Presentation Title

FCF IPO Market Monitor European Initial Public Offerings

H1 2016

Data as of June 30, 2016 Published as of July 8, 2016 Table of Contents

EXECUTIVE SUMMARY FCF OVERVIEW MARKET OVERVIEW - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS RECENT IPO CASE STUDIES - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS

2 Executive Summary

The FCF IPO Market Executive Summary Monitor is a The FCF IPO Market Monitor is a comprehensive analysis of the European IPO markets and is published by FCF on a semi- standardized report ▪ on the European annual basis. The analysis provides relevant pricing, performance and valuation metrics (e.g. ratios and multiples) of European public offerings IPOs for the last six months markets and serves a ▪ The selection of IPOs is based on the following criteria: quick reference for – IPO date within the last 6 months investors, corporates – Primary listing at an European exchange* and professionals – Transaction size at least EUR 20m – IPOs of companies operating in the financial services or real estate sector have been excluded More advanced, – Based on the transaction size, the IPOs are categorized as follows: detailed and / or Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m, Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250m customized reports are available upon ▪ The price indices are calculated based on the following criteria: request – The relevant IPO has been issued within the last 2 years – The constituents of each index are based on the transaction size at the time of IPO and are not re-allocated to other categories over time ▪ To recommend colleagues or fellow investors to be added to the mailing list, kindly send an email with the respective contact information ▪ The FCF IPO Market Monitor is available on FCF’s website at “www.fcf.de” ▪ All input data is provided by S&P Capital IQ and is not independently verified by FCF. Ratio and multiple calculations are driven based on the input data available. For additional information and disclaimer, please refer to the last page ▪ If you have questions, comments or ideas, please do not hesitate to contact us

* Countries of exchanges: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, 3 Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom Table of Contents

EXECUTIVE SUMMARY FCF OVERVIEW MARKET OVERVIEW - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS RECENT IPO CASE STUDIES - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS

4 FCF Overview

FCF seeks to provide Who We Are Capital Markets Capabilities and Services its clients with ▪ Specialized investment bank and financing specialist financing Private /  Venture capital  Private equity ▪ Advising public and private small / midcap companies Pre-IPO  Growth capital (i) at the lowest cost, ▪ Advisor for structuring and placement of financing transactions:  Capital increase /  Private Investment in

– All instruments: Unbiased approach to all available corporate Equity Initial Public Offering (IPO) Public Equity (PIPE) (ii) with the highest Public  Dual-track (IPO and  Block trade flexibility, financing instruments (no product selling approach), allowing alternative transaction) for customized financing structures (iii) in the shortest  Receivables financing /  Overdraft / Revolving / – All investors: Close and trusted relationships with senior period of time, Short-term Factoring / ABS Working capital facility executives of virtually all relevant equity and debt investors Debt  Borrowing base /  Guarantee / (iv) with the highest – Fast process: Process management skills and direct / personal Inventory financing Letter of Credit closing access to institutional debt and equity investors enable fast  Bank loan facility  Corporate bond probability, and transactions (straight debt) (public / private)

Debt Long-term with  Leasing /  Promissory note ▪ More than 50 transactions with a total placement volume in Debt Sale-and-lease back (Schuldscheindarlehen) (v) financing partners excess of €2.0 billion since foundation in 2005  High-yield / PIK bond  Second lien that integrate well Approx. 20 professionals with offices in Munich and Dubai Mezzanine  Mezzanine capital  Convertible bond into their strategy ▪

Selected Transactions

5 FCF’s Equity Expertise

FCF is active as an Selected Public Clients IPO / Public Equity Markets Coverage advisor to public and private companies regarding equity- related transactions

FCF regularly publishes specialized research reports, covering industry trends, equity valuations, debt transactions, IPO and M&A activity

FCF annually hosts FCF IPO Conference Presenters FCF Family-2-Family Conference Presenters the FCF IPO Conference, addressing going public topics with great relevance to decision makers

FCF bi-annually hosts its Family-2- Family Conference, an opportunity for public companies to present themselves to family offices

6 Table of Contents

EXECUTIVE SUMMARY FCF OVERVIEW MARKET OVERVIEW - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS RECENT IPO CASE STUDIES - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS

7 European H1 2016 IPOs – Overview

Fast Facts European IPOs - Performance Performance and Issuance by Exchange 0 ▪ 38 IPOs in H1 in 2016 0 1# 37.9% ▪ EUR 8,688m Volume raised 0 9# 33.7% 0 11.2% Stockholm ▪ 3 withdrawn or postponed deals 9.2% 9.2% 0 2# 20.9% Copenhagen ▪ 95% of 1H16 IPOs priced within range* 0 2# 17.5% 0 Helsinki IPO +1D IPO +1M IPO - YTD 2# 11.7%

7# 9.0%

3# IPOs by Sector Amsterdam 1.3%

-5.8% 3#

Utilities -9.1% Energy Brussels 1# 3% Materials 3% Consumer -14.3% 2# Healthcare Discretionary 5% -14.7% 3# Paris Biotechnology 5% 34% 8% -19.5% 3# Consumer Staples 8% 38 0 0 0 0 0 1

13% Primary / Secondary Split & Price Range Information 21% Technology Industrials Secondary Shares Primary Shares

44% IPOs by Time 56%

3500 10 8 12 3000 9 10 2500 6 8 Below Range 2000 5 5% 6 Within Range 1500

1000 4

520m 2380m 1712m 3077m 500 998m 2 0 0 number of IPOs 95% in each country (HQ)

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, All European IPOs, * where data available 8 European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom European IPOs – Performance (last 2 years)

Over the last two 200 years, all FCF IPO indices outperformed their European peers 180 (MSCI Europe Index) 176%

The FCF Medium 160 IPO Index (with 176%) has significantly outperformed all 140 other indices

120 112% 109% 100

82% 80 77%

60 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16

MSCI Europe Index FCF Micro IPO Index FCF Small IPO Index FCF Medium IPO Index FCF Large IPO Index

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 9 Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m, Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250m Table of Contents

EXECUTIVE SUMMARY FCF OVERVIEW MARKET OVERVIEW - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS RECENT IPO CASE STUDIES - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS

10 European H1 2016 Micro IPOs – Overview (1/3)

Fast Facts European Micro IPOs - Performance Performance and Issuance by Exchange 0 ▪ 11 IPOs in H1 in 2016 0 ▪ EUR 338m Volume raised (3.9% of 0 Stockholm 3# 38.9% 0 European Volume) 11.2% 9.9% 0 6.8% 0 ▪ 1 withdrawn or postponed deals 3# 20.0% 0 ▪ 100% of 1H16 Micro IPOs priced within IPO +1D IPO +1M IPO - YTD range* 1# 1.9%

IPOs by Sector -5.3% 1#

Materials Brussels -9.1% 1# Energy Biotechnology 9% Healthcare 9% 27% -27.3% 2# Paris 9% 11 -1 0 1 Information 9% Technology 18% Consumer Primary / Secondary Split & Price Range 18% Discretionary

Industrials Secondary Shares Primary Shares

26% IPOs by Time 74%

90 3 3 4 80 2 2 3 70 60 3 2 Within Range 50 1 40 2 30

20 1

73m

68m

82m 82m 10 33m 1 0 0 100% number of IPOs in each country (HQ)

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, LargeMicro IPOsIPOs:: EUR250 –20m1500 – 50m,EURm * where data available 11 European Countries Countries include: include: Austria, Austria, Belgium, Belgium, Croatia, Croatia, Cyprus, Cyprus,Czech Republic, Czech Denmark,Republic, Estonia, Denmark, Finland, Estonia, France, Finland, Germany, France, Greec e,Germany, Hungary, Iceland,Greece, Ireland, Hungar y, Iceland, Ireland, Italy, Latvia, Latvia, Lithuania, Lithuania, Luxembourg, Luxembourg, Malta, Malta, Netherlands, Netherlands, Norway, Norway,Poland, Portugal, Poland, Romania, Portugal, Slovakia, Romania, Slovenia, Slovakia, Spain, Slovenia, Sweden, Switzerland,Spain, Swede Unitedn, Switzerland,Kingdom United Kingdom European H1 2016 Micro IPOs – Overview (2/3)

General Information Pricing & Volume Analysis in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to- Days (in % of total Current Current Price Price Final-to- Initial Initial High to Final Initial Exchange Listing Filing-to- Issuing Issuing Size Issuing Share Market Range - Range - Initial Low Price Price Pricing Filing Company Name HQ Country Standard Industry IPO Date Issuance Price Volume Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume

Lauritz.com Group Consumer Denmark Sweden First North 22/06/2016 13 1.6 23.7 Micro No GS 32% - 68% 1.7 68.7 n/a n/a n/a n/a n/a n/a n/a n/a 13.8% A/S Discretionary

Alternative United United Consumer Comptoir Group plc Investment 20/06/2016 5 0.6 20.8 Micro No GS 50% - 50% 0.8 75.3 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Discretionary Market

Française de Compartem France France Energy 10/06/2016 18 27.0 37.5 Micro No GS 100% - 0% 21.0 106.4 27.0 35.5 31.3 31.3 0.0% 0.0% 0.0% -13.6% -34.8% l'Energie SAS ent C

Wilson Therapeutics Main Sweden Sweden Biotechnology 12/05/2016 13 5.3 44.8 Micro 4% 100% - 0% 4.5 115.6 5.0 6.3 5.7 5.7 0.0% 0.0% 0.0% -7.5% 9.8% AB (publ) Market

Compoarte ASIT biotech s.a. Belgium Belgium Biotechnology 10/05/2016 14 7.0 23.5 Micro No GS 100% - 0% 6.4 81.2 7.0 8.5 7.8 7.8 0.0% 0.0% 0.0% -9.7% -31.5% ment C

Compartem GeNeuro SA Switzerland France Biotechnology 14/04/2016 15 13.0 33.0 Micro No GS 100% - 0% 8.8 53.2 12.7 16.0 14.3 14.3 0.0% 0.0% 0.0% -9.1% -26.6% ent B

SITI - B&T Group Italy Italy AIM Italia Industrials 30/03/2016 14 8.0 23.0 Micro 13% 87% - 13% 8.2 24.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% S.p.A.

Alternative United United Information Blue Prism Group plc Investment 15/03/2016 0 1.0 26.9 Micro No GS 47% - 53% 1.4 87.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.2% Kingdom Kingdom Technology Market

Main Garo AB (publ) Sweden Sweden Industrials 15/03/2016 8 7.9 31.6 Micro 15% 0% - 100% 17.8 178.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Market

Alternative Shield Therapeutics United United Investment Healthcare 12/02/2016 0 1.9 41.8 Micro No GS 100% - 0% 1.9 203.9 n/a n/a n/a n/a n/a n/a n/a n/a 28.8% plc Kingdom Kingdom Market B.R.A.I.N. Biotechnology Prime Germany Germany Materials 03/02/2016 14 9.0 31.5 Micro 3% 100% - 0% 8.5 139.8 9.0 12.0 10.5 10.5 0.0% 0.0% 0.0% -14.3% -25.0% Research and Standard Information Network

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Micro IPOs: EUR 20m – 50m ■ Primary Shares 12 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2016 Micro IPOs – Overview (3/3)

Lauritz.com Group LETT Law Firm, 1.1% 5.2% 5.2% 5.2% 5.2% 11.5% 5.02% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a ABG Sundal Collier Holding n/a Baker & McKenzie Deloitte A/S Linklaters

Holman Fenwick UHY Hacker Comptoir Group plc 34.4% 20.8% 20.8% 20.8% 20.8% 16.7% 1.27% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1,038,124 Howard Kennedy Willan Young

FirstEnergy Capital, Pareto Française de -4.4% -22.2% -22.2% -22.2% -22.2% 95.6% 0.19% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Securities, SG Corporate & n/a n/a - n/a l'Energie SAS Investment Banking

ABG Sundal Collier, Wilson Therapeutics Ernst & -0.5% -3.8% -4.6% -14.5% -14.5% 98.1% 0.33% n/a n/a n/a n/m n/m n/m n/a n/a 28.2% 17.2% Carnegie Investment Bank, n/a Advokatfirman Vinge Hammarskiöld & Co. AB (publ) Young DNB Sverige

KBC Securities, SG CMS DeBacker, Mazars Scrl, ASIT biotech s.a. -3.6% -8.0% -9.8% -9.1% -9.1% 38.6% 0.42% n/a n/a 285.7x n/m n/m n/m n/a n/a 74.9% 47.1% Corporate & Investment n/a Freshfields Bruckhaus Allen & Overy RSM Banking Deringer InterAudit

Bryan, Garnier & Co., SG Bär & Karrer, Paul GeNeuro SA -5.9% -23.2% -31.9% -32.3% -32.3% n/a n/a 8.8x 12.1x 1.7x n/m n/m n/m -8.6% 100.4% n/a 45.1% Corporate & Investment n/a - PwC Hastings Banking

SITI - B&T Group Grimaldi Studio 0.0% 3.8% 1.9% 1.9% 1.9% n/a n/a 0.7x 0.7x 0.6x 6.5x 6.0x 5.6x 27.3% 4.4% 136.9% 7.9% Banca Popolare Di Vicenza n/a - BDO S.p.A. Legale, Starclex

Blue Prism Group plc 42.7% 42.8% 40.4% 41.4% 41.4% 51.1% 0.28% 9.8x 7.6x 5.8x n/m n/m n/m 31.0% 29.9% 360.4% -40.9% Investec Bank 1,076,008 Olswang Osborne Clarke BDO

Mannheimer Swartling Baker & McKenzie Garo AB (publ) 40.1% 39.7% 75.1% 125.9% 125.9% 83.3% 0.13% 1.7x 1.5x 1.4x 14.4x 11.1x 10.0x 21.8% 12.3% 33.5% 18.3% Carnegie Investment Bank n/a n/a Advokatbyrå Advokatbyrå

Stephenson Harwood, Shield Therapeutics 3.1% 7.8% 20.7% -2.4% -2.4% 57.6% 0.06% 705.6x 66.0x 18.4x n/m n/m n/m n/a 519.1% 130.9% -20.9% Liberum Capital 1,250,048 Waller Lansden - KPMG plc Dortch & Davis B.R.A.I.N. Biotechnology 16.7% 12.2% 1.1% -5.3% -5.3% 39.5% 0.07% 5.3x 4.7x 3.5x n/m 424.2x 32.6x 57.2% 22.0% -68.1% n/a Oddo Seydler Bank 1,260,000 n/a Noerr PwC Research and Information Network

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 13 Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year European Micro IPOs – Performance (last 2 years)

Over the last two 150 years, the FCF Micro IPO Index has 140 significantly outperformed its benchmark index by 130 28 percentage points

120

110 109%

100

80 81%

60 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16

MSCI Europe Micro Cap Index FCF Micro IPO Index

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Micro IPOs: EUR 20m – 50m 14 Micro IPOs and Market Volatility – Performance Overview

VSTOXX – LTM

50 60 45 VSTOXX – Final-to-Filing Volume -26.6% Last 6M 40 Adjustment

35 +1d Performance: -5.9% 55 30 Performance since -32.3% Final-to-Filing Volume +28.8% 25 IPO:

Adjustment: 20

+1d Performance: +3.1% Final-to-Filing Volume 0.0% 15 50 Performance since -2.4% Adjustment 10 IPO: +1d Performance: 0.0% Performance since +1.9% 45 IPO: Final-to-Filing Volume +9.8% Final-to-Filing Volume 0.0% Adjustment Adjustment Final-to-Filing Volume -25.0% Final-to-Filing Volume +0.2% +1d Performance: -0.5% +1d Performance: +34.4% Adjustment: Adjustment Performance since -14.5% Performance since +20.8% 40 +1d Performance: +16.7% +1d Performance: +42.7% IPO: IPO: Performance since -5.3% Performance since +41.4% IPO: IPO: Final-to-Filing Volume -34.8% Adjustment 35 Final-to-Filing Volume -31.5% +1d Performance: -4.4% Adjustment Performance since -22.2% +1d Performance: -3.6% IPO: 30 Performance since -9.1% IPO:

Final-to-Filing Volume 0.0% Adjustment Final-to-Filing Volume +13.8% 15 +1d Performance: +40.1% Adjustment Performance since +125.9% +1d Performance: +1.1% IPO: Performance since +5.2% IPO: 10 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 15 Table of Contents

EXECUTIVE SUMMARY FCF OVERVIEW MARKET OVERVIEW - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS RECENT IPO CASE STUDIES - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS

16 European H1 2016 Small IPOs – Overview (1/3)

Fast Facts European Small IPOs - Performance Performance and Issuance by Exchange 0 0 ▪ 8 IPOs in H1 in 2016 0 ▪ EUR 647m Volume raised (7.4% of 0 24.1% 23.4% European Volume) 0 1# 37.3% 15.9% Helsinki ▪ 0 withdrawn or postponed deals 0 ▪ 100% of 1H16 IPOs priced within range* 0 IPO +1D IPO +1M IPO - YTD

4# 36.5% IPOs by Sector Stockholm

Healthcare

Information 3# 1.4% Industrials 13% Technology

13% 38%

8 0 0 0 Consumer 13% Discretionary Primary / Secondary Split & Price Range 25%

Consumer Staples Secondary Shares Primary Shares

40% IPOs by Time 60% 250 3 4 200 2 3 3 150 2 Within Range 1 1 1 100 2 1

90m 69m 81m 224m 183m 1 0 0 100% number of IPOs in each country (HQ)

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Small IPOs: EUR 50m – 100m, * where data available 17 European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom European H1 2016 Small IPOs – Overview (2/3)

Paradox Interactive Information Sweden Sweden First North 26/05/2016 31 3.6 58.1 Small No GS 0% - 100% 5.5 580.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% AB (publ) Technology

Alternative United United Information Midwich Group plc Investment 05/05/2016 15 2.6 95.5 Small No GS 35% - 65% 2.7 214.1 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Technology Market

Alternative Hotel Chocolat Group United United Consumer Investment 05/05/2016 57 1.9 70.5 Small No GS 22% - 78% 2.0 229.0 n/a n/a n/a n/a n/a n/a n/a n/a 11.0% Plc Kingdom Kingdom Staples Market

Main Lehto Group Oyj Finland Finland Industrials 27/04/2016 16 5.1 69.3 Small 11% 87% - 13% 7.0 407.8 4.5 5.1 4.8 4.8 0.0% 0.0% 0.0% 6.3% 0.0% Market

