FCF Valuation Monitor German Small- / Midcap Companies – Q4 2020 AGENDA Executive Summary I

FCF Valuation Monitor German Small- / Midcap Companies – Q4 2020 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis Appendix 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 for investors, Selection of Companies ■ Advisors corporates and professionals The selection of companies is primarily based on the regulated market of the Deutsche Börse: Data

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

■ The universe includes companies fulfilling one of the following minimum size criteria: Current market capitalization > EUR To recommend colleagues or fellow investors to be added to the 50m, 2020e sales > EUR 50m, 2020e EBITDA > EUR 10m, mailing list, kindly send an email with the respective contact LFQA Equity > EUR 25m. Smaller companies with a current information market capitalization of at least EUR 20m are also included, if they are deemed relevant / representative for their respective sectors. Companies with a current Free Float < 15% have If you have questions, comments or ideas, please do not hesitate been excluded from the analysis as they are deemed less to contact us liquid / more volatile. In addition, certain companies that do not represent their respective sectors have been excluded

3 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis Appendix 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) transactions closing proba- 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, Capital Increase and Round Extension Transaction Support Capital Increase Factoring Facility Bank Debt Facility Lease-Back Bank Debt Facility & Acquisition Bank Debt Facility Facilities Factoring and Inventory Round Extension Financing Facilities Leasing

[confidential]

SNP Schneider- Hammerer Aluminium Hydrogenious LOHC Hydrogenious LOHC Doppstadt Immunic AG Homegoods Company ROBART GmbH PCM Rail.One AG Vasopharm GmbH Synapticon GmbH KMP Holding GmbH Neureither & Partner SE Industries Group Technologies GmbH Technologies GmbH Familienholding GmbH EUR 30m > EUR 20m ~ EUR 25m ~ EUR 80m [confidential] [confidential] ~ EUR 20m EUR 17m EUR 80m > EUR 10m [confidential] December 2020 December 2020 October 2020 June 2020 February 2020 December 2019 November 2019 July 2019 July 2019 June 2019 June / January 2019 March 2019

Syndicated Loan European Investment European Investment European Investment European Investment Syndicated Loan Investment in Acquisition Financing Bilateral Loan Facility Capital Increase Capital Increase Promissory Note Facility Bank Debt Facility Bank Debt Facility Bank Debt Facility Bank Debt Facility Facility

[confidential] [confidential]

Advisor to AkrosA GSE Group pfenning logistics Business Service Leading Virtual Ziegler Holzindustrie Schnellecke Group Private Equity censhare AG AMW GmbH Voxeljet AG numares AG MagForce AG Acquisition by Finexx Group Provider Reality Company GmbH & Co. KG AG & Co. KG GmbH & Co. KG > EUR 10m > EUR 15m [confidential] > EUR 10m < EUR 10m EUR 25m EUR 25m EUR 25m EUR 11m EUR 35m EUR 70m EUR 55m December 2018 December 2018 April 2018 April 2018 April 2018 December 2017 December 2017 November 2017 November 2017 July 2017 July 2017 June 2017 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 Appendix Market Overview

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

Index in % Index in % 130 120 TecDAX +24.8% SDAX +17.0% 120 110 SDAX +22.4% MDAX +6.5% 110 MDAX +15.3% 100 TecDAX +5.5% 100 DAX +3.1% 90 DAX +2.5% 90 80 80 Rebased Prices (in%) Rebased Prices (in%)

70 70

60 60 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

TecDAX SDAX MDAX DAX TecDAX SDAX MDAX DAX

3 Month Development of Selected Indices Performance Comment

Index in % 120 ■ Over the last 36 months, the TecDAX (+24.8%) slightly outperformed the SDAX SDAX +16.5% (+22.4%), while both significantly outperformed the larger indices MDAX (+15.3%) 115 and DAX (+3.1%) MDAX +10.5% 110 ■ While all four major German indices have recovered from the extreme market shock in DAX +3.9% 105 March 2020 and are trading above their Pre-Covid level in Q4 2019, the SDAX TecDAX +2.5% significantly outperformed its German peers, gaining 17.0% over the last 12 months 100 ■ Despite the arrival of a second wave in the pandemic and new government 95 Rebased Prices (in%) lockdowns, all four major German indices have recorded a positive development over

90 the past quarter. The performance in Q4 2020 ranged between +2.5% (TecDAX) and +16.5% (SDAX) 85 Sep-20 Oct-20 Nov-20 Dec-20

TecDAX SDAX MDAX DAX

Source: S&P Capital IQ as of December 18, 2020 8 Historical EBITDA Multiples (last 10 years)

EV / EBITDA

10-Year Average 24.0x

TecDAX 14.8x 22.0x 20.0x MDAX 12.1x 18.0x SDAX 12.0x 16.0x DAX 10.2x 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 mostly surpassed their pre-covid-19 valuation levels ■ The TecDAX trades at an EBITDA multiple that is 9.6x higher than 10 years prior (22.0x vs. 12.4x ), while the MDAX, DAX and SDAX trade at EBITDA multiples that are 10.0x, 7.4x and 3.5x (20.0x vs. 10.0x, 16.4x vs. 9.0x and 14.8x vs. 11.3x) 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 22.0x EBITDA, 7.2x more than the SDAX, 5.6x more than the DAX and 2.0x more than the MDAX ■ Compared to the 10-year average EBITDA multiples, all major German indices show higher EBITDA multiples with the MDAX and TecDAX trading 7.9x and 7.2x, while the DAX and SDAX are trading 4.8x and 2.8x 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 December 18, 2020 Historical Price / Earnings Multiples (last 10 years)

