Regulatory disclosures and conflicts of interest

Ancillary securities-related services

Regulatory framework

Competent supervisory authorities

Recipients of research reports prepared by DZ BANK Research

Mandatory disclosures and DZ BANK Research information requiring disclosure

The regulatory disclosures provided for by the above mentioned supervisory regulations for the framework conditions for and information relating to the activities of DZ BANK Research is set forth below as follows:

Conflicts of interests and managing conflicts of interest by DZ BANK Research:

Conflicts of interests and managing conflicts of interest by DZ BANK Research

2. Definitions of the 'keys' in investment recommendations according to § 85 WpHG of DZ BANK Research which indicate potential conflicts of interest regarding specific issuers:

1) DZ BANK owns a net long position exceeding 0,5% of the total issued share capital of the issuer, calculated according to Article 3 of Regulation (EU) No. 236/2012 and Chapter III and IV of Commission Delegated Regulation (EU) No. 918/2012.

2) DZ BANK owns a net short position exceeding 0,5% of the total issued share capital of the issuer, calculated according to Article 3 of Regulation (EU) No. 236/2012 and Chapter III and IV of Commission Delegated Regulation (EU) No. 918/2012

3) DZ BANK or any of its affiliates beneficially owns 1 % or more of any class of common equity securities of the issuer.

4) The issuer holds shares of DZ BANK exceeding 5 % of its total issued share capital.

5) DZ BANK, any of its affiliates or a natural or legal person involved in the preparation of the investment recommendation acting under contract, is a market maker, designated sponsor and / or liquidity provider in financial instruments of the issuer at the time of publication of this research report..

6) DZ BANK, any of its affiliates or a natural or legal person involved in the preparation of the investment recommendation acting under contract, has managed or co-managed a private and / or publicly disclosed offering of financial instruments of the issuer in the past 12 months.

7) The issuer is or has been a client to DZ BANK regarding investment banking services over the 12-month period preceding the date of publication of this research report.

8) DZ BANK or any of its affiliates received compensation for investment banking services from the issuer in the past 12 months.

9) DZ BANK or any of its affiliates expects to receive or intends to seek compensation for investment banking services from the issuer in the next 3 months.

10) The issuer is or has been a client to DZ BANK, to any of its affiliates or a natural or legal person involved in the production of the investment recommendation acting under contract regarding non-investment banking securities-related services, as set out in Sections A and B of Annex I of Directive 2014/65/EU, which agreement has been in effect or has given rise to the obligation to pay or receive compensation during the 12-months period preceding the date of publication of this research report.

11) The issuer is or has been a client to DZ BANK regarding non-securities services over the 12-month period preceding the date of publication of this research report.

12) DZ BANK and / or any of its affiliates have been a party to an agreement agreement with the issuer relating to the preparation of investment recommendations concerning financial Instruments issued by him.

3. The issuers covered by DZ BANK Research in respect of which interests and / or conflicts of interest exist that must be stated using the "key" defined above can be found here:

Potential conflicts of interest (PDF)

4. Mandatory disclosures for financial analyses on issuers, securities and other financial instruments of DZ BANK Research:

Financial analyses are independent client information containing generic investment recommendations for specific issuers and / or specific financial instruments, but they do not make allowance for any individual investment criteria.

Disclosures for financial analyses

5. Mandatory disclosures for other research information of DZ BANK Research:

Other research information is independent client information which does not contain any investment recommendations for specific issuers or specific financial instruments. Such information does not make allowance for any individual investment criteria.

Disclosures for other research information

Disclosures for economic publications

6. Quarterly statistics on the percentage distribution of the categories for investment recommendations for equities and fixed income instruments, also in relation to the analysed issuers to whom securities-related services and / or ancillary securities-related services have been rendered by DZ BANK AG:

Quarterly statistics

7. 12-month statistics for all investment recommendations contained in financial analyses of DZ BANK Research:

rating history equities

rating history fixed income 1) – financials, corporates, states

rating history fixed income – covered bonds 2)

1) This table lists the investment recommendations for issuers of the senior unsecured instruments of a certain group parent company, grouped together under the name of this group parent company even if the aforesaid is not itself the issuer. The investment recommendations of these issuers do not differ since the group consideration lies at the forefront of attention. The individual legal issuers allocated for this purpose to a group parent company named her are accordingly listed in the following tables:

Financials, Corporates, EMU Countries, SSAs

2) The investment recommendations for covered bonds shown in this table are valid for one day. The covered bond issuers with their legal form and their country of origin are listed in the following table:

Covered Bonds

8. Summarized methods and procedures of DZ BANK Research:

Methodology: Asset Allocation Basic Principles

Methodology: Approach to sustainabilty research

Methodology: Certificate Research

Methodology: Commodities Research

Methodology: Corporate Bond Research (valid from 02.06.2020)

Methodology: Corporate Bond Research (valid until 01.06.2020)

Methodology: Covered Bond Credit Research

Methodology: DZ BANK Euro-Indicator

Methodology: Emerging Markets

Methodology: EMU Government Bonds Research (valid from 02.06.2020)

Methodology: EMU Government Bonds Research (valid until 01.06.2020)

Methodology: Equity Analysis – Basic Principles

Methodology: Equity Indices

Methodology: Financials Credit Research (valid from 02.06.2020)

Methodology: Financials Credit Research (valid until 01.06.2020)

Methodology: Foreign Exchange Markets

Methodology: Overall Bond Market Strategy

Methodology: Rate Forecasting

Methodology: Rates Markets SSA Research (valid from 02.06.2020)

Methodology: Sector Favourites

Methodology: Value Ideas Basic Principles

Methodology: Value Ideas Investing

Disclaimer

1. This document is directed at eligible counterparties and professional clients in the member states of the European Economic Area and Switzerland. If appropriately marked, a document is also approved for retail clients in the Federal Republic of Germany.

