FCF Valuation Monitor German Small- / Midcap Companies – Q1 2021

April 2021 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x Executive Summary

The FCF Valuation FCF Valuation Monitor Recipients Monitor is a standardized report is a comprehensive valuation analysis for the German small / midcap The FCF Valuation Monitor targets the following recipients: on valuations in the market segment and is published by FCF on a quarterly basis German small / ■ Institutional investors ■ Family Offices / High Net- midcap segment and ■ Private equity investors Worth Individuals is a quick reference ■ Venture capital investors ■ Corporates Selection of Companies for investors, ■ Advisors corporates and professionals The selection of companies is primarily based on the regulated market of the Deutsche Börse: Data

■ Large cap DAX 30 companies are excluded All input data is provided by S&P Capital IQ and is not independently More advanced, verified by FCF. Ratio and multiple calculations are driven based on ■ Certain sectors which are dominated by large cap companies detailed and / or the input data available. For additional information and disclaimer, or which are of limited relevance for a small / midcap analysis please refer to the last page customized reports have been excluded (e.g. financials, utilities, automotive are available upon manufacturers and specialty sectors such as biotech and request healthcare services / hospitals) Availability ■ The allocation of companies into a specific sector is based on FCF’s understanding & classification of the companies’ The FCF Valuation Monitor is available on FCF’s website at business models and differs in part from the standard “www.fcf.de“ Deutsche Börse sector allocation

■ The universe includes companies fulfilling one of the following minimum size criteria: Current market capitalization > EUR To recommend colleagues or fellow investors to be added to the 50m, 2021e sales > EUR 50m, 2021e EBITDA > EUR 10m, mailing list, kindly send an email with the respective contact LFQA Equity > EUR 25m. Smaller companies with a current information market capitalization of at least EUR 20m are also included, if they are deemed relevant / representative for their respective sectors. Companies with a current Free Float < 15% have If you have questions, comments or ideas, please do not hesitate been excluded from the analysis as they are deemed less to contact us liquid / more volatile. In addition, certain companies that do not represent their respective sectors have been excluded

3 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x FCF Overview

FCF seeks to Who We Are Capital Markets Capabilities and Services provide its clients ■ Specialized Investment Bank and Financing Specialist ■ Venture capital ■ Private equity with financing Private / ■ Advising public and private small- / midcap companies Pre-IPO ■ Growth capital solutions ■ Advisor for structuring and placement of financing transactions: ■ Initial Public Offering pursued in tandem) (i) at the lowest (IPO) / Capital increase ■ Private investment in

Equity Public cost, − All instruments: Unbiased approach to all available corporate ■ Dual-track (IPO and Public Equity (PIPE) financing instruments (no product selling approach), allowing alternative transaction ■ Block trade (ii) with the highest for customized financing structures flexibility, ■ Receivables / Factoring / ■ Working capital / − All investors: Close and trusted relationships with senior Short-term Asset-backed securities Revolving credit facility (iii) in the shortest executives of virtually all relevant equity and debt investors Debt ■ Borrowing base / ■ Guarantees / Inventory Letter of credit period of time, − Fast process: Process management skills and direct / personal (iv) with the highest access to institutional debt and equity investors enable fast ■ Bank loan facility / ■ Promissory note Syndicated loans (Schuldscheindarlehen) closing proba- transactions Debt ■ Sale-and-lease-back / ■ Second lien / Long-term Leasing Subordinated loans bility, and with Debt ■ More than 100 transactions with a total placement volume in ■ Corporate bonds (public / ■ Venture debt (v) financing excess of EUR 4.0 billion since foundation in 2005 private placement) ■ Unitranches partners that ■ High yield / PIK bond ■ More than 15 professionals headquartered in Munich integrate well Hybrid ■ Mezzanine capital ■ Convertible bonds into their strategy Selected Transactions

European Investment Real Estate Sale & European Investment Family Office Advisory European Investment Guarantee & Debt Syndicated Loan, Factoring Facility Factoring Facility Round Extension Transaction Support Capital Increase Bank Debt Facility Lease-Back Bank Debt Facility & Acquisition Bank Debt Facility Facilities Factoring and Inventory Financing Facilities Leasing

[confidential]

WOCO Franz Josef KmB Technologie SNP Schneider- Hammerer Aluminium Hydrogenious LOHC Hydrogenious LOHC Doppstadt Immunic AG Homegoods Company ROBART GmbH PCM Rail.One AG Vasopharm GmbH Wolf Holding GmbH GmbH Neureither & Partner SE Industries Group Technologies GmbH Technologies GmbH Familienholding GmbH EUR 45m [confidential] EUR 30m > EUR 20m ~ EUR 25m ~ EUR 80m [confidential] [confidential] ~ EUR 20m EUR 17m EUR 80m March 2021 February 2021 December 2020 December 2020 October 2020 June 2020 February 2020 December 2019 November 2019 July 2019 July 2019 June 2019

Capital Increase and Syndicated Loan European Investment European Investment European Investment European Investment Factoring Facility Investment in Acquisition Financing Bilateral Loan Facility Capital Increase Capital Increase Round Extension Facility Bank Debt Facility Bank Debt Facility Bank Debt Facility Bank Debt Facility

[confidential] [confidential]

Advisor to AkrosA pfenning logistics GSE Group pfenning logistics Business Service Leading Virtual Synapticon GmbH Private Equity censhare AG AMW GmbH Voxeljet AG numares AG MagForce AG Group Acquisition by Finexx Group Provider Reality Company GmbH & Co. KG > EUR 10m [confidential] > EUR 10m > EUR 15m [confidential] > EUR 10m < EUR 10m EUR 25m EUR 25m EUR 25m EUR 11m EUR 35m June / January 2019 March 2019 December 2018 December 2018 April 2018 April 2018 April 2018 December 2017 December 2017 November 2017 November 2017 July 2017

5 FCF Facts & Figures

More than Close to More than More than # 1 15 100 100 4 bn financing advisor in investment banking years of aggregated, completed total volume of advised & Germany, purely focusing professionals investment banking / transactions closed transactions since on corporate financing financing experience 2005 transactions

More than More than Network 2000 25 120 Leading access to more than contacts to family offices international conferences articles and research advisor for financing 4000 international and ultra-high-net-worth organized papers published transactions with EIB in financial institutions individuals worldwide the DACH region

6 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x Market Overview

36 Month Development of Selected Indices Performance 12 Month Development of Selected Indices Performance

Index in % Index in % 150 170 TecDAX +36.1% SDAX +64.7% 140 160 130 SDAX +29.5% 150 MDAX +50.3% 120 DAX +24.1% 140 DAX +49.0% 110 MDAX +23.9% 130 TecDAX +27.5% 100 120

90 Rebased Rebased Prices (in%) 80 Rebased Prices (in%) 110

70 100

60 90 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

TecDAX SDAX MDAX DAX TecDAX SDAX MDAX DAX

3 Month Development of Selected Indices Performance Comment

Index in % 112 ■ Over the last 36 months, the TecDAX (+36.1%) outperformed the SDAX (+29.5%), DAX +9.4% while both outperformed the larger indices DAX (+24.1%) and MDAX (+23.9%) 110

108 TecDAX +5.7% ■ While all four major German indices have recovered from the extreme market shock in March 2020 and are trading above their Pre-Covid levels in Q4 2019, the SDAX 106 SDAX +4.6% significantly outperformed its German peers, gaining 64.7% over the last 12 months 104 MDAX +3.0% ■ Despite the arrival of a third wave in the pandemic and new government lockdowns, 102 all four major German indices have recorded a positive development over the past

Rebased Rebased Prices (in%) 100 quarter with performances ranging between +3.0% (MDAX) and +9.4% (DAX)

96 DecJan-21-20 JanFeb-21-21 Mar-21Feb-21 Mar-21

TecDAX SDAX MDAX DAX

Source: S&P Capital IQ as of April 7, 2021 8 Historical EBITDA Multiples (last 10 years)

EV / EBITDA

10-Year Average 24.0x

TecDAX 15.1x 22.0x 20.0x MDAX 12.6x 18.0x SDAX 12.2x 16.0x DAX 10.4x 14.0x

12.0x

10.0x

8.0x

6.0x

DAX MDAX SDAX TecDax

Comment

■ After a sudden and strong downwards trajectory in response to the global coronavirus (covid-19) pandemic and a generally pessimistic market sentiment in mid- February 2020, all major German indices are again on a strong upward-trajectory and surpassed their pre-covid-19 valuation levels ■ The TecDAX trades at an EBITDA multiple that is 9.2x higher than 10 years prior (22.4x vs.13.2x), while the MDAX, SDAX and DAX trade at EBITDA multiples that are 8.7x, 6.6x and 7.0x (19.5x vs. 10.8x, 16.9x vs. 10.3x and 15.1x vs. 8.1x) higher than 10 years ago, respectively ■ Historically, the TecDAX has traded at valuation levels above its fellow German indices. At present, the TecDAX is trading at 22.4x EBITDA, 7.3x more than the DAX, 5.5x more than the SDAX and 2.9x more than the MDAX ■ Compared to the 10-year average EBITDA multiples, all major German indices show higher EBITDA multiples with the TecDAX and MDAX trading 7.3x and 6.9x, while the DAX and SDAX are both trading 4.7x higher than the 10-year average, respectively

Note: DAX Constituents as provided by Deutsche Börse; Multiples as provided by S&P Capital IQ; EBITDA calculated based on LTM information; EBITDA Multiples calculated as TEV / EBITDA; Calculations contain thresholds of 50.0x for EBITDA Multiples 9 Source: S&P Capital IQ as of April 7, 2021 Historical Price / Earnings Multiples (last 10 years)

Price / Earnings

10-Year Average 50.0x

TecDAX 32.6x 45.0x

SDAX 27.6x 40.0x

MDAX 27.5x 35.0x

DAX 22.1x 30.0x

25.0x

20.0x

15.0x

10.0x

DAX MDAX SDAX TecDax

Comment

■ The current valuation levels of the MDAX and DAX are trading above their peak in mid-2018, while the valuation levels of the TecDAX and SDAX are currently trading below their peak in mid-2018 but above their pre-covid-19 levels (Q4 2019) ■ The TecDAX trades at a P/E multiple 11.0x higher than 10 years prior (41.6x vs. 30.6x), while the MDAX, DAX and SDAX trade at P/E multiples that are 16.2x, 13.1x and 12.4x higher than 10 years prior (39.4x vs. 23.2x, 29.0x vs. 16.1x and 35.7x vs 23.3x), respectively ■ Historically, the TecDAX has traded at valuation levels above its fellow German indices. At present, the TecDAX is trading at 41.6x normalized EPS, 12.6x more than the DAX, 5.9x more than the SDAX and 2.2x more than the MDAX ■ Compared to the 10-year average P/E multiples, the MDAX, TecDAX, SDAX and DAX are trading 11.9x, 9.0x, 8.1x and 6.9x higher, respectively

Note: DAX Constituents as provided by Deutsche Börse; Multiples as provided by S&P Capital IQ; PE calculated based on LTM information; P/E Multiples calculated as P / Normalized EPS; Calculations contain thresholds of 100.0x for P/E Multiples 10 Source: S&P Capital IQ as of April 7, 2021 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x Sector Overview – Performance of Sector Indices

12 Month Development of Sector Indices (Rebased Prices, in %) Performances Sector in % 330 Internet Products / Services +216.2 320 310 Hightech / Advanced Machinery +136.1 300 290 Renewable Products / Services +126.1 280 270 Automotive Supply +95.1 260 Construction Products / Services +81.7 250 240 Technology +76.3 230 220 IT Services +73.3 210 200 Industrial Products +71.4 190

Rebased Rebased Prices (in%) 180 Industrial Machinery +65.3 170 Media & Enterainment +61.9 160 150 Industrial Materials +61.7 140 130 Software +56.6 120 110 Industrial / Business Services +55.7 100 90 Pharma & Healthcare +47.0 80 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Transport & Logistics +41.9 Automotive Supply Communications Services Construction Products / Services Consumer Products / Services Hightech / Advanced Machinery Industrial / Business Services Industrial Machinery Industrial Materials Consumer Products / Services +41.5 Industrial Products Internet Products / Services IT Services Media & Entertainment Pharma & Healthcare Renewable Products / Services Software Technology Communication +33.0 Transportation & Logistics

Note: Sector indices represent development of equally weighted share prices of the peer group’s constituents 12 Source: S&P Capital IQ as of April 7, 2021 Sector Overview – Financial Information

Ratio Analysis

Market Cap Enterprise Value Sales CAGR EBITDA CAGR EBITDA Margin Dividend Yield Leverage Ratio Interest Cover Price / OCFPS RoE Peer Group (€m) (€m) '16a-'19a '19a-22e '16a-'19a '19a-'22e 2020e LFYA 2020e 2019a 2019a 2020e

Automotive Supply 1,403.6 1,819.9 11.0% 5.8% 1.4% 14.0% 7.8% 3.0% 2.5x 16.6x 5.0x 4.1% Communications Services 4,730.9 5,711.2 7.7% 5.1% 10.7% 5.6% 16.4% 2.2% 1.2x 16.1x 7.7x 10.2% Construction Products / Services 1,282.7 1,379.0 5.6% 2.1% 5.2% 18.4% 8.7% 3.5% 2.2x 14.2x 7.8x 7.6% Consumer Products / Services 1,718.7 2,150.6 0.5% 2.2% 0.3% 17.5% 8.9% 2.8% 2.3x 17.5x 9.6x 11.1% Hightech / Advanced Machinery 517.9 503.0 6.2% 11.7% 10.6% 29.7% 0.5% 0.7% 1.0x 40.0x 12.4x 8.7% Industrial / Business Services 420.0 479.1 6.4% 4.8% 8.3% 10.7% 10.9% 3.8% 1.7x 13.7x 11.0x 10.0% Industrial Machinery 1,909.2 2,116.2 7.7% -0.6% 1.4% 13.9% 6.6% 1.5% 1.6x 18.1x 14.0x 7.8% Industrial Materials 4,110.4 5,232.7 3.8% 2.2% 1.3% 11.2% 12.1% 1.8% 3.0x 20.5x 11.7x 10.0% Industrial Products 3,882.3 3,684.3 7.5% 4.2% 0.6% 12.0% 11.8% 1.1% 2.7x 22.8x 15.1x 13.2% Internet Products / Services 4,576.1 4,365.2 14.5% 15.9% 4.0% 22.8% 1.5% 2.0% 6.5x 11.9x 21.9x 9.8% IT Services 1,084.6 1,094.8 13.5% 3.7% 8.9% 17.1% 10.1% 1.0% 1.7x 21.6x 19.8x 10.8% Media & Entertainment 2,192.1 3,073.0 3.6% 1.8% 8.6% 5.1% 17.8% 2.9% 4.4x 24.1x 4.2x 8.0% Pharma & Healthcare 5,414.7 5,926.0 5.6% 6.2% 6.9% 21.1% 18.4% 1.0% 2.4x 23.2x 18.6x 12.0% Renewable Products / Services 1,040.8 1,110.6 1.1% 10.6% -18.4% 37.2% 21.9% 1.3% 4.9x 13.8x 12.8x 8.5% Software 1,775.8 1,854.8 10.9% 11.3% 8.6% 26.2% 21.2% 1.0% 2.4x 23.6x 29.6x 8.0% Technology 1,095.4 1,247.4 6.7% 5.7% 6.9% 14.5% 12.9% 1.4% 1.8x 20.4x 14.0x 8.8% Transportation & Logistics 3,520.9 7,448.4 6.0% -2.8% 6.0% 7.0% 16.7% 3.7% 4.0x 8.1x 3.2x 7.2% Min 420.0 479.1 0.5% -2.8% -18.4% 5.1% 0.5% 0.7% 1.0x 8.1x 3.2x 4.1% Max 5,414.7 7,448.4 14.5% 15.9% 10.7% 37.2% 21.9% 3.8% 6.5x 40.0x 29.6x 13.2% Median 1,775.8 2,116.2 6.4% 4.8% 6.0% 14.5% 11.8% 1.8% 2.4x 18.1x 12.4x 8.8% Mean 2,392.7 2,893.9 7.0% 5.3% 4.2% 16.7% 12.0% 2.0% 2.7x 19.2x 12.8x 9.2%

Comment ■ The analysis provides an overview of key performance ratios by sector (based on mean results) ■ Firms in the Pharma & Healthcare, Communications Services and Internet Products / Services sectors have the highest market capitalizations, whereas firms in the Industrial / Business Services and Hightech / Advanced Machinery sectors have the smallest market capitalizations ■ Across all sectors, sales are expected to grow at 4.8% per annum between 2019 and 2022, while the Internet Products / Services, Hightech / Advanced Machinery, Software and Renewable Products / Services sectors show sales growth rates of above 10% ■ Mean EBITDA margins are expected to reach 11.8% in 2020 across all sectors, while the Renewable Products / Services, Software and Pharma & Healthcare sectors are expected to reach EBITDA margins above 18%

