Disclosure according to sec. 85 German Securities Trading Act and Art. 20 MAR for company ZEAL Network SE:

Companies affiliated with Warburg Research manage financial instruments, which are, or the issuers of which are, subject of the research recommendation, in a market based on the provision of buy or sell contracts.

The company compiling the analysis or an affiliated company had reached an agreement on the compilation of the research recommendation with the analysed company.

Markings in the chart show rating changes by Warburg Research GmbH in the last 12 months. Every marking details the date and closing price on the day of the rating change.

Date	Recommendation	Target Price	Close Price	Analyst
19.12.2024	Buy	65.00 EUR	46.00 EUR	Marius Fuhrberg
07.11.2024	Buy	64.00 EUR	42.90 EUR	Marius Fuhrberg
01.08.2024	Buy	59.00 EUR	35.80 EUR	Marius Fuhrberg
22.03.2024	Buy	56.00 EUR	32.00 EUR	Marius Fuhrberg