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

MMWB, Warburg Research, or an affiliated company, reached an agreement with the issuer to provide investment banking and/or investment services and the relevant agreement was in force in the last 12 months or there arose for this period, based on the relevant agreement, the obligation to provide or to receive a service or compensation - provided that this disclosure does not result in the disclosure of confidential business information.

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
12.02.2024	Buy	21.00 EUR	11.50 EUR	Felix Ellmann
18.08.2023	Buy	16.30 EUR	11.10 EUR	Felix Ellmann