Note: For multiple and ratio definitions, please refer to appendix 13 Source: S&P Capital IQ as of April 7, 2021 Sector Overview – Multiples

Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA Automotive Supply 1.7x 1.6x 1.1x 0.9x 8.0x 7.5x 6.3x 8.0x 14.2x 21.3x 13.4x 9.7x 14.5x 45.6x 16.8x 11.9x 2.3x Communications Services 1.8x 1.7x 3.1x 2.9x 7.8x 8.0x 9.2x 8.6x 9.7x 15.9x 14.1x 14.5x 13.3x 16.0x 13.8x 14.8x 2.4x Construction Products / Services 0.6x 0.6x 0.6x 0.5x 8.2x 6.6x 5.7x 4.9x 12.2x 15.5x 9.4x 7.9x 21.5x 25.7x 18.0x 11.3x 1.9x Consumer Products / Services 1.0x 1.0x 0.9x 0.8x 12.2x 10.2x 7.3x 6.2x 16.9x 14.5x 13.5x 13.1x 20.3x 22.5x 22.2x 15.9x 2.4x Hightech / Advanced Machinery 3.3x 3.4x 2.7x 2.2x 22.7x 20.8x 15.3x 11.6x 27.9x 33.1x 26.0x 16.9x 41.7x 43.2x 37.0x 23.3x 4.3x Industrial / Business Services 1.2x 1.4x 1.2x 1.1x 9.3x 10.7x 8.0x 6.9x 10.5x 17.4x 13.5x 10.6x 14.5x 33.7x 19.4x 14.4x 2.3x Industrial Machinery 0.9x 0.9x 0.9x 0.8x 11.5x 12.4x 9.0x 6.9x 14.6x 21.7x 15.7x 10.8x 20.6x 40.0x 22.4x 15.9x 2.9x Industrial Materials 1.4x 1.4x 1.4x 1.4x 12.6x 11.1x 10.2x 9.5x 19.1x 21.2x 19.9x 15.9x 21.7x 26.8x 24.4x 21.4x 2.5x Industrial Products 2.0x 2.4x 2.1x 1.9x 14.8x 14.8x 10.0x 9.9x 19.6x 23.6x 19.6x 16.3x 28.1x 30.6x 21.4x 22.9x 4.4x Internet Products / Services 4.5x 4.6x 3.6x 2.9x 20.2x 19.9x 19.6x 17.2x 23.9x 27.2x 24.9x 23.9x 35.7x 29.6x 38.9x 37.6x 7.5x IT Services 1.8x 1.7x 1.6x 1.5x 15.0x 16.2x 13.7x 13.0x 20.7x 25.9x 20.8x 18.7x 31.6x 35.0x 31.7x 28.3x 3.6x Media & Entertainment 2.2x 4.1x 2.8x 2.2x 11.5x 9.0x 8.5x 7.2x 18.4x 11.5x 22.0x 18.4x 22.6x 24.0x 21.5x 31.8x 4.8x Pharma & Healthcare 3.7x 3.8x 3.4x 3.1x 23.3x 15.8x 15.4x 15.0x 28.9x 23.5x 22.1x 19.6x 41.5x 42.1x 32.1x 26.1x 4.8x Renewable Products / Services 7.6x 5.3x 3.7x 3.1x 24.0x 21.1x 14.7x 15.5x 25.2x 21.5x 25.1x 22.3x 25.6x 29.1x 32.0x 34.1x 5.1x Software 6.3x 6.1x 5.4x 5.0x 26.7x 22.0x 19.6x 19.4x 23.2x 32.6x 31.3x 25.9x 42.8x 53.6x 48.7x 37.9x 5.4x Technology 1.6x 1.7x 1.5x 1.4x 12.3x 11.1x 9.2x 8.1x 18.7x 16.7x 14.6x 11.7x 22.2x 29.4x 22.4x 16.9x 2.8x Transportation & Logistics 3.4x 4.6x 4.3x 3.5x 10.1x 13.0x 14.8x 8.4x 15.2x 18.3x 24.0x 19.1x 12.1x 34.6x 27.7x 19.2x 3.0x Min 0.6x 0.6x 0.6x 0.5x 7.8x 6.6x 5.7x 4.9x 9.7x 11.5x 9.4x 7.9x 12.1x 16.0x 13.8x 11.3x 1.9x Max 7.6x 6.1x 5.4x 5.0x 26.7x 22.0x 19.6x 19.4x 28.9x 33.1x 31.3x 25.9x 42.8x 53.6x 48.7x 37.9x 7.5x Median 1.8x 1.7x 2.1x 1.9x 12.3x 12.4x 10.0x 8.6x 18.7x 21.3x 19.9x 16.3x 22.2x 30.6x 22.4x 21.4x 3.0x Mean 2.7x 2.7x 2.4x 2.1x 14.7x 13.5x 11.6x 10.4x 18.7x 21.3x 19.4x 16.2x 25.3x 33.0x 26.5x 22.6x 3.7x

Comment ■ The valuation overview across all industry sectors is based on the respective mean values for each sector ■ Across all sectors, the analysis indicates mean EBITDA-multiples for 2019 and 2020 of 12.3x and 12.4x, respectively ■ Based on 2019 and 2020 EBITDA-multiples, the Software, Renewable Products / Services and Pharma & Healthcare peer groups show the highest valuations at 26.7x, 24.0x and 23.3x in 2019 and 22.0x, 21.1x and 15.8x in 2020, respectively. Meanwhile, the Communications Services, Automotive Supply and Construction Products / Services peer groups show the lowest valuations at 7.8x, 8.0x and 8.2x in 2019 and 8.0x, 7.5x and 6.6x in 2020, respectively ■ The Internet Products / Services, Software and Renewable Products / Services peer groups are the only sectors to trade at a high P / B multiple exceeding 5.0x

Note: For multiple and ratio definitions, please refer to appendix 14 Source: S&P Capital IQ as of April 7, 2021 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x Automotive Supply (1/2)

General Information Ratio Analysis

Min 46.9 56.7 1.9% -10.6% -12.5% 2.0% -2.3% 0.8% 0.3x 0.0x 1.3x 1.8% Max 5,313.3 7,529.3 54.1% 62.7% 21.5% 28.7% 13.8% 5.9% 8.8x 47.7x 10.5x 6.5% Median 724.0 853.9 4.4% 1.2% -3.6% 13.2% 10.5% 2.8% 1.7x 16.7x 5.2x 4.1% Mean 1,403.6 1,819.9 11.0% 5.8% 1.4% 14.0% 7.8% 3.0% 2.5x 16.6x 5.0x 4.1%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 16 Source: S&P Capital IQ as of April 7, 2021 Automotive Supply (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA Akasol AG 15.0x 11.2x 6.1x 3.5x nm nm nm 34.0x nm nm nm nm nm nm nm nm 8.3x Bertrandt AG 0.6x 0.7x 0.6x 0.6x 7.3x 7.9x 6.0x 4.9x 13.9x nm 13.4x 9.1x 13.1x nm 17.4x 11.1x 1.2x DEUTZ AG 0.5x 0.7x 0.6x 0.5x 6.2x nm 6.9x 4.6x 9.9x nm 21.6x 8.8x 14.7x nm 20.7x 9.9x 1.4x ElringKlinger AG 0.7x 0.9x 0.8x 0.7x 8.8x 8.3x 6.4x 5.9x 28.4x 45.0x 16.9x 13.3x nm nm 23.1x 17.5x 1.0x HELLA GmbH & Co. KGaA 0.8x 1.0x 0.8x 0.8x 7.9x 8.3x 6.6x 5.6x 15.8x 26.0x 11.4x 9.5x 15.3x nm 16.7x 12.9x 2.5x JOST Werke AG 1.4x 1.4x 1.1x 1.1x 17.4x 11.4x 9.2x 8.2x 23.1x 16.3x 11.5x 10.0x 24.0x 46.9x 20.4x 17.2x 3.0x LEONI AG 0.4x 0.4x 0.4x 0.3x nm nm 8.7x 5.4x nm nm nm 16.9x nm nm nm 8.8x 1.3x paragon GmbH & Co. KGaA 0.9x 1.6x 1.4x 1.3x nm 13.9x 10.5x 12.6x nm nm 26.8x nm nm na na na 4.6x Progress-Werk Oberkirch AG 0.4x 0.5x 0.4x na na 5.2x 3.6x na 9.2x 20.2x 7.9x na 9.1x 44.3x 6.6x na 0.8x Rheinmetall AG 0.6x 0.7x 0.6x 0.6x 5.4x 5.8x 4.7x 4.3x 7.8x 10.2x 7.2x 6.4x 11.1x nm 10.8x 9.7x 1.8x Schaeffler AG 0.5x 0.6x 0.5x 0.5x 3.7x 4.3x 3.9x 3.5x 6.5x 9.9x 7.3x 6.2x 11.8x nm 8.7x 6.7x 2.7x Softing AG 0.6x 0.7x 0.7x 0.6x 7.3x 5.3x 5.1x 4.0x 12.8x nm 13.2x 8.6x 16.7x nm 26.0x 13.4x 0.7x STS Group AG 0.3x 0.2x 0.2x 0.2x na 4.8x 3.4x 3.1x nm nm 10.7x 8.0x nm nm 17.6x 11.7x 1.0x

Min 0.3x 0.2x 0.2x 0.2x 3.7x 4.3x 3.4x 3.1x 6.5x 9.9x 7.2x 6.2x 9.1x 44.3x 6.6x 6.7x 0.7x Max 15.0x 11.2x 6.1x 3.5x 17.4x 13.9x 10.5x 34.0x 28.4x 45.0x 26.8x 16.9x 24.0x 46.9x 26.0x 17.5x 8.3x Median 0.6x 0.7x 0.6x 0.6x 7.3x 6.9x 6.2x 5.1x 12.8x 18.2x 11.5x 9.0x 13.9x 45.6x 17.5x 11.4x 1.4x Mean 1.7x 1.6x 1.1x 0.9x 8.0x 7.5x 6.3x 8.0x 14.2x 21.3x 13.4x 9.7x 14.5x 45.6x 16.8x 11.9x 2.3x

Note: For multiple and ratio definitions, please refer to appendix 17 Source: S&P Capital IQ as of April 7, 2021 Communications Services

General Information Ratio Analysis

1&1 Drillisch AG 23.97 27.02 17.17 88.7% 139.6% 98.2 5.6 4,225.1 4,317.7 14.8% 2.6% 34.1% -12.0% 15.0% 0.2% 0.2x nm 11.2x 5.5% 11880 Solutions AG 1.50 1.64 1.15 91.5% 130.4% 6.9 3.7 37.1 40.4 2.2% 9.1% nm nm 6.4% na 1.0x 0.9x 8.5x na freenet AG 20.43 20.68 13.67 98.8% 149.5% 1,477.5 680.2 2,592.8 3,390.6 -4.6% -4.0% -3.6% 11.7% 16.5% 0.2% 1.9x 5.7x 7.1x 23.5% NFON AG 17.64 21.69 7.96 81.3% 221.7% 14.9 26.1 262.4 251.3 23.4% 18.5% nm nm 5.1% na nm nm nm na Telefónica Deutschland Holding AG 2.53 2.90 2.11 87.0% 119.9% 5,132.0 1,339.0 7,436.4 11,229.4 -0.6% 1.3% 2.6% 17.3% 32.9% 6.7% 1.5x 25.7x 3.7x 5.1% United Internet AG 34.11 43.28 25.60 78.8% 133.2% 1,939.9 145.6 6,403.3 8,589.8 10.9% 3.0% 9.9% 5.4% 22.4% 1.5% 1.5x 32.0x 7.7x 6.9% Vantage Towers AG 24.04 25.69 24.01 93.6% 100.1% 0.0 0.0 12,159.0 12,159.0 nm nm nm nm na na nm na nm na

Min 37.1 40.4 -4.6% -4.0% -3.6% -12.0% 5.1% 0.2% 0.2x 0.9x 3.7x 5.1% Max 12,159.0 12,159.0 23.4% 18.5% 34.1% 17.3% 32.9% 6.7% 1.9x 32.0x 11.2x 23.5% Median 4,225.1 4,317.7 6.5% 2.8% 6.3% 8.5% 15.8% 0.8% 1.5x 15.7x 7.7x 6.2% Mean 4,730.9 5,711.2 7.7% 5.1% 10.7% 5.6% 16.4% 2.2% 1.2x 16.1x 7.7x 10.2%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA 1&1 Drillisch AG 1.2x 1.1x 1.1x 1.1x 4.6x 7.6x 6.4x 6.8x 5.3x 10.6x 8.8x 9.9x 11.3x 15.8x 12.8x 14.4x 0.9x 11880 Solutions AG 0.8x 0.8x 0.7x 0.7x nm 12.6x 6.7x 5.1x nm nm nm 16.3x nm nm nm 16.9x 3.8x freenet AG 1.1x 1.3x 1.3x 1.3x 11.1x 8.0x 7.9x 7.9x 12.6x 10.4x 12.2x 11.7x 13.6x 6.1x 12.2x 11.9x 1.4x NFON AG 4.4x 3.7x 3.3x 2.6x nm nm nm nm nm nm nm nm nm nm nm nm 5.7x Telefónica Deutschland Holding AG 1.5x 1.5x 1.5x 1.4x 7.5x 4.6x 4.8x 4.7x nm 30.2x nm nm nm 23.2x nm nm 1.2x United Internet AG 1.7x 1.6x 1.6x 1.5x 7.8x 7.1x 6.9x 6.7x 11.1x 12.2x 10.2x 11.0x 15.1x 18.8x 16.5x 16.0x 1.3x Vantage Towers AG na na 12.2x 11.7x na na 22.2x 20.8x na na 25.0x 23.7x na na na na nm

Min 0.8x 0.8x 0.7x 0.7x 4.6x 4.6x 4.8x 4.7x 5.3x 10.4x 8.8x 9.9x 11.3x 6.1x 12.2x 11.9x 0.9x Max 4.4x 3.7x 12.2x 11.7x 11.1x 12.6x 22.2x 20.8x 12.6x 30.2x 25.0x 23.7x 15.1x 23.2x 16.5x 16.9x 5.7x Median 1.3x 1.4x 1.5x 1.4x 7.7x 7.6x 6.8x 6.7x 11.1x 11.4x 11.2x 11.7x 13.6x 17.3x 12.8x 15.2x 1.4x Mean 1.8x 1.7x 3.1x 2.9x 7.8x 8.0x 9.2x 8.6x 9.7x 15.9x 14.1x 14.5x 13.3x 16.0x 13.8x 14.8x 2.4x

Note: For multiple and ratio definitions, please refer to appendix 18 Source: S&P Capital IQ as of April 7, 2021 Construction Products / Services

General Information Ratio Analysis

A.S. Création Tapeten AG 23.80 24.20 10.70 98.3% 222.4% 10.5 21.9 66.2 54.7 -2.6% 4.2% -14.5% 25.8% 5.6% 3.8% nm 11.4x nm na BAUER AG 11.52 13.82 8.34 83.4% 138.1% 674.8 53.4 221.6 846.6 1.6% -0.5% -6.9% 23.4% 10.3% na 4.4x 1.9x 1.3x na Bilfinger SE 31.60 32.52 13.11 97.2% 241.0% 568.2 989.4 1,256.6 824.7 0.6% -2.8% nm 25.2% 3.4% 3.2% nm 3.2x 16.3x 2.2% Einhell Germany AG 122.50 126.50 42.80 96.8% 286.2% 36.0 38.4 468.0 467.5 7.5% 8.8% 13.7% 20.2% 9.4% 1.1% nm 39.7x 8.3x 17.0% HOCHTIEF AG 76.75 90.55 58.00 84.8% 132.3% 5,385.9 5,419.8 5,202.7 5,442.8 9.1% -2.6% 21.2% 2.1% 6.9% 7.6% nm 7.1x 4.7x nm Uzin Utz AG 67.80 73.20 42.80 92.6% 158.4% 86.3 30.5 332.9 390.8 10.9% 7.2% 7.0% 12.0% 14.0% 1.9% 1.0x 24.9x 8.6x na Wacker Neuson SE 20.86 20.86 9.45 100.0% 220.7% 503.8 308.6 1,430.9 1,626.1 11.8% 0.4% 10.7% 20.3% 11.4% na 1.1x 11.5x nm 3.5%

