David Grinsztajn

CIC Market Solutions SA is the broker-dealer subsidiary of Crédit Industriel et Commercial SA, ultimately owned by Groupe Crédit Mutuel in France. Headquartered in Paris, the firm was founded in 1991 and handles commercial market activities for corporate and professional investor clients of Crédit Mutuel Alliance Fédérale group. CIC Market Solutions also provides primary equity and bond market services and execution and sale on the capital markets.

KBC Securities NV is a broker/dealer firm headquartered in Brussels, Belgium. The firm was founded in 1998 and is a wholly owned subsidiary of KBC Bank NV, itself a subsidiary of KBC Groupe SA (EBR: KBC). KBC Securities provides liquidity and order execution services to institutional clients internationally, from investment banks to mutual funds and private investors.

M.M. Warburg & Co. KGaA (Broker) (M.M. Warburg-Broker) is the full service broker division of M.M. Warburg & Co. KGaA, a private bank headquartered in Hamburg, Germany. The firm was founded in 1798 and is a subsidiary of M.M. Warburg & Co. Gruppe GmbH. M.M. Warburg-Broker focuses on German small & mid-cap equities and provides coverage universe in Germany, advising institutional clients in Central Europe, Scandinavia, the UK and Spain. It follows a comprehensive and dedicated approach to deliver high class equity research, expert sales-service, and best execution in sales trading to its clients.

East Value Research GmbH is an independent investment research firm headquartered in Berlin, Germany. Co-founded by Tomasz Mazurczak, the firm provides broker-independent research on companies that are based in Emerging Europe. Their main focus is on small-, micro- and nano-caps, an area, which is usually below the radar of typical brokerage houses. In addition to analysis of single companies, which can be either sponsored or fully independent, East Value Research also offers sector reports, whereby they leverage their sector expertise and knowledge of markets in Western and Eastern Europe.

Dr. Kalliwoda Research GmbH is an independent investment research firm headquartered in Frankfurt, Germany. It was founded by Norbert Kalliwoda in 2003. The firm provides equity and bond research in mid- and small-caps of following sectors: IT & Software, Media, Engineering & Special Engineering/Laser/Photonics, Biotech & Pharmaceuticals, Chemicals, Renewables, Utilities, Oil/Gas Producers, Logistics and Financial Services.

First Berlin Equity Research GmbH (First Berlin) is an independent investment research firm headquartered in Berlin, Germany. The firm was founded by Martin Bailey in 1998. First Berlin provides independent equity research and market intelligence to banks, asset managers and other institutional investors on small and micro-cap companies in a variety of sectors. The equity research team analyses economic, market, industry and company data to optimize the performance of their clients’ investment portfolios and to help companies set their strategic direction. Their analysts offer stock recommendations and insights into industry trends and precise valuation perspectives through in-depth reports.

fairesearch GmbH & Co. KG is an independent, German investment research firm which was founded by Dieter Hein, Heinz Steffen and Eberhardt Unger in 2003. Headquartered in Frankfurt, the firm offers professional investors macro- and micro-economic as well as technical research on equity markets in German speaking countries. Their reports are aimed at the international institutional investor.

Oddo BHF SCA (Broker) is the securities brokerage division of Oddo BHF SCA, a financial services company headquartered in Paris, France. The firm provides equity brokerage services to various investors.

Holdher SAS provides investment services. The private company is based in Mantes-la-Jolie, France.