Main Humana AB Sweden Sweden Healthcare 22/03/2016 13 6.7 84.8 Small 13% 57% - 43% 8.1 429.1 5.9 6.7 6.3 6.3 0.0% 0.0% 0.0% 6.9% 0.3% Market

Consumer LeoVegas AB (publ) Sweden Sweden First North 17/03/2016 13 3.5 98.2 Small 14% 21% - 79% 3.4 354.3 3.0 3.5 3.2 3.2 0.0% 0.0% 0.0% 6.7% 0.0% Discretionary

Information Catena Media plc Malta Sweden First North 11/02/2016 10 3.5 89.5 Small 15% 28% - 72% 6.0 308.8 2.8 3.6 3.2 3.2 0.0% 0.0% 0.0% 8.2% -3.2% Technology

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Small IPOs: EUR 50m – 100m ■ Primary Shares 18 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2016 Small IPOs – Overview (3/3)

Accrol Group -13.9% -5.8% -5.8% -5.8% -5.8% n/a n/a n/m n/m n/a n/m n/m n/a n/a n/a n/a n/a n/a n/a Addleshaw Goddard DWF Biggart Baillie PwC Holdings Plc

Paradox Interactive Setterwalls 34.2% 54.4% 55.4% 54.4% 54.4% 4.0% 14.94% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Avanza Bank n/a - n/a AB (publ) Advokatbyrå

Grant Midwich Group plc 12.5% 28.5% -0.2% 2.0% 2.0% 60.9% 0.60% 0.7x 0.6x 0.6x 12.3x 10.9x 10.2x 8.9% 7.1% 19.5% 9.8% Investec Bank 2,388,153 Mills & Reeve Norton Rose Fulbright Thornton UK

Hotel Chocolat Group 28.3% 38.0% 8.9% 7.9% 7.9% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Stephenson Harwood - BDO Plc

OP Yrityspankki, Pareto Lehto Group Oyj 15.7% 22.9% 37.6% 37.3% 37.3% n/a n/a 1.0x 0.9x 0.8x 10.8x 9.2x 8.2x 35.9% 11.4% 120.5% 17.0% n/a Krogerus Attorneys Roschier Attorneys n/a Securities

ABG Sundal Collier, Gernandt & Mannheimer Swartling Humana AB 12.3% 13.3% 21.6% 20.2% 20.2% 25.5% 0.44% 1.2x 1.1x 1.1x 17.6x 17.4x 15.7x 10.9% 7.5% 9.0% 10.9% Carnegie, DNB Bank, n/a Danielsson KPMG Advokatbyrå Skandinaviska Enskilda Advokatbyrå

Baker & McKenzie Carnegie, Skandinaviska LeoVegas AB (publ) 18.6% 10.8% -1.4% -0.9% -0.9% 65.2% 0.34% 2.6x 1.7x 1.2x 74.8x 62.3x 9.2x 95.6% 43.0% 1.9% 311.7% 4,910,570 Advokatbyrå, Baker & Hammarskiöld & Co. PwC Enskilda Mckenzie Ganado & Associates, Gernandt & Baker & McKenzie Catena Media plc 19.7% 31.1% 58.8% 72.5% 72.5% 43.1% 0.41% 4.8x 3.7x 3.1x 8.9x 7.0x 5.9x 226.3% 25.5% 207.1% 22.5% Carnegie n/a PwC Danielsson Advokatbyrå Advokatbyrå

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 19 Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year European Small IPOs – Performance (last 2 years)

After a significant 110 performance increase at the beginning of 2016, the FCF Small 105 IPO Index has fallen to a similar level as its benchmark index 100

86% 80 82%

70 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16

MSCI Europe Small Cap Index FCF Small IPO Index

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Small IPOs: EUR 50m – 100m 20 Small IPOs and Market Volatility – Performance Overview

VSTOXX – LTM

50 60 45 VSTOXX – Last 6M 40

35 Final-to-Filing Volume +11.0% 55 Final-to-Filing Volume +0.3% Adjustment 30

Adjustment: 25 +1d Performance: +28.3% +1d Performance: +12.3% 20 Performance since +7.9%

15 50 Final-to-Filing Volume -3.2% Performance since +20.2% IPO: Adjustment: IPO: 10 +1d Performance: +19.7% Performance since +72.5% 45 IPO: Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Adjustment: Adjustment: +1d Performance: +12.5% +1d Performance: +18.6% 40 Performance since +2.0% Performance since -0.9% IPO: IPO:

35 Final-to-Filing Volume 0.0% Adjustment: Final-to-Filing Volume 0.0% Adjustment: +1d Performance: +15.7% +1d Performance: +34.2% 30 Performance since +37.3% IPO: Performance since +54.4% IPO:

Final-to-Filing Volume 0.0% Adjustment 15 +1d Performance: -13.9% Performance since -5.8% IPO: 10 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 21 Table of Contents

EXECUTIVE SUMMARY FCF OVERVIEW MARKET OVERVIEW - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS RECENT IPO CASE STUDIES - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS

22 European H1 2016 Medium IPOs – Overview (1/3)

Fast Facts European Medium IPOs - Performance Performance and Issuance by Exchange 0 ▪ 9 IPOs in H1 in 2016 0 0 1# ▪ EUR 1,183m Volume raised (13.6% of 21.5% 0 European Volume) 10.9% 0 8.1% 2# 20.5% ▪ 1 withdrawn or postponed deals 0 Stockholm 1.9% ▪ 100% of 1H16 IPOs priced within range* 0 IPO +1D IPO +1M IPO - YTD Amsterdam 1# 7.1%

-1.0% 1# IPOs by Sector

1# Helsinki -2.2%

Materials -15.0% 1# Information Technology 11% Consumer -17.1% 11% Discretionary 2# 9 56% 0 0 0 22% Primary / Secondary Split & Price Range Industrials

Secondary Shares Primary Shares

24% IPOs by Time 76% 4 700 5 600 3 4 4 500 3 400 2 3 Within Range 300 2 2

200 1

0m 0m 0m

339m 211m 100 632m 1 0 0 100% number of IPOs in each country (HQ)

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Medium IPOs: EUR 100m – 250m, * where data available 23 European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom European H1 2016 Medium IPOs – Overview (2/3)

Main Consumer AcadeMedia AB Sweden Sweden 15/06/2016 19 4.3 101.5 Medium No GS 37% - 63% 6.3 589.8 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Market Discretionary

Nordic Waterproofing Main Sweden Sweden Industrials 10/06/2016 11 7.6 109.9 Medium No GS 0% - 100% 7.2 172.7 7.1 8.1 7.6 7.6 0.0% 0.0% 0.0% 0.0% -6.6% Holding A/S Market

Alternative United United Consumer Joules Limited Investment 23/05/2016 20 2.1 100.1 Medium No GS 15% - 85% 2.0 179.1 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Discretionary Market

United United Main Consumer Motorpoint Group plc 13/05/2016 0 2.5 127.2 Medium No GS 0% - 100% 2.3 233.4 n/a n/a n/a n/a n/a n/a n/a n/a 0.2% Kingdom Kingdom Market Discretionary

Netherland Compartem Sif Holding N.V. Netherlands Industrials 11/05/2016 2 14.0 112.0 Medium 6% 0% - 100% 15.0 382.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% s ent B

Consumer Technogym S.p.A. Italy Italy MTA 28/04/2016 10 3.3 162.5 Medium 15% 0% - 100% 4.0 790.0 3.0 3.8 3.4 3.4 0.0% 0.0% 0.0% -3.7% -13.3% Discretionary

Main Consumer Tokmanni Group Oyj Finland Finland 28/04/2016 13 6.7 157.6 Medium 5% 60% - 40% 6.6 385.6 6.3 7.6 6.9 6.9 0.0% 0.0% 0.0% -3.2% -9.4% Market Discretionary

Global Dominion Continous Information Spain Spain 26/04/2016 12 2.7 150.0 Medium 9% 100% - 0% 2.3 394.9 2.6 3.2 2.9 2.9 0.0% 0.0% 0.0% -5.5% 0.0% Access, S.A. Market Technology

United United Main Forterra plc Materials 25/04/2016 27 2.3 162.1 Medium No GS 0% - 100% 1.7 343.1 n/a n/a n/a n/a n/a n/a n/a n/a -0.3% Kingdom Kingdom Market

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Medium IPOs: EUR 100m– 250m ■ Primary Shares 24 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2016 Medium IPOs – Overview (3/3)

ABG Sundal Collier, Plesner Svane Gernandt & Nordic Waterproofing -0.4% -5.7% -5.7% -5.7% -5.7% 57.5% 3.94% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Carnegie Investment Bank n/a Gronborg, Roschier Danielsson PwC Holding A/S AB Attorneys Advokatbyrå

Joules Limited 23.2% 4.7% 0.1% -1.0% -1.0% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Liberum Capita, Peel Hunt n/a Eversheds Ashurst Deloitte

Numis Securities, Shore Motorpoint Group plc 13.4% 11.1% -8.4% -8.2% -8.2% 60.4% 0.77% 0.3x 0.3x n/a 11.3x 9.8x n/a n/a 15.2% n/a 21.5% 2,543,883 Pinsent Masons DLA Piper PwC Capital Stockbrokers

ABN AMRO, Coöperatieve NautaDutilh, Stibbe, Shearman & Sif Holding N.V. 0.0% 13.5% 4.5% 7.1% 7.1% 31.0% 0.63% 1.1x 1.0x 0.9x 7.1x 5.5x 4.9x 15.7% 5.1% 8.9% 11.4% 2,520,000 EY Rabobank, HSBC, ING Proskauer Rose Sterling

GS, J.P. Morgan Securities, Cleary Gottlieb Steen Technogym S.p.A. 11.4% 29.2% 21.7% 21.5% 21.5% 28.8% 1.21% 1.4x 1.3x 1.3x 9.0x 7.9x 7.1x 7.7% 6.0% 34.5% 11.8% Mediobanca Banca di n/a White & Case PwC & Hamilton Credito Finanziario

Cleary Gottlieb Steen BoAML, Carnegie, GS, Tokmanni Group Oyj 0.0% 0.7% 0.7% -2.2% -2.2% 37.2% 3.58% 0.7x 0.7x 0.7x 9.5x 8.3x 7.5x 2.8% 3.8% 3.3% 13.0% n/a White & Case & Hamilton, Roschier KPMG Nordea Bank Attorneys

DLA Piper Rudnick Global Dominion Banco Santander, JB Clifford Chance, -5.8% -1.4% -10.2% -15.0% -15.0% 41.7% 0.75% 0.7x 0.7x 0.6x 9.7x 8.3x 7.4x 48.4% 10.4% 126.9% 15.0% 3,750,000 Gray Cary Spain, DLA PwC Access, S.A. Capital, SocGen Clifford Chance Piper

Gibson, Dunn & Forterra plc -4.1% -1.0% -28.7% -26.1% -26.1% 93.4% 0.34% 2.3x 2.2x 2.1x 9.7x 8.8x 8.3x 8.2% 5.4% 15.9% 9.5% Citigroup, CS, DB 3,241,010 - EY Crutcher, Linklaters

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 25 Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year European Medium IPOs – Performance (last 2 years)

Over the last two 200 years, the FCF Medium IPO Index has significantly 180 outperformed its 176% benchmark index by 92 percentage points 160

140

120

100

84% 80

60 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16

MSCI Europe Mid Cap Index FCF Medium IPO Index

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Medium IPOs: EUR 100m– 250m 26 Medium IPOs and Market Volatility – Performance Overview

VSTOXX – LTM

50 60 Final-to-Filing Volume +0.2% 45 VSTOXX – Last 6M Adjustment: 40

+1d Performance: +13.4% 35

55 Performance since -8.2% 30

IPO: 25

Final-to-Filing Volume 0.0% 20

Adjustment: 15 50 Final-to-Filing Volume -13.3% 10 +1d Performance: 0.0% Adjustment: Performance since +7.1% +1d Performance: +11.4% IPO: Performance since +21.5% 45 IPO: Final-to-Filing Volume 0.0% Adjustment: Final-to-Filing Volume -9.4% +1d Performance: +35.7% 40 Adjustment: Performance since +46.7% +1d Performance: 0.0% IPO: Performance since -2.2% IPO: 35 Final-to-Filing Volume -6.6% Final-to-Filing Volume -0.3% Adjustment: Adjustment: +1d Performance: -0.4% 30 +1d Performance: -4.1% Performance since -5.7% Performance since -26.1% IPO: IPO:

Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Adjustment: 15 Adjustment: +1d Performance: -5.8% +1d Performance: +23.2% Performance since -15.0% Performance since -1.0% IPO: IPO: 10 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 27 Table of Contents

EXECUTIVE SUMMARY FCF OVERVIEW MARKET OVERVIEW - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS RECENT IPO CASE STUDIES - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS

28 European H1 2016 Large IPOs – Overview (1/3)

Fast Facts European Large IPOs - Performance Performance and Issuance by Exchange 0 0 ▪ 10 IPOs in H1 in 2016 0 1# 37.9% ▪ EUR 6,520m Volume raised (75.6% of 0 European Volume) 0 5.9% 0 3.7% 2# 20.9% ▪ 1 withdrawn or postponed deals 0 2.6% Copenhagen ▪ 89% of 1H16 IPOs priced within range* 0 IPO +1D IPO +1M IPO - YTD 1# 16.8%

1# 10.4% IPOs by Sector Paris

-1.6% 2# Amsterdam Utilities Consumer -21.8% 2# Staples 10% Consumer Discretionary 10% -23.2% 1#

10 50% 0 0 0 0 0 1 30% Primary / Secondary Split & Price Range Industrials

Secondary Shares Primary Shares

32% IPOs by Time 68% 3 3000 2 4 2500 3 2 2 2000 3 Below Range 2 Within Range 1500 1 2 11%

1000 1

256m 1646m 1080m 2702m 500 835m 1 0 0 number of IPOs 89% in each country (HQ)

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Large IPOs: > EUR 250m, * where data available 29 European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom European H1 2016 Large IPOs – Overview (2/3)

Basic Fit Nederland Netherland Compartem Consumer Netherlands 10/06/2016 11 15.0 400.0 Large No GS 93% - 7% 14.0 1,181.1 15.0 20.0 17.5 17.5 0.0% 0.0% 0.0% -14.3% -25.0% B.V. s ent A Discretionary

Main DONG Energy AS Denmark Denmark Utilities 09/06/2016 14 31.6 2,302.1 Large 15% 0% - 100% 32.3 16,189.3 26.9 34.3 30.6 30.6 0.0% 0.0% 0.0% 3.3% -7.8% Market

Netherland Compartem Philips Lighting N.V. Netherlands Industrials 26/05/2016 10 20.0 750.0 Large 15% 0% - 100% 20.8 3,112.5 19.0 20.0 19.5 20.5 -4.9% 2.7% -11.1% 2.6% -11.1% s ent A

Maisons du Monde Compartem Consumer France France 26/05/2016 13 17.0 330.0 Large 15% 48% - 52% 18.8 848.7 16.5 22.3 19.4 19.4 0.0% 0.0% 0.0% -12.3% -14.3% SA ent B Discretionary

Parques Reunidos Continous Consumer Servicios Centrales, Spain Spain 28/04/2016 9 15.5 600.2 Large No GS 87% - 13% 13.1 1,053.7 15.5 20.5 18.0 18.0 0.0% 0.0% 0.0% -13.9% -12.5% Market Discretionary S.A.U.

Telepizza Group, Continous Consumer Spain Spain 26/04/2016 12 7.8 550.0 Large 10% 22% - 78% 5.6 563.9 7.8 8.8 8.3 8.3 0.0% 10.7% -7.9% -6.1% 0.0% S.A.U. Market Discretionary

Swiss VAT Group AG Switzerland Switzerland Industrials 14/04/2016 14 41.3 495.8 Large 15% 0% - 100% 57.0 1,709.0 39.5 41.3 40.4 39.0 3.5% 10.3% -2.2% 2.3% -2.2% Shares

Prime Senvion S.A. Germany Germany Industrials 21/03/2016 0 15.8 255.9 Large 15% 0% - 100% 12.1 865.3 15.5 17.0 16.3 16.3 0.0% 0.0% 0.0% -3.1% -7.4% Standard

Scandinavian Main Consumer Denmark Denmark 10/02/2016 13 10.5 476.9 Large 1% 0% - 100% 14.7 1,468.7 9.8 11.6 10.7 10.7 0.0% 0.0% 0.0% -1.5% -9.1% Tobacco Group A/S Market Staples

United United Main Consumer Ascential plc 09/02/2016 26 2.6 358.6 Large 7% 71% - 29% 3.0 1,198.7 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Market Discretionary

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Large IPOs: > 250 EURm ■ Primary Shares 30 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2016 Large IPOs – Overview (3/3)

Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR 1 Month IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer ABN AMRO, Barclays, Shearman & Sterling, Basic Fit Nederland Coöperatieve Rabobank, DB, Stibbe, Sullivan & -9.0% -7.0% -7.0% -7.0% -7.0% 70.9% 1.13% 3.7x 3.1x 2.6x 11.4x 8.8x 7.1x 24.1% 19.1% 40.3% 26.2% 7,000,000 Rutgers Posch Visée EY B.V. ING Bank, KBC Securities, Cromwell Endedijk MS, NIBC Bank Abg Sundal Collier, Citi, Davis Polk & Coöperatieve Rabobank, Gorrissen Federspiel, DONG Energy AS 7.2% 2.2% 2.2% 2.2% 2.2% 42.8% 1.38% n/a n/a n/a n/a n/a n/a 0.5% -2.4% 11.7% -5.4% n/a Wardwell, Kromann PwC Danske, JPM, MS, Nordea, Latham & Watkins Reumert RBC, UBS ABN AMRO, Citi, De Brauw Blackstone Stibbe, Davis Polk & Philips Lighting N.V. 10.0% 4.3% 5.3% 3.8% 3.8% 28.8% 1.91% 0.5x 0.5x 0.5x 5.2x 5.1x 4.9x 3.2% 0.9% 5.6% 0.7% Coöperatieve Rabobank, GS, 9,375,000 Westbroek, Sullivan & EY, KMPG Wardwell ING, JPM, MS, SG CIB Cromwell

Maisons du Monde Citi, Crédit Agricole,GS, Deloitte, 5.9% 7.1% 10.1% 10.4% 10.4% 52.2% 0.80% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - SA JPM, Jefferie, SG CIB KPMG

