FCF Fox Corporate Finance GmbH

Growth & Multiple Regression Analysis

Supporting Document to

FCF Valuation Monitor German Small- / Midcap Companies

Q1 2017

Data as of March 31, 2017 Published as of April 26, 2017 Executive Summary I. FCF Overview II. Sector Overview III. Sector Regression Analysis a) Automotive Supply b) Communications Services c) Construction Products / Services d) Consumer Products / Services e) H i g h t e c h / Advanced Machinery f) Industrial / Business Services g) Industrial Machinery h) Industrial Materials i) Industrial Products j) Internet Products / Services k) IT Services l) Media & Entertainment m) P h a r m a & Healthcare n) Renewable Products / Services o) S o f t w a r e p) T e c h n o l o g y q) Transportation & Logistics 2 Executive Summary I. FCF Overview II. Sector Overview III. Sector Regression Analysis a) Automotive Supply b) Communications Services c) Construction Products / Services d) Consumer Products / Services e) H i g h t e c h / Advanced Machinery f) Industrial / Business Services g) Industrial Machinery h) Industrial Materials i) Industrial Products j) Internet Products / Services k) IT Services l) Media & Entertainment m) P h a r m a & Healthcare n) Renewable Products / Services o) S o f t w a r e p) T e c h n o l o g y q) Transportation & Logistics 3 Executive Summary

The Growth & Executive Summary Multiple Regression . The Growth & Multiple Regression Analysis is a standardized publication and a supporting document to the FCF Valuation Monitor Analysis is a supporting document . The analysis offers further information of the current valuation levels of German listed small and midcap companies to the FCF Valuation . The calculations provide insights into the impact of Sales CAGRs and EBITDA CAGRs on EBITDA multiples by each sector Monitor, providing information on the . As also explained in the FCF Valuation Monitor, the selection of companies is primarily based on the Prime Standard All Share Index as current valuation well as selected companies listed on the regulated market: levels of German Large cap DAX 30 companies are excluded small and midcap – companies – Certain sectors which are dominated by large cap companies or which are of limited relevance for a small / midcap analysis have been excluded (e.g. financials, utilities, automotive manufacturers and specialty sectors such as biotech and healthcare services / hospitals) More advanced, – The allocation of companies into a specific sector is based on FCF’s understanding & classification of the companies’ business detailed and / or models and differs in part from the standard Deutsche Börse sector allocation customized reports The universe includes companies fulfilling one of the following minimum size criteria: Current market capitalization > EUR 50m, are available upon – 2017e sales > EUR 50m, 2017e EBITDA > EUR 10m, LFQA Equity > 25m. Smaller companies with a current market capitalization request of at least EUR 20m are also included, if they are deemed relevant / representative for their respective sectors. In addition, certain companies that do not represent their respective sectors have been excluded . 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

. Please do not hesitate to contact us, if you have further questions

4 Executive Summary I. FCF Overview II. Sector Overview III. Sector Regression Analysis a) Automotive Supply b) Communications Services c) Construction Products / Services d) Consumer Products / Services e) H i g h t e c h / Advanced Machinery f) Industrial / Business Services g) Industrial Machinery h) Industrial Materials i) Industrial Products j) Internet Products / Services k) IT Services l) Media & Entertainment m) P h a r m a & Healthcare n) Renewable Products / Services o) S o f t w a r e p) T e c h n o l o g y q) Transportation & Logistics 5 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. 15 professionals, headquartered in Munich Mezzanine  Mezzanine capital  Convertible bond into their strategy .

Selected Transactions

Factoring Syndicated Loan Advisor to the Family Debt Financing Senior Debt Financing and Firm

[confidential] [confidential] [confidential]

Leading German Leading German W Schulz Group German Furniture Max Aicher Group Logistics Company Logistics Company Sale to Berkshire Hathaway Company EUR 45m EUR 105m [confidential] > EUR 35m [confidential]

March 2017 March 2017 February 2017 July 2016 April 2016

6 Executive Summary I. FCF Overview II. Sector Overview III. Sector Regression Analysis a) Automotive Supply b) Communications Services c) Construction Products / Services d) Consumer Products / Services e) H i g h t e c h / Advanced Machinery f) Industrial / Business Services g) Industrial Machinery h) Industrial Materials i) Industrial Products j) Internet Products / Services k) IT Services l) Media & Entertainment m) Pharma & Healthcare n) Renewable Products / Services o) S o f t w a r e p) T e c h n o l o g y q) Transportation & Logistics 7 Sector Overview - EV / EBITDA vs. Sales CAGR