Price / Earnings

10-Year Average 55.0x

TecDAX 32.8x 50.0x 45.0x SDAX 27.9x 40.0x MDAX 27.1x 35.0x DAX 22.5x 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 9.2x higher than 10 years prior (40.4x vs. 31.2x), while the MDAX, SDAX and DAX trade at P/E multiples that are 13.0x, 7.2x and 1.7x higher than 10 years prior (38.4x vs. 25.4x, 33.3x vs. 26.1x and 27.4x vs 25.7x), respectively ■ Historically, the TecDAX has traded at valuation levels above its fellow German indices. At present, the TecDAX is trading at 40.4x normalized EPS, 13.0x more than the DAX, 7.1x more than the SDAX and 2.0x more than the MDAX ■ Compared to the 10-year average P/E multiples, the MDAX, TecDAX, SDAX and DAX are trading 11.3x, 7.6x, 5.4x and 4.9x 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 December 18, 2020 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis Appendix Sector Overview – Performance of Sector Indices

12 Month Development of Sector Indices (Rebased Prices, in %) Performances Sector in % 230 Internet Products / Services +120.52 220 Renewable Products / Services +64.22 210

200 Software +34.70

190 Pharma & Healthcare +26.03 180 +25.96 170 Hightech / Advanced Machinery

160 IT Services +16.99 150 Communication +16.09 140

130 Industrial Materials +9.70

120 Rebased Prices (in%) Industrial Products +8.87 110 Media & Entertainment +3.61 100

90 Industrial Machinery +0.92

80 Automotive Supply +0.80 70 Technology +0.77 60

50 Construction Products / Services -4.13

40 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Consumer Products / Services -10.25 Automotive Supply Communications Services Construction Products / Services Consumer Products / Services Hightech / Advanced Machinery Industrial / Business Services Industrial Machinery Industrial Materials Industrial / Business Services -12.96 Industrial Products Internet Products / Services IT Services Media & Entertainment Pharma & Healthcare Renewable Products / Services Software Technology Transport & Logistics -25.52 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 December 18, 2020 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 1,284.2 1,796.3 11.8% 3.6% 3.1% 12.9% 7.5% 3.3% 2.2x 17.3x 4.4x 2.3% Communications Services 3,948.2 5,566.7 8.8% 5.0% 11.2% 3.9% 17.3% 4.6% 2.5x 21.6x 6.8x 8.7% Construction Products / Services 1,200.3 1,660.8 5.6% 2.2% 5.5% 18.8% 8.4% 4.2% 1.9x 14.4x 6.1x 6.9% Consumer Products / Services 1,559.0 2,063.1 0.4% 2.0% 1.4% 18.3% 8.3% 2.8% 2.0x 12.3x 8.5x 10.1% Hightech / Advanced Machinery 435.2 421.6 6.3% 10.3% 6.1% 25.7% 8.6% 0.7% 1.7x 30.3x 20.6x 8.6% Industrial / Business Services 380.5 443.0 6.4% 3.4% 7.0% 10.7% 10.6% 3.7% 1.5x 13.4x 10.6x 8.7% Industrial Machinery 1,709.2 2,010.0 7.6% -0.5% 5.2% 16.5% 6.5% 1.7% 1.9x 14.2x 12.9x 6.9% Industrial Materials 3,910.9 4,982.1 4.0% 0.6% 0.3% 10.0% 10.9% 2.2% 2.5x 17.9x 10.4x 11.4% Industrial Products 3,593.9 3,424.7 7.7% 4.2% -3.7% 12.9% 10.8% 1.2% 2.8x 10.0x 15.2x 12.6% Internet Products / Services 4,974.4 4,691.4 16.0% 13.6% 4.0% 21.8% 9.8% 2.4% 6.0x 11.2x 26.6x 16.9% IT Services 1,097.5 1,108.2 13.5% 6.6% 9.6% 17.8% 11.0% 1.7% 1.3x 22.6x 21.7x 14.3% Media & Entertainment 2,175.1 3,116.3 3.9% 1.0% 10.2% 4.1% 16.0% 2.5% 3.7x 24.8x 10.6x 6.3% Pharma & Healthcare 4,725.0 5,239.8 10.0% 8.8% 3.1% 22.7% 18.5% 1.2% 2.4x 18.6x 16.3x 14.1% Renewable Products / Services 937.7 1,025.2 -3.6% 21.5% -18.2% 35.5% 12.0% 1.3% 4.9x 6.4x 13.1x 14.4% Software 2,089.3 2,126.2 17.1% 12.7% 11.9% 31.6% 23.1% 0.9% 1.3x 24.2x 30.2x 10.0% Technology 878.7 1,021.7 6.7% 4.9% 9.8% 14.4% 12.2% 1.8% 1.6x 22.3x 12.7x 9.2% Transportation & Logistics 3,114.7 6,776.4 18.8% -3.2% 6.6% 7.7% 4.6% 4.0% 4.2x 6.8x 2.9x 9.0% Min 380.5 421.6 -3.6% -3.2% -18.2% 3.9% 4.6% 0.7% 1.3x 6.4x 2.9x 2.3% Max 4,974.4 6,776.4 18.8% 21.5% 11.9% 35.5% 23.1% 4.6% 6.0x 30.3x 30.2x 16.9% Median 1,709.2 2,063.1 7.6% 4.2% 5.5% 16.5% 10.8% 2.2% 2.2x 17.3x 12.7x 9.2% Mean 2,236.1 2,792.6 8.3% 5.7% 4.3% 16.8% 11.5% 2.4% 2.6x 17.0x 13.5x 10.0%

