Disclaimer for Warburg Research publications
M.M.Warburg & CO

Note: On these pages you will find the Legal Disclaimer and the Statement according to Section 34b of the German Securities Trading Act and FinAnV for all studies and investment recommendations published by the Warburg Research GmbH, a subsidiary of M.M.Warburg & CO KGaA, on all the companies currently on their coverage. You should be aware of the fact that all information on this and the following pages is regularly being updated, while any study and/or recommendation you might have before you has been completed on the date noted therein.

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These pages were last updated on 27 January 2012.

Legal Disclaimer

Research reports prepared by the Warburg Research GmbH contain selected information and do not purport to be complete. The reports base on publicly available information and data ("the Information") believed to be accurate and complete. Warburg Research GmbH neither do examine the Information to be accurate and complete, nor guarantee its accuracy and completeness. Possible errors or incompleteness of the Information do not constitute grounds for liability, neither with regard to indirect nor to direct or consequential damages. In particular, neither M.M.Warburg & CO KGaA nor the Warburg Research GmbH are liable for the statements, plans or other details contained in the Information concerning the examined companies, their associated companies, strategies, economic situations, market and competitive situations, regulatory environment, etc. Although due care has been taken in compiling the research reports, it cannot be excluded that they are incomplete or contain errors. M.M.Warburg & CO KGaA and Warburg Research GmbH, their shareholders and employees are not liable for the accuracy and completeness of the statements, estimations and the conclusions derived from the Information contained in these documents. Provided any research report is being transmitted in connection with an existing contractual relationship, i.e. financial advisory or similar services, the liability of M.M.Warburg & CO KGaA and Warburg Research GmbH shall be restricted to gross negligence and willful misconduct. Only in case of failure in essential tasks, M.M.Warburg & CO KGaA and Warburg Research GmbH are liable for normal negligence. In any case, the liability of M.M.Warburg & CO KGaA and Warburg Research GmbH is limited to typical, expectable damages and the liability for any indirect damages is excluded. Our research reports do not constitute an offer or a solicitation of an offer for the purchase or sale of any security. Partners, directors or employees of M.M.Warburg & CO KGaA or Warburg Research GmbH may serve on the board of directors of companies mentioned in a report. Opinions expressed in a report are subject to change without notice. All rights reserved.

Statement according to Section 34b of the German Securities Trading Act and FinAnV

The valuations underlying the ratings of the equity securities analysed by Warburg Research GmbH are based on generally accepted and widely used methods of fundamental valuation, such as DCF model, Peer group comparison and - where applicable - a Sum-of-the-parts model.

M.M.Warburg & CO KGaA and Warburg Research GmbH have set up effective organisational and administrative arrangements to prevent and avoid possible conflicts of interest and, where applicable, to disclose them.

Valuations, ratings and target prices for the companies analysed by Warburg Research GmbH are subject to constant reviews and may therefore change, if any of the fundamental factors underlying these items do change.

All share prices given by Warburg Research GmbH equity analyses are closing prices as of the date given in the report, except where stated otherwise.

Warburg Research GmbH's analysts do not receive any payments directly or indirectly from any affiliates' investment banking activity.

M.M.Warburg & CO KGaA and Warburg Research GmbH are under supervision of the BaFin - German Federal Financial Supervisory Authority.


Investment recommendation: expected direction of the share price development for equity security up to the given Target price in the opinion of the analyst who covers the issue.
B -  Buy: The price of the analysed equity security is expected to rise over the next 12 months.
H -  Hold: The price of the analysed equity security is expected to remain mostly flat over the next 12 months.
S -  Sell: The price of the analysed equity security is expected to fall over the next 12 months.
"-" -  Rating suspended: The available information does not currently permit an evaluation of the company.

M.M.Warburg & CO research universe by rating:
Rating Number of stocks % of universe
Buy 125/TD> 69%
Hold 50 27%
Sell 6 3%
Rating suspended 2 1%
Total 183


Warburg Research GmbHâ??s universe by rating, looking only at companies for which a disclosure according to section 34 b German Securities Trading Act has to be made:
Rating Number of stocks % of universe
Buy 74 66%
Hold 37 33%
Sell 1 1%
Rating suspended 0 0%
Total 112

Section 34b of the German Securities Trading Act in combination with the FinAnV requires an enterprise preparing a security analysis to point out possible conflicts of interest with respect to the company that is the subject of the analysis. A conflict of interest is presumed to exist, in particular, if an enterprise preparing a security analysis

By clicking on a company name below, you may gather to what extent this is the case in regard to the companies that are part of the current research universe of Warburg Research GmbH.

