Presentation Title

FCF Fox Corporate Finance

FCF IPO Market Monitor European Initial Public Offerings

H1 2017

Data as of June 30, 2017 Published as of July 1, 2017 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 2.5 years – The holding period for each IPO in the respective index is 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 proba- access to institutional debt and equity investors enable fast  Bank loan facility  Corporate bond bility, and with transactions (straight debt) (public / private)

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

Selected Transactions

Debt Financing

[confidential]

German Furniture Company > EUR 35m

July 2016

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 2017 IPOs – Overview

Fast Facts European IPOs - Performance Performance and Issuance by Exchange 0 ▪ 48 IPOs in H1 in 2017 1# 36.5% 0 ▪ EUR 11,853m Volume raised 1# 30.0% ▪ 2 withdrawn or postponed deals 13.6% 3# 25.4% 0 8.4% 7.2% 11# 22.2% ▪ 82% of 1H17 IPOs priced within range* Stockholm 0 6# 21.0% IPO +1D IPO +1M IPO - YTD 3# 16.8% 1# 12.9% IPOs by Sector 3# 11.6% 3# 11.1% Helsinki 6# 5.9% Energy Telecom Paris Consumer 2# 0.5% Amsterdam Staples Consumer 4# Discretionary 0.1% Healthcare 4% 4% 2% -2.9% 1# 8% 33% Information -7.8% 2# Technology 11% Bruxelles 48 -8.2% 1# 13% Primary 0/ Secondary0 0 Split0 & Price0 Range0 0 Biotechnology 25%

Industrials Secondary Shares Primary Shares

IPOs by Time 50% 50%

4500 15 16 4000 14 3500 10 10 9 12 3000 10 Above Range 2500 Within Range 2000 8 6 Below Range 1500 3 7%

1000 1 4 11%

3,892m 2,791m 2,634m 500 139m 2,351m 2 0 46m 0 82% number of IPOs in each country (HQ)**

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, All European IPOs, * where data available, ** 4 IPOs with HQ outside Europe, *** Malta 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 220 years, all FCF IPO indices outperformed their European peers 200 202% (MSCI Europe Index)

The FCF Small IPO 180 Index (202%) and FCF Medium IPO Index (150%) have 160 significantly 150% outperformed all other indices 140

120 117%

101% 100 98%

60 Jun- Jul-15 Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul-16 Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- 15 15 15 15 15 15 16 16 16 16 16 16 16 16 16 16 16 17 17 17 17 17 17 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 30.06.2017, 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 2017 Micro IPOs – Overview (1/3)

Fast Facts European Micro IPOs - Performance Performance and Issuance by Exchange 0

▪ 13 IPOs in H1 in 2017 1# 30.0% 0 ▪ EUR 481m Volume raised (4.1% of European Volume) 5.5% 2# 14.0% 0 2.8% 0.8% ▪ 0 withdrawn or postponed deals 3# 0.7% Paris ▪ 100% of 1H17 Micro IPOs priced within 0 range* IPO +1D IPO +1M IPO - YTD -0.3% 2#

-5.4% 1# Helsinki

IPOs by Sector -5.7% 1#

Consumer -12.0% 2# Staples Stockholm Energy -13.6% 1#

Industrials 8% Biotechnology 0 0 0 0 0 0 0 8% 31% 8% 13

23% Information Primary / Secondary Split & Price Range 23% Consumer Technology Discretionary Secondary Shares Primary Shares

24% IPOs by Time 76% 180 4 5 160 4 140 3 4 120 2 3 100 2 3 Within Range 80 1 2 60 1 2

40 1

166m 100m 68m 20 46m 71m 30m 1 100% 0 0 number of IPOs in each country (HQ)

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, LargeMicro IPOs:IPOs: EUR250 –20m1500 – 50m,EURm * where data available, ** 1 IPOs with HQ outside Europe, *** Malta 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, Hungary, 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 2017 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 Alternative Diversified Gas & Oil United United States Investment Energy 30/01/2017 83 0.8 46.4 Micro No GS 100% - 0% 0.8 92.9 n/a n/a n/a n/a n/a n/a n/a n/a -17.4% PLC Kingdom Market

Compartme Lysogene S.A. France France Biotechnology 07/02/2017 14 6.8 22.6 Micro No GS 100% - 0% 5.6 67.1 6.8 9.2 8.0 8.0 0.0% 0.0% 0.0% -15.0% -43.0% nt C

Compartme Inventiva S.A. France France Biotechnology 14/02/2017 13 8.5 48.0 Micro 1% 100% - 0% 7.7 125.8 8.5 9.8 9.1 9.1 0.0% 0.0% 0.0% -6.8% -19.1% nt B

Information Next Games Oyj Finland Finland First North 22/03/2017 12 7.9 30.0 Micro 15% 100% - 0% 7.5 135.8 7.5 7.9 7.7 7.7 0.0% 0.0% 0.0% 2.6% -8.6% Technology

Isofol Medical AB Sweden Sweden First North Biotechnology 04/04/2017 15 3.0 44.8 Micro No GS 100% - 0% 2.4 76.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% (publ)

MATCH BerGenBio ASA Norway Norway Biotechnology 06/04/2017 9 2.7 43.6 Micro 6% 100% - 0% 2.4 116.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Segment

Main Consumer Actic Group AB (publ) Sweden Sweden 07/04/2017 10 5.3 45.2 Micro 5% 62% - 38% 5.0 82.3 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Market Discretionary

Ten Entertainment United United Main Consumer 19/04/2017 7 2.0 32.1 Micro No GS 0% - 100% 1.9 120.8 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Group Plc Kingdom Kingdom Market Discretionary

Regular Consumer PG p.l.c. Malta Malta 03/05/2017 37 1.0 27.0 Micro No GS 0% - 100% 1.3 140.4 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Market Staples

Alternative United United Information Eve Sleep Plc Investment 17/05/2017 2 1.2 40.6 Micro No GS 100% - 0% 1.1 154.1 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Technology Market

Consumer Indel B S.p.A. Italy Italy MTA 18/05/2017 15 23.0 32.8 Micro 12% 70% - 30% 27.0 150.4 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Discretionary

Information WIIT S.p.A. Italy Italy AIM ITALIA 01/06/2017 0 45.0 27.8 Micro 15% 53% - 47% 49.9 118.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Technology

Compartme Balyo S.A. France France Industrials 08/06/2017 29 4.1 39.8 Micro 15% 100% - 0% 5.4 149.3 3.1 4.1 3.6 3.6 0.0% 0.0% 0.0% 14.8% 0.0% nt C

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, Micro IPOs: EUR 20m – 50m ■ Primary Shares 12 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2017 Micro 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 Balch & Bingham, Diversified Gas & Oil Crowe Clark -14.3% -1.5% 0.0% 4.2% 4.2% 57.0% 0.57% 4.1x 3.6x 3.4x 9.6x 7.3x 6.9x 174.5% 29.6% 241.5% 48.6% Mirabaud Securities 2,319,569 Field Fisher - PLC Whitehill Waterhouse, WFW

Dechert, Gide Loyrette Lysogene S.A. 0.1% -15.7% -23.8% -18.1% -18.1% 35.0% 0.06% 37.2x 37.2x 37.2x n/m n/m n/m n/a 0.0% 70.6% 13.4% Societe De Bourse, SG n/a Gide Loyrette Nouel n/a Nouel

Inventiva S.A. 0.9% 0.0% -21.5% -10.0% -10.0% 21.1% 0.16% 18.4x 12.6x 9.8x n/m n/m n/m 43.2% -36.8% 32.6% -4.5% KBC, SG CIB n/a n/a - n/a

Next Games Oyj 20.3% 4.4% 2.5% -5.4% -5.4% 91.5% 0.11% 3.8x 2.2x 1.4x 88.8x 30.1x 12.0x 107.5% 66.1% n/a 147.4% Danske n/a Avance Attorneys Roschier n/a

Isofol Medical AB -8.1% -14.4% -20.0% -20.0% -20.0% 67.5% 0.38% n/a n/a n/a n/m n/m n/m n/a n/a 44.7% 9.5% Pareto n/a Advokatfirman Vinge - KPMG (publ)

ABG Sundal Collier, Arctic, Thommessen Krefting BerGenBio ASA 0.1% -5.7% -13.6% -13.6% -13.6% 45.6% 0.52% n/a n/a n/a n/m n/m n/m n/a n/a 61.6% 17.0% n/a Schjodt EY DNB Greve Lund

Carnegie, DNB, Actic Group AB (publ) 0.5% -1.9% -4.1% -4.1% -4.1% 36.3% 1.30% 1.6x 1.5x 1.4x 9.8x 8.3x 7.6x 11.3% 6.0% 3.9% 10.2% n/a Advokatfirman Vinge White & Case KPMG Skandinaviska,

Ten Entertainment Berwin Leighton -1.5% 0.0% -5.7% -5.7% -5.7% 90.7% 0.10% 2.2x 2.0x 1.9x 8.6x 7.8x 7.1x 16.7% 9.3% 34.6% 10.2% Numis 641,250 Bircham Dyson Bell PwC Group Plc Paisner

PG p.l.c. 20.0% 25.0% 30.0% 30.0% 30.0% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Camilleri Preziosi - PwC

CMS Cameron Eve Sleep Plc 3.6% -7.2% -4.9% -4.9% -4.9% 32.6% 0.48% 5.3x 2.1x 1.3x n/m n/m 53.1x 259.7% 104.5% n/a n/a n/a n/a Norton Rose Fulbright McKenna Nabarro KPMG Olswang

Studio Legale Riolo Indel B S.p.A. 13.0% 12.7% 17.2% 17.2% 17.2% 28.7% 0.85% 1.5x 1.4x 1.4x 9.1x 8.4x 7.8x 11.7% 7.0% 15.6% 8.1% Banca Akro, Banca IMI n/a Studio Grimaldi PwC Calderaro Crisostomo

WIIT S.p.A. 12.4% 10.9% 10.9% 10.9% 10.9% 23.8% 0.86% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Intermonte n/a Pedersoli e Associati Dla Piper Deloitte

Balyo S.A. 24.1% 30.2% 30.2% 30.2% 30.2% 43.9% 1.88% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Natixis, Societe De Bourse n/a n/a Brunswick n/a

Source: S&P Capital IQ as of 30.06.2017, 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 130 years, the FCF Micro IPO Index 121% underperformed 120 comparing to its benchmark index by 20 percentage points 110

100 101%

FCF Micro IPO Index consists of all IPO transactions within 20 – 50 EURm over the 70 last 2 years

MSCI Europe Micro Cap Index captures 1,415 60 Micro Cap representation Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 across 15 Developed Markets countries in MSCI Europe Micro Cap Index FCF Micro IPO Index Europe

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, Micro IPOs: EUR 20m – 50m 14 Micro IPOs and Market Volatility (VSTOXX) – Performance Overview

Volatility VSTOXX – LTM

60 VSTOXX – Last 6M Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% 55 Adjustment: Adjustment: +1d Performance: +0.1% +1d Performance: +0.5% Final-to-Filing Volume -19.1% Performance since -13.6% Performance since -4.1% Adjustment: IPO: IPO: 50 +1d Performance: +0.9% Performance since -10.0% IPO: 45 Final-to-Filing Volume 0.0% Adjustment: Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% +1d Performance: -1.5% Adjustment: Adjustment: Performance since -5.7% +1d Performance: +3.6% +1d Performance: +24.1% 40 IPO: Performance since -4.9% Performance since +30.2% Final-to-Filing Volume -43.0% IPO: IPO: Adjustment: +1d Performance: +0.1% 35 Performance since -18.1% Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% IPO: Adjustment: Adjustment: Final-to-Filing Volume 0.0% +1d Performance: -8.1% +1d Performance: +20.0% Adjustment: 30 Performance since -20.0% Performance since +30.0% +1d Performance: +13.0% IPO: IPO: Performance since +17.2% Final-to-Filing Volume -17.4% IPO: Adjustment: 25 +1d Performance: -14.3% Final-to-Filing Volume -8.6% Performance since +4.2% Adjustment: IPO: Final-to-Filing Volume 0.0% +1d Performance: +20.3% 20 Adjustment: Performance since -5.4% +1d Performance: +12.4% IPO: Performance since +10.9% IPO: 15

10 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

Source: S&P Capital IQ as of 30.06.2017, 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 2017 Small IPOs – Overview (1/3)

Fast Facts European Small IPOs - Performance Performance and Issuance by Exchange 0 ▪ 9 IPOs in H1 in 2017 0 1# 59.6% ▪ EUR 546m Volume raised (4.6% of 0 European Volume) 31.3% 1# 48.1% 0 5.6% ▪ 1 withdrawn or postponed deals 12.1% 4# 30.4% ▪ 80% of 1H17 IPOs priced within range* 0 Stockholm IPO +1D IPO +1M IPO - YTD 1# 27.1% Paris

1# 20.4% IPOs by Sector Helsinki

1# 5.2%

Industrials 0 0 0 1

11% Consumer Discretionary

Biotechnology 22% 9 67% Primary / Secondary Split & Price Range

Secondary Shares Primary Shares

41% IPOs by Time 59%

250 3 3 4 200 3 3 150 2 Below Range Within Range 100 1 1 1 2 1

191m 60m 51m 69m 20%

175m 1 0 0 80% number of IPOs in each country (HQ) **

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, Small IPOs: EUR 50m – 100m, * where data available, 1 IPO with HQ outside Europe 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 2017 Small IPOs – Overview (2/3)

Oncopeptides AB Main Sweden Sweden Biotechnology 21/02/2017 14 4.9 68.7 Small 7% 100% - 0% 7.9 314.1 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% (publ) Market

UP Global Sourcing United United Main Consumer 01/03/2017 0 1.5 61.3 Small No GS 0% - 100% 2.4 195.7 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Holdings plc Kingdom Kingdom Market Discretionary

Main Consumer MIPS AB (publ) Sweden Sweden 23/03/2017 13 4.8 60.0 Small 15% 26% - 74% 8.3 251.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Market Discretionary

Consumer Unieuro S.p.A. Italy Italy STAR 31/03/2017 14 11.0 70.0 Small 8% 0% - 100% 16.3 438.2 13.0 16.5 14.8 14.8 0.0% 0.0% 0.0% -25.4% -50.1% Discretionary

SSM Holding AB Main Consumer Sweden Sweden 06/04/2017 10 6.2 60.4 Small No GS 93% - 7% 5.4 211.9 5.6 6.7 6.2 6.2 0.0% 0.0% 0.0% 0.0% -26.6% (publ) Market Discretionary

Compartme Prodways SAS France France Industrials 11/05/2017 15 4.8 50.7 Small 15% 100% - 0% 6.1 303.9 3.8 4.8 4.3 4.3 0.0% 0.0% 0.0% 11.6% 0.0% nt B

Main Consumer Silmäasema Oyj Finland Finland 08/06/2017 13 6.9 56.4 Small 15% 61% - 39% 8.3 150.4 6.2 7.6 6.9 6.9 0.0% 0.0% 0.0% 0.0% 0.0% Market Discretionary

Bonesupport Holding Main Sweden Sweden Biotechnology 21/06/2017 10 3.0 51.2 Small No GS 100% - 0% 3.0 136.9 2.8 3.2 3.0 3.0 -0.1% -0.2% -0.1% 0.1% -1.4% AB (publ) Market

Alternative United Consumer FFI Holdings PLC United States Investment 22/06/2017 0 1.7 67.1 Small No GS 53% - 47% 1.8 281.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Discretionary Market

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, Small IPOs: EUR 50m – 100m ■ Primary Shares 18 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2017 Small IPOs – Overview (3/3)

Oncopeptides AB ABG Sundal Collier, Setterwalls -6.6% -9.2% -2.1% 62.4% 62.4% 40.6% 0.46% n/a n/a n/a n/m n/m n/m n/a n/a 111.2% -4.4% n/a White & Case PwC (publ) Carnegie, DNB Advokatbyrå

UP Global Sourcing Cenkos, Shore Capital 15.8% 31.4% 57.0% 59.6% 59.6% 54.2% 0.24% 1.2x 1.1x 1.0x 11.7x 10.0x 8.6x 32.1% 11.4% 124.9% 16.4% 2,453,156 Hill Dickinson Osborne Clarke BDO Holdings plc Stockbrokers

ABG Sundal Collier, Advokatfirman MIPS AB (publ) 13.0% 17.4% 58.6% 71.8% 71.8% 60.2% 0.30% 11.0x 7.1x 5.1x 37.0x 21.1x 13.6x 71.3% 44.0% n/a n/a n/a Hammarskiöld KPMG Handelsbanken Cederquist

Latham & Watkins, Unieuro S.p.A. 4.5% 3.6% 48.1% 48.1% 48.1% 35.8% 2.17% 0.2x 0.2x 0.2x 5.0x 4.5x 4.2x 9.5% 10.4% 63.4% 44.4% Citi, CS, Mediobanca, UC n/a Linklaters KPMG NCTM Studio Legale

ABG Sundal Collier, SSM Holding AB Gernandt & -2.0% -2.9% -12.2% -12.2% -12.2% 29.6% 0.67% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Skandinaviska Enskilda n/a Hammarskiöld PwC (publ) Danielsson Banken

Degroof, Oddo, Societe De Prodways SAS 11.9% 42.9% 27.1% 27.1% 27.1% 32.6% 1.62% 5.5x 4.2x 3.2x n/m 189.2x 26.6x 32.9% 32.3% -2.5% n/a n/a n/a - n/a Bourse

Attorneys at law Silmäasema Oyj 10.1% 20.4% 20.4% 20.4% 20.4% 69.3% 3.50% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Nordea, OP Yrityspankki n/a Roschier PwC Borenius

Bonesupport Holding ABG Sundal Collier, Setterwalls 4.0% -0.3% -0.3% -0.3% -0.3% 59.3% 1.81% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Baker & McKenzie EY AB (publ) Carnegie Advokatbyrå

FFI Holdings PLC 0.1% 5.2% 5.2% 5.2% 5.2% 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 n/a n/a - n/a

Source: S&P Capital IQ as of 30.06.2017, 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)

The FCF Small IPO 220 Index significantly outperformed its benchmark index 200 202% over the last two years by currently 90 percentage points 180

160

140

120 112%

100

FCF Small IPO Index consists of all IPO transactions within 80 50 – 100 EURm over the last 2 years

MSCI Europe Small Cap 60 Index captures 951 Small Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Cap representation across 15 Developed Markets MSCI Europe Small Cap Index FCF Small IPO Index countries in Europe

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, Small IPOs: EUR 50m – 100m 20 Small IPOs and Market Volatility (VSTOXX) – Performance Overview

Volatility VSTOXX – LTM

60 VSTOXX – Last 6M Final-to-Filing Volume -50.1% Adjustment: 55 +1d Performance: +4.5% Performance since IPO: +48.1%

Final-to-Filing Volume 0.0% Final-to-Filing Volume -26.6% Adjustment: Adjustment: 45 +1d Performance: -2.0% +1d Performance: +13.0% Final-to-Filing Volume -1.4% Performance since Performance since -12.2% Adjustment: IPO: IPO: +71.8% +1d Performance: +4.0% 40 Performance since -0.3% IPO:

Final-to-Filing Volume 0.0% 35 Adjustment: +1d Performance: +15.8% Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Performance since +59.6% Adjustment: Adjustment: IPO: 30 +1d Performance: +11.9% +1d Performance: +0.1% Performance since +27.1% Performance since +5.2% IPO: IPO: 25 Final-to-Filing Volume 0.0% Adjustment: Final-to-Filing Volume 0.0% +1d Performance: -6.6% Adjustment: 20 Performance since +62.4% +1d Performance: +10.1% IPO: Performance since +20.4% IPO:

10 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

Source: S&P Capital IQ as of 30.06.2017, 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 2017 Medium IPOs – Overview (1/3)

Fast Facts European Medium IPOs - Performance Performance and Issuance by Exchange 0

▪ 14 IPOs in H1 in 2017 4# 27.6% 0 Stockholm ▪ EUR 2,403m Volume raised (20.3% of European Volume) 13.0% 2# 20.2% 0 9.6% 9.0% ▪ 1 withdrawn or postponed deals 1# 18.3% Helsinki ▪ 82% of 1H17 IPOs priced within range* 0 IPO +1D IPO +1M IPO - YTD 3# 10.1%

-2.8% 1# IPOs by Sector -2.9% 1#

-4.9% 1# Telecom Amsterdam

Energy -7.8% 1# Bruxelles 7% 7% Industrials 0 0 0 0 0 36% 21% Healthcare 14 Primary / Secondary Split* 29% Consumer Discretionary Secondary Shares Primary Shares

