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

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
23.11.2022	Buy	26.20 EUR	19.92 EUR	Jan Bauer
26.10.2022	Hold	17.80 EUR	18.74 EUR	Jan Bauer
11.08.2022	Hold	15.60 EUR	15.94 EUR	Jan Bauer
17.05.2022	Hold	12.10 EUR	12.58 EUR	Jan Bauer
04.04.2022	Hold	10.60 EUR	10.28 EUR	Jan Bauer