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FCF Valuation Monitor German Small- / Midcap Companies – Q2 2020 AGENDA Executive Summary I

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FCF Valuation Monitor German Small- / Midcap Companies – Q2 2020 AGENDA Executive Summary I FCF Valuation Monitor German Small- / Midcap Companies – Q2 2020 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x Executive Summary The FCF Valuation FCF Valuation Monitor Recipients Monitor is a standardized report is a comprehensive valuation analysis for the German small / midcap The FCF Valuation Monitor targets the following recipients: on valuations in the market segment and is published by FCF on a quarterly basis German small / ■ Institutional investors ■ Family Offices / High Net- midcap segment and ■ Private equity investors Worth Individuals is a quick reference ■ Venture capital investors ■ Corporates Selection of Companies for investors, ■ Advisors corporates and professionals The selection of companies is primarily based on the regulated market of the Deutsche Börse: Data ■ Large cap DAX 30 companies are excluded All input data is provided by S&P Capital IQ and is not independently More advanced, verified by FCF. Ratio and multiple calculations are driven based on ■ Certain sectors which are dominated by large cap companies detailed and / or the input data available. For additional information and disclaimer, or which are of limited relevance for a small / midcap analysis please refer to the last page customized reports have been excluded (e.g. financials, utilities, automotive are available upon manufacturers and specialty sectors such as biotech and request healthcare services / hospitals) Availability ■ The allocation of companies into a specific sector is based on FCF’s understanding & classification of the companies’ The FCF Valuation Monitor is available on FCF’s website at business models and differs in part from the standard “www.fcf.de“ Deutsche Börse sector allocation ■ The universe includes companies fulfilling one of the following minimum size criteria: Current market capitalization > EUR To recommend colleagues or fellow investors to be added to the 50m, 2020e sales > EUR 50m, 2020e EBITDA > EUR 10m, mailing list, kindly send an email with the respective contact LFQA Equity > EUR 25m. Smaller companies with a current information market capitalization of at least EUR 20m are also included, if they are deemed relevant / representative for their respective sectors. Companies with a current Free Float < 15% have If you have questions, comments or ideas, please do not hesitate been excluded from the analysis as they are deemed less to contact us liquid / more volatile. In addition, certain companies that do not represent their respective sectors have been excluded 3 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x FCF Overview FCF seeks to Who We Are Capital Markets Capabilities and Services provide its clients ■ Specialized investment bank and financing specialist ■ Venture capital ■ Private equity with financing Private / ■ Advising public and private small / midcap companies Pre-IPO ■ Growth capital solutions ■ Advisor for structuring and placement of financing transactions: ■ Initial Public Offering pursued in tandem) (i) at the lowest (IPO) / Capital increase ■ Private Investment in Equity Public cost, − All instruments: Unbiased approach to all available corporate ■ Dual-track (IPO and Public Equity (PIPE) financing instruments (no product selling approach), allowing alternative transaction ■ Block trade (ii) with the highest for customized financing structures flexibility, ■ Receivables / Factoring / ■ Working capital / − All investors: Close and trusted relationships with senior Short-term Asset-backed Securities Revolving credit facility (iii) in the shortest executives of virtually all relevant equity and debt investors Debt ■ Borrowing base / ■ Guarantees / Inventory Letter of Credit period of time, − Fast process: Process management skills and direct / personal (iv) with the highest access to institutional debt and equity investors enable fast ■ Bank loan facility / ■ Promissory note Syndicated loans (Schuldscheindarlehen) closing proba- transactions Debt ■ Sale-and-lease back / ■ Second lien / Long-term Leasing Subordinated loans bility, and with Debt ■ More than 100 transactions with a total placement volume in ■ Corporate bonds (public / ■ Venture Debt (v) financing excess of EUR 4.0 billion since foundation in 2005 private placement) ■ Unitranches partners that ■ High-yield / PIK bond ■ More than 10 professionals headquartered in Munich integrate well Mezzanine ■ Mezzanine capital ■ Convertible bonds into their strategy Selected Transactions Family Office Advisory European Investment Guarantee & Debt Syndicated Loan, Capital Increase and