覆盖变更：五只股票的转移

e Date11 July 2025Coverage ChangeDamianMcNeelaResearch Analyst+44-20-754-11565Daniel TharianResearch AssociateCompanies featuredAG Barr PLC (BAG.L),GBP680.00Fevertree Drinks (FEVR.L),GBP894.00Nichols Plc (NICL.L),GBP1,415.00Glanbia plc (GL9.1),EUR12.72Treatt PLC (TET.L),GBP248.00Source: Deutsche Bank 97 Appendix 1Important Disclosures*Other information available upon request*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Otherinformatioris sourcedfromDeutsche Bank,subjectcomjEquityReAnalyst CertificationThe views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subjectissuers and the securities of those issuers.In addition,the undersignedlead analyst has not and will not receive any微信Page 2 s, and othersources.Fordisclosurespertainingto recommendations orest9ecS natesmadeonsecurities otherthantheprimarybefoDeutscheBankAG 11July2025BeverageCoverage changeEquity rating dispersion and banking relationshipscompanies covered Cos. w/ Banking Relationship MIFID Investment & Ancllary ServicesEquity Rating and Dispersion KeyThe Equity Rating Dispersion Chart depicts the following:The proportion of recommendations that are rated"buy","sell"and"hold" over the previous 12 months. This is shown forsecurities issued in the stated region e.g. "Europe Universe". See rating definitions below. This is represented by the"Companies Covered" bars in the chart. The percentage value displayed above the bar is the proportion as a percentage.E.g. 50% above the "buy" / "Companies Covered" bar means that 50% of DB's equity research covered companies overthe past 12 months have a "buy" rating.Next to each of the three respective bars showing the proportion of "buy", "sell" and "hold" recommendations we providetwo additional bars to show:- The proportion of "buy","sell" or"hold recommendations where Deutsche Bank and or/Affiliates provided MIFIDInvestmentorAncillaryServices inthepast12months.Thisisrepresented inthe"MiFiDInvestmentandAncillaryServices" bar. The percentage value displayed above the bar shows the proportion of Companies Covered with the givenalso received MIFID Investment and Ancillary Services from DB.- The proportion of "buy" (or"sell" or "hold) recommendations where Deutsche Bank and or/Affiliates has providedInvestment Banking services in the past 12 months for which it has received compensation. The percentage valuedisplayed above the bar shows the proportion of Companies Covered with the stated rating where DB has also providedmeans 50% of the Companies Covered with the rating stated also have an Investment Banking Relationship with DB.Buy: Based on a current 12- month view of TSR, we recommend that investors buy the stock.Sell: Based on a current 12-month view of TsR, we recommend that investors sell the stock.Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either aBuy or Sell.projected dividend yieldNewly issued research recommendations and target prices supersede previously published research.Page 3 Deutsche Bank AG 11July2025BeverageCoverage changeAdditional InformationThe information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively 'DeutscheBank'). Though the information herein is believed to be reliable and has been obtained from public sources believed to bereport are provided for reader convenience only. Deutsche Bank neither endorses the content nor is responsible for theaccuracy or security controls of those websites.If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report, oris included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank may act asprincipal for its own account or as agent for another person.Deutsche Bank may considerthis reportin decidingto tradeas principal. Itmay also engage in transactions,forits own accountincluding strategists, sales staff and other analysts, may take views that are inconsistent with those taken in this researchreport. Deutsche Bank issues a variety_of research products, including fundamental analysis, equity-linked analysis,quantitative analysis and trade ideas.'Recommendations contained in one type of communication may differ fromrecommendations contained in others, whether as a result of differing time horizons, methodologies, perspectives orotherwise. Deutsche Bank and/or its affiliates may also be holding debt or equity securities of the issuers it writes on. Analystsandprincipaltrading revenues.Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do notnecessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank provides liquidityfor buyers and