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11 December 2019

Authorizations For Capital Raisings And Convertible Bond Issues (2019)

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Cleary Gottlieb Steen & Hamilton LLP

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This booklet presents a summary overview of the corporate authorizations for capital raisings, convertible bond issuances and share repurchases of all German DAX and MDAX companies as of July 2019.
Germany Finance and Banking

This booklet presents a summary overview of authorizations for capital raisings and convertible bond issuances of all German DAX® and MDAX® companies based on their 2019 annual general meetings.* Responding to inquiries from clients and friends, this booklet now also covers authorizations for share repurchases of all German DAX® and MDAX® companies, also based on their 2019 annual general meetings.

The amount of any authorized capital reflected in this booklet takes into account any issuance of shares out of authorized capital entered into the commercial register prior to August 1, 2019. The amount of any convertible bond authorization and underlying conditional capital reflected in this booklet takes into account the issuance of any convertible bonds based on such authorization prior to August 1, 2019 and the amount of conditional capital underlying such convertible bonds. The number of any shares repurchased under a buy-back program reflected in this booklet takes into account the publicly announced share repurchases of the respective issuer until August 1, 2019.

Consistent with the nature of the booklet as a summary overview, the information on the authorizations for capital raisings, convertible bond issuances and share repurchases provided herein is limited to the key parameters of the relevant authorized capital, convertible bond authorization, conditional capital and share repurchase authorization. A more detailed analysis of, e.g., the feasibility of a certain capital raising or share repurchase will always require a comprehensive review of the complete wording of the authorization(s) concerned. In particular, the amount of new shares, convertible bonds or treasury shares previously issued or sold under exclusion of subscription rights during the term of the authorization available for the proposed capital raising typically will have to be applied towards the volume limitations applicable to such capital raising in case of an exclusion of subscription rights.

The companies covered in this booklet are the German DAX® and MDAX® companies as of the last index rebalancing date on September 4, 2019. All information regarding their free float is provided as of September 4, 2019 and was taken from a website of Deutsche Börse AG (www.dax-indices.com) where such information can be found under "Resources" → "Composition & Indicators" → "DAX" and "MDAX". Deutsche Börse AG regularly calculates the free float for index weighting purposes according to the definition set out in Section 2.3 of the "Guide to the Equity Indices of Deutsche Börse AG" which is available on the website of Deutsche Börse Cash Market. Inclusion in the DAX® and MDAX® requires, among other things, a minimum free float of 10%.

We hope you will find this booklet useful. We will be pleased to answer any queries you may have in connection with the information presented in this booklet.

Download Booklet - Authorizations for Capital Raisings and Convertible Bond Issues (2019) (pdf)

The authors wish to thank Christoph Bender for his valuable support in preparing this booklet.

* Annual general meetings prior to August 1, 2019

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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