Full-Year 2020 Results Stadler Rail

FULL-YEAR 2020 RESULTS STADLER RAIL

Peter Spuhler, Executive Chairman and Group CEO a. i., Raphael Widmer, Group CFO 11 March 2021 REPRESENTING STADLER TODAY

Peter Spuhler Raphael Widmer Executive Chairman Group CFO and Group CEO a. i.

Stadler full-year results 2020 | © Stadler | 11 March 2021 2 AGENDA

1 Peter Spuhler, Executive Chairman Highlights 2020 and Group CEO a. i.

2 Full-year 2020 financial results Raphael Widmer, Group CFO

3 Peter Spuhler, Executive Chairman Summary and outlook and Group CEO a. i.

Stadler full-year results 2020 | © Stadler | 11 March 2021 3 HIGHLIGHTS 2020 WE ARE AN INDUSTRY LEADER

>8,500 Stadler trains and locomotives running in 43 countries every day

465 vehicles delivered in 2020

>200 million kilometres covered every year by vehicles serviced by Stadler

12 core sites across high- and low-cost countries

>12,300 employees(1), including engineering team of over 1,700 employees

~11 % net sales CAGR over the last decade(2)

16.1 billion CHF backlog as at 31 December 2020

549 trains and locomotives ordered in 2020

Notes: (1) average FTEs 1 January to 31 December. (2) 2010-2020.

Stadler full-year results 2020 | © Stadler | 11 March 2021 5 COMPREHENSIVE PORTFOLIO

Market segments and vehicle families Order backlog contributions 2020

Market Type Vehicle families Reporting segment segment

Very High Not a strategic focus 26% Speed Rolling Stock Service & Components

High Speed 74%

Trains Intercity Market segment

Regional / Trains Suburban 26% Locomotives 35% Metro

Coaches 12% LRV 6% Tailor-made 9% 12% Service & Components

Main-line made - locomotives

Loco- Services & Systems & Services motives Tailor Regional markets Shunting locomotives DACH 10% Western Europe 2% 10% Metro Metro 1% 43% Eastern Europe Americas CIS Tram / 34% LRV Tram Train Rest of the world

Stadler full-year results 2020 | © Stadler | 11 March 2021 6 FULL-YEAR 2020 KEY FIGURES

Vehicles delivered Order intake Order backlog 465 Order intake CHF 4.3bn Order BacklogCHF 16.1bn +5%(1) CHF X.Xbn -15%(1) CHF XXbn+7%(1) +XX% +XX%

Net revenues EBIT margin CHF 3.1bn 5.1% -4%(1) -1 %-pts(1)

Free Cash Flow(2) Net profit CHF -458.9m CHF 138.4m -CHF 130.0m(1) +8%(1)

(1) Change year-on-year. (2) Defined as EBITDA –Capex –Change in NWC. EBITDA is calculated as the sum of EBIT and depreciation and amortization.

Stadler full-year results 2020 | © Stadler | 11 March 2021 7 COVID-19 IMPACT

– Demand remaining strong, no order cancelations and no large tenders lost Market – Ongoing tenders largely on track but some final decisions environment postponed due to Covid-19 and appeals by competitors – New tenders being launched – Interruptions to internal and external supply chains Impact on – Travel restrictions affecting Stadler employees, homologation Operations officials and customers which impacts final payments – All plants currently operating at largely normal levels

– Health and safety measures initiated immediately Counter – Adapting assembly sequences and working shift times with measures employees partially working remotely – Decentralised supply chain

– Partial recovery of deferred revenues achieved in H2 2020 Financial – Adverse effect on net working capital impact – Service & Components impacted by lower mileage – Significant order backlog and resilient end market

Stadler full-year results 2020 | © Stadler | 11 March 2021 8 ORDER INTAKE HIGHLIGHTS 2020 Tyne & Wear Metro Metro Berlin LRVs

− 42 METRO trains, a new  Framework agreement for up to  Up to 80 TRAMLINK for Milan (EUR maintenance plant and a 35-year 1,500 METRO cars valued at up to 172.6m). Firm order for 30 trams service contract EUR 3.0bn  24 TRAMLINK for Jenaer − Valued at c. GBP 700m  First call-off for 606 cars including Nahverkehr (EUR 92m), with option spare parts amounts to EUR 1.2bn for up to 19 additional vehicles