Parques Reunidos Banca IMI, Banco Uría Menéndez Freshfields Bruckhaus Servicios Centrales, -4.8% -4.7% -13.5% -15.8% -15.8% 46.7% 0.96% 2.9x 2.8x 2.6x 8.8x 8.1x 7.5x 7.0% 5.7% 9.9% 8.6% Santander, Barclays, BNP, 12,003,500 Abogados, White & KPMG Deringer S.A.U. CaixaBank, DB, MS Case

Banco Bilbao, Banco Uría Menéndez Telepizza Group, -19.4% -15.7% -27.7% -27.7% -27.7% n/a n/a 2.5x 2.3x 2.2x 13.0x 11.5x 10.8x 2.4% 7.2% 32.4% 9.8% Santander, Barclays, ML, 10,312,500 Linklaters Abogados, Davis Polk KPMG S.A.U. Nomura, UBS & Wardwell

Freshfields Bruckhaus Vontobel, CS, JPM, Latham & Watkins, VAT Group AG 4.5% 17.5% 36.0% 37.9% 37.9% 46.0% 3.16% n/m n/m n/m n/m n/m n/m n/a 7.6% n/a 9.4% n/a Deringer, Bär & KPMG Berenberg, UBS Niederer; Kraft & Frey Karrer

Barclay, Citi, DB, JPM, White & Case Senvion S.A. 0.9% -0.9% -23.8% -23.2% -23.2% 31.9% 0.19% n/a n/a n/m n/a n/a n/m 11.6% 3.4% 45.2% 5.3% n/a Allen & Overy EY Berenberg, ML, MS Feddersen

Plesner Svane Scandinavian Kromann Reumert, 27.2% 35.1% 32.2% 39.7% 39.7% 35.5% 0.26% 1.9x 1.9x 1.9x 9.1x 8.8x 8.6x 5.2% 1.4% 13.3% 2.7% Carnegie, DB, JPM, Nordea n/a Gronborg, Latham & PwC Tobacco Group A/S White & Case Watkins

Simpson Thacher & Ascential plc 3.8% 20.8% 17.8% 16.8% 16.8% 22.0% 0.44% 3.4x 3.3x 3.0x 11.8x 11.0x 10.1x 5.4% 6.3% 38.4% 7.7% BNP, DB, GS, ML, Numis 5,378,302 Clifford Chance KPMG Bartlett

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 31 Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year European Large IPOs – Performance (last 2 years)

Over the last two 150 years, the FCF Large IPO Index has 140 significantly outperformed its benchmark index by 130 37 percentage points

120

112% 110

100

75%

60 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16

MSCI Europe Large Cap Index FCF Large IPO Index

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Large IPOs: > EUR 250m 32 Large IPOs and Market Volatility – Performance Overview

VSTOXX – LTM

50 60 45 VSTOXX – Last 6M 40

55 30

Final-to-Filing Volume -9.1% 20

Adjustment: 15 50 +1d Performance: +27.2% 10 Performance since +39.7% Final-to-Filing Volume -12.5% IPO: Adjustment: +1d Performance: -4.8% 45 Final-to-Filing Volume -25.0% Performance since -15.8% Adjustment: IPO: Final-to-Filing Volume 0.0% +1d Performance: -9.0% Adjustment: Final-to-Filing Volume -7.4% 40 Adjustment: Performance since -7.0% +1d Performance: +3.8% IPO: Performance since +16.8% +1d Performance: +0.9% IPO: Performance since -23.2% IPO: 35 Final-to-Filing Volume 0.0% Final-to-Filing Volume -11.1% Adjustment: Adjustment: +1d Performance: -19.4% +1d Performance: +10.0% 30 Performance since -27.7% Performance since +3.8% IPO: IPO:

20 Final-to-Filing Volume -7.8% Final-to-Filing Volume -2.2% Final-to-Filing Volume -14.3% Adjustment: Adjustment: 15 Adjustment: +1d Performance: +7.2% +1d Performance: +4.5% +1d Performance: +5.9% Performance since +2.2% Performance since +37.9% Performance since +10.4% IPO: IPO: IPO: 10 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16

Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 33 Table of Contents

EXECUTIVE SUMMARY FCF OVERVIEW MARKET OVERVIEW - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS RECENT IPO CASE STUDIES - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS

34 Lauritz.com Group A/S

Company Description IPO Facts . Sector: Internet Retail Ticker OM:LAUR Financial Advisors Lauritz.com Group A/S provides online auction services in Denmark. The company engages in the Exchange Stockholm Stock Exchange ABG Sundal Collier Holding ASA Initial Filing Date 09-Jun-16 auction of art, design classics, antiques, and home luxury through its Lauritz.com Website. Its Announced Date 09-Jun-16 product categories comprise antique and modern art, furniture, lighting, carpets, ceramics, silver, # Days Announced to Offer 13 jewelry, clocks, wine, weapons etc. The company primarily serves trendsetters, pensioners, Offer Date 22-Jun-16 students, and top executives. As of May 27, 2016, it had 26 auction houses, including 8 owned houses and 18 partner houses located in Denmark, Sweden, Norway, Germany, and Belgium. The company was founded in 1885 and is headquartered in Søborg, Denmark. Lauritz.com Group A/S IPO Price (EUR) 1.61 operates as a subsidiary of Lauritz.com Holding A/S. Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 14.8m Greenshoe 0.0% Baker & McKenzie Advokatbyrå KB Filing Volume (EUR) 20.9m Final Volume (EUR) 21 23.7m Filing-to-Final Change 13.8% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Lauritz.com Holding A/S 84% Deloitte Statsautoriseret Revisionsaktieselskab Rode Sundstrøm, Mette Margrethe 4% Primary 32% 0 0.0% Secondary 68% 0 0.0% 0 0.0% Key Financials Free Float 11% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 30.5 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Lauritz.com Group A/S 8.0% n/a n/a 5.2% EBITDA 5.1 n/a n/a n/a n/a 0 Outperform OMX Stockholm 0.6% n/a n/a (1.2%) Margin 16.8% n/a n/a n/a 0 Hold 110 EBIT 4.1 n/a n/a n/a n/a 0 Underperform Margin 13.4% n/a n/a n/a 0 Sell 105 Net Income 0.2 n/a n/a n/a n/a Margin 0.6% n/a n/a n/a 100

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 95 Enterprise Value 109.0 EV/Sales n/a n/a n/a Prices Net Debt 41.1 EV/EBITDA n/a n/a n/a 90 Minority Interest 0.0 EV/EBIT n/a n/a n/a Jun-16 Preferred Equity 0.0 P/E n/a n/a n/a Lauritz.com Group A/S OMX Stockholm All Share Index Market Cap 68.7 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 35 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Comptoir Group plc

Company Description IPO Facts . Sector: Restaurants Ticker AIM:COM Financial Advisors Comptoir Group plc owns and operates restaurants in the United Kingdom. It offers various food Exchange AIM - London Stock Exchange 0 Initial Filing Date 15-Jun-16 menus and drinks. The company was formerly known as Levant Restaurants Group Limited and Announced Date 15-Jun-16 changed its name to Comptoir Group plc in June, 2016. Comptoir Group plc was founded in 2000 and # Days Announced to Offer 5 is based in London, United Kingdom. Offer Date 20-Jun-16

IPO Price (EUR) 0.65 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 32.0m Greenshoe 0.0% Holman Fenwick Willan LLP Filing Volume (EUR) 20.8m Final Volume (EUR) 21 20.8m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Kitous, Ahmed 63% UHY Hacker Young LLP Hanna, Chaker 21% Primary 50% Schroder Investment Management Limited 5% Secondary 50% 0 0.0% 0 0.0% Key Financials Free Float 11% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 24.1 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Comptoir Group plc 34.4% n/a n/a 20.8% EBITDA 2.8 n/a n/a n/a n/a 0 Outperform FTSE AIM (0.1%) n/a n/a (1.2%) Margin 11.7% n/a n/a n/a 0 Hold 150 EBIT 1.9 n/a n/a n/a n/a 0 Underperform Margin 7.8% n/a n/a n/a 0 Sell 140 Net Income 1.4 n/a n/a n/a n/a 130 Margin 5.8% n/a n/a n/a 120

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 110 Enterprise Value 77.3 EV/Sales n/a n/a n/a

Prices 100 Net Debt 2.4 EV/EBITDA n/a n/a n/a 90 Minority Interest 0.0 EV/EBIT n/a n/a n/a Jun-16 Preferred Equity 0.0 P/E n/a n/a n/a Comptoir Group plc FTSE AIM UK 100 Index Market Cap 75.3 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 36 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Francaise de l’Energie SAS

Company Description IPO Facts . Sector: Oil and Gas Exploration and Production Ticker ENXTPA:LFDE Financial Advisors Française de l'Energie SAS engages in the exploration and production of oil and gas resources in Exchange EURONEXT Paris FirstEnergy Capital LLP Initial Filing Date 23-May-16 France. It primarily focuses on coal bed methane and coal mine methane. The company operates in Pareto Securities AS Announced Date 23-May-16 two mining areas, such as Lorraine located at the border of France and Germany, and Nord-Pas de SG Corporate & Investment Banking # Days Announced to Offer 18 Calais basin located at the border of France and Belgium. It holds 253 billion cubic feet of proved and Offer Date 10-Jun-16 probable reserves across the Nord-Pas de Calais and Lorraine basins, as well as holds 6 trillion cubic feet of contingent resources. Française de l'Energie SAS was founded in 2007 and is headquartered in Forbach, France. IPO Price (EUR) 27.00 Filing Price Range (EUR) 27.00 - 35.50 Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 1.4m Greenshoe 0.0% n/a Filing Volume (EUR) 57.5m Final Volume (EUR) 21 37.5m Filing-to-Final Change (34.8%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Moulin, Julien 4% n/a 0 0.0% Primary 100% 0 0.0% Secondary 0% 0 0.0% 0 0.0% Key Financials Free Float 96% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue n/a n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Française de l'Energie SAS (4.4%) n/a n/a (22.2%) EBITDA (3.4) n/a n/a n/a n/a 0 Outperform Euronext 150 (2.2%) n/a n/a (4.3%) Margin n/m n/a n/a n/a 0 Hold 105 EBIT (3.4) n/a n/a n/a n/a 0 Underperform 100 Margin n/m n/a n/a n/a 0 Sell (4.2) n/a n/a n/a n/a 95 Net Income Margin n/m n/a n/a n/a 90 85

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 80 Enterprise Value 123.2 EV/Sales n/a n/a n/a Prices 75 Net Debt 16.9 EV/EBITDA n/a n/a n/a 70 Minority Interest 0.0 EV/EBIT n/a n/a n/a Jun-16 Preferred Equity 0.0 P/E n/a n/a n/a Française de l'Energie SAS Euronext 150 Index Market Cap 106.4 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 37 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Wilson Therapeutics AB

Company Description IPO Facts . Sector: Biotechnology Ticker OM:WTX Financial Advisors Wilson Therapeutics AB (publ), a biopharmaceutical company, focuses on developing therapies Exchange Stockholm Stock Exchange ABG Sundal Collier AB Initial Filing Date 29-Apr-16 addressing unmet medical needs in rare diseases. The company develops its lead product Carnegie Investment Bank AB Announced Date 29-Apr-16 Decuprate, which is undergoing a clinical phase II trial for patients with Wilson Disease. The DNB Sverige # Days Announced to Offer 13 company is headquartered in Stockholm, Sweden. Offer Date 12-May-16

IPO Price (EUR) 5.26 Filing Price Range (EUR) 5.04 - 6.33 Final Price Range (EUR) 5.04 - 6.33

Legal Counsel Shares Offered (incl. Greenshoe) 8.9m Greenshoe 4.4% Hammarskiöld & Co. AB Filing Volume (EUR) 40.8m Final Volume (EUR) 2 44.8m Filing-to-Final Change 9.8% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 HealthCap 28% Ernst & Young AB Abingworth LLP 15% Primary 100% MVM Life Science Partners LLP 15% Secondary 0% NeoMed 7% Hansson, Jonas 0.2% Key Financials Free Float 35% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue n/a n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 2 Buy Wilson Therapeutics AB (publ) 0.0% n/a n/a (14.5%) EBITDA (8.6) (9.5) (11.9) (13.1) 17.2% 0 Outperform OMX Stockholm (0.8%) n/a n/a (0.3%) Margin n/m n/m n/m n/m 0 Hold 110 EBIT (8.6) (9.6) (12.0) (14.1) 21.3% 0 Underperform Margin n/m n/m n/m n/m 0 Sell 105 Net Income (8.6) (8.9) (11.3) (13.5) 23.3% 100 Margin n/m n/m n/m n/m

95 Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018

90 Enterprise Value 110.0 EV/Sales n/a n/a n/a Prices Net Debt (5.7) EV/EBITDA nm nm nm 85 Minority Interest 0.0 EV/EBIT nm nm nm May-16 Preferred Equity 0.0 P/E -13.0x -10.2x -8.6x Wilson Therapeutics AB (publ) OMX Stockholm All Share Index Market Cap 115.6 P/B n/a 3.4x 5.3x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 38 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe ASIT biotech s.a.

Company Description IPO Facts . Sector: Biotechnology Ticker ENXTBR:ASIT Financial Advisors ASIT biotech s.a., a clinical stage biopharmaceutical company, develops and markets Exchange EURONEXT Brussels KBC Securities NV Initial Filing Date 26-Apr-16 immunotherapy drugs for the treatment of respiratory and food allergies. Its products include gp- SG Corporate & Investment Banking Announced Date 26-Apr-16 ASIT+ for the treatment of grass pollen rhinitis; hdm-ASIT+ for the treatment of house dust mite # Days Announced to Offer 14 asthma; and product candidates for other indications, such as airborne and food allergens. ASIT Offer Date 10-May-16 biotech s.a. was formerly known as BioTech Tools SA and changed its name to ASIT biotech s.a. in August 2015. The company was founded in 1997 and is based in Woluwe-Saint-Lambert, Belgium. IPO Price (EUR) 7.00 Filing Price Range (EUR) 7.00 - 8.50 Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 3.4m Greenshoe 0.0% Allen & Overy LLP (Brussels) Filing Volume (EUR) 34.2m Final Volume (EUR) 22 23.5m Filing-to-Final Change (31.5%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Federal Holding and Investment Company 11% Mazars Scrl de Spoelberch, Rodolphe 10% Primary 65% RSM InterAudit S.R.I.B. s.a. 7% Secondary 35% Société Régionale d'Investissement de Wallonie S.A. 6% Epimède SA 6% Key Financials Free Float 61% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 0.0 n/a n/a 0.3 n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 1 Buy ASIT biotech s.a. (3.6%) n/a n/a (9.1%) EBITDA (7.6) (13.1) (20.9) (28.5) 47.1% 1 Outperform Euronext 150 (0.3%) n/a n/a (3.8%) Margin n/m n/m n/m n/m 0 Hold 105 EBIT (7.6) (13.1) (20.9) (28.5) 47.4% 0 Underperform Margin n/m n/m n/m n/m 0 Sell 100 Net Income (7.7) (11.4) (22.2) (41.0) 89.6% 95 Margin n/m n/m n/m n/m 90

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 85 Enterprise Value 80.8 EV/Sales n/a n/a 269.2x

Prices 80 Net Debt (0.4) EV/EBITDA nm nm nm 75 Minority Interest 0.0 EV/EBIT nm nm nm May-16 Preferred Equity 0.0 P/E -7.1x -3.7x -2.0x ASIT biotech s.a. Euronext 150 Index Market Cap 81.2 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 39 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe GeNeuro SA

Company Description IPO Facts . Sector: Biotechnology Ticker ENXTPA:GNRO Financial Advisors GeNeuro SA, a clinical stage pharmaceutical company, develops drugs for the treatment of Exchange EURONEXT Paris Bryan, Garnier & Co. GmbH Initial Filing Date 30-Mar-16 autoimmune diseases. It develops GNbAC1, a monoclonal antibody that is in phase IIb of clinical SG Corporate & Investment Banking Announced Date 30-Mar-16 development, as a treatment for multiple sclerosis. The company also focuses on developing its # Days Announced to Offer 15 platform for other neurological diseases and autoimmune diseases, such as type 1 diabetes and Offer Date 14-Apr-16 chronic inflammatory demyelinating polyneuropathy. GeNeuro SA has a collaboration agreement with Servier to develop a medicine targeting a potential causal factor of multiple sclerosisis. The company was founded in 2006 and is based in Plan-les-Ouates, Switzerland. IPO Price (EUR) 13.00 Filing Price Range (EUR) 12.65 - 15.95 Final Price Range (EUR) 15.50 - 17.00

Legal Counsel Shares Offered (incl. Greenshoe) 2.5m Greenshoe 0.0% n/a Filing Volume (EUR) 44.9m Final Volume (EUR) 2 33.0m Filing-to-Final Change (26.6%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Eclosion SA 105% PricewaterhouseCoopers SA Institut Mérieux SA 82% Primary 100% LES LABORATOIRES SERVIER SAS 21% Secondary 0% J.P. Morgan Asset Management, Inc. 4% Perron, Hervé 1% Key Financials Free Float nm (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 2.5 6.1 5.0 24.5 100.4% IPO +1D IPO +3M IPO +6M since IPO Growth (18.0%) 390.0% 2 Buy GeNeuro SA (5.9%) n/a n/a (32.3%) EBITDA (4.3) (5.3) (3.7) (11.1) 45.1% 0 Outperform Euronext 150 (0.4%) n/a n/a (5.2%) Margin n/m n/m n/m n/m 0 Hold 105 EBIT (4.3) (7.7) (8.3) (2.4) (44.0%) 0 Underperform 100 Margin n/m n/m n/m n/m 0 Sell 95 Net Income (4.5) (7.8) (8.4) (2.6) (42.3%) 90 Margin n/m n/m n/m n/m 85 80

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 75 70 Enterprise Value 33.8 EV/Sales 5.5x 6.8x 1.4x Prices 65 Net Debt (19.4) EV/EBITDA nm nm nm 60 Minority Interest 0.0 EV/EBIT nm nm nm Apr-16 Preferred Equity 0.0 P/E -6.8x -6.3x -20.5x GeNeuro SA Euronext 150 Index Market Cap 53.2 P/B n/a 5.1x 9.0x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 40 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe SITI – B&T Group S.p.A.