IPOs by Time 52% 48%

1600 8 9 1400 8 1200 7 1000 6 4 5 Below Range Within Range 800 4 600 2 3

400 2 671m 200 1,362m 370m 1 18% 0 0 82% number of IPOs in each country (HQ) **

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, Medium IPOs: EUR 100m – 250m, * where data available, ** 2 IPOs with HQ outside Europe 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 2017 Medium IPOs – Overview (2/3)

Netherland Compartme Avantium N.V. Netherlands Industrials 14/03/2017 11 11.0 103.4 Medium No GS 99% - 1% 10.5 269.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% s nt B

United United Main Medica Group PLC Healthcare 21/03/2017 5 1.6 140.2 Medium No GS 12% - 88% 2.6 288.4 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Market

Prime Aumann AG Germany Germany Industrials 23/03/2017 14 42.0 218.4 Medium 15% 29% - 71% 59.3 836.9 35.0 43.0 39.0 39.0 0.0% 0.0% 0.0% 7.7% -2.3% Standard

Main Ambea AB (publ) Sweden Sweden Healthcare 31/03/2017 11 7.9 208.6 Medium 15% 10% - 90% 10.0 713.8 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Market

ADES International United Arab United Main Energy 08/05/2017 35 15.1 222.9 Medium No GS 70% - 30% 11.4 480.9 15.1 17.9 16.5 16.5 0.0% 0.0% 0.0% -8.6% 0.0% Holding Ltd. Emirates Kingdom Market

Main Consumer Kamux Oyj Finland Finland 11/05/2017 13 7.2 124.1 Medium No GS 16% - 84% 8.5 340.7 6.8 8.0 7.4 7.4 0.0% 0.0% 0.0% -2.7% -9.0% Market Discretionary

Instalco Intressenter Main Sweden Sweden Industrials 11/05/2017 13 5.7 100.2 Medium 15% 0% - 100% 7.2 331.8 5.2 5.7 5.4 5.4 0.1% 0.1% 0.1% 4.7% 0.0% AB Market

Global Ports Holding United Main Turkey Industrials 12/05/2017 23 8.7 182.0 Medium 3% 37% - 63% 7.7 483.8 8.7 10.3 9.5 9.5 0.0% 0.0% 0.0% -8.0% -21.8% Plc Kingdom Market

Digi Communications Main Telecommunic Netherlands Romania 15/05/2017 19 8.8 210.2 Medium No GS n/a - n/a 8.5 795.0 8.4 12.3 10.3 10.3 0.0% 0.0% 0.0% -14.9% -28.8% N.V. Market ation Services

Main Medicover AB (publ) Sweden Sweden Healthcare 23/05/2017 13 5.7 208.2 Medium 15% 100% - 0% 7.0 972.7 5.0 6.5 5.7 5.7 0.0% -0.1% 0.0% 0.0% -22.2% Market

Saferoad Holding MATCH Norway Norway Industrials 24/05/2017 14 3.2 149.2 Medium No GS 100% - 0% 3.1 206.3 4.8 6.4 5.6 5.6 0.1% 0.1% 0.1% -42.9% 0.0% ASA Segment

Main Consumer Boozt AB (publ) Sweden Sweden 31/05/2017 14 6.3 165.2 Medium 15% 25% - 75% 8.6 485.6 5.5 6.5 6.0 6.0 0.0% 0.0% 0.0% 6.0% 0.0% Market Discretionary

Compartme Consumer Balta Group NV Belgium Belgium 13/06/2017 14 13.3 203.6 Medium No GS 71% - 29% 12.2 439.2 13.3 16.0 14.6 14.6 0.0% 0.0% 0.0% -9.4% -27.8% nt B Discretionary

Prime Consumer Vapiano SE Germany Germany 27/06/2017 13 23.0 166.3 Medium No GS 51% - 49% 22.9 558.1 21.0 27.0 24.0 24.0 0.0% 0.0% 0.0% -4.2% -18.8% Standard Discretionary

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, Medium IPOs: EUR 100m– 250m ■ Primary Shares 24 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2017 Medium IPOs – Overview (3/3)

Coöperatieve Rabobank, Avantium N.V. 3.7% 0.0% -4.5% -4.9% -4.9% 67.5% 0.19% 14.8x 14.1x 13.4x n/m n/m n/m 5.7% 5.4% 7.1% 15.9% 3,619,690 Loyens & Loeff Allen & Overy PwC ING, KBC, Oddo

Grant Medica Group PLC 36.7% 50.7% 71.2% 66.6% 66.6% 89.2% 0.46% 6.3x 5.2x 4.4x 20.2x 16.9x 14.0x 26.5% 19.7% 32.1% 20.0% Investec 3,503,799 Eversheds Sutherland Osborne Clarke Thornton

Clifford Chance, Citi, Hauck & Aufhäuser, Aumann AG 23.3% 28.3% 45.6% 41.1% 41.1% 42.7% 0.29% 3.3x 2.6x 2.1x 24.0x 17.5x 12.9x 48.8% 26.0% 72.4% 37.1% 5,460,000 McDermott Will & - n/a Berenberg Emery

Advokatfirman Vinge, Ambea AB (publ) 9.6% 9.1% 26.9% 26.9% 26.9% 52.4% 0.47% 1.3x 1.2x 1.1x 13.8x 12.1x 10.7x 16.8% 9.0% 35.4% 12.3% Carnegie, Danske, Nordea 3,129,257 White & Case EY Latham & Watkins

ADES International -0.8% -18.9% -24.6% -24.6% -24.6% 99.9% 0.24% 4.4x 2.8x 2.4x 8.6x 6.0x 5.6x 45.2% 35.5% 66.6% 23.8% Citi, EFG-Hermes n/a White & Case Baker & McKenzie EY Holding Ltd.

Skandinaviska Enskilda Kamux Oyj 5.0% 0.0% 18.3% 18.3% 18.3% 47.6% 2.54% 0.7x 0.6x 0.5x 18.5x 11.9x 9.7x 24.1% 20.4% 4.4% 38.2% n/a White & Case Roschier n/a Banken

Instalco Intressenter Carnegie, Skandinaviska Setterwalls Grant 17.3% 22.4% 25.8% 25.8% 25.8% 9.0% 3.80% 1.0x 0.9x 0.9x 12.6x 11.6x 11.0x 56.6% 6.9% 126.5% 7.2% n/a White & Case AB Enskilda Banken Advokatbyrå Thornton

Global Ports Holding Barclays, Citi, GS, Shore Baker & McKenzie, Cleary Gottlieb Steen -0.2% -9.7% -11.7% -11.7% -11.7% n/a n/a 7.8x 7.0x 6.4x 11.6x 10.3x 9.3x 10.7% 10.3% 22.7% 11.5% n/a Deloitte Plc Capita, VTB Esin Attorney & Hamilton

Houthoff Buruma Digi Communications BRD, Bt Capital, Citi, DB, Freshfields Bruckhaus 3.0% -2.8% -2.9% -2.9% -2.9% n/a n/a 1.7x 1.6x 1.5x 5.5x 5.1x 4.8x 11.4% 6.4% 25.0% 7.1% n/a Coöperatief, Badea EY N.V. Raiffeisen, SG, WOOD Deringer, PELIFILIP Clifford Chance

Carnegie, Jefferies, Nordea, Gernandt & Medicover AB (publ) 14.1% 24.5% 22.1% 22.1% 22.1% 41.0% 0.87% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Skandinaviska Enskilda n/a Advokatfirman Vinge BDO Danielsson Banken

Saferoad Holding Thommessen Krefting Wiersholm, Mellbye & -0.1% -5.6% -2.8% -2.8% -2.8% 70.3% 1.53% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Carnegie, Danske, Nordea 2,984,454 EY ASA Greve Bech

Carnegie, Danske, Advokatfirman Vinge, Boozt AB (publ) 29.2% 35.7% 35.7% 35.7% 35.7% 40.5% 3.28% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a White & Case EY Berenberg Davis Polk & Wardwell

Barclay, DB, ING, JPM, Balta Group NV -6.4% -7.8% -7.8% -7.8% -7.8% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 4,377,333 Allen & Overy Linklaters PwC KBC

Barclays, Jefferies, Vapiano SE 0.4% -0.7% -0.7% -0.7% -0.7% 68.1% 7.85% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 3,325,237 n/a - PwC Berenberg, UC

Source: S&P Capital IQ as of 30.06.2017, 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 180 years, the FCF Medium IPO Index has significantly outperformed its 160 benchmark index by 45 percentage points 150%

140

120

105% 100

FCF Medium IPO Index consists of all IPO 80 transactions within 100 – 250 EURm over the last 2 years

MSCI Europe Mid Cap 60 Index captures 243 Mid Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Cap representation across 15 Developed Markets MSCI Europe Mid Cap Index FCF Medium IPO Index countries in Europe

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, Medium IPOs: EUR 100m– 250m 26 Medium IPOs and Market Volatility (VSTOXX) – Performance Overview

Volatility VSTOXX – LTM

60 VSTOXX – Last 6M Final-to-Filing Volume -9.0% Final-to-Filing Volume 0.0% Final-to-Filing Volume -21.8% 55 Adjustment: Adjustment: Adjustment: +1d Performance: +5.0% +1d Performance: +17.3% +1d Performance: -0.2% Performance since +18.3% Performance since +25.8% Performance since -11.7% IPO: IPO: IPO: 50

Final-to-Filing Volume 0.0% Adjustment: 45 +1d Performance: +9.6% Final-to-Filing Volume -18.8% Performance since +26.9% Final-to-Filing Volume -22.2% Final-to-Filing Volume 0.0% Adjustment: Adjustment: Adjustment: IPO: +1d Performance: +0.4% +1d Performance: +14.1% +1d Performance: +29.2% 40 Performance since -0.7% Performance since +22.1% Performance since +35.7% IPO: IPO: IPO:

Final-to-Filing Volume -2.3% 35 Adjustment: Final-to-Filing Volume 0.0% +1d Performance: +23.3% Final-to-Filing Volume 0.0% Adjustment: Performance since +41.1% Final-to-Filing Volume 0.0% Adjustment: Adjustment: IPO: +1d Performance: -0.8% +1d Performance: +29.2% 30 +1d Performance: +36.7% Performance since -24.6% Performance since +35.7% Performance since +66.6% IPO: IPO: IPO: 25 Final-to-Filing Volume -28.8% Final-to-Filing Volume -27.8% Final-to-Filing Volume 0.0% Adjustment: Adjustment: Adjustment: +1d Performance: +3.0% 20 +1d Performance: +3.7% +1d Performance: -6.4% Performance since -2.9% Performance since -7.8% Performance since -4.9% IPO: IPO: IPO:

10 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

Source: S&P Capital IQ as of 30.06.2017, 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 2017 Large IPOs – Overview (1/3)

Fast Facts European0 Large IPOs - Performance Performance and Issuance by Exchange

0 ▪ 12 IPOs in H1 in 2017 1# 41.7% ▪ EUR 8,425m Volume raised (71.1% of 0 1# 36.5% European Volume) 15.0% 0 10.9% 1# 36.0% ▪ 0 withdrawn or postponed deals 7.5% Stockholm

▪ 75% of 1H17 IPOs priced within range* 0 1# 12.9% IPO +1D IPO +1M IPO - YTD 1# 11.6%

IPOs by Sector 1# 10.1% 6.0% Amsterdam 1#

Healthcare 3.1% Paris 1# Consumer Staples -4.2% 1# Industrials 0 0 0 0

Information Technology 12 Primary / Secondary Split & Price Range

Consumer Discretionary Secondary Shares Primary Shares 17% IPOs by Time 83% 4000 5 6 3500 5 3000 4 2500 3 2 Above Range Within Range 2000 2 3 1500 2 1000 25%

0,000m 3,666m 2,021m

500 0,000m 1,278m 0 1,459m 0 75% number of IPOs in each country (HQ)

Source: S&P Capital IQ as of 30.06.2017, 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 2017 Large IPOs – Overview (2/3)

Continuous Prosegur Cash, S.A. Spain Spain Industrials 15/03/2017 13 2.0 750.0 Large 10% 0% - 100% 2.3 3,405.0 2.0 2.4 2.2 2.2 0.0% 0.0% 0.0% -7.0% -14.9% Market

Continuous Consumer Neinor Homes, S.A.U. Spain Spain 28/03/2017 12 16.5 709.3 Large No GS 14% - 86% 18.4 1,449.7 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Market Discretionary

X-FAB Silicon Compartme Information Belgium France 05/04/2017 15 8.0 400.0 Large No GS 100% - 0% 8.8 1,150.9 8.0 10.5 9.3 9.3 0.0% 0.0% 0.0% -13.5% -10.5% Foundries SE nt A Technology

Swiss Galenica Santé AG Switzerland Switzerland Healthcare 06/04/2017 13 36.5 1,545.3 Large 15% 0% - 100% 41.2 2,058.5 29.0 36.5 32.7 32.7 0.0% 0.0% 0.0% 11.4% 13.0% Shares

Gestamp Automoción, Continuous Consumer Spain Spain 06/04/2017 14 5.6 870.2 Large 1% 0% - 100% 6.2 3,541.7 5.6 6.7 6.2 6.2 0.0% 0.0% 0.0% -8.9% -16.4% S.A. Market Discretionary

Main Consumer Dino Polska S.A. Poland Poland 14/04/2017 28 8.1 388.4 Large No GS 0% - 100% 11.1 1,087.1 0.0 7.9 3.9 3.9 0.0% n/a 0.0% 106.0% 2.4% Market Staples

Alternative Eddie Stobart United United Investment Industrials 24/04/2017 32 1.9 462.4 Large No GS 31% - 69% 1.8 644.7 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Logistics plc Kingdom Kingdom Market

Koninklijke Netherland Compartme Netherlands Industrials 12/05/2017 14 23.0 575.0 Large 13% 0% - 100% 24.4 1,949.6 21.3 25.3 23.3 23.3 0.0% 0.0% 0.0% -1.1% -8.9% VolkerWessels N.V. s nt A

Munters Group AB Main Sweden Sweden Industrials 19/05/2017 11 5.6 412.7 Large 12% 3% - 97% 7.6 1,403.1 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% (publ) Market

Alfa Financial United United Main Information Software Holdings 26/05/2017 18 3.7 289.9 Large 10% 0% - 100% 5.3 1,580.3 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Market Technology PLC

Compartme ALD S.A. France France Industrials 15/06/2017 13 14.3 1,155.7 Large No GS 0% - 100% 13.8 5,556.4 14.2 17.4 15.8 15.8 0.0% 0.0% 0.0% -9.5% -17.8% nt A

Prime Consumer Delivery Hero AG Germany Germany 29/06/2017 10 25.5 865.7 Large No GS 56% - 44% 28.1 - 22.0 25.5 23.8 23.8 0.0% 0.0% 0.0% 7.4% 0.0% Standard Discretionary

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, Large IPOs: > 250 EURm ■ Primary Shares 30 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2017 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 ANZ Bank, Banco Davis Polk & Prosegur Cash, S.A. 3.0% 9.9% 14.6% 13.5% 13.5% 78.5% 0.13% 2.0x 1.9x 1.8x 7.5x 8.2x 7.6x 5.2% 4.1% 8.3% 3.8% Santander, Citi, DB, GS, n/a Wardwell, J&A White & Case KPMG HSBC, Itau BBA, JB Garrigues

Banco Santander, BNP, Citi, Allen & Overy, Uría Neinor Homes, S.A.U. 3.2% 10.0% 12.0% 11.5% 11.5% 99.6% 0.71% 5.4x 2.9x 1.4x 81.3x 17.4x 6.8x 4.5% 90.8% n/a 353.4% 10,639,823 Linklaters Deloitte CS, JPM, Norbolsa Menéndez Abogados

X-FAB Silicon BNP, Commerzbank, CS, 1.8% 0.0% 10.0% 10.0% 10.0% 40.8% 0.62% 2.1x 1.9x 1.7x 10.5x 8.0x 6.3x 35.0% 10.2% 38.1% 28.7% n/a Linklaters Allen & Overy KPMG Foundries SE HSBC, Oddo

Baader Bank, Vontobel, Citi, Galenica Santé AG 10.4% 11.2% 12.9% 12.9% 12.9% n/a n/a n/m n/m n/m n/m n/m n/m n/a 2.4% n/a 5.0% n/a Latham & Watkins Bär & Karrer n/a CS, DB, UBS, Kantonalbank

J&A Garrigues, Gestamp Automoción, Banco Santander,BNP, DB, Uría Menéndez -4.5% 1.1% 9.9% 9.9% 9.9% 16.3% 3.41% 0.6x 0.6x 0.5x 5.5x 4.8x 4.4x 7.9% 8.4% 14.8% 11.9% n/a Simpson Thacher & EY S.A. JPM, MS, SG CIB, UBS Abogados, Freshfields Bartlett

Dom Maklerski, Erste, UBS, Dino Polska S.A. 8.5% 16.6% 36.5% 36.5% 36.5% 49.0% 0.95% 1.0x 0.8x 0.7x 11.2x 9.1x 7.5x 30.0% 19.7% 30.8% 21.5% n/a n/a White & Case n/a WOOD

Eddie Stobart 0.1% -2.1% -4.2% -4.2% -4.2% 86.9% 0.26% 1.2x 1.0x 0.9x 13.6x 11.8x 10.5x 14.2% 14.3% 15.8% 14.6% n/a 12,716,156 King & Spalding Hogan Lovells KPMG Logistics plc

Koninklijke ABN, BNP, Coöperatieve 2.9% 5.8% 6.0% 6.0% 6.0% 31.8% 1.79% 0.3x 0.3x 0.3x 6.4x 6.0x 5.7x 2.8% 3.8% 9.2% 6.0% 10,062,500 Allen & Overy Linklaters Deloitte VolkerWessels N.V. Rabobank, ING, BoAML, MS

Munters Group AB Carnegie, Danske, GS, Latham & Watkins, 21.2% 38.0% 36.0% 36.0% 36.0% n/a n/a 2.5x 2.3x 2.1x 18.8x 15.5x 13.8x 14.0% 9.2% 21.8% 15.9% n/a White & Case EY (publ) Jefferies, Nordea, Swedbank Mannheimer Swartling

Alfa Financial Software Holdings 32.8% 34.2% 41.7% 41.7% 41.7% 98.3% 0.38% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Barclays, Numis 5,798,416 White & Case Freshfields Deloitte PLC

Barclays, Citi, CS, DB, ALD S.A. 0.0% -3.8% -3.8% -3.8% -3.8% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a HSBC, JPM, BoAML, RBC, n/a n/a - Deloitte SG CIB, UC

Citi, GS, Delivery Hero AG 10.1% 10.1% 10.1% 10.1% 10.1% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Jefferies,Berenberg, MS, 12,985,875 n/a - n/a UBS, UC

Source: S&P Capital IQ as of 30.06.2017, 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 130 years, the FCF Large IPO Index has outperformed its 120 benchmark index by 117% 20 percentage points

110

100 97%

FCF Large IPO Index consists of all IPO transactions above 250 70 EURm over the last 2 years

MSCI Europe Large Cap 60 Index captures 205 Large Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Cap representation across 15 Developed Markets MSCI Europe Large Cap Index FCF Large IPO Index countries in Europe

Source: S&P Capital IQ as of 30.06.2017, FCF Equity Research, Large IPOs: > EUR 250m 32 Large IPOs and Market Volatility (VSTOXX) – Performance Overview

Volatility VSTOXX – LTM

60 VSTOXX – Last 6M

Final-to-Filing Volume +13.0% Final-to-Filing Volume -16.4% Final-to-Filing Volume +2.4% 55 Adjustment: Adjustment: Adjustment +1d Performance: +10.4% +1d Performance: -4.5% +1d Performance: +8.5% Performance since +12.9% Performance since +9.9% Performance since +36.5% 50 IPO: IPO: IPO:

45 Final-to-Filing Volume -10.5% Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Adjustment: Adjustment Adjustment: +1d Performance: +1.8% +1d Performance: +0.1% +1d Performance: +10.1% 40 Performance since +10.0% Performance since -4.2% Performance since +10.1% IPO: IPO: IPO:

35 Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Adjustment: Adjustment: Adjustment +1d Performance: +3.2% +1d Performance: +21.2% +1d Performance: +32.8% 30 Performance since +11.5% Performance since +36.0% Performance since +41.7% IPO: IPO: IPO:

25 Final-to-Filing Volume -8.9% Final-to-Filing Volume -17.8% Final-to-Filing Volume -14.9% Adjustment: Adjustment: Adjustment: +1d Performance: +2.9% +1d Performance: 0.0% +1d Performance: +3.0% 20 Performance since +6.0% Performance since -3.8% Performance since +13.5% IPO: IPO: IPO:

10 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

Source: S&P Capital IQ as of 30.06.2017, 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 Diversified Gas & Oil PLC

Company Description IPO Facts . Sector: Oil and Gas Exploration and Production Ticker AIM:DGOC Financial Advisors Diversified Gas & Oil PLC engages in the production of natural gas and crude oil in the Appalachian Exchange AIM - London Stock Exchange Mirabaud Securities LLP Initial Filing Date 08-Nov-16 Basin of the United States. It has interests in the oil and gas properties in Pennsylvania, Ohio, and Announced Date 08-Nov-16 West Virginia. The company was founded in 2001 and is headquartered in Birmingham, Alabama. # Days Announced to Offer 83 Offer Date 30-Jan-17

IPO Price (EUR) 0.76 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 61.0m Greenshoe 0.0% n/a Filing Volume (EUR) 56.2m Final Volume (EUR) 22 46.4m Filing-to-Final Change (17.4%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Post, Robert Marshall 17.1% Crowe Clark Whitehill LLP Hutson, Robert Russell 17.1% Primary 100% Merrill Lynch & Co. Inc., Banking Investments 7.4% Secondary 0% GLG Partners, Inc. 5.2% Henderson Global Investors Limited 4.5% Key Financials Free Float 48.8% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 17.3 41.6 68.5 69.9 29.6% IPO +1D IPO +3M IPO +6M since IPO Growth 64.6% 2.0% 1 Buy Diversified Gas & Oil PLC (14.3%) 0.0% n/a 4.2% EBITDA 2.8 17.7 37.0 39.1 48.6% 0 Outperform FTSE All-Share 0.7% 2.7% n/a 3.1% Margin 16.4% 42.5% 54.0% 55.9% 0 Hold 115 EBIT (1.7) n/a n/a n/a n/a 0 Underperform 110 Margin n/m n/a n/a n/a 0 Sell 105 Net Income 16.8 2.5 8.9 7.9 79.3% 100 Margin 96.7% 5.9% 12.9% 11.3% 95

Rebased (in %) 90 (EURm) Valuation FY 2017 FY 2018 FY 2019 85 Enterprise Value 127.5 EV/Sales 3.1x 1.9x 1.8x Prices 80 Net Debt 35.5 EV/EBITDA 7.2x 3.4x 3.3x 75 Minority Interest 0.0 EV/EBIT n/a n/a n/a Jan-17 Apr-17 Preferred Equity 0.0 P/E 37.8x 10.5x 11.8x Diversified Gas & Oil PLC FTSE All-Share Index (GBP) Market Cap 92.9 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Lysogene S.A.

