Disclosure according to sec. 85 German Securities Trading Act and Art. 20 MAR for company BUWOG AG:

Markings in the chart show rating changes by Warburg Research GmbH in the last 12 months. Every marking details the date and closing price on the day of the rating change.

Date	Recommendation	Target Price	Close Price	Analyst
22.12.2017	Hold	29.00 EUR	28.70 EUR	J. Moritz Rieser