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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% 80 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.
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