Company Description IPO Facts . Sector: Biotechnology Ticker ENXTPA:LYS Financial Advisors Lysogene S.A., a biopharmaceutical company, engages in the research and clinical development of Exchange EURONEXT Paris Societe De Bourse Gilbert Dupont Initial Filing Date 24-Jan-17 gene therapy for neurodegenerative disorders. The company has completed phase I/II clinical trial of Societe Generale Group Announced Date 24-Jan-17 gene therapy in Mucopolysaccharidosis type IIIA; and preclinical studies and plans its phase I/II # Days Announced to Offer 14 clinical trial of gene therapy in GM1 gangliosidosis. It has collaborations with University of Offer Date 07-Feb-17 Massachusetts Medical School for pre-clinical studies of AAV-based gene therapy in GM1 gangliosidosis mouse model; and Auburn University for pre-clinical studies of AAV-based gene therapy in the naturaly occuring GM1 gangliosidosis feline model. The company was founded in 2009 IPO Price (EUR) 6.80 and is based in Neuilly-sur-Seine, France. Filing Price Range (EUR) 6.80 - 9.20 Final Price Range (EUR) 6.80 - 9.20

Legal Counsel Shares Offered (incl. Greenshoe) 3.3m Greenshoe 0.0% Gide Loyrette Nouel A.A.R.P.I. Filing Volume (EUR) 39.7m Final Volume (EUR) 22 22.6m Filing-to-Final Change (43.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Sofinnova Partners 21.7% n/a Novo A/S 13.8% Primary 100% Bpifrance Investissement 13.8% Secondary 0% Aiach, Karen 10.4% Vestingene 4.1% Key Financials Free Float 36.2% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 1.5 2.0 2.0 2.0 0.0% IPO +1D IPO +3M IPO +6M since IPO Growth 0.0% 0.0% 1 Buy Lysogene S.A. 0.1% (23.8%) n/a (18.1%) EBITDA (7.3) (11.0) (11.7) (14.2) 13.4% 1 Outperform Euronext 100 0.2% 12.7% n/a 6.8% Margin n/m n/m n/m n/m 0 Hold 125 EBIT (7.3) (11.1) (11.7) (14.2) 13.0% 0 Underperform Margin n/m n/m n/m n/m 0 Sell 115 Net Income (7.5) (11.9) (16.1) (19.0) 26.6% 105 Margin n/m n/m n/m n/m 95

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 85 Enterprise Value 62.0 EV/Sales 31.0x 31.0x 31.0x Prices 75 Net Debt (5.1) EV/EBITDA nm nm nm 65 Minority Interest 0.0 EV/EBIT nm nm nm Feb-17 May-17 Preferred Equity 0.0 P/E -5.7x -4.2x -3.5x Lysogene S.A. Euronext 100 Index Market Cap 67.1 P/B 4.5x n/a 22.3x

Source: S&P Capital IQ as of 30.06.2017, 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 Inventia S.A.

Company Description IPO Facts . Sector: Biotechnology Ticker ENXTPA:IVA Financial Advisors Inventiva S.A., a clinical stage drug-discovery company, develops drugs in the area of oncology, Exchange EURONEXT Paris KBC Securities NV Initial Filing Date 01-Feb-17 fibrosis, and rare diseases. Its advanced clinical programs include IVA337 that is Phase IIb stage for SG Corporate & Investment Banking Announced Date 01-Feb-17 the treatment of NASH and systemic sclerosis; and IVA336, which is in Phase I/II stage for the # Days Announced to Offer 13 treatment of MPS I, MPS II, and MPS VI. The company also develops drugs in preclinical pipeline, Offer Date 14-Feb-17 such as YAP/TEAD for the treatment of malignant mesothelioma and lung cancer; NSD2 for the treatment of multiple myeloma; and EPICURE for immuno-oncology treatment. Inventiva S.A. has collaborations with AbbVie and Boehringer-Ingelheim. The company is based in Daix, France. IPO Price (EUR) 8.50 Filing Price Range (EUR) 8.50 - 9.75 Final Price Range (EUR) 8.50 - 9.75

Legal Counsel Shares Offered (incl. Greenshoe) 5.7m Greenshoe 1.0% n/a Filing Volume (EUR) 59.4m Final Volume (EUR) 22 48.0m Filing-to-Final Change (19.1%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Cren, Frederic 36.6% n/a Broqua, Pierre 24.4% Primary 100% BVF Partners LP 10.7% Secondary 0% Novo A/S 7.2% Perceptive Advisors LLC 2.9% Key Financials Free Float 18.3% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 14.3 10.0 4.0 4.0 (36.8%) IPO +1D IPO +3M IPO +6M since IPO Growth (60.0%) 0.0% 2 Buy Inventiva S.A. 0.9% (21.5%) n/a (10.0%) EBITDA (11.1) (24.5) (28.2) (22.3) (4.5%) 0 Outperform Euronext 100 0.4% 10.3% n/a 4.3% Margin n/m n/m n/m n/m 0 Hold 120 EBIT (12.1) (25.5) (29.1) (40.2) 25.5% 0 Underperform Margin n/m n/m n/m n/m 0 Sell 110 Net Income (7.0) (17.7) (24.0) (21.5) 10.4% 100 Margin n/m n/m n/m n/m 90

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 80 Enterprise Value 101.6 EV/Sales 10.2x 25.4x 25.4x Prices 70 Net Debt (24.2) EV/EBITDA nm nm nm 60 Minority Interest 0.0 EV/EBIT nm nm nm Feb-17 May-17 Preferred Equity 0.0 P/E -7.1x -5.3x -5.9x Inventiva S.A. Euronext 100 Index Market Cap 125.8 P/B 2.0x 3.1x n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Next Games Oyi

Company Description IPO Facts . Sector: Application Software Ticker HLSE:NXTGMS Financial Advisors Next Games Oyj develops and publishes mobile games in North America and Europe. It distributes Exchange Helsinki Stock Exchange Danske Bank A/S Initial Filing Date 10-Mar-17 games via the Apple App Store and Google Play. The company was founded in 2013 and is based in Announced Date 10-Mar-17 Helsinki, Finland. # Days Announced to Offer 12 Offer Date 22-Mar-17

IPO Price (EUR) 7.90 Filing Price Range (EUR) 7.50 - 7.90 Final Price Range (EUR) 7.50 - 7.90

Legal Counsel Shares Offered (incl. Greenshoe) 4.4m Greenshoe 15.0% Roschier, Attorneys Ltd. Filing Volume (EUR) 32.8m Final Volume (EUR) 22 30.0m Filing-to-Final Change (8.6%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Misaelma Holding Oy 0.0% n/a Shark Investment Oy 0.0% Primary 98% Suikkanen, Anssi Jukka-pekka 0.0% Secondary 2%

Key Financials Free Float 100.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 31.4 41.8 72.8 115.3 66.1% IPO +1D IPO +3M IPO +6M since IPO Growth 74.2% 58.4% 1 Buy Next Games Oyj 20.3% 2.5% n/a (5.4%) EBITDA (1.2) 2.5 6.3 15.3 147.4% 1 Outperform OMX Nordic 1.0% 7.3% n/a 5.1% Margin n/m 6.0% 8.7% 13.3% 0 Hold 130 EBIT (1.6) 1.8 3.7 11.9 157.1% 0 Underperform Margin n/m 4.3% 5.1% 10.3% 0 Sell 120 Net Income 0.8 2.0 3.0 10.0 123.6% Margin 2.4% 4.8% 4.1% 8.7% 110

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 132.9 EV/Sales 3.2x 1.8x 1.2x Prices Net Debt (2.9) EV/EBITDA 53.2x 21.1x 8.7x 90 Minority Interest 0.0 EV/EBIT 73.8x 35.9x 11.2x Mar-17 Jun-17 Preferred Equity 0.0 P/E 67.9x 45.3x 13.6x Next Games Oyj OMX Nordic 40 Index Market Cap 135.8 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Isofol Medical AB

Company Description IPO Facts . Sector: Biotechnology Ticker OM:ISOFOL Financial Advisors Isofol Medical AB (publ), a clinical stage company, develops folate-based therapies. Its clinical lead Exchange Stockholm Stock Exchange Pareto Securities AB Initial Filing Date 20-Mar-17 candidate is Modufolin, a novel folate-based therapy that enhances and reduces the side effects of Announced Date 20-Mar-17 antimetabolites used in cancer treatment. The company is conducting phase I and II clinical trials to # Days Announced to Offer 15 verify Modufolin as a co-therapy in the treatment of cancer. Isofol Medical AB (publ) has strategic Offer Date 04-Apr-17 collaborations with Merck & Cie; Recipharm; and Sahlgrenska University Hospital. The company was founded in 2008 and is based in Gothenburg, Sweden. IPO Price (EUR) 3.02 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 14.8m Greenshoe 0.0% n/a Filing Volume (EUR) 44.8m Final Volume (EUR) 22 44.8m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Biofol AB 10.0% KPMG AB Yield Life Science AB 7.8% Primary 100% Recipharm AB (publ) 2.2% Secondary 0% Österlund, Jan-Eric 2.0% Urus Ab 1.9% Key Financials Free Float 76.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 0.0 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Isofol Medical AB (publ) (6.9%) n/a n/a (20.0%) EBITDA (6.5) (8.8) (10.6) (10.6) 9.5% 1 Outperform OMX Nordic 0.3% n/a n/a 4.4% Margin n/m n/m n/m n/m 0 Hold 110 EBIT (6.5) (8.8) (10.6) (10.6) 9.5% 0 Underperform Margin n/m n/m n/m n/m 0 Sell 100 Net Income (6.5) (8.8) (10.6) (10.7) 10.1% Margin n/m n/m n/m n/m 90

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 80 Enterprise Value 75.9 EV/Sales n/a n/a n/a Prices Net Debt (0.6) EV/EBITDA nm nm nm 70 Minority Interest 0.0 EV/EBIT nm nm nm Apr-17 Preferred Equity 0.0 P/E -8.7x -7.2x -7.1x Isofol Medical AB (publ) OMX Nordic 40 Index Market Cap 76.5 P/B 2.2x 3.2x 5.9x

Source: S&P Capital IQ as of 30.06.2017, 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 BerGenBio ASA

Company Description IPO Facts . Sector: Biotechnology Ticker OB:BGBIO Financial Advisors BerGenBio ASA, a clinical stage oncology biotech company, develops medicines to treat cancer. Its Exchange Oslo Stock Exchange ABG Sundal Collier Holding ASA Initial Filing Date 28-Mar-17 lead candidate is BGB324, a bioavailable small molecule AXL inhibitor, which is in Phase II clinical Arctic Securities AS Announced Date 28-Mar-17 development in two major cancer indications. The company also develops BGB324 as a single agent DNB Markets # Days Announced to Offer 9 therapy in acute myeloid leukaemia and in combination with Tarceva erlotinib in advanced non-small- Offer Date 06-Apr-17 cell lung cancer (NSCLC). In addition, it is developing biomarkers and companion diagnostic tests to identify cancer patients with Axl-positive-tumors. BerGenBio ASA has a collaboration agreement with Merck & Co. focuses on the clinical evaluation of BGB324 in patients with advanced NSCLC and IPO Price (EUR) 2.72 women with triple negative breast cancer. BerGenBio ASA was founded in 2007 and is headquartered Filing Price Range (EUR) n/a in Bergen, Norway. Final Price Range (EUR) n/a Legal Counsel Shares Offered (incl. Greenshoe) 17.0m Greenshoe 6.3% Schjodt Filing Volume (EUR) 43.6m Final Volume (EUR) 22 43.6m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Meteva AS 30.0% Ernst & Young AS Investinor AS 13.3% Primary 100% Alfred Berg Kapitalförvaltning AB 6.5% Secondary 0% Sarsia Seed Management AS 4.3% MP Pensjon 3.6% Key Financials Free Float 42.3% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # 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 1 Buy BerGenBio ASA 0.1% n/a n/a (16.7%) EBITDA (19.2) (19.9) (31.6) (27.2) 17.0% 0 Outperform Euronext 100 0.4% n/a n/a (0.0%) Margin n/m n/m n/m n/m 0 Hold 110 EBIT (19.2) (20.0) (31.7) (27.3) 16.9% 0 Underperform Margin n/m n/m n/m n/m 0 Sell Net Income (19.0) (19.7) (31.5) (27.2) 17.6% 100 Margin n/m n/m n/m n/m

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 90 Enterprise Value 103.0 EV/Sales n/a n/a n/a Prices Net Debt (10.4) EV/EBITDA nm nm nm 80 Minority Interest 0.0 EV/EBIT nm nm nm Apr-17 Preferred Equity 0.0 P/E -5.7x -3.6x -4.2x BerGenBio ASA Euronext 100 Index Market Cap 113.0 P/B 3.2x 27.3x 13.6x

Source: S&P Capital IQ as of 30.06.2017, 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 Actic Group AB

Company Description IPO Facts . Sector: Leisure Facilities Ticker OM:ATIC Financial Advisors Actic Group AB (publ) operates health and fitness clubs in Sweden, Norway, Finland, Germany, and Exchange Stockholm Stock Exchange Carnegie Investment Bank AB Initial Filing Date 28-Mar-17 Austria. It offers gym and swim facilities, as well as access to fitness clubs, PTs, and group training. DNB Bank ASA, Sweden Branch Announced Date 28-Mar-17 As of December 31, 2016, it operated 118 clubs. The company was founded in 1981 and is Skandinaviska Enskilda Banken AB (publ) # Days Announced to Offer 10 headquartered in Solna, Sweden. Actic Group AB (publ) is a subsidiary of Actic Norge AS. Offer Date 07-Apr-17

IPO Price (EUR) 5.25 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 9.1m Greenshoe 5.2% White & Case Advokat AB Filing Volume (EUR) 45.2m Final Volume (EUR) 22 45.2m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 IK Investment Partners 63.5% KPMG AB Athanese Industrial Partners Ltd. 7.3% Primary 62% AP Fonden 4 6.4% Secondary 38% Swedbank Robur Fonder AB 5.8% Zaar, Christer 0.1% Key Financials Free Float 17.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 89.3 95.0 101.7 106.6 6.0% IPO +1D IPO +3M IPO +6M since IPO Growth 7.1% 4.9% 3 Buy Actic Group AB (publ) 1.0% n/a n/a (4.1%) EBITDA 13.0 16.1 18.3 19.6 10.2% 0 Outperform OMX Nordic 0.1% n/a n/a 4.4% Margin 14.6% 17.0% 18.0% 18.4% 0 Hold 110 EBIT 5.3 7.5 9.7 10.8 19.9% 0 Underperform Margin 5.9% 7.9% 9.5% 10.2% 0 Sell Net Income (1.8) 4.5 7.0 8.0 33.4% Margin n/m 4.8% 6.9% 7.5% 100

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 Enterprise Value 143.6 EV/Sales 1.5x 1.4x 1.3x Prices Net Debt 61.8 EV/EBITDA 8.9x 7.8x 7.3x 90 Minority Interest 0.0 EV/EBIT 19.0x 14.8x 13.3x Apr-17 Preferred Equity 0.0 P/E 18.2x 11.7x 10.2x Actic Group AB (publ) OMX Nordic 40 Index Market Cap 82.3 P/B 1.2x 1.1x 1.0x

Source: S&P Capital IQ as of 30.06.2017, 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 Ten Entertainment Group PLC

Company Description IPO Facts . Sector: Leisure Facilities Ticker LSE:TEG Financial Advisors Ten Entertainment Group plc, together with its subsidiaries, engages in ten-pin bowling operations in Exchange London Stock Exchange Numis Securities Limited Initial Filing Date 12-Apr-17 the United Kingdom. The company operates 40 ten-pin bowling sites with approximately 1,000 Announced Date 12-Apr-17 bowling lanes under the Tenpin brand. It also engages in amusement machine, table tennis, soft play, # Days Announced to Offer 7 laser game, pool table, and restaurant and bar activities. The company was formerly known as Offer Date 19-Apr-17 Birchams Newco plc and changed its name to Ten Entertainment Group plc in March 2017. Ten Entertainment Group plc was incorporated in 2017 and is headquartered in Bedford, the United Kingdom. IPO Price (EUR) 1.97 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 16.3m Greenshoe 0.0% Berwin Leighton Paisner, LLP Filing Volume (EUR) 32.1m Final Volume (EUR) 22 32.1m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Harwood Capital LLP 35.4% PricewaterhouseCoopers LLP Mills, Christopher Harwood Bernard 3.7% Primary 0% Basing, Nicholas A. 3.1% Secondary 100% Hand, Alan 1.3% Blackwell, Graham 0.9% Key Financials Free Float 56.4% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 78.7 82.1 90.4 98.0 9.3% IPO +1D IPO +3M IPO +6M since IPO Growth 10.1% 8.4% 1 Buy Ten Entertainment Group Plc (1.5%) n/a n/a (5.2%) EBITDA 19.8 21.2 23.6 25.7 10.2% 0 Outperform FTSE All-Share (0.1%) n/a n/a (0.4%) Margin 25.2% 25.8% 26.1% 26.2% 0 Hold 110 EBIT 13.6 15.8 17.8 19.4 10.6% 0 Underperform Margin 17.3% 19.3% 19.6% 19.7% 0 Sell Net Income 4.2 12.4 14.1 15.6 12.1% Margin 5.4% 15.1% 15.6% 15.9% 100

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 Enterprise Value 178.8 EV/Sales 2.2x 2.0x 1.8x Prices Net Debt 58.8 EV/EBITDA 8.4x 7.6x 6.9x 90 Minority Interest 0.0 EV/EBIT 11.3x 10.1x 9.2x Apr-17 Preferred Equity 0.0 P/E 9.8x 8.6x 7.8x Ten Entertainment Group Plc FTSE All-Share Index (GBP) Market Cap 121.5 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 PG PLC

Company Description IPO Facts . Sector: Food Retail Ticker MTSE:PG Financial Advisors PG p.l.c. primarily engages in the operation of supermarkets in Malta. The company operates two Exchange Malta Stock Exchange n/a Initial Filing Date 27-Mar-17 supermarkets that offer food and non-food products. It is also involved in the management, operation, Announced Date 27-Mar-17 and letting of other retail and commercial outlets within the Pavi Shopping Complex and Pama # Days Announced to Offer 37 Shopping Village. In addition, the company engages in the franchise operations of Zara outlet in Offer Date 03-May-17 Sliema; and two Zara Home outlets in Sliema and Mosta. Its outlets primarily offer garments, home furnishings, and related merchandise. The company was founded in 2016 and is headquartered in Mosta, Malta. IPO Price (EUR) 1.00 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 27.0m Greenshoe 0.0% n/a Filing Volume (EUR) 27.0m Final Volume (EUR) 22 27.0m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 n/a n/a PricewaterhouseCoopers Malta Primary 0% Secondary 100%