25.0x

Internet Products / Services

20.0x

15.0x IT Services Software

Hightech / Advanced Machinery

Industrial / Business Services Industrial Materials Industrial Machinery Technology 10.0x Pharma & Healthcare

EV / EBITDA 2017 / EBITDA EV Industrial Products Consumer Products / Services Communications Services Media & Entertainment Renewable Products / Services Construction Products / Services

Transportation & Logistics Automotive Supply

5.0x

R² = 0.4774 0.0x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 8 Sector Overview - EV / EBITDA vs. EBITDA CAGR

25.0x

Internet Products / Services

20.0x

15.0x Software

Hightech / Advanced Machinery

IT Services

Pharma & Healthcare Communications Services 10.0x Industrial Machinery Industrial Materials Media & Entertainment

EV / EBITDA 2017 / EBITDA EV Industrial / Business Services Technology Industrial Products Consumer Products / Services Renewable Products / Services Construction Products / Services Transportation & Logistics Automotive Supply

5.0x

R² = 0.5682 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 9 Executive Summary I. FCF Overview II. Sector Overview III. Sector Regression Analysis a) Automotive Supply b) Communications Services c) Construction Products / Services d) Consumer Products / Services e) H i g h t e c h / Advanced Machinery f) Industrial / Business Services g) Industrial Machinery h) Industrial Materials i) Industrial Products j) Internet Products / Services k) IT Services l) Media & Entertainment m) P h a r m a & Healthcare n) Renewable Products / Services o) S o f t w a r e p) T e c h n o l o g y q) Transportation & Logistics 10 Automotive Supply - EV / EBITDA vs. Sales CAGR

14.0x

Paragon AG 12.0x

10.0x

8.0x Saf-Holland S.A. Bertrandt Aktiengesellschaft

ElringKlinger AG Grammer Aktiengesellschaft 6.0x LEONI AG Softing AG

EV / EBITDA 2017 / EBITDA EV DEUTZ Aktiengesellschaft Schaeffler AG Rheinmetall AG Hella KGaA Hueck & Co. Progress Werk Oberkirch AG SHW AG 4.0x

2.0x

R² = 0.4064 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 11 Automotive Supply - EV / EBITDA vs. EBITDA CAGR

14.0x

Paragon AG 12.0x

10.0x

Saf-Holland S.A. 8.0x Bertrandt Aktiengesellschaft ElringKlinger AG

Grammer Aktiengesellschaft Softing AG 6.0x LEONI AG Rheinmetall AG

EV / EBITDA 2017 / EBITDA EV Schaeffler AG DEUTZ Aktiengesellschaft Hella KGaA Hueck & Co. Progress Werk Oberkirch AG SHW AG

4.0x

2.0x

R² = 0.3249 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 12 Communications Services - EV / EBITDA vs. Sales CAGR

18.0x

16.0x Drillisch Aktiengesellschaft

14.0x

freenet AG 12.0x

United Internet AG

10.0x 3U Holding AG Telefónica Deutschland Holding AG 8.0x

QSC AG EV / EBITDA 2017 / EBITDA EV

6.0x

4.0x ecotel communication ag

2.0x

R² = 0.4056 0.0x -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 13 Communications Services - EV / EBITDA vs. EBITDA CAGR

16.0x Drillisch Aktiengesellschaft

14.0x

freenet AG 12.0x

United Internet AG 10.0x 3U Holding AG

Telefónica Deutschland Holding AG 8.0x

QSC AG

EV / EBITDA 2017 / EBITDA EV 6.0x

4.0x ecotel communication ag

2.0x

R² = 0.0466 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 14 Construction Products / Services - EV / EBITDA vs. Sales CAGR

10.0x

9.0x SE HOCHTIEF Aktiengesellschaft

STEICO SE 8.0x SE Einhell AG 7.0x A.S. Création Tapeten AG

6.0x BAUER Aktiengesellschaft

5.0x

4.0x EV / EBITDA 2017 / EBITDA EV

3.0x

2.0x

1.0x

R² = 0.5326 0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 15 Construction Products / Services - EV / EBITDA vs. EBITDA CAGR