Min 66.2 54.7 -2.6% -2.8% -14.5% 2.1% 3.4% 1.1% 1.0x 1.9x 1.3x 2.2% Max 5,202.7 5,442.8 11.8% 8.8% 21.2% 25.8% 14.0% 7.6% 4.4x 39.7x 16.3x 17.0% Median 468.0 824.7 7.5% 0.4% 8.9% 20.3% 9.4% 3.2% 1.1x 11.4x 8.3x 3.5% Mean 1,282.7 1,379.0 5.6% 2.1% 5.2% 18.4% 8.7% 3.5% 2.2x 14.2x 7.8x 7.6%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA A.S. Création Tapeten AG 0.4x 0.4x 0.4x 0.3x 6.3x 7.0x 3.5x 3.2x 16.7x 30.4x 5.5x 4.9x 4.7x nm 10.7x 9.2x 0.8x BAUER AG 0.6x 0.6x 0.6x 0.6x 8.8x 6.0x 5.3x 4.7x nm 21.4x 15.8x 12.2x nm nm 24.6x 9.8x 0.6x Bilfinger SE 0.2x 0.2x 0.2x 0.2x 6.4x 7.0x 4.1x 3.2x 11.9x nm 8.3x 5.5x 51.9x 46.7x 34.1x 15.4x 1.0x Einhell Germany AG 0.8x 0.6x 0.6x 0.6x 12.1x 6.9x 7.6x 7.0x 13.4x 7.9x 8.9x 8.2x 19.2x 11.9x 13.6x 12.3x 2.0x HOCHTIEF AG 0.2x 0.2x 0.2x 0.2x 3.9x 3.3x 5.1x 3.7x 5.7x 5.5x 6.2x 5.3x nm 10.8x 11.1x 9.0x 5.4x Uzin Utz AG 1.0x 1.0x 0.9x 0.9x 10.1x 7.2x 7.7x 7.2x 13.3x 9.8x 10.8x 10.2x 15.6x na na na 1.9x Wacker Neuson SE 0.9x 1.0x 0.9x 0.8x 9.6x 8.8x 6.4x 5.5x 11.9x 17.9x 10.5x 8.7x 16.2x 33.1x 14.2x 11.9x 1.2x

Min 0.2x 0.2x 0.2x 0.2x 3.9x 3.3x 3.5x 3.2x 5.7x 5.5x 5.5x 4.9x 4.7x 10.8x 10.7x 9.0x 0.6x Max 1.0x 1.0x 0.9x 0.9x 12.1x 8.8x 7.7x 7.2x 16.7x 30.4x 15.8x 12.2x 51.9x 46.7x 34.1x 15.4x 5.4x Median 0.6x 0.6x 0.6x 0.6x 8.8x 7.0x 5.3x 4.7x 12.6x 13.9x 8.9x 8.2x 16.2x 22.5x 13.9x 10.9x 1.2x Mean 0.6x 0.6x 0.6x 0.5x 8.2x 6.6x 5.7x 4.9x 12.2x 15.5x 9.4x 7.9x 21.5x 25.7x 18.0x 11.3x 1.9x

Note: For multiple and ratio definitions, please refer to appendix 19 Source: S&P Capital IQ as of April 7, 2021 Consumer Products / Services (1/2)

General Information Ratio Analysis

Share Price in % of Financial Cash & Enterprise EBITDA Dividend Leverage Interest Price/ Market Cap Sales CAGR EBITDA CAGR RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Price high low high low (€m) (€m) (€m) (€m) '16a-'19a '19a-22e '16a-'19a '19a-'22e 2020e LFYA 2020e 2019a 2019a 2020e Ahlers AG 1.53 2.00 1.22 76.5% 125.4% 41.9 6.2 20.9 56.6 -4.5% -3.7% nm nm -4.3% na nm 2.7x 1.9x na Berentzen-Gruppe AG 5.88 6.34 5.04 92.7% 116.7% 10.3 26.3 54.5 38.5 -0.5% -0.3% -2.6% 6.2% 9.1% 4.8% nm 9.4x 3.3x 3.0% Bijou Brigitte modische Accessoires AG 24.90 33.90 19.35 73.5% 128.7% 151.1 99.2 185.5 237.4 -0.2% -0.3% 2.7% nm 13.0% na 1.2x 9.1x 2.1x 9.9% Ceconomy AG 4.94 5.97 1.83 82.8% 270.3% 2,332.0 2,823.0 1,774.1 1,389.1 -0.7% 0.7% 12.1% 24.1% 5.0% na nm 18.5x 15.6x na CEWE Stiftung & Co. KGaA 121.00 123.80 77.50 97.7% 156.1% 60.4 102.8 867.6 825.2 6.6% 2.6% 8.8% 8.6% 18.3% 1.7% nm 89.4x 8.5x 17.2% Dierig Holding AG 12.20 13.30 11.60 91.7% 105.2% 43.3 9.7 50.5 84.3 -6.5% nm -1.9% nm na na nm 7.6x 5.7x na Fielmann AG 67.95 72.40 50.28 93.9% 135.1% 349.6 363.8 5,715.5 5,705.5 4.4% 4.5% 10.6% 5.1% 21.9% na nm nm 18.9x 13.9% Gigaset AG 0.30 0.39 0.17 77.4% 175.6% 21.0 25.8 44.0 39.1 -3.1% 0.1% -18.1% 32.0% 0.2% na nm 6.8x 2.3x na HanseYachts AG 5.45 6.35 2.40 85.8% 227.1% 33.5 21.9 86.3 97.9 8.3% 4.2% -9.6% nm 2.9% na 3.0x 4.2x 13.7x na Hawesko Holding AG 46.50 47.00 25.90 98.9% 179.5% 149.2 10.4 415.9 557.3 5.0% 5.2% 4.7% 18.0% 10.5% 2.8% 2.1x 9.0x 12.4x 23.6% HORNBACH Holding AG & Co. KGaA 83.00 101.00 35.80 82.2% 231.8% 1,502.0 743.3 1,331.2 2,405.3 5.6% 6.0% 4.1% 20.5% 10.4% 1.8% 1.4x 6.9x 5.7x 9.5% Hugo Boss AG 34.01 36.50 19.55 93.2% 174.0% 1,171.9 146.0 2,310.0 3,342.0 2.3% -4.5% -0.3% 8.2% 12.3% 0.1% 4.2x 13.8x 3.6x na Leifheit AG 45.50 46.10 17.70 98.7% 257.1% 1.0 38.8 429.8 392.0 -0.4% 12.2% -17.0% nm 10.3% 1.2% nm 71.2x 27.2x 12.3% LUDWIG BECK AG 26.00 29.00 22.40 89.7% 116.1% 115.1 11.2 98.3 202.1 -18.7% nm 9.1% nm na na nm 5.1x 12.2x na Metro AG 9.06 10.74 7.25 84.3% 125.0% 5,729.0 2,495.0 3,277.1 6,522.1 -9.2% -1.6% -3.9% 8.6% 4.6% 7.7% 2.8x 4.0x 2.1x na PUMA SE 83.84 93.22 47.00 89.9% 178.4% 1,198.1 685.2 12,496.2 13,050.6 14.9% 7.1% 41.7% 20.5% 9.0% na 1.1x 11.1x 22.9x 4.8% Schloss Wachenheim AG 15.90 16.10 11.60 98.8% 137.1% 77.3 8.4 127.5 234.6 4.9% 1.8% 1.6% 6.0% 10.2% 3.1% 2.0x 27.2x 5.9x 4.2% Südzucker AG 14.43 17.66 11.26 81.7% 128.2% 1,833.0 246.0 2,949.8 5,411.8 1.3% 2.5% -18.2% 29.3% 8.0% 1.4% 2.9x 14.3x nm na Villeroy & Boch AG 15.95 16.50 9.94 96.7% 160.5% 156.5 311.8 421.2 270.7 0.5% 1.1% -19.4% 40.7% 10.2% 3.4% nm 4.6x 9.4x 13.1% Min 20.9 38.5 -18.7% -4.5% -19.4% 5.1% -4.3% 0.1% 1.1x 2.7x 1.9x 3.0% Max 12,496.2 13,050.6 14.9% 12.2% 41.7% 40.7% 21.9% 7.7% 4.2x 89.4x 27.2x 23.6% Median 421.2 392.0 0.5% 1.8% 0.7% 18.0% 10.2% 2.3% 2.1x 9.1x 7.2x 11.1% Mean 1,718.7 2,150.6 0.5% 2.2% 0.3% 17.5% 8.9% 2.8% 2.3x 17.5x 9.6x 11.1%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 20 Source: S&P Capital IQ as of April 7, 2021 Consumer Products / Services (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA Ahlers AG 0.3x 0.4x 0.3x 0.3x 30.2x nm 8.3x 5.4x nm nm nm 47.2x nm nm nm nm 0.4x Berentzen-Gruppe AG 0.2x 0.2x 0.2x 0.2x 2.7x 2.7x 2.7x 2.2x 5.7x 7.4x 7.3x 4.8x 11.1x 38.9x 21.0x 11.8x 1.2x Bijou Brigitte modische Accessoires AG 0.7x 0.7x 0.7x 0.7x 4.3x 5.6x 5.5x na 5.5x 8.2x 8.1x 8.5x 7.3x 9.3x 9.3x na 0.9x Ceconomy AG 0.1x 0.1x 0.1x 0.1x 2.1x 1.3x 1.2x 1.1x 4.8x 5.3x 3.9x 2.9x 9.6x nm 9.4x 6.0x 2.5x CEWE Stiftung & Co. KGaA 1.1x 1.1x 1.1x 1.1x 7.6x 6.2x 6.3x 5.9x 13.7x 10.2x 10.4x 9.7x 27.4x 16.8x 17.7x 15.7x 2.9x Dierig Holding AG 1.4x na na na 11.1x na na na 17.0x na na na nm na na na 1.3x Fielmann AG 3.8x 4.0x 3.4x 3.3x 15.1x 18.3x 13.7x 13.0x 17.2x 34.1x 21.0x 19.8x 33.2x 51.4x 31.0x 29.2x 7.1x Gigaset AG 0.1x 0.2x 0.2x 0.1x 3.7x nm 1.9x 1.6x 7.5x nm 7.9x 4.8x 3.9x nm 14.6x 8.5x nm HanseYachts AG 0.7x 0.7x 0.6x 0.6x 21.3x 25.1x 11.9x na nm nm nm na nm nm nm 15.0x nm Hawesko Holding AG 1.0x 0.9x 0.9x 0.9x 13.8x 8.5x 8.6x 8.4x 16.6x 13.3x 13.4x 12.9x 26.3x 16.6x 16.6x 16.0x 3.9x HORNBACH Holding AG & Co. KGaA 0.5x 0.5x 0.4x 0.4x 8.5x 4.4x 4.9x 4.9x 12.9x 8.0x 8.1x 8.2x 14.2x 7.6x 9.1x 9.1x 0.7x Hugo Boss AG 1.2x 1.7x 1.5x 1.3x 7.3x 13.8x 7.0x 5.8x 9.4x nm 26.6x 15.2x 11.3x nm 35.7x 17.1x 3.0x Leifheit AG 1.7x 1.4x 1.3x 1.2x 26.0x 14.0x 11.2x 9.4x 47.4x 20.6x 16.5x 12.6x nm 34.9x 26.9x 20.4x 4.3x LUDWIG BECK AG 2.5x na na na 16.7x na na na 31.3x na na na nm na na na 1.6x Metro AG 0.2x 0.3x 0.3x 0.3x 6.2x 5.6x 5.4x 4.9x 11.2x 20.6x 16.6x 12.8x 51.2x nm 35.1x 17.9x 1.5x PUMA SE 2.4x 2.5x 2.2x 1.9x 24.5x 27.8x 17.7x 14.0x 30.0x nm 29.2x 21.1x 47.6x nm 48.8x 32.7x 7.1x Schloss Wachenheim AG 0.7x 0.7x 0.7x 0.7x 7.6x 6.8x 6.5x 6.3x 12.3x 11.8x 10.9x 10.6x 16.1x 14.5x 12.5x 12.1x 0.6x Südzucker AG 0.8x 0.8x 0.8x 0.8x 15.3x 10.0x 8.3x 7.1x nm 28.3x 17.6x 13.2x nm nm 32.2x 14.4x 0.9x Villeroy & Boch AG 0.3x 0.3x 0.3x 0.3x 7.6x 3.1x 2.8x 2.7x 27.9x 6.4x 5.2x 4.8x 5.3x 12.8x 13.5x 12.2x 1.7x

Min 0.1x 0.1x 0.1x 0.1x 2.1x 1.3x 1.2x 1.1x 4.8x 5.3x 3.9x 2.9x 3.9x 7.6x 9.1x 6.0x 0.4x Max 3.8x 4.0x 3.4x 3.3x 30.2x 27.8x 17.7x 14.0x 47.4x 34.1x 29.2x 47.2x 51.2x 51.4x 48.8x 32.7x 7.1x Median 0.7x 0.7x 0.7x 0.7x 8.5x 6.8x 6.5x 5.8x 13.3x 11.0x 10.9x 11.6x 14.2x 16.6x 17.7x 15.0x 1.6x Mean 1.0x 1.0x 0.9x 0.8x 12.2x 10.2x 7.3x 6.2x 16.9x 14.5x 13.5x 13.1x 20.3x 22.5x 22.2x 15.9x 2.4x

Note: For multiple and ratio definitions, please refer to appendix 21 Source: S&P Capital IQ as of April 7, 2021 Hightech / Advanced Machinery (1/2)

General Information Ratio Analysis

AIXTRON SE 19.42 20.25 7.59 95.9% 255.9% 3.4 249.7 2,167.0 1,921.6 9.7% 13.5% nm 25.3% 16.3% na nm nm nm 5.8% Basler AG 99.80 99.80 36.00 100.0% 277.2% 40.0 47.9 982.5 974.7 18.4% 13.0% 27.7% 19.7% 20.5% 0.3% nm 34.9x nm 13.3% Dr. Hönle AG 47.60 59.90 26.85 79.5% 177.3% 57.0 34.0 287.9 311.4 3.4% 11.2% 5.7% 27.5% 17.8% 1.7% 1.3x nm 22.1x 6.5% Francotyp-Postalia Holding AG 3.10 3.69 2.65 84.0% 117.0% 46.6 30.2 49.5 65.9 2.0% -3.5% 2.7% 10.1% 12.4% na 0.7x 15.1x 2.1x 8.5% LPKF Laser & Electronics AG 23.90 33.00 15.36 72.4% 155.6% 6.9 20.1 583.7 570.6 14.4% 9.8% 9.8% 30.5% 17.9% 0.4% nm 44.7x 12.2x 7.7% Manz AG 53.40 56.00 12.20 95.4% 437.7% 93.0 69.7 410.4 434.0 4.1% 12.8% 12.8% nm 8.4% na 1.1x nm nm 3.2% PVA TePla AG 25.50 27.45 6.74 92.9% 378.3% 3.0 29.7 568.8 542.0 14.8% 9.5% 9.5% 19.9% 14.5% na nm 87.1x nm 15.2% Singulus Technologies AG 5.22 7.90 2.91 66.1% 179.4% 24.6 12.5 45.7 57.8 4.8% 25.0% 25.0% nm -95.8% na nm nm nm na SLM Solutions Group AG 17.60 24.35 5.82 72.3% 302.4% 78.9 18.9 354.4 414.5 -14.7% 30.4% 30.4% nm -21.8% na nm nm nm na Stemmer Imaging AG 24.40 27.60 10.30 88.4% 236.9% 10.9 34.9 158.0 133.9 nm 4.6% 4.6% 34.5% 6.4% na nm 46.6x nm na SÜSS MicroTec SE 26.60 26.95 5.94 98.7% 447.8% 21.1 25.8 509.4 504.7 6.4% 12.9% 12.9% 65.6% 11.2% na nm 35.9x nm 9.4% Viscom AG 10.90 11.80 5.62 92.4% 194.0% 14.9 6.8 97.3 105.4 4.7% 1.6% -24.4% 34.1% -1.6% 0.5% nm 15.4x 13.3x na