Key Financials Free Float 100.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 65.5 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy PG p.l.c. 20.0% n/a n/a 30.0% EBITDA 8.4 n/a n/a n/a n/a 0 Outperform Malta Stock 0.2% n/a n/a 0.7% Margin 12.8% n/a n/a n/a 0 Hold 140 EBIT 7.1 n/a n/a n/a n/a 0 Underperform Margin 10.9% n/a n/a n/a 0 Sell 130 Net Income 4.7 n/a n/a n/a n/a Margin 7.1% n/a n/a n/a 120

Rebased (in %) 110 (EURm) Valuation FY 2017 FY 2018 FY 2019

100 Enterprise Value 163.8 EV/Sales n/a n/a n/a Prices Net Debt 26.5 EV/EBITDA n/a n/a n/a 90 Minority Interest 0.0 EV/EBIT n/a n/a n/a May-17 Preferred Equity 0.0 P/E n/a n/a n/a PG p.l.c. Malta Stock Exchange Index Market Cap 140.4 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Eve Sleep PLC

Company Description IPO Facts . Sector: Internet Software and Services Ticker AIM:EVE Financial Advisors Eve Sleep Plc designs, manufactures, and sells mattresses under the eve brand name worldwide. It Exchange AIM - London Stock Exchange n/a Initial Filing Date 15-May-17 also offers pillows, sheets, protectors, duvets, and toppers. The company sells its products to Announced Date 15-May-17 individual customers, as well as to retail distributors. It also sells its products through online. Eve # Days Announced to Offer 2 Sleep Plc was incorporated in 2014 and is headquartered in London, the United Kingdom. Offer Date 17-May-17

IPO Price (EUR) 1.17 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 34.6m Greenshoe 0.0% CMS Cameron McKenna Nabarro Olswang LLP Filing Volume (EUR) 40.6m Final Volume (EUR) 22 40.6m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Cairnglen Investments Pty Ltd 20.1% KPMG LLP (United Kingdom) Octopus Investments Limited 13.8% Primary 100% DN Capital Limited 11.6% Secondary 0% Bagniewski, Jas 6.8% Pindar, Paul R. M. 4.5% Key Financials Free Float 43.2% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 14.0 31.0 76.0 129.4 104.5% IPO +1D IPO +3M IPO +6M since IPO Growth 145.6% 70.2% 1 Buy Eve Sleep Plc 3.6% n/a n/a (4.9%) EBITDA (13.3) (14.7) (12.5) 3.1 nm 0 Outperform FTSE All-Share (0.8%) n/a n/a (2.4%) Margin n/m n/m n/m 2.4% 0 Hold 110 EBIT (13.3) (14.9) (13.1) 1.9 nm 0 Underperform Margin n/m n/m n/m 1.5% 0 Sell Net Income (13.3) (14.9) (13.1) 1.6 nm Margin n/m n/m n/m 1.2% 100

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 Enterprise Value 149.1 EV/Sales 4.8x 2.0x 1.2x Prices Net Debt (5.4) EV/EBITDA nm nm 48.5x 90 Minority Interest 0.0 EV/EBIT nm nm 77.0x May-17 Preferred Equity 0.0 P/E -10.3x -11.8x 96.8x Eve Sleep Plc FTSE All-Share Index (GBP) Market Cap 154.3 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Indel B S.p.A.

Company Description IPO Facts . Sector: Household Appliances Ticker BIT:INDB Financial Advisors Indel B S.p.A. produces and sells mobile refrigerators worldwide. The company offers fridges and Exchange Borsa Italia Banca Akros S.p.A. Initial Filing Date 03-May-17 parking air coolers for cars, off road vehicles, motor homes and caravans, commercial vehicles, and Banca IMI S.p.A. Announced Date 03-May-17 mini buses and luxury coaches, as well as for other recreational vehicles; and hotel minibars, safety # Days Announced to Offer 15 boxes, lock systems, hairdryers, and LED lighting products, as well as distributes television for Offer Date 18-May-17 hotels. It also provides wine cellars, as well as sells milk preservation refrigerators for restaurant and catering industries. Indel B S.p.A. was founded in 1967 and is based in Sant'Agata Feltria, Italy. IPO Price (EUR) 23.00 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 1.6m Greenshoe 12.3% Studio Legale Riolo Calderaro Crisostomo e Associati Filing Volume (EUR) 32.8m Final Volume (EUR) 22 32.8m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Amp.Fin S.R.L. 71.3% PricewaterhouseCoopers SpA Primary 70% Secondary 30%

Key Financials Free Float 28.7% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 88.1 99.6 107.1 114.0 7.0% IPO +1D IPO +3M IPO +6M since IPO Growth 7.5% 6.4% 1 Buy Indel B S.p.A. 13.0% n/a n/a 17.5% EBITDA 12.2 16.9 18.3 19.8 8.1% 1 Outperform FTSE MIB 1.3% n/a n/a (3.4%) Margin 13.8% 17.0% 17.1% 17.4% 0 Hold 120 EBIT 11.1 14.8 16.2 18.3 11.1% 0 Underperform Margin 12.6% 14.9% 15.1% 16.1% 0 Sell Net Income 9.7 11.7 13.0 14.0 9.2% 110 Margin 11.0% 11.8% 12.1% 12.3%

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 160.0 EV/Sales 1.6x 1.5x 1.4x Prices Net Debt 9.2 EV/EBITDA 9.5x 8.7x 8.1x 90 Minority Interest 0.0 EV/EBIT 10.8x 9.9x 8.7x May-17 Preferred Equity 0.0 P/E 12.9x 11.6x 10.8x Indel B S.p.A. FTSE MIB INDEX Market Cap 150.8 P/B 2.3x 2.0x 1.8x

Source: S&P Capital IQ as of 30.06.2017, 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 WIIT S.p.A.

Company Description IPO Facts . Sector: Internet Software and Services Ticker BIT:WIIT Financial Advisors WIIT S.p.A. provides cloud services for various businesses in Italy and internationally. It offers hybrid, Exchange Borsa Italia Intermonte SIM Spa Initial Filing Date 01-Jun-17 hosted private, and public cloud services; cloud services for critical applications; business continuity Announced Date 01-Jun-17 and disaster recovery services; cyber security services; technology migration programs; digital # Days Announced to Offer 0 business transformation services; and services desk and desktop management solutions. The Offer Date 01-Jun-17 company was founded in 2001 and is based in Milan, Italy.

IPO Price (EUR) 45.00 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 0.7m Greenshoe 15.0% Dla Piper Italy Services Srl Filing Volume (EUR) 27.8m Final Volume (EUR) 22 27.8m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Wiit Fin S.R.L. 72.1% Deloitte Italy S.p.A 4Fin S.R.L. 3.4% Primary 53% Hat Orizzonte Group 2.5% Secondary 47% Mogavero, Francesco 1.1% Mogavero, Nicola 0.1% Key Financials Free Float 21.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 14.6 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy WIIT S.p.A. 12.4% n/a n/a 11.8% EBITDA 3.7 n/a n/a n/a n/a 0 Outperform FTSE MIB (1.0%) n/a n/a (1.6%) Margin 25.4% n/a n/a n/a 0 Hold 120 EBIT 1.7 n/a n/a n/a n/a 0 Underperform Margin 11.6% n/a n/a n/a 0 Sell Net Income 0.9 n/a n/a n/a n/a 110 Margin 6.2% n/a n/a n/a

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 129.0 EV/Sales n/a n/a n/a Prices Net Debt 9.4 EV/EBITDA n/a n/a n/a 90 Minority Interest 0.0 EV/EBIT n/a n/a n/a Jun-17 Preferred Equity 0.0 P/E n/a n/a n/a WIIT S.p.A. FTSE MIB INDEX Market Cap 119.6 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 46 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 Baly o S.A.

Company Description IPO Facts . Sector: Industrial Machinery Ticker ENXTPA:BALYO Financial Advisors Balyo S.A. designs, develops, and markets material handling robots in France and internationally. Exchange EURONEXT Paris Natixis S.A. Initial Filing Date 10-May-17 The company’s products include robotic initial lift stackers and pallet trucks, tractors, Societe De Bourse Gilbert Dupont Announced Date 10-May-17 counterbalanced stackers, and reach trucks. Its products are used in storage, supply and removal, # Days Announced to Offer 29 loading and unloading, logistics train, stock line scanning, and barcode scanning applications. The Offer Date 08-Jun-17 company was founded in 2005 and is headquartered in Moissy-Cramayel, France.

IPO Price (EUR) 4.11 Filing Price Range (EUR) 3.05 - 4.11 Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 11.1m Greenshoe 15.0% Brunswick & Associés Filing Volume (EUR) 39.8m Final Volume (EUR) 22 39.8m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Seventure Partners 25.4% n/a Bpifrance Investissement 17.2% Primary 100% KION GROUP AG 5.9% Secondary 0% Bravo Orellana, Raul Bravo 3.4% Duval, Thomas 3.4% Key Financials Free Float 44.7% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 5.2 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Balyo S.A. 24.1% n/a n/a 30.2% EBITDA (6.4) n/a n/a n/a n/a 0 Outperform Euronext 100 0.6% n/a n/a (3.1%) Margin n/m n/a n/a n/a 0 Hold 150 EBIT (6.6) n/a n/a n/a n/a 0 Underperform Margin n/m n/a n/a n/a 0 Sell 140 Net Income (6.8) n/a n/a n/a n/a 130 Margin n/m n/a n/a n/a 120

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 110 Enterprise Value 152.2 EV/Sales n/a n/a n/a Prices 100 Net Debt 2.8 EV/EBITDA n/a n/a n/a 90 Minority Interest 0.0 EV/EBIT n/a n/a n/a Jun-17 Preferred Equity 0.0 P/E n/a n/a n/a Balyo S.A. Euronext 100 Index Market Cap 149.3 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 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

48 Oncopeptides AB

Company Description IPO Facts . Sector: Biotechnology Ticker OM:ONCO Financial Advisors Oncopeptides AB (publ), a clinical development pharmaceutical company, develops anti-cancer Exchange Stockholm Stock Exchange ABG Sundal Collier AB Initial Filing Date 07-Feb-17 drugs. It develops Ygalo, a cytotoxic therapy that is in late-stage development use for the treatment Carnegie Investment Bank AB Announced Date 07-Feb-17 of multiple myeloma. The company was founded in 2000 and is headquartered in Stockholm, DNB Markets # Days Announced to Offer 14 Sweden. Offer Date 21-Feb-17

IPO Price (EUR) 4.86 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 15.1m Greenshoe 6.9% White & Case Advokat AB Filing Volume (EUR) 68.7m Final Volume (EUR) 22 68.7m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Industrifonden 25.9% Öhrlings PricewaterhouseCoopers AB HealthCap 25.9% Primary 100% Max Mitteregger Kapitalförvaltning 6.2% Secondary 0% Carnegie Asset Management Fondsmaeglerselskab A/S Denmark 2.1% C WorldWide Asset Management Fondsmaeglerselskab A/S 0.9% Key Financials Free Float 40.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # 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 Oncopeptides AB (publ) (6.6%) (2.1%) n/a 62.4% EBITDA (16.5) (24.7) (28.0) (22.6) (4.4%) 0 Outperform OMX Nordic (0.4%) 4.1% n/a 3.1% Margin n/m n/m n/m n/m 0 Hold 160 EBIT (16.5) (24.7) (28.0) (22.7) (4.2%) 0 Underperform Margin n/m n/m n/m n/m 0 Sell 140 Net Income (16.9) (24.3) (27.8) (22.3) (4.4%) Margin n/m n/m n/m n/m 120

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 250.6 EV/Sales n/a n/a n/a Prices Net Debt (64.0) EV/EBITDA nm nm nm 80 Minority Interest 0.0 EV/EBIT nm nm nm Feb-17 May-17 Preferred Equity 0.0 P/E -12.9x -11.3x -14.1x Oncopeptides AB (publ) OMX Nordic 40 Index Market Cap 314.1 P/B 6.5x 13.9x 5.8x

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 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 UP Global Sourcing Holdings PLC

Company Description IPO Facts . Sector: Distributors Ticker LSE:UPGS Financial Advisors UP Global Sourcing Holdings plc, through its subsidiaries, supplies branded household products Exchange London Stock Exchange Cenkos Securities plc Initial Filing Date 01-Mar-17 worldwide. The company offers its products principally under the Beldray, Intempo, Salter, and Shore Capital Stockbrokers Limited Announced Date 01-Mar-17 Constellation brands. UP Global Sourcing Holdings plc was founded in 1997 and is based in Oldham, # Days Announced to Offer 0 the United Kingdom. Offer Date 01-Mar-17

IPO Price (EUR) 1.49 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 41.1m Greenshoe 0.0% Osborne Clarke Filing Volume (EUR) 61.3m Final Volume (EUR) 22 61.3m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Showman, Simon 22.6% BDO LLP Franks, Barry 12.5% Primary 0% BlackRock, Inc. 10.2% Secondary 100% Gossage, Andrew 9.8% Henderson Global Investors Limited 5.3% Key Financials Free Float 39.6% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 122.4 122.0 137.1 151.4 11.4% IPO +1D IPO +3M IPO +6M since IPO Growth 12.3% 10.5% 1 Buy UP Global Sourcing Holdings plc 14.8% 50.7% n/a 59.6% EBITDA 11.5 12.5 14.6 17.0 16.4% 0 Outperform FTSE All-Share 1.6% 4.2% n/a 1.2% Margin 9.4% 10.3% 10.6% 11.2% 0 Hold 160 EBIT 11.2 8.8 14.0 16.4 36.8% 0 Underperform 150 Margin 9.1% 7.2% 10.2% 10.8% 0 Sell 140 Net Income 8.3 9.0 10.7 12.7 19.1% 130 Margin 6.8% 7.4% 7.8% 8.4% 120

Rebased (in %) 110 (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 207.4 EV/Sales 1.7x 1.5x 1.4x Prices 90 Net Debt 11.9 EV/EBITDA 16.6x 14.2x 12.2x 80 Minority Interest 0.0 EV/EBIT 23.7x 14.8x 12.7x Mar-17 Jun-17 Preferred Equity 0.0 P/E 21.8x 18.3x 15.4x UP Global Sourcing Holdings plc FTSE All-Share Index (GBP) Market Cap 195.7 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 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 MIPS AB

Company Description IPO Facts . Sector: Leisure Products Ticker OM:MIPS Financial Advisors MIPS AB (publ) manufactures and sells helmets worldwide. It offers MIPS brain protection system for Exchange Stockholm Stock Exchange ABG Sundal Collier AB Initial Filing Date 10-Mar-17 helmet solutions in the consumer market, bicycle, snowboard, motorcycle and motocross, Handelsbanken Capital Markets Announced Date 10-Mar-17 equestrian, team sport, horse riding, auto sport, baseball, climbing, snowmobile, wake/kite board, # Days Announced to Offer 13 and whitewater kayak and rafting helmets; and in the commercial market, including military, law Offer Date 23-Mar-17 enforcement, and search and rescue helmets. The company was founded in 2001 and is headquartered in Täby, Sweden. IPO Price (EUR) 4.84 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 14.3m Greenshoe 15.0% Hammarskiöld & Co. AB Filing Volume (EUR) 60.0m Final Volume (EUR) 22 60.0m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 HealthCap 13.6% KPMG AB Swedbank Robur Fonder AB 5.8% Primary 26% AP Fonden 3 5.0% Secondary 74% KTH-Chalmers Capital 4.9% Handelsbanken Asset Management 4.3% Key Financials Free Float 66.4% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 10.2 15.1 22.9 31.3 44.0% IPO +1D IPO +3M IPO +6M since IPO Growth 51.3% 37.0% 0 Buy MIPS AB (publ) 12.0% 53.5% n/a 71.8% EBITDA 2.3 n/a 8.0 11.4 n/a 1 Outperform OMX Nordic 1.0% 7.3% n/a 5.1% Margin 22.1% n/a 34.9% 36.5% 0 Hold 160 EBIT 2.2 3.9 8.0 11.4 70.3% 0 Underperform 150 Margin 21.2% 26.1% 34.9% 36.5% 0 Sell 1.3 n/a n/a n/a n/a 140 Net Income Margin 13.2% n/a n/a n/a 130 120

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 110 Enterprise Value 232.6 EV/Sales 15.4x 10.2x 7.4x Prices 100 Net Debt (19.0) EV/EBITDA n/a 29.2x 20.4x 90 Minority Interest 0.0 EV/EBIT 59.0x 29.2x 20.4x Mar-17 Jun-17 Preferred Equity 0.0 P/E n/a n/a n/a MIPS AB (publ) OMX Nordic 40 Index Market Cap 251.5 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Unieuro S.p.A.

Company Description IPO Facts . Sector: Computer and Electronics Retail Ticker BIT:UNIR Financial Advisors Unieuro S.p.A. operates a chain of consumer electronics and home appliance stores in Italy. It offers Exchange Borsa Italia Citigroup Global Markets Limited Initial Filing Date 17-Mar-17 smartphones, electrical products, vacuum cleaners, washing machines, notebooks, tablets, HD TVs, Credit Suisse Securities (Europe) Limited Announced Date 17-Mar-17 steam generators, Xbox One and PlayStation 4 games, refrigerators, TV monitors, desktop PCs, Mediobanca Banca di Credito Finanziario S.p.A. # Days Announced to Offer 14 fixed conditioners, wireless headphones, and dishwashers. The company also sells its products Unicredit Bank AG Milan Offer Date 31-Mar-17 through online. It operates approximately 470 stores. The company is headquartered in Forlì, Italy. Unieuro S.p.A. is a subsidiary of Italian Electronics Holdings s.r.l. IPO Price (EUR) 11.00 Filing Price Range (EUR) 13.00 - 16.50 Final Price Range (EUR) 13.00 - 16.50

Legal Counsel Shares Offered (incl. Greenshoe) 6.9m Greenshoe 8.5% Linklaters LLP Filing Volume (EUR) 140.3m Final Volume (EUR) 22 70.0m Filing-to-Final Change (50.1%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Italian Electronics Holdings S.r.l. 64.2% KPMG S.p.A. HSBC Global Asset Management (UK) Limited 0.4% Primary 0% Secondary 100%

Key Financials Free Float 35.8% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 1,660.5 1,660.5 1,859.0 2,025.6 10.4% IPO +1D IPO +3M IPO +6M since IPO Growth 12.0% 9.0% 1 Buy Unieuro S.p.A. 4.5% n/a n/a 41.8% EBITDA 38.1 65.4 72.1 79.5 10.2% 1 Outperform FTSE MIB 0.1% n/a n/a 1.7% Margin 2.3% 3.9% 3.9% 3.9% 1 Hold 160 EBIT 20.1 47.4 51.2 57.3 9.9% 0 Underperform 150 Margin 1.2% 2.9% 2.8% 2.8% 0 Sell 11.6 36.3 40.2 46.8 13.5% 140 Net Income Margin 0.7% 2.2% 2.2% 2.3% 130 120

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 110 Enterprise Value 421.5 EV/Sales 0.3x 0.2x 0.2x Prices 100 Net Debt 1.9 EV/EBITDA 6.4x 5.8x 5.3x 90 Minority Interest 0.0 EV/EBIT 8.9x 8.2x 7.4x Mar-17 Preferred Equity 0.0 P/E 11.6x 10.4x 9.0x Unieuro S.p.A. FTSE MIB INDEX Market Cap 419.6 P/B 3.7x 3.4x 2.8x

Source: S&P Capital IQ as of 30.06.2017, 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 SSM Holding AB

Company Description IPO Facts . Sector: Homebuilding Ticker OM:SSM Financial Advisors SSM Holding AB (publ), through its subsidiaries, operates as a residential property development Exchange Stockholm Stock Exchange ABG Sundal Collier AB Initial Filing Date 27-Mar-17 company. It acquires, develops, constructs, and sells residential properties, including rental and Skandinaviska Enskilda Banken AB (publ) Announced Date 27-Mar-17 cooperative apartments, condominiums, and student housing projects in the Stockholm region. The # Days Announced to Offer 10 company was founded in 1993 and is headquartered in Stockholm, Sweden. SSM Holding AB (publ) Offer Date 06-Apr-17 operates as a subsidiary of Eurodevelopment Holding AG.

