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 Investment Research of M.M.Warburg & CO KGaA as well as by the SES 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.
These pages were last updated on 19 November 2008.
Research reports prepared by the Investment Research of M.M.Warburg & CO KGaA and the SES 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. M.M.Warburg & CO KGaA and SES 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 SES 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 SES 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 SES 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 SES Research GmbH are liable for normal negligence. In any case, the liability of M.M.Warburg & CO KGaA and SES 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 SES 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.
The valuations underlying the ratings of the equity securities analysed by M.M.Warburg & CO KGaA and SES 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 SES 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 M.M.Warburg & CO KGaA and SES 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 M.M.Warburg & CO and SES Research GmbH equity analyses are closing prices as of the date given in the report, except where stated otherwise.
Neither M.M.Warburg & CO KGaA's analysts nor SES Research GmbH's analysts do receive any payments directly or indirectly from any affiliates' investment banking activity.
M.M.Warburg & CO KGaA and SES Research GmbH are under supervision of the BaFin - German Federal Financial Supervisory Authority.