Min 45.7 57.8 -14.7% -3.5% -24.4% 10.1% -95.8% 0.3% 0.7x 15.1x 2.1x 3.2% Max 2,167.0 1,921.6 18.4% 30.4% 30.4% 65.6% 20.5% 1.7% 1.3x 87.1x 22.1x 15.2% Median 382.4 424.2 4.8% 12.0% 9.8% 27.5% 11.8% 0.4% 1.1x 35.9x 12.7x 8.1% Mean 517.9 503.0 6.2% 11.7% 10.6% 29.7% 0.5% 0.7% 1.0x 40.0x 12.4x 8.7%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 22 Source: S&P Capital IQ as of April 7, 2021 Hightech / Advanced Machinery (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA AIXTRON SE 7.4x 7.2x 5.7x 5.1x nm nm 29.7x 21.6x nm nm 34.6x 25.5x nm nm 51.4x 38.4x 4.4x Basler AG 6.0x 5.7x 4.7x 4.2x 32.1x 28.1x 21.7x 18.7x nm 46.0x 33.4x 28.6x 76.3x 64.4x 47.7x 40.8x 8.6x Dr. Hönle AG 3.0x 3.1x 2.4x 2.2x 18.1x 17.2x 10.4x 8.7x 22.3x 28.1x 14.4x 11.6x 27.6x 37.4x 19.3x 15.5x 2.4x Francotyp-Postalia Holding AG 0.3x 0.3x 0.3x 0.3x 2.9x 2.7x 2.4x 2.2x 5.0x nm 18.0x 9.5x 29.1x 17.1x 11.0x 7.9x 1.5x LPKF Laser & Electronics AG 3.9x 5.6x 3.7x 3.0x 25.2x 31.3x 16.9x 11.3x 30.1x nm 25.6x 15.8x 44.4x 44.4x 33.4x 20.7x 6.3x Manz AG 1.6x 1.8x 1.7x 1.1x nm 21.3x 14.1x 10.1x nm nm 25.5x 16.1x nm nm 35.1x 24.3x 3.1x PVA TePla AG 4.1x 4.1x 3.8x 3.2x 34.7x 28.1x 26.8x 20.2x 43.7x 35.6x 36.4x 24.5x nm 54.1x 56.8x 37.9x 8.2x Singulus Technologies AG 0.7x 1.7x 0.5x 0.4x nm nm 9.6x 4.6x nm nm 34.0x 6.8x nm nm 57.2x 7.3x nm SLM Solutions Group AG 7.9x 6.6x 4.8x 3.6x nm nm nm nm nm nm nm nm nm nm nm nm nm Stemmer Imaging AG 1.1x 1.3x 1.1x 1.0x 23.5x 20.0x 13.3x 9.7x 40.1x nm 23.7x 16.1x nm nm 42.1x 23.5x 2.5x SÜSS MicroTec SE 2.4x 2.0x 1.8x 1.6x nm 17.9x 13.2x 11.0x nm 22.7x 16.7x 13.5x nm 42.0x 24.3x 20.2x 3.9x Viscom AG 1.2x 1.7x 1.4x 1.1x 22.1x nm 10.2x 9.2x 26.2x nm 23.2x 18.3x 31.4x nm 28.8x 19.6x 1.8x

Min 0.3x 0.3x 0.3x 0.3x 2.9x 2.7x 2.4x 2.2x 5.0x 22.7x 14.4x 6.8x 27.6x 17.1x 11.0x 7.3x 1.5x Max 7.9x 7.2x 5.7x 5.1x 34.7x 31.3x 29.7x 21.6x 43.7x 46.0x 36.4x 28.6x 76.3x 64.4x 57.2x 40.8x 8.6x Median 2.7x 2.5x 2.1x 1.9x 23.5x 20.7x 13.3x 10.1x 28.2x 31.9x 25.5x 16.1x 31.4x 43.2x 35.1x 20.7x 3.5x Mean 3.3x 3.4x 2.7x 2.2x 22.7x 20.8x 15.3x 11.6x 27.9x 33.1x 26.0x 16.9x 41.7x 43.2x 37.0x 23.3x 4.3x

Note: For multiple and ratio definitions, please refer to appendix 23 Source: S&P Capital IQ as of April 7, 2021 Industrial / Business Services

General Information Ratio Analysis

Amadeus FiRe AG 124.80 137.00 70.90 91.1% 176.0% 176.4 30.0 713.6 861.4 10.4% 15.6% 9.1% 27.1% 19.1% na 2.7x nm 19.4x 14.7% Muehlhan AG 2.66 2.88 2.02 92.4% 131.7% 34.3 16.1 52.0 74.1 5.1% -1.1% 13.1% 2.2% 5.0% na 1.5x 10.3x 4.7x na Nordwest Handel AG 21.20 23.40 17.50 90.6% 121.1% 15.2 27.1 67.9 56.0 7.6% nm 18.8% nm na 3.8% nm 8.0x 13.6x na TAKKT AG 12.80 13.16 6.56 97.3% 195.1% 82.9 4.3 846.4 925.0 2.6% -0.2% -7.8% 2.7% 8.7% na 0.9x 22.8x 6.4x 5.2%

Min 52.0 56.0 2.6% -1.1% -7.8% 2.2% 5.0% 3.8% 0.9x 8.0x 4.7x 5.2% Max 846.4 925.0 10.4% 15.6% 18.8% 27.1% 19.1% 3.8% 2.7x 22.8x 19.4x 14.7% Median 390.8 467.8 6.4% -0.2% 11.1% 2.7% 8.7% 3.8% 1.5x 10.3x 10.0x 10.0% Mean 420.0 479.1 6.4% 4.8% 8.3% 10.7% 10.9% 3.8% 1.7x 13.7x 11.0x 10.0%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA Amadeus FiRe AG 3.7x 3.1x 2.6x 2.4x 21.6x 16.1x 12.0x 10.5x 22.2x 28.7x 19.4x 15.7x 29.7x 42.5x 26.4x 20.8x 6.3x Muehlhan AG 0.3x 0.3x 0.3x 0.3x 3.5x 5.9x 3.8x 3.2x 5.5x 5.5x 8.7x 6.5x 8.2x nm 15.3x 10.0x 0.8x Nordwest Handel AG 0.1x na na na 4.6x na na na 5.1x na na na 8.8x na na na 0.9x TAKKT AG 0.8x 0.9x 0.8x 0.8x 7.5x 10.1x 8.2x 6.9x 8.9x 18.1x 12.4x 9.6x 11.3x 24.9x 16.6x 12.4x 1.3x Min 0.1x 0.3x 0.3x 0.3x 3.5x 5.9x 3.8x 3.2x 5.1x 5.5x 8.7x 6.5x 8.2x 24.9x 15.3x 10.0x 0.8x Max 3.7x 3.1x 2.6x 2.4x 21.6x 16.1x 12.0x 10.5x 22.2x 28.7x 19.4x 15.7x 29.7x 42.5x 26.4x 20.8x 6.3x Median 0.5x 0.9x 0.8x 0.8x 6.0x 10.1x 8.2x 6.9x 7.2x 18.1x 12.4x 9.6x 10.1x 33.7x 16.6x 12.4x 1.1x Mean 1.2x 1.4x 1.2x 1.1x 9.3x 10.7x 8.0x 6.9x 10.5x 17.4x 13.5x 10.6x 14.5x 33.7x 19.4x 14.4x 2.3x

Note: For multiple and ratio definitions, please refer to appendix 24 Source: S&P Capital IQ as of April 7, 2021 Industrial Machinery (1/2)

General Information Ratio Analysis

Aumann AG 14.64 16.78 7.15 87.2% 204.8% 18.0 70.7 222.0 169.3 19.1% -5.8% 0.6% 6.9% 1.0% na nm 18.0x nm na Dürr AG 35.00 36.64 17.07 95.5% 205.0% 1,050.3 1,061.0 2,456.7 2,450.5 3.1% -0.5% -5.6% 7.7% 5.0% 2.3% nm 8.6x 14.1x na GEA Group AG 34.82 35.18 18.09 99.0% 192.5% 576.5 866.5 6,308.2 6,018.7 2.8% -0.4% -10.9% 30.5% 11.2% 2.4% nm 8.7x 13.1x 8.3% Heidelberger Druckmaschinen AG 1.16 1.54 0.48 75.2% 240.6% 300.0 173.0 349.4 476.4 0.9% -5.4% 11.8% -0.2% 6.4% na 1.0x 5.1x nm na Jungheinrich AG 42.10 42.10 12.68 100.0% 332.0% 2,573.5 950.4 4,182.0 5,805.3 9.7% 1.8% 7.6% 26.9% 16.5% 1.1% 2.7x 26.7x 12.4x 8.5% KION GROUP AG 84.34 84.62 37.24 99.7% 226.5% 2,227.1 367.0 11,037.5 12,884.5 16.4% 5.5% 20.9% 8.9% 16.0% 0.0% 1.4x 11.6x 13.1x 4.9% Koenig & Bauer AG 25.08 27.30 16.43 91.9% 152.6% 221.2 137.8 420.1 504.9 2.2% -3.3% -1.6% 4.2% -6.9% na nm 14.8x nm na Krones AG 70.25 78.10 45.98 89.9% 152.8% 127.3 217.0 2,186.2 2,096.0 5.4% -3.2% -4.0% 8.1% 4.4% 1.1% nm 42.0x 23.7x na KSB SE & Co. KGaA 300.00 300.00 212.00 100.0% 141.5% 82.3 331.5 521.1 447.9 3.4% 0.4% 8.1% 13.7% 6.9% 2.8% nm 23.6x 3.6x na Maschinenfabrik Berthold Hermle AG 295.00 314.00 192.00 93.9% 153.6% 0.0 130.5 1,475.0 1,344.5 5.6% nm 3.9% nm na 0.3% nm nm 20.6x na MAX Automation SE 4.74 5.08 2.60 93.3% 182.3% 133.0 47.7 143.2 228.8 7.9% -5.4% nm nm 2.5% na nm nm nm na Ringmetall AG 2.70 2.87 2.17 94.1% 124.4% 30.3 5.7 79.6 105.1 8.6% 4.0% -13.0% 27.0% 9.9% 2.2% 2.1x 7.2x 8.2x 7.3% Schaltbau Holding AG 33.30 34.60 22.50 96.2% 148.0% 119.2 39.4 296.3 403.3 0.0% 3.2% nm nm 8.0% na 2.0x 2.4x 4.7x 8.8% SMT Scharf AG 8.26 9.44 6.98 87.5% 118.3% 16.6 4.4 38.3 51.9 21.5% -0.5% 4.8% 19.5% 1.6% na nm 5.9x 12.6x na technotrans SE 25.70 29.80 11.08 86.2% 231.9% 47.3 26.0 176.5 197.8 11.1% 1.3% 0.7% 18.9% 6.6% na 1.7x 19.1x 10.6x 5.0% WashTec AG 51.10 52.90 31.80 96.6% 160.7% 39.3 21.0 655.7 674.0 5.3% -1.0% -4.5% 7.9% 9.6% na 0.5x 60.1x 31.4x 11.9% Min 38.3 51.9 0.0% -5.8% -13.0% -0.2% -6.9% 0.0% 0.5x 2.4x 3.6x 4.9% Max 11,037.5 12,884.5 21.5% 5.5% 20.9% 30.5% 16.5% 2.8% 2.7x 60.1x 31.4x 11.9% Median 470.6 490.6 5.5% -0.5% 0.7% 8.9% 6.6% 1.7% 1.7x 13.2x 12.8x 8.3% Mean 1,909.2 2,116.2 7.7% -0.6% 1.4% 13.9% 6.6% 1.5% 1.6x 18.1x 14.0x 7.8%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 25 Source: S&P Capital IQ as of April 7, 2021 Industrial Machinery (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA Aumann AG 0.6x 0.9x 0.9x 0.8x 9.1x nm 12.4x 7.4x 11.0x nm 20.8x 10.3x 20.2x nm nm 26.9x 1.1x Dürr AG 0.6x 0.7x 0.7x 0.6x 8.8x 14.9x 9.1x 7.0x 12.1x 28.1x 14.4x 9.9x 19.8x nm 27.9x 16.8x 2.7x GEA Group AG 1.2x 1.3x 1.3x 1.2x 21.7x 11.5x 10.8x 9.8x nm 18.8x 16.2x 14.1x nm 39.6x 27.5x 23.2x 3.3x Heidelberger Druckmaschinen AG 0.2x 0.2x 0.2x 0.2x 2.6x 3.7x 3.4x 2.6x 5.2x 10.5x 7.8x 4.6x 27.1x nm nm 7.4x 6.1x Jungheinrich AG 1.4x 1.6x 1.4x 1.4x 16.2x 9.6x 8.6x 7.9x 20.4x 28.0x 19.3x 18.0x 23.6x 31.8x 20.5x 18.8x 2.7x KION GROUP AG 1.5x 1.6x 1.4x 1.2x 8.9x 9.8x 7.9x 6.9x 19.2x 25.4x 16.6x 13.3x 24.3x 53.0x 25.4x 18.8x 2.6x Koenig & Bauer AG 0.4x 0.5x 0.5x 0.4x 7.0x nm 11.0x 6.2x 11.2x nm nm 10.8x 8.1x nm nm 12.2x 1.2x Krones AG 0.5x 0.6x 0.6x 0.6x 7.9x 14.3x 7.9x 6.3x 15.4x nm 17.0x 11.1x nm nm 24.4x 16.0x 1.8x KSB SE & Co. KGaA 0.2x 0.2x 0.2x 0.2x 2.8x 2.9x 2.4x 1.9x 4.7x 6.5x 4.5x 3.1x 12.1x nm 16.1x 9.5x 0.7x Maschinenfabrik Berthold Hermle AG 2.9x na na na 11.3x na na na 12.3x na na na 17.5x na na na 5.2x MAX Automation SE 0.5x 0.7x 0.7x 0.6x nm 29.2x 10.1x 6.7x nm nm 20.1x 9.6x nm nm nm 12.7x 3.6x Ringmetall AG 0.9x 0.9x 0.8x 0.8x 14.5x 8.9x 7.7x 7.1x 22.4x 15.9x 12.6x 10.9x 29.4x 21.2x 16.0x 13.9x 1.5x Schaltbau Holding AG 0.8x 0.8x 0.8x 0.7x 23.2x 10.2x 8.8x 7.2x nm 18.8x 14.1x 10.9x nm 37.3x 20.7x 14.9x 3.3x SMT Scharf AG 0.7x 1.0x 0.8x 0.7x 10.0x nm 10.6x 5.9x 16.4x nm 17.7x 7.5x 7.0x nm 17.4x 8.1x 0.8x technotrans SE 1.0x 1.0x 1.0x 0.9x 14.3x 15.8x 10.8x 8.5x 21.2x 31.7x 18.0x 12.4x 29.0x nm 23.9x 15.9x 2.2x WashTec AG 1.5x 1.8x 1.7x 1.6x 14.8x 18.5x 13.2x 11.8x 17.9x 33.5x 20.5x 15.9x 29.5x 57.2x 27.0x 23.6x 6.8x

Min 0.2x 0.2x 0.2x 0.2x 2.6x 2.9x 2.4x 1.9x 4.7x 6.5x 4.5x 3.1x 7.0x 21.2x 16.0x 7.4x 0.7x Max 2.9x 1.8x 1.7x 1.6x 23.2x 29.2x 13.2x 11.8x 22.4x 33.5x 20.8x 18.0x 29.5x 57.2x 27.9x 26.9x 6.8x Median 0.7x 0.9x 0.8x 0.7x 10.0x 10.9x 9.1x 7.0x 15.4x 22.1x 16.8x 10.9x 21.9x 38.4x 23.9x 15.9x 2.6x Mean 0.9x 0.9x 0.9x 0.8x 11.5x 12.4x 9.0x 6.9x 14.6x 21.7x 15.7x 10.8x 20.6x 40.0x 22.4x 15.9x 2.9x

Note: For multiple and ratio definitions, please refer to appendix 26 Source: S&P Capital IQ as of April 7, 2021 Industrial Materials (1/2)

General Information Ratio Analysis

AlzChem Group AG 25.30 26.80 13.00 94.4% 194.6% 69.1 17.5 257.5 310.8 5.0% 3.3% 1.9% 13.2% 13.5% 3.0% 1.0x na 5.9x nm Aurubis AG 70.58 73.90 36.70 95.5% 192.3% 576.0 140.0 3,082.5 3,519.5 8.8% 4.4% 3.4% 3.0% 3.5% 1.8% 0.9x 21.9x 6.3x 10.9% BayWa AG 40.00 40.40 28.20 99.0% 141.8% 4,174.8 169.6 1,333.2 5,577.8 3.5% 2.8% 1.6% 33.5% 2.4% 2.4% 9.8x 1.6x nm 2.9% Evonik Industries AG 30.23 30.53 18.31 99.0% 165.1% 3,932.0 1,059.0 14,054.6 17,014.6 1.0% 1.1% -2.2% 5.9% 15.7% 3.8% 1.5x 9.0x 10.7x 6.8% Fuchs Petrolub SE 34.70 38.85 28.25 89.3% 122.8% 30.0 209.0 5,222.2 5,044.2 4.3% 1.9% -0.7% 4.3% 15.5% 2.8% nm 97.8x 14.7x 13.1% H&R GmbH & Co. KGaA 6.09 6.25 3.73 97.4% 163.3% 200.6 87.3 227.1 379.3 4.5% -2.0% nm 14.3% 6.4% na 2.0x 6.5x 2.4x na K+S AG 8.53 10.49 5.00 81.4% 170.7% 3,610.4 215.3 1,621.5 5,018.3 -9.6% 2.2% -9.8% -1.9% 12.8% 0.5% 7.0x 6.1x 2.6x na KWS SAAT SE & Co. KGaA 74.60 76.60 45.00 97.4% 165.8% 857.9 249.6 2,426.5 3,034.8 3.0% 5.5% 5.0% 11.4% 18.7% 0.9% 2.6x na 32.3x 12.4% SGL Carbon SE 5.91 7.52 2.29 78.6% 258.1% 452.5 141.8 738.5 1,061.4 12.2% -2.3% 20.5% 12.8% 9.2% na 3.7x 3.3x 11.7x na SIMONA AG 550.00 585.00 412.00 94.0% 133.5% 15.4 71.1 330.0 274.7 5.9% nm 5.0% nm na 1.8% nm nm 6.4x na Symrise AG 103.45 121.00 82.44 85.5% 125.5% 2,072.8 740.3 14,003.1 15,395.4 5.5% 4.8% 4.8% 6.5% 21.3% 0.9% 1.8x 13.6x 25.6x 13.7% Wacker Chemie AG 121.70 131.30 43.41 92.7% 280.4% 1,405.5 1,339.1 6,028.4 6,161.4 2.1% 2.2% -14.8% 19.6% 14.2% 0.4% 0.1x 25.0x 10.0x 9.9%