IPO Price (EUR) 6.15 Filing Price Range (EUR) 5.63 - 6.67 Final Price Range (EUR) 5.63 - 6.67

Legal Counsel Shares Offered (incl. Greenshoe) 9.8m Greenshoe 0.0% Hammarskiöld & Co. AB Filing Volume (EUR) 82.3m Final Volume (EUR) 22 60.4m Filing-to-Final Change (26.6%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Eurodevelopment Holding AG 70.4% Öhrlings PricewaterhouseCoopers AB Lansforsakringar Fondforvaltning AB 5.1% Primary 93% Secondary 7%

Key Financials Free Float 24.5% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 74.7 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy SSM Holding AB (publ) (0.8%) n/a n/a (12.2%) EBITDA 12.7 n/a n/a n/a n/a 0 Outperform OMX Nordic 0.1% n/a n/a 4.5% Margin 17.0% n/a n/a n/a 0 Hold 110 EBIT 12.7 n/a n/a n/a n/a 0 Underperform Margin 16.9% n/a n/a n/a 0 Sell Net Income 14.0 n/a n/a n/a n/a 100 Margin 18.8% n/a n/a n/a

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 90 Enterprise Value 261.6 EV/Sales n/a n/a n/a Prices Net Debt 50.1 EV/EBITDA n/a n/a n/a 80 Minority Interest 0.0 EV/EBIT n/a n/a n/a Apr-17 Preferred Equity 0.0 P/E n/a n/a n/a SSM Holding AB (publ) OMX Nordic 40 Index Market Cap 211.9 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Prodways Group S.A.

Company Description IPO Facts . Sector: Industrial Machinery Ticker ENXTPA:PWG Financial Advisors Prodways Group SA manufactures and sells 3D printers in Europe. It offers plastic laser sintering, Exchange EURONEXT Paris Degroof Petercam France Initial Filing Date 26-Apr-17 plastic industrial high resolution, and industrial ceramic 3D printers; and related materials, such as Oddo & Cie Announced Date 26-Apr-17 liquid resins and polymer powders, as well as metal parts. The company serves automotive, dental, Portzamparc Societe De Bourse S.A. # Days Announced to Offer 15 molding, medical, jewelry and luxury, aerospace and defense, architectural and design, consumer Offer Date 11-May-17 product, and academic and research industries through direct and indirect sales channels. The company is headquartered in Les Mureaux, France. Prodways Group SA is a subsidiary of Groupe Gorgé SA. IPO Price (EUR) 4.80 Filing Price Range (EUR) 3.80 - 4.80 Final Price Range (EUR) 3.80 - 4.80

Legal Counsel Shares Offered (incl. Greenshoe) 12.2m Greenshoe 15.0% n/a Filing Volume (EUR) 50.7m Final Volume (EUR) 22 50.7m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Groupe Gorgé SA 65.2% n/a Allanic, André-Luc 2.2% Primary 100% Societe de Bourse Portzamparc 0.6% Secondary 0% Portzamparc Gestion, Asset Management Arm 0.2% Oudart Gestion SA 0.0% Key Financials Free Float 32.6% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 27.4 34.3 44.8 60.0 32.3% IPO +1D IPO +3M IPO +6M since IPO Growth 30.6% 33.9% 0 Buy Prodways SAS 11.9% n/a n/a 27.1% EBITDA (6.1) (3.3) 1.0 7.1 nm 0 Outperform Euronext 100 0.4% n/a n/a (4.9%) Margin n/m n/m 2.2% 11.8% 0 Hold 150 EBIT (8.1) (7.3) (3.5) 1.6 nm 1 Underperform Margin n/m n/m n/m 2.7% 0 Sell 140 Net Income (8.3) n/a n/a n/a n/a 130 Margin n/m n/a n/a n/a 120

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 110 Enterprise Value 311.6 EV/Sales 9.1x 7.0x 5.2x Prices 100 Net Debt 7.6 EV/EBITDA nm 311.6x 43.9x 90 Minority Interest 0.1 EV/EBIT nm nm 194.8x May-17 Preferred Equity 0.0 P/E n/a n/a n/a Prodways SAS Euronext 100 Index Market Cap 303.9 P/B 3.8x 4.0x 3.9x

Source: S&P Capital IQ as of 30.06.2017, 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 Silmäasema Oyi

Company Description IPO Facts . Sector: Specialty Stores Ticker HLSE:SILMA Financial Advisors Silmäasema Oyj provides vision and eye healthcare services in Finland. It operates through Optical Exchange Helsinki Stock Exchange Nordea Bank Finland Plc Initial Filing Date 26-May-17 Retail and Eye Healthcare, and Eye Clinics segments. The company provides optical products, OP Yrityspankki Oyj Announced Date 26-May-17 optician services, ophthalmologist services, eye surgery services, and eye laboratory services. It # Days Announced to Offer 13 operates 107 directly owned stores and 33 franchise stores, as well as operates an online store and Offer Date 08-Jun-17 13 eye clinics. The company was founded in 1975 and is headquartered in Helsinki, Finland.

IPO Price (EUR) 6.90 Filing Price Range (EUR) 6.20 - 7.60 Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 9.4m Greenshoe 15.0% Attorneys at law Borenius Ltd Filing Volume (EUR) 56.4m Final Volume (EUR) 22 56.4m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Intera Partners Oy 19.9% PricewaterhouseCoopers Oy Janus Henderson Group plc 4.6% Primary 59% Sihvola, Torsti 2.2% Secondary 41% Kohmo, Pasi 2.1% Sihvola, Roope 1.8% Key Financials Free Float 69.4% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 106.6 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Silmäasema Oyj 10.1% n/a n/a 20.4% EBITDA 9.7 n/a n/a n/a n/a 0 Outperform OMX Nordic 0.8% n/a n/a (1.4%) Margin 9.1% n/a n/a n/a 0 Hold 130 EBIT 5.6 n/a n/a n/a n/a 0 Underperform Margin 5.3% n/a n/a n/a 0 Sell 120 Net Income 0.7 n/a n/a n/a n/a Margin 0.7% n/a n/a n/a 110

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 211.5 EV/Sales n/a n/a n/a Prices Net Debt 61.1 EV/EBITDA n/a n/a n/a 90 Minority Interest 0.0 EV/EBIT n/a n/a n/a Jun-17 Preferred Equity 0.0 P/E n/a n/a n/a Silmäasema Oyj OMX Nordic 40 Index Market Cap 150.4 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 55 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 Bonesupport Holding AB

Company Description IPO Facts . Sector: Biotechnology Ticker OM:BONEX Financial Advisors Bonesupport Holding AB (publ), an orthobiologics company, develops and commercializes injectable Exchange Stockholm Stock Exchange ABG Sundal Collier AB Initial Filing Date 11-Jun-17 bioceramic bone graft substitutes for the treatment of bone voids in Europe, the United States, India, Carnegie Investment Bank AB Announced Date 11-Jun-17 Malaysia, the Sultanate of Oman, and Singapore. The company offers CERAMENT Bone Void Filler, # Days Announced to Offer 10 a bone graft substitute for filling bone voids and defects that are caused by trauma and benign bone Offer Date 21-Jun-17 tumors; CERAMENT G, a gentamicin-eluting injectable synthetic bone substitute; CERAMENT V, a vancomycin-eluting synthetic bone substitute; and CERAMENT SPINE SUPPORT, an injectable synthetic bone substitute for the treatment of vertebral compression fractures. Its products are used IPO Price (EUR) 2.97 by orthopedic surgeons. The company was founded in 1999 and is headquartered in Lund, Sweden. Filing Price Range (EUR) 2.76 - 3.17 Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 17.2m Greenshoe 0.0% Baker & McKenzie Advokatbyrå KB Filing Volume (EUR) 51.9m Final Volume (EUR) 22 51.2m Filing-to-Final Change (1.4%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 HealthCap 13.2% Ernst & Young AB Industrifonden 10.4% Primary 100% Lundbeckfond Invest A/S 10.4% Secondary 0% Swedbank Robur Fonder AB 9.7% AP Fonden 3 5.8% Key Financials Free Float 50.7% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 11.9 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Bonesupport Holding AB (publ) 10.3% n/a n/a (0.3%) EBITDA (10.8) n/a n/a n/a n/a 0 Outperform OMX Nordic (0.3%) n/a n/a (2.4%) Margin n/m n/a n/a n/a 0 Hold 110 EBIT (10.8) n/a n/a n/a n/a 0 Underperform Margin n/m n/a n/a n/a 0 Sell Net Income (13.0) n/a n/a n/a n/a Margin n/m n/a n/a n/a 100

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 Enterprise Value 136.9 EV/Sales n/a n/a n/a Prices Net Debt 0.0 EV/EBITDA n/a n/a n/a 90 Minority Interest 0.0 EV/EBIT n/a n/a n/a Jun-17 Preferred Equity 0.0 P/E n/a n/a n/a Bonesupport Holding AB (publ) OMX Nordic 40 Index Market Cap 136.9 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 FFI Holdings PLC

Company Description IPO Facts . Sector: Movies and Entertainment Ticker AIM:FFI Financial Advisors FFI Holdings PLC provides completion contracts to the entertainment industry for films, television, Exchange AIM - London Stock Exchange Liberum Capital Limited Initial Filing Date 22-Jun-17 mini-series, and streaming products. It offers the financiers of film and television productions with Announced Date 22-Jun-17 contracts that such productions will be completed on time, on budget, and to a basic pre-agreed # Days Announced to Offer 0 specification. The company was founded in 1950 and is headquartered in Los Angeles, California. Offer Date 22-Jun-17

IPO Price (EUR) 1.70 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 39.4m Greenshoe 0.0% n/a Filing Volume (EUR) 67.1m Final Volume (EUR) 22 67.1m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 n/a n/a n/a Primary 53% Secondary 47%

Key Financials Free Float 100.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # 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 FFI Holdings PLC 0.1% n/a n/a 5.2% EBITDA n/a n/a n/a n/a n/a 0 Outperform FTSE All-Share (0.5%) n/a n/a (0.9%) Margin n/a n/a n/a n/a 0 Hold 102 EBIT n/a n/a n/a n/a n/a 0 Underperform Margin n/a n/a n/a n/a 0 Sell Net Income n/a n/a n/a n/a n/a 100 Margin n/a n/a n/a n/a

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 98 Enterprise Value 281.6 EV/Sales n/a n/a n/a Prices Net Debt 0.0 EV/EBITDA n/a n/a n/a 96 Minority Interest 0.0 EV/EBIT n/a n/a n/a Jun-17 Preferred Equity 0.0 P/E n/a n/a n/a FFI Holdings PLC FTSE All-Share Index (GBP) Market Cap 281.6 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 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

58 Avantium N.V.

Company Description IPO Facts . Sector: Research and Consulting Services Ticker ENXTAM:AVTX Financial Advisors Avantium N.V., a chemical technology company, provides catalysis services and systems to oil, gas, Exchange EURONEXT Amsterdam Coöperatieve Rabobank U.A. Initial Filing Date 03-Mar-17 chemical, and renewable industries. It offers Flowrence XD, a catalyst testing system for testing ING Bank N.V. Announced Date 03-Mar-17 extrudates and powders; Flowrence, a parallel fixed bed reactor system for testing extrudates and KBC Securities NV # Days Announced to Offer 11 sieve fractions of catalysts, as well as handles H2, N2, O2, light hydrocarbons, CO, CO2, NH3, H2S, Oddo & Cie Offer Date 14-Mar-17 steam and other gases, aqueous solutions, solvents, acids, and refinery fractions; and contract research, quality control, refining catalyst testing, catalytic reforming, and other services. The company also develops and commercializes products and processes in the renewable and IPO Price (EUR) 11.00 chemistries space; develops technologies to produce sugars for the production of chemicals and Filing Price Range (EUR) n/a fuels from non-food materials, including forestry residues and agricultural byproducts, such as corn Final Price Range (EUR) n/a stover or bagasse; and produces mono ethylene glycol from renewable sources. In addition, it offers Legal Counsel The YXY technology platform that helps in producing various bio-based materials and products by Shares Offered (incl. Greenshoe) 9.4m converting plant-based sugars into chemical building blocks, such as Furanics and Levulinics for Greenshoe 0.0% Allen & Overy LLP plastics and other applications. Avantium N.V. is headquartered in Amsterdam, the Netherlands. Filing Volume (EUR) 103.4m Final Volume (EUR) 22 103.4m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Sofinnova Partners 10.2% Pricewaterhousecoopers Accountants N.V. Capricorn Venture Partners 9.9% Primary 99% ING Corporate Investments Participaties B.V. 7.1% Secondary 1% ING Groep NV, Insurance and Banking Investments 5.4% NAVITAS Capital 3.4% Key Financials Free Float 64.1% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 10.5 11.5 12.1 12.7 5.4% IPO +1D IPO +3M IPO +6M since IPO Growth 5.3% 5.5% 1 Buy Avantium N.V. 3.7% (4.5%) n/a (4.9%) EBITDA (3.2) (3.3) (3.4) (4.5) 15.9% 1 Outperform Euronext 100 0.1% 5.7% n/a 2.5% Margin n/m n/m n/m n/m 2 Hold 110 EBIT (3.9) (3.1) (3.6) (3.8) 11.0% 0 Underperform Margin n/m n/m n/m n/m 0 Sell Net Income 38.1 (10.0) (8.8) (11.7) 7.8% 100 Margin 363.5% n/m n/m n/m

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 90 Enterprise Value 281.8 EV/Sales 24.6x 23.3x 22.1x Prices Net Debt 12.2 EV/EBITDA nm nm nm 80 Minority Interest 0.0 EV/EBIT nm nm nm Mar-17 Jun-17 Preferred Equity 0.0 P/E -26.8x -30.6x -23.1x Avantium N.V. Euronext 100 Index Market Cap 269.6 P/B 1.6x 1.7x 1.8x

Source: S&P Capital IQ as of 30.06.2017, 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 Medica Group PLC

Company Description IPO Facts . Sector: Healthcare Services Ticker LSE:MGP Financial Advisors Medica Group PLC provides teleradiology reporting services to NHS trusts and other customers in the Exchange London Stock Exchange Investec Bank Plc Initial Filing Date 16-Mar-17 United Kingdom. It offers same day routine teleradiology, radiographer plain film, NIGHTHAWK Announced Date 16-Mar-17 emergency CT and MR, DAYHAWK fast daytime, and CT colonography reporting services. The # Days Announced to Offer 5 company was formerly known as Medica Group Limited and changed its name to Medica Group PLC Offer Date 21-Mar-17 in March, 2017. The company was incorporated in 2013 and is based in Hastings, United Kingdom. Medica Group PLC is a subsidiary of CBPE Nominees Limited. IPO Price (EUR) 1.56 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 90.0m Greenshoe 0.0% Osborne Clarke Filing Volume (EUR) 140.2m Final Volume (EUR) 22 140.2m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Old Mutual Global Investors 11.5% Grant Thornton UK LLP Schroder Investment Management Limited 9.2% Primary 12% BlackRock, Inc. 5.8% Secondary 88% Liontrust Investment Partners LLP 5.2% Hargreave Hale Limited, Asset Management Arm 5.0% Key Financials Free Float 63.2% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 33.4 40.5 48.9 58.0 19.7% IPO +1D IPO +3M IPO +6M since IPO Growth 20.8% 18.6% 1 Buy Medica Group PLC 37.8% 72.8% n/a 66.6% EBITDA 10.1 12.7 15.1 18.2 20.0% 0 Outperform FTSE All-Share (0.7%) 1.8% n/a (1.0%) Margin 30.3% 31.3% 30.9% 31.5% 0 Hold 130 EBIT 8.4 11.5 13.7 16.6 20.2% 0 Underperform Margin 25.3% 28.4% 28.1% 28.6% 0 Sell 120 Net Income 3.9 8.7 10.9 13.3 23.3% Margin 11.6% 21.6% 22.3% 22.9% 110

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 313.5 EV/Sales 7.7x 6.4x 5.4x Prices Net Debt 25.8 EV/EBITDA 24.7x 20.7x 17.2x 90 Minority Interest 0.0 EV/EBIT 27.3x 22.8x 18.9x Mar-17 Jun-17 Preferred Equity 0.0 P/E 33.0x 26.4x 21.7x Medica Group PLC FTSE All-Share Index (GBP) Market Cap 288.4 P/B 10.0x 8.0x 6.4x

Source: S&P Capital IQ as of 30.06.2017, 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 Aumann AG

Company Description IPO Facts . Sector: Industrial Machinery Ticker DB:AAG Financial Advisors Aumann AG manufactures and sells systems for the automotive and other industries worldwide. It Exchange Deutsche Börse Citigroup Global Markets Limited Initial Filing Date 09-Mar-17 operates through two segments, e-mobility and Classic. The e-mobility segment designs, Hauck & Aufhäuser Privatbankiers KGaA Announced Date 09-Mar-17 manufactures, and sells machinery and automated production lines for the automotive, aerospace, Joh. Berenberg, Gossler & Co. KG # Days Announced to Offer 14 railway, and other mobility industries; manufactures machinery and production lines for the Offer Date 23-Mar-17 manufacturing of energy storage systems; and offers product support services, such as maintenance, repair, and spare part supply. The Classic segment provides machinery and automated production lines for the automotive, aerospace, railway, consumer electric, agricultural, and cleantech industries. IPO Price (EUR) 42.00 This segment also offers solutions, such as specialized machinery for the production of office Filing Price Range (EUR) 35.00 - 43.00 drivetrain components, including built camshafts, camshaft modules, built cylinder activation, and Final Price Range (EUR) 35.00 - 43.00 deactivation modules and components for valve control systems, as well as light weight structural Legal Counsel components for its automotive customers. In addition, this segment provides assembly and logistical Shares Offered (incl. Greenshoe) 6.0m solutions for the consumer electric industry; transport jigs for the aerospace industry; solutions for Greenshoe 15.0% n/a other industries; product support services; and production services comprising measuring, prototyping Filing Volume (EUR) 223.6m 22 and machining, and others, as well as produces and sells serial parts in particular to automotive and Final Volume (EUR) 218.4m Filing-to-Final Change (2.3%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 MBB SE 53.6% n/a FMR LLC 10.0% Primary 29% BlackRock, Inc. 8.1% Secondary 71% J.P. Morgan Asset Management, Inc. 4.6% Wojtynia, Ingo 3.7% Key Financials Free Float 19.9% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 168.2 206.9 262.0 328.5 26.0% IPO +1D IPO +3M IPO +6M since IPO Growth 26.6% 25.4% 0 Buy Aumann AG 23.3% 45.6% n/a 41.1% EBITDA 19.4 29.7 41.3 55.8 37.1% 0 Outperform Germany SDAX 0.2% 11.5% n/a 8.4% Margin 11.5% 14.4% 15.8% 17.0% 4 Hold 180 EBIT 17.7 27.4 37.7 50.5 35.9% 0 Underperform 170 Margin 10.5% 13.2% 14.4% 15.4% 0 Sell 160 Net Income 14.6 18.6 25.8 35.2 37.5% 150 Margin 8.7% 9.0% 9.9% 10.7% 140 130

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 120

110 Enterprise Value 768.1 EV/Sales 3.7x 2.9x 2.3x Prices 100 Net Debt (61.4) EV/EBITDA 25.8x 18.6x 13.8x 90 Minority Interest 0.0 EV/EBIT 28.1x 20.4x 15.2x Mar-17 Jun-17 Preferred Equity 0.0 P/E 44.6x 32.1x 23.6x Aumann AG Germany SDAX (Total Return) Index Market Cap 829.5 P/B 8.2x 6.9x 5.7x

Source: S&P Capital IQ as of 30.06.2017, 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 Ambea AB

Company Description IPO Facts . Sector: Healthcare Facilities Ticker OM:AMBEA Financial Advisors Ambea AB (publ) provides accommodation, support, training, and staffing services within health and Exchange Stockholm Stock Exchange Carnegie Investment Bank AB Initial Filing Date 20-Mar-17 social care in the Nordic countries. It supports children, adolescents, and adults with disabilities or Danske Bank A/S Announced Date 20-Mar-17 psychosocial problems under the Nytida brand; offers health and social care in residential care Nordea Bank AB (publ) # Days Announced to Offer 11 homes for the elderly under the Vardaga brand; and develops and offers training and coaching in Offer Date 31-Mar-17 disability care and the social services field under the Lära brand. The company also provides staffing for the health and social care sector under the Bemanning brand; and support and residential care in disabilities and psychiatry under the Ambea brand. Ambea AB (publ) was founded in 1996 and is IPO Price (EUR) 7.85 headquartered in Solna, Sweden. Ambea AB (publ) is a subsidiary of Actor S.C.A. Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 30.6m Greenshoe 15.0% White & Case Advokat AB Filing Volume (EUR) 208.6m Final Volume (EUR) 22 208.6m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Actor S.C.A. 47.4% Ernst & Young AB Lannebo Fonder AB 4.6% Primary 96% Fondbolaget Fondita AB 1.0% Secondary 4% Pictet Asset Management Limited 0.4% Nuveen Investments, Inc. 0.4% Key Financials Free Float 48.1% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 582.3 615.9 672.4 732.3 9.0% IPO +1D IPO +3M IPO +6M since IPO Growth 9.2% 8.9% 3 Buy Ambea AB (publ) 10.0% 29.3% n/a 26.9% EBITDA 49.0 59.2 66.5 74.7 12.3% 0 Outperform OMX Nordic 0.4% 3.6% n/a 3.8% Margin 8.4% 9.6% 9.9% 10.2% 0 Hold 120 EBIT 37.5 49.8 56.7 64.4 13.8% 0 Underperform Margin 6.4% 8.1% 8.4% 8.8% 0 Sell Net Income 14.6 33.2 42.7 48.9 21.4% 110 Margin 2.5% 5.4% 6.4% 6.7%

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 921.4 EV/Sales 1.5x 1.4x 1.3x Prices Net Debt 209.4 EV/EBITDA 15.6x 13.8x 12.3x 90 Minority Interest 0.0 EV/EBIT 18.5x 16.2x 14.3x Mar-17 Preferred Equity 0.0 P/E 21.5x 16.7x 14.6x Ambea AB (publ) OMX Nordic 40 Index Market Cap 713.8 P/B 2.6x 2.3x 2.1x

Source: S&P Capital IQ as of 30.06.2017, 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 ADES International Holding Ltd.