Tailor Made Mainline Signalling

 MGB ordered 12 out of 27 new  21 additional KISS trains ordered  Full homologation for GUARDIA «ORION» trains for c. CHF 150m by the Hungarian Railways for over European Train Control System  20 “Capricorn” trains worth CHF EUR 300m  First ETCS refit contract for Stadler 170m in an option call-off from RhB  Twelve more KISS trains for Mälab won in the Netherlands  Eight New tailor-made trains for the for over CHF 130m  First urban mass transit signalling Centovalli railway system awarded (MARTA) Stadler full-year results 2020 | © Stadler | 11 March 2021 9 SIGNALLING: ACHIEVEMENTS 2020 AND OUTLOOK Milestones in 2020 Outlook

CBTC(1) First urban mass transit signalling system awarded to Stadler: Supplying a Stadler in dialogue with several CBTC-like train control system(2) on the European metro operators new Stadler vehicles for MARTA (Atlanta, USA) ETCS(3) Homologation in 10 countries Homologation in Switzerland and Poland until 2022 expected Homologation under way in Hungary, Slovenia, Italy, and Germany Retrofit market potential

ATO(4) First automatically operated train ride with Increasing demand for ATO in passengers in the Netherlands – achieved numerous tenders by using the Stadler ATO

Stadler is delivering across all signalling market segments

(1) Communication Based Train Control (2) Derived from Stadler’s full CBTC solution (3) European Train Control System (4) Automatic Train Operation Stadler full-year results 2020 | © Stadler | 11 March 2021 10 MARKET OUTLOOK TOTAL OEM AND TARGETED MARKETS 2020 VIEW

Stadler’s strategic markets GlobalGlobal rollingrolling stockstock Targeted market 1 2 3 Targeted regions OEMOEM marketmarket segments

2019(1) market size (€Bn) 54 35 27 2014-19(1) CAGR +1.7% +2.2% +4.7% 2019-24(1) CAGR +3.6% +4.4% +2.3%

Freight Cars 12

VHS(2) 8 HS 2 East OEM 7 Asia(3) MU 10

RoW HS 2 Rolling StockRolling South- 8

markets east Asia MU 9

Metro 9 Opportunistic CIS 1 4 North Metro 3 4 LRV 3 America - LRV 2 Locomotives 7 Europe Home Locomotives 6

markets 12 Coaches 3 Coaches 3 By segment By region By segment

2019-241) CAGR Service ~7 +2.8%

2019-241) System CAGR 4) ~18 Technology +1.0% (5)) Source: SCI (2020). Market volumes based on € value of equipment and services delivered. (1) 2019 market size defined as average of 2018-2020, 2014 defined as 2013-2015 average and 2024 defined as 2023-2025 average. (2) Very High Speed trains (VHS) defined as trains with top speed above 251km/h. (3) East Asia defined as China + South Korea + Japan. Rest of the World (RoW) includes Asia (excluding East Asia), South and Central America, Middle East and Africa. (4) System Technology includes Control, Command and Signalling (CCS) and Passenger Information Technology (PIT); excluding East Asia. (5) Expected CAGR 2019-2024 for western Europe: +2.2%. Stadler full-year results 2020 | © Stadler | 11 March 2021 11 COMPETITIVE LANDSCAPE MARKET SHARE BY REGION

Home markets Opportunistic markets North America: EUR 2.6 bn Europe: EUR 11.9 bn CIS: EUR 4.2 bn Other 7% 12% HS 17% Bombardier Bombardier 19% Stadler (2%) Other Other 28% Alstom 39% 11% 1% 23% Hitachi Rail Siemens 11% 5% 6% 2% 37% 47% MU 2% Stadler (1%*) 4% CAF 6% 13% 16% 7% 44% Sinara Progress Rail 71% 7% 8% 10% 12% Metro 13% TMH 26% Kawasaki 13% 16% CRRC LRV Siemens GE / Wabtec Alstom 21% 12% 12% Locomotives 3% Coaches 15% Stadler (15%)

Opportunistische Märkte RoW: EUR 8.0 bn Southeast Asia: EUR 0.6 bn

10% CRRC 25% Other CRRC Other 21% 20% 22% 34% 3% Hyundai Rotem Hitachi Rail 4% 5% 3% 50% 64% Modern Coach Factory Vietnam Railways 6% 30% 5% 8% Alstom 15% Hyundai Rotem 27% Industri Kereta Api 2% 22% ICF 4% 10% 2018: Stadler 1% Market leaders: CRRC (31%), Bombardier & ICF (9% each), TMH (8%), Alstom (7%) followed by Siemens and Stadler is particularly strong in Europe (No. 3). Stadler (4% each).

