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Nabaltec_E_GB2016

18 NABALTEC SHARE SHAREHOLDER STRUCTURE The majority of Nabaltec‘s 8,000,000 shares continue to be held by the Heckmann and Witzany families. As of the cutoff date, the Heckmann family held 31.16% of the company‘s capital stock and the Witzany family held 29.87%. The residual shares are in free float. SHAREHOLDER STRUCTURE (IN %) 38.97 Free float 31.16 Heckmann family 29.87 Witzany family ANALYSTS’ RECOMMENDATIONS Analyst recommendations in 2016 were consistently positive Hauck & Aufhäuser has been following the Nabaltec share with research reports consistently since 2011, and published seven studies and updates last year. Hauck & Aufhäuser issued a “buy” recommendation in each of its analyses and set a price target of EUR 23.50 in its last study of the year 2016, on 30 November. Baader Bank Aktiengesellschaft has been reporting on Nabaltec routinely since 2013 and pub- lished eleven studies on the share in the reporting year. In its first study of 2016, the study of 18 January 2016, it issued a “hold” recommendation with a price target of EUR 17.50, and its other analyses rated the share a “buy.” Its final update of 2016 was published on 30 November 2016 and set a price target of EUR 15.90. Recommendations of Nabaltec share can be found online in the Investor Relations section of www.nabaltec.de, under Analysts’ Recommendations. Nabaltec AG has continuously exceeded prescribed minimum reporting standards ever since its IPO 10 years ago CAPITAL MARKET COMMUNICATIONS On 24 November 2016, Nabaltec celebrated the 10th anniversary of its IPO. Over that time, in which it was traded in the Open Market division of Deutsche Börse AG (in the Entry Standard segment up to and including February 2017 and in the Scale segment as of March 2017), the company has kept its investors constantly informed, exceeding the prescribed minimum standards. Examples include quarterly reporting in accordance with IFRS in German and in English, a voluntary commitment to observe a four-month period for publication of its annual report and coverage through routine analyst reports. In addition, Nabaltec AG voluntarily complies with the specifications of the German Corporate Governance Code. Nabaltec AG continued its intensive investor relations activities in Financial Year 2016. It took part in several investor and analyst conferences and was represented at road shows in Germany as well as at various investor conferences, such as DVFA Spring Conference, held in May 2016 in Frankfurt am Main. |||| Nabaltec AG | Annual Report 2016

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