Company Description IPO Facts . Sector: Oil and Gas Drilling Ticker LSE:ADES Financial Advisors ADES International Holding Ltd. provides oil and gas drilling and production services in the Middle Exchange London Stock Exchange Citigroup Global Markets Limited Initial Filing Date 03-Apr-17 East and Africa. The company offers offshore and onshore contract drilling services, as well as EFG-Hermes Promoting and Underwriting S.A.E. Announced Date 03-Apr-17 production services. ADES International Holding Ltd. is based in Dubai, the United Arab Emirates. EFG-Hermes UAE Limited # Days Announced to Offer 35 Offer Date 08-May-17

IPO Price (EUR) 15.11 Filing Price Range (EUR) 15.11 - 17.94 Final Price Range (EUR) 15.11 - 17.94

Legal Counsel Shares Offered (incl. Greenshoe) 14.8m Greenshoe 0.0% Baker & McKenzie LLP Filing Volume (EUR) 222.9m Final Volume (EUR) 22 222.9m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Henriksson, Ulf C. I. 0.1% Ernst & Young, United Arab Emirates Horizon Asset LLP -0.5% Primary 70% Oceanic Investment Management Limited -0.7% Secondary 30%

Key Financials Free Float 100.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 127.0 186.7 291.0 342.7 35.5% IPO +1D IPO +3M IPO +6M since IPO Growth 55.9% 17.8% 0 Buy ADES International Holding Ltd. (0.8%) n/a n/a (24.6%) EBITDA 66.2 95.5 136.7 146.4 23.8% 1 Outperform FTSE All-Share 0.5% n/a n/a (0.2%) Margin 52.1% 51.2% 47.0% 42.7% 1 Hold 110 EBIT 48.7 74.5 114.8 123.6 28.8% 0 Underperform Margin 38.3% 39.9% 39.5% 36.1% 0 Sell 100 Net Income 36.0 60.5 101.7 113.1 36.7% Margin 28.3% 32.4% 34.9% 33.0% 90

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 80 Enterprise Value 683.1 EV/Sales 3.7x 2.3x 2.0x Prices Net Debt 218.5 EV/EBITDA 7.1x 5.0x 4.7x 70 Minority Interest 0.0 EV/EBIT 9.2x 5.9x 5.5x May-17 Preferred Equity 0.0 P/E 8.0x 4.7x 4.3x ADES International Holding Ltd. FTSE All-Share Index (GBP) Market Cap 480.9 P/B 1.6x 1.4x 1.2x

Source: S&P Capital IQ as of 30.06.2017, 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 Kamux Oyj

Company Description IPO Facts . Sector: Automotive Retail Ticker HLSE:KAMUX Financial Advisors Kamux Oyj engages in the retail and wholesale of used cars. As of June 15, 2017, it had 39 Exchange Helsinki Stock Exchange Skandinaviska Enskilda Banken AB (publ) Initial Filing Date 28-Apr-17 showrooms in Finland; 9 in Sweden; and 2 in Germany. The company also offers financing and Announced Date 28-Apr-17 insurance products to its customers. Kamux Oyj was founded in 2003 and is headquartered in # Days Announced to Offer 13 Hämeenlinna, Finland. Offer Date 11-May-17

IPO Price (EUR) 7.20 Filing Price Range (EUR) 6.80 - 8.00 Final Price Range (EUR) 6.80 - 8.00

Legal Counsel Shares Offered (incl. Greenshoe) 17.3m Greenshoe 0.0% Roschier, Attorneys Ltd. Filing Volume (EUR) 136.4m Final Volume (EUR) 22 124.1m Filing-to-Final Change (9.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Intera Partners Oy 27.7% n/a Kalliokoski, Juha 14.1% Primary 16% Swedbank Robur Fonder AB 6.9% Secondary 84% Etera Mutual Pension Insurance Company, Asset Management Arm3.5% Kalliola, Jyri 3.4% Key Financials Free Float 44.4% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 338.4 477.4 580.5 692.3 20.4% IPO +1D IPO +3M IPO +6M since IPO Growth 21.6% 19.3% 1 Buy Kamux Oyj 5.0% n/a n/a 23.3% EBITDA 16.3 17.6 27.3 33.6 38.2% 0 Outperform OMX Nordic 0.2% n/a n/a (1.2%) Margin 4.8% 3.7% 4.7% 4.8% 0 Hold 120 EBIT 15.8 16.6 25.9 31.7 38.4% 0 Underperform Margin 4.7% 3.5% 4.5% 4.6% 0 Sell Net Income 11.6 12.4 20.1 24.8 41.2% 110 Margin 3.4% 2.6% 3.5% 3.6%

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 381.3 EV/Sales 0.8x 0.7x 0.6x Prices Net Debt 23.4 EV/EBITDA 21.7x 13.9x 11.4x 90 Minority Interest 0.0 EV/EBIT 23.0x 14.7x 12.0x May-17 Preferred Equity 0.0 P/E 28.6x 17.7x 14.3x Kamux Oyj OMX Nordic 40 Index Market Cap 355.1 P/B 6.0x 4.8x 3.8x

Source: S&P Capital IQ as of 30.06.2017, 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 Instalco Intressenter AB

Company Description IPO Facts . Sector: Construction and Engineering Ticker OM:INSTAL Financial Advisors Instalco Intressenter AB (publ) provides installation and services for renovation, maintenance, and Exchange Stockholm Stock Exchange Carnegie Investment Bank AB Initial Filing Date 28-Apr-17 new construction projects primarily in Sweden, Norway, and Finland. The company offers its services Skandinaviska Enskilda Banken AB (publ) Announced Date 28-Apr-17 in heating and plumbing, electrical, ventilation, cooling, and industrial areas. It provides district # Days Announced to Offer 13 heating installation, regular repair, plumbing replacement, and preventive maintenance, as well as Offer Date 11-May-17 new construction services to commercial premises, public construction, housing, offices, and retail trade, as well as industry and warehousing areas; and design, project planning, installation, service, and regular maintenance of electrical installations within industrial areas to commercial residential IPO Price (EUR) 5.70 and infrastructure customers. Filing Price Range (EUR) 5.17 - 5.77 Final Price Range (EUR) 5.18 - 5.70

Legal Counsel Shares Offered (incl. Greenshoe) 20.2m Greenshoe 15.0% White & Case Advokat AB Filing Volume (EUR) 100.2m Final Volume (EUR) 22 100.2m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 FSN Capital Partners AS 59.5% Grant Thornton Sweden AB Ohmslag AB 23.4% Primary 0% Handelsbanken Asset Management 5.6% Secondary 100% Sjöstrand, Per 2.3% Boheman, Robin 1.6% Key Financials Free Float 7.7% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 274.5 348.5 379.5 398.5 6.9% IPO +1D IPO +3M IPO +6M since IPO Growth 8.9% 5.0% 1 Buy Instalco Intressenter AB 18.2% n/a n/a 25.8% EBITDA 16.8 27.0 29.5 31.0 7.2% 0 Outperform OMX Nordic (0.3%) n/a n/a (1.5%) Margin 6.1% 7.7% 7.8% 7.8% 0 Hold 110 EBIT 16.4 26.4 28.9 30.4 7.4% 0 Underperform Margin 6.0% 7.6% 7.6% 7.6% 0 Sell Net Income 10.3 20.0 22.0 23.5 8.2% Margin 3.7% 5.8% 5.8% 5.9% 100

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 Enterprise Value 366.4 EV/Sales 1.1x 1.0x 0.9x Prices Net Debt 34.9 EV/EBITDA 13.6x 12.4x 11.8x 90 Minority Interest 0.0 EV/EBIT 13.9x 12.7x 12.0x May-17 Preferred Equity 0.0 P/E 16.6x 15.1x 14.1x Instalco Intressenter AB OMX Nordic 40 Index Market Cap 331.8 P/B 4.6x 3.7x 3.1x

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 65 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 Ports Holding PLC

Company Description IPO Facts . Sector: Marine Ports and Services Ticker LSE:GPH Financial Advisors Global Ports Holding Plc invests in and operates ports primarily in Turkey, Montenegro, Spain, and Exchange London Stock Exchange Barclays Bank PLC Initial Filing Date 19-Apr-17 Singapore. The company operates the kusadasi cruise, Antalya, Bodrum cruise, Adria, Cruers Citigroup Global Markets Limited Announced Date 19-Apr-17 cruise, and Málaga ports, as well as cruise liner passenger terminal and an international ferry Goldman Sachs International # Days Announced to Offer 23 passenger terminal. It also engages in storage and marine vehicle trade businesses. The company Shore Capital Stockbrokers Limited Offer Date 12-May-17 was incorporated in 2004 and is based in Istanbul, Turkey. Global Ports Holding Plc is a subsidiary of VTB Capital PLC Global Ports Holding B.V. IPO Price (EUR) 8.72 Filing Price Range (EUR) 8.66 - 13.31 Final Price Range (EUR) 8.66 - 10.31

Legal Counsel Shares Offered (incl. Greenshoe) 21.6m Greenshoe 3.5% Cleary Gottlieb Steen & Hamilton LLP Filing Volume (EUR) 232.9m Final Volume (EUR) 22 182.0m Filing-to-Final Change (21.8%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Global Yatirim Holding Anonim Sirketi 105.5% Deloitte UK Global Port Holding B.V 78.1% Primary 37% DRT Bagimsiz Denetim ve Serbest Muhasebeci Mali European Bank for Reconstruction and Development, Asset Management9.1% Arm Secondary 63% Müsavirlik A.S GIC Pte. Ltd. 5.0% Key Financials Free Float nm (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 107.2 113.3 126.4 137.9 10.3% IPO +1D IPO +3M IPO +6M since IPO Growth 11.5% 9.1% 1 Buy Global Ports Holding Plc 1.4% n/a n/a (11.7%) EBITDA 58.8 76.1 85.7 94.6 11.5% 2 Outperform FTSE All-Share 0.5% n/a n/a (1.2%) Margin 54.9% 67.2% 67.8% 68.6% 0 Hold 110 EBIT 21.0 38.8 46.0 54.3 18.3% 0 Underperform Margin 19.6% 34.3% 36.4% 39.4% 0 Sell Net Income 3.1 9.9 15.2 28.1 68.7% 100 Margin 2.9% 8.7% 12.0% 20.4%

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 90 Enterprise Value 827.9 EV/Sales 7.3x 6.6x 6.0x Prices Net Debt 274.3 EV/EBITDA 10.9x 9.7x 8.8x 80 Minority Interest 79.7 EV/EBIT 21.3x 18.0x 15.2x May-17 Preferred Equity 0.0 P/E 49.0x 31.8x 17.2x Global Ports Holding Plc FTSE All-Share Index (GBP) Market Cap 483.8 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Digi Communications N.V.

Company Description IPO Facts . Sector: Integrated Telecommunication Services Ticker BVB:DIGI Financial Advisors Digi Communications N.V. provides telecommunication services in Romania, Hungary, Spain, and Exchange Bucharest Stock Exchange BRD - Groupe Société Générale S.A. Initial Filing Date 26-Apr-17 Italy. Its services include cable television (TV), fixed Internet and data, fixed line telephony, mobile Bt Capital Partners S.A. Announced Date 26-Apr-17 telephony, mobile Internet and data, and direct to home (DTH) satellite television services. The Citigroup Global Markets Limited # Days Announced to Offer 19 company’s cable and DTH TV services offer movies and sports content, as well as various third-party Deutsche Bank AG, London Branch Offer Date 15-May-17 products. As of December 31, 2016, it had approximately 12.4 million revenue generating units Raiffeisen Bank S.A. (RGUs), including approximately 3.3 million cable TV RGUs, 2.5 million fixed Internet and data Societe Generale Group RGUs, 3.9 million mobile telecommunication services RGUs, 1.7 million fixed-line telephony RGUs, IPO Price (EUR) 8.79 WOOD & Company Financial Services, a.s. and 0.9 million DTH RGUs. The company was formerly known as Cable Communications Systems Filing Price Range (EUR) 8.35 - 12.30 N.V. and changed its name to Digi Communications N.V. in April 2017. Digi Communications N.V. is Final Price Range (EUR) 8.35 - 12.30 based in Amsterdam, the Netherlands. Legal Counsel Shares Offered (incl. Greenshoe) n/a Greenshoe n/a Houthoff Buruma Coöperatief U.A. Filing Volume (EUR) 295.4m Badea Clifford Chance Final Volume (EUR) 22 210.2m Cleary Gottlieb Steen & Hamilton LLP Filing-to-Final Change (28.8%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 S.C. RCS & RDS S.A. 123.9% Ernst & Young Assurance Services Srl Carpathian Cable Luxembourg S.a.r.l 41.6% Primary 0% Teszari, Zoltan 7.9% Secondary 100% Celest Limited 5.7% Ciobotaru, Bogdan 0.6% Key Financials Free Float nm (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 869.6 925.3 984.9 1,047.5 6.4% IPO +1D IPO +3M IPO +6M since IPO Growth 6.4% 6.4% 1 Buy Digi Communications N.V. 3.0% n/a n/a (2.7%) EBITDA 205.1 289.5 307.4 332.2 7.1% 0 Outperform Bucharest Exchange (0.1%) n/a n/a (7.2%) Margin 23.6% 31.3% 31.2% 31.7% 1 Hold 110 EBIT 95.9 114.5 118.0 135.6 8.8% 0 Underperform Margin 11.0% 12.4% 12.0% 12.9% 0 Sell Net Income 15.5 47.2 49.3 63.6 16.1% Margin 1.8% 5.1% 5.0% 6.1% 100

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 Enterprise Value 1,514.0 EV/Sales 1.6x 1.5x 1.4x Prices Net Debt 714.4 EV/EBITDA 5.2x 4.9x 4.6x 90 Minority Interest 1.1 EV/EBIT 13.2x 12.8x 11.2x May-17 Preferred Equity 0.0 P/E 16.9x 16.2x 12.6x Digi Communications N.V. Bucharest Exchange Trading Index Market Cap 799.1 P/B 10.8x 6.7x 4.5x

Source: S&P Capital IQ as of 30.06.2017, 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 Medicover AB

Company Description IPO Facts . Sector: Healthcare Services Ticker OM:MCOV B Financial Advisors Medicover AB (publ) provides healthcare and diagnostic services in Poland, Germany, Romania, Exchange Stockholm Stock Exchange Carnegie Investment Bank AB Initial Filing Date 10-May-17 Ukraine, and Central and Eastern Europe. It offers outpatient and inpatient healthcare services, Jefferies International Limited Announced Date 10-May-17 including fertility treatment, dental, elderly care, eye care, and skin and wellness services, as well as Nordea Bank AB (publ) # Days Announced to Offer 13 fitness and pharmacy solutions. The company’s diagnostic services comprise various tests, including Skandinaviska Enskilda Banken AB (publ) Offer Date 23-May-17 allergy and autoimmune diagnostics, bacteriology, parasitology, biochemistry and immunochemistry, blood group diagnostics/transfusion medicine, tumour markers, clinical chemistry, cytology, haematology, histopathology, human genetics, hygiene, immunology and immunochemistry, IPO Price (EUR) 5.74 infectious diseases, microbiology, molecular biology, and pharmacology/toxicology. It offers its Filing Price Range (EUR) 5.02 - 6.46 services through a network of ambulatory clinics, hospitals, specialty-care facilities, and laboratories. Final Price Range (EUR) 5.02 - 6.46 The company was founded in 1995 and is headquartered in Stockholm, Sweden. Legal Counsel Shares Offered (incl. Greenshoe) 41.7m Greenshoe 15.0% Gernandt & Danielsson Advokatbyrå KB Filing Volume (EUR) 267.6m Final Volume (EUR) 22 208.2m Filing-to-Final Change (22.2%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Fondbolaget Fondita AB 0.1% BDO AB SEB Investment Management AB 0.0% Primary 100% Secondary 0%

Key Financials Free Float 100.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 522.0 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Medicover AB (publ) 17.0% n/a n/a 22.1% EBITDA 46.1 n/a n/a n/a n/a 0 Outperform OMX Nordic 1.1% n/a n/a 0.1% Margin 8.8% n/a n/a n/a 0 Hold 120 EBIT 22.5 n/a n/a n/a n/a 0 Underperform Margin 4.3% n/a n/a n/a 0 Sell Net Income 6.1 n/a n/a n/a n/a 110 Margin 1.2% n/a n/a n/a

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 1,145.8 EV/Sales n/a n/a n/a Prices Net Debt 206.8 EV/EBITDA n/a n/a n/a 90 Minority Interest 6.2 EV/EBIT n/a n/a n/a May-17 Preferred Equity 0.0 P/E n/a n/a n/a Medicover AB (publ) OMX Nordic 40 Index Market Cap 934.5 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Saferoad Holding ASA

Company Description IPO Facts . Sector: Building Products Ticker OB:SAFE Financial Advisors Saferoad Holding ASA designs, manufactures, and sells road safety and road infrastructure products Exchange Oslo Stock Exchange Carnegie ASA Initial Filing Date 10-May-17 and solutions in Northern, Central, and Eastern Europe. It offers road restraint systems, such as Danske Bank A/S, Norway Branch Announced Date 10-May-17 guardrails, bridge parapets, crash cushions, and end terminals; light poles for use on the roads, sport Nordea Bank AB (publ) # Days Announced to Offer 14 arenas, industrial areas, parks, and residential and parking areas; and fixed traffic, mechanical Offer Date 24-May-17 variable message, and electronic variable message signs, as well as safety posts and gantries. The company also provides road marking materials; work zone protection products and services, including barriers, traffic lights, signs and warning trailers, and products of temporary and/or movable character; IPO Price (EUR) 3.20 and other products comprising street furniture, rail and power poles, rock support products, and Filing Price Range (EUR) 4.79 - 6.46 marina and noise protection systems. In addition, it offers soil steel bridges; pipes and culverts; and Final Price Range (EUR) 4.80 - 6.40 geosynthetics, such as nonwoven and woven geotextiles, geogrids, natural erosion control mats, Legal Counsel asphalt reinforcements, erosion control products, geomembranes, bentonite liners, and various types Shares Offered (incl. Greenshoe) 46.7m of geocomposites. Greenshoe 0.0% Wiersholm, Mellbye & Bech Filing Volume (EUR) 149.2m Final Volume (EUR) 22 149.2m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Cidron Trangle SARL 29.2% Ernst & Young AS Nordea Investment Management AB 12.6% Primary 938% DNB Asset Management AS 9.0% Secondary -838% Handelsbanken Asset Management 5.0% Holum, Morten 0.1% Key Financials Free Float 44.2% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 627.1 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Saferoad Holding ASA (0.1%) n/a n/a (2.5%) EBITDA 48.6 n/a n/a n/a n/a 0 Outperform Euronext 100 (0.2%) n/a n/a (4.1%) Margin 7.8% n/a n/a n/a 0 Hold 110 EBIT 25.3 n/a n/a n/a n/a 0 Underperform Margin 4.0% n/a n/a n/a 0 Sell Net Income (45.5) n/a n/a n/a n/a 100 Margin n/m n/a n/a n/a

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 90 Enterprise Value 468.3 EV/Sales n/a n/a n/a Prices Net Debt 244.5 EV/EBITDA n/a n/a n/a 80 Minority Interest 26.7 EV/EBIT n/a n/a n/a May-17 Preferred Equity 0.0 P/E n/a n/a n/a Saferoad Holding ASA Euronext 100 Index Market Cap 207.9 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Boozt AB

Company Description IPO Facts . Sector: Internet and Direct Marketing Retail Ticker OM:BOOZT Financial Advisors Boozt AB (publ), together with its subsidiaries, sells clothes, shoes, and accessories in Sweden, Exchange Stockholm Stock Exchange Carnegie Investment Bank AB Initial Filing Date 17-May-17 rest of the Nordics, and rest of Europe. It operates through three segments: Boozt.com, Danske Bank A/S Announced Date 17-May-17 Booztlet.com, and Other. The company operates Boozt.com, a multi-brand fashion online store with Joh. Berenberg, Gossler & Co. KG # Days Announced to Offer 14 approximately 600 brands, including premium, commercial, and fast fashion brands for women, men, Offer Date 31-May-17 and children. Boozt.com offers a selection of clothing and lingerie, shoes and accessories, and sports and leisure wear. The company also operates Booztlet.com, an online fashion and off-season outlet that sells Boozt.com stock, which is at the end of its lifetime. In addition, it engages in the IPO Price (EUR) 6.35 mono brand business, as well as operates Booztlet physical retail store. The company was founded Filing Price Range (EUR) 5.53 - 6.45 in 2007 and is headquartered in Malmo, Sweden. Final Price Range (EUR) 5.53 - 6.45 Legal Counsel Shares Offered (incl. Greenshoe) 29.9m Greenshoe 14.9% White & Case Advokat AB Filing Volume (EUR) 165.2m Final Volume (EUR) 22 165.2m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Sunstone Capital A/S 21.8% Ernst & Young AB Ecco Holding A/S 15.0% Primary 25% SAMPENSION KP Livsforsikring A/S, Asset Management Arm 14.0% Secondary 75% Verdane Capital 8.2% The ATP Group 5.8% Key Financials Free Float 35.1% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 163.1 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Boozt AB (publ) 25.0% n/a n/a 35.7% EBITDA 1.8 n/a n/a n/a n/a 0 Outperform OMX Nordic 0.3% n/a n/a (0.7%) Margin 1.1% n/a n/a n/a 0 Hold 120 EBIT 1.1 n/a n/a n/a n/a 0 Underperform Margin 0.7% n/a n/a n/a 0 Sell Net Income 1.3 n/a n/a n/a n/a 110 Margin 0.8% n/a n/a n/a

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 474.5 EV/Sales n/a n/a n/a Prices Net Debt (11.1) EV/EBITDA n/a n/a n/a 90 Minority Interest 0.0 EV/EBIT n/a n/a n/a May-17 Preferred Equity 0.0 P/E n/a n/a n/a Boozt AB (publ) OMX Nordic 40 Index Market Cap 485.6 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Balta Group N.V.