Min 227.1 274.7 -9.6% -2.3% -14.8% -1.9% 2.4% 0.4% 0.1x 1.6x 2.4x 2.9% Max 14,054.6 17,014.6 12.2% 5.5% 20.5% 33.5% 21.3% 3.8% 9.8x 97.8x 32.3x 13.7% Median 2,024.0 4,268.9 4.4% 2.2% 1.9% 11.4% 13.5% 1.8% 1.9x 9.0x 10.0x 10.9% Mean 4,110.4 5,232.7 3.8% 2.2% 1.3% 11.2% 12.1% 1.8% 3.0x 20.5x 11.7x 10.0%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 27 Source: S&P Capital IQ as of April 7, 2021 Industrial Materials (2/2)

Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA AlzChem Group AG 0.8x 0.8x 0.8x 0.7x 6.8x 6.2x 5.3x 4.7x 11.0x 10.9x 8.7x 7.3x 14.3x 14.9x 11.3x 9.4x 3.7x Aurubis AG 0.3x 0.3x 0.2x 0.3x 7.4x 7.4x 6.3x 6.7x 10.5x 12.8x 9.4x 10.5x 11.6x 9.3x 13.5x 12.8x 1.0x BayWa AG 0.3x 0.3x 0.3x 0.3x 28.8x 13.9x 11.6x 12.1x nm 27.9x 25.0x 23.9x 32.8x 36.2x 34.5x 25.0x 1.1x Evonik Industries AG 1.3x 1.4x 1.3x 1.3x 8.6x 8.9x 7.8x 7.2x 14.3x 17.8x 14.7x 12.9x 6.7x 25.4x 19.7x 16.8x 1.7x Fuchs Petrolub SE 2.0x 2.1x 1.9x 1.9x 12.9x 13.7x 12.3x 11.4x 15.5x 17.4x 15.4x 14.1x 22.9x 25.2x 22.6x 20.1x 3.3x H&R GmbH & Co. KGaA 0.4x 0.4x 0.4x 0.4x 8.1x 6.6x 6.3x 5.4x 35.1x 25.1x 24.7x 16.3x nm nm 35.2x 18.4x 0.7x K+S AG 2.0x 1.3x 1.9x 1.8x 11.6x 10.3x 13.5x 12.2x nm nm nm nm 18.2x nm 35.9x 39.7x 0.7x KWS SAAT SE & Co. KGaA 2.5x 2.4x 2.3x 2.2x 15.7x 12.7x 11.8x 11.4x 23.8x 24.1x 17.8x 16.0x 24.7x 23.7x 20.6x 17.9x 2.9x SGL Carbon SE 1.0x 1.2x 1.1x 1.0x 11.8x 12.6x 10.7x 8.2x nm nm 41.6x 19.6x nm nm nm nm 3.2x SIMONA AG 0.6x na na na 6.3x na na na 10.0x na na na 16.1x na na na 1.5x Symrise AG 4.5x 4.3x 4.2x 3.9x 21.9x 20.3x 19.4x 18.2x 32.6x 30.4x 28.7x 26.5x 48.1x 43.1x 39.9x 36.1x 5.9x Wacker Chemie AG 1.3x 1.3x 1.2x 1.2x 11.3x 9.3x 7.1x 6.6x nm 24.2x 13.2x 11.8x nm 36.2x 10.4x 18.0x 3.6x

Min 0.3x 0.3x 0.2x 0.3x 6.3x 6.2x 5.3x 4.7x 10.0x 10.9x 8.7x 7.3x 6.7x 9.3x 10.4x 9.4x 0.7x Max 4.5x 4.3x 4.2x 3.9x 28.8x 20.3x 19.4x 18.2x 35.1x 30.4x 41.6x 26.5x 48.1x 43.1x 39.9x 39.7x 5.9x Median 1.1x 1.3x 1.2x 1.2x 11.4x 10.3x 10.7x 8.2x 14.9x 24.1x 16.6x 15.0x 18.2x 25.3x 21.6x 18.2x 2.3x Mean 1.4x 1.4x 1.4x 1.4x 12.6x 11.1x 10.2x 9.5x 19.1x 21.2x 19.9x 15.9x 21.7x 26.8x 24.4x 21.4x 2.5x

Note: For multiple and ratio definitions, please refer to appendix 28 Source: S&P Capital IQ as of April 7, 2021 Industrial Products (1/2)

General Information Ratio Analysis

Share Price in % of Financial Cash & Enterprise EBITDA Dividend Leverage Interest Price/ Market Cap Sales CAGR EBITDA CAGR RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Price high low high low (€m) (€m) (€m) (€m) '16a-'19a '19a-22e '16a-'19a '19a-'22e 2020e LFYA 2020e 2019a 2019a 2020e Friedrich Vorwerk Group SE 51.05 51.65 46.62 98.8% 109.5% 27.6 45.3 1,021.0 1,003.4 nm nm nm nm na na nm 45.0x 17.3x na Gesco AG 24.10 24.10 11.00 100.0% 219.1% 149.6 48.4 258.0 374.3 6.6% -7.3% 7.2% -1.6% 10.3% 1.3% 2.5x 17.3x 5.1x na Knorr-Bremse AG 105.98 117.12 77.50 90.5% 136.7% 2,242.3 2,316.9 17,154.9 17,171.4 8.5% 1.1% 6.3% 5.3% 17.7% 1.7% nm 16.7x 17.3x 26.2% LANXESS AG 63.66 66.88 34.62 95.2% 183.9% 2,831.0 1,794.0 5,427.7 6,462.7 -4.0% 0.8% 0.8% 2.7% 13.9% 1.5% 1.2x 13.0x 8.5x 29.7% Masterflex SE 6.35 7.25 3.84 87.6% 165.4% 27.4 9.2 61.6 80.0 6.5% 0.4% nm nm na na 2.5x 0.0x 9.2x 2.4% NORMA Group SE 41.06 43.98 16.06 93.4% 255.7% 539.2 185.9 1,290.4 1,643.9 7.2% 0.2% 4.2% 2.4% 11.0% 0.1% 3.4x 12.6x 9.5x 1.1% OSRAM Licht AG 52.90 53.26 30.31 99.3% 174.5% 781.0 335.0 5,006.8 5,432.8 -2.9% 1.0% nm 39.1% 9.6% na 1.5x 11.9x 23.1x na Pfeiffer Vacuum Technology AG 155.20 192.00 124.60 80.8% 124.6% 73.1 124.5 1,529.5 1,478.1 10.1% 2.8% -1.4% 9.0% 12.9% 0.8% nm 97.9x 23.4x 8.6% R. STAHL AG 24.80 27.60 14.60 89.9% 169.9% 54.1 18.0 161.0 197.4 -1.3% -1.0% 1.7% 15.8% 6.4% na 2.3x 5.8x 8.1x na RATIONAL AG 664.00 836.50 407.00 79.4% 163.1% 22.8 257.1 7,532.6 7,298.3 11.2% -2.3% 10.0% -4.2% 20.3% 0.9% nm nm 38.0x 14.9% Salzgitter AG 26.57 27.38 8.54 97.0% 311.1% 1,237.7 621.4 1,440.9 2,066.3 2.7% -0.2% -3.5% 28.8% 1.6% na 5.3x 7.0x 5.7x na Siemens Energy AG 30.75 34.49 18.38 89.2% 167.3% 2,697.0 5,188.0 21,823.6 19,764.6 nm nm nm nm 5.7% na nm na nm na Sto SE & Co. KGaA 159.00 159.00 79.20 100.0% 200.8% 155.0 212.8 1,015.3 959.2 4.3% 3.7% 7.4% 13.2% 12.2% 0.2% nm 79.4x 8.7x 16.2% Surteco Group SE 25.50 27.30 18.55 93.4% 137.5% 283.9 133.8 396.9 547.0 1.9% 0.0% -7.3% 15.4% 12.6% na 1.9x 8.2x 4.7x 6.2% thyssenkrupp AG 11.39 12.04 3.82 94.6% 297.9% 5,557.0 10,611.0 7,087.5 2,433.5 -4.2% -1.0% nm nm -0.3% na nm 0.5x 37.9x na va-Q-tec AG 31.60 51.00 8.58 62.0% 368.3% 57.2 18.0 413.2 452.4 19.7% 21.1% nm nm 16.1% na 3.4x nm nm na Varta AG 127.30 181.20 57.00 70.3% 223.3% 78.0 121.9 5,072.9 5,029.4 19.1% 47.7% nm nm 26.2% na nm nm nm 23.5% Voltabox AG 4.31 5.89 2.80 73.2% 153.9% 14.9 0.7 68.0 82.2 46.4% nm nm nm na na nm nm nm na Vossloh AG 42.40 45.60 28.00 93.0% 151.4% 415.3 69.4 746.5 1,108.3 3.7% 1.1% -1.0% 18.3% 12.6% na 3.2x 3.9x nm 3.4% Westag & Getalit AG 27.60 30.00 23.00 92.0% 120.0% 0.0 37.3 137.3 100.0 -0.3% nm -17.2% nm na 2.2% nm nm 9.6x na Min 61.6 80.0 -4.2% -7.3% -17.2% -4.2% -0.3% 0.1% 1.2x 0.0x 4.7x 1.1% Max 21,823.6 19,764.6 46.4% 47.7% 10.0% 39.1% 26.2% 2.2% 5.3x 97.9x 38.0x 29.7% Median 1,155.7 1,293.2 5.4% 0.6% 1.2% 11.1% 12.4% 1.1% 2.5x 12.2x 9.5x 11.7% Mean 3,882.3 3,684.3 7.5% 4.2% 0.6% 12.0% 11.8% 1.1% 2.7x 22.8x 15.1x 13.2%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 29 Source: S&P Capital IQ as of April 7, 2021 Industrial Products (2/2)

Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA Friedrich Vorwerk Group SE 5.5x na na na 26.3x na na na 33.3x na na na 36.0x na na na 16.1x Gesco AG 0.6x 0.9x 0.9x 0.8x 6.7x 9.1x 8.4x 7.1x 12.8x 28.4x 14.9x 11.2x 15.6x nm 19.1x 13.7x 1.1x Knorr-Bremse AG 2.4x 2.8x 2.5x 2.4x 14.1x 15.7x 13.5x 12.1x 16.4x 21.4x 17.7x 15.3x 29.2x 34.1x 28.5x 24.2x 8.9x LANXESS AG 1.0x 1.1x 1.0x 0.9x 6.6x 7.6x 6.7x 6.1x 12.2x 16.9x 13.0x 10.9x 26.5x 6.1x 19.9x 15.3x 1.8x Masterflex SE 1.0x na 1.1x 1.0x na 11.0x 8.8x 6.9x 17.6x 34.8x 19.1x 11.3x 24.3x 61.6x 25.6x 14.0x 1.5x NORMA Group SE 1.5x 1.7x 1.6x 1.5x 8.5x 15.9x 9.0x 7.9x 12.2x 37.2x 13.8x 11.1x 22.1x nm 19.0x 15.2x 2.2x OSRAM Licht AG 1.5x 1.7x 1.6x 1.5x 26.8x 18.1x 11.7x 9.9x nm nm 37.9x 22.6x nm nm nm 41.1x 2.9x Pfeiffer Vacuum Technology AG 2.3x 2.4x 2.3x 2.2x 17.7x 18.6x 16.8x 13.7x 22.7x 31.3x 23.9x 18.2x 31.6x 45.5x 34.5x 26.0x 3.9x R. STAHL AG 0.7x 0.8x 0.8x 0.7x 12.2x 12.6x 9.1x 7.9x 25.0x nm 43.9x 26.0x nm nm nm 40.3x 3.2x RATIONAL AG 8.7x 11.2x 10.7x 9.3x 30.8x nm nm 35.0x 33.0x nm nm 40.3x 43.9x nm nm nm 14.1x Salzgitter AG 0.2x 0.3x 0.2x 0.2x 7.2x 17.6x 3.4x 3.4x nm nm 7.1x 6.3x nm nm 8.1x 7.6x 0.5x Siemens Energy AG na 0.7x 0.7x 0.6x na 12.4x 10.5x 7.3x na nm 36.5x 14.4x na nm nm 28.3x 1.4x Sto SE & Co. KGaA 0.7x 0.7x 0.6x 0.6x 7.6x 5.5x 5.6x 5.3x 10.5x 8.0x 8.2x 7.5x 17.4x 12.8x 13.2x 12.0x 2.1x Surteco Group SE 0.8x 0.9x 0.8x 0.8x 9.0x 6.9x 6.5x 5.9x 19.7x 13.0x 11.6x 9.8x 42.1x 18.0x 14.4x 11.7x 1.1x thyssenkrupp AG 0.1x 0.1x 0.1x 0.1x 24.6x nm 1.7x 1.3x nm nm 7.8x 4.0x nm 1.0x nm 30.2x 0.7x va-Q-tec AG 6.6x 6.3x 4.5x 3.7x nm 38.8x 22.3x 16.4x nm nm nm 34.6x nm nm nm 44.8x 10.0x Varta AG nm 5.8x 5.1x 4.3x nm 22.1x 16.5x 14.1x nm 28.8x 24.1x 19.7x nm 43.2x 32.6x 25.1x 10.2x Voltabox AG 1.3x na na na nm na na na nm na na na nm na na na 3.4x Vossloh AG 1.2x 1.3x 1.2x 1.2x 14.0x 10.1x 9.1x 8.5x nm 16.5x 15.1x 13.5x nm 53.5x 20.2x 17.3x 1.8x Westag & Getalit AG 0.4x na na na 9.4x na na na nm na na na 20.5x na na na 1.3x Min 0.1x 0.1x 0.1x 0.1x 6.6x 5.5x 1.7x 1.3x 10.5x 8.0x 7.1x 4.0x 15.6x 1.0x 8.1x 7.6x 0.5x Max 8.7x 11.2x 10.7x 9.3x 30.8x 38.8x 22.3x 35.0x 33.3x 37.2x 43.9x 40.3x 43.9x 61.6x 34.5x 44.8x 16.1x Median 1.1x 1.2x 1.1x 1.0x 12.2x 12.6x 9.0x 7.9x 17.6x 24.9x 15.1x 13.5x 26.5x 34.1x 19.9x 20.7x 2.1x Mean 2.0x 2.4x 2.1x 1.9x 14.8x 14.8x 10.0x 9.9x 19.6x 23.6x 19.6x 16.3x 28.1x 30.6x 21.4x 22.9x 4.4x

Note: For multiple and ratio definitions, please refer to appendix 30 Source: S&P Capital IQ as of April 7, 2021 Internet Products / Services (1/2)