10.0x

9.0x Wacker Neuson SE HOCHTIEF Aktiengesellschaft

8.0x Bilfinger SE

7.0x A.S. Création Tapeten AG

6.0x BAUER Aktiengesellschaft

5.0x

4.0x EV / EBITDA 2017 / EBITDA EV

3.0x

2.0x

1.0x

R² = 0.0093 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 16 Note: Einhell Germany AG and STEICO SE have been omitted due to missing data Consumer Products / Services - EV / EBITDA vs. Sales CAGR

20.0x Fielmann AG

18.0x

16.0x

PUMA SE

14.0x LUDWIG BECK am Rathauseck - Textilhaus Feldmeier AG

12.0x Hawesko Holding Aktiengesellschaft

Ahlers AG 10.0x Gerry Weber International AG Hugo Boss AG AG 8.0x

EV / EBITDA 2017 / EBITDA EV Südzucker AG Tom Tailor Holding AG Alno AG Holding AG & Co. KGaA 6.0x Stiftung & Co. KGaA Villeroy & Boch AG

4.0x Adler Modemärkte AG METRO AG 2.0x

R² = 0.2077 0.0x -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 17 Note: Gigaset AG has been omitted due to missing data Consumer Products / Services - EV / EBITDA vs. EBITDA CAGR

10.0x

9.0x Wacker Neuson SE HOCHTIEF Aktiengesellschaft

8.0x Bilfinger SE

7.0x A.S. Création Tapeten AG

6.0x BAUER Aktiengesellschaft

5.0x

4.0x EV / EBITDA 2017 / EBITDA EV

3.0x

2.0x

1.0x

R² = 0.0093 .0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 18 Note: Gigaset AG has been omitted due to missing data Hightech / Advanced Machinery - EV / EBITDA vs. Sales CAGR

50.0x

SLM Solutions Group AG 45.0x

40.0x

35.0x

30.0x

25.0x

20.0x EV / EBITDA 2017 / EBITDA EV LPKF Laser & Electronics Aktiengesellschaft

15.0x

MTU Aero Engines AG

10.0x Dr. Hönle AG Manz AG Viscom AG Basler Aktiengesellschaft Suss MicroTec AG

5.0x Singulus Technologies AG

Francotyp-Postalia Holding AG R² = 0.8503 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 19 Note: and PVA TePla AG have been omitted due to missing data Hightech / Advanced Machinery - EV / EBITDA vs. EBITDA CAGR

50.0x

45.0x SLM Solutions Group AG

40.0x

35.0x

30.0x

25.0x

20.0x EV / EBITDA 2017 / EBITDA EV

LPKF Laser & Electronics Aktiengesellschaft 15.0x

MTU Aero Engines AG

10.0x Dr. Hönle AG Viscom AG Manz AG

Basler Aktiengesellschaft Suss MicroTec AG 5.0x Francotyp-Postalia Holding AG R² = 0.8346 0.0x 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 20 Note: Aixtron, PVA TePla Ag and Singulus Technologies AG have been omitted due to missing data Industrial / Business Services - EV / EBITDA vs. Sales CAGR

25.0x KROMI Logistik AG

20.0x

15.0x

Amadeus FiRe AG

GfK SE

10.0x TAKKT AG EV / EBITDA 2017 / EBITDA EV

Klöckner & Co SE

5.0x Muehlhan AG

R² = 0.7865 0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 21 Note: msg life AG has been omitted due to missing data Industrial / Business Services - EV / EBITDA vs. EBITDA CAGR

12.0x

Amadeus FiRe AG

10.0x TAKKT AG

GfK SE

8.0x

Klöckner & Co SE msg life ag

6.0x EV / EBITDA 2017 / EBITDA EV

4.0x Muehlhan AG

2.0x

R² = 0.0023 0.0x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 22 Note: KROMI Logistic AG has been omitted due to missing data Industrial Machinery - EV / EBITDA vs. Sales CAGR

16.0x

KUKA Aktiengesellschaft 14.0x

Isra Vision AG

12.0x Washtec AG

GEA Group Aktiengesellschaft Technotrans AG SMT Scharf AG 10.0x KION GROUP AG

Krones AG Aktiengesellschaft 8.0x Koenig & Bauer AG Dürr Aktiengesellschaft

EV / EBITDA 2017 / EBITDA EV 6.0x

Heidelberger Druckmaschinen Aktiengesellschaft 4.0x

2.0x

R² = 0.3008 0.0x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 23 Note: DMG Mori Aktiengesellschaft has been omitted due to missing data Industrial Machinery - EV / EBITDA vs. EBITDA CAGR