Company Description IPO Facts . Sector: Home Furnishings Ticker ENXTBR:BALTA Financial Advisors Balta Group NV produces and sells textile floor coverings in Europe. It operates through four Exchange EURONEXT Brussels Barclays Bank PLC Initial Filing Date 30-May-17 segments: Rugs, Residential, Commercial, and Non-Woven. The Rugs segment designs, Deutsche Bank AG, London Branch Announced Date 30-May-17 manufactures, and distributes a range of machine-made rugs to major retailers, such as home ING Belgium SA/NV # Days Announced to Offer 14 improvement, furniture, specialist, discount, and DIY stores, as well as wholesalers. The Residential J.P. Morgan Securities Plc Offer Date 13-Jun-17 segment designs, manufactures, and distributes branded broadloom carpets under the Balta Carpets KBC Securities NV and ITC brands; and tiles to retailers and wholesalers. The Commercial segment designs, manufactures, and distributes modular carpet tiles for offices and public projects under the modulyss IPO Price (EUR) 13.25 brand; and broadloom carpets for the hospitality sector under the Arc Edition brand to architects, Filing Price Range (EUR) 13.25 - 16.00 designers, contractors, and distributors. The Non-Woven segment designs, manufactures, and Final Price Range (EUR) n/a distributes specialized fabrics for insulation, lining, cars, carpet backings, and banners under the Legal Counsel Captiqs brand name. The company also offers needle felt products. Balta Group NV was founded in Shares Offered (incl. Greenshoe) 15.4m 1964 and is based in Wielsbeke, Belgium. Greenshoe 0.0% Linklaters LLP Filing Volume (EUR) 282.0m Linklaters LLP (Belgium) Final Volume (EUR) 22 203.6m Filing-to-Final Change (27.8%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 n/a n/a Pricewaterhousecoopers Bedrijfsrevisoren Cv Primary 71% Secondary 29%

Key Financials Free Float 100.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 565.4 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Balta Group NV (6.4%) n/a n/a (7.8%) EBITDA 81.9 n/a n/a n/a n/a 0 Outperform Euronext 100 (0.2%) n/a n/a (2.9%) Margin 14.5% n/a n/a n/a 0 Hold 110 EBIT 52.7 n/a n/a n/a n/a 0 Underperform Margin 9.3% n/a n/a n/a 0 Sell Net Income 23.0 n/a n/a n/a n/a Margin 4.1% n/a n/a n/a 100

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 Enterprise Value 947.6 EV/Sales n/a n/a n/a Prices Net Debt 368.7 EV/EBITDA n/a n/a n/a 90 Minority Interest 1.0 EV/EBIT n/a n/a n/a Jun-17 Preferred Equity 138.6 P/E n/a n/a n/a Balta Group NV Euronext 100 Index Market Cap 439.2 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 Vapiano SE

Company Description IPO Facts . Sector: Restaurants Ticker DB:VAO Financial Advisors Vapiano SE operates a chain of restaurants in the fast casual dining segment in Germany, rest of the Exchange Deutsche Börse Barclays Bank PLC Initial Filing Date 14-Jun-17 Europe, and internationally. The company’s restaurants offer lunch and dinner in a piazza Jefferies International Limited Announced Date 14-Jun-17 atmosphere. It operates approximately 186 restaurants comprising 56 corporate restaurants, 46 joint Joh. Berenberg, Gossler & Co. KG # Days Announced to Offer 13 venture restaurants, and 84 franchise restaurants in 30 countries on 5 continents. The company was UniCredit Bank AG Offer Date 27-Jun-17 founded in 2002 and is headquartered in Bonn, Germany.

IPO Price (EUR) 23.00 Filing Price Range (EUR) 21.00 - 27.00 Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 7.2m Greenshoe 0.0% n/a Filing Volume (EUR) 204.7m Final Volume (EUR) 22 166.3m Filing-to-Final Change (18.8%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Mayfair Beteiligungsfonds Ii Gmbh & Co. Kg 38.5% PricewaterhouseCoopers AG Gerlach, Gregor 18.8% Primary 51% Wirtschaftsprüfungsgesellschaft Exchange Bio Gmbh 13.0% Secondary 49% Halfmann, Jochen 0.1% Scharpe , Lutz 0.1% Key Financials Free Float 29.8% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 270.9 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Vapiano SE 4.2% n/a n/a (0.7%) EBITDA 19.3 n/a n/a n/a n/a 0 Outperform Germany SDAX (1.3%) n/a n/a (3.1%) Margin 7.1% n/a n/a n/a 0 Hold 102 EBIT (9.1) n/a n/a n/a n/a 0 Underperform Margin n/m n/a n/a n/a 0 Sell 100 Net Income (4.3) n/a n/a n/a n/a Margin n/m n/a n/a n/a 98

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 96 Enterprise Value 719.0 EV/Sales n/a n/a n/a Prices Net Debt 138.3 EV/EBITDA n/a n/a n/a 94 Minority Interest 23.7 EV/EBIT n/a n/a n/a Jun-17 Preferred Equity 0.0 P/E n/a n/a n/a Vapiano SE Germany SDAX (Total Return) Index Market Cap 557.1 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, 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 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

73 Prosegur Cash S.A.

Company Description IPO Facts . Sector: Security and Alarm Services Ticker BME:CASH Financial Advisors Prosegur Cash, S.A. provides cash logistics and cash management, and other outsourced services Exchange #N/A ANZ Bank New Zealand Limited Initial Filing Date 02-Mar-17 to financial institutions, retailers, government agencies and central banks, mints, jewelers, and other Banco Bilbao Vizcaya Argentaria, S.A. Announced Date 02-Mar-17 commercial operations worldwide. The company’s services include local and international transport Banco Santander, S.A. # Days Announced to Offer 13 services, including pick-up, transport, safekeeping, delivery, and cash deposit services for cash and Bankinter, S.A. Offer Date 15-Mar-17 other high worth valuables, such as jewelry, art, precious metal, electronic devices, pharmaceuticals, CaixaBank, S.A. voting cards, and judicial evidence. It also provides cash management services that include counting, Citigroup Global Markets Limited processing, fitness determination, custody, and ATM replenishment, as well as preparation and IPO Price (EUR) 2.00 Deutsche Bank AG, London Branch delivery of notes and coins. In addition, the company offers outsourcing services comprising retail Filing Price Range (EUR) 1.95 - 2.35 Goldman Sachs International automation through self-service cash automatization machines, including cash deposit devices, Final Price Range (EUR) 1.95 - 2.35 HSBC Bank Plc recycling and distribution of coins and notes services, and bill payment services; ATM management Itau BBA USA Securities, Inc. Legal Counsel services, such as forecasting, monitoring, first and second level maintenance, and balancing Shares Offered (incl. Greenshoe) 412.5m services; and added value outsourced services for financial institutions, including branch forecasting, Greenshoe 10.0% White & Case LLP reconciliation and settlement, and credit card support services. Filing Volume (EUR) 881.3m Final Volume (EUR) 22 750.0m Filing-to-Final Change (14.9%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Gubel, S.L. 21.5% Kpmg Auditores S.L. FMR LLC 3.2% Primary 0% OppenheimerFunds, Inc. 3.2% Secondary 100% Brandes Investment Partners, L.P. 0.4% Columbia Management Investment Advisers, LLC 0.3% Key Financials Free Float 72.1% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 1,822.9 1,930.9 1,988.9 2,090.9 4.1% IPO +1D IPO +3M IPO +6M since IPO Growth 3.0% 5.1% 6 Buy Prosegur Cash, S.A. 3.0% 14.6% n/a 15.0% EBITDA 500.8 451.6 457.5 486.6 3.8% 1 Outperform Madrid Ibex 0.8% 5.2% n/a 2.7% Margin 27.5% 23.4% 23.0% 23.3% 1 Hold 130 EBIT 442.7 384.2 385.2 409.6 3.3% 0 Underperform Margin 24.3% 19.9% 19.4% 19.6% 0 Sell 120 Net Income 295.5 239.4 242.5 259.6 4.1% Margin 16.2% 12.4% 12.2% 12.4% 110

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 3,920.6 EV/Sales 2.0x 2.0x 1.9x Prices Net Debt 470.6 EV/EBITDA 8.7x 8.6x 8.1x 90 Minority Interest 0.0 EV/EBIT 10.2x 10.2x 9.6x Mar-17 Jun-17 Preferred Equity 0.0 P/E 14.4x 14.2x 13.3x Prosegur Cash, S.A. Madrid Ibex 35 Index Market Cap 3,450.0 P/B 9.4x 6.9x 5.8x

Source: S&P Capital IQ as of 30.06.2017, 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 Neinor Homes S.A.U.

Company Description IPO Facts . Sector: Homebuilding Ticker BME:HOME Financial Advisors Neinor Homes, S.A.U. operates as a residential development company in Spain. It develops, designs, Exchange #N/A Banco de Sabadell, S.A. Initial Filing Date 16-Mar-17 constructs, and sells multifamily homes for medium to medium-high end segments of the housing Banco Santander, S.A. Announced Date 16-Mar-17 market. As of December 31, 2016, it owned approximately 1,036,131 buildable square meters of land. Bankinter, S.A. # Days Announced to Offer 12 The company was incorporated in 1988 and is headquartered in Bilbao, Spain. BNP Paribas SA Offer Date 28-Mar-17 CaixaBank, S.A. Citigroup Global Markets Limited IPO Price (EUR) 16.46 Credit Suisse Securities (Europe) Limited Filing Price Range (EUR) n/a J.P. Morgan Securities Plc Final Price Range (EUR) n/a Norbolsa S.V. S.A. Legal Counsel Shares Offered (incl. Greenshoe) 43.1m Greenshoe 0.0% Linklaters Slp Filing Volume (EUR) 709.3m Final Volume (EUR) 22 709.3m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 FMR LLC 4.8% Deloitte S.L. Santander Asset Management, S.A., S.G.I.I.C. 1.5% Primary 14% Lyxor International Asset Management S.A. 1.3% Secondary 86% Franklin Resources, Inc. 0.6% Lord, Abbett & Co. LLC 0.4% Key Financials Free Float 92.4% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue n/a 280.5 511.8 1,020.7 90.8% IPO +1D IPO +3M IPO +6M since IPO Growth 82.5% 99.4% 2 Buy Neinor Homes, S.A.U. 3.2% 12.0% n/a 12.6% EBITDA n/a 11.1 92.7 227.2 353.4% 2 Outperform Madrid Ibex (0.2%) 2.5% n/a 0.5% Margin n/a 3.9% 18.1% 22.3% 2 Hold 120 EBIT n/a 10.6 91.8 226.3 363.0% 0 Underperform Margin n/a 3.8% 17.9% 22.2% 0 Sell Net Income n/a 2.9 70.5 173.7 679.2% 110 Margin n/a 1.0% 13.8% 17.0%

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 1,643.2 EV/Sales 5.9x 3.2x 1.6x Prices Net Debt 178.4 EV/EBITDA 148.6x 17.7x 7.2x 90 Minority Interest 0.0 EV/EBIT 155.6x 17.9x 7.3x Mar-17 Jun-17 Preferred Equity 0.0 P/E 512.0x 20.8x 8.4x Neinor Homes, S.A.U. Madrid Ibex 35 Index Market Cap 1,464.8 P/B 2.0x 1.8x 1.6x

Source: S&P Capital IQ as of 30.06.2017, 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 X-FAB Silicon Foundries SE

Company Description IPO Facts . Sector: Semiconductors Ticker ENXTPA:XFAB Financial Advisors X-FAB Silicon Foundries SE provides foundry services for analog/mixed-signal semiconductor Exchange EURONEXT Paris BNP Paribas SA Initial Filing Date 21-Mar-17 applications. The company develops customized analog/mixed-signal integrated circuits (ICs) for use Commerzbank AG, London Branch Announced Date 21-Mar-17 in automotive, consumer and mobile communication, industrial, and medical device industries. It Credit Suisse Securities (Europe) Limited # Days Announced to Offer 15 offers manufacturing and design support services for customers that design analog/mixed-signal ICs HSBC France S.A. Offer Date 05-Apr-17 and other semiconductor devices. The company was founded in 1992 and is based in Tessenderlo, Oddo & Cie Belgium. X-FAB Silicon Foundries SE operates as a subsidiary of Xtrion N.V. IPO Price (EUR) 8.00 Filing Price Range (EUR) 8.00 - 10.50 Final Price Range (EUR) 8.00 - 10.50

Legal Counsel Shares Offered (incl. Greenshoe) 50.0m Greenshoe 0.0% Allen & Overy LLP Filing Volume (EUR) 446.9m Allen & Overy France Final Volume (EUR) 22 400.0m Allen & Overy LLP (Brussels) Filing-to-Final Change (10.5%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Xtrion N.V. 46.8% KPMG Bedrijfsrevisoren Sarawak Technology Holdings Sdn. Bhd. 11.4% Primary 62% Elex N.V. 0.8% Secondary 38% HSBC Global Asset Management (UK) Limited 0.5% LA Banque Postale Asset Management 0.2% Key Financials Free Float 41.8% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 518.4 528.9 585.2 641.9 10.2% IPO +1D IPO +3M IPO +6M since IPO Growth 10.7% 9.7% 2 Buy X-FAB Silicon Foundries SE 1.8% n/a n/a 10.0% EBITDA 106.3 104.2 137.0 172.7 28.7% 2 Outperform Euronext 100 0.4% n/a n/a 0.4% Margin 20.5% 19.7% 23.4% 26.9% 1 Hold 130 EBIT 57.8 50.2 69.2 92.5 35.8% 0 Underperform Margin 11.2% 9.5% 11.8% 14.4% 0 Sell 120 Net Income 50.4 46.1 64.2 85.9 36.6% Margin 9.7% 8.7% 11.0% 13.4% 110

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 1,217.9 EV/Sales 2.3x 2.1x 1.9x Prices Net Debt 66.7 EV/EBITDA 11.7x 8.9x 7.1x 90 Minority Interest 0.4 EV/EBIT 24.3x 17.6x 13.2x Apr-17 Preferred Equity 0.0 P/E 25.0x 17.9x 13.4x X-FAB Silicon Foundries SE Euronext 100 Index Market Cap 1,150.9 P/B 2.1x 1.8x 1.6x

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 76 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 Galenica Santé AG

Company Description IPO Facts . Sector: Pharmaceuticals Ticker SWX:GALE Financial Advisors Galenica Santé AG develops and markets products for health, beauty, and wellbeing under the Exchange Swiss Stock Exchange Baader Bank Aktiengesellschaft Initial Filing Date 24-Mar-17 Algifor, Triofan, Perskindol, and Anti-Brumm brands in Switzerland. The company distributes Bank am Bellevue Announced Date 24-Mar-17 pharmaceutical and para-pharmaceutical products as a service provider for its brands and commercial Bank Vontobel AG # Days Announced to Offer 13 products. It also operates the Amavita and Sun Store pharmacies. As of December 31, 2016, it Citigroup Inc. Offer Date 06-Apr-17 owned 329 stores and 167 partner pharmacies. In addition, the company offers specialized databases Credit Suisse Group AG and software solutions for the needs of a networked healthcare market. Galenica Santé AG is based Deutsche Bank AG in Bern, Switzerland. Galenica Santé AG is a subsidiary of Galenica Ltd. IPO Price (EUR) 36.45 UBS Group AG Filing Price Range (EUR) 28.97 - 36.45 Zürcher Kantonalbank Final Price Range (EUR) 28.97 - 36.45

Legal Counsel Shares Offered (incl. Greenshoe) 48.8m Greenshoe 15.0% Bär & Karrer AG Filing Volume (EUR) 1,367.0m Final Volume (EUR) 22 1,545.3m Filing-to-Final Change 13.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 n/a n/a n/a Primary 0% Secondary 100%

Key Financials Free Float 100.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue n/a 2,944.5 3,013.1 3,085.3 2.4% IPO +1D IPO +3M IPO +6M since IPO Growth 2.3% 2.4% 3 Buy Galenica Santé AG 10.4% n/a n/a 12.9% EBITDA n/a 166.6 174.6 183.8 5.0% 0 Outperform Swiss SMI 0.0% n/a n/a 3.1% Margin n/a 5.7% 5.8% 6.0% 6 Hold 130 EBIT n/a 126.2 133.3 141.0 5.7% 0 Underperform Margin n/a 4.3% 4.4% 4.6% 0 Sell 120 Net Income n/a 100.4 106.5 113.0 6.1% Margin n/a 3.4% 3.5% 3.7% 110

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 2,058.5 EV/Sales 0.7x 0.7x 0.7x Prices Net Debt 0.0 EV/EBITDA 12.4x 11.8x 11.2x 90 Minority Interest 0.0 EV/EBIT 16.3x 15.4x 14.6x Apr-17 Preferred Equity 0.0 P/E 20.5x 19.3x 18.2x Galenica Santé AG Swiss SMI Index Market Cap 2,058.5 P/B 2.9x 2.8x 2.7x

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 77 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 Gestamp Automoción S.A:

Company Description IPO Facts . Sector: Auto Parts and Equipment Ticker BME:GEST Financial Advisors Gestamp Automoción, S.A. designs, develops, manufactures, and sells metal automotive Exchange #N/A Banco Bilbao Vizcaya Argentaria, S.A. Initial Filing Date 23-Mar-17 components in Europe, North America, South America, and Asia. The company offers external and Banco Santander, S.A. Announced Date 23-Mar-17 structural parts for vehicle bodies; chassis parts, such as suspension arms and axles; and BNP Paribas SA # Days Announced to Offer 14 mechanism parts, including body components, powered systems, and driver controls, as well as skin CaixaBank, S.A. Offer Date 06-Apr-17 and closure parts, CCBs, bumpers, door checks, hinges, pedal boxes, and hand brakes. It is also Deutsche Bank AG, London Branch involved in the real state, labor service, finance, tooling, and administrative service businesses. J.P. Morgan Securities Plc Gestamp Automoción, S.A. offers its products to original equipment manufacturers for use in the IPO Price (EUR) 5.60 Morgan Stanley & Co. International plc production of light vehicles. The company was founded in 1997 and is based in Madrid, Spain. Filing Price Range (EUR) 5.60 - 6.70 SG Corporate & Investment Banking Gestamp Automoción, S.A. is a subsidiary of Gestamp 2020, S.L. Final Price Range (EUR) 5.60 - 6.70 UBS Limited Legal Counsel Shares Offered (incl. Greenshoe) 156.6m Greenshoe 0.8% Uría Menéndez Abogados, S.L.P. Filing Volume (EUR) 1,041.1m Freshfields Bruckhaus Deringer LLP Final Volume (EUR) 22 870.2m Filing-to-Final Change (16.4%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Acek Desarrollo Y Gestion Industrial SL 71.3% Ernst & Young, S.L. Risteel Corporation B.V. 10.8% Primary 0% Lyxor International Asset Management S.A. 0.9% Secondary 100% ArcelorMittal 0.2% López Peña, Francisco 0.1% Key Financials Free Float 18.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 7,927.7 8,196.2 8,937.2 9,635.4 8.4% IPO +1D IPO +3M IPO +6M since IPO Growth 9.0% 7.8% 6 Buy Gestamp Automoción, S.A. (4.5%) n/a n/a 9.6% EBITDA 807.6 924.6 1,048.0 1,157.4 11.9% 1 Outperform Madrid Ibex 0.1% n/a n/a (0.7%) Margin 10.2% 11.3% 11.7% 12.0% 2 Hold 120 EBIT 468.9 518.8 604.7 677.0 14.2% 0 Underperform Margin 5.9% 6.3% 6.8% 7.0% 0 Sell Net Income 235.1 266.5 325.8 373.7 18.4% 110 Margin 3.0% 3.3% 3.6% 3.9%

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 5,977.8 EV/Sales 0.7x 0.7x 0.6x Prices Net Debt 1,987.5 EV/EBITDA 6.5x 5.7x 5.2x 90 Minority Interest 456.6 EV/EBIT 11.5x 9.9x 8.8x Apr-17 Preferred Equity 0.0 P/E 13.3x 10.8x 9.5x Gestamp Automoción, S.A. Madrid Ibex 35 Index Market Cap 3,533.7 P/B 2.0x 1.7x 1.5x

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 78 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 Dino Polska S.A.