General Information Ratio Analysis

Share Price in % of Financial Cash & Enterprise EBITDA Dividend Leverage Interest Price/ Market Cap Sales CAGR EBITDA CAGR RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Price high low high low (€m) (€m) (€m) (€m) '16a-'19a '19a-22e '16a-'19a '19a-'22e 2020e LFYA 2020e 2019a 2019a 2020e artnet AG 9.85 9.85 2.24 100.0% 439.7% 2.5 1.8 51.1 51.8 4.0% nm nm nm na na nm 3.0x 33.6x na AUTO1 Group SE 48.14 55.47 43.28 86.8% 111.2% 356.7 157.3 9,881.2 10,080.6 33.3% 18.4% nm nm -0.4% na nm nm nm na bet-at-home.com AG 45.70 49.45 25.95 92.4% 176.1% 2.6 56.8 321.8 267.5 2.3% -10.3% 1.8% -9.2% 30.6% 4.4% nm nm 10.7x nm Delivery Hero SE 112.05 147.00 59.86 76.2% 187.2% 1,756.2 2,579.4 23,114.7 22,288.8 62.2% 79.4% nm nm -23.1% na nm nm nm na Delticom AG 8.60 9.42 2.11 91.3% 407.6% 94.1 5.6 107.2 196.6 1.0% -0.8% nm nm 2.5% na 6.5x nm nm 5.4% HelloFresh SE 63.45 77.95 25.74 81.4% 246.5% 303.1 731.4 11,038.3 10,609.6 44.7% 43.0% nm nm 12.9% na nm nm nm na HolidayCheck Group AG 2.10 2.57 1.04 81.7% 201.9% 31.4 34.7 192.6 189.4 7.1% -9.9% nm nm -165.6% na nm 0.0x nm na home24 SE 18.64 26.72 2.45 69.8% 760.7% 59.6 104.5 538.1 492.7 15.1% 27.3% nm nm 3.4% na nm nm nm na New Work SE 223.50 296.00 186.00 75.5% 120.2% 61.1 65.1 1,244.9 1,240.9 26.3% 1.5% 16.2% 16.1% 30.3% 1.2% nm nm 15.8x nm pferdewetten.de AG 17.70 19.30 7.95 91.7% 222.6% 0.6 18.0 77.0 59.5 29.4% 10.7% 6.4% 32.6% 18.3% 1.1% nm nm 17.3x 9.4% Scout24 AG 63.95 79.45 52.65 80.5% 121.5% 332.2 1,735.9 6,330.0 4,926.3 -7.1% 4.6% -11.4% 22.4% 60.0% 1.4% nm 9.7x 32.3x na SYZYGY AG 5.80 6.60 4.54 87.9% 127.8% 0.0 1.6 79.0 77.5 0.0% 1.6% 0.1% 28.9% 17.5% na nm 7.1x nm 4.1% Travel24.com AG 12.40 21.00 0.24 59.0% 5181.8% 0.4 0.3 124.4 124.5 -13.2% nm nm nm na na nm 0.1x nm na Westwing Group AG 39.39 46.60 3.52 84.5% 1119.0% 28.9 104.9 799.6 720.8 2.2% 33.0% nm nm 10.6% na nm nm nm 21.4% Zalando SE 84.12 102.90 33.52 81.7% 251.0% 1,768.1 2,691.3 21,171.6 20,248.2 21.2% 22.5% 4.7% 47.8% 8.1% na nm 8.7x nm 10.3% ZEAL Network SE 43.75 45.50 22.60 96.2% 193.6% 8.1 83.3 981.6 914.3 0.2% 1.4% 10.0% 21.0% 13.8% 1.8% nm 54.3x nm 1.9% zooplus AG 244.00 245.00 98.50 99.6% 247.7% 88.7 109.8 1,740.8 1,719.7 17.3% 15.5% nm nm 3.4% na nm nm nm 16.2% Min 51.1 51.8 -13.2% -10.3% -11.4% -9.2% -165.6% 1.1% 6.5x 0.0x 10.7x 1.9% Max 23,114.7 22,288.8 62.2% 79.4% 16.2% 47.8% 60.0% 4.4% 6.5x 54.3x 33.6x 21.4% Median 799.6 720.8 7.1% 10.7% 4.7% 22.4% 10.6% 1.4% 6.5x 7.1x 17.3x 9.4% Mean 4,576.1 4,365.2 14.5% 15.9% 4.0% 22.8% 1.5% 2.0% 6.5x 11.9x 21.9x 9.8%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 31 Source: S&P Capital IQ as of April 7, 2021 Internet Products / Services (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA artnet AG 2.7x na na na nm na na na nm na na na nm na na na 10.6x AUTO1 Group SE 2.9x 3.6x 2.5x 1.7x nm nm nm nm nm nm nm nm nm nm nm nm nm bet-at-home.com AG 1.9x 2.6x 2.9x 2.7x 7.6x 8.7x 12.2x 10.1x 7.8x 10.3x 13.4x 10.9x 17.9x 15.2x 19.6x 16.0x 6.3x Delivery Hero SE 18.0x 8.7x 4.5x 3.1x nm nm nm nm nm nm nm nm nm nm nm nm 11.0x Delticom AG 0.3x 0.4x 0.3x 0.3x nm 14.4x 11.3x 8.3x nm nm 31.2x 16.4x nm nm 35.7x 15.1x 7.2x HelloFresh SE 5.9x 2.8x 2.3x 2.0x nm 22.0x 21.2x 17.7x nm 25.9x 25.0x 21.2x nm 32.2x 38.0x 30.8x 16.8x HolidayCheck Group AG 1.4x 10.5x 4.7x 1.9x na nm nm 14.6x nm nm nm 29.1x nm nm nm 70.6x 2.4x home24 SE 1.3x 1.0x 0.8x 0.6x nm 29.2x 38.5x 35.3x nm nm nm nm nm nm nm nm 4.7x New Work SE 4.2x 4.5x 4.5x 4.0x 19.3x 14.8x 13.9x 12.3x 20.1x 27.2x 24.3x 20.7x 35.5x 34.7x 35.7x 30.4x 11.0x pferdewetten.de AG 4.1x 4.3x 3.5x 3.0x 25.4x 23.3x 15.3x 10.9x 26.7x 31.3x 18.3x 12.1x 23.2x 51.3x 30.8x 20.8x 4.8x Scout24 AG 13.5x 14.0x 13.1x 11.8x 35.5x 23.3x 22.2x 19.4x 44.7x 31.0x 27.2x 23.0x 79.1x 2.7x 53.7x 44.4x 2.2x SYZYGY AG 1.2x 1.4x 1.3x 1.2x 13.2x 8.0x 6.7x 6.1x 20.2x 20.4x 13.1x 11.2x 22.8x 36.5x 21.8x 18.1x 1.5x Travel24.com AG nm na na na nm na na na nm na na na nm na na na nm Westwing Group AG 2.7x 1.7x 1.4x 1.1x nm 15.7x 15.5x 15.8x nm 23.8x 22.4x 29.8x nm 34.4x 35.2x 48.3x 7.4x Zalando SE 3.1x 2.6x 2.0x 1.7x nm 31.4x 30.5x 24.4x nm 47.7x 49.1x 38.6x nm nm nm 76.5x 9.8x ZEAL Network SE 8.1x 10.7x 9.3x 7.7x nm nm nm 24.5x nm nm nm 31.9x nm nm 80.0x 42.2x 2.5x zooplus AG 1.1x 1.0x 0.8x 0.7x nm 28.2x 28.4x 23.7x nm nm nm 41.6x nm nm nm nm 14.0x

Min 0.3x 0.4x 0.3x 0.3x 7.6x 8.0x 6.7x 6.1x 7.8x 10.3x 13.1x 10.9x 17.9x 2.7x 19.6x 15.1x 1.5x Max 18.0x 14.0x 13.1x 11.8x 35.5x 31.4x 38.5x 35.3x 44.7x 47.7x 49.1x 41.6x 79.1x 51.3x 80.0x 76.5x 16.8x Median 2.8x 2.8x 2.5x 1.9x 19.3x 22.0x 15.5x 15.8x 20.2x 26.6x 24.3x 22.1x 23.2x 34.4x 35.7x 30.8x 7.2x Mean 4.5x 4.6x 3.6x 2.9x 20.2x 19.9x 19.6x 17.2x 23.9x 27.2x 24.9x 23.9x 35.7x 29.6x 38.9x 37.6x 7.5x

Note: For multiple and ratio definitions, please refer to appendix 32 Source: S&P Capital IQ as of April 7, 2021 IT Services (1/2)

General Information Ratio Analysis

Min 84.4 79.5 0.5% -20.1% -7.2% -2.5% 5.6% 0.2% 0.4x 4.0x 4.7x 0.9% Max 6,715.8 6,870.6 25.2% 13.5% 33.1% 45.4% 20.9% 2.0% 4.5x 44.7x 36.2x 21.3% Median 363.7 396.4 13.2% 5.7% 11.7% 16.0% 9.2% 0.9% 1.5x 18.7x 14.6x 10.6% Mean 1,084.6 1,094.8 13.5% 3.7% 8.9% 17.1% 10.1% 1.0% 1.7x 21.6x 19.8x 10.8%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 33 Source: S&P Capital IQ as of April 7, 2021 IT Services (2/2)

Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA adesso SE 1.7x 1.5x 1.2x 1.1x 21.5x 12.4x 10.4x 10.0x 30.1x 21.5x 17.0x 15.5x 38.5x 30.6x 22.5x 21.3x 6.5x All for One Group SE 0.9x 0.9x 0.9x 0.8x 10.5x 8.0x 7.6x 6.8x 20.4x 17.2x 15.8x 12.8x 32.4x 24.4x 22.7x 18.1x 3.6x Allgeier SE 0.5x 1.1x 1.0x 1.0x 9.7x 12.9x 11.5x 10.5x 12.9x 34.9x 23.4x 20.1x 18.3x nm 43.9x 35.9x 1.7x Bechtle AG 1.3x 1.2x 1.1x 1.0x 24.5x 18.7x 17.1x 15.7x 28.5x 24.9x 22.7x 20.4x 39.4x 34.9x 31.8x 28.5x 5.8x Cancom SE 1.1x 1.0x 0.9x 0.8x 16.8x 13.8x 11.7x 10.3x 26.1x 27.6x 19.5x 15.5x 51.8x 37.8x 33.6x 26.1x 3.1x CENIT AG 0.6x 0.7x 0.6x 0.6x 8.9x 11.9x 8.4x 7.0x 10.8x 28.2x 19.8x 13.2x 16.3x nm 34.5x 22.1x 2.6x EASY SOFTWARE AG 1.5x 1.6x 1.6x 1.5x nm 17.3x 19.4x 14.2x nm nm nm nm 41.7x nm nm nm 3.0x GFT Technologies SE 1.2x 1.1x 1.0x 1.0x 12.7x 12.2x 10.0x 8.8x 18.7x 29.1x 18.0x 14.3x 30.5x 39.7x 21.9x 16.8x 3.3x KPS AG 1.3x 1.4x 1.4x 1.3x 11.3x 10.3x 9.5x 8.7x 13.9x 16.3x 14.3x 12.1x 17.7x 23.2x 19.5x 15.5x 3.0x PSI Software AG 1.8x 1.8x 1.8x 1.6x 19.0x 16.6x 12.2x 11.4x 25.1x 27.2x 19.2x 16.7x 29.5x 39.6x 27.8x 23.5x 4.2x secunet Security Networks AG 7.4x 5.8x 6.2x 5.9x nm 28.0x 32.5x 29.4x nm 32.4x 38.1x 34.2x nm 49.7x 58.6x 52.6x nm Serviceware SE 2.1x 1.9x 1.7x 1.5x nm 31.7x nm 23.7x nm nm nm 31.3x nm nm nm 50.5x 2.9x

Min 0.5x 0.7x 0.6x 0.6x 8.9x 8.0x 7.6x 6.8x 10.8x 16.3x 14.3x 12.1x 16.3x 23.2x 19.5x 15.5x 1.7x Max 7.4x 5.8x 6.2x 5.9x 24.5x 31.7x 32.5x 29.4x 30.1x 34.9x 38.1x 34.2x 51.8x 49.7x 58.6x 52.6x 6.5x Median 1.3x 1.3x 1.2x 1.1x 12.7x 13.3x 11.5x 10.4x 20.4x 27.4x 19.3x 15.5x 31.5x 36.3x 29.8x 23.5x 3.1x Mean 1.8x 1.7x 1.6x 1.5x 15.0x 16.2x 13.7x 13.0x 20.7x 25.9x 20.8x 18.7x 31.6x 35.0x 31.7x 28.3x 3.6x

Note: For multiple and ratio definitions, please refer to appendix 34 Source: S&P Capital IQ as of April 7, 2021 Media & Entertainment

General Information Ratio Analysis

Bastei Lübbe AG 4.46 4.74 1.75 94.1% 254.9% 9.5 11.0 58.9 57.5 -16.7% 10.9% nm nm 10.6% na nm nm nm 6.0% CTS Eventim AG & Co. KGaA 50.05 58.60 32.00 85.4% 156.4% 341.9 752.4 4,745.8 4,381.6 20.3% -6.0% 11.2% -5.2% -4.7% na nm 51.6x nm na DEAG Deutsche Entertainment AG 3.21 3.87 2.25 82.9% 142.7% 64.2 46.7 63.8 90.8 1.0% 2.5% nm 21.7% 1.4% na nm 2.0x 3.8x na ProSiebenSat.1 Media SE 17.49 18.55 6.59 94.3% 265.5% 3,419.0 1,262.0 3,944.3 6,455.3 2.9% 3.7% -2.4% -5.1% 17.2% na 3.1x 17.2x 2.5x 12.6% Ströer SE & Co. KGaA 69.20 81.55 45.00 84.9% 153.8% 1,615.8 89.7 3,936.9 5,470.1 12.3% 2.3% 30.7% 7.2% 31.8% 2.9% 3.4x 46.6x 8.8x 5.4% Tele Columbus AG 3.07 3.95 1.98 77.7% 154.8% 1,631.5 61.9 403.1 1,982.9 1.9% -2.6% -5.0% 7.0% 50.4% na 6.5x 3.2x 1.9x na Min 58.9 57.5 -16.7% -6.0% -5.0% -5.2% -4.7% 2.9% 3.1x 2.0x 1.9x 5.4% Max 4,745.8 6,455.3 20.3% 10.9% 30.7% 21.7% 50.4% 2.9% 6.5x 51.6x 8.8x 12.6% Median 2,170.0 3,182.2 2.4% 2.4% 4.4% 7.0% 13.9% 2.9% 3.4x 17.2x 3.1x 6.0% Mean 2,192.1 3,073.0 3.6% 1.8% 8.6% 5.1% 17.8% 2.9% 4.4x 24.1x 4.2x 8.0%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA Bastei Lübbe AG 0.8x 0.7x 0.6x 0.6x nm 6.1x 5.3x 5.0x 13.1x 8.3x 7.1x 6.7x nm 29.4x 11.9x 11.0x 1.8x CTS Eventim AG & Co. KGaA 3.0x 12.7x 6.8x 3.7x 18.5x nm nm nm 20.1x nm nm 29.0x 35.7x nm nm 52.4x 9.6x DEAG Deutsche Entertainment AG 0.5x 1.9x 0.5x 0.5x 11.1x nm 10.3x 6.2x 17.0x nm nm 13.4x nm nm nm nm 4.0x ProSiebenSat.1 Media SE 1.6x 1.6x 1.5x 1.4x 6.5x 9.4x 8.1x 7.6x 8.4x 14.7x 11.1x 10.4x 9.6x 18.5x 14.5x 12.6x 2.3x Ströer SE & Co. KGaA 3.4x 3.8x 3.5x 3.2x 11.3x 12.1x 10.4x 9.2x 33.7x nm 33.9x 23.4x nm nm 38.0x 28.8x 8.2x Tele Columbus AG 3.8x 4.2x 4.2x 4.1x 9.9x 8.3x 8.3x 8.1x nm nm 35.8x 27.4x nm nm nm 54.2x 3.1x

Min 0.5x 0.7x 0.5x 0.5x 6.5x 6.1x 5.3x 5.0x 8.4x 8.3x 7.1x 6.7x 9.6x 18.5x 11.9x 11.0x 1.8x Max 3.8x 12.7x 6.8x 4.1x 18.5x 12.1x 10.4x 9.2x 33.7x 14.7x 35.8x 29.0x 35.7x 29.4x 38.0x 54.2x 9.6x Median 2.3x 2.8x 2.5x 2.3x 11.1x 8.8x 8.3x 7.6x 17.0x 11.5x 22.5x 18.4x 22.6x 24.0x 14.5x 28.8x 3.5x Mean 2.2x 4.1x 2.8x 2.2x 11.5x 9.0x 8.5x 7.2x 18.4x 11.5x 22.0x 18.4x 22.6x 24.0x 21.5x 31.8x 4.8x

Note: For multiple and ratio definitions, please refer to appendix 35 Source: S&P Capital IQ as of April 7, 2021 Pharma & Healthcare (1/2)

