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

Companies affiliated with Warburg Research manage financial instruments, which are, or the issuers of which are, subject of the research recommendation, in a market based on the provision of buy or sell contracts.

The company compiling the analysis or an affiliated company had reached an agreement on the compilation of the research recommendation with the analysed company.

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
24.03.2023	Hold	7.00 EUR	6.32 EUR	Philipp Kaiser
07.12.2022	Hold	10.00 EUR	6.76 EUR	Philipp Kaiser
12.08.2022	Hold	11.00 EUR	8.82 EUR	Jonas Blum