Company Description IPO Facts . Sector: Industrial Machinery Ticker BIT:SITI Financial Advisors SITI - B&T Group S.p.A. engages in the production and distribution of plants for the tile or ceramic Exchange Borsa Italia Banca Popolare Di Vicenza S.C.p.A. Initial Filing Date 16-Mar-16 manufacturing industry worldwide. It also offers digital decorating machines and digital graphic design Announced Date 16-Mar-16 projects; and plants for sanitaryware. In addition, the company provides technical assistance for the # Days Announced to Offer 14 installation, maintenance, and modernization phases of production lines. The company was founded Offer Date 30-Mar-16 in 1961 and is based in Formigine, Italy. SITI - B&T Group S.p.A. operates as a subsidiary of Barbieri & Tarozzi Holding. IPO Price (EUR) 8.00 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 3.3m Greenshoe 13.0% n/a Filing Volume (EUR) 23.0m Final Volume (EUR) 21 23.0m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Barbieri & Tarozzi Holding S.p.A. 0.0% BDO Italia Patrimony 1873 S.A. 0.0% Primary 87% 0 0.0% Secondary 13% 0 0.0% 0 0.0% Key Financials Free Float 100% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 172.0 193.0 199.7 210.4 4.4% IPO +1D IPO +3M IPO +6M since IPO Growth 3.5% 5.4% 0 Buy SITI - B&T Group S.p.A. 0.0% 1.9% n/a 1.9% EBITDA 12.2 20.7 22.5 24.1 7.9% 0 Outperform FTSE MIB (1.4%) (13.2%) n/a (11.9%) Margin 7.1% 10.7% 11.3% 11.5% 0 Hold 110 EBIT 8.9 16.2 17.8 19.2 8.9% 0 Underperform Margin 5.2% 8.4% 8.9% 9.1% 0 Sell 105 Net Income 5.7 8.9 10.0 10.9 10.7% 100 Margin 3.3% 4.6% 5.0% 5.2% 95

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 90 Enterprise Value 71.1 EV/Sales 0.4x 0.4x 0.3x

Prices 85 Net Debt 40.8 EV/EBITDA 3.4x 3.2x 2.9x 80 Minority Interest 5.8 EV/EBIT 4.4x 4.0x 3.7x Mar-16 Preferred Equity 0.0 P/E 2.7x 2.4x 2.2x SITI - B&T Group S.p.A. FTSE MIB INDEX Market Cap 24.5 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 41 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Blue Prism Group plc

Company Description IPO Facts . Sector: Systems Software Ticker AIM:PRSM Financial Advisors Blue Prism Group plc engages in the licensing of robotic process automation software. Its robotic Exchange AIM - London Stock Exchange Investec Bank Plc Initial Filing Date 15-Mar-16 process automation software platform provides organizations with a business owned and IT supported Announced Date 15-Mar-16 virtual workforce, which automates processes in any department where clerical or administrative work # Days Announced to Offer 0 is performed across organizations. The company also provides professional and customer support Offer Date 15-Mar-16 services. It serves customers in banking, insurance, healthcare, logistics, retail, travel, and transport sectors in the United States, the United Kingdom, Europe, Scandinavia, and Asia. Blue Prism Group plc was funded in 2001 and is headquartered in Newton-le-Willows, United Kingdom. IPO Price (EUR) 0.99 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 27.0m Greenshoe 0.0% Osborne Clarke Filing Volume (EUR) 26.9m Final Volume (EUR) 2 26.9m Filing-to-Final Change 0.2% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Enterprise Ventures Limited 15% BDO LLP Bathgate, Alastair Douglas 10% Primary 47% Kingdon, Conrad Jason 10% Secondary 53% Schroder Investment Management Limited 8% Moss, David 6% Key Financials Free Float 50% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 8.6 9.2 12.0 15.6 29.9% IPO +1D IPO +3M IPO +6M since IPO Growth 29.9% 30.0% 1 Buy Blue Prism Group plc 42.7% 40.4% n/a 41.4% EBITDA (2.9) (5.1) (4.2) (1.8) (40.9%) 0 Outperform FTSE AIM 0.2% 0.6% n/a 2.3% Margin n/m n/m n/m n/m 0 Hold 170 EBIT (2.9) (5.1) (4.3) (1.9) (39.0%) 0 Underperform 160 Margin n/m n/m n/m n/m 0 Sell 150 Net Income (4.5) (5.1) (4.2) (1.9) (39.0%) 140 Margin n/m n/m n/m n/m 130

Rebased (in %) 120 (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 110 Enterprise Value 74.1 EV/Sales 8.0x 6.2x 4.8x Prices 100 Net Debt (14.3) EV/EBITDA nm nm nm 90 Minority Interest 0.0 EV/EBIT nm nm nm Mar-16 Jun-16 Preferred Equity 0.0 P/E -17.0x -20.9x -45.7x Blue Prism Group plc FTSE AIM UK 100 Index Market Cap 87.5 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 42 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe GARO AB

Company Description IPO Facts . Sector: Electrical Components and Equipment Ticker OM:GARO Financial Advisors GARO AB (publ) develops, manufactures, and sells solutions for electrical installations. Its Exchange Stockholm Stock Exchange Carnegie Investment Bank AB Initial Filing Date 07-Mar-16 installation products include plugs and sockets, switches, switchboard GCS, switchboard system Announced Date 07-Mar-16 GPK, combination units, junction boxes, aluminium enclosures, IT cabinets, meter cabinets, meter # Days Announced to Offer 8 boards, consumer units, DIN rail components, and outlet boxes. The company also offers other Offer Date 15-Mar-16 products, such as temporary power, EV chargers, car powers, camping powers, marina powers, and accessories, as well as customized GCS cable cabinets, switchgears, and cable cabinets. GARO AB (publ) is headquartered in Gnosjö, Sweden. IPO Price (EUR) 7.90 Filing Price Range (EUR) n/a Final Price Range (EUR) 3.02 - 3.45

Legal Counsel Shares Offered (incl. Greenshoe) 4.6m Greenshoe 15.0% Baker & McKenzie Advokatbyrå KB Filing Volume (EUR) 31.6m Final Volume (EUR) 21 31.6m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Petersson, Jerzy 10% n/a Vätterledens Invest AB 7% Primary 0% Svolder AB 7% Secondary 100% Stefan Jonsson Invest AB 6% Lannebo Fonder AB 5% Key Financials Free Float 65% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 63.7 69.6 79.8 87.8 12.3% IPO +1D IPO +3M IPO +6M since IPO Growth 14.7% 10.0% 0 Buy Garo AB (publ) 40.1% 75.1% n/a 125.9% EBITDA 6.8 8.7 11.5 12.1 18.3% 0 Outperform OMX Stockholm (0.5%) (6.6%) n/a (3.4%) Margin 10.7% 12.5% 14.4% 13.8% 1 Hold 230 EBIT 5.9 7.3 10.0 10.5 20.0% 0 Underperform 210 Margin 9.3% 10.5% 12.6% 12.0% 0 Sell 4.2 6.8 7.6 8.1 9.0% 190 Net Income Margin 6.6% 9.8% 9.6% 9.2% 170 150

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 130 Enterprise Value 181.1 EV/Sales 2.6x 2.3x 2.1x Prices 110 Net Debt 2.7 EV/EBITDA 20.9x 15.8x 14.9x 90 Minority Interest 0.0 EV/EBIT 24.7x 18.0x 17.2x Mar-16 Jun-16 Preferred Equity 0.0 P/E 26.3x 23.3x 22.1x Garo AB (publ) OMX Stockholm All Share Index Market Cap 178.5 P/B n/a 7.0x 6.0x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 43 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Shield Therapeutics plc

Company Description IPO Facts . Sector: Pharmaceuticals Ticker AIM:STX Financial Advisors Shield Therapeutics plc, a specialty pharmaceutical company, focuses on the development and Exchange AIM - London Stock Exchange Liberum Capital Limited Initial Filing Date 12-Feb-16 commercialization of secondary care-focused pharmaceuticals. Its principal products include Announced Date 12-Feb-16 Feraccru, a ferric iron-based oral pharmaceutical product to treat iron deficiency anaemia in patients # Days Announced to Offer 0 who are not able to tolerate oral ferrous products or for whom such treatments are not suitable, and in Offer Date 12-Feb-16 patients with inflammatory bowel disease; and PT20, a novel iron-based phosphate binder for the treatment of hyperphosphatemia related to chronic kidney diseases. The company is based in Gateshead Quays, United Kingdom. IPO Price (EUR) 1.93 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 21.7m Greenshoe 0.0% n/a Filing Volume (EUR) 32.5m Final Volume (EUR) 2 41.8m Filing-to-Final Change 28.8% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Inventages Venture Capital Investment Inc. 14% KPMG LLP (United Kingdom) IRORPH GmbH 12% Primary 93% Sterritt, Carl 9% Secondary 7% Schweiger, Christian 5% J.P. Morgan Asset Management, Inc. 4% Key Financials Free Float 56% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 0.3 0.3 3.5 12.5 519.1% IPO +1D IPO +3M IPO +6M since IPO Growth 968.5% 258.8% 1 Buy Shield Therapeutics plc 3.1% 20.7% n/a (2.4%) EBITDA (8.7) (21.4) (22.1) (13.4) (20.9%) 0 Outperform FTSE AIM 0.6% 6.8% n/a 4.5% Margin n/m n/m n/m n/m 0 Hold 125 EBIT (8.7) (21.5) (22.2) (13.6) (20.6%) 0 Underperform Margin n/m n/m n/m n/m 0 Sell 120 Net Income (32.1) n/a n/a n/a n/a 115 Margin n/m n/a n/a n/a 110

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 105 Enterprise Value 203.0 EV/Sales 624.8x 58.5x 16.3x

Prices 100 Net Debt (1.0) EV/EBITDA nm nm nm 95 Minority Interest 0.0 EV/EBIT nm nm nm Feb-16 May-16 Preferred Equity 0.0 P/E n/a n/a n/a Shield Therapeutics plc FTSE AIM UK 100 Index Market Cap 203.9 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 44 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe B.R.A.I.N. Biotechnology Research and Information Network AG

Company Description IPO Facts . Sector: Specialty Chemicals Ticker DB:BNN Financial Advisors B.R.A.I.N. Biotechnology Research and Information Network AG, a biotechnology company, identifies Exchange Deutsche Börse Oddo Seydler Bank AG Initial Filing Date 20-Jan-16 and develops bioactive natural substances for product developments in the food, cosmetics, and Announced Date 20-Jan-16 chemical industries. Its portfolio comprises various patented technologies, resources, and solutions, # Days Announced to Offer 14 such as EvoSolution, METAGENOME, BRAINzyme, LIL, ABEL, CompActives, and BioCompActives. Offer Date 03-Feb-16 The company designs and refines multi-step conversion paths for the biosynthesis of chemicals from renewable raw materials, as well as develops microorganisms as the functional biomass for optimized industrial production processes; and develops new or optimized enzymes, and biocatalysts that meet IPO Price (EUR) 9.00 complex process and application requirements. Biotechnology Research and Information Network AG Filing Price Range (EUR) 9.00 - 12.00 has strategic agreements with BASF, Ciba, Clariant, Evonik Degussa, DSM, Genencor, Henkel, Final Price Range (EUR) 2.90 - 3.54 Nutrinova, RWE, Sandoz, Schering, Südzucker, Symrise, and others. The company was founded in Legal Counsel 1993 and is based in Zwingenberg, Germany. Shares Offered (incl. Greenshoe) 3.6m Greenshoe 3.1% Noerr LLP Filing Volume (EUR) 42.0m Final Volume (EUR) 2 31.5m Filing-to-Final Change (25.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 MP Beteiligungs-Gmbh 40% PricewaterhouseCoopers AG MIG Verwaltungs AG 14% Primary 100% Wirtschaftsprüfungsgesellschaft Eck, Jürgen 5% Secondary 0% LB (Swiss) Investment AG 4% HMW Innovations AG 3% Key Financials Free Float 35% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 24.1 32.1 36.0 47.8 22.0% IPO +1D IPO +3M IPO +6M since IPO Growth 12.1% 32.8% 0 Buy B.R.A.I.N. Biotechnology Research 16.7% 1.1% n/a (5.3%) EBITDA (5.5) (0.4) 0.4 5.2 nm 1 Outperform Germany SDAX 2.4% 8.3% n/a 7.3% Margin n/m n/m 1.1% 10.9% 0 Hold 120 EBIT (7.0) (2.1) (1.8) 2.4 nm 0 Underperform 115 Margin n/m n/m n/m 5.0% 0 Sell 110 Net Income (9.1) (3.9) (3.0) 0.4 nm 105 Margin n/m n/m n/m 0.8% 100

Rebased (in %) 95 (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 90 Enterprise Value 116.6 EV/Sales 3.6x 3.2x 2.4x Prices 85 Net Debt (23.5) EV/EBITDA nm 291.4x 22.4x 80 Minority Interest 0.2 EV/EBIT nm nm 48.6x Feb-16 May-16 Preferred Equity 0.0 P/E -35.9x -46.6x 349.6x B.R.A.I.N. AG Germany SDAX Index Market Cap 139.8 P/B n/a 4.7x 4.6x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 45 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Table of Contents

EXECUTIVE SUMMARY FCF OVERVIEW MARKET OVERVIEW - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS RECENT IPO CASE STUDIES - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS

46 Accrol Group Holdings Plc

Company Description IPO Facts . Sector: Household Products Ticker AIM:ACRL Financial Advisors Accrol Group Holdings Plc engages in soft tissue paper converting business. It manufactures toilet Exchange AIM - London Stock Exchange 0 Initial Filing Date 26-May-16 rolls, kitchen rolls, and facial tissues, as well as away from home products. The company was Announced Date 26-May-16 founded in 1993 and is based in Blackburn, the United Kingdom. # Days Announced to Offer 14 Offer Date 09-Jun-16

IPO Price (EUR) 1.28 Filing Price Range (EUR) n/a Final Price Range (EUR) 26.90 - 34.30

Legal Counsel Shares Offered (incl. Greenshoe) 63.5m Greenshoe 0.0% DWF Biggart Baillie Filing Volume (EUR) 81.1m Final Volume (EUR) 21 81.1m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Schroder Investment Management Limited 11% PricewaterhouseCoopers LLP Miton Asset Management Limited 9% Primary 68% AXA Investment Managers S.A. 9% Secondary 32% Majedie Asset Management Limited 6% Ruffer LLP 5% Key Financials Free Float 60% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 112.4 152.7 165.1 n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth 8.1% n/a 0 Buy Accrol Group Holdings Plc (13.9%) n/a n/a (5.8%) EBITDA 13.5 19.2 19.6 n/a n/a 0 Outperform FTSE AIM (0.9%) n/a n/a (3.7%) Margin 12.0% 12.6% 11.9% n/a 0 Hold 115 EBIT 10.2 14.2 14.8 n/a n/a 0 Underperform Margin 9.1% 9.3% 9.0% n/a 0 Sell 110 Net Income 3.0 10.0 16.0 n/a n/a 105 Margin 2.7% 6.5% 9.7% n/a 100

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 95 Enterprise Value 185.0 EV/Sales 1.2x 1.1x n/a

Prices 90 Net Debt 83.8 EV/EBITDA 9.7x 9.4x n/a 85 Minority Interest 0.0 EV/EBIT 13.0x 12.5x n/a Jun-16 Preferred Equity 0.0 P/E 11.2x 7.0x n/a Accrol Group Holdings Plc FTSE AIM UK 100 Index Market Cap 111.9 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 47 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Paradox Interactive AB

Company Description IPO Facts . Sector: Home Entertainment Software Ticker OM:PDX Financial Advisors Paradox Interactive AB (publ) publishes PC-based strategy games primarily in the United States and Exchange Stockholm Stock Exchange Avanza Bank AB Initial Filing Date 25-Apr-16 Europe. The company’s gaming portfolio includes PC franchises. Its games are available on digital Announced Date 25-Apr-16 download portals. The company was founded in 1999 and is based in Stockholm, Sweden. # Days Announced to Offer 31 Offer Date 26-May-16

IPO Price (EUR) 3.56 Filing Price Range (EUR) n/a Final Price Range (EUR) 16.50 - 22.25

Legal Counsel Shares Offered (incl. Greenshoe) 16.3m Greenshoe 0.0% n/a Filing Volume (EUR) 58.1m Final Volume (EUR) 2 58.1m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Westerinvest Ab 39% n/a Investment AB Spiltan 37% Primary 0% Lindell, Peter 10% Secondary 100% Dalex Ab 4% Rite Ventures 3% Key Financials Free Float 7% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 53.4 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Paradox Interactive AB (publ) 34.2% n/a n/a 54.4% EBITDA 18.9 n/a n/a n/a n/a 0 Outperform OMX Stockholm (0.3%) n/a n/a (3.9%) Margin 35.4% n/a n/a n/a 0 Hold 185 EBIT 18.3 n/a n/a n/a n/a 0 Underperform Margin 34.4% n/a n/a n/a 0 Sell 165 Net Income 14.3 n/a n/a n/a n/a 145 Margin 26.9% n/a n/a n/a

125 Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018

105 Enterprise Value 569.3 EV/Sales n/a n/a n/a Prices Net Debt (11.5) EV/EBITDA n/a n/a n/a 85 Minority Interest 0.0 EV/EBIT n/a n/a n/a May-16 Preferred Equity 0.0 P/E n/a n/a n/a Paradox Interactive AB (publ) OMX Stockholm All Share Index Market Cap 580.6 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 48 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Midwich Group plc