Comment ■ The analysis provides an overview of key performance ratios by sector (based on mean results) ■ Firms in the Internet Products / Services, Pharma & Healthcare and Industrial Materials 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 5.7% per annum between 2019 and 2022, while the Renewable Products / Services, Internet Products / Services, Software and Hightech / Advanced Machinery sectors show sales growth rates of above 10% (2019-2022) ■ Mean EBITDA margins are expected to reach 11.5% in 2020 across all sectors, while the Software, Pharma & Healthcare, Communications Services and Media & Entertainment sectors are expected to reach EBITDA margins above 15%

Note: For multiple and ratio definitions, please refer to appendix 13 Source: S&P Capital IQ as of December 18, 2020 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 1.4x 1.3x 0.9x 0.8x 6.7x 9.4x 5.8x 6.8x 14.0x 19.7x 13.5x 12.5x 12.4x 35.2x 16.5x 14.4x 1.9x Communications Services 2.0x 1.9x 1.7x 1.6x 8.0x 6.8x 6.9x 6.9x 10.2x 16.4x 11.7x 12.0x 12.4x 15.5x 15.8x 16.4x 2.2x Construction Products / Services 0.5x 0.5x 0.5x 0.5x 7.6x 6.4x 5.1x 4.5x 10.9x 12.0x 9.0x 7.2x 17.3x 24.0x 14.4x 9.2x 1.6x Consumer Products / Services 1.0x 0.9x 0.8x 0.8x 11.1x 9.6x 7.0x 6.2x 16.8x 15.0x 13.9x 12.8x 17.1x 22.2x 22.0x 15.9x 3.2x Hightech / Advanced Machinery 2.9x 3.0x 2.4x 2.0x 21.5x 19.6x 13.1x 10.0x 26.5x 29.1x 18.5x 14.0x 40.8x 43.9x 29.0x 19.8x 4.4x Industrial / Business Services 1.1x 1.3x 1.2x 1.1x 9.2x 10.0x 7.6x 6.6x 10.5x 17.4x 12.0x 9.6x 13.7x 35.4x 18.0x 13.4x 2.2x Industrial Machinery 0.9x 0.9x 0.8x 0.8x 11.3x 12.4x 8.4x 6.7x 16.2x 21.9x 15.3x 10.5x 22.4x 39.3x 24.5x 15.0x 2.4x Industrial Materials 1.2x 1.3x 1.2x 1.2x 12.9x 11.0x 9.7x 8.9x 20.6x 20.0x 20.7x 16.4x 22.1x 25.8x 24.7x 21.8x 2.1x Industrial Products 2.4x 2.3x 2.0x 1.9x 11.8x 13.7x 9.5x 9.8x 17.3x 23.5x 17.6x 15.9x 24.9x 30.9x 22.5x 22.1x 3.8x Internet Products / Services 4.7x 4.3x 3.5x 3.0x 18.6x 19.3x 18.0x 15.0x 22.6x 27.0x 26.4x 23.6x 24.2x 30.2x 38.4x 37.6x 9.2x IT Services 1.6x 1.5x 1.4x 1.4x 13.8x 12.8x 11.7x 10.8x 21.2x 21.0x 18.3x 17.6x 32.9x 31.3x 28.6x 24.6x 4.6x Media & Entertainment 2.2x 4.6x 2.8x 2.3x 11.5x 9.5x 8.7x 10.1x 23.1x 20.9x 23.7x 18.2x 36.6x 30.1x 22.1x 36.6x 4.5x Pharma & Healthcare 3.3x 3.4x 3.0x 2.8x 20.4x 18.7x 14.5x 14.2x 24.7x 23.7x 20.4x 17.6x 37.0x 39.0x 27.3x 23.2x 4.3x Renewable Products / Services 5.7x 5.2x 3.9x 3.1x 21.9x 21.1x 17.1x 12.1x 31.6x 20.1x 29.2x 21.2x 26.0x 25.3x 33.0x 39.0x 4.8x Software 5.3x 5.2x 5.7x 5.3x 21.1x 20.9x 20.5x 18.0x 19.6x 29.5x 28.5x 23.5x 41.6x 51.8x 42.9x 34.0x 8.6x Technology 1.4x 1.5x 1.3x 1.2x 12.8x 10.3x 10.9x 7.7x 20.6x 15.6x 14.2x 11.6x 22.7x 25.4x 21.9x 20.1x 2.4x Transportation & Logistics 3.1x 4.3x 3.6x 3.0x 9.3x 12.3x 11.4x 7.4x 14.0x 19.6x 19.4x 15.5x 10.7x 26.4x 18.8x 14.8x 2.1x Min 0.5x 0.5x 0.5x 0.5x 6.7x 6.4x 5.1x 4.5x 10.2x 12.0x 9.0x 7.2x 10.7x 15.5x 14.4x 9.2x 1.6x Max 5.7x 5.2x 5.7x 5.3x 21.9x 21.1x 20.5x 18.0x 31.6x 29.5x 29.2x 23.6x 41.6x 51.8x 42.9x 39.0x 9.2x Median 2.0x 1.9x 1.7x 1.6x 11.8x 12.3x 9.7x 8.9x 19.6x 20.1x 18.3x 15.5x 22.7x 30.2x 22.5x 20.1x 3.2x Mean 2.4x 2.6x 2.2x 1.9x 13.5x 13.2x 10.9x 9.5x 18.8x 20.7x 18.4x 15.3x 24.4x 31.3x 24.7x 22.2x 3.8x