R² = 0.1301 16.0x

KUKA Aktiengesellschaft 14.0x

Isra Vision AG

12.0x Washtec AG

GEA Group Aktiengesellschaft SMT Scharf AG 10.0x Technotrans AG KION GROUP AG Jungheinrich Aktiengesellschaft AG 8.0x Dürr Aktiengesellschaft Koenig & Bauer AG

EV / EBITDA 2017 / EBITDA EV 6.0x

Heidelberger Druckmaschinen Aktiengesellschaft 4.0x

2.0x

0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 24 Note: DMG Mori Aktiengesellschaft has been omitted due to missing data Industrial Materials - EV / EBITDA vs. Sales CAGR

25.0x

SGL Carbon SE 20.0x

15.0x Symrise AG

Fuchs Petrolub SE

BayWa Aktiengesellschaft Brenntag AG KWS Saat SE

10.0x EV / EBITDA 2017 / EBITDA EV

Aurubis AG Covestro Aktiengesellschaft H&R GmbH & Co. KGaA AG Evonik Industries AG 5.0x AG

R² = 0.1927 0.0x -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 25 Industrial Materials - EV / EBITDA vs. EBITDA CAGR

25.0x

SGL Carbon SE 20.0x

15.0x Symrise AG

Fuchs Petrolub SE

BayWa Aktiengesellschaft Brenntag AG KWS Saat SE

10.0x EV / EBITDA 2017 / EBITDA EV

H&R GmbH & Co. KGaA Covestro Aktiengesellschaft Aurubis AG Siltronic AG Wacker Chemie AG 5.0x Evonik Industries AG

R² = 0.4812 0.0x -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 26 Industrial Products - EV / EBITDA vs. Sales CAGR

30.0x

25.0x RATIONAL Aktiengesellschaft

20.0x

15.0x va-Q-tec AG

EV / EBITDA 2017 / EBITDA EV Schaltbau Holding AG R. Stahl AG Nanogate AG

10.0x AG SE Technology AG K+S Aktiengesellschaft Masterflex SE OSRAM Licht AG Gesco AG LANXESS Aktiengesellschaft Nabaltec AG 5.0x CENTROTEC Sustainable AG Westag & Getalit AG Salzgitter Aktiengesellschaft

R² = 0.1691 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

Sales CAGR 2017-2019

Source: S&P Capital IQ as of March 31, 2017 27 Note: Surteco SE has been omitted due to missing data Industrial Products - EV / EBITDA vs. EBITDA CAGR

25.0x RATIONAL Aktiengesellschaft

20.0x

15.0x va-Q-tec AG

Nanogate AG Pfeiffer Vacuum Technology AG Schaltbau Holding AG R. Stahl AG 10.0x Vossloh AG EV / EBITDA 2017 / EBITDA EV OSRAM Licht AG NORMA Group SE K+S Aktiengesellschaft Masterflex SE LANXESS Aktiengesellschaft Gesco AG

Surteco SE Nabaltec AG 5.0x CENTROTEC Sustainable AG Westag & Getalit AG

Salzgitter Aktiengesellschaft

R² = 0.1376 0.0x 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

EBITDA CAGR 2017-2019

Source: S&P Capital IQ as of March 31, 2017 28 Internet Products / Services - EV / EBITDA vs. Sales CAGR

80.0x

70.0x elumeo SE

60.0x

50.0x

40.0x AG

EV / EBITDA 2017 / EBITDA EV 30.0x

Zalando SE

20.0x Bet-At-Home.com AG Scout24 AG XING AG Syzygy AG Delticom AG Wirecard AG 10.0x

ZEAL Network SE R² = 0.0015 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 29 Note: Lotto24, Rocket Internet and windeln.de have been omitted due to missing data Internet Products / Services - EV / EBITDA vs. EBITDA CAGR

80.0x

70.0x elumeo SE

60.0x

50.0x

40.0x zooplus AG

EV / EBITDA 2017 / EBITDA EV 30.0x

Zalando SE

20.0x Bet-At-Home.com AG XING AG Scout24 AG Syzygy AG Wirecard AG 10.0x Delticom AG