General Information Ratio Analysis

Share Price in % of Financial Cash & Enterprise EBITDA Dividend Leverage Interest Price/ Market Cap Sales CAGR EBITDA CAGR RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Price high low high low (€m) (€m) (€m) (€m) '16a-'19a '19a-22e '16a-'19a '19a-'22e 2020e LFYA 2020e 2019a 2019a 2020e Biotest AG 30.40 33.00 17.80 92.1% 170.8% 470.4 83.6 1,203.0 1,589.8 0.9% 9.4% nm nm 6.4% 0.1% nm 1.3x nm na Carl Zeiss Meditec AG 127.80 139.00 80.00 91.9% 159.8% 68.6 5.2 11,493.1 11,575.4 10.8% 4.3% 19.3% 9.3% 19.5% na 0.2x 29.7x nm 9.7% Dermapharm Holding SE 61.23 67.48 36.12 90.7% 169.5% 620.9 110.0 3,284.8 3,801.9 16.2% 11.4% 14.9% 26.7% 24.8% 1.3% 2.6x 13.5x 32.8x nm Drägerwerk AG & Co. KGaA 64.40 73.20 50.60 88.0% 127.3% 371.9 644.2 1,246.3 974.9 3.3% 4.7% -8.3% 27.8% 14.9% 0.3% nm 10.7x 7.3x 18.9% Eckert & Ziegler AG 68.00 70.90 30.75 95.9% 221.1% 20.4 87.5 1,401.1 1,335.2 14.2% 6.6% 22.8% 18.3% 25.2% 0.6% nm 36.2x 34.6x 14.8% Geratherm Medical AG 11.70 12.80 9.35 91.4% 125.1% 10.2 9.2 59.4 60.2 -1.7% nm -19.6% nm na 2.1% nm 7.2x 37.6x na Gerresheimer AG 85.10 103.20 56.25 82.5% 151.3% 1,104.8 92.4 2,659.6 3,688.4 0.4% 4.1% -4.1% 10.1% 21.6% 1.4% 3.3x 10.8x 13.9x 11.0% Maternus-Kliniken AG 3.98 4.50 1.33 88.4% 299.2% 141.8 12.4 86.0 219.9 0.1% nm nm nm na na nm nm 5.2x na MEDICLIN AG 4.24 4.90 3.60 86.5% 117.8% 487.0 100.4 205.2 591.4 5.3% 1.3% 2.4% 39.6% 11.0% na 5.3x 3.5x 2.9x na Medios AG 36.20 42.30 23.70 85.6% 152.7% 19.2 20.3 587.1 586.0 nm nm nm 48.9% 2.2% na nm 76.8x nm 5.8% PharmaSGP Holding SE 20.05 37.20 19.20 53.9% 104.4% 0.4 6.6 239.8 233.6 nm 1.3% nm -3.7% 25.4% na nm nm 13.6x na Siemens Healthineers AG 46.57 50.30 34.15 92.6% 136.4% 5,576.0 688.0 51,884.2 56,786.2 nm 4.5% nm 11.7% 20.5% 1.7% 1.6x 26.5x 27.9x 12.1% Stratec SE 118.20 145.20 70.60 81.4% 167.4% 109.6 39.1 1,393.8 1,464.3 5.0% 11.9% 1.0% 29.3% 21.8% 0.7% 1.3x 36.4x nm 16.3% VITA 34 AG 15.10 15.75 10.55 95.9% 143.1% 5.3 10.5 62.1 56.9 7.0% 8.3% 33.8% 14.1% 27.2% na nm 26.3x 9.8x 7.3% Min 59.4 56.9 -1.7% 1.3% -19.6% -3.7% 2.2% 0.1% 0.2x 1.3x 2.9x 5.8% Max 51,884.2 56,786.2 16.2% 11.9% 33.8% 48.9% 27.2% 2.1% 5.3x 76.8x 37.6x 18.9% Median 1,224.6 1,155.0 5.0% 4.7% 2.4% 18.3% 21.1% 1.0% 2.1x 19.9x 13.7x 11.5% Mean 5,414.7 5,926.0 5.6% 6.2% 6.9% 21.1% 18.4% 1.0% 2.4x 23.2x 18.6x 12.0%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 36 Source: S&P Capital IQ as of April 7, 2021 Pharma & Healthcare (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA Biotest AG 3.8x 3.4x 3.1x 2.9x nm nm nm 29.4x nm nm nm nm nm nm nm nm 2.7x Carl Zeiss Meditec AG 7.7x 8.3x 7.3x 6.8x 39.5x nm 31.5x 30.2x 42.4x nm 39.3x 35.5x 67.7x 81.9x 58.0x 51.8x 7.9x Dermapharm Holding SE 5.3x 4.7x 4.0x 3.8x 27.9x 19.2x 14.4x 13.7x 30.2x 25.5x 17.8x 16.7x 42.6x 36.0x 23.2x 21.3x 10.8x Drägerwerk AG & Co. KGaA 0.4x 0.3x 0.3x 0.3x 6.2x 1.9x 2.9x 3.0x 12.4x 2.6x 4.6x 4.9x 37.4x 6.4x 9.5x 11.5x 1.2x Eckert & Ziegler AG 7.5x 7.8x 7.4x 6.2x 33.7x 30.9x 27.3x 20.4x 41.0x 41.6x 35.3x 24.5x 63.6x 63.4x 51.5x 36.7x 9.4x Geratherm Medical AG 2.9x na na na 35.9x na na na nm na na na nm na na na 3.1x Gerresheimer AG 2.6x 2.6x 2.5x 2.3x 13.9x 12.0x 11.4x 10.4x 32.0x 23.3x 20.6x 17.7x 32.9x 27.0x 23.5x 20.0x 3.0x Maternus-Kliniken AG 1.8x na na na nm na na na nm na na na nm na na na nm MEDICLIN AG 0.9x 0.9x 0.9x 0.8x 16.9x 8.1x 7.2x 6.2x nm nm nm 33.4x 21.2x nm nm 28.3x 1.2x Medios AG 1.1x 0.9x 0.5x 0.4x 39.3x nm 15.5x 11.9x 42.0x nm 17.9x 13.4x 60.2x 71.0x 35.8x 21.5x 4.1x PharmaSGP Holding SE 3.7x 3.7x 4.0x 3.6x 10.4x 14.6x 13.7x 11.7x 10.4x 15.5x 14.2x 11.9x 14.4x 21.8x 20.0x 16.0x nm Siemens Healthineers AG 3.8x 3.9x 3.5x 3.4x 20.4x 19.1x 15.9x 14.7x 25.7x 24.5x 20.2x 18.8x 34.0x 35.1x 28.7x 25.8x 4.3x Stratec SE 6.8x 5.8x 5.0x 4.9x nm 26.6x 19.6x 20.3x nm 36.9x 31.2x 27.1x nm 49.7x 38.2x 34.8x 8.1x VITA 34 AG 2.9x 2.8x 2.6x 2.2x 11.8x 10.2x 10.4x 8.0x 23.6x 18.3x 20.3x 11.7x nm 28.9x 32.7x 19.1x 2.1x Min 0.4x 0.3x 0.3x 0.3x 6.2x 1.9x 2.9x 3.0x 10.4x 2.6x 4.6x 4.9x 14.4x 6.4x 9.5x 11.5x 1.2x Max 7.7x 8.3x 7.4x 6.8x 39.5x 30.9x 31.5x 30.2x 42.4x 41.6x 39.3x 35.5x 67.7x 81.9x 58.0x 51.8x 10.8x Median 3.3x 3.6x 3.3x 3.1x 20.4x 14.6x 14.4x 12.8x 30.2x 23.9x 20.2x 17.7x 37.4x 35.5x 30.7x 21.5x 3.6x Mean 3.7x 3.8x 3.4x 3.1x 23.3x 15.8x 15.4x 15.0x 28.9x 23.5x 22.1x 19.6x 41.5x 42.1x 32.1x 26.1x 4.8x

Note: For multiple and ratio definitions, please refer to appendix 37 Source: S&P Capital IQ as of April 7, 2021 Renewable Products / Services

General Information Ratio Analysis

7C Solarparken AG 4.11 4.92 3.14 83.5% 130.9% 260.1 63.3 263.5 471.9 12.5% 9.3% 12.0% 9.9% 84.0% 2.7% 4.7x 5.9x 9.5x 5.7% Compleo Charging Solutions AG 85.40 106.50 42.70 80.2% 200.0% 5.6 37.0 289.6 258.2 nm nm nm nm -5.1% na nm nm nm na CropEnergies AG 11.80 16.38 6.81 72.0% 173.3% 11.4 25.4 1,041.7 1,027.8 5.2% 4.0% 1.4% 15.1% 17.4% 1.3% nm 60.9x 12.8x 14.2% Energiekontor AG 58.60 66.00 16.50 88.8% 355.2% 312.3 79.5 823.4 1,057.3 nm nm -17.4% 38.6% 41.6% 0.7% 3.6x 2.5x nm nm Nordex SE 27.54 27.90 6.86 98.7% 401.5% 920.2 794.9 3,213.0 3,338.3 -1.1% 15.3% -28.6% 62.6% 2.0% na 1.4x 1.3x nm na PNE AG 7.40 9.00 3.93 82.2% 188.5% 372.1 111.6 564.9 818.3 -18.9% 7.0% -38.1% 25.3% 23.4% 0.5% 9.9x 3.9x 16.0x na SFC Energy AG 27.45 33.95 9.00 80.9% 305.0% 12.5 31.5 391.4 372.4 9.9% 17.7% nm nm 5.5% na nm 1.3x nm na SMA Solar Technology AG 50.35 70.75 24.38 71.2% 206.5% 40.5 238.3 1,738.5 1,540.7 -1.1% 10.6% -39.8% 71.9% 6.8% na nm 20.5x nm 5.6% Min 263.5 258.2 -18.9% 4.0% -39.8% 9.9% -5.1% 0.5% 1.4x 1.3x 9.5x 5.6% Max 3,213.0 3,338.3 12.5% 17.7% 12.0% 71.9% 84.0% 2.7% 9.9x 60.9x 16.0x 14.2% Median 694.1 923.1 2.1% 9.9% -23.0% 32.0% 12.1% 1.0% 4.2x 3.9x 12.8x 5.7% Mean 1,040.8 1,110.6 1.1% 10.6% -18.4% 37.2% 21.9% 1.3% 4.9x 13.8x 12.8x 8.5%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA 7C Solarparken AG 10.9x 9.5x 8.8x 8.4x 13.6x 11.4x 10.8x 10.3x 36.3x 29.7x 28.0x 25.5x 33.4x 31.4x 31.1x 25.7x 1.8x Compleo Charging Solutions AG 17.0x 8.1x 3.4x 1.9x nm nm nm 26.1x nm nm nm 33.3x nm nm nm 59.1x 6.7x CropEnergies AG 1.2x 1.2x 1.1x 1.1x 9.0x 7.0x 7.5x 5.9x 14.0x 9.7x 10.7x 7.5x 17.8x 13.5x 15.1x na 1.9x Energiekontor AG 16.6x 6.7x 3.7x 2.6x 26.6x 16.2x 12.8x 10.0x nm 25.0x 17.2x 13.2x nm 42.3x 26.0x 19.3x 12.3x Nordex SE 1.0x 0.8x 0.7x 0.7x 38.0x 38.6x 14.3x 8.8x nm nm 34.4x 14.2x nm nm nm 28.5x 4.2x PNE AG 6.2x 7.3x 4.7x 5.0x 32.8x 31.2x 26.4x 16.7x nm nm nm 38.4x nm nm nm nm 2.8x SFC Energy AG 6.4x 7.0x 5.4x 3.9x nm nm nm 33.1x nm nm nm nm nm nm nm nm 7.1x SMA Solar Technology AG 1.7x 1.5x 1.4x 1.2x nm 22.0x 16.5x 13.1x nm nm 35.3x 24.2x nm nm 55.8x 38.1x 4.0x

Min 1.0x 0.8x 0.7x 0.7x 9.0x 7.0x 7.5x 5.9x 14.0x 9.7x 10.7x 7.5x 17.8x 13.5x 15.1x 19.3x 1.8x Max 17.0x 9.5x 8.8x 8.4x 38.0x 38.6x 26.4x 33.1x 36.3x 29.7x 35.3x 38.4x 33.4x 42.3x 55.8x 59.1x 12.3x Median 6.3x 6.9x 3.6x 2.3x 26.6x 19.1x 13.5x 11.7x 25.2x 25.0x 28.0x 24.2x 25.6x 31.4x 28.5x 28.5x 4.1x Mean 7.6x 5.3x 3.7x 3.1x 24.0x 21.1x 14.7x 15.5x 25.2x 21.5x 25.1x 22.3x 25.6x 29.1x 32.0x 34.1x 5.1x

Note: For multiple and ratio definitions, please refer to appendix 38 Source: S&P Capital IQ as of April 7, 2021 Software (1/2)

General Information Ratio Analysis

ATOSS Software AG 162.00 202.00 64.75 80.2% 250.2% 10.2 34.5 1,362.0 1,337.6 13.0% 16.7% 13.3% 20.1% 34.7% 0.8% nm nm nm na CompuGroup Medical SE & Co. KGaA 72.30 85.05 55.00 85.0% 131.5% 554.5 77.0 3,842.4 4,320.2 10.5% 11.3% 10.4% 18.8% 25.6% 0.7% 2.2x 25.4x 34.9x 14.2% GK Software SE 112.00 122.00 40.00 91.8% 280.0% 32.3 11.5 227.5 249.4 14.1% 11.0% 10.0% 48.2% 15.8% na 1.1x 3.9x nm 12.3% InVision AG 27.40 28.40 12.60 96.5% 217.5% 7.0 7.8 61.7 60.9 0.5% 11.5% -26.6% nm 11.1% na nm 14.2x 41.1x 4.5% IVU Traffic Technologies AG 18.35 19.85 10.45 92.4% 175.6% 10.4 31.1 325.2 304.5 14.1% nm 58.3% nm na 0.9% nm 40.2x 25.7x na MeVis Medical Solutions AG 31.80 39.40 27.00 80.7% 117.8% 0.0 4.0 59.0 55.0 1.1% nm -4.1% nm na na nm nm nm na Nagarro SE 94.00 98.00 68.00 95.9% 138.2% 465.7 80.4 1,070.0 1,425.5 nm 12.6% nm 22.4% 17.4% na 5.1x 8.5x 26.2x na Nemetschek SE 54.20 73.00 40.00 74.2% 135.5% 197.9 140.9 6,283.2 6,353.5 18.0% 8.4% 23.7% 14.6% 29.1% 0.5% 0.3x 43.4x 39.0x nm Nexus AG 54.60 60.00 28.00 91.0% 195.0% 13.2 26.8 863.0 852.7 10.4% 10.0% 12.1% 37.4% 22.5% 0.3% nm 37.3x 34.9x 11.2% ORBIS AG 7.75 7.80 5.75 99.4% 134.8% 10.2 26.1 73.9 64.1 17.2% nm nm nm 8.8% na nm 0.0x 17.7x 4.3% SNP Schneider-Neureither & Partner SE 58.00 64.60 37.60 89.8% 154.3% 69.9 30.2 414.5 454.1 21.9% 10.5% 12.9% 41.7% 7.7% na 3.6x 7.7x nm 1.6% Software AG 35.96 44.50 26.10 80.8% 137.8% 259.9 482.4 2,658.8 2,437.1 0.7% -0.2% -1.1% -9.1% 20.4% 2.1% nm 77.2x 15.5x 7.3% TeamViewer AG 36.47 54.98 33.00 66.3% 110.5% 522.3 88.0 7,325.0 7,759.3 nm 21.2% nm 28.5% 52.5% na 1.8x 2.1x nm nm USU Software AG 28.20 32.00 12.25 88.1% 230.2% 17.3 18.8 294.7 293.2 9.9% 11.2% -13.8% 38.9% 9.3% 1.4% nm nm 31.2x 8.4% Min 59.0 55.0 0.5% -0.2% -26.6% -9.1% 7.7% 0.3% 0.3x 0.0x 15.5x 1.6% Max 7,325.0 7,759.3 21.9% 21.2% 58.3% 48.2% 52.5% 2.1% 5.1x 77.2x 41.1x 14.2% Median 638.7 653.4 11.7% 11.2% 10.4% 25.5% 18.9% 0.8% 2.0x 14.2x 31.2x 7.8% Mean 1,775.8 1,854.8 10.9% 11.3% 8.6% 26.2% 21.2% 1.0% 2.4x 23.6x 29.6x 8.0%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 39 Source: S&P Capital IQ as of April 7, 2021 Software (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA ATOSS Software AG 18.7x 15.6x 13.5x 11.8x nm nm nm 37.9x nm nm 49.0x 43.6x nm 76.1x 72.4x 65.0x nm CompuGroup Medical SE & Co. KGaA 5.6x 5.1x 4.3x 4.1x 30.0x 20.1x 19.7x 17.9x 37.3x 30.9x 29.9x 26.1x 58.4x 42.3x 44.1x 37.4x 6.0x GK Software SE 2.2x 2.1x 1.8x 1.6x 28.2x 13.4x 10.2x 8.7x nm 25.3x 16.0x 12.8x nm 40.0x 23.5x 18.1x 4.9x InVision AG 4.8x 4.8x 4.4x 3.5x 39.7x nm nm nm nm nm nm nm 20.6x nm nm nm 4.6x IVU Traffic Technologies AG 3.4x na na na 27.3x na na na 29.9x na na na 30.7x na na na 5.2x MeVis Medical Solutions AG 3.0x na na na 8.2x na na na 8.4x na na na 8.5x na na na 3.3x Nagarro SE 3.5x 3.3x 2.9x 2.4x 30.8x 19.0x 20.2x 16.8x 34.7x 25.5x 28.2x 22.6x 42.0x 51.0x 42.0x 32.4x nm Nemetschek SE 11.4x 10.7x 9.8x 9.0x nm 36.7x 34.1x 30.7x nm 48.5x 45.7x 39.9x 49.4x 66.9x 60.6x 52.2x 15.1x Nexus AG 5.6x 5.3x 4.7x 4.2x nm 23.4x 20.0x 17.6x nm 40.7x 34.5x 28.3x 79.6x 62.5x 48.4x 40.0x 7.0x ORBIS AG 0.9x 0.8x 0.8x na na 9.3x 9.0x na 17.8x 20.7x 19.4x na 37.5x 41.0x 41.0x na 2.0x SNP Schneider-Neureither & Partner SE 3.1x 3.2x 2.6x 2.3x 39.7x nm 20.5x 14.0x nm nm 34.9x 20.8x nm 51.8x 51.8x 29.6x 4.5x Software AG 2.7x 2.9x 3.0x 2.8x 9.8x 14.3x 15.8x 13.1x 11.4x 14.0x 17.1x 13.4x 17.2x 31.0x 31.0x 23.1x 2.0x TeamViewer AG 19.9x 16.9x 14.4x 11.2x nm 32.2x 26.0x 20.5x nm 39.1x 37.7x 28.3x 70.5x 69.8x 72.9x 47.8x nm USU Software AG 3.1x 2.8x 2.5x 2.2x nm 29.8x 20.8x 16.5x nm 49.1x 32.0x 22.8x 55.9x 57.0x 47.8x 33.8x 4.8x

