Securities purchases are always associated with risks which, in extreme cases, result in a total loss of the funds invested. Special risks could arise, among other things, from the narrow market of some of the securities described. Purchases on credit are extremely risky, especially in the case of narrow-market second-line stocks.

The documents of Montega AG do not constitute an offer or a solicitation to buy or sell any securities. They are for informational purposes only. The documents only contain a non-binding statement of opinion on the investment instruments mentioned and the market conditions at the time of publication of the respective document. Due to the content, which serves as general information, the documents do not replace personal investor and subject-specific advice when making investment decisions and do not convey the information fundamental to an investment decision that is formulated in other sources, in particular in duly approved prospectuses.

All data used in the documents and the statements made are based on sources that we believe to be reliable. However, we do not assume any liability for their correctness or completeness. Statements of opinion contained reflect the author's personal assessment at a certain point in time. These opinions are subject to change at any time without notice. Liability on the part of the analyst or the institutions commissioning them for both direct and indirect damage is excluded. The confidential reports are made accessible to a limited group of recipients. Disclosure or distribution to third parties is only permitted with the approval of Montega. All applicable capital market rules that affect research creation, content, and distribution in the various national areas of law must be applied and observed by both the supplier and the recipient.

Distribution in the United Kingdom: The Documents are for distribution only to persons who are eligible persons or exempt persons within the meaning of the Financial Services Act 1986 or any order made under it or to persons falling within Article 11 (3) of the Financial Act 1986 (Investments Advertisements) (Exemptions) Order 1996 (as amended) and are not intended to be transmitted directly or indirectly to any other group of persons. Neither the documents nor any copy thereof may be taken, transferred, or distributed into the United States of America, Canada, Japan, or any of their territories or possessions.

Sources of information: Important sources of information for the preparation of this analysis are publications by the issuer and publicly available information from domestic and foreign media, which Montega considers reliable. In addition, discussions were held with people from management or the Investor Relations department of the company in question to prepare the analysis.

Essential elements and standards of the value judgments contained in the documents: The valuations on which the investment ratings of Montega AG are based are established on generally recognized and widely used fundamental analysis methods, such as the DCF model, peer group comparisons, or, if necessary, a sum-of-the-parts model.

Meaning of the investment opinion:
Buy: According to the Montega AG analyst, the share price will rise within the next twelve months unless a different time horizon is explicitly mentioned in the text.
Hold: In the opinion of the Montega AG analyst, the share price will remain stable within the next twelve months unless a different time horizon is explicitly mentioned in the text.
Sell: According to the Montega AG analyst, the share price will fall within the next twelve months unless a different time horizon is explicitly mentioned in the text.

Supervisory authority:
Montega AG is supervised by BaFin with regard to compliance with the provisions of Section 85 Securities Trading Act (WpHG) and Article 20 of Regulation (EU) No. 596/2014 in conjunction with Delegated Regulation 2016/958 and the Financial Analysis Regulation applicable to companies active in financial analysis.

Montega AG
Schauenburgerstraße 10
20095 Hamburg

Board of directors: Alexander Braun, Pierre Gröning
Supervisory board: Wais Samadzada, Markus Barth (CFA), Christoph Alexander Petri
Commercial register Hamburg: HRB 111052

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