UK Leisure: Another Rates rethink: nothing for Hotels, 20% for pubs

Research evidence excerpt

UK Leisure: Another Rates rethink: nothing for Hotels, 20% for pubs

o material, economic or market factors. The backtested performance includes hypothetical results that

do not reflect the reinvestment of dividends and other earnings or the deduction of advisory fees, brokerage or other

commissions, and any other expenses that a client would have paid or actually paid. No representation is made that any trading

strategy or account will or is likely to achieve profits or losses similar to those shown. Alternative modeling techniques or

assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical backtest results

are neither an indicator nor guarantee of future returns. Actual results will vary, perhaps materially, from the analysis.

The method for computing individual E,S,G and composite ESG scores set forth herein is a novel method developed by the

Research department within Deutsche Bank AG, computed using a systematic approach without human intervention.

Different data providers, market sectors and geographies approach ESG analysis and incorporate the findings in a variety of

ways. As such, the ESG scores referred to herein may differ from equivalent ratings developed and implemented by other ESG

data providers in the market and may also differ from equivalent ratings developed and implemented by other divisions within

the Deutsche Bank Group. Such ESG scores also differ from other ratings and rankings that have historically been applied in

research reports published by Deutsche Bank AG. Further, such ESG scores do not represent a formal or official view of

Deutsche Bank AG. It should be noted that the decision to incorporate ESG factors into any investment strategy may inhibit