Source: SCI (2020), SCI marketstudy Worldwide Market for Railway Industries 2020. Market share based on delivered units in 2019 (average 2018-2020). High Speed (HS) 200 to 250 km/h. *(2018 values) Stadler full-year results 2020 | © Stadler | 11 March 2021 12 COMPETITIVE LANDSCAPE GLOBAL MARKET SHARE BY SEGMENT

EMU/DMU: EUR 9.8 bn Focus segments Locomotives: EUR 7.2 bn

Bombardier Southeast Other TMH 23% 18% Asia 17% 1% 38% Stadler (1%) 25% 9% Other RoW 2% 34% Siemens 0% 5% 1% 29% CIS 15% ICF Sinara 8% 64% 10% North America 9% 17% CRRC 5% 12% 23% DLW Europe 9% TMH 6% 10% 11% Alstom CRRC CLW GE / Wabtec Stadler (17%)

Metro: EUR 9.2 bn LRV: EUR 2.6 bn HS: EUR 2.4 bn

Other 11%0% Other Stadler (3%) 9% Bombardier Stadler (6%) 36% TMH Other Hitachi Rail 8% 1% 17% 13% Alstom Bombardier 6% 4% 4% 2% 9% 41% 12% 8% Hyundai Rotem 6% 12% Siemens 11% 100% 55% 6% 10% Alstom 8% CRRC Alstom 67% TMH 23% 62% 9% 12% CRRC 6% 9% Stadler (9%) Bombardier 21% CRRC CAF

On the basis of Global market excl. China, South Korea and Japan

Global potential in Locomotives, Metro, LRV und Stadler is strong in EMU/DMU segment. High Speed segments.

Source: SCI (2020), SCI marketstudy Worldwide Market for Railway Industries 2020. Market share based on delivered units in 2019 (average 2018-2020). High Speed (HS) 200 to 250 km/h. Excluding Coaches . Stadler full-year results 2020 | © Stadler | 11 March 2021 13 COMPETITIVE LANDSCAPE MARKET SHARE EUROPE BY SEGMENT

Home markets Focus segments

LRV: EUR 1.5 bn Locomotives: CHF 1.5 bn

Bombardier Other Alstom Other 18% Stadler (2%) 10% 30% Stadler (15%) 4% Siemens Newag 41% 5% 5% 16% Vossloh 6% 10% 7% 14% CZ Loko Skoda 12% 23% CAF Alstom EMU/DMU: CHF 5.5 bn Bombardier

Metro: CHF 0.9 bn Other Highspeed: CHF 2.1 bn CAF 9% Other Stadler (7%) Other 7% Stadler (9%) Alstom Consortium AL-BT 3% Alstom 9% Bombardier 9% Siemens 38% 9% 6% 25% 26% 9% Bombardier 11% 15% Hyundai Rotem 11% 18% Bombardier 23% 15% 19% Siemens 16% Alstom Siemens Hitachi Rail Hitachi Rail 22% Stadler (22%)

Compared to the previous year, Stadler won 2% Stadler improved its position in LRV to No. 2. market share in Locomotives.

Source: SCI (2020), SCI marketstudy Worldwide Market for Railway Industries 2020. Market share based on delivered units in 2019 (average 2018-2020). High Speed (HS) 200 to 250 km/h. Stadler full-year results 2020 | © Stadler | 11 March 2021 14 FULL-YEAR 2020 FINANCIAL RESULTS FULL-YEAR RESULTS 2020 SUMMARY CHFm

Order intake Order backlog Net revenues

-15% +7.2% -3.6% 5’117 15’026 16’106 3’201 3’085 4’332

2019 2020 31.12.2019 31.12.2020 2019 2020

EBIT Net working capital(1) Capital expenditure(2)

