I s t h e s e c t o r r o t a t i o n s t i l l i n t a c t ?

Kathrein statement

Until Friday, the stock market month of May showed its sunny side. Whether minimum taxation of multinational corporations, inflation or yield increases, the markets put everything away. Last week Friday, however, the major Western indices went out of trading with a significant minus. After the ocial U.S. Federal Reserve meeting on Wednesday, where the first interest rate steps have been announced only in the course of 2023 and inflation was no major concern, the president of the St. Louis Fed, James Bullard came forward on Friday and put this assessment into perspective. In his view, rate hikes would make sense as early as 2022, and the Fed would have to address higher-than- expected inflation in the coming meetings and come up with an appropriate response.

It was striking that the tech-heavy Nasdaq was able to hold up better than the broad market, while typical cyclical value stocks such as banks plummeted. At first glance, this doesn't fit the inflation storyline at all, because growth stocks are usually more sensitive to interest rate hikes and banks benefit from higher yields. So, what happened?

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Strabag massively increases dividend for Andritz AG renews board machine at 2020. Mayr-Melnhof The Board of Management and Supervisory Board had originally proposed an increase from 90 cents to • Commissioning of the board machine is 1.90 euros. planned for 2023

• Target: increase in production, improvement • Strabag achieved earnings per share (EPS) of of quality and ecological footprint 3.85 euros in the past fiscal year • Additional adaptation of the automation • Group target: ratio of 30 to 50 % of system of the stock preparation lines for consolidated net profit board machines KM2 and KM3 at the mill • The syndicate of Strabag core shareholders Frohnleiten/Graz (APA) - Graz-based plant surprisingly put forward a dividend proposal engineering and technology group Andritz AG is of 6.90 euros modernizing the machinery at another leading Vienna (APA) - Shareholders of Austria's largest Styrian company: Andritz is rebuilding one of construction group Strabag will receive a hefty the board machines at Mayr-Melnhof Karton in compensation this year for the dividend cut a Frohnleiten. The order value was not disclosed. year ago due to corona: 6.90 euros per share However, similar orders recently ranged around will be distributed for 2020, as decided at 25 million euros. Start-up is planned for 2023, today's Annual General Meeting. This according to Andritz. corresponds to an increase of almost eight times. For 2019, the payout had been halved The KM3 board machine will be rebuilt at the from 1.80 euros to 90 cents due to Corona. Frohnleiten mill north of Graz. The aim is to increase production, improve quality and the Originally, the management of the construction ecological footprint. Not only the machine and giant had proposed an increase from 90 cents its components themselves, but also the to 1.90 euros per share certificate for 2020 at automation system will be renewed. The KM3 the presentation of the financial statements at for the production of folding boxboard has a the end of April. "This is the highest level since design speed of 800 meters per minute. the IPO," it had already said at this mooted payment. Strabag achieved earnings per share In addition, Andritz is adapting the automation (EPS) of 3.85 euros in the past fiscal year. The system of the stock preparation lines for the payout ratio would then have been 49 percent, KM2 and KM3 board machines at the mill. after 25 percent for 2019. A ratio of 30 to 50 These adaptations will be made in several steps, percent of consolidated profit is generally with completion scheduled for 2022. defined as the Group target. Mayr-Melnhof Karton is Europe's leading In deviation from the proposal of the Board of cartonboard producer. With a capacity of Management and the Supervisory Board on the 540,000 tons of recycled cartonboard per year, appropriation of profits, the syndicate of the Austrian mill in Frohnleiten has the highest Strabag core shareholders, which holds 79.80 production capacity in the European percent of the share capital, surprisingly put cartonboard industry. forward its dividend proposal of 6.90 euros, more than three times as high, just over a week ago. The new proposed resolution was justified by the Group's high liquidity.

E U t a k e s a i m a t G o o g l e ' s a d v e r t i s i n g b u s i n e s s , a c c o r d i n g t o c i r c l e s

Insider: It's all about Google's positioning vis-à-vis advertisers, publishers, intermediaries and competitors

• Google faces investigation of its lucrative advertising business this year • Google has already had to make payments totaling more than 8 billion euros for competition law violations • Last year alone, Google generated 147 billion dollars in revenue from online ads

Brussels/Mountain View (APA) - U.S. technology company Google is facing an investigation into its lucrative advertising business in the European Union later this year, according to insiders. Three people familiar with the matter told the Reuters news agency. At stake is Google's positioning vis-à- vis advertisers, publishers, intermediaries and competitors, one of the people said.

It's not the first time European competition regulators have taken aim at the world's largest search engine operator. Google has already had to pay a total of more than eight billion euros for competition law violations.

Last year alone, Google turned over $147 billion (120.67 billion euros) with online ads - more than any other company in the world. Advertising also accounts for the bulk of the U.S. company's business - including via the YouTube video platform or the Gmail email service.

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Kathrein Privatbank AG, based in Vienna, was founded by Carl Adress: Kathrein in 1924 and is one of the leading private banks in the Wipplingerstraße 25 German-speaking area. Our core competence is the management 1010 Vienna, Austria of personal, corporate and institutional assets as well as private foundation assets. As a subsidiary of Raieisen Bank International +43 1 534510 AG, Kathrein Privatbank oers the benefits of an agile, [email protected] independent and service-oriented institution combined with the security of a robust, international banking group.

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