Company Description IPO Facts . Sector: Food Retail Ticker WSE:DNP Financial Advisors Dino Polska S.A. operates a chain of supermarkets in Poland. Its stores sell food products, Exchange Warsaw Stock Exchange Dom Maklerski PKO BP Initial Filing Date 17-Mar-17 household chemicals, cosmetics, meats, and sausages. As of December 31, 2016, the company Erste Group Bank AG Announced Date 17-Mar-17 operated a network of approximately 628 Dino stores in the provinces of Wielkopolskie, Dolnoslaskie, UBS Investment Bank # Days Announced to Offer 28 Lubuskie, Opolskie, Lódzkie, Kujawsko-Pomorskie, Slaskie, Mazowieckie, Zachodniopomorskie, WOOD & Company Financial Services, a.s. Offer Date 14-Apr-17 Swietokrzyskie, Malopolskie, and Pomorskie. Dino Polska S.A. is based in Krotoszyn, Poland.

IPO Price (EUR) 8.13 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 47.9m Greenshoe 0.0% White & Case LLP Filing Volume (EUR) 379.1m Final Volume (EUR) 22 388.4m Filing-to-Final Change 2.5% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Biernacki, Tomasz 51.0% n/a Columbia Management Investment Advisers, LLC 0.5% Primary 0% SEI Investments Co. 0.2% Secondary 100% Aberdeen Asset Management PLC 0.1% The TCW Group, Inc. 0.0% Key Financials Free Float 49.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 843.0 1,035.4 1,238.1 1,482.4 19.7% IPO +1D IPO +3M IPO +6M since IPO Growth 19.6% 19.7% 2 Buy Dino Polska S.A. 8.5% n/a n/a 36.5% EBITDA 70.3 85.4 104.6 125.9 21.5% 0 Outperform WIG 30 1.6% n/a n/a 3.9% Margin 8.3% 8.2% 8.4% 8.5% 2 Hold 140 EBIT 53.8 65.1 80.4 96.5 21.8% 0 Underperform Margin 6.4% 6.3% 6.5% 6.5% 0 Sell 130 Net Income 37.3 47.1 57.8 70.0 21.9% Margin 4.4% 4.5% 4.7% 4.7% 120

Rebased (in %) 110 (EURm) Valuation FY 2017 FY 2018 FY 2019

100 Enterprise Value 1,220.3 EV/Sales 1.2x 1.0x 0.8x Prices Net Debt 132.9 EV/EBITDA 14.3x 11.7x 9.7x 90 Minority Interest 0.0 EV/EBIT 18.7x 15.2x 12.6x Apr-17 Preferred Equity 0.0 P/E 23.1x 18.8x 15.5x Dino Polska S.A. WIG 30 Index Market Cap 1,087.1 P/B 5.2x 4.1x 3.2x

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 79 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 Eddie Stobart Logistics PLC

Company Description IPO Facts . Sector: Trucking Ticker AIM:ESL Financial Advisors Eddie Stobart Logistics plc operates as a logistics and supply chain company in the United Kingdom Exchange AIM - London Stock Exchange n/a Initial Filing Date 23-Mar-17 and internationally. It offers road, rail, and port transportation services; contract logistics and Announced Date 23-Mar-17 warehousing services; Formula 1 transportation, truck-stop parking, motel, restaurant, and retail # Days Announced to Offer 32 services; and container handling, co-packing, and automotive and general haulage services. The Offer Date 24-Apr-17 company was formerly known as Greenwhitestar UK plc and changed its name to Eddie Stobart Logistics plc in April 2017. Eddie Stobart Logistics plc was founded in 1970 and is headquartered in Warrington, the United Kingdom. IPO Price (EUR) 1.88 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 245.5m Greenshoe 0.0% Hogan Lovells Filing Volume (EUR) 462.4m Final Volume (EUR) 22 462.4m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Woodford Investment Management Limited 19.3% KPMG LLP (United Kingdom) DBAY Advisors Limited 15.0% Primary 31% Stobart Group Limited 12.5% Secondary 69% AXA Investment Managers S.A. 7.0% Invesco Ltd. 5.1% Key Financials Free Float 41.2% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 673.5 737.7 847.6 963.3 14.3% IPO +1D IPO +3M IPO +6M since IPO Growth 14.9% 13.7% 1 Buy Eddie Stobart Logistics plc 0.1% n/a n/a (4.2%) EBITDA 54.0 63.2 73.2 83.0 14.6% 0 Outperform FTSE All-Share 0.1% n/a n/a 0.4% Margin 8.0% 8.6% 8.6% 8.6% 0 Hold 110 EBIT 35.5 55.2 58.9 68.0 10.9% 0 Underperform Margin 5.3% 7.5% 6.9% 7.1% 0 Sell Net Income 10.7 42.6 51.2 60.2 18.9% Margin 1.6% 5.8% 6.0% 6.3% 100

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 Enterprise Value 838.5 EV/Sales 1.1x 1.0x 0.9x Prices Net Debt 197.9 EV/EBITDA 13.3x 11.5x 10.1x 90 Minority Interest 2.2 EV/EBIT 15.2x 14.2x 12.3x Apr-17 Preferred Equity 0.0 P/E 15.1x 12.6x 10.7x Eddie Stobart Logistics plc FTSE All-Share Index (GBP) Market Cap 645.8 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 80 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 Koninklijke VolkerWessels N.V.

Company Description IPO Facts . Sector: Construction and Engineering Ticker ENXTAM:KVW Financial Advisors Koninklijke VolkerWessels N.V., through its subsidiaries, operates as an integrated and diversified Exchange EURONEXT Amsterdam ABN AMRO Bank N.V. Initial Filing Date 28-Apr-17 construction company in the Netherlands, the United Kingdom, North America, and Germany. It BNP Paribas SA Announced Date 28-Apr-17 engages in the construction and renovation of residential and non-residential properties; provision of Coöperatieve Rabobank U.A. # Days Announced to Offer 14 technical installation services; development of real estate; and industrial construction, as well as ING Bank N.V. Offer Date 12-May-17 provision of maintenance, planning, and specialist services to support projects. The company is also Merrill Lynch International involved in the design and realization, integrated project management, and maintenance of Morgan Stanley & Co. International plc infrastructure projects in connection with civil works, road construction, concrete and hydraulic IPO Price (EUR) 23.00 engineering, railway infrastructure construction, traffic management and traffic technology, and smart Filing Price Range (EUR) 21.25 - 25.25 mobility. In addition, it engages in the design, building, and maintenance of pipelines, cables, and Final Price Range (EUR) 21.25 - 25.25 boreholes for the transport of heat, steam, gas, oil, water, and electricity; and underground and above Legal Counsel ground telecom network solutions. Further, the company undertakes multi-disciplinary civil Shares Offered (incl. Greenshoe) 28.2m engineering projects, specialist rail services, specialist marine, water and environmental engineering Greenshoe 12.7% Linklaters LLP projects, highways maintenance and renewal projects, and industrial and commercial building Filing Volume (EUR) 631.3m Linklaters LLP (Netherlands) 22 projects; constructs and maintains road and highways infrastructure; and constructs and installs Final Volume (EUR) 575.0m Filing-to-Final Change (8.9%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Reggeborgh Groep 67.6% Deloitte Accountants B.V. Carmignac Gestion S.A. 0.2% Primary 0% Boers, D. 0.1% Secondary 100% van Rooijen, J. G. 0.1% Vos, Alfred 0.1% Key Financials Free Float 32.5% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 5,490.0 5,623.7 5,845.5 6,064.7 3.8% IPO +1D IPO +3M IPO +6M since IPO Growth 3.9% 3.8% 5 Buy Koninklijke VolkerWessels N.V. 2.5% n/a n/a 6.0% EBITDA 240.0 265.7 282.9 298.5 6.0% 1 Outperform Euronext 100 0.4% n/a n/a (4.9%) Margin 4.4% 4.7% 4.8% 4.9% 1 Hold 110 EBIT 160.0 181.8 196.5 210.1 7.5% 0 Underperform Margin 2.9% 3.2% 3.4% 3.5% 0 Sell Net Income 139.0 134.6 147.2 160.4 9.2% Margin 2.5% 2.4% 2.5% 2.6% 100

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 Enterprise Value 1,772.6 EV/Sales 0.3x 0.3x 0.3x Prices Net Debt (189.0) EV/EBITDA 6.7x 6.3x 5.9x 90 Minority Interest 12.0 EV/EBIT 9.8x 9.0x 8.4x May-17 Preferred Equity 0.0 P/E 14.5x 13.2x 12.2x Koninklijke VolkerWessels N.V. Euronext 100 Index Market Cap 1,949.6 P/B 1.7x 1.6x 1.5x

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 81 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 Munters Group AB

Company Description IPO Facts . Sector: Building Products Ticker OM:MTRS Financial Advisors Munters Group AB (publ) provides precision climate control solutions for commercial and industrial Exchange Stockholm Stock Exchange Carnegie Investment Bank AB Initial Filing Date 08-May-17 applications worldwide. It operates through four segments: Air Treatment, Data Centers, Agriculture Danske Bank A/S, Danmark,Sverige Filial Announced Date 08-May-17 and Horticulture, and Mist Elimination. The company offers air intakes/air inlets, temperature and Goldman Sachs International # Days Announced to Offer 11 humidity control products, coolers and humidifiers, dehumidifiers, fans and light filters, heat Jefferies International Limited Offer Date 19-May-17 exchangers, heaters, mist eliminators, and pollution control and VOC abatement products. It also Nordea Bank AB (publ) provides various aftermarket services, such as installation, repair, supervision, and performance Swedbank AB (publ) optimization. The company serves agriculture, automotive, chemical processing, commercial and IPO Price (EUR) 5.62 public building, construction, data center and telecom cooling, defense and aerospace, education, Filing Price Range (EUR) n/a electronics, food and beverage, general and production, greenhouse, healthcare, pharmaceutical, Final Price Range (EUR) n/a power generation and distribution, recreation and leisure, retail and supermarket, shipbuilding and Legal Counsel marine, steel, temporary structure, and water and waste water; oil, gas, and petroleum; pulp, paper, Shares Offered (incl. Greenshoe) 82.3m and printing; and storage, preservation, and archives industries. Munters Group AB (publ) was Greenshoe 12.0% White & Case Advokat AB founded in 1955 and is headquartered in Kista, Sweden. Filing Volume (EUR) 412.7m Asianajotoimisto White & Case Oy Final Volume (EUR) 22 412.7m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 n/a n/a Ernst & Young AB Primary 3% Secondary 97%

Key Financials Free Float 100.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 663.7 728.2 799.9 869.0 9.2% IPO +1D IPO +3M IPO +6M since IPO Growth 9.8% 8.6% 0 Buy Munters Group AB (publ) 20.1% n/a n/a 36.0% EBITDA 89.5 96.3 114.7 129.4 15.9% 0 Outperform OMX Nordic 0.7% n/a n/a 0.9% Margin 13.5% 13.2% 14.3% 14.9% 6 Hold 130 EBIT 62.0 73.9 89.2 103.6 18.4% 0 Underperform Margin 9.3% 10.1% 11.1% 11.9% 0 Sell 120 Net Income 7.6 39.6 59.6 70.6 33.5% Margin 1.2% 5.4% 7.5% 8.1% 110

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 100 Enterprise Value 1,970.2 EV/Sales 2.7x 2.5x 2.3x Prices Net Debt 570.8 EV/EBITDA 20.5x 17.2x 15.2x 90 Minority Interest 1.0 EV/EBIT 26.7x 22.1x 19.0x May-17 Preferred Equity 0.0 P/E 35.4x 23.5x 19.9x Munters Group AB (publ) OMX Nordic 40 Index Market Cap 1,403.1 P/B 3.6x 3.3x 3.0x

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 82 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 Alfa Financial Software Holdings PLC

Company Description IPO Facts . Sector: Application Software Ticker LSE:ALFA Financial Advisors Alfa Financial Software Holdings PLC provides an integrated suite of modules in the United Kingdom, Exchange London Stock Exchange Barclays Bank PLC Initial Filing Date 08-May-17 the United States, and internationally. It serves asset finance industries, such as originations, Numis Securities Limited Announced Date 08-May-17 proposal management, operations management, business administration, asset management, # Days Announced to Offer 18 finance administration, business support, and technical delivery. The company was founded in 1990 Offer Date 26-May-17 and is headquartered in London, the United Kingdom. Alfa Financial Software Holdings PLC is a subsidiary of Chp Software And Consulting Limited. IPO Price (EUR) 3.72 Filing Price Range (EUR) n/a Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 85.5m Greenshoe 9.6% Freshfields Bruckhaus Deringer LLP Filing Volume (EUR) 289.9m Final Volume (EUR) 22 289.9m Filing-to-Final Change 0.0% Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Henderson Global Investors Limited 5.1% Deloitte UK Old Mutual Global Investors 3.1% Primary 0% Carmignac Gestion S.A. 0.8% Secondary 100% Mayes, Michael 0.5% Taplin, Steve 0.4% Key Financials Free Float 91.8% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 85.7 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Alfa Financial Software Holdings P 32.2% n/a n/a 41.7% EBITDA 19.9 n/a n/a n/a n/a 0 Outperform FTSE All-Share 0.4% n/a n/a (2.7%) Margin 23.2% n/a n/a n/a 0 Hold 110 EBIT 19.4 n/a n/a n/a n/a 0 Underperform Margin 22.6% n/a n/a n/a 0 Sell Net Income 9.2 n/a n/a n/a n/a Margin 10.7% n/a n/a n/a 100

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 Enterprise Value 1,527.6 EV/Sales n/a n/a n/a Prices Net Debt (54.1) EV/EBITDA n/a n/a n/a 90 Minority Interest 0.0 EV/EBIT n/a n/a n/a May-17 Preferred Equity 0.0 P/E n/a n/a n/a Alfa Financial Software Holdings PLC FTSE All-Share Index (GBP) Market Cap 1,580.3 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 83 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 ALD S.A.

Company Description IPO Facts . Sector: Trucking Ticker ENXTPA:ALD Financial Advisors ALD S.A. provides fleet management and long-term vehicle leasing solutions to companies in France Exchange EURONEXT Paris Banco Bilbao Vizcaya Argentaria, S.A. Initial Filing Date 02-Jun-17 and internationally. It offers full service leasing, outsourcing solutions, sale and lease back services, Barclays Bank PLC Announced Date 02-Jun-17 and fleet consultancy. The company also provides tools and services for fleet managers and drivers; Citigroup Global Markets Limited # Days Announced to Offer 13 and maintenance, assistance, availability of a vehicle, and tire management services. In addition, it Crédit Agricole Corporate and Investment Bank S.A. Offer Date 15-Jun-17 engages in trading of used cars and light commercial vehicles, as well as the retail sale of used cars. Credit Suisse Securities (Europe) Limited The company was founded in 1946 and is based in Puteaux, France. ALD S.A. is a subsidiary of Deutsche Bank AG, London Branch Societe Generale Group. IPO Price (EUR) 14.30 HSBC France S.A. Filing Price Range (EUR) 14.20 - 17.40 ING Bank N.V. Final Price Range (EUR) n/a J.P. Morgan Securities LLC Merrill Lynch International Legal Counsel Shares Offered (incl. Greenshoe) 80.8m Greenshoe 0.0% n/a Filing Volume (EUR) 1,406.3m Final Volume (EUR) 22 1,155.7m Filing-to-Final Change (17.8%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Societe Generale Group 100.0% Deloitte & Touche France Primary 0% Ernst & young et Autres Secondary 100%

Key Financials Free Float 0.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 7,811.8 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy ALD S.A. 0.0% n/a n/a (3.8%) EBITDA 694.2 n/a n/a n/a n/a 0 Outperform Euronext 100 0.8% n/a n/a (2.3%) Margin 8.9% n/a n/a n/a 0 Hold 110 EBIT 676.5 n/a n/a n/a n/a 0 Underperform Margin 8.7% n/a n/a n/a 0 Sell Net Income 524.4 n/a n/a n/a n/a Margin 6.7% n/a n/a n/a 100

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 Enterprise Value 18,429.6 EV/Sales n/a n/a n/a Prices Net Debt 12,837.3 EV/EBITDA n/a n/a n/a 90 Minority Interest 35.9 EV/EBIT n/a n/a n/a Jun-17 Preferred Equity 0.0 P/E n/a n/a n/a ALD S.A. Euronext 100 Index Market Cap 5,556.4 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 84 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 Delivery Hero AG

Company Description IPO Facts . Sector: Internet and Direct Marketing Retail Ticker DB:DHER Financial Advisors Delivery Hero AG provides online food ordering and delivery services. It operates in 40 countries in Exchange Deutsche Börse Citigroup Global Markets Limited Initial Filing Date 19-Jun-17 Europe, the Middle East and North Africa, Asia, and the Americas. The company was founded in Goldman Sachs International Announced Date 19-Jun-17 2011 and is headquartered in Berlin, Germany. Jefferies International Limited # Days Announced to Offer 10 Joh. Berenberg, Gossler & Co. KG Offer Date 29-Jun-17 Morgan Stanley & Co. International plc UBS AG, London Branch IPO Price (EUR) 25.50 UniCredit Bank AG Filing Price Range (EUR) 22.00 - 25.50 Final Price Range (EUR) n/a

Legal Counsel Shares Offered (incl. Greenshoe) 34.0m Greenshoe 0.0% n/a Filing Volume (EUR) 865.7m Final Volume (EUR) 22 865.7m Filing-to-Final Change (0.0%) Public Shareholders 1 Accounting Advisors Primary / Secondary Split 2 Putnam LLC n/a KPMG AG Wirtschaftsprüfungsgesellschaft Primary 56% Secondary 44%

Key Financials Free Float 100.0% (EURm) LTM FY 2017 FY 2018 FY 2019 CAGR 17-19 # of Recommendations Share Price Performance Revenue 355.4 n/a n/a n/a n/a IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy Delivery Hero AG 10.1% n/a n/a 10.1% EBITDA (87.0) n/a n/a n/a n/a 0 Outperform Germany MDAX (0.3%) n/a n/a (1.8%) Margin n/m n/a n/a n/a 0 Hold 102 EBIT (129.3) n/a n/a n/a n/a 0 Underperform Margin n/m n/a n/a n/a 0 Sell 100 Net Income (176.6) n/a n/a n/a n/a Margin n/m n/a n/a n/a 98

Rebased (in %) (EURm) Valuation FY 2017 FY 2018 FY 2019 96 Enterprise Value (89.7) EV/Sales n/a n/a n/a Prices Net Debt (101.8) EV/EBITDA n/a n/a n/a 94 Minority Interest (0.9) EV/EBIT n/a n/a n/a Jun-17 Preferred Equity 0.0 P/E n/a n/a n/a Delivery Hero AG Germany MDAX Index (Performance) Market Cap 13.0 P/B n/a n/a n/a

Source: S&P Capital IQ as of 30.06.2017, Implied Free Float 85 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

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86 THE FINANCING SPECIALIST