Company Description IPO Facts . Sector: Technology Distributors Ticker AIM:MIDW Financial Advisors Midwich Group plc distributes audio visual (AV) and document solutions to the trade market in the Exchange AIM - London Stock Exchange Investec Bank Plc Initial Filing Date 20-Apr-16 United Kingdom, Ireland, France, Germany, and Australasia. The company provides a portfolio of Announced Date 20-Apr-16 audio visual categories, such as large format displays, projectors, digital signage, and printers. It # Days Announced to Offer 15 serves professional AV integrators and IT resellers in corporate, education, retail, residential, Offer Date 05-May-16 hospitality, commercial, and marine sectors. The company was formerly known as Jade 320 Limited and changed its name to Midwich Group plc in April 2016. Midwich Group plc was founded in 1979 and is based in Diss, the United Kingdom. IPO Price (EUR) 2.64 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 36.2m Greenshoe 0.0% Norton Rose Fulbright LLP Filing Volume (EUR) 95.5m Final Volume (EUR) 21 95.5m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Fenby, Stephen Barry 28% Grant Thornton UK LLP Schroder Investment Management Limited 10% Primary 35% Marlborough Fund Managers Limited 6% Secondary 65% Standard Life Investments Limited 4% Baker, Lee 4% Key Financials Free Float 48% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 426.7 398.6 428.6 457.0 7.1% IPO +1D IPO +3M IPO +6M since IPO Growth 7.5% 6.6% 1 Buy Midwich Group plc 12.5% n/a n/a 2.0% EBITDA 21.6 21.7 24.4 26.2 9.8% 0 Outperform FTSE AIM 0.1% n/a n/a 0.2% Margin 5.1% 5.4% 5.7% 5.7% 0 Hold 140 EBIT 17.2 20.0 21.7 23.3 7.9% 0 Underperform Margin 4.0% 5.0% 5.1% 5.1% 0 Sell 130 Net Income 6.8 14.8 16.1 17.3 8.0% 120 Margin 1.6% 3.7% 3.8% 3.8%

110 Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018

100 Enterprise Value 257.5 EV/Sales 0.6x 0.6x 0.6x Prices Net Debt 41.3 EV/EBITDA 11.9x 10.5x 9.8x 90 Minority Interest 6.6 EV/EBIT 12.9x 11.8x 11.0x May-16 Preferred Equity 1.4 P/E 14.4x 13.3x 12.4x Midwich Group plc FTSE AIM UK 100 Index Market Cap 214.1 P/B n/a 5.0x 4.5x

Source: S&P Capital IQ as of 30.06.2016 49 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Hotel Chocolat Group plc

Company Description IPO Facts . Sector: Packaged Foods and Meats Ticker AIM:HOTC Financial Advisors Hotel Chocolat Group Plc manufactures, distributes, and retails premium chocolate and cocoa- Exchange AIM - London Stock Exchange 0 Initial Filing Date 09-Mar-16 related products under the Hotel Chocolat and ChocExpress brands in the United Kingdom, Europe, Announced Date 09-Mar-16 and the United States. It offers cocoa and chocolate-related items, and gifts, including drinking # Days Announced to Offer 57 chocolate, biscuits, wines and spirits, cookery books, baking products, and beauty products Offer Date 05-May-16 containing cocoa butter. The company sells its products through a network of 84 shops, including 5 shop + café formats, 2 flagship sites, and 3 sites in Copenhagen, as well as through Chocolate Tasting Clubs and online. It also issues chocolate bonds; holds properties; operates restaurants; and IPO Price (EUR) 1.88 sells corporate gifts in the business to business market. In addition, the company operates Boucan, Filing Price Range (EUR) n/a a luxury boutique hotel that comprises 14 guest rooms, a spa, and a restaurant. The company was Final Price Range (EUR) 15.50 - 20.50 founded in 2013 and is headquartered in Royston, United Kingdom. Legal Counsel Shares Offered (incl. Greenshoe) 37.5m Greenshoe 0.0% n/a Filing Volume (EUR) 63.5m Final Volume (EUR) 21 70.5m Filing-to-Final Change 11.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Marlborough Fund Managers Limited 3% BDO LLP Hargreave Hale Limited, Asset Management Arm 2% Primary 22% 0 0.0% Secondary 78% 0 0.0% 0 0.0% Key Financials Free Float 95% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 122.0 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Hotel Chocolat Group Plc 28.3% n/a n/a 7.9% EBITDA 14.6 n/a n/a n/a n/a 0 Outperform FTSE AIM 0.2% n/a n/a (0.2%) Margin 12.0% n/a n/a n/a 0 Hold 150 EBIT 9.9 n/a n/a n/a n/a 0 Underperform Margin 8.1% n/a n/a n/a 0 Sell 140 Net Income 6.6 n/a n/a n/a n/a 130 Margin 5.4% n/a n/a n/a 120

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 110 Enterprise Value 229.8 EV/Sales n/a n/a n/a

Prices 100 Net Debt 1.0 EV/EBITDA n/a n/a n/a 90 Minority Interest 0.0 EV/EBIT n/a n/a n/a May-16 Preferred Equity 0.0 P/E n/a n/a n/a Hotel Chocolat Group Plc FTSE AIM UK 100 Index Market Cap 229.0 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016 50 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Lehto Group Oyj

Company Description IPO Facts . Sector: Construction and Engineering Ticker HLSE:LEHTO Financial Advisors Lehto Group Oyj operates as a construction and real estate company in Finland. It constructs Exchange Helsinki Stock Exchange OP Yrityspankki Oyj Initial Filing Date 11-Apr-16 business, housing, and social care and educational premises. The company also provides building Pareto Securities Oy Announced Date 11-Apr-16 renovation services. Lehto Group Oyj was founded in 1976 and is headquartered in Kempele, Finland. # Days Announced to Offer 16 Offer Date 27-Apr-16

IPO Price (EUR) 5.10 Filing Price Range (EUR) 4.50 - 5.10 Final Price Range (EUR) 2.60 - 3.20

Legal Counsel Shares Offered (incl. Greenshoe) 15.1m Greenshoe 10.8% Roschier, Attorneys Ltd. Filing Volume (EUR) 69.3m Final Volume (EUR) 2 69.3m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Myllymäki, Asko 11.9% n/a Kinnunen, Mikko 4.8% Primary 87% Winduo Oy 3.4% Secondary 13% Koivukoski, Tomi 3.2% Saartoala, Ari 2.3% Key Financials Free Float 74% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 275.9 316.5 357.2 393.0 11.4% IPO +1D IPO +3M IPO +6M since IPO Growth 12.8% 10.0% 0 Buy Lehto Group Oyj 15.7% n/a n/a 37.3% EBITDA 28.1 30.7 36.1 42.0 17.0% 2 Outperform OMX Stockholm 0.0% n/a n/a (3.8%) Margin 10.2% 9.7% 10.1% 10.7% 1 Hold 140 EBIT 26.7 28.7 34.0 40.5 18.8% 0 Underperform Margin 9.7% 9.1% 9.5% 10.3% 0 Sell 130 Net Income 21.2 22.4 26.6 31.9 19.4% 120 Margin 7.7% 7.1% 7.4% 8.1%

110 Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018

100 Enterprise Value 377.0 EV/Sales 1.2x 1.1x 1.0x Prices Net Debt (30.8) EV/EBITDA 12.3x 10.4x 9.0x 90 Minority Interest 0.0 EV/EBIT 13.1x 11.1x 9.3x Apr-16 Preferred Equity 0.0 P/E 18.2x 15.3x 12.8x Lehto Group Oyj OMX Stockholm All Share Index Market Cap 407.8 P/B n/a 3.4x 2.9x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 51 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Humana AB

Company Description IPO Facts . Sector: Healthcare Facilities Ticker OM:HUM Financial Advisors Humana AB provides private care services in individual and family care and personal assistance in Exchange Stockholm Stock Exchange ABG Sundal Collier AB Initial Filing Date 09-Mar-16 Sweden and Norway. The company’s Individual & Family segment provides care and treatment in Carnegie Investment Bank AB Announced Date 09-Mar-16 psychiatry and psychosocial change processes to families and individuals through residential care DNB Bank ASA, Sweden Branch # Days Announced to Offer 13 homes, temporary and regular foster homes, sheltered housing, outpatient care, and assisted living Skandinaviska Enskilda Banken AB (publ) Offer Date 22-Mar-16 homes. Its Personal Assistance segment offers care services and assistance to individuals with disabilities. The company’s Elderly Care segment provides personalized elderly care services, including home care service and sheltered housing for the elderly; and housing with special services IPO Price (EUR) 6.72 tailored to individuals with disabilities, as well as special education schools. Its Norway segment Filing Price Range (EUR) 5.85 - 6.72 offers care and treatment in institutional psychologic and psychiatric care and foster homes and Final Price Range (EUR) n/a sheltered housing for children and adolescents. The company was incorporated in 2008 and is Legal Counsel headquartered in Stockholm, Sweden. Shares Offered (incl. Greenshoe) 14.3m Greenshoe 13.3% Gernandt & Danielsson Advokatbyrå KB Filing Volume (EUR) 84.5m Final Volume (EUR) 21 84.8m Filing-to-Final Change 0.3% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Argan Capital Advisors LLP 56% KPMG AB Zirkona AB 7% Primary 57% Bodenholm Capital AB 5% Secondary 43% Europeiska Investeringsklubben 3% Handelsbanken Asset Management 2% Key Financials Free Float 27% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 619.1 661.9 722.5 765.1 7.5% IPO +1D IPO +3M IPO +6M since IPO Growth 9.1% 5.9% 2 Buy Humana AB 19.4% 17.9% n/a 20.2% EBITDA 38.7 44.9 51.0 55.2 10.9% 0 Outperform OMX Stockholm 0.3% (1.7%) n/a (2.4%) Margin 6.2% 6.8% 7.1% 7.2% 0 Hold 135 EBIT 34.4 40.0 45.2 49.1 10.8% 0 Underperform 130 Margin 5.5% 6.0% 6.3% 6.4% 0 Sell 125 Net Income 6.1 24.8 31.2 34.3 17.7% 120 Margin 1.0% 3.7% 4.3% 4.5% 115 110

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 105 100 Enterprise Value 517.5 EV/Sales 0.8x 0.7x 0.7x Prices 95 Net Debt 90.3 EV/EBITDA 11.5x 10.1x 9.4x 90 Minority Interest 0.0 EV/EBIT 12.9x 11.4x 10.5x Mar-16 Jun-16 Preferred Equity 0.0 P/E 17.3x 13.8x 12.5x Humana AB OMX Stockholm All Share Index Market Cap 429.1 P/B n/a 2.1x 1.9x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 52 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe LeoVegas AB

Company Description IPO Facts . Sector: Casinos and Gaming Ticker OM:LEO Financial Advisors LeoVegas AB (publ), a mobile gaming company, engages in mobile casino and related gaming Exchange Stockholm Stock Exchange Carnegie Investment Bank AB Initial Filing Date 04-Mar-16 entertainment business in Europe and internationally. The company provides private individuals the Skandinaviska Enskilda Banken AB (publ) Announced Date 04-Mar-16 opportunity to play casino games and engage in other forms of online gaming using applications and # Days Announced to Offer 13 browsers primarily on mobile devices, such as smartphones, tablets, and smartwatches. It principally Offer Date 17-Mar-16 offers casino gaming in the form of slots, jackpot games, roulette and table games, scratch cards, and live casinos. The company provides approximately 680 online games from approximately 30 game provides, including approximately 450 games available on mobile devices. LeoVegas AB (publ) IPO Price (EUR) 3.45 was incorporated in 2010 and is headquartered in Stockholm, Sweden. Filing Price Range (EUR) 3.02 - 3.45 Final Price Range (EUR) 5.85 - 6.72

Legal Counsel Shares Offered (incl. Greenshoe) 32.3m Greenshoe 13.7% Hammarskiöld & Co. AB Filing Volume (EUR) 98.2m Final Volume (EUR) 21 98.2m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Aggregate Stockholm AB 9% Öhrlings PricewaterhouseCoopers AB Hagman, Gustaf 9% Primary 190% Ramm-Ericson, Robin 8% Secondary -90% Skandinaviska Enskilda Banken AB, Private Banking, Investment Banking,5% and Insurance Arm Sbh Group Ab 4% Key Financials Free Float 65% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 96.7 141.5 207.1 289.2 43.0% IPO +1D IPO +3M IPO +6M since IPO Growth 46.4% 39.6% 2 Buy LeoVegas AB (publ) 14.7% 3.7% n/a (0.9%) EBITDA 4.6 2.1 14.9 36.0 311.7% 0 Outperform OMX Stockholm (0.2%) (4.6%) n/a (3.0%) Margin 4.7% 1.5% 7.2% 12.5% 1 Hold 125 EBIT 4.2 0.9 12.3 32.9 521.2% 0 Underperform 120 Margin 4.4% 0.6% 5.9% 11.4% 0 Sell (1.3) 7.0 8.6 30.0 106.9% 115 Net Income Margin n/m 4.9% 4.2% 10.4% 110 105

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 100 Enterprise Value 324.7 EV/Sales 2.3x 1.6x 1.1x Prices 95 Net Debt (30.2) EV/EBITDA 152.8x 21.8x 9.0x 90 Minority Interest 0.0 EV/EBIT 381.3x 26.5x 9.9x Mar-16 Jun-16 Preferred Equity 0.0 P/E 50.6x 41.2x 11.8x LeoVegas AB (publ) OMX Stockholm All Share Index Market Cap 354.3 P/B n/a 8.4x 5.6x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 53 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Catena Media plc

Company Description IPO Facts . Sector: Internet Software and Services Ticker OM:CTM Financial Advisors Catena Media plc operates as an online performance marketing and lead generation company in the Exchange Stockholm Stock Exchange Carnegie Investment Bank AB Initial Filing Date 01-Feb-16 iGaming industry in Sweden, Norway, Finland, the Netherlands, and the United Kingdom. It primarily Announced Date 01-Feb-16 focuses on iGaming operators who operate online casinos on their own Websites. The company # Days Announced to Offer 10 attracts users from multiple online and mobile channels and directs them to iGaming operators. It Offer Date 11-Feb-16 offers game reviews and guides for various casino games offered by the operators; online casino guides; and top lists and comparisons, interviews, directed campaigns, and other offers. Catena Media plc was founded in 2008 and is headquartered in Sliema, Malta. IPO Price (EUR) 3.48 Filing Price Range (EUR) 2.85 - 3.59 Final Price Range (EUR) 9.80 - 11.59

Legal Counsel Shares Offered (incl. Greenshoe) 29.6m Greenshoe 15.0% Baker & McKenzie Advokatbyrå KB Filing Volume (EUR) 92.5m Final Volume (EUR) 21 89.5m Filing-to-Final Change (3.2%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Optimizer Invest Limited 16% PricewaterhouseCoopers Malta Ljfk Ltd 14% Primary 28% Pixel Wizard Ltd 8% Secondary 72% Lfjk Ltd 6% Swedbank Robur Fonder AB 6% Key Financials Free Float 50% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 20.4 39.1 51.2 61.5 25.5% IPO +1D IPO +3M IPO +6M since IPO Growth 31.2% 20.0% 0 Buy Catena Media plc 21.8% 57.6% n/a 72.5% EBITDA 13.5 21.2 26.6 31.8 22.5% 0 Outperform OMX Stockholm (2.7%) 5.5% n/a 5.2% Margin 66.0% 54.3% 51.9% 51.7% 1 Hold 190 EBIT 13.1 20.3 25.1 29.9 21.4% 0 Underperform Margin 64.2% 52.0% 49.0% 48.6% 0 Sell 170 Net Income 10.9 19.7 23.6 28.2 19.6% 150 Margin 53.1% 50.4% 46.1% 45.9%

130 Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018

110 Enterprise Value 288.8 EV/Sales 7.4x 5.6x 4.7x Prices Net Debt (20.4) EV/EBITDA 13.6x 10.9x 9.1x 90 Minority Interest 0.0 EV/EBIT 14.2x 11.5x 9.7x Feb-16 May-16 Preferred Equity 0.0 P/E 15.7x 13.1x 11.0x Catena Media plc OMX Stockholm All Share Index Market Cap 308.8 P/B n/a 4.2x 3.4x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 54 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Table of Contents

EXECUTIVE SUMMARY FCF OVERVIEW MARKET OVERVIEW - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS RECENT IPO CASE STUDIES - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS

55 AcadeMedia AB

Company Description IPO Facts . Sector: Education Services Ticker OM:ACAD Financial Advisors AcadeMedia AB operates as an educational company in Sweden. It provides private education Exchange Stockholm Stock Exchange Carnegie Investment Bank AB Initial Filing Date 27-May-16 services through the operation of preschools, primary schools, and secondary and adult education DNB Bank ASA, Sweden Branch Announced Date 27-May-16 schools, as well as operates kindergartens in Norway. The company was founded in 1996 and is Nordea Bank AB (publ) # Days Announced to Offer 19 headquartered in Stockholm, Sweden. Skandinaviska Enskilda Banken AB (publ) Offer Date 15-Jun-16

IPO Price (EUR) 4.27 Filing Price Range (EUR) n/a Final Price Range (EUR) 7.07 - 8.14

Legal Counsel Shares Offered (incl. Greenshoe) 23.8m Greenshoe 0.0% White & Case Advokat AB Filing Volume (EUR) 101.5m Final Volume (EUR) 21 101.5m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 EQT Partners AB 0.0% Ernst & Young AB Feelmore I Göteborg Ab 0.0% Primary 37% Pc2 Utbildning Ab 0.0% Secondary 63% Inter IKEA Investments AB 0.0% Rinto Hiff Industrier Ab 0.0% Key Financials Free Float 100% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 913.8 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy AcadeMedia AB 47.5% n/a n/a 46.7% EBITDA 82.5 n/a n/a n/a n/a 0 Outperform OMX Stockholm 1.6% n/a n/a 3.4% Margin 9.0% n/a n/a n/a 0 Hold 160 EBIT 61.6 n/a n/a n/a n/a 0 Underperform 150 Margin 6.7% n/a n/a n/a 0 Sell 28.1 n/a n/a n/a n/a 140 Net Income Margin 3.1% n/a n/a n/a 130 120

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 110 Enterprise Value 867.4 EV/Sales n/a n/a n/a Prices 100 Net Debt 283.2 EV/EBITDA n/a n/a n/a 90 Minority Interest 0.0 EV/EBIT n/a n/a n/a Jun-16 Preferred Equity 0.0 P/E n/a n/a n/a AcadeMedia AB OMX Stockholm All Share Index Market Cap 589.8 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 56 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Nordic Waterproofing Holding A/S

