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The Motley Fool GmbH – Disclaimer Regarding Investment Recommendations

Disclaimer on research publications of The Motley Fool GmbH Note: On these pages you will find legal information and publications pursuant to § 34b (1) WpHG and MAR (Market Abuse Regulation (EU) No. 596/2014) for all securities analysis and recommendations The Motley Fool GmbH (“The Fool” below) for each company it currently follows.

These pages were last updated on April 18, 2017.

Legal Notice / Disclaimer The Fool’s investment recommendations contain selected information and do not claim to be complete. The analyzes are based on publicly available information and data (“information”) which are considered reliable. However, The Fool has not checked the information for accuracy or completeness and is not responsible for the accuracy or completeness of the information. Any incomplete or inaccurate information will not make the Jester liable for any damages and the Jester is not liable for any direct and / or consequential damages. In particular, Błazen is not responsible for the statements, plans or other details contained in these analyzes regarding the surveyed companies, their affiliates, strategy, economic, market and / or competitive situation, legal framework, etc. Although the analyzes have been prepared with due diligence, there may be errors or an incompleteness cannot be ruled out. The Jester, his shareholders and employees do not guarantee the accuracy or completeness of any statements, estimates, recommendations or conclusions resulting from the information contained in the Study. If material information has been omitted, the Jester is liable for mere negligence. The liability of The Fool is limited to compensation for typical and foreseeable damages. Investment recommendations do not constitute an offer or a solicitation to make an offer to buy or sell securities. It is possible that the shareholders, management board or employees of The Fool occupy a responsible position, e.g. as a supervisory board member in the companies mentioned in the analyzes, act or have an investment position in them. Opinions contained in investment recommendations are subject to change without notice. All rights reserved.

Additional Information for US Customers The Investment Recommendations are a product of The Fool. The jester is the employer or head of the research analyst who prepared the report. The research analyst is not affiliated with any US regulated broker-dealer and therefore is not under the supervision of any US regulated broker-dealer.

Declaration in accordance with § 34b para. 1 WpHG and MAR and Delegated Regulation (EU) 2016/958 (“DelVO”) Valuation The valuation on which the investment recommendation for the company analyzed here is based is based on widely recognized and widely used methods Fundamental analysis such as discounted cash flow model ( DCF), Final Multiple Valuation, Peer Group Comparison, Sum of Parts, or a similar common and widely used fundamental valuation method.

The result of this fundamental assessment is used as the basis for the recommendation, although it is also corrected by the analyst’s assessment of possible industry changes, alternative possible futures, corporate strategy performance, competitive pressure, etc. The analyst’s final opinion should not be viewed as the sole point of the model, but rather as the most likely outcome of many possible future implications.

Regardless of the valuation method used, there is a risk that the investment result will not be achieved, e.g. due to unforeseen changes in demand for the company’s products, changes in management, technology, economic development, changes in interest rates, operational and / or material costs, competitive pressure, law regulatory, exchange rates, taxes, etc. There are other risks associated with investing in foreign markets and instruments, such as changes in exchange rates or changes in political and social conditions.

This analysis reflects the opinion of the author concerned at the time of its creation. Changing the fundamental factors on which the valuation is based may subsequently cause the valuation to no longer be correct. It has not been determined in advance whether and at what intervals this study will be updated.

Additional internal and organizational precautions have been taken to prevent or deal with conflicts of interest.

The results of analyzes and analysts’ opinions are not disclosed prior to their publication on the analyzed companies.

All prices of financial instruments in this financial analysis are the closing prices on the quotation date preceding the relevant publication date, unless otherwise expressly indicated.

Meaning of the investment recommendations presented. Investment recommendation: Expected development of the price of the financial instrument to the specified target price, in line with the opinion of the analyst responsible for the financial instrument.

Buy: The stock price is expected to rise more than the match index in the next 3 to 5 years. Hold: The stock price is expected to rise less than the relevant index or remain stable in the next 3 to 5 years. Sell: The share price is expected to decline in the next 3 to 5 years.

Trading and disclosure rules for analysts and third parties relating to Motley Fool GmbH When a Motley Fool analyst writes about stocks in which he or she holds a position or otherwise benefits, this fact will be noted at the end of the article or report.

We have stock market recommendations in our paid newsletters and also disclose them when we write about them on our free website (Fool.de). To be fair to our paid members, we do not disclose these recommendations in our free content for at least 30 days after the first publication of the recommendation. After this 30-day period, we will also disclose these recommendations.

The US parent company, The Motley Fool, LLC (“Fool US” for short) may also hold positions in the securities listed in our articles. As we do not have non-public knowledge of our parent company’s positions, Fool US positions are also not posted in our free or paid content. Fool US has its own disclosure policy.

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– each share they hold must have at least 10 full trading days. (Day trading is not allowed – as if we would like it!) – You cannot write about these shares for 2 full trading days before and after buying or selling the shares. – Must notify our Compliance Department of the purchase or sale of stocks, whether they have written about it or not.

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