Ann: Prospectus for Non-Renounceable Pro-Rata Rights Issue, page-32

Reward TO target? Step 1: ...in-principle agreement between Reward and potash & salt major K+S to supply SOP (June 2018)... Step 2: ...K+S Group €600mn bond placement for repayment AND GENERAL CORPORATE PURPOSES (July 2018)... Step 3: ? Perhaps... disclosure of K+S „famous/genius/ridiculous“ Shaping2030 Strategy (Capital Markets Day Sept 2018 at their new plant in Canada) or ? Perhaps waiting for more reliable study results from Reward or ? What else ? Why should K+S buy Reward? (1) K+S Group needs to expand its global footprint. With Reward, K+S would produce potash on 3 continents. They already produce Salt around the globe. (2) Since the Potash price slump they follow a strategy with strong focus on higher margin products (Move from MOP to SOP) (3) They need to create (Shareholder) value since PCS TO „suggestion“ of 41€ per share (which they successfully defended in Oct 2015).... their own share price went south and south and south and south ... and sentiment around shareholders is appropriate... they are trying to get a large institutional investor since years... doesn’t work out (4) They can’t do big steps since they are poised to reduce debt (Rating, etc.) ... Reward could be a small step with lots of potential in the hands of a major like K+S THOUGHTS?