-19% + CHF 423m 194 +16% 156 450 288 249 6.1% 5.1%

2019 2020 31.12.2019 31.12.2020 2019 2020

EBIT as % of net revenues Change year-on-year (1) Net working capital is calculated by subtracting the sum of trade payables, liabilities from work in progress and other current liabilities (including other current liabilities, current provisions and deferred income and accrued expenses) from the sum of trade receivables, inventories, work in progress and other current assets (including other current receivables, compensation claims from work in progress and accrued income and deferred expenses). (2) Capital expenditure is calculated as the sum of investments in tangible and intangible assets. Stadler full-year results 2020 | © Stadler | 11 March 2021 16 ORDER INTAKE CHFm -15% 5’117 Others(1) 8% 833 4’332 2% Americas 17% 14% 1’456 +75% Eastern Europe 17% 31% Western Europe 16% 4’284

2’875 -33% DACH 42% 53%

2019 2020 2019 2020 Rolling Stock Service & Components Comments Rolling Stock  Major orders in DACH region (BVG Metro Berlin, Germany) and Western Europe (Nexus, UK)  Large Tailor Made orders in Switzerland: a new order from Matterhorn Gotthard Bahn (MGB) and an option call-off by Rhaetian Railway (RhB) Service & Components  Strong order intake mainly driven by two long-term service contracts in connection with the Rolling Stock orders from BVG, Germany, and Nexus, UK

(1) Others: CIS and rest of the world. Stadler full-year results 2020 | © Stadler | 11 March 2021 17 ORDER BACKLOG BY REPORTING SEGMENT CHFbn

16.1 +15% CAGR 15.0

13.2 2.8 18% 4.1 26% 11.0 2.3 17% 9.3 2.0 18% 0.8 9%

12.3 10.9 12.0 8.5 9.0

31.12.2016 31.12.2017 31.12.2018 31.12.2019 31.12.2020

Rolling Stock Service & Components % Share of Service & Components

Order backlog of 16.1bn with a growing Service & Components share

Stadler full-year results 2020 | © Stadler | 11 March 2021 18 ORDER BACKLOG BY PRODUCT SEGMENT

31 Dec 2019 31 Dec 2020

18% 26% Executing on strategic focus 35%

11% 50%

12% 7% Trains Locomotives Metro 6% 8% 9% 6% LRV 12% Tailor-made Service & Components

High quality and increasingly diversified order backlog

Stadler full-year results 2020 | © Stadler | 11 March 2021 19 NET REVENUES CHFm -3.6% 3’201 3’085 261 343 +32% +3.1%

2’086 2’150 148 197

-16% 2’940 -6.7% 2’742 1’115 935 113 1’938 1’953 146

1’002 789

2019 2020 H1 2019 H1 2020 H2 2019 H2 2020 Rolling Stock Service & Components Comments Rolling Stock  Partial recovery of Covid-related delays with revenues up year-on-year in the second half  Revenues in the full-year only declined slightly  Corona-related supply chain disruptions and delays in homologation processes and final vehicle takeovers by customers due to travel restrictions Service & Components  Revenue growth below expectations as a result of lower frequencies in public rail transport and hence less revenues from mileage of vehicles in service. Less sales of spare parts and repairs

Stadler full-year results 2020 | © Stadler | 11 March 2021 20 EBIT CHFm

250 15% -19% 200 194

151 156 10% 150 7.0% 6.1% 5.1% 100 5%

50 0.5% 5 0 0% 2019 H1 2020 H2 2020 2020

EBIT EBIT in % of net revenues Comments Rolling Stock  Corona-related delays led to a decline in revenues in the first half. Profitability impacted by lower volumes, supply chain disruptions and implementation of health and safety measures  Significant margin recovery in the second half of 2020 to H2 2019 levels  Adverse NOK/CHF impact of ~CHF 30m on EBIT from last remaining option call-off Service & Components − High-margin service business impacted by lower fixed cost absorption due to revenues below expectations as a result of less mileage of vehicles in service and spare parts sales

