Influence of the growing ETF industry on active investor relations work Answer 23 Do you expect that the majority of traditional IR work will become redundant if the ETF industry can be expected to continue to grow Why Why not Active management remains necessary and is even becoming more attractive again as the share of passive investments in the overall market increases as this can lead to misallocations and exaggerations Active investment decisions remain the majority With increasing ETF investments a large part of the funds will first flow to the large cap companies before ETFs then also reach a large part of the smaller companies and make active managed portfolios the exception Stock exchange obligations still have to be fulfilled Stock performance is determined by active investors The individual positioning of the company is essential how does my company differ from others This task is not rendered superfluous by anonymizing in ETFs There will certainly be a change in my opinion the equity story for example will remain relevant for smart beta ETFs Not everything will depend on indices there will also be primarily thematic ETFs Therefore actually an alignment of passive products with actively managed products There will still be active investors ETFs are not interested in IR stock pickers will remain Basic functions such as creating transparency and bridging the gap to the capital market will remain IR based on individual shareholders remains a very important instrument IR work will continue to be of high importance especially due to the high proportion of active institutional and private investors Classic IR work will remain with a possible change in emphasis There will always be a need for IR contacts 92 List of annexes

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