Company Description IPO Facts . Sector: Building Products Ticker OM:NWG Financial Advisors Nordic Waterproofing Holding A/S produces and supplies a range of waterproofing products and Exchange Stockholm Stock Exchange ABG Sundal Collier AB Initial Filing Date 30-May-16 solutions for buildings and infrastructure. The company offers roofing products for various types of Carnegie Investment Bank AB Announced Date 30-May-16 roofing and needs, including flat roofing waterproofing products, pitched roofing waterproofing # Days Announced to Offer 11 products, and roofing accessories; and building products, such as under layers, moisture and wind Offer Date 10-Jun-16 barriers, tarpaulins, geo membranes, and foundation panels. It also provides EPDM-based water and weather protection solutions for buildings and other types of constructions; and lining applications as geomembrane for ponds and reservoirs, or capping of waste, as well as installation and maintenance IPO Price (EUR) 7.61 services for roofing, yards, and bridges. The company offers its products under the AL-Katot, Hetag Filing Price Range (EUR) 7.07 - 8.14 Tagmaterialer, Kerabit, KerabitPro, Mataki, Nortett, Phønix Tag Materialer, SealEco, and Trebolit Final Price Range (EUR) 15.00 - 20.00 brand names. Nordic Waterproofing Holding A/S primarily operates in the Nordic countries, as well as Legal Counsel in Belgium, Germany, the Netherlands, Poland, and the United Kingdom. The company was founded Shares Offered (incl. Greenshoe) 14.5m in 1889 and is headquartered in Helsingborg, Sweden. Greenshoe 0.0% Gernandt & Danielsson Advokatbyrå KB Filing Volume (EUR) 117.7m Final Volume (EUR) 21 109.9m Filing-to-Final Change (6.6%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Kirkbi Invest A/S 14% Pricewaterhousecoopers Statsautoriseret Axcel Management A/S 12% Primary 0% Revisionsaktieselskab Axcel Iv K/S 2 10% Secondary 100% Swedbank Robur Fonder AB 8% Hansen, Holger Carsten 2% Key Financials Free Float 54% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 187.0 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Nordic Waterproofing Holding A/S 0.7% n/a n/a (5.7%) EBITDA 13.7 n/a n/a n/a n/a 0 Outperform OMX Stockholm (2.1%) n/a n/a (2.2%) Margin 7.3% n/a n/a n/a 0 Hold 104 EBIT 11.4 n/a n/a n/a n/a 0 Underperform 102 Margin 6.1% n/a n/a n/a 0 Sell 7.8 n/a n/a n/a n/a 100 Net Income Margin 4.2% n/a n/a n/a 98 96

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 94 Enterprise Value 198.0 EV/Sales n/a n/a n/a Prices 92 Net Debt 25.9 EV/EBITDA n/a n/a n/a 90 Minority Interest (0.1) EV/EBIT n/a n/a n/a Jun-16 Preferred Equity 0.0 P/E n/a n/a n/a Nordic Waterproofing Holding A/S OMX Stockholm All Share Index Market Cap 172.7 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 57 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Joules Limited

Company Description IPO Facts . Sector: Apparel, Accessories and Luxury Goods Ticker AIM:JOUL Financial Advisors Joules Limited designs and sells Joules branded lifestyle clothing, accessories, and homeware in the Exchange AIM - London Stock Exchange Liberum Capital Limited Initial Filing Date 03-May-16 United Kingdom and internationally. It offers shirts, dresses, tunics, rainwear, cold weather coats, Peel Hunt LLP Announced Date 03-May-16 and accessories for women; Breton tops, chinos, and rugby shirts, as well as rainwear for men; and # Days Announced to Offer 20 clothes for boys, girls, and babies. The company also provides boots; and homeware products, such Offer Date 23-May-16 as kitchen textiles, crockery, bedding, cushions, picnicware, and throws, as well as eyewear products. As of May 03, 2016, it operated 98 retail stores. It also operates an e-commerce platform; and sells products through wholesale channels. The company was formerly known as Originals IPO Price (EUR) 2.07 Limited and changed its name to Joules Limited in October 2005. Joules Limited was founded in 1989 Filing Price Range (EUR) n/a and is headquartered in Market Harborough, the United Kingdom. Final Price Range (EUR) n/a Legal Counsel Shares Offered (incl. Greenshoe) 48.4m Greenshoe 0.0% Ashurst LLP Filing Volume (EUR) 100.1m Final Volume (EUR) 2 100.1m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Henderson Group plc 6% Deloitte & Touche LLP (United Kingdom) Standard Life Investments Limited 5% Primary 15% Ignis Investment Services Limited 0.6% Secondary 85% Joule, T. S. L. 0.0% 0 0.0% Key Financials Free Float 89% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 162.9 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Joules Limited 23.2% n/a n/a (1.0%) EBITDA 14.6 n/a n/a n/a n/a 0 Outperform FTSE AIM 0.1% n/a n/a (2.1%) Margin 9.0% n/a n/a n/a 0 Hold 130 EBIT 8.0 n/a n/a n/a n/a 0 Underperform 125 Margin 4.9% n/a n/a n/a 0 Sell 120 Net Income 6.0 n/a n/a n/a n/a 115 Margin 3.7% n/a n/a n/a 110 105

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 100 95 Enterprise Value 178.7 EV/Sales n/a n/a n/a Prices 90 Net Debt (0.5) EV/EBITDA n/a n/a n/a 85 Minority Interest 0.0 EV/EBIT n/a n/a n/a May-16 Preferred Equity 0.0 P/E n/a n/a n/a Joules Limited FTSE AIM UK 100 Index Market Cap 179.1 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 58 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Motorpoint Group plc

Company Description IPO Facts . Sector: Automotive Retail Ticker LSE:MOTR Financial Advisors Motorpoint Group plc operates as an independent vehicle retailer under the Motorpoint and Exchange London Stock Exchange Numis Securities Limited Initial Filing Date 13-May-16 Auction4Cars brands in the United Kingdom. It primarily sells nearly-new vehicles. The company Shore Capital Stockbrokers Limited Announced Date 13-May-16 operates 10 retail sites across the Great Britain and a call center. It operates Auction4Cars.com, a # Days Announced to Offer 0 business to business online auction platform for part exchange vehicles. The company also offers Offer Date 13-May-16 products related to the sale of vehicles, including consumer finance packages, vehicle guarantees, insurance products, and vehicle protection treatments. Motorpoint Group plc was founded in 1998 and is headquartered in Derby, the United Kingdom. IPO Price (EUR) 2.54 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 50.0m Greenshoe 0.0% DLA Piper UK LLP Filing Volume (EUR) 127.0m Final Volume (EUR) 2 127.2m Filing-to-Final Change 0.2% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Shelton, David Edward 23% PricewaterhouseCoopers LLP Carpenter, Mark Gwilym 8% Primary 0% Morris, Mark Christopher 8% Secondary 100% Standard Life Investments Limited 6% The Independent Investment Trust PLC 5% Key Financials Free Float 50% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 922.2 n/a 1,030.0 1,159.3 n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a 12.6% 1 Buy Motorpoint Group plc 8.2% n/a n/a (8.2%) EBITDA 23.1 n/a 28.1 32.3 n/a 0 Outperform FTSE All-Share 0.4% n/a n/a 4.8% Margin 2.5% n/a 2.7% 2.8% 0 Hold 125 EBIT 21.9 n/a 26.6 30.5 n/a 0 Underperform 120 Margin 2.4% n/a 2.6% 2.6% 0 Sell 115 Net Income 16.9 n/a 20.1 23.1 n/a 110 Margin 1.8% n/a 2.0% 2.0% 105 100

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 95 90 Enterprise Value 281.0 EV/Sales n/a 0.3x 0.2x Prices 85 Net Debt 50.2 EV/EBITDA n/a 10.0x 8.7x 80 Minority Interest 0.0 EV/EBIT n/a 10.6x 9.2x May-16 Preferred Equity 0.0 P/E n/a 11.6x 10.1x Motorpoint Group plc FTSE All-Share Index (GBP) Market Cap 233.4 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 59 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Sif Holding N.V.

Company Description IPO Facts . Sector: Heavy Electrical Equipment Ticker ENXTAM:SIFG Financial Advisors Sif Holding N.V. manufactures and sells large steel tubulars that are used as foundation components Exchange EURONEXT Amsterdam ABN AMRO Bank N.V. Initial Filing Date 09-May-16 for the offshore wind and offshore oil and gas industries. It operates through three segments: Offshore Coöperatieve Rabobank U.A. Announced Date 09-May-16 Wind, Oil & Gas, and Other. It produces monopiles and transition pieces, and piles that are used to HSBC Bank Plc # Days Announced to Offer 2 anchor jacket foundations in the seabed for offshore wind; and piles and the main legs of the larger ING Bank N.V. Offer Date 11-May-16 jackets for oil and gas, as well as tubular structures for various uses, such as jetties. The company offers tubular structures for offshore wind farms, and oil and gas rigs primarily in the greater North Sea region. It primarily operates in the United Kingdom, Germany, Belgium, Denmark, the Netherlands, IPO Price (EUR) 14.00 and France. The company was incorporated in 1974 and is based in Roermond, the Netherlands. Filing Price Range (EUR) n/a Final Price Range (EUR) 7.00 - 8.50

Legal Counsel Shares Offered (incl. Greenshoe) 8.4m Greenshoe 5.6% Stibbe N.V. Filing Volume (EUR) 112.0m Shearman & Sterling (London) LLP Final Volume (EUR) 2 112.0m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Egeria 69% Ernst & Young Accountants LLP Farringdon Netherlands BV 3% Primary 0% Fondbolaget Fondita AB 0.8% Secondary 100% Bruggenthijs, Jan B. J. 0.2% Nijdam, Boudewijn A. P. 0.2% Key Financials Free Float 29% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 321.3 351.7 359.1 388.5 5.1% IPO +1D IPO +3M IPO +6M since IPO Growth 2.1% 8.2% 1 Buy Sif Holding N.V. 0.0% n/a n/a 7.1% EBITDA 57.8 54.3 64.3 67.4 11.4% 0 Outperform Euronext 150 (0.4%) n/a n/a (3.5%) Margin 18.0% 15.4% 17.9% 17.3% 1 Hold 120 EBIT 50.8 42.7 49.7 53.1 11.4% 0 Underperform Margin 15.8% 12.2% 13.8% 13.7% 0 Sell 115 Net Income 35.6 35.9 36.0 38.9 4.1% 110 Margin 11.1% 10.2% 10.0% 10.0% 105

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 100 Enterprise Value 410.3 EV/Sales 1.2x 1.1x 1.1x

Prices 95 Net Debt 27.8 EV/EBITDA 7.6x 6.4x 6.1x 90 Minority Interest 0.0 EV/EBIT 9.6x 8.3x 7.7x May-16 Preferred Equity 0.0 P/E 10.7x 10.6x 9.8x Sif Holding N.V. Euronext 150 Index Market Cap 382.5 P/B n/a 4.3x 3.4x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 60 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Technogym, S.p.A.

Company Description IPO Facts . Sector: Leisure Products Ticker BIT:TGYM Financial Advisors Technogym S.p.A., a wellness company, designs, manufactures, and sells gym equipment. Its Exchange Borsa Italia Goldman Sachs International Initial Filing Date 18-Apr-16 products include treadmills, elliptical cross trainers, exercise bikes, upper body trainers, steppers, J.P. Morgan Securities Plc Announced Date 18-Apr-16 selectorised, plate loaded, multigyms and cable stations, benches and racks, free weights, functional Mediobanca Banca di Credito Finanziario S.p.A. # Days Announced to Offer 10 training equipment, stretching, accessories, group cycling, and circuit training products. The Offer Date 28-Apr-16 company serves private homes, clubs and public authorities, medical centers, corporate facilities, military bases, schools and universities, sports associations, and hotels, spas, resorts, and cruise liners in approximately 100 countries. Technogym S.p.A. was founded in 1983 and is based in IPO Price (EUR) 3.25 Cesena, Italy. Filing Price Range (EUR) 3.00 - 3.75 Final Price Range (EUR) 6.25 - 7.60

Legal Counsel Shares Offered (incl. Greenshoe) 57.5m Greenshoe 15.0% White & Case LLP Filing Volume (EUR) 187.5m Final Volume (EUR) 21 162.5m Filing-to-Final Change (13.3%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Wellness Holding Srl 60% PricewaterhouseCoopers SpA Arle Capital Partners Limited 11% Primary 0% Candover Investments plc 4% Secondary 100% Wellington Management Group LLP 0.6% Nykredit Portefølje Administration A/S 0.0% Key Financials Free Float 25% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 511.8 539.4 571.2 606.2 6.0% IPO +1D IPO +3M IPO +6M since IPO Growth 5.9% 6.1% 1 Buy Technogym S.p.A. 11.4% n/a n/a 21.5% EBITDA 72.9 89.4 100.0 111.9 11.8% 2 Outperform FTSE MIB (2.5%) n/a n/a (12.1%) Margin 14.2% 16.6% 17.5% 18.5% 2 Hold 140 EBIT 59.9 64.4 74.7 85.5 15.2% 0 Underperform 130 Margin 11.7% 11.9% 13.1% 14.1% 0 Sell 28.2 40.3 47.8 55.4 17.2% 120 Net Income Margin 5.5% 7.5% 8.4% 9.1% 110 100

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 90 Enterprise Value 828.8 EV/Sales 1.5x 1.5x 1.4x Prices 80 Net Debt 38.4 EV/EBITDA 9.3x 8.3x 7.4x 70 Minority Interest 0.4 EV/EBIT 12.9x 11.1x 9.7x Apr-16 Preferred Equity 0.0 P/E 19.6x 16.5x 14.3x Technogym S.p.A. FTSE MIB INDEX Market Cap 790.0 P/B n/a 6.5x 5.0x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 61 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Tokmanni Group Oyj

Company Description IPO Facts . Sector: Department Stores Ticker HLSE:TOKMAN Financial Advisors Tokmanni Group Oyj operates a chain of stores in Finland. The company offers personal care, home Exchange Helsinki Stock Exchange Bank of America Merrill Lynch International Limited Initial Filing Date 15-Apr-16 care, household paper, and other products; leisure and home electronic products, such as electric Carnegie Investment Bank AB Announced Date 15-Apr-16 home appliances and entertainment goods, hiking and fishing products, and fitness and sports Goldman Sachs International # Days Announced to Offer 13 products; tools and electrical equipment, including do-it-yourself goods, power tools, hand tools, car Nordea Bank Finland Plc Offer Date 28-Apr-16 accessories, general and decorative lighting, and other electronic accessories; and grocery items, such as beverages, pet food and accessories, diet and nutrition food, and canned and fresh food, as well as snacks, cookies, and candies. It also offers home, decoration, and garden products, which IPO Price (EUR) 6.70 include cleaning supplies, cooking and baking ware, utensils, storage materials, candles, lanterns, Filing Price Range (EUR) 6.25 - 7.60 stationery, gift wrapping and cards, interior decorations, garden furniture and supplies, home textiles, Final Price Range (EUR) 7.75 - 8.75 carpets and doormats, kitchenware and related home decoration items, and toys and recreational Legal Counsel items; and clothing products, which primarily includes casual wear for daily use, such as underwear Shares Offered (incl. Greenshoe) 24.6m and nightwear, socks, and accessories, as well as shoes and bags. The company operates Greenshoe 4.7% Cleary Gottlieb Steen & Hamilton LLP approximately 150 stores in Finland, as well as operates an online store. Tokmanni Group Oyj is Filing Volume (EUR) 174.0m Roschier, Attorneys Ltd. 21 headquartered in Mantsala, Finland. Final Volume (EUR) 157.6m Filing-to-Final Change (9.4%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Nordic Capital 42% KPMG Oy Ab Rockers Tukku Oy 10% Primary 60% Saastamoinen, Seppo 8% Secondary 40% Fondbolaget Fondita AB 1% Väänänen, Heikki 1% Key Financials Free Float 38% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 757.1 776.4 802.3 836.2 3.8% IPO +1D IPO +3M IPO +6M since IPO Growth 3.3% 4.2% 3 Buy Tokmanni Group Oyj 0.0% n/a n/a (2.2%) EBITDA 52.2 58.5 68.0 74.7 13.0% 1 Outperform OMX Stockholm (1.8%) n/a n/a (3.8%) Margin 6.9% 7.5% 8.5% 8.9% 0 Hold 104 EBIT 39.1 43.2 52.4 58.8 16.7% 0 Underperform 102 Margin 5.2% 5.6% 6.5% 7.0% 0 Sell 14.8 24.0 37.1 42.5 33.1% 100 Net Income Margin 2.0% 3.1% 4.6% 5.1% 98 96

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 94 Enterprise Value 638.8 EV/Sales 0.8x 0.8x 0.8x Prices 92 Net Debt 253.2 EV/EBITDA 10.9x 9.4x 8.5x 90 Minority Interest 0.0 EV/EBIT 14.8x 12.2x 10.9x Apr-16 Preferred Equity 0.0 P/E 16.1x 10.4x 9.1x Tokmanni Group Oyj OMX Stockholm All Share Index Market Cap 385.6 P/B n/a 2.2x 2.1x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 62 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Global Dominion Access, S.A.

