Voluntary public takeover offer of Photon Management GmbH to shareholders of PNE AG - update

29.11.2019

Note: This announcement, originally published on 1 November 2019, has been updated. Due to a change in the offer, shareholders have the right to withdraw from the offer. Changes are highlighted.

Details on the procedure for exchange of the PNE AG registered shares (ISIN DE000A0JBPG2are published in Wertpapier-Mitteilungen (a gazette with securities announcements).

Exchange into "PNE AG registered shares submitted for exchange"

The transfer must be carried out via securities transfer (CASCADE transaction: KVEE WE) with an entry in the “TR” field with the attribute “4- Originalaktien in Anrechte”. This transfer is only possible from the unregistered positions. The shares must therefore be transferred in advance via share holdings transfer (CASCADE transaction: KVEE BV) into unregistered positions.

Retransfers are possible via security transfer by indicating "3 - Anrechte in Originalaktien" in the "TR" field. This transfer is also possible exclusively from the FMB. Therefore, the shares of the interim category must be transferred in advance via a de-registration into the unregistered positions.

The exchange will be possible from

31 October 2019 to 12 December 2019 inclusive

The "PNE AG registered shares submitted for exchange" (ISIN DE000A2YN6E7) will be issued as registered securities. The shares resulting from the exchange described above will be allocated to the unregistered positions.

There is a follow-up entry period until 16 December 2019.

Registration of the shareholders by re-registration

The shareholders of the "PNE AG registered shares submitted for exchange" (ISIN DE000A2YN6E7must be registered on the company’s share register. Corresponding re-registrations (KVCU) can be adjusted by the depository in CASCADE-RS from 31 October 2019.

Note about submission planning

Due to the processing capacities in CASCADE-RS, submissions amounting to 10,000 re-registrations or more per transfer must be agreed in advance with Client Services. Clearstream Banking1 reserves the right to reject file transfers that have not been agreed upon within the scope of overall coordination.

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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthaleralle 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.