ZEAL Network SE R² = 0.7961 0.0x 0.0% 50.0% 100.0% 150.0% 200.0% 250.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 30 Note: Lotto24, Rocket Internet and windeln.de have been omitted due to missing data IT Services - EV / EBITDA vs. Sales CAGR

35.0x

30.0x

InVision Aktiengesellschaft

25.0x

KPS AG

20.0x

SinnerSchrader Aktiengesellschaft

secunet Security Networks

15.0x Aktiengesellschaft EV / EBITDA 2017 / EBITDA EV CENIT Aktiengesellschaft AG GFT Technologies SE 10.0x Cancom SE Diebold Nixdorf PSI Aktiengesellschaft für Produkte und Aktiengesellschaft Systeme der Informationstechnologie

5.0x

R² = 0.6477 0.0x 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 31 Note: All for One Steeb AG and Allgeier SE have been omitted due to missing data IT Services - EV / EBITDA vs. EBITDA CAGR

25.0x

KPS AG

20.0x

SinnerSchrader Aktiengesellschaft

secunet Security Networks Aktiengesellschaft

15.0x

Bechtle AG 10.0x CENIT Aktiengesellschaft GFT Technologies SE

EV / EBITDA 2017 / EBITDA EV Cancom SE Diebold Nixdorf Aktiengesellschaft PSI Aktiengesellschaft für Produkte und Systeme der Informationstechnologie

5.0x

R² = 0.3145 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 32 Note: All for One Steeb AG, Allgeier SE and InVision Aktiengesellschaft have been omitted due to missing data Media & Entertainment - EV / EBITDA vs. Sales CAGR

16.0x

14.0x CTS Eventim AG & Co. KGaA

12.0x

Axel Springer SE Ströer SE & Co. KGaA 10.0x

Tele Columbus AG

8.0x

EV / EBITDA 2017 / EBITDA EV 6.0x

Bastei Lübbe AG 4.0x

2.0x Constantin Medien AG

R² = 0.0006 0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 33 Note: DEAG Deutsche Entertainment Aktiengesellschaft has been omitted due to missing data Media & Entertainment - EV / EBITDA vs. EBITDA CAGR

16.0x

14.0x CTS Eventim AG & Co. KGaA

12.0x

Axel Springer SE Ströer SE & Co. KGaA 10.0x

Tele Columbus AG 8.0x

EV / EBITDA 2017 / EBITDA EV 6.0x

Bastei Lübbe AG 4.0x

2.0x

R² = 0.6031 0.0x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 34 Note: Constantin Medien AG and DEAG Deutsche Entertainment Aktiengesellschaft have been omitted due to missing data Pharma & Healthcare - EV / EBITDA vs. Sales CAGR

20.0x

Carl Zeiss Meditec AG 18.0x

16.0x STRATEC Biomedical AG

14.0x

Biotest Aktiengesellschaft Rhön-Klinikum Aktiengesellschaft 12.0x

STADA Arzneimittel Aktiengesellschaft 10.0x Gerresheimer AG

8.0x EV / EBITDA 2017 / EBITDA EV

MEDICLIN Aktiengesellschaft Dragerwerk AG & Co. KGaA 6.0x

Eckert & Ziegler Strahlen- und Medizintechnik AG AAP Implantate AG 4.0x

2.0x

R² = 0.1908 0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 35 Note: Biofrontera AG and Geratherm Medical have been omitted due to missing data Pharma & Healthcare - EV / EBITDA vs. EBITDA CAGR

20.0x

18.0x AG

16.0x STRATEC Biomedical AG

14.0x Rhön-Klinikum Aktiengesellschaft Biotest Aktiengesellschaft 12.0x

STADA Arzneimittel Aktiengesellschaft 10.0x Gerresheimer AG

8.0x EV / EBITDA 2017 / EBITDA EV

Dragerwerk AG & Co. KGaA 6.0x MEDICLIN Aktiengesellschaft Eckert & Ziegler Strahlen- und Medizintechnik AG 4.0x

2.0x

R² = 0.1882 0.0x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

EBITDA CAGR 2017-2019

Source: S&P Capital IQ as of March 31, 2017 36 Note: AAP Implantate AG, Biofrontera AG and Geratherm Medical have been omitted due to missing data Renewable Products / Services - EV / EBITDA vs. Sales CAGR

