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Disclaimer for The Motley Fool GmbH research publications Note: On these pages you will find legal information and publications in accordance with Section 34b (1) WpHG and MAR (Market Abuse Regulation (EU) No. 596/2014) for all securities analyzes and recommendations from The Motley Fool GmbH (“The Fool” below) relating to any business currently being tracked by it.

These pages were last updated on April 18, 2017.

Legal notice / disclaimer The investment recommendations from The Fool contain selected information and do not claim to be complete. The analyzes are based on publicly available information and data (“the information”), which are considered to be reliable. However, The Fool has not reviewed the information for accuracy or completeness and assumes no responsibility for the accuracy or completeness of the information. Any incomplete or inaccurate information does not imply that The Fool is liable for any damages, and The Fool is not liable for any indirect and / or direct and / or consequential damages. In particular, The Fool assumes no responsibility for the opinions, plans or other details contained in these analyzes regarding the companies examined, their affiliates, strategies, economic, market and / or competitive situation, legal framework, etc. Although the analyzes have been prepared with all due care errors or incompleteness may occur can not be ruled out. The Fool, its shareholders and employees do not guarantee the accuracy or completeness of any statements, estimates, recommendations or conclusions derived from information contained in the research. If material information has been omitted, The Fool is responsible for simple negligence. The Fools liability is limited to compensation for typical and foreseeable damages. The investment recommendations do not constitute an offer or solicitation of an offer to buy or sell a security. It is possible that shareholders, management or employees of The Fool have a responsible position, eg as a member of the Board of Directors, in the companies mentioned in the analyzes, operate or have an investment position in it. Statements contained in investment recommendations are subject to change without notice. All rights reserved.

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Declaration in accordance with section 34b, subsection 1, WpHG and MAR and Delegated Regulation (EU) No. 2016/958 (“DelVO”) Valuation The valuation on which the investment recommendation for the company analyzed here is based is based on generally accepted and widespread methods Fundamental analysis, such as discounted cash flow model ( DCF), terminal multiple valuation, peer group comparison, “sum of the parts” model or a similar, common and widespread fundamental valuation method.

The result of this basic assessment is the basis for the recommendation, although it is also adjusted by the analyst’s assessment of possible industry changes, alternative possible futures, companies’ strategy results, competitive pressure, etc. The analyst’s final opinion should not be seen as the model’s only point, but rather the most likely considered outcome of the many possible future implications.

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

This analysis reflects the opinion of the respective author at the time of its creation. A change in the fundamental factors underlying the valuation may subsequently lead to the valuation no longer being correct. It is not determined in advance whether and at what time intervals this elaboration will be updated.

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

The results of the analyzes and the analysts’ opinions are not published until they are published on the analyzed companies.

All prices on financial instruments stated in this financial analysis are closing prices on the trading day prior to the respective published publication date, unless otherwise expressly stated.

Significance of the investment recommendations presented Investment recommendation: Expected development of the price of the financial instrument up to the stated price target, according to the analyst responsible for this financial instrument.

Buy: The price of the stock is expected to rise more than the matching index over the next 3 to 5 years. Hold: The price of the stock is expected to either rise less than the relevant index or remain stable over the next 3 to 5 years. Sell: The price of the stock is expected to fall over the next 3 to 5 years.

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