| |
DZ BANK and/or its respective affiliate(s) |
| 1) |
beneficially owns 1% or more of any class of common equity securities of the subject company, |
| 2) |
has managed or co-managed a public offering of securities of the subject company within the past 12 months, |
| 3) |
beneficially makes a market in, or undertakes the designated sponsor responsibilities of, the subject company. As such, the market maker may have an inventory position, either "long" or "short", in the relevant security and may be on the opposite side of orders executed on the relevant exchange, |
| 4) |
beneficially has received during the past 12 months compensation for investment banking services from the company, its parent, or its wholly owned or majority-owned subsidiary, |
| 5) |
holds a trading position, as that term is defined by German law, in shares of the company whose securities are subject of the research, |
| 6) |
entered into an agreement concerning the preparation of financial analysis with issuers of financial instruments, if these or financial instruments issued by them are the subject of the financial analysis, |
| 7) |
beneficially expects to receive or intends to seek compensation for investment banking services in the next 3 months from the company, its parent, or its wholly owned or majority-owned subsidiary. |
| 8) |
The author, or an individual who assisted in the preparation, of the report or a member of their respective households serves as an officer, director or advisory board member of the subject company. |
| 9) |
The author, or an individual who assisted in the preparation, of the report or a member of their respective households has a direct ownership position in securities issued by the subject company or derivatives thereof. |
| DZ BANK Research - all covered companies |
Percentage of companies within each category for which DZ BANK, DZ Financial Markets LCC and/or respective affiliates have provided investment banking services within the previous 12 months |
| Buy 71.6% |
Buy 16.7% |
| Hold 10.7% |
Hold 32.4% |
| Sell 17.7% |
Sell 3.6% |
