Berenberg General Disclaimer

Please note that the use of Berenberg research reports and interactive models is subject to the conditions and restrictions set forth in the "General investment-related disclosures" and the "Legal disclaimer" at the end of this document.

For disclosures, historical price targets and rating changes pertaining to the companies included in this publication as well as analyst certifications, please visit the disclosure listing page of Joh.Berenberg, Gossler & Co. KG (hereinafter referred to as "the Bank") on the website at:
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Please note that the disclosures, historical price targets and rating changes reflect the status of the most recently published comments or reports on the companies.

Valuation basis/rating key
The recommendations for companies analysed by Berenberg's Equity Research department are made on an absolute basis for which the following three-step rating key is applicable:
Buy: Sustainable upside potential of more than 15% to the current share price within 12 months;
Sell: Sustainable downside potential of more than 15% to the current share price within 12 months;
Hold: Upside/downside potential regarding the current share price limited; no immediate catalyst visible.
NB: During periods of high market, sector, or stock volatility, or in special situations, the recommendation system criteria may be breached temporarily.

Competent supervisory authority
Bundesanstalt für Finanzdienstleistungsaufsicht -BaFin- (Federal Financial Supervisory Authority), Graurheindorfer Straße 108, 53117 Bonn and Marie-Curie-Str. 24-28, 60439 Frankfurt am Main, Germany.

General investment-related disclosures
Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as "the Bank") has made every effort to carefully research all information contained in each of our financial analyses. The information on which the financial analysis is based has been obtained from sources which we believe to be reliable such as, for example, Thomson Reuters, Bloomberg and the relevant specialised press as well as the company which is the subject of the financial analysis.

Only that part of the research note is made available to the issuer (who is the subject of the analysis) which is necessary to properly reconcile with the facts. Should this result in considerable changes a reference is made in the research note.

Opinions expressed in our financial analysis are our current opinions as of the issuing date indicated on the document. The companies analysed by the Bank are divided into two groups: those under "full coverage" (regular updates provided); and those under "screening coverage" (updates provided as and when required at irregular intervals).

The functional job title of the person/s responsible for the recommendations contained in these reports is "Equity Research Analyst" unless otherwise stated on the cover.

The following internet link provides further remarks on our financial analyses:
http://www.berenberg.de/research.html?&L=1&no_cache=1

Legal disclaimer
Each document has been prepared by Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as "the Bank"). The document does not claim completeness regarding all the information on the stocks, stock markets or developments referred to in it.

On no account should the document be regarded as a substitute for the recipient procuring information for himself/herself or exercising his/her own judgments.

The document has been produced for information purposes for institutional clients or market professionals.

Private customers, into whose possession the document comes, should discuss possible investment decisions with their customer service officer as differing views and opinions may exist with regard to the stocks referred to in the document.

The document is not a solicitation or an offer to buy or sell the mentioned stock.

The document may include certain descriptions, statements, estimates, and conclusions underlining potential market and company development. These reflect assumptions, which may turn out to be incorrect. The Bank and/or its employees accept no liability whatsoever for any direct or consequential loss or damages of any kind arising out of the use of the document or any part of its content.

The Bank and/or its employees may hold, buy or sell positions in any securities mentioned in the document, derivatives thereon or related financial products. The Bank and/or its employees may underwrite issues for any securities mentioned in the document, derivatives thereon or related financial products or seek to perform capital market or underwriting services.

Remarks regarding foreign investors
The preparation of each document is subject to regulation by German law. The distribution of the document in other jurisdictions may be restricted by law, and persons into whose possession the document comes should inform themselves about, and observe, any such restrictions.

United Kingdom
Each document is meant exclusively for institutional investors and market professionals, but not for private customers. It is not for distribution to or the use of private investors or private customers.

United States of America
Each document has been prepared exclusively by the Bank. Although Berenberg Capital Markets LLC, an affiliate of the Bank and registered US broker-dealer, distributes the document to certain customers, Berenberg Capital Markets LLC does not provide input into its contents, nor does the document constitute research of Berenberg Capital Markets LLC. In addition, the document is meant exclusively for institutional investors and market professionals, but not for private customers. It is not for distribution to or the use of private investors or private customers.

The document is classified as objective for the purposes of FINRA rules. Please contact Berenberg Capital Markets LLC (+1 617.292.8200), if you require additional information.

Copyright
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© 2014 Joh. Berenberg, Gossler & Co. KG