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 13.5x and 13.2x, respectively ■ Based on 2019 and 2020 EBITDA-multiples, the Renewable Products / Services, Software and Pharma & Healthcare peer groups show the highest valuations at 21.9x, 21.1x and 20.4x in 2019 and 21.1x, 20.9x and 18.7x in 2020, respectively. Meanwhile, the Automotive Supply, Construction Products / Services and Communications Services peer groups show the lowest valuations at 6.7x, 7.6x and 8.0x in 2019 and 9.4x, 6.4x and 6.8x in 2020, respectively ■ The Internet Products / Services and Software peer groups are the only sectors to trade at a high P / B multiple of 5.0x or more

Note: For multiple and ratio definitions, please refer to appendix 14 Source: S&P Capital IQ as of December 18, 2020 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis Appendix Automotive Supply (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 Akasol AG 91.00 100.00 24.56 91.0% 370.5% 51.5 7.3 551.9 596.2 54.1% 63.4% nm nm -1.2% na nm nm nm na Bertrandt AG 39.80 56.70 25.00 70.2% 159.2% 376.9 190.4 398.8 585.3 2.1% -0.1% -12.6% 14.6% 7.9% 4.0% 2.5x 19.1x 5.0x 1.9% DEUTZ AG 5.14 5.74 2.66 89.6% 193.1% 139.8 28.2 614.6 726.4 13.5% -0.2% 21.5% 11.5% -1.1% na nm 47.7x 5.4x na ElringKlinger AG 15.86 15.88 3.38 99.9% 469.2% 665.2 152.8 1,011.2 1,558.6 3.5% -1.1% -12.5% 12.8% 10.5% na 3.4x 7.6x 3.6x na Grammer AG 20.80 33.60 12.62 61.9% 164.8% 538.0 83.4 317.5 772.2 6.3% -1.2% 7.7% 3.5% 2.1% na nm 7.7x 2.5x na HELLA GmbH & Co. KGaA 53.95 54.15 20.64 99.6% 261.4% 1,754.5 1,407.6 5,922.2 6,270.4 1.9% 1.1% -7.2% 16.6% 11.6% 1.9% 0.5x 19.5x 7.6x na JOST Werke AG 42.15 43.30 19.38 97.3% 217.5% 371.3 98.0 624.3 897.5 5.1% 7.3% 4.9% 11.4% 10.9% na 3.3x 18.8x 8.1x 5.6% LEONI AG 6.39 12.84 4.40 49.7% 145.1% 1,681.6 231.2 215.9 1,667.9 3.0% -0.8% nm nm 2.2% na nm nm nm na paragon GmbH & Co. KGaA 9.80 27.05 7.39 36.2% 132.6% 126.4 3.9 44.1 174.0 21.6% -10.6% nm nm 13.0% na 5.3x nm nm nm Progress-Werk Oberkirch AG 19.20 26.30 14.25 73.0% 134.7% 125.5 14.3 60.9 172.1 3.9% -2.4% 0.0% 1.5% 8.6% na 3.2x 7.6x 1.3x 1.7% Rheinmetall AG 86.38 108.25 43.54 79.8% 198.4% 1,260.0 690.0 3,741.3 4,445.3 4.2% 3.0% 9.6% 6.9% 11.1% 2.8% 0.9x 15.6x 6.2x na Schaeffler AG 6.65 10.27 4.19 64.7% 158.5% 4,111.0 1,402.0 4,398.9 7,197.9 2.7% 0.7% -4.7% 1.1% 13.0% 6.8% 1.7x 21.1x 2.8x na Softing AG 5.32 8.18 4.20 65.0% 126.7% 18.9 12.6 49.1 55.8 4.4% 1.2% 18.3% 22.4% 11.4% 0.8% 0.7x 22.4x 4.7x 0.2% STS Group AG 4.33 6.96 1.72 62.2% 251.7% 0.0 0.0 28.6 28.6 38.9% -9.6% 8.8% 39.3% 4.3% na 0.0x 2.7x 0.8x na Min 28.6 28.6 1.9% -10.6% -12.6% 1.1% -1.2% 0.8% 0.0x 2.7x 0.8x 0.2% Max 5,922.2 7,197.9 54.1% 63.4% 21.5% 39.3% 13.0% 6.8% 5.3x 47.7x 8.1x 5.6% Median 475.3 749.3 4.3% -0.2% 4.9% 11.5% 9.6% 2.8% 2.1x 18.8x 4.7x 1.8% Mean 1,284.2 1,796.3 11.8% 3.6% 3.1% 12.9% 7.5% 3.3% 2.2x 17.3x 4.4x 2.3%