This document was prepared by DZ BANK and has been approved by DZ BANK for dissemination to the aforementioned recipients.

This Research Report is communicated in the United Kingdom by “DZ BANK AG, Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main” in Germany. This Research Report is not for general distribution in the United Kingdom to retail clients, as defined under the rules of the Financial Conduct Authority (FCA) and is directed only to high net worth companies and investment professionals, as defined under the rules of the FCA. This Research Report does not constitute investment advice and does not contain a personal recommendation.

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Whilst DZ BANK may provide hyperlinks to web sites of companies mentioned in this document, the inclusion of a link does not imply that DZ BANK endorses, recommends or guarantees any data on the linked page or accessible therefrom. DZ BANK accepts no responsibility whatsoever for any such links or data, nor for the consequences of its use.

3. This document is not to be construed as and does not constitute an offer, or an invitation to make an offer, to buy or sell securities, other financial instruments or other investment objects.

Estimates, especially forecasts, fair value and / or price expectations made for the investment objects analyzed in this document may prove incorrect. This may occur especially as a result of unpredictable risk factors.

Such risk factors are in particular, but not exclusively: market volatility, sector volatility, measures undertaken by the issuer or owner, the general state of the economy, the non-realisability of earnings and / or sales targets, the non-availability of complete and / or precise information and / or later occurrence of another event that could lastingly affect the underlying assumptions or other forecasts on which DZ BANK relies.

The estimates made should always be considered and evaluated in connection with all previously published relevant documents and developments relating to the investment object and to the relevant sectors and, in particular, capital and financial markets.

DZ BANK is under no obligation to update this document. Investors must inform themselves about the current development of business as well as of any changes in the business development of the companies.

During the validity period of an investment recommendation, DZ BANK is entitled to publish a further or other analysis based on other, factually-warranted or even missing criteria on the investment object.

4. DZ BANK has obtained the information on which this document is based from sources believed to be essentially reliable, but has not verified all of such information. Consequently, DZ BANK does not make or provide any representations or warranties regarding the preciseness, completeness or accuracy of the information or the opinions contained in this document.

Neither DZ BANK nor its affiliated companies accept any liability for disadvantages or losses incurred as a result of the distribution and / or use of this document and / or which are connected with the use of this document.

5. DZ BANK and its affiliated companies are entitled to maintain investment banking and business relationships with the company or companies that are the subject of the analysis contained in this document. Within the limits of applicable supervisory law, DZ BANK’s research analysts also provide information regarding securities-related services and ancillary securities-related services.

Investors should assume that (a) DZ BANK and its affiliated companies are or will be entitled to engage in investment banking operations, security operations or other business transactions from or with the companies that are the subject of the analysis contained in this document, and that (b) analysts involved in the preparation of this document can generally be indirectly involved in the conclusion of such business transactions to the extent permitted by supervisory law.

DZ BANK and its affiliated companies and their employees may have positions in securities of the analyzed companies or investment objects or effect transactions with these securities or investment objects.

6. The information and if applicable recommendations of DZ BANK contained in this document do not constitute any individual investment advice and, depending on the specific investment targets, the investment horizon or the individual financial situation, may therefore be unsuitable or only partially suitable for certain investors. In preparing this document DZ BANK has not and does not act in the capacity of an investment advisor to, or asset manager for, any person.

The opinions and if applicable recommendations contained in this document constitute the best judgment of DZ BANK’s research analysts at the date and time of preparation of this document and are subject to change without notice as a result of future events or developments. This document constitutes an independent appraisal of the relevant issuer or investment objects by DZ BANK; all evaluations, opinions or explanations contained herein are those of the author of this document and do not necessarily correspond with those of the issuer or third parties.

Any decision to effect an investment in securities, other financial instruments, commodities, merchandise or other investment objects should not be made on the basis of this document, but on the basis of independent investment analyses and methods as well as other analyses, including but not limited to information memoranda, sales or other prospectuses. This document can be no replacement for individual investment advice.

7. By using this document, in any form or manner whatsoever, or referring to it in your considerations and / or decisions, you accept the restrictions, specifications and regulations contained in this document as being exclusively and legally binding for you.

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Neither IHS Markit, its affiliates or any third party data provider makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. Neither IHS Markit, its affiliates nor any data provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the IHS Markit data, regardless of cause, or for any damages (whether direct or indirect) resulting therefrom.

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The prices quoted as well as the information on yields and spreads included in the texts and graphics based on IHS Markit data are updated figures from the previous evening.

Additional Information on Sustainability / Sustainalytics

The assessment of the sustainability of an issuer (award of the DZ BANK Seal of Quality for Sustainability) is based on the ESG model, which was developed by DZ BANK Research. The sustainability assessment of the ESG model is mainly derived from data and information provided to DZ BANK Research by Sustainalytics (Powered by Sustainalytics). Further information on the ESG model can be found free of charge in the methodological approach to sustainability research at www.dzbank.com/disclosure.

Please note that the above ESG calculation model for the award of the DZ BANK Seal of Quality for Sustainability is an internal calculation model which does not claim to comply with the regulatory requirements of Regulation (EU) No 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability disclosure requirements in the financial services sector and Regulation (EU) No 2020/852 of the European Parliament and of the Council of 18 June 2020 establishing a framework to facilitate sustainable investment and amending Regulation (EU) No 2019/2088 ("EU Taxonomy").

Additional Information of S&P Global Market Intelligence, 2024

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Regulatory Disclosures and Conflicts of Interest

Regulatory Disclosures and Conflicts of Interest