Companies, for which specific disclosures according to sec. 34b para. 1 German Securities Trading Act and FinAnV are available:

2G Energy Ag
4SC
Aareal Bank
Adidas
Advanced Inflight
Aixtron
alstria Office REIT-AG
Aragon
artnet
AS Creation Tapeten
Asian Bamboo AG
ATOSS
Augusta Technology
AURELIUS
Aurubis
Axel Springer AG
B+S Bankensysteme AG
Balda
BASF
Basler
Bayer
BayWa
Bechtle
Beiersdorf
Bertrandt
bet-at-home.com AG
Bijou Brigitte AG
BMW
Bob Mobile
Brain Force Holding
Cancom IT Systeme
Capital Stage
Catalis
CBF China Bio-Fertilizer
Celesio
Centrotec
CEWE Color
comdirect
Commerzbank
CompuGroup Holding
Continental
COR&FJH
CTS Eventim AG
CURASAN
DAB Bank
Daimler
Daldrup & Soehne AG
Data Modul
Datagroup IT Services Holding AG
Derby Cycle
Deutsche Bank
Deutsche Börse
Deutsche EuroShop
Deutsche Postbank
Deutsche Telekom
Deutsche Wohnen
DF Deutsche Forfait
Douglas Holding
Dr. Hönle
Drillisch
Drägerwerk
Duerr
E.ON
Ecommerce Alliance plc
Einhell Germany
Elmos
ElringKlinger AG
EnviTec Biogas AG
ESTAVIS
Fielmann
First Sensor
FME
francotyp-postalia holding
Freenet
Fresenius
Fuchs Petrolub
GAGFAH S.A.
GBK Beteiligungen
Gerry Weber
GFT Technologies
Gildemeister
GK Software
Grammer
GSW Immobilien
HanseYachts
Hawesko Holding
Heidelberger Druck
Helma Eigenheimbau AG
Henkel
Hochtief
Hugo Boss
Höft & Wessel
IBS
IC Immobilien Holding
Impreglon
Infineon
Jaxx
Jenoptik
JK Wohnbau
Jungheinrich
K + S
KINGHERO AG
Koenig & Bauer
Kontron
KROMI Logistik AG
Krones
KSB
KUKA
KWS Saat AG
Lanxess
LEONI
Linde
Magix
MAN
Medisana
Mensch und Maschine
Merck KGaA
Metro
MeVis Medical Solutions
Muehlhan AG
MVV Energie AG
Nanostart AG
Nordex
Norma Group
Patrizia Immobilien AG
PAYOM Solar
Pfeiffer Vacuum
POLYTEC Holding AG
Porsche
Praktiker
PSA Peugeot Citroën
Puma
Q-Cells
Qiagen
QSC
Realtime Technology
Renault
Rheinmetall
Rhön-Klinikum
Rofin-Sinar
RWE
S.A.G. Solarstrom AG
Salzgitter
SAP
Secunet
SFC Smart Fuel Cell
Singulus
SinnerSchrader
Sino
Sixt
SKW Stahl-Metallurgie AG
SMA Solar Technology AG
Softing
Software AG
SolarWorld
STADA
Südzucker
Süss Microtec
TAG Immobilien
Takkt
technotrans
ThyssenKrupp
Tipp24
Tomorrow Focus
Twintec
UMS United Medical Systems Int.
United Internet
Update Software
VBH Holding AG St.
Vectron Systems
Verbio Vereinigte Bio Energie
Verbund AG
Vib Vermögen Ag
Volkswagen
Vossloh
VTG
Vtion Wireless Technology
vwd Vereinigte Wirtschaftsdienste AG
Wacker Neuson
WashTec
Westgrund AG
Wincor Nixdorf
Wirecard
ZhongDe Waste