Important information from Bethmann Bank
This elaboration by ABN AMRO Bank N.V. Frankfurt Branch (hereinafter referred to as Bethmann Bank) is a marketing communication. This preparation by Bethmann Bank is aimed at private and professional clients within the meaning of Section 67 (1) of the German Securities Trading Act. This document does not constitute an offer, advice or solicitation to buy or sell any financial asset or an official confirmation of any transaction. Rather, it serves only information purposes. Bethmann Bank is not the author of these investment ideas, but buys them from ABN AMRO-ODDO BHF (Benelux) and Morningstar Research. The classification therefore does not constitute advice from Bethmann Bank. This preparation is not a financial analysis and is therefore not subject to the legal requirements to ensure the impartiality of financial research or the prohibition of trading prior to the publication of financial research. In the case of any information on prices, prices and performance of portfolios or individual financial instruments in this paper, it should be taken into account that past performance is not an indicator of future developments. Investments in international markets and instruments may involve higher risks and may be subject to fluctuations due to the impact of exchange rates, exchange controls, taxation, and political and social circumstances. Investors with an investment currency that differs from the financial instrument are subject to currency risk. The only decisive factors for weighing up opportunities and risks and making a decision on an investment are the respective sales prospectus and the reports of the issuer, which can be made available to you at Bethmann Bank, Mainzer Landstraße 1, 60329 Frankfurt am Main. Even if the information provided herein comes from sources that we believe to be reliable, Bethmann Bank does not guarantee the accuracy, timeliness and/or completeness of the information and conclusions of this elaboration. Since such information is inherently subject to constant change, Bethmann Bank may make changes at any time and without prior notice. Bethmann Bank is not obliged to notify of future changes in these assessments, in particular the change in a legal or tax situation. Changes may also apply retroactively. All prices and courses mentioned reflect those at the time of writing this paper and are subject to change at any time. The above elaboration is based on the sources mentioned in the presentation, which Bethmann Bank considers to be reliable, and the information provided to Bethmann Bank by the customer, insofar as Bethmann Bank became aware of this prior to the preparation of this elaboration. Confidential information held at Bethmann Bank, for example, which was not available to the department preparing this paper due to organisational precautions (e.g. so-called Chinese Walls), is not the subject of this presentation.
The performance of financial instruments and financial indices is presented as gross values. The gross performance shown does not take into account individual fees such as transaction costs, custody and custody fees as well as other costs that have a detrimental effect on the price development of an investment in these financial assets. In line with market standards, these are around 1.6% p.a. on average.
The following sample calculation illustrates the effects of transaction costs incurred in different scenarios/price trends after an investment year:
The percentage development of the underlying of +20% can amount to a result of +14.8% after commissions, fees and other charges.
The percentage development of the underlying of 0% can amount to a result of -4.3% after commissions, fees and other charges.
The percentage development of the underlying of -23.5% can amount to a result of 23.5% after commissions, fees and other charges.
Please note that these costs are not included in the illustrations.
A company is assessed using the so-called sustainability indicator in five forms: excellent, good, average, weak and very weak. It is based on the classification of a company's environmental orientation, social behavior and responsible corporate governance, taking into account negative incidents (controversies). Data from the analysis company Sustainalytics is included in the analysis. The sustainability level takes into account the classification of the company depending on the industrial group, the size and the location of the company. Companies in the top 25% of the comparison group ranking achieve the assessment level excellent. Companies in the lowest 10% in the ranking of the comparison group are rated very weak with the sustainability level.
Before acquiring a financial instrument referred to in this paper, investors should seek advice on the investment and their tax and legal situation in order to assess the individual suitability of the financial instrument to be acquired (in particular with regard to risk incurrence). This elaboration may not be photocopied or reproduced in any other way without the prior consent of Bethmann Bank. The information in this paper is intended exclusively for investors in Germany who are not U.S. persons or do not have a residence in the U.S.
[DAX is a registered trademark of Deutsche Börse, Dow Jones, Nikkei and Stoxx are registered trademarks of Dow Jones]. Responsible: Bethmann Bank Investment Strategy & Research; Editor: Johanna Handte; Publisher: ABN AMRO Bank N.V. Frankfurt Branch, Mainzer Landstraße 1, 60329 Frankfurt am Main, Tel.: 069/2177-1631. Bethmann Bank is subject to the supervision of the Federal Financial Supervisory Authority, Graurheindorfer Str. 108, 53117 Bonn and Marie-Curie-Str. 24-28, 60439 Frankfurt am Main, as well as the supervision of the European Central Bank, Sonnemannstraße 20, 60314 Frankfurt am Main.
Possible conflicts of interest
The following conflicts of interest may exist:
Bethmann Bank and/or its affiliates regularly hold financial instruments in their trading portfolios that themselves or their issuers are the subject of financial analysis.
Bethmann Bank and/or its affiliates act as brokers (corporate brokers) for the issuer that itself or whose financial instruments are the subject of the financial analysis.
Within the preceding twelve months, Bethmann Bank and/or its affiliates have been involved in leading a consortium for an issue by way of a public offering of such financial instruments that themselves or their issuer are the subject of the financial analysis.
