Aurelius’ shares are worth no more than €8.56 per share, implying at least -88% downside to its current share price. Aurelius may face similar scrutiny as Philip Green did in the UK, who was accused of systematically plundering BHS

Gotham City Research was researching Aurelius’ Swedish subsidiaries and was unable to verify the existence of the following entities: Aurelius Geissblatt DS AB (listed as a subsidiary in Aurelius’ 2015 and 2016 Annual Reports). Aurelius Geissblatt Holding AB (listed as a subsidiary in Aurelius’ 2015 and 2016 Annual Reports). Aurelius Nordics (referred to as Aurelius’ “Stockholm Office” in the 2015 & 2016 Annual Reports).

Gotham City Research believes that Dirk Markus holds no PHD from Harvard University; in fact, we believe that Dirk Markus holds no degrees from Harvard at all for the following reasons: Aurelius’ Dirk Markus is not mentioned in Harvard’s alumni directory. Student Clearinghouse was unable to verify any Harvard University degrees for a Dirk Markus. Dirk Markus is not mentioned among those listed as honorary degree holders. We contacted Harvard and the contact person who we spoke with is unaware of any official or unofficial joint PHD programs between St. Gallen and Harvard.