This announcement is intended to interpret individual terms which are particularly important for the application of section 34b of the Securities Trading Act - WpHG. Section 34b of the Securities Trading Act - WpHG and this announcement shall constitute minimum requirements.

1. Investment services enterprise and an enterprise associated with it

The term "investment services enterprise" is laid down in section 2 (4) WpHG. This term thus applies to credit institutions, financial services institutions and branches of companies domiciled in Germany or branches of foreign companies, which provide investment services to an extent regulated in section 2 (4) WpHG. The term "investment services enterprise" does, however, not apply to foreign companies, which exclusively provide cross-border investment services.

The term "associated company" is laid down in section 15 AktG (German Stock Corporation Act (Aktiengesetz - AktG)).

Pursuant to section 34b (2) WpHG in conjunction with section 33 (2) WpHG, section 34b WpHG also covers the outsourcing of the implementation of a securities analysis as well as the outsourcing of the publication of a securities analysis.

2. Securities analysis

1. The term "securities analysis"

   A securities analysis is defined as information serving an investment decision, which includes

   • an analysis of securities in the meaning of section 2 (1) WpHG or of the issuers thereof, i.e. in particular an evaluation or assessment of company finance or market trading data, and
   • a recommendation of a security with regard to an investment decision (e.g. "buy"/"sell" or a stock exchange or market price target)

   unless such information is exclusively prepared for a specific investment advisory service which takes the individual circumstances of a certain client into consideration. The requirements of a securities analysis are met regardless of the kind of presentation (in writing, electronically or by any other means (in the context of publications, for example).

   In accordance with the aforementioned requirements a summary of different securities analyses, a technically-oriented analysis, which deduces future developments from past price movements, or even an industry sector report dealing with several companies may constitute a securities analysis as defined by section 34b WpHG.

   The following examples, however, do not constitute a securities analysis:

   • the investment recommendation made without a detailed explanation of the respective securities (e.g. "buy XY-share"),
   • the portfolio recommendation, which refers to regions or industry sectors without explicitly mentioning a individual securities,
   • the reproduction of a price chart,
   • the analysis of an index,
   • the compilation of recommendations taken from analyses,
   • the report analysing the macroeconomic, political, or market environment without recommending individual securities,
   • the warrant calculator or a comparable instrument, with the help of which statistical data are evaluated on the basis of generally recognised algorithms,
   • the model portfolio, provided that the securities contained in the portfolio are not analysed in more detail,
   • the pure product description,
   • the company description without recommendation for an investment decision.

2. Use or adoption of securities analyses of third parties

   If an investment services enterprise or an enterprise associated with it carries out an analysis using analyses of third parties (secondary analysis), this is a separate securities analysis if the aforementioned requirements are met. If analyses by a third party, which is not an enterprise associated with an investment services enterprise, are adopted without making significant changes and if the authorship of the third party is not clearly identified, such analyses also constitute a separate securities analysis if the aforementioned requirements are met.

3. Making securities analyses available to customers or publicising them

A securities analysis is made available to the customer or publicised unless it is used exclusively for internal purposes by the investment services enterprise. If a securities analysis is not carried out within an investment services enterprise or within the enterprises associated with it or within the banking group (such as state-owned banks/savings bank (Landesbanken/Sparkassen) cooperative central bank/credit cooperative (genossenschaftliche Zentralbanken/Kreditgenossenschaften)), i.e. if it is made available to institutional or private customers or publicised in any other way (e.g. by mail, e-mail or by publication on the internet), section 34b WpHG shall be complied with. A disclaimer does not prevent the analysis from being publicised (in particular, this applies to publication on the internet).

The securities analysis shall include an indication as to when it was prepared.

4. Disclosure of Conflicts of Interest

1. Content of the obligation for disclosure

   An investment services enterprise shall explicitly disclose any potential conflicts of interests which may arise from its own investment services enterprise or from an enterprise associated with it in a concrete manner. The investment services enterprise shall therefore be obliged to state those facts which may lead to conflicts of interest (potential conflicts of interest).

2. Scope of obligation for disclosure

   The obligation for disclosure applies, in any case, to the circumstances explicitly mentioned in section 34b (1) sentence 2 WpHG (standard examples). Furthermore there is duty of disclosure for the following cases:

   1. The investment services enterprise holds - either solely or jointly with enterprises associated to it - a net sales position amounting to a minimum of 1 per cent of the share capital in the shares of the company the securities of which are the subject-matter of the analysis. No. 5 a), b) (2) and c) shall apply accordingly.
   2. The trading portfolio of the investment services enterprise or an enterprise associated with it contains shares of the company which is being analysed. It shall not be necessary to indicate the exact number of shares.

   Further possible conflicts of interest shall be referred to unless the investment services enterprise ensures the necessary confidentiality towards the department for securities analysis by means of organisation measures within the meaning of section 33 (1) WpHG (for example by "Chinese Walls").

   Disclosure shall be made to the extent this would not be in breach of statutory provisions.

3. Update of Disclosure

   If the date of preparation of an analysis or the contents thereof is changed, if an existing analysis is published repeatedly or the impression of a newly prepared analysis is given in any other way, the information concerning the conflicts of interest shall be updated.

4. Ways of Disclosure

   The disclosure of conflicts of interest shall be clear and conspicuous. If the securities analysis is publicised on the internet, the disclosure may be made via a hyperlink, if such link is highlighted at the beginning of the securities analysis.

5. Participation (section 34b (1) sentence 2 no. 1 WpHG)

1. Content of the Disclosure

   The investment services enterprise shall state whether it holds - either solely or jointly with enterprises associated with it - a participation amounting to at least 1 per cent of the share capital of the company the securities of which are the subject-matter of the analysis. It shall not be necessary to indicate the exact amount.

2. Participations to be taken into account

   The fixed assets and liquidity reserves (section 340f HGB (German Commercial Code)) held by the investment services enterprises and its companies associated to it shall be taken into account as far as the calculation of the participation is concerned.

   Funds of German or foreign investment companies as well as assets administered by means of discretionary portfolio management need not be taken into account for the calculation of the participation unless the investment services enterprise or an enterprise associated with it owns units of a special fund (Spezialfonds), or, unless own assets of an investment services enterprise or an enterprise associated with it are part of such discretionary asset management.

3. Update of data used

   The data used shall not be older than those data available at the end of the month preceding the securities analysis or those available at the end of the month before if the securities analysis is publicised less than ten days following the end of last month; the point in time when the data were collected shall be indicated.

6. Syndicate (section 34b (1) sentence 2 no. 2 WpHG)

The investment services enterprise shall indicate whether the enterprise itself or an enterprise associated with it is part of a syndicate or was part of a syndicate during the last five years and whether it assumes or has assumed the placement risk or comparable guarantees concerning the securities which are the subject matter of the analysis. Only the last issue of those securities which are the subject-matter of the analysis shall be indicated.

7. Sponsoring the analysed securities (section 34b (1) sentence 2 no. 3

The sponsoring of the analysed securities on the stock-exchange or in the market shall only be disclosed according to this provision if such sponsoring is carried out on the basis of a contract concluded with the issuer and not with a third party (e.g. a stock exchange).

8. Verifiability

The investment services enterprises shall comply with the obligations laid down in section 34b WpHG as well as in this announcement so that compliance therewith may be verified within the framework of an examination pursuant to section 35 (1) or section 36 (1) WpHG.