Open letter to Vitesco Technologies regarding Schaeffler AG's proposal to gain control of the company

An open letter from Ninety One to the Independent Transaction Committee of the Supervisory Board and Mr. Andreas Wolf, CEO of Vitesco Technologies.

19 Oct 2023

19 October, 2023. Ninety One, through portfolios that it manages, is one of Vitseco Technologies largest independent shareholders. We have held our shares since Vitesco's spin-off from Continental in 2021 and added to our position over time.

We are addressing this open letter to the Independent Transaction Committee of the Supervisory Board of Vitesco, which is tasked with evaluating Schaeffler AG's proposal to gain control of the company. We believe that the acquisition process, constituting of a tender offer followed by a share merger for the remaining Vitesco shareholders, risks disadvantaging minority shareholders.

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Jeannie Dumas

Communications Director (ex-Africa)

Laura Henderson

Communications Manager

Important Information

This communication is provided for general information only should not be construed as advice.

All the information in is believed to be reliable but may be inaccurate or incomplete. The views are those of the contributor at the time of publication and do not necessary reflect those of Ninety One.

Any opinions stated are honestly held but are not guaranteed and should not be relied upon.

All rights reserved. Issued by Ninety One.