*) Share Price as of 18.12.2020 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 16 Source: S&P Capital IQ as of December 18, 2020 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 11.6x 8.5x 4.5x 2.7x nm nm nm 26.1x nm nm nm 45.3x nm nm nm 61.0x 6.3x Bertrandt AG 0.6x 0.6x 0.6x 0.6x 7.6x 7.9x 6.2x 5.0x 13.6x 29.1x 14.4x 9.7x 11.1x 51.8x 16.8x 10.4x 1.0x DEUTZ AG 0.4x 0.6x 0.5x 0.4x 5.3x nm 4.6x 3.8x 8.4x nm 12.4x 6.9x 11.8x nm 8.2x 6.8x 1.1x ElringKlinger AG 0.9x 1.1x 1.0x 0.9x 10.6x 10.3x 8.3x 7.4x 34.5x nm 25.2x 18.4x nm nm 41.1x 24.4x 1.2x Grammer AG 0.4x 0.5x 0.4x 0.4x 5.4x 22.7x 5.7x 4.9x 9.8x nm 15.6x 10.9x 7.3x nm 15.6x 8.5x 1.2x HELLA GmbH & Co. KGaA 0.9x 1.1x 1.0x 0.9x 10.5x 9.7x 7.9x 6.6x 25.0x 29.7x 13.9x 11.2x 17.0x nm 21.8x 15.3x 3.0x JOST Werke AG 1.2x 1.2x 1.1x 1.0x 10.1x 10.9x 8.3x 7.3x 12.2x 14.6x 10.6x 9.2x 18.6x 45.4x 17.9x 13.9x 2.5x LEONI AG 0.3x 0.4x 0.4x 0.4x nm 18.8x 6.6x 4.9x nm nm nm 14.7x nm nm nm 4.0x 0.6x paragon GmbH & Co. KGaA 0.8x 1.0x 1.2x 1.1x nm 7.6x 9.5x 11.4x nm nm 24.1x nm nm 11.0x na na 3.2x Progress-Werk Oberkirch AG 0.4x 0.4x 0.4x 0.4x 3.8x 5.0x 3.7x 3.6x 8.7x 19.1x 8.7x 8.0x 6.7x 32.8x 6.0x 5.7x 0.6x Rheinmetall AG 0.7x 0.8x 0.7x 0.6x 6.2x 6.8x 5.6x 5.1x 9.0x 13.6x 8.8x 7.6x 11.2x nm 11.5x 9.9x 2.0x Schaeffler AG 0.5x 0.6x 0.5x 0.5x 3.5x 4.4x 3.8x 3.4x 6.2x 12.3x 7.5x 6.5x 10.3x nm 8.4x 6.1x 2.8x Softing AG 0.6x 0.7x 0.6x 0.6x 7.2x 6.3x 4.4x 4.0x 12.7x nm 15.1x 11.2x 17.5x nm 17.5x 14.0x 0.7x STS Group AG 0.1x 0.1x 0.1x 0.1x 3.3x 2.1x 1.4x 1.2x nm nm 5.8x 2.8x nm nm nm 7.0x 0.9x Min 0.1x 0.1x 0.1x 0.1x 3.3x 2.1x 1.4x 1.2x 6.2x 12.3x 5.8x 2.8x 6.7x 11.0x 6.0x 4.0x 0.6x Max 11.6x 8.5x 4.5x 2.7x 10.6x 22.7x 9.5x 26.1x 34.5x 29.7x 25.2x 45.3x 18.6x 51.8x 41.1x 61.0x 6.3x Median 0.6x 0.7x 0.6x 0.6x 6.2x 7.7x 5.7x 5.0x 11.0x 16.8x 13.2x 9.7x 11.2x 39.1x 16.2x 9.9x 1.2x Mean 1.4x 1.3x 0.9x 0.8x 6.7x 9.4x 5.8x 6.8x 14.0x 19.7x 13.5x 12.5x 12.4x 35.2x 16.5x 14.4x 1.9x

Note: For multiple and ratio definitions, please refer to appendix 17 Source: S&P Capital IQ as of December 18, 2020 Communications Services