14.0x

PNE Wind AG

12.0x

Daldrup & Söhne Aktiengesellschaft

10.0x

CHORUS Clean Energy AG

8.0x

CropEnergies AG

6.0x SMA Solar Technology AG EV / EBITDA 2017 / EBITDA EV

Nordex SE

4.0x

2.0x

R² = 0.6445 0.0x -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Sales CAGR 2017-2019

Source: S&P Capital IQ as of March 31, 2017 37 Note: Aktiengesellschaft, SolarWorld Aktiengesellschaft and Vereinigte BioEnergie has been omitted due to missing data Renewable Products / Services - EV / EBITDA vs. EBITDA CAGR

14.0x

PNE Wind AG 12.0x

Daldrup & Söhne Aktiengesellschaft

10.0x

8.0x

CropEnergies AG

6.0x SMA Solar Technology AG EV / EBITDA 2017 / EBITDA EV SE

4.0x

2.0x

R² = 0.5775 0.0x -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 38 Note: CHORUS Clean Energy AG, Phoenix Solar Aktiengesellschaft, SolarWorld Aktiengesellschaft and VERBIO Vereinigte BioEnergie have been omitted due to missing data Software - EV / EBITDA vs. Sales CAGR

25.0x

Nemetschek SE 20.0x

SNP Schneider-Neureither & Partner AG

USU Software AG CompuGroup Medical 15.0x Mensch und Maschine Software SE

Nexus AG GK Software AG

10.0x Software Aktiengesellschaft EV / EBITDA 2017 / EBITDA EV

MeVis Medical Solutions AG

5.0x

R² = 0.6811 0.0x -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 39 Note: ATOSS Software AG and IVU Traffic Technologies have been omitted due to missing data Software - EV / EBITDA vs. EBITDA CAGR

25.0x

Nemetschek SE 20.0x

SNP Schneider-Neureither & Partner AG

CompuGroup Medical Societas Europaea USU Software AG

15.0x Mensch und Maschine Software SE

Nexus AG GK Software AG

10.0x Software Aktiengesellschaft EV / EBITDA 2017 / EBITDA EV

MeVis Medical Solutions AG

5.0x

R² = 0.5284 0.0x -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 40 Note: ATOSS Software AG, IVU Traffic Technologies have been omitted due to missing data Technology - EV / EBITDA vs. Sales CAGR

18.0x

16.0x Clere AG

14.0x init innovation in traffic systems SE

Jenoptik AG 12.0x

DATA MODUL Aktiengesellschaft, Produktion und Vertrieb von elektronischen Systemen 10.0x

euromicron AG First Sensor AG Kontron AG 8.0x ELMOS Semiconductor AG

EV / EBITDA 2017 / EBITDA EV OHB SE

6.0x ADVA Optical Networking SE

4.0x

2.0x

R² = 0.4394 0.0x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 41 Technology - EV / EBITDA vs. EBITDA CAGR

14.0x

init innovation in traffic systems SE AG 12.0x

DATA MODUL Aktiengesellschaft, Produktion und Vertrieb von elektronischen Systemen 10.0x

First Sensor AG euromicron AG

8.0x ELMOS Semiconductor AG

OHB SE

6.0x

ADVA Optical Networking SE EV / EBITDA 2017 / EBITDA EV

4.0x

2.0x

R² = 0.072 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 42 Note: Clere AG and Kontron have been omitted due to missing data Transportation & Logistics - EV / EBITDA vs. Sales CAGR

10.0x

Fraport AG 9.0x

8.0x

7.0x VTG Aktiengesellschaft

Hapag-Lloyd Aktiengesellschaft

6.0x Hamburger Hafen und Logistik Aktiengesellschaft

Sixt SE 5.0x

4.0x EV / EBITDA 2017 / EBITDA EV

3.0x

2.0x

1.0x

R² = 0.0728 0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 43 Transportation & Logistics - EV / EBITDA vs. EBITDA CAGR

10.0x

Fraport AG 9.0x

8.0x

7.0x VTG Aktiengesellschaft

Hapag-Lloyd Aktiengesellschaft 6.0x Hamburger Hafen und Logistik Aktiengesellschaft

Sixt SE 5.0x

4.0x EV / EBITDA 2017 / EBITDA EV

3.0x

2.0x

1.0x

R² = 0.0676 0.0x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of March 31, 2017 44 Contact Details & Disclaimer

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