|Institute||Analyst||Date||Recommendation||Target Price (EUR)|
|Bankhaus Lampe||Neil Smith||06 December 2018||Buy||13.00|
|Kepler Cheuvreux||Tobias Lukesch||15 November 2018||Buy||11.50|
|MainFirst||Daniel Regli||14 November 2018||Outperform||14.00|
|Pareto Securities||Dr Philipp Häßler||06 December 2018||Buy||14.20|
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.