Bethmann Bank and/or its affiliates acted as issuing bank or selling agent in the context of the IPO of the issuer, which itself or whose financial instruments are the subject of the financial analysis.
Bethmann Bank and/or its affiliates have been bound by or received a performance or promise of performance from such an agreement with the issuer that is the subject of the financial analysis within the preceding twelve months for services in connection with investment banking transactions.
Bethmann Bank and/or its affiliates expect or seek to pay compensation for services related to investment banking transactions from the issuer itself or whose financial instruments are the subject of the financial analysis over the next three months.
Bethmann Bank can benefit from the fact that the securities mentioned in this paper have been acquired by it within the framework of financial portfolio management mandates.
Affiliated companies are those within the meaning of Section 15 of the German Stock Corporation Act.
Internal organisational and regulatory arrangements to prevent or deal with conflicts of interest
Employees of Bethmann Bank who are involved in the presentation of this paper are subject to the compliance regulations of the group or in-house, which classify them as employees of a confidentiality area. Bethmann Bank's compliance regulations comply with regulatory requirements.
Important information from ABN AMRO
ABN AMRO and its directors, officers, employee stock ownership plans or other employees, including those involved in the preparation or publication of this information, may from time to time take their own positions in connection with the investment products referred to in this publication.
ABN AMRO may at any time offer and provide investment banking, commercial banking, credit, advisory and other services to any issuer of the security underlying this publication. By offering and providing such services, ABN AMRO may acquire information that is not disclosed in this publication or may serve as a basis for ABN AMRO immediately before or immediately after publication.
ABN AMRO may have had a business relationship with the issuers listed in this information in recent years regarding the offering of investment products or acted as lead or co-lead manager in capital market transactions for the said issuers.
The exchange rates shown in this information are based on the date of preparation of this publication and do not guarantee that every transaction can be executed at this exchange rate. The valuation is based on investment research.
ABN AMRO has taken comprehensive organizational and regulatory precautions internally to prevent or deal with conflicts of interest in relation to recommendations. ABN AMRO Bank N.V. is subject to the supervision of the AFM (Autoriteit Financiële Markten) and the DNB (De Nederlandsche Bank) as well as the supervision of the European Central Bank.
Important information from ABN AMRO - ODDO BHF B.V.
The information in this paper should not be construed as individual investment advice or as a recommendation to invest in specific investment products. The assessments of instruments are based on investment research by ABN AMRO – ODDO BHF B.V. None of the analysts involved have any personal interest in the companies listed in this publication. All the recommendations expressed as well as views on the companies listed in this paper have not, had none and will never have a direct or indirect connection to the remuneration of the analysts involved. Further information on this can be found on the website of ABN AMRO – ODDO BHF B.V. under https://aa-ob.com. There you will also find appropriate information on how to deal with or avoid possible conflicts of interest.
All information in this paper and on individual financial instruments is provided without further post-processing and is provided without warranties or representations of any kind, in particular as to the quality, accuracy, completeness or reliability of the information. ABN AMRO – ODDO BHF B.V. assumes no responsibility for the use of the financial research provided by ABN AMRO – ODDO BHF B.V. by ABN AMRO or its subsidiaries. Likewise, ABN AMRO – ODDO BHF B.V. does not guarantee the occurrence of the forecasts set out in this document. In no event shall ABN AMRO – ODDO BHF B.V. be liable for any direct, indirect or consequential losses, loss of profits, other monetary damages, costs or expenses placed in the context of the information contained in this document.
ABN AMRO – ODDO BHF B.V. is subject to the supervision of AFM (Autoriteit Financiële Markten), Vijzelgracht 50, 1017 HS Amsterdam, The Netherlands, and the Dutch Central Bank DNB (De Nederlandsche Bank), Spaklerweg 4, NH 1096 BA Amsterdam, The Netherlands, as well as the supervision of the European Central Bank, Sonnemannstr. 20, 60314 Frankfurt am Main.
Important Notes from Morningstar Research Inc.
For more information on the company's policy on avoiding conflicts of interest, please visit http://global.morningstar.com/equitydisclosures. Please also note that analysts are required to comply with the Code of Ethics and Standards of Professional Conduct as set forth by the CFA Institute. Morningstar Investment Management Group comprises the globally registered entities of Morningstar Inc. including the United Kingdom, where Morningstar Investment Management Europe Limited is authorised and regulated by the UK Financial Conduct Authority to provide services to professional clients. Registered Office: 1 Oliver's Yard, 55-71 City Road, London, EC1Y 1HQ, UK. Information on Morningstar Research Inc.'s assessment methodology can be found here (bethmannbank.de/publikationen).
Timing of planned updates
The assessments in this paper reflect the opinion at the time of preparation of this information. We are not obliged to notify you of any future changes to our assessments or a change in a legal or tax situation. Changes may also apply retroactively. A review of the assessment as well as the price target for the respective financial instrument is usually carried out on a quarterly basis in the course of the issuer's earnings publication. This review does not necessarily have to result in adjustments to the general assessment or the price target, but can also lead to confirmation as a result. Possible ad hoc reviews and adjustments remain unaffected by this and are possible at any time depending on market and company developments.
As of: November 2025