Company Description IPO Facts . Sector: IT Consulting and Other Services Ticker BME:DOM Financial Advisors Global Dominion Access, S.A. provides information technology solutions and services. The company Exchange Borsa Italia Banco Santander, S.A. Initial Filing Date 14-Apr-16 operates in two segments, Multi-Technical Services (Services), and Solutions and Specialized JB Capital Markets, Sociedad de Valores, S.A. Announced Date 14-Apr-16 Engineering (Solutions). The Services segment engages in the design, installation, and maintenance Societe Generale Group # Days Announced to Offer 12 of fixed and mobile telecom networks; management and operation of wholesale and retail distribution Offer Date 26-Apr-16 process on behalf of telecom carriers and handset manufacturers on an outsourcing basis; and provision of maintenance and hot repair services. This segment also provides operation and maintenance services to renewable energy plants. The Solutions segment offers technological, IPO Price (EUR) 2.74 commercial, and financial solutions and technology-based turnkey projects primarily in the healthcare Filing Price Range (EUR) 2.60 - 3.20 and civil protection sectors; process improvement, monitoring, and other solutions; and design, Final Price Range (EUR) 39.48 - 41.31 building, revamping, and operating services for industrial linings and tall structures. This segment also Legal Counsel focuses on developing wind, solar, photovoltaic, hydroelectric, and biomass/waste-to-energy projects; Shares Offered (incl. Greenshoe) 59.9m and provides operation and maintenance services to renewable energy plants. It serves healthcare, Greenshoe 9.4% Clifford Chance LLP civil protection, education, and environmental sustainability, as well as urban transportation, public Filing Volume (EUR) 150.0m Clifford Chance Sl 21 safety, and irrigation system industries. The company was founded in 1999 and is based in Bilbao, Final Volume (EUR) 150.0m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Cie Automotive, S.A. 50% Pricewaterhousecoopers Auditores, S.L. Santander Asset Management, S.A., S.G.I.I.C. 6% Primary 100% Felix Barandiarán Landin, Mikel 5% Secondary 0% Tower Valley, S.L 3% EDM Gestión S.A. SGIIC 3% Key Financials Free Float 33% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 525.0 644.7 738.4 785.1 10.4% IPO +1D IPO +3M IPO +6M since IPO Growth 14.5% 6.3% 2 Buy Global Dominion Access, S.A. (5.8%) n/a n/a (15.0%) EBITDA 38.0 49.5 58.1 65.4 15.0% 0 Outperform Madrid Ibex 0.5% n/a n/a (12.1%) Margin 7.2% 7.7% 7.9% 8.3% 0 Hold 105 EBIT 29.3 33.9 41.3 48.2 19.2% 0 Underperform Margin 5.6% 5.3% 5.6% 6.1% 0 Sell 100 Net Income 17.0 24.5 29.9 34.1 18.1% 95 Margin 3.2% 3.8% 4.0% 4.3% 90

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 85 Enterprise Value 452.0 EV/Sales 0.7x 0.6x 0.6x

Prices 80 Net Debt 52.3 EV/EBITDA 9.1x 7.8x 6.9x 75 Minority Interest 4.8 EV/EBIT 13.3x 10.9x 9.4x Apr-16 Preferred Equity 0.0 P/E 16.1x 13.2x 11.6x Global Dominion Access, S.A. Madrid Ibex 35 Index Market Cap 394.9 P/B n/a 1.3x 1.2x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 63 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Forterra plc

Company Description IPO Facts . Sector: Construction Materials Ticker LSE:FORT Financial Advisors Forterra plc produces and sells masonry products in the United Kingdom. It offers bricks under the Exchange London Stock Exchange Citigroup Global Markets Limited Initial Filing Date 29-Mar-16 London Brick brand; aircrete blocks under the Thermalite brand, and aggregate blocks. The company Credit Suisse Securities (Europe) Limited Announced Date 29-Mar-16 also provides bespoke products comprising precast concrete under the Jetfloor brand, concrete block Deutsche Bank AG, London Branch # Days Announced to Offer 27 paving under the Formpave brand, chimney and roofing solutions under the Red Bank brand, and Offer Date 25-Apr-16 structural external wall insulation products under the Structherm brand. It serves builders’ merchants, residential homebuilders, specialist brick merchants, contractors, and subcontractors. The company is headquartered in Northampton, the United Kingdom. IPO Price (EUR) 2.32 Filing Price Range (EUR) n/a Final Price Range (EUR) 12.65 - 15.95

Legal Counsel Shares Offered (incl. Greenshoe) 70.0m Greenshoe 0.0% n/a Filing Volume (EUR) 162.5m Final Volume (EUR) 21 162.1m Filing-to-Final Change (0.3%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Pelham Capital Management, LLP 7% Ernst & Young UK Standard Life Investments Limited 5% Primary 0% Ignis Investment Services Limited 0.4% Secondary 100% Premier Fund Managers Limited 0.2% 0 0.0% Key Financials Free Float 89% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 394.1 375.7 400.2 417.8 5.4% IPO +1D IPO +3M IPO +6M since IPO Growth 6.5% 4.4% 2 Buy Forterra plc (4.1%) n/a n/a (26.1%) EBITDA 95.8 87.8 98.1 105.3 9.5% 1 Outperform FTSE All-Share (0.4%) n/a n/a 0.3% Margin 24.3% 23.4% 24.5% 25.2% 0 Hold 105 EBIT 83.0 75.5 85.8 91.0 9.8% 0 Underperform 100 Margin 21.1% 20.1% 21.4% 21.8% 0 Sell 24.5 54.4 63.0 67.0 11.0% 95 Net Income Margin 6.2% 14.5% 15.7% 16.0% 90 85

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 80 Enterprise Value 799.7 EV/Sales 2.1x 2.0x 1.9x Prices 75 Net Debt 517.9 EV/EBITDA 9.1x 8.2x 7.6x 70 Minority Interest 0.0 EV/EBIT 10.6x 9.3x 8.8x Apr-16 Preferred Equity 0.0 P/E 6.3x 5.4x 5.1x Forterra plc FTSE All-Share Index (GBP) Market Cap 343.1 P/B n/a 3.4x n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 64 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Table of Contents

EXECUTIVE SUMMARY FCF OVERVIEW MARKET OVERVIEW - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS RECENT IPO CASE STUDIES - MICRO IPOS - SMALL IPOS - MEDIUM IPOS - LARGE IPOS

65 Basic Fit Nederland B.V.

Company Description IPO Facts . Sector: Leisure Facilities Ticker ENXTAM:BFIT Financial Advisors Basic Fit Nederland B.V. owns and operates fitness clubs in the Netherlands, Belgium, Luxembourg, Exchange EURONEXT Amsterdam ABN AMRO Bank N.V. Initial Filing Date 30-May-16 France, and Spain. The company was founded in 2003 and is based in Hoofddorp, the Netherlands. Barclays Bank PLC Announced Date 30-May-16 Basic Fit Nederland B.V. operates as a subsidiary of Miktom Topco B.V. Coöperatieve Rabobank U.A. # Days Announced to Offer 11 Deutsche Bank AG, London Branch Offer Date 10-Jun-16 ING Bank N.V. KBC Securities NV IPO Price (EUR) 15.00 Morgan Stanley & Co. International plc Filing Price Range (EUR) 15.00 - 20.00 NIBC Bank N.V. Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 26.7m Greenshoe 0.0% Shearman & Sterling (London) LLP Filing Volume (EUR) 533.3m Rutgers Posch Visée Endedijk N.V. Final Volume (EUR) 21 400.0m Filing-to-Final Change (25.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Moos, Rene 14% Ernst & Young Accountants LLP AM Holding B.V. 14% Primary 92% Pelham Capital Ltd 3% Secondary 8% J O Hambro Capital Management Limited 2% Allianz Asset Management AG 2% Key Financials Free Float 64% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 215.3 249.4 301.1 353.6 19.1% IPO +1D IPO +3M IPO +6M since IPO Growth 20.7% 17.4% 0 Buy Basic Fit Nederland B.V. (3.3%) n/a n/a (7.0%) EBITDA 59.4 81.5 104.6 129.7 26.2% 0 Outperform Euronext 150 (2.1%) n/a n/a (6.3%) Margin 27.6% 32.7% 34.7% 36.7% 0 Hold 105 EBIT 5.0 19.5 30.4 43.9 50.0% 0 Underperform Margin 2.3% 7.8% 10.1% 12.4% 1 Sell 100 Net Income (24.3) 14.0 24.9 28.8 43.4% 95 Margin n/m 5.6% 8.3% 8.1%

90 Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018

85 Enterprise Value 1,671.8 EV/Sales 6.7x 5.6x 4.7x Prices Net Debt 490.7 EV/EBITDA 20.5x 16.0x 12.9x 80 Minority Interest 0.0 EV/EBIT 85.7x 55.0x 38.1x Jun-16 Preferred Equity 0.0 P/E 84.4x 47.4x 41.0x Basic Fit Nederland B.V. Euronext 150 Index Market Cap 1,181.1 P/B n/a 2.1x 1.9x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 66 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe DONG Energy AS

Company Description IPO Facts . Sector: Electric Utilities Ticker CPSE:DENERG Financial Advisors DONG Energy AS explores for and produces oil and natural gas, generates electricity and heat, and Exchange Copenhagen Stock Exchange Abg Sundal Collier Denmark, Filial Af Abg Sundal Initial Filing Date 26-May-16 supplies energy to residential and business customers. Its Wind Power segment develops, Collier Asa, Norge Announced Date 26-May-16 constructs, owns, and operates offshore wind farms in Denmark, the United Kingdom, Germany, the Citigroup Global Markets Limited # Days Announced to Offer 14 Netherlands, and the United States. The company's Bioenergy & Thermal Power segment engages in Coöperatieve Rabobank U.A. Offer Date 09-Jun-16 power and heat generation from combined heat and power plants in Denmark and a gas-fired power Danske Bank A/S plant in the Netherlands. Its Distribution & Customer Solutions segment distributes and sells power J.P. Morgan Securities Plc and gas in the wholesale and retail markets in Denmark, Sweden, Germany, and the United IPO Price (EUR) 31.61 Morgan Stanley & Co. International plc Kingdom. The company's Oil & Gas segment engages in oil and gas production in Denmark, Norway, Filing Price Range (EUR) 26.90 - 34.30 Nordea Bank Danmark A/S the United Kingdom, the Faroe Islands, and Greenland as well as owns interests in subsea gas Final Price Range (EUR) 27.00 - 35.50 RBC Europe Limited pipelines and a gas treatment plant in the United Kingdom. DONG Energy AS was founded in 1972 UBS Limited Legal Counsel and is headquartered in Fredericia, Denmark. Shares Offered (incl. Greenshoe) 83.8m Greenshoe 15.0% Gorrissen Federspiel I/S Filing Volume (EUR) 2,498.0m Latham & Watkins (London) LLP Final Volume (EUR) 21 2,302.1m Filing-to-Final Change (7.8%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Denmark (Kingdom of) 49% Pricewaterhousecoopers Statsautoriseret Goldman Sachs Group, Investment Banking and Securities Investments15% Primary 0% Revisionsaktieselskab SEAS-NVE Holding A/S 8% Secondary 100% ATP Real Estate Partners I K/S 4% Poulsen, Henrik 0.0% Key Financials Free Float 24% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 10,303.3 9,746.7 10,118.6 9,275.9 (2.4%) IPO +1D IPO +3M IPO +6M since IPO Growth 3.8% (8.3%) 0 Buy DONG Energy AS 9.8% n/a n/a 2.2% EBITDA 3,245.8 3,094.2 3,022.6 2,771.2 (5.4%) 0 Outperform OMX Stockholm (1.0%) n/a n/a (3.1%) Margin 31.5% 31.7% 29.9% 29.9% 0 Hold 115 EBIT 2,121.8 2,191.2 1,940.8 1,701.6 (11.9%) 1 Underperform Margin 20.6% 22.5% 19.2% 18.3% 0 Sell 110 Net Income (489.2) 715.7 1,053.2 883.8 11.1% 105 Margin n/m 7.3% 10.4% 9.5%

100 Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018

95 Enterprise Value 17,370.8 EV/Sales 1.8x 1.7x 1.9x Prices Net Debt 398.7 EV/EBITDA 5.6x 5.7x 6.3x 90 Minority Interest 781.1 EV/EBIT 7.9x 9.0x 10.2x Jun-16 Preferred Equity 0.0 P/E 22.6x 15.4x 18.3x DONG Energy AS OMX Stockholm All Share Index Market Cap 16,189.3 P/B n/a 1.8x 1.9x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 67 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Philips Lighting N.V.

Company Description IPO Facts . Sector: Electrical Components and Equipment Ticker ENXTAM:LIGHT Financial Advisors Philips Lighting N.V. engages in the development, manufacture, and application of lighting products, Exchange EURONEXT Amsterdam ABN AMRO Bank N.V. Initial Filing Date 16-May-16 systems, and services worldwide. Its light source product portfolio includes incandescent lamps, Citigroup Global Markets Limited Announced Date 16-May-16 halogen lamps, fluorescent lamps, linear fluorescent lamps (LFL), compact fluorescent lamps (CFLs), Coöperatieve Rabobank U.A. # Days Announced to Offer 10 high-intensity discharge (HID) lamps, and light-emitting diode (LED) lamps. The company also offers Goldman Sachs International Offer Date 26-May-16 electronic components, such as electronic ballasts and drivers, as well as complete luminaires for ING Bank N.V. consumers and professional users. In addition, it provides integrated and customized lighting J.P. Morgan Securities Plc systems and services, including light management systems and value-added services, such as IPO Price (EUR) 20.00 Morgan Stanley & Co. International plc energy audits, and light design and engineering, as well as remote monitoring and managed services. Filing Price Range (EUR) 18.50 - 22.50 SG Corporate & Investment Banking The company’s products are used for illumination and visualization in various applications for Final Price Range (EUR) 19.00 - 20.00 residential, road and street, architectural, office, industrial, retail, and hospitality lighting. Further, it Legal Counsel produces light sources and systems for special applications, such as projection, cinema, Shares Offered (incl. Greenshoe) 43.1m entertainment, city beautification, and horticulture, as well as water purification. Philips Lighting N.V. Greenshoe 15.0% Stibbe N.V. was founded in 1891 and is based in Eindhoven, the Netherlands. Filing Volume (EUR) 843.8m Davis Polk & Wardwell London LLP Final Volume (EUR) 2 750.0m Filing-to-Final Change (11.1%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Koninklijke Philips N.V. 71% Ernst & Young Accountants LLP Carmignac Gestion S.A. 0.5% Primary 0% KPMG Accountants N.V. Rondolat, Eric 0.0% Secondary 100% van Schooten, C. L. 0.0% 0 0.0% Key Financials Free Float 29% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 7,440.0 7,431.1 7,492.7 7,568.6 0.9% IPO +1D IPO +3M IPO +6M since IPO Growth 0.8% 1.0% 1 Buy Philips Lighting N.V. 10.0% n/a n/a 3.8% EBITDA 672.0 706.7 717.5 716.3 0.7% 0 Outperform Euronext 150 0.2% n/a n/a (6.3%) Margin 9.0% 9.5% 9.6% 9.5% 1 Hold 115 EBIT 405.0 435.5 444.0 469.0 3.8% 0 Underperform Margin 5.4% 5.9% 5.9% 6.2% 1 Sell 110 Net Income 214.0 281.2 290.5 313.1 5.5% 105 Margin 2.9% 3.8% 3.9% 4.1% 100

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 95 Enterprise Value 3,627.5 EV/Sales 0.5x 0.5x 0.5x

Prices 90 Net Debt 405.0 EV/EBITDA 5.1x 5.1x 5.1x 85 Minority Interest 110.0 EV/EBIT 8.3x 8.2x 7.7x May-16 Preferred Equity 0.0 P/E 11.1x 10.7x 9.9x Philips Lighting N.V. Euronext 150 Index Market Cap 3,112.5 P/B n/a 1.3x 1.3x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 68 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Maison du Monde SA

Company Description IPO Facts . Sector: Home Furnishing Retail Ticker ENXTPA:MDM Financial Advisors Maisons du Monde SA operates as a multichannel retailer of homeware products in European Exchange EURONEXT Paris Citigroup Global Markets Limited Initial Filing Date 13-May-16 markets. Its product categories include decorative products, such as household textiles, tableware Crédit Agricole Corporate and Investment Bank S.A. Announced Date 13-May-16 and kitchenware, and mirrors and picture frames, as well as decorative products and furniture, such Goldman Sachs International # Days Announced to Offer 13 as mirrors and lamps, tables, chairs, armchairs and sofas, cupboards, bookshelves, and outdoor J.P. Morgan Securities Plc Offer Date 26-May-16 furniture. The company also provides logistical management services to warehouses and retail stores; Jefferies International Limited transport services between harbor and warehouses through containers, as well as transports home SG Corporate & Investment Banking furnishings and decorations; and manufactures furniture. It serves customers through a network of IPO Price (EUR) 17.00 stores and its online platform. Maisons du Monde SA is based in Vertou, France. Filing Price Range (EUR) 16.50 - 22.25 Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 22.3m Greenshoe 15.0% n/a Filing Volume (EUR) 385.0m Final Volume (EUR) 2 330.0m Filing-to-Final Change (14.3%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Bain Capital, LP 44% Deloitte & Touche France Fidelity Investments 5% Primary 48% KPMG S.A. Marie, Xavier 3% Secondary 52% Martin Maurel Gestion Institutionnelle 0.1% 0 0.0% Key Financials Free Float 48% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 763.6 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Maisons du Monde SA 5.9% n/a n/a 10.4% EBITDA 91.1 n/a n/a n/a n/a 0 Outperform Euronext 150 0.2% n/a n/a (6.3%) Margin 11.9% n/a n/a n/a 0 Hold 120 EBIT 65.6 n/a n/a n/a n/a 0 Underperform 115 Margin 8.6% n/a n/a n/a 0 Sell (26.4) n/a n/a n/a n/a 110 Net Income Margin n/m n/a n/a n/a 105 100

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 95 Enterprise Value 1,547.8 EV/Sales n/a n/a n/a Prices 90 Net Debt 699.1 EV/EBITDA n/a n/a n/a 85 Minority Interest 0.0 EV/EBIT n/a n/a n/a May-16 Preferred Equity 0.0 P/E n/a n/a n/a Maisons du Monde SA Euronext 150 Index Market Cap 848.7 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 69 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Parques Reunidos Servicios Centrales, S.A.U.

Company Description IPO Facts . Sector: Leisure Facilities Ticker BME:PQR Financial Advisors Parques Reunidos Servicios Centrales, S.A.U. operates leisure facilities. The company operates Exchange Borsa Italia Banca IMI S.p.A. Initial Filing Date 19-Apr-16 amusement and theme parks, zoos, nature parks, water parts, and marine life parks. Parques Banco Bilbao Vizcaya Argentaria, S.A. Announced Date 19-Apr-16 Reunidos Servicios Centrales, S.A.U. was founded in 1967 and is based in Madrid, Spain. Banco de Sabadell, S.A. # Days Announced to Offer 9 Banco Santander, S.A. Offer Date 28-Apr-16 Barclays Bank PLC BNP Paribas SA IPO Price (EUR) 15.50 CaixaBank, S.A. Filing Price Range (EUR) 15.50 - 20.50 Deutsche Bank AG, London Branch Final Price Range (EUR) 3.00 - 3.75 Morgan Stanley & Co. International plc Legal Counsel Shares Offered (incl. Greenshoe) 38.7m Greenshoe 0.0% Freshfields Bruckhaus Deringer LLP Filing Volume (EUR) 685.9m Final Volume (EUR) 21 600.2m Filing-to-Final Change (12.5%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Monkwood Luxco S.A R.L 31% Kpmg Auditores S.L. Morgan Stanley, Investment Banking and Brokerage Investments 10% Primary 87% Centaur Luxco S.a r.l. 7% Secondary 13% Arle Capital Partners Limited 5% Vuvuzela 2 Luxco S.A.R.L 4% Key Financials Free Float 43% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 604.2 622.3 660.1 694.7 5.7% IPO +1D IPO +3M IPO +6M since IPO Growth 6.1% 5.2% 2 Buy Parques Reunidos Servicios Central (4.8%) n/a n/a (15.8%) EBITDA 188.9 205.2 222.3 242.1 8.6% 3 Outperform Madrid Ibex (2.6%) n/a n/a (11.9%) Margin 31.3% 33.0% 33.7% 34.9% 0 Hold 105 EBIT 122.8 136.7 150.3 166.2 10.3% 0 Underperform Margin 20.3% 22.0% 22.8% 23.9% 0 Sell 100 Net Income 19.0 58.9 91.3 103.9 32.8% 95 Margin 3.1% 9.5% 13.8% 15.0%

90 Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018

85 Enterprise Value 2,188.3 EV/Sales 3.5x 3.3x 3.2x Prices Net Debt 1,133.7 EV/EBITDA 10.7x 9.8x 9.0x 80 Minority Interest 0.9 EV/EBIT 16.0x 14.6x 13.2x Apr-16 Preferred Equity 0.0 P/E 17.9x 11.5x 10.1x Parques Reunidos Servicios Centrales, S.A.U. Madrid Ibex 35 Index Market Cap 1,053.7 P/B n/a 0.9x 0.8x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 70 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Telepizza Group, S.A.U.

