Disclosure according to sec. 85 German Securities Trading Act and Art. 20 MAR for company Heidelberger Druck 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.

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
18.12.2024	Buy	2.10 EUR	0.91 EUR	Stefan Augustin
06.11.2024	Buy	1.90 EUR	0.95 EUR	Stefan Augustin
13.06.2024	Buy	2.00 EUR	1.25 EUR	Stefan Augustin