Min 0.9x 0.8x 0.8x 1.6x 8.2x 9.3x 9.0x 8.7x 8.4x 14.0x 16.0x 12.8x 8.5x 31.0x 23.5x 18.1x 2.0x Max 19.9x 16.9x 14.4x 11.8x 39.7x 36.7x 34.1x 37.9x 37.3x 49.1x 49.0x 43.6x 79.6x 76.1x 72.9x 65.0x 15.1x Median 3.5x 4.1x 3.6x 3.5x 29.1x 20.1x 20.1x 17.2x 23.8x 30.9x 32.0x 24.4x 42.0x 51.8x 47.8x 35.6x 4.8x Mean 6.3x 6.1x 5.4x 5.0x 26.7x 22.0x 19.6x 19.4x 23.2x 32.6x 31.3x 25.9x 42.8x 53.6x 48.7x 37.9x 5.4x

Note: For multiple and ratio definitions, please refer to appendix 40 Source: S&P Capital IQ as of April 7, 2021 Technology (1/2)

General Information Ratio Analysis

ADVA Optical Networking SE 10.02 10.14 4.93 98.8% 203.5% 90.4 66.4 511.0 535.0 -0.6% 5.1% 5.4% nm 15.8% na 0.3x 14.6x 7.6x 6.7% DATA MODUL AG 47.60 51.00 28.00 93.3% 170.0% 14.8 29.0 170.0 155.8 1.0% 2.1% -8.5% 23.3% 9.0% 0.3% nm 21.1x 16.1x 7.3% Dialog Semiconductor Plc 64.24 68.02 23.42 94.4% 274.3% 37.0 428.3 4,539.6 4,148.4 7.2% -3.1% 22.9% -7.6% 21.0% na nm 37.0x 10.3x 5.9% Diebold Nixdorf, Incorporated 12.07 14.26 2.74 84.6% 439.7% 2,046.3 295.7 941.2 2,703.7 7.7% -3.5% -7.9% 27.2% 11.5% na 4.8x 1.2x 7.8x na Elmos Semiconductor SE 35.70 37.50 16.90 95.2% 211.2% 45.6 43.6 648.6 651.2 6.1% 5.0% 13.3% 4.7% 17.1% 1.5% 0.0x 43.5x 14.2x 2.1% First Sensor AG 40.20 41.30 36.40 97.3% 110.4% 53.1 59.7 417.9 411.3 2.9% nm -9.6% nm na 0.5% nm 7.9x 20.3x na FORTEC Elektronik AG 17.90 19.30 13.50 92.7% 132.6% 10.2 12.6 58.5 56.1 4.9% 0.9% 9.1% 10.1% 8.6% 3.9% nm 54.6x 19.7x 8.8% Hensoldt AG 13.99 15.11 9.66 92.6% 144.8% 1,111.8 461.9 1,469.0 2,129.2 nm 15.5% nm 20.0% 18.2% na 3.1x 2.0x 17.7x na init innovation in traffic systems SE 33.30 41.20 19.80 80.8% 168.2% 54.6 32.3 346.6 369.1 12.9% 11.0% 26.4% 18.5% 14.8% 1.2% 0.8x 18.7x 15.6x 13.1% InTiCa Systems AG 11.50 13.50 4.66 85.2% 246.8% 21.1 1.9 49.4 68.6 13.0% 10.3% 11.1% 20.7% 9.1% na 3.0x 7.3x 5.6x na Jenoptik AG 25.66 30.26 14.20 84.8% 180.7% 269.3 69.3 1,465.3 1,676.9 7.7% 3.4% 10.0% 10.9% 15.8% 0.5% 1.7x 26.7x 13.5x 6.8% OHB SE 35.00 50.10 31.00 69.9% 112.9% 168.6 94.0 615.6 707.3 11.7% 7.5% 3.1% 25.8% 8.2% na 1.0x 10.7x 26.6x 11.1% Schweizer Electronic AG 14.25 17.20 8.56 82.8% 166.5% 86.5 22.0 53.5 118.1 1.3% 16.7% nm nm -10.2% na nm nm 10.2x na Siltronic AG 135.50 146.55 62.90 92.5% 215.4% 52.4 455.7 4,050.0 3,732.4 10.8% 3.3% nm 5.3% 28.3% 2.2% nm nm 10.6x 17.5% Min 49.4 56.1 -0.6% -3.5% -9.6% -7.6% -10.2% 0.3% 0.0x 1.2x 5.6x 2.1% Max 4,539.6 4,148.4 13.0% 16.7% 26.4% 27.2% 28.3% 3.9% 4.8x 54.6x 26.6x 17.5% Median 563.3 593.1 7.2% 5.0% 9.1% 18.5% 14.8% 1.2% 1.3x 16.7x 13.8x 7.3% Mean 1,095.4 1,247.4 6.7% 5.7% 6.9% 14.5% 12.9% 1.4% 1.8x 20.4x 14.0x 8.8%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 41 Source: S&P Capital IQ as of April 7, 2021 Technology (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA ADVA Optical Networking SE 1.0x 0.9x 0.9x 0.8x 13.7x 6.0x 4.9x 4.5x 30.3x 18.4x 11.3x 9.7x nm 28.9x 16.4x 13.9x 1.9x DATA MODUL AG 0.8x 0.8x 0.8x 0.7x 12.5x 9.2x 7.9x 6.7x 15.3x 13.5x 11.5x 9.3x 26.1x 22.1x 18.7x 15.2x 1.6x Dialog Semiconductor Plc 3.0x 3.7x 3.5x 3.3x 11.1x 17.6x 15.6x 14.1x 12.5x 17.9x 15.4x 13.7x 16.9x 57.3x 39.5x 31.2x 3.4x Diebold Nixdorf, Incorporated 0.7x 0.9x 0.8x 0.8x 12.6x 7.4x 6.5x 6.1x nm 11.9x 8.6x 8.0x nm nm 12.4x 8.5x nm Elmos Semiconductor SE 2.4x 2.8x 2.2x 2.1x 9.5x 16.3x 9.2x 8.3x 15.4x nm 16.9x 13.8x 7.6x nm 23.3x 19.7x 2.1x First Sensor AG 2.5x na na na nm na na na nm na na na nm na na na 3.2x FORTEC Elektronik AG 0.6x 0.7x 0.7x 0.6x 8.6x 7.8x 8.0x 6.4x 10.2x 10.5x 10.5x 8.0x 11.2x 15.2x 15.6x 11.7x 1.3x Hensoldt AG 1.9x 1.8x 1.4x 1.2x 12.8x 10.0x 8.8x 7.4x 33.6x 16.1x 11.7x 10.0x nm nm 22.0x 12.6x 4.7x init innovation in traffic systems SE 2.4x 2.0x 2.0x 1.7x 17.9x 13.8x 13.1x 10.7x 23.2x 19.4x 18.9x 14.8x 30.6x 29.1x 24.4x 19.4x 3.8x InTiCa Systems AG 1.0x 1.0x 0.9x 0.8x 12.7x 10.6x 8.3x 7.2x nm nm 24.5x 16.7x 43.8x nm 35.3x 22.5x 3.2x Jenoptik AG 2.0x 2.2x 1.9x 1.8x 13.4x 13.9x 11.0x 9.8x 18.2x 24.4x 16.6x 14.2x 21.7x 31.3x 21.7x 18.1x 2.1x OHB SE 0.7x 0.7x 0.6x 0.6x 13.5x 9.1x 8.1x 6.8x 16.4x 16.6x 13.7x 10.5x 24.1x 24.9x 18.5x 14.1x 2.8x Schweizer Electronic AG 1.0x 1.3x 0.9x 0.6x nm nm nm 9.9x nm nm nm nm nm nm nm nm 1.4x Siltronic AG 2.9x 3.1x 2.9x 2.7x 8.8x 10.9x 9.4x 7.5x 11.6x 18.6x 15.4x 11.6x 18.0x 26.5x 21.2x 15.8x 4.6x

Min 0.6x 0.7x 0.6x 0.6x 8.6x 6.0x 4.9x 4.5x 10.2x 10.5x 8.6x 8.0x 7.6x 15.2x 12.4x 8.5x 1.3x Max 3.0x 3.7x 3.5x 3.3x 17.9x 17.6x 15.6x 14.1x 33.6x 24.4x 24.5x 16.7x 43.8x 57.3x 39.5x 31.2x 4.7x Median 1.5x 1.3x 0.9x 0.8x 12.7x 10.3x 8.5x 7.4x 15.9x 17.3x 14.6x 11.1x 21.7x 27.7x 21.4x 15.5x 2.8x Mean 1.6x 1.7x 1.5x 1.4x 12.3x 11.1x 9.2x 8.1x 18.7x 16.7x 14.6x 11.7x 22.2x 29.4x 22.4x 16.9x 2.8x

Note: For multiple and ratio definitions, please refer to appendix 42 Source: S&P Capital IQ as of April 7, 2021 Transportation & Logistics

General Information Ratio Analysis

Aves One AG 10.00 12.00 7.70 83.3% 129.9% 1,002.7 22.1 130.2 1,110.9 nm 0.8% nm -0.9% 72.5% na nm 2.2x 1.6x na Fraport AG 52.20 56.75 30.30 92.0% 172.3% 8,053.8 2,045.6 4,790.5 10,938.6 12.6% -7.4% 13.2% -5.2% -10.9% na nm 5.7x 5.1x na Hamburger Hafen und Logistik AG 19.00 22.30 11.92 85.2% 159.4% 1,061.8 128.5 1,404.8 2,334.0 5.5% -0.6% 7.5% 4.6% 23.4% 3.7% 3.2x 7.4x 4.4x 7.2% Deutsche Lufthansa AG 11.41 12.96 6.85 88.0% 166.5% 15,382.0 5,460.0 6,757.5 16,719.5 4.8% -9.5% -6.2% 0.9% -24.3% na nm 13.2x 1.7x na Sixt SE 114.50 115.10 48.46 99.5% 236.3% 2,370.9 753.3 4,521.7 6,139.2 1.2% 2.9% 9.6% 35.7% 22.5% na 4.8x 11.9x nm na

Min 130.2 1,110.9 1.2% -9.5% -6.2% -5.2% -24.3% 3.7% 3.2x 2.2x 1.6x 7.2% Max 6,757.5 16,719.5 12.6% 2.9% 13.2% 35.7% 72.5% 3.7% 4.8x 13.2x 5.1x 7.2% Median 4,521.7 6,139.2 5.1% -0.6% 8.6% 0.9% 22.5% 3.7% 4.0x 7.4x 3.0x 7.2% Mean 3,520.9 7,448.4 6.0% -2.8% 6.0% 7.0% 16.7% 3.7% 4.0x 8.1x 3.2x 7.2%

*) Share Price as of 31.03.2021 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e 2019a 2020e 2021e 2022e LFQA Aves One AG 9.5x 9.3x 10.6x 9.2x 12.9x 12.9x 14.9x 13.2x 20.8x nm 27.4x 23.5x 10.9x nm 26.2x 11.8x 3.0x Fraport AG 2.9x 6.7x 5.2x 3.7x 9.8x nm 25.9x 11.5x 15.9x nm nm 22.3x 11.4x nm nm 20.0x 1.3x Hamburger Hafen und Logistik AG 1.7x 1.8x 1.8x 1.7x 7.4x 7.9x 6.9x 6.5x 11.1x 18.3x 13.6x 12.0x 13.6x 34.6x 17.9x 15.5x 2.5x Deutsche Lufthansa AG 0.5x 1.2x 0.9x 0.6x 4.6x nm 17.4x 4.5x 11.5x nm nm 20.7x 5.6x nm nm 29.5x 4.9x Sixt SE 2.5x 4.1x 3.0x 2.3x 16.0x 18.1x 8.9x 6.4x 16.8x nm 31.0x 16.8x 19.3x nm 38.8x 19.2x 3.2x

Min 0.5x 1.2x 0.9x 0.6x 4.6x 7.9x 6.9x 4.5x 11.1x 18.3x 13.6x 12.0x 5.6x 34.6x 17.9x 11.8x 1.3x Max 9.5x 9.3x 10.6x 9.2x 16.0x 18.1x 25.9x 13.2x 20.8x 18.3x 31.0x 23.5x 19.3x 34.6x 38.8x 29.5x 4.9x Median 2.5x 4.1x 3.0x 2.3x 9.8x 12.9x 14.9x 6.5x 15.9x 18.3x 27.4x 20.7x 11.4x 34.6x 26.2x 19.2x 3.0x Mean 3.4x 4.6x 4.3x 3.5x 10.1x 13.0x 14.8x 8.4x 15.2x 18.3x 24.0x 19.1x 12.1x 34.6x 27.7x 19.2x 3.0x

Note: For multiple and ratio definitions, please refer to appendix 43 Source: S&P Capital IQ as of April 7, 2021 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis Ap p e n d i x Appendix – Abbreviations

Abbreviations Definition a = Actual Actual results as officially reported for last quarter or last calendar year

Cash & Equiv. = Cash & Equivalents Cash and short-term investments that can be converted into cash based on the last quarterly report available

Curr. = Currency Currency of depicted numbers e = Estimate Estimated results based on brokers’ consensus estimates for the full calendar year

EBIT Earnings before interest and taxes for the respective calendar year

EBITDA Earnings before interest, taxes, depreciation and amortization for the respective calendar year

EV = Enterprise Value Current market capitalization + financial debt – cash & equivalents + minority interest

Financial Debt All interest bearing bank debt, bonds and equivalents based on the last quarterly report available

LFYA Last fiscal or calendar year available

LFQA Last fiscal quarter available

LTM = Last Twelve Months Last twelve months reported (equals last four quarters available)

Market Cap = Market Capitalization Number of shares outstanding × current share price as provided by S&P Capital IQ na = not available Data not available nm = not meaningful Data not meaningful due to negative or too high (valuation) metrics (e.g. ratios and multiples)

45 Appendix – Multiple & Ratio Definitions

Multiples & Ratios Definition

Dividend Yield Dividend for the last calendar year available / actual market capitalization

EBIT Multiple Current enterprise value / EBIT (actual or estimate) for the respective calendar year

EBITDA Multiple Current enterprise value / EBITDA (actual or estimate) for the respective calendar year

Interest Cover = EBITDA Interest Coverage EBITDA for the last calendar year available / interest expenses as stated by the company’s income statement

Leverage Ratio Net financial debt based on the last quarterly report available / EBITDA for the respective calendar year (actual or estimates)

P / B = Price-Book Ratio Current market capitalization / total equity for the last quarter available

P / E = Price-Earnings Ratio Current share price / earnings per share (EPS) (actual or estimates) for the respective calendar year

Price / OCFPS = Price / Operating Cash Flow per Current share price / operating cash flow per share for the last calendar year available Share

RoE = Return on Equity Net income for the respective calendar year (actual or estimates) / total equity for the last quarter available

Sales Multiple Current enterprise value / sales (actual or estimate) for the respective calendar year

46 Contact Details & Disclaimer

FCF Fox Corporate Finance GmbH Disclaimer Maximilianstrasse 12-14 This document does not constitute an offer or invitation to purchase or subscribe 80539 Munich ▪ Germany for any securities, and neither this document nor anything contained herein shall Telephone +49 (89) 206 0409-0 form the basis of or may be relied upon in connection with any contract or Facsimile +49 (89) 206 0409-299 commitment whatsoever. No representation or warranty (express or implied) is [email protected] ▪ www.fcf.de made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained Arno Fuchs Tristan Blümli Yasmin Herrmann herein, and, accordingly, neither FCF nor any of its officers, directors or employees accepts any liability whatsoever arising directly or indirectly from the Chief Executive Officer Vice President Analyst use of this document. By accepting this document you acknowledge that you will P: +49 (89) 206 0409-100 P: +49 (89) 206 0409-140 P: +49 (89) 206 0409-122 M: +49 (172) 863 6777 M: +49 (172) 8395 716 M: +49 (173) 683 8442 be solely responsible for your own assessment of the market and the market [email protected] [email protected] [email protected] position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business. This document contains certain forward-looking statements, including assumptions, opinions and views cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of the Company to differ materially from the estimations expressed or implied herein. FCF does not guarantee that the figures, assumptions and calculations underlying such historical and forward looking statements are free from errors nor does FCF accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.