Stadler full-year results 2020 | © Stadler | 11 March 2021 21 NET INCOME

CHFm 2019 2020 Change YOY Earnings before interest and taxes (EBIT) 193.7 156.1 (19%) Financial result (47.1) (3.1) Share of results from associates 4.0 2.8 Ordinary result 150.6 155.8 3.5% Non-operating result (2.1) (1.2) Profit before income taxes 148.5 154.7 4.1% Income taxes (20.0) (16.3) Profit for the period 128.5 138.4 7.7% thereof attributable to - Shareholders of Stadler Rail AG 127.2 137.6 - Non-controlling interests 1.4 0.8

Comments

− Net income increased compared to the previous year − Mainly impacted by favourable currency exchange rate effects on balance sheet, lower bank guarantee costs, and tax effects

Stadler full-year results 2020 | © Stadler | 11 March 2021 22 NET CASH POSITION CHFm

929 Cash and cash equivalents 753

-468 -534 Non-current financial liabilities

-279

-1’003 Current financial liabilities

-608 31.12.2019 31.12.2020 Comments

 Decline in net cash position mainly a result of deferred homologation, customer acceptance and final invoicing of new vehicles  Significant growth investments  Continuous ramp-up of production and work in progress  Additional project financing facilities

Stadler full-year results 2020 | © Stadler | 11 March 2021 23 NET WORKING CAPITAL Net working capital(1) (CHFm) 450 27 47 301 Trade receivables (48) 286 (91) 450

818 862 Comp. claims from WIP 486

Inventories 232 201 132 179 Other current assets 27 44 (31) -317 Work in progress (net) 15 -804 -298 Trade payables

-478 Other current liabilities

-250

Inventories

31.12.2019 31.12.2020

-386

Trade payables Trade Trade receivables Trade

31.12.2019 31.12.2020

Othercurrentassets

Work in progress (net) progress in Work

Other current liabilities currentOther Comp. claims from WIPfromclaimsComp. Comments

 Covid impacts led to bottlenecks in homologation, deliveries, and final customer acceptance  Largely finished but not yet delivered vehicles remain in work in progress which drives growth in net working capital and ties up cash

(1) Net working capital is calculated by subtracting the sum of trade payables, liabilities from work in progress and other current liabilities (including other current liabilities, current provisions and deferred income and accrued expenses) from the sum of trade receivables, inventories, work in progress and other current assets (including other current receivables, compensation claims from work in progress and accrued income and deferred expenses). Stadler full-year results 2020 | © Stadler | 11 March 2021 24 CAPITAL EXPENDITURE CHFm 288

248 57 35 188 14

231 213 76 174 55 11 8 65 48

2016 2017 2018 2019 2020 Investments in tangible assets Investments in intangible assets

Comments

 Over EUR40m invested in capacity expansion in Germany related to a framework contract for the delivery of up to 1,500 METRO cars for Berlin. Capacity additions in Hungary (CHF40m).  Circa CHF37m invested in equipment and land at recently opened manufacturing site in St. Margrethen, Switzerland  Investments in intangible assets mainly relate to development of new high-speed SMILE vehicle concept, new products in locomotives and signalling

Stadler full-year results 2020 | © Stadler | 11 March 2021 25 OUTLOOK: CLEAR STRATEGY FOR BRINGING STADLER TO THE NEXT LEVEL WE HAVE A CLEAR STRATEGY FOR BRINGING STADLER TO THE NEXT LEVEL Stadler sales 2018 Stadler strategy 2023 Signalling Service & Components Service & Components

Rolling Rolling Stock Stock

Strategic focus

Service & Rolling Stock Signalling Components

• Market segments • Growing • Establish own Europe unchanged accessible market signalling and installed base solutions • Deliver on backlog and • New service • AngelStar JV with North America establish next solutions Mermec sales level • Capture • Potential CIS • Growth through opportunities opportunistic Regions new product from signalling acquisitions pipeline • Potential selective New markets acquisitions

Note: Sizes of pie charts are illustrative only.