Company Description IPO Facts . Sector: Restaurants Ticker BME:TPZ Financial Advisors Telepizza Group, S.A.U. provides pizza delivery services. The company offers various pizzas, as well Exchange Borsa Italia Banco Bilbao Vizcaya Argentaria, S.A. Initial Filing Date 14-Apr-16 as other products, including burgers, pasta, salads, sandwiches, and kebabs. As of December 31, Banco Santander, S.A. Announced Date 14-Apr-16 2015, the company operated 1311 stores, including 461 owned and 850 franchised stores under the Barclays Bank PLC # Days Announced to Offer 12 brand Telepizza and Pizza World primarily in Spain, Portugal, Poland, Chile, Colombia, Peru, and Merrill Lynch International Offer Date 26-Apr-16 Ecuador, as well as in the United Arab Emirates, Guatemala, El Salvador, Panama, Bolivia, Russia, Nomura International plc and Angola. The company was formerly known as Foodco Pastries Spain, S.A.U. and changed its UBS Limited name to Telepizza Group, S.A.U. in March 2016. Telepizza Group, S.A.U. was founded in 1987 and IPO Price (EUR) 7.75 is headquartered in San Sebastian de los Reyes, Spain. Filing Price Range (EUR) 7.00 - 9.50 Final Price Range (EUR) 4.50 - 5.10

Legal Counsel Shares Offered (incl. Greenshoe) 78.1m Greenshoe 10.0% Uría Menéndez Abogados, S.L.P. Filing Volume (EUR) 550.0m Davis Polk & Wardwell LLP Final Volume (EUR) 2 550.0m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Permira Adivsers Ltd. 11.5% Kpmg Auditores S.L. UBS Asset Management 7.5% Primary 22% Credit Suisse 4.8% Secondary 78% Morgan Stanley 4.7% FIL Limited 4.2% Key Financials Free Float 67% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 328.9 342.3 366.8 393.3 7.2% IPO +1D IPO +3M IPO +6M since IPO Growth 7.2% 7.2% 4 Buy Telepizza Group, S.A.U. (19.4%) n/a n/a (27.7%) EBITDA 56.2 65.6 73.2 79.0 9.8% 1 Outperform Madrid Ibex 0.5% n/a n/a (12.1%) Margin 17.1% 19.2% 20.0% 20.1% 0 Hold 105 EBIT 41.1 51.9 58.6 63.6 10.7% 0 Underperform 100 Margin 12.5% 15.2% 16.0% 16.2% 0 Sell (1.1) 40.0 42.5 48.6 10.2% 95 Net Income Margin n/m 11.7% 11.6% 12.3% 90 85

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 80 Enterprise Value 918.1 EV/Sales 2.7x 2.5x 2.3x Prices 75 Net Debt 354.2 EV/EBITDA 14.0x 12.5x 11.6x 70 Minority Interest 0.0 EV/EBIT 17.7x 15.7x 14.4x Apr-16 Preferred Equity 0.0 P/E 14.1x 13.3x 11.6x Telepizza Group, S.A.U. Madrid Ibex 35 Index Market Cap 563.9 P/B n/a 1.2x 1.1x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 71 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe VAT Group AG

Company Description IPO Facts . Sector: Industrial Machinery Ticker SWX:VACN Financial Advisors VAT Group AG develops, manufactures, and supplies vacuum valves, multi-valve modules, and edge- Exchange Swiss Stock Exchange Bank Vontobel AG Initial Filing Date 31-Mar-16 welded bellows. Its products are used in semiconductor, display, solar panel manufacturing, and Credit Suisse AG Announced Date 31-Mar-16 research applications. VAT Group AG was founded in 1965 and is based in Haag, Switzerland. J.P. Morgan Securities Plc # Days Announced to Offer 14 Joh. Berenberg, Gossler & Co. KG Offer Date 14-Apr-16 UBS Group AG

IPO Price (EUR) 41.31 Filing Price Range (EUR) 35.80 - 42.23 Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 13.8m Greenshoe 15.0% Freshfields Bruckhaus Deringer LLP Filing Volume (EUR) 506.8m Bär & Karrer AG Final Volume (EUR) 21 495.8m Filing-to-Final Change (2.2%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Partners Group Holding AG 33% KPMG AG, Schweiz Capvis Equity Partners AG 18% Primary 0% KPMG S.à r.l. BlackRock, Inc. 3% Secondary 100% T. Rowe Price Group, Inc. 1% Credit Suisse Asset Management (Switzerland) 1% Key Financials Free Float 43% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue n/a 413.5 443.9 478.6 7.6% IPO +1D IPO +3M IPO +6M since IPO Growth 7.3% 7.8% 1 Buy VAT Group AG 4.5% n/a n/a 37.9% EBITDA n/a 128.0 140.6 153.2 9.4% 1 Outperform SPIX All 1.7% n/a n/a 3.2% Margin n/a 31.0% 31.7% 32.0% 3 Hold 140 EBIT n/a 103.0 114.3 125.5 10.4% 0 Underperform Margin n/a 24.9% 25.8% 26.2% 0 Sell 130 Net Income n/a 79.4 90.9 100.8 12.7% 120 Margin n/a 19.2% 20.5% 21.1%

110 Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018

100 Enterprise Value 1,709.0 EV/Sales 4.1x 3.8x 3.6x Prices Net Debt 0.0 EV/EBITDA 13.4x 12.2x 11.2x 90 Minority Interest 0.0 EV/EBIT 16.6x 14.9x 13.6x Apr-16 Preferred Equity 0.0 P/E 21.5x 18.8x 17.0x VAT Group AG SPIX All Share Index Market Cap 1,709.0 P/B n/a 3.3x 3.1x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 72 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Senvion S.A.

Company Description IPO Facts . Sector: Heavy Electrical Equipment Ticker DB:SEN Financial Advisors Senvion S.A., a machinery engineering company, together with its subsidiaries, develops, Exchange Deutsche Börse Barclays Bank PLC Initial Filing Date 21-Mar-16 manufactures, assembles, installs, and markets onshore and offshore wind turbine generators Citigroup Global Markets Limited Announced Date 21-Mar-16 (WTGs) worldwide. The company provides WTGs with an output ranging from 2 to 6.2 megawatts; Deutsche Bank AG # Days Announced to Offer 0 and rotor diameters ranging from 82 to 152 meters. It also offers project specific solutions in areas, J.P. Morgan Securities Plc Offer Date 21-Mar-16 such as foundation construction, transportation, and installation, as well as service and maintenance. Joh. Berenberg, Gossler & Co. KG The company serves wind utility companies, wind farm developers, and independent producers of Merrill Lynch International renewable power projects. Senvion S.A. is headquartered in Hamburg, Germany. IPO Price (EUR) 15.75 Morgan Stanley & Co. International plc Filing Price Range (EUR) 15.50 - 17.00 Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 18.7m Greenshoe 15.0% White & Case Feddersen Filing Volume (EUR) 276.3m Final Volume (EUR) 21 255.9m Filing-to-Final Change (7.4%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Centerbridge Partners, L.P. 52% Ernst & Young GmbH Arpwood Capital 14% Primary 0% Deutsche Asset & Wealth Management 2% Secondary 100% Rapid Management L.P. 2% UBS Asset Management 1% Key Financials Free Float 29% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 1,589.3 2,278.6 2,333.2 2,435.5 3.4% IPO +1D IPO +3M IPO +6M since IPO Growth 2.4% 4.4% 4 Buy Senvion S.A. 0.9% (23.8%) n/a (23.2%) EBITDA 128.5 222.2 234.9 246.5 5.3% 2 Outperform Germany SDAX 0.9% 2.2% n/a (1.2%) Margin 8.1% 9.8% 10.1% 10.1% 1 Hold 110 EBIT 21.9 88.1 119.5 144.7 28.2% 0 Underperform Margin 1.4% 3.9% 5.1% 5.9% 0 Sell 100 Net Income (102.6) 78.9 89.1 99.4 12.2% 90 Margin n/m 3.5% 3.8% 4.1%

80 Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018

70 Enterprise Value 427.0 EV/Sales 0.2x 0.2x 0.2x Prices Net Debt 454.9 EV/EBITDA 1.9x 1.8x 1.7x 60 Minority Interest 0.2 EV/EBIT 4.8x 3.6x 2.9x Mar-16 Jun-16 Preferred Equity 0.0 P/E 11.0x 9.7x 8.7x Senvion S.A. Germany SDAX Index Market Cap 865.3 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 73 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Scandinavian Tobacco Group A/S

Company Description IPO Facts . Sector: Tobacco Ticker CPSE:STG Financial Advisors Scandinavian Tobacco Group A/S manufactures and sells cigars and pipe tobacco worldwide. It Exchange Copenhagen Stock Exchange Carnegie Investment Bank AB Initial Filing Date 28-Jan-16 operates through five segments: Handmade Cigars, Machine-Made Cigars, Pipe Tobacco, Fine-Cut Deutsche Bank AG, London Branch Announced Date 28-Jan-16 Tobacco, and Other. The Handmade Cigars segment offers handmade cigars under the Cohiba, J.P. Morgan Securities Plc # Days Announced to Offer 13 Macanudo, Partagas, Punch, Hoyo de Monterrey, CAO, La Gloria Cubana, Torano, Foundry, Don Nordea Markets AB Offer Date 10-Feb-16 Tomas, and Sancho Panza brands through general cigar, and online and catalogue retailer, as well as through direct-to-consumer channels. The Machine-Made Cigars segment provides machine-made and little cigars under the La Paz, Henri Wintermans, Petit, Hajinius, Oud Kampen, Café Crème, IPO Price (EUR) 10.53 Captain Black, Winchester, Colts, Mercator, Talon, Break, and Moments brands. The Pipe Tobacco Filing Price Range (EUR) 9.80 - 11.59 segment offers pipe tobacco under the W.Ø. Larsen, Peter Stokkebye, Erinmore, Captain Black, Final Price Range (EUR) 9.00 - 12.00 Borkum Riff, Clan, Smoker’s Pride, and Colts brands. The Fine-Cut Tobacco segment provides fine- Legal Counsel cut tobacco under the Tiedemanns, Bali Shag, Escort, Bugler, and Break brands. The Other segment Shares Offered (incl. Greenshoe) 35.9m sells other tobacco, contract manufacturing (CMA) tobacco, CMA cigars, fire products, tubes/paper, Greenshoe 0.7% Plesner Svane Gronborg lighters, matches, rolling papers, filters, and other accessories. The company was founded in 1750 Filing Volume (EUR) 524.6m Latham & Watkins (London) LLP 21 and is headquartered in Søborg, Denmark. Scandinavian Tobacco Group A/S operates as a Final Volume (EUR) 476.9m Filing-to-Final Change (9.1%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Skandinavisk Holding II A/S 33% Pricewaterhousecoopers Statsautoriseret Swedish Match AB 31% Primary 0% Revisionsaktieselskab Capital Research and Management Company 5% Secondary 100% Fidelity Investments 2% Artisan Partners Limited Partnership 2% Key Financials Free Float 26% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 906.6 910.6 922.8 936.4 1.4% IPO +1D IPO +3M IPO +6M since IPO Growth 1.3% 1.5% 3 Buy Scandinavian Tobacco Group A/S 27.2% 32.7% n/a 39.7% EBITDA 166.5 188.9 193.4 199.3 2.7% 0 Outperform OMX Stockholm 2.0% 8.0% n/a 7.3% Margin 18.4% 20.7% 21.0% 21.3% 2 Hold 150 EBIT 131.1 150.9 153.8 159.0 2.6% 0 Underperform Margin 14.5% 16.6% 16.7% 17.0% 0 Sell 140 Net Income 88.3 114.8 117.7 121.4 2.8% 130 Margin 9.7% 12.6% 12.8% 13.0% 120

Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018 110 Enterprise Value 1,856.7 EV/Sales 2.0x 2.0x 2.0x

Prices 100 Net Debt 387.5 EV/EBITDA 9.8x 9.6x 9.3x 90 Minority Interest 0.0 EV/EBIT 12.3x 12.1x 11.7x Feb-16 May-16 Preferred Equity 0.0 P/E 12.8x 12.5x 12.1x Scandinavian Tobacco Group A/S OMX Stockholm All Share Index Market Cap 1,468.7 P/B n/a 1.2x 1.1x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 74 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Ascential plc

Company Description IPO Facts . Sector: Advertising Ticker LSE:ASCL Financial Advisors Ascential plc operates as an international business-to-business media company. It operates through Exchange London Stock Exchange BNP Paribas SA Initial Filing Date 14-Jan-16 two segments, Exhibitions & Festivals and Information Services. The Exhibitions & Festivals segment Deutsche Bank AG, London Branch Announced Date 14-Jan-16 organizes large-scale exhibitions, congresses, and festivals where customers come together to form Goldman Sachs International # Days Announced to Offer 26 business relationships and transact. The Information Services segment provides forecasting, insight, Merrill Lynch International Offer Date 09-Feb-16 and trend analysis for design-led industries. Ascential plc was incorporated in 2016 and is Numis Securities Limited headquartered in London, United Kingdom. IPO Price (EUR) 2.56 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 150.0m Greenshoe 7.2% Clifford Chance LLP Filing Volume (EUR) 358.6m Final Volume (EUR) 21 358.6m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 The Scott Trust Limited 22% KPMG LLP (United Kingdom) Apax Partners LLP 16% Primary 71% Eden Debtco 2 S.A.R.L. 16% Secondary 29% Eden 4 S.A R.L. 15% Old Mutual Global Investors 12% Key Financials Free Float 18% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations Share Price Performance Revenue 433.3 415.7 439.8 469.6 6.3% IPO +1D IPO +3M IPO +6M since IPO Growth 5.8% 6.8% 4 Buy Ascential plc 0.0% 17.8% n/a 16.8% EBITDA 90.3 121.8 130.2 141.3 7.7% 1 Outperform FTSE 350 (1.0%) 7.5% n/a 12.7% Margin 20.8% 29.3% 29.6% 30.1% 1 Hold 140 EBIT 44.0 105.0 107.7 115.9 5.1% 0 Underperform Margin 10.2% 25.3% 24.5% 24.7% 0 Sell 130 Net Income 21.9 71.6 80.9 91.0 12.7% 120 Margin 5.0% 17.2% 18.4% 19.4%

110 Rebased (in %) (EURm) Valuation FY 2016JJJJ FY 2017 FY 2018

100 Enterprise Value 1,656.3 EV/Sales 4.0x 3.8x 3.5x Prices Net Debt 519.0 EV/EBITDA 13.6x 12.7x 11.7x 90 Minority Interest 0.0 EV/EBIT 15.8x 15.4x 14.3x Feb-16 May-16 Preferred Equity 0.0 P/E 16.7x 14.8x 13.2x Ascential plc FTSE 350 Index (GBP) Market Cap 1,198.7 P/B n/a 2.8x 2.5x

Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 75 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Contact Details & Disclaimer

DISCLAIMER This document does not constitute an offer or invitation to purchase or subscribe for any securities, and neither this document nor anything contained herein shall form the basis of or may be relied upon in connection with any contract or commitment whatsoever. No representation or warranty (express or implied) is made as to, and no FCFFCF Fox Fox CorporateCorporate FinanceFinance GmbH GmbH reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, Maximilianstrasse 12-14 ▪ 80539 Munich ▪ Germany Maximilianstrasse 12-14 ▪ 80539 Munich ▪ Germany omissions or misstatements contained herein, and, accordingly, neither FCF nor any of Telephone +49 (89) 206 0409-0 ▪ Facsimile +49 (89) 206 0409-299 Telephone +49 (89) 206 0409-0 ▪ Facsimile +49 (89) 206 0409-299 its officers, directors or employees accepts any liability whatsoever arising directly or [email protected]@fcf.de ▪ www.fcf.dewww.fcf.de indirectly from the use of this document. By accepting this document you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the ArnoArno FuchsFuchs Dr.Dr. Mathias Schott ChiefChief ExecutiveExecutive Officer Associate Company's business. This document contains certain forward-looking statements, including assumptions, opinions and views cited from third party sources. Various P:P: + +4949 (89) (89) 206206 0409--100100 P:P: + +4949 (89)(89) 206206 0409--123123 M:M: ++4949 (172) 863 67776777 M:M: ++4949 ((174)174) 301 18461846 known and unknown risks, uncertainties and other factors could cause the actual [email protected]@fcf.de [email protected]@fcf.de results, financial position, development or performance of the Company to differ materially from the estimations expressed or implied herein. FCF does not guarantee that the figures, assumptions and calculations underlying such historical and forward Lars Dürschlag Florian Theyermann looking statements are free from errors nor does FCF accept any responsibility for the Director Director future accuracy of the opinions expressed in this document or the actual occurrence of P: +49 (89) 206 0409-118 P: +49 (89) 206 0409-124 the forecasted developments. M: +49 (173) 863 8442 M: +49 (172) 839 5737 [email protected] [email protected] © FCF Fox Corporate Finance GmbH 2016

76 THE FINANCING SPECIALIST