General Information Ratio Analysis

Min 275.5 264.4 -4.6% -3.8% -3.7% -15.2% 0.1% 0.2% 1.2x 5.7x 3.4x 5.3% Max 6,880.1 11,379.1 23.4% 22.2% 34.1% 15.3% 32.2% 9.5% 4.3x 32.0x 9.9x 15.8% Median 3,699.8 4,062.2 10.9% 2.7% 7.1% 7.8% 16.4% 4.4% 1.9x 27.0x 7.0x 6.9% Mean 3,948.2 5,566.7 8.8% 5.0% 11.2% 3.9% 17.3% 4.6% 2.5x 21.6x 6.8x 8.7%

*) Share Price as of 18.12.2020 **) 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 1.0x 1.0x 0.9x 0.9x 3.9x 6.0x 6.3x 6.4x 4.5x 8.2x 9.0x 9.9x 9.9x 12.5x 13.8x 15.6x 0.8x freenet AG 1.4x 1.6x 1.5x 1.5x 13.3x 9.5x 9.5x 9.5x 15.1x 14.8x 14.6x 14.4x 11.5x 9.9x 9.8x 9.7x 1.6x NFON AG 4.6x 3.9x 3.1x 2.5x nm nm nm nm nm nm nm nm nm nm nm nm 6.0x Telefónica Deutschland Holding AG 1.5x 1.5x 1.5x 1.5x 7.3x 4.7x 4.8x 4.7x nm 30.9x nm nm nm 22.0x 22.0x 22.0x 1.2x United Internet AG 1.6x 1.6x 1.5x 1.5x 7.7x 7.2x 6.9x 6.9x 11.0x 11.9x 11.5x 11.8x 15.8x 17.7x 17.8x 18.3x 1.4x Min 1.0x 1.0x 0.9x 0.9x 3.9x 4.7x 4.8x 4.7x 4.5x 8.2x 9.0x 9.9x 9.9x 9.9x 9.8x 9.7x 0.8x Max 4.6x 3.9x 3.1x 2.5x 13.3x 9.5x 9.5x 9.5x 15.1x 30.9x 14.6x 14.4x 15.8x 22.0x 22.0x 22.0x 6.0x Median 1.5x 1.6x 1.5x 1.5x 7.5x 6.6x 6.6x 6.6x 11.0x 13.4x 11.5x 11.8x 11.5x 15.1x 15.8x 16.9x 1.4x Mean 2.0x 1.9x 1.7x 1.6x 8.0x 6.8x 6.9x 6.9x 10.2x 16.4x 11.7x 12.0x 12.4x 15.5x 15.8x 16.4x 2.2x

Note: For multiple and ratio definitions, please refer to appendix 18 Source: S&P Capital IQ as of December 18, 2020 Construction Products / Services

General Information Ratio Analysis

*) Share Price as of 18.12.2020 **) 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 0.2x 0.2x 0.2x 0.2x 3.7x 4.1x 2.4x 2.2x 9.8x 5.0x 4.3x 3.7x 3.0x nm 9.6x 7.8x 0.6x BAUER AG 0.5x 0.6x 0.6x 0.5x 8.5x 6.1x 4.9x 4.3x nm 25.9x 13.3x 9.9x nm nm 19.7x 7.9x 0.5x Bilfinger SE 0.2x 0.3x 0.3x 0.3x 8.1x 9.0x 5.2x 3.9x 15.0x nm 10.9x 6.4x 41.1x 48.6x 23.4x 10.7x 1.0x Einhell Germany AG 0.6x 0.5x 0.5x 0.5x 9.8x 6.3x 6.1x 5.6x 10.9x 7.4x 7.2x 6.6x 15.6x 11.3x 11.0x 10.0x 1.6x HOCHTIEF AG 0.3x 0.3x 0.3x 0.3x 5.4x 4.4x 4.2x 3.9x 7.8x 7.5x 6.8x 6.3x nm 10.6x 8.9x 8.0x 5.1x Uzin Utz AG 0.9x 0.9x 0.8x 0.8x 8.5x 7.1x 6.9x 6.4x 11.2x 10.2x 9.8x 9.1x 12.7x na na na 1.6x Wacker Neuson SE 0.8x 1.0x 0.9x 0.8x 8.8x 8.1x 6.4x 5.4x 10.7x 16.0x 10.7x 8.6x 14.1x 25.5x 13.7x 10.6x 1.0x Min 0.2x 0.2x 0.2x 0.2x 3.7x 4.1x 2.4x 2.2x 7.8x 5.0x 4.3x 3.7x 3.0x 10.6x 8.9x 7.8x 0.5x Max 0.9x 1.0x 0.9x 0.8x 9.8x 9.0x 6.9x 6.4x 15.0x 25.9x 13.3x 9.9x 41.1x 48.6x 23.4x 10.7x 5.1x Median 0.5x 0.5x 0.5x 0.5x 8.5x 6.3x 5.2x 4.3x 10.8x 8.9x 9.8x 6.6x 14.1x 18.4x 12.3x 9.0x 1.0x Mean 0.5x 0.5x 0.5x 0.5x 7.6x 6.4x 5.1x 4.5x 10.9x 12.0x 9.0x 7.2x 17.3x 24.0x 14.4x 9.2x 1.6x