Stadler full-year results 2020 | © Stadler | 11 March 2021 27 ADDITIONAL GROWTH POTENTIAL DUE TO GOVERNMENT SUPPORTED PROGRAMS

Supportive mega trends Rail as a structural beneficiary of government stimulus

Connecting Europe – €24bn for transport until 2020 EU Green Deal – €1trn funding in total over 2021-2027 Green transportation with low EU Recovery Plan – €1.85trn with Rail share of €40bn+ until 2027 carbon emission

Rail modernization – €86bn over the next decade €5.5bn injection into Deutsche Bahn

Urbanisation combined with stronger connectivity between Plan de reliance – €4.7bn to rail (of which €3bn into Signalling) and cities €1.2bn to daily transport

Network Rail’s Infrastructure Enhancement – £9.4bn until 2024 COVID-19 rescue package – £3.5bn approved for rail operators Increased investments in infrastructure Surface transportation bill – $60bn allocated to Rail American Rescue Plan Act of 2021 – $30.5bn in emergency funding for public transport

Short-term emergency funding combined with long-term investment plans

Order intake  Between CHF 4.0bn and 5.0bn

Net revenues  Between CHF 3.5bn and 3.8bn

EBIT-margin  Above 6 %

 Capex of around CHF 200m Capex / FCF  Positive Free Cash Flow

Dividend  Payout ratio of c. 60% of net income

Our 2021 financial guidance is based on the assumption that the effects of the COVID-19 pandemic will soon normalise and at constant currency exchange rates.

EBIT-margin  8 to 9% from 2023 onwards

Dividend  Payout ratio of c. 60% of net income

Our 2021 financial guidance is based on the assumption that the effects of the COVID-19 pandemic will soon normalise and at constant currency exchange rates.

Rolling Stock

CHFm 2019 2020 Change Order intake 4’284 2’875 -33% Order backlog 12’254 11’996 -2% Net revenues (third party) 2’940 2’742 -7% Additions to fixed assets 186 184 -1% (1) Total staff as FTEs 8’408 9’111 8%

Service & Components

CHFm 2019 2020 Change Order intake 833 1’456 75% Order backlog 2’772 4’110 48% Net revenues (third party) 261 343 32% Additions to fixed assets 35 67 91% (1) Total staff as FTEs 2’326 3’011 29%

Share information Investor contact

Listing: SIX Swiss Exchange Daniel Strickler Currency: CHF Investor Relations Officer Ticker symbol: SRAIL Phone: +41 71 626 86 47 ISIN: CH0002178181 E-mail: [email protected] Listing date: 12 April 2019

Financial calendar Media contact

06 May 2021: Annual General Meeting Andreas Petrosino 25 August 2021: Publication of half-year results 2021 Deputy Head of Communications & PR Phone: +41 71 626 19 19 E-mail: [email protected]

IMPORTANT NOTICE

This presentation (the "Presentation") has been prepared by Stadler Rail AG ("Stadler" and together with its subsidiaries, "we", "us" or the "Group") and includes forward-looking information and statements concerning the outlook for our business. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, and the economic conditions of the regions and markets in which the Group operates. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects,” “believes,” “estimates,” “targets,” “plans,” “outlook” or similar expressions.

There are numerous risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward- looking information and statements made in this Presentation, which, in turn, could affect our ability to achieve our stated targets. The important factors that could cause such differences include: changes in the markets the Group serves, including as a result of changes in the global demand for transportation and demographic changes; the Group's ability to successfully develop, launch and market new products and services; the Group's ability to retain existing customers and/or secure new customers; the Group's ability to compete with existing and new competitors; the Group's ability to maintain the high quality, reliability, performance and timely delivery of its products and services; the impact of fluctuations in foreign exchange rates; and such other factors as may be discussed from time to time. Although we believe that our expectations reflected in any such forward-looking statement are based upon reasonable assumptions, we can give no assurance that those expectations will be achieved.

PRESENTATION OF FINANCIAL INFORMATION This Presentation has been prepared by Stadler solely for informational purposes. Certain financial data contained herein is based on historical financial information of Stadler that has been prepared in accordance with the accounting standards of Swiss GAAP FER, unless otherwise stated. In addition, certain financial data included in the Presentation consists of "non-Swiss GAAP financial measures". These non-Swiss GAAP financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with Swiss GAAP. You are cautioned not to place undue reliance on any non-Swiss GAAP financial measures and ratios included herein.

In addition, certain financial information contained herein has not been audited, confirmed or otherwise covered by a report by independent auditors and, as such, actual data could vary, possible significantly, from the data set forth herein.

THIS PRESENTATION IS NOT AN INVITATION TO PURCHASE SECURITIES OF STADLER OR THE GROUP.