital invested. Special risks may arise from the narrowness of the market of some of the securities covered. Purchases on credit are fraught with risk, especially in relation to second-line shares in narrow markets.

The documents of Montega AG do not represent an offer or invitation to buy or sell any kind of securities or financial instruments. They serve for information purposes only. The documents only contain a non-binding opinion on the investment instruments concerned and non-binding judgments on market conditions at the time of publication of the respective document. Based on its content, which serves for general information purposes, the documents do not replace personal, investor- or issue-specific advice, nor do they provide basic information for an investment decision that is expressed in other sources, especially in properly authorised prospectuses.
All data used and statements made in the documents are based on sources believed to be reliable. However, we do not guarantee their correctness or their completeness. Any views expressed reflect the personal judgement of the author at a certain point in time. These views may be changed at any time and without prior announcement. No liability for direct and indirect damages is assumed by either the analyst or the institution employing the analyst. These confidential reports are made available to a limited audience only. They may only be disseminated or distributed to third parties following the prior consent of Montega. All capital market rules and regulations governing the compilation, content and distribution of research in force in the different national legal systems apply and are to be complied with by both suppliers and recipients.

Distribution in the United Kingdom: The documents are intended to be distributed solely to persons who are authorised persons or exempt persons in the sense of the Financial Services Act 1986 or of a regulation issued on the basis of it, or to persons who are specified in Article 11 (3) of the Financial Act 1986 (Investments Advertisements) (Exemptions) Order 1996 (as amended) and the documents are not intended to be passed on, whether directly or indirectly, to another category of persons. The documents or a copy thereof may not be brought, distributed or disseminated to the United States of America, Canada, Japan or any of its territories or possessions.

Fundamental basics and principles of the evaluative judgements contained in the documents:
The valuation underlying the investment recommendations of Montega AG is based on generally accepted and widely used methods of fundamental analysis, such as e.g. DCF model, peer group comparison or sum-of-the-parts model, if applicable.

Explanation of the investment recommendations:
Buy: The analysts of Montega AG expect the share price to rise over the next twelve months, provided no other time horizon is specifically mentioned in the text.
Hold: The analysts of Montega AG expect the share price to remain stable over the next twelve months, provided no other time horizon is specifically mentioned in the text.
Sell: The analysts of Montega AG expect the share price to fall over the next twelve months, provided no other time horizon is specifically mentioned in the text.

Supervisory Authority:
Montega AG is under supervision of the German Federal Financial Supervisory Authority (BaFin) in respect of compliance with the provisions of §§ 34b, 34c of the German Securities Trading Act and the Ordinance on Financial Analyses.

Contact
Montega AG
Schauenburgerstraße 10
20095 Hamburg
Management Board: Alexander Braun, Patrick Speck
Supervisory Board: Wais Samadzada, Markus Barth (CFA), Christoph Alexander Petri
Commercial Register of Hamburg: HRB 111052