Disclosure according to sec. 34 b para. 1 German Securities Trading Act and Art. 20 MAR for company MAX Automation AG:

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

The company preparing the analysis as well as its affiliated companies and employees have other important interests in relation to the analysed company, such as, for example, the exercising of mandates at analysed companies.

The boxes on the price and rating history chart indicate the date of the Equity Alert and Warburg Research GmbH's projected rating. Each box represents a date on which an analyst made a change to a rating, except for the first box, which may represent the rating in place at the beginning of the period or the first Alert written on the issue in the past 12 months.

Date	Recommendation	Target Price	Close Price	Analyst
10.04.2017	Buy	8.00 EUR	6.44 EUR	Alexander Wahl
15.11.2016	Buy	7.50 EUR	5.40 EUR	Harald Hof