Note: For multiple and ratio definitions, please refer to appendix 19 Source: S&P Capital IQ as of December 18, 2020 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 Adler Modemärkte AG 2.38 5.14 1.86 46.3% 128.0% 265.7 25.1 45.2 285.8 -3.1% 0.5% 21.6% 23.6% 0.8% na nm 2.0x 0.7x na Ahlers AG 1.48 2.82 1.22 52.5% 121.3% 33.9 6.6 20.2 47.5 -4.5% -3.7% nm nm -4.3% na nm 2.7x 1.9x na Berentzen-Gruppe AG 5.68 7.74 4.75 73.4% 119.6% 9.8 14.4 53.2 48.6 -0.5% 0.1% -2.6% 7.3% 9.3% 4.9% nm 9.4x 3.2x 3.7% Bijou Brigitte modische Accessoires AG 22.00 51.00 19.35 43.1% 113.7% 151.1 99.2 174.8 226.7 -0.2% -0.3% 2.7% nm 13.0% na 1.2x 9.1x 1.9x 9.9% Ceconomy AG 5.69 5.77 1.70 98.6% 334.7% 2,423.0 1,542.0 2,058.3 3,000.3 -0.7% 0.3% 12.0% 23.1% 5.0% na 0.8x 18.5x 15.1x na CEWE Stiftung & Co. KGaA 96.20 111.40 75.00 86.4% 128.3% 78.0 20.7 691.0 748.3 6.3% 1.9% 9.0% 4.6% 15.6% 2.1% 0.5x 30.1x 6.8x 13.7% Dierig Holding AG 12.00 15.30 41.90 78.4% 28.6% 43.3 9.7 50.1 83.9 -6.5% nm -1.9% nm na na nm 7.6x 5.6x na Fielmann AG 67.25 76.15 0.01 88.3% nm 349.6 363.8 5,673.5 5,663.5 4.4% 3.4% 10.6% 3.5% 21.3% na nm nm 18.7x 13.4% Gigaset AG 0.30 0.37 0.17 81.1% 172.1% 21.0 25.8 41.1 36.2 -3.1% 0.1% -18.1% 32.9% 0.2% na nm 6.8x 2.3x na HanseYachts AG 4.30 6.75 2.00 63.7% 215.0% 27.7 9.9 53.9 71.7 8.3% 5.1% -8.7% nm 4.0% na 3.2x 4.3x 8.6x na Hawesko Holding AG 45.10 46.70 21.70 96.6% 207.8% 149.2 10.4 404.3 545.6 5.0% 4.7% 4.7% 15.0% 9.4% 2.9% 2.5x 9.0x 12.1x 18.6% HORNBACH Holding AG & Co. KGaA 83.50 101.00 32.00 82.7% 260.9% 1,515.4 738.9 1,332.8 2,417.4 5.6% 5.9% 5.6% 18.9% 10.2% 1.8% 1.4x 7.2x 5.8x 9.7% Hugo Boss AG 27.71 47.20 19.20 58.7% 144.3% 1,145.0 123.0 1,919.3 2,946.3 2.3% -4.3% -0.2% 9.2% 13.2% 0.1% 3.8x 13.9x 2.9x na Leifheit AG 44.60 44.60 15.32 100.0% 291.1% 1.2 49.4 415.5 367.4 -0.4% 9.7% -15.8% 32.0% 10.1% 1.2% nm nm 26.7x 11.7% LUDWIG BECK AG 23.40 29.00 22.40 80.7% 104.5% 123.5 0.6 87.9 210.8 -18.7% nm 9.1% nm na na nm 5.1x 11.0x na Marudai Food Co., Ltd. 13.20 18.80 12.70 70.2% 103.9% 190.5 63.7 345.5 476.8 2.5% nm -0.6% nm na 2.2% nm 45.1x 4.8x na Metro AG 8.72 14.64 6.20 59.6% 140.6% 6,442.0 2,612.0 3,152.2 6,989.2 -9.2% -0.8% -5.5% 11.5% 4.6% 8.0% 3.2x 7.9x 3.5x na PUMA SE 89.78 89.78 40.80 100.0% 220.0% 1,034.6 380.9 13,388.1 14,041.8 14.9% 7.3% 41.9% 21.3% 8.8% na 1.4x 11.2x 24.5x 4.4% Schloss Wachenheim AG 14.40 16.65 10.15 86.5% 141.9% 71.5 13.4 119.6 213.7 4.9% 1.2% 1.6% 4.9% 9.8% 3.5% 1.8x 27.2x 5.3x 3.9% Südzucker AG 11.61 17.66 10.00 65.7% 116.2% 1,927.0 522.3 2,347.6 4,608.4 1.3% 2.5% -18.6% 29.4% 8.3% 1.7% 2.5x 11.0x nm na Villeroy & Boch AG 14.00 16.25 8.32 86.2% 168.3% 156.1 230.0 364.4 295.4 0.5% 1.6% -18.3% 36.7% 9.5% na nm 4.8x 8.0x 12.0% Min 20.2 36.2 -18.7% -4.3% -18.6% 3.5% -4.3% 0.1% 0.5x 2.0x 0.7x 3.7% Max 13,388.1 14,041.8 14.9% 9.7% 41.9% 36.7% 21.3% 8.0% 3.8x 45.1x 26.7x 18.6% Median 364.4 367.4 0.5% 1.4% 0.7% 18.9% 9.3% 2.1% 1.8x 9.0x 5.7x 10.8% Mean 1,559.0 2,063.1 0.4% 2.0% 1.4% 18.3% 8.3% 2.8% 2.0x 12.3x 8.5x 10.1%