Syndicated Loan Round Extension Transaction Support Capital Increase Factoring Facility Investment in Acquisition Financing & Acquisition Bank Debt Facility Facilities Factoring and Inventory Round Extension Facility Financing Facilities Leasing [confidential] [confidential] Advisor to AkrosA Hydrogenious LOHC Infrastructure Hydrogenious LOHC Doppstadt GSE Group Homegoods Company ROBART GmbH Vasopharm GmbH Synapticon GmbH KMP Holding GmbH Private Equity KMP Holding GmbH Technologies GmbH Company Technologies GmbH Familienholding GmbH Acquisition by Finexx GmbH & Co. KG EUR 80m [confidential] [confidential] ~ EUR 20m EUR 17m EUR 80m > EUR 10m [confidential] > EUR 10m > EUR 15m [confidential] June 2020 February 2020 December 2019 November 2019 July 2019 July 2019 June 2019 June / January 2019 March 2019 December 2018 December 2018 April 2018 European Investment European Investment European Investment European Investment Syndicated Loan Bilateral European Investment Syndicated Loan Bilateral Loan Facility Capital Increase Capital Increase Promissory Note Bank Debt Facility Bank Debt Facility Bank Debt Facility Bank Debt Facility Facility Loan Facility Bank Debt Facility Facility and Factoring [confidential] [confidential] DSD – Duales System Business Service Leading Virtual Ziegler Holzindustrie Schnellecke Group Schnellecke Group censhare AG AMW GmbH Voxeljet AG numares AG MagForce AG Holding Biofrontera AG Provider Reality Company GmbH & Co. KG AG & Co. KG AG & Co. KG GmbH & Co. KG > EUR 10m < EUR 10m EUR 25m EUR 25m EUR 25m EUR 11m EUR 35m EUR 70m EUR 55m EUR 30m EUR 20m EUR 155m April 2018 April 2018 December 2017 December 2017 November 2017 November 2017 July 2017 July 2017 June 2017 June 2017 May 2017 March 2017 5 FCF Facts & Figures More than Close to More than More than # 1 10 100 100 4 bn Financing advisor in Investment banking Years of aggregated, Completed Total volume of advised Germany, purely focusing professionals investment banking / transactions & closed transactions on corporate financing financing experience since 2005 transactions More than More than Network 2000 25 120 Leading Access to more than Contacts to family offices International conferences Articles and research Advisor for financing 4000 international and ultra high net worth organized papers published transactions with EIB in financial institutions individuals worldwide the DACH region 6 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x Market Overview 36 Month Development of Selected Indices Performance 12 Month Development of Selected Indices Performance Index in % Index in % 160 115 150 TecDAX +35.0% 110 TecDAX +1.0% 140 105 SDAX +6.4% SDAX +0.6% 130 100 120 MDAX +5.7% 95 MDAX -0.3% 110 90 DAX -0.1% DAX -2.0% 100 85 90 80 Rebased Prices(in%) Rebased Prices(in%) 80 75 70 70 60 65 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 TecDAX SDAX MDAX DAX TecDAX SDAX MDAX DAX 3 Month Development of Selected Indices Performance Comment Index in % ■ Since Q1 2020, the global coronavirus (covid-19) pandemic has forced nations 140 DAX +28.6% temporarily into lockdowns and induced significant market uncertainty and volatility 135 SDAX +27.7% ■ Over the last 36 months, the TecDAX significantly outperformed its German peers 130 gaining +35.0% since Q2 2017 125 MDAX +26.1% ■ All four major German indices have recovered from the extreme market shock in 120 TecDAX +15.2% March 2020 and are trading close to par vs. 12 months prior. The TecDax and SDAX 115 recorded a slightly positive performance with +1.0% and +0.6%, while the MDAX and 110 DAX showed a slightly negative performance of -0.3% and -2.0%, respectively Rebased Prices(in%) 105 100 ■ All four major German indices are trading significantly higher than three months prior 95 in response to the vast fiscal and monetary stimulus. The performance in Q2 2020 Mar-20 Apr-20 May-20 Jun-20 ranged between +28.6% (DAX) and +15.2% (TecDAX) TecDAX SDAX MDAX DAX Source: S&P Capital IQ as of July 8, 2020 8 Historical EBITDA Multiples (last 10 years) EV / EBITDA 10-Year Average 21.0x TecDAX 14.2x 19.0x SDAX 12.0x 17.0x MDAX 11.6x 15.0x 13.0x DAX 10.1x 11.0x 9.0x 7.0x 5.0x DAX MDAX SDAX TecDax Comment ■ After a sudden and strong downwards trajectory in response to the global coronavirus (covid-19) pandemic and generally pessimistic market sentiment in mid- February 2020, all major German indices are again on an upward-trajectory to reach their pre-covid-19 valuation levels ■ The TecDAX trades at an EBITDA multiple that is 7.6x higher than 10 years prior (18.0x vs. 10.4x ), while the MDAX, SDAX and DAX trade at EBITDA multiples that are 5.2x, 3.3x and 2.8x (15.0x vs. 9.8x, 13.1x vs. 9.8x and 12.8x vs. 10.0x) higher than 10 years ago, respectively ■ Historically, the TecDAX has traded at valuation levels above
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