Disclosure according to sec. 34 b para. 1 German Securities Trading Act and Art. 20 MAR for company Clere 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. |
 | 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. |
Recommendation/Target Price History
| Date | Recommendation | Target Price | Close Price | Analyst |
| 05.05.2017 | Hold | 25.00 null | 16.17 EUR | Lucas Boventer, Felix Ellmann |
| 25.04.2017 | Buy | 25.00 null | 15.36 EUR | Lucas Boventer, Felix Ellmann |
| 05.04.2017 | Hold | 25.00 null | 15.05 EUR | Felix Ellmann |
| 16.11.2016 | Hold | 24.00 null | 18.30 EUR | Harald Hof, Felix Ellmann |