|Institute||Analyst||Date||Recommendation||Target price (EUR)|
|Bankhaus Lampe||Neil Smith||14 August 2019||Buy||12.00|
|Berenberg||Andreas Markou, PhD||14 February 2019||Hold||11.60|
|Kepler Cheuvreux||Tobias Lukesch||15 August 2019||Hold||7.50|
|MainFirst||Carlo Tommaselli||14 August 2019||Outperform||11.00|
|Pareto Securities||Dr Philipp Häßler||14 August 2019||Buy||11.50|
Please note: This list may not be complete. We will update this list regularly, but undertake no obligation to do so. Any opinions, estimates or forecasts made by these analysts on ProCredit Holding’s performance are not opinions, estimates or forecasts of ProCredit Holding or its management. ProCredit Holding accepts no liability for nor does it guarantee the contents of such opinions, estimates or forecasts. By publishing the list above, ProCredit Holding does not imply its endorsement of or concurrence with such information, conclusions or recommendations. Should you have any interest, please obtain copies of reports by any of the listed analysts directly from the analysts or their firms. ProCredit Holding cannot distribute such reports.