Creeping Stake & Takeover Threshold Simulator

1. Target Capitalization & Setup

Regulatory Jurisdiction

Mkt Cap (€/£/$ M)

Share Price

Historical AGM Voter Turnout 55%

Determines effective de facto voting majority at general shareholder meetings.

2. Instrument Tranche Allocations

Direct Voting Equity (%) 14.0%

Pure Statutory Voting Rights €392.0M capital

Cash-Settled Swaps / CFDs (%) 20.0%

Synthetic Economic Interest (No Voting) €560.0M notional

Long Call Options / Warrants (%) 4.0%

Potential Rights to Acquire Equity €112.0M notional

Short Put Options Written (%) 10.0%

Downside Takeover Exposure Overhang €280.0M contingent

MTO Acquisition Premium Assumption

% offer markup

Statutory Voting Power

14.00%

Below Mandatory Takeover Threshold

Total Economic Exposure

48.00%

Includes Synthetic & Derivative Tranches

Effective AGM Voting Control

25.45%

At 55% average shareholder turnout

Total Capital Outlay / Notional

€1,344.0M

Mandatory buyout cost: €2,870.0M

Exposure Composition vs 30% MTO Ceiling Compliant • No MTO

14%

20%

10%

Direct Voting Swaps / CFDs Calls / Warrants Short Puts

Phased Creeping Accumulation Pathway 4-Quarter Trajectory

Simulated stake-building timeline detailing filing triggers, accumulated voting equity, and synthetic overhang expansion.

Phase	Voting %	Synthetic %	Total Exposure	Disclosures Triggered	Capital Cumulative

Voting Control vs AGM Turnout Elasticity

3. Statutory Tripwire Radar Germany: BaFin

Minority Squeeze-Out Horizon

Requires 95% (German Stock Corp Act §327a AktG) or 90% in takeover context (WpÜG §39a).

Jurisdiction Rule Summary

M&A Creeping Stake & Takeover Summary Brief