RWE: Equity raise and increased stake in Amprion

Research evidence excerpt

RWE: Equity raise and increased stake in Amprion

RWE AG

Contributing Authors

RBC Europe Limited

Alexander Wheeler (Analyst) +44 20 7653 4481 alexander.wheeler@rbccm.com

Ziyad Jasimuddin (Senior Associate) +44 20 7653 4757 ziyad.jasimuddin@rbccm.com

Fernando Garcia (Analyst) +44 20 7029 0267 fernando.garcia@rbccm.com

Charlotte Mettyear (Analyst) +44 20 4557 7210 charlotte.mettyear@rbccm.com

Joseph Pepper (Analyst) +44 20 4557 7410 joseph.pepper@rbccm.com

Required disclosures

Non-U.S. analyst disclosure

One or more research analysts involved in the preparation of this report (i) may not be registered/qualified as research analysts

with the NYSE and/or FINRA and (ii) may not be associated persons of the RBC Capital Markets, LLC and therefore may not be

subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities

held by a research analyst account.

Conflicts disclosures

The analyst(s) responsible for preparing this research report received compensation that is based upon various factors, including

total revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been generated

by investment banking activities of the member companies of RBC Capital Markets and its affiliates.

With regard to the MAR investment recommendation requirements in relation to relevant securities, a member company of Royal

Bank of Canada, together with its affiliates, may have a net long or short financial interest in excess of 0.5% of the total issued

share capital of the entities mentioned in the investment recommendation. Information relating to this is available upon request

from your RBC investment advisor or institutional salesperson.