*) Share Price as of 18.12.2020 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 20 Source: S&P Capital IQ as of December 18, 2020 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 Adler Modemärkte AG 0.6x 0.8x 0.6x 0.6x 8.5x nm 6.0x 4.5x 10.5x nm nm 15.7x 8.8x nm nm 26.4x 14.3x Ahlers AG 0.2x 0.3x 0.3x 0.3x 25.4x nm 7.0x 4.6x nm nm nm 39.6x nm nm nm nm 0.3x Berentzen-Gruppe AG 0.3x 0.3x 0.3x 0.3x 3.3x 3.3x 3.2x 2.7x 7.3x 8.4x 7.2x 5.5x 10.8x 29.5x 15.2x 10.4x 1.1x Bijou Brigitte modische Accessoires AG 0.7x 0.7x 0.7x 0.7x 4.1x 5.3x 5.3x na 5.2x 7.8x 7.7x 8.1x 6.9x 8.7x 8.7x na 0.9x Ceconomy AG 0.1x 0.1x 0.1x 0.1x 4.6x 2.9x 2.7x 2.5x 10.3x 11.2x 8.0x 6.5x 11.1x nm 12.1x 7.5x 3.8x CEWE Stiftung & Co. KGaA 1.0x 1.1x 1.0x 1.0x 6.8x 6.9x 6.3x 5.9x 12.2x 13.6x 11.7x 10.6x 21.7x 19.2x 16.4x 14.8x 2.6x Dierig Holding AG 1.4x na na na 11.1x na na na 16.9x na na na nm na na na 1.3x Fielmann AG 3.7x 4.0x 3.5x 3.4x 15.0x 18.9x 14.3x 13.5x 17.1x 35.1x 21.7x 20.4x 32.9x 52.9x 32.2x 30.2x 7.1x Gigaset AG 0.1x 0.2x 0.1x 0.1x 3.4x nm 1.7x 1.4x 7.0x nm 7.2x 4.5x 3.6x nm 13.7x 8.2x nm HanseYachts AG 0.5x 0.5x 0.5x 0.4x 15.1x 13.0x 7.0x na nm nm 24.9x 8.5x nm nm 60.4x 8.9x 7.7x Hawesko Holding AG 1.0x 0.9x 0.9x 0.9x 13.5x 9.7x 9.3x 8.9x 16.2x 16.1x 15.3x 14.2x 25.5x 20.4x 19.2x 17.7x 3.8x HORNBACH Holding AG & Co. KGaA 0.5x 0.5x 0.5x 0.4x 8.2x 4.4x 4.9x 4.9x 13.0x 7.9x 8.0x 7.8x 14.3x 7.6x 9.1x 9.5x 0.7x Hugo Boss AG 1.0x 1.5x 1.2x 1.2x 6.4x 11.0x 5.8x 4.9x 8.3x nm 18.3x 13.1x 9.4x nm 19.9x 12.5x 2.5x Leifheit AG 1.6x 1.4x 1.3x 1.2x 23.3x 13.7x 12.2x 10.1x 41.1x 19.6x 17.2x 13.5x nm 34.3x 29.6x 22.9x 4.0x LUDWIG BECK AG 2.6x na na na 17.4x na na na 32.6x na na na nm na na na 1.5x Marudai Food Co., Ltd. 0.2x na na na 6.0x na na na 18.7x na na na 23.4x na na na 0.6x Metro AG 0.3x 0.3x 0.3x 0.3x 7.0x 5.9x 5.4x 5.1x 15.2x 20.5x 14.5x 12.7x nm nm 17.9x na 1.4x PUMA SE 2.6x 2.7x 2.3x 2.1x 26.3x 30.6x 18.1x 14.7x 32.1x nm 28.5x 22.2x 51.0x nm 45.9x 34.1x 7.4x Schloss Wachenheim AG 0.6x 0.6x 0.6x 0.6x 6.9x 6.5x 6.2x 6.0x 11.3x 11.4x 10.8x 10.3x 15.1x 14.9x 13.0x 12.1x 0.6x Südzucker AG 0.7x 0.7x 0.7x 0.6x 13.3x 8.3x 7.0x 6.1x nm 22.6x 14.9x 11.5x nm nm 26.7x 12.2x 0.7x Villeroy & Boch AG 0.4x 0.3x 0.4x 0.3x 7.9x 3.6x 3.3x 3.1x 26.4x 6.4x 6.1x 5.5x 4.5x 12.5x 12.6x 11.2x 1.5x Min 0.1x 0.1x 0.1x 0.1x 3.3x 2.9x 1.7x 1.4x 5.2x 6.4x 6.1x 4.5x 3.6x 7.6x 8.7x 7.5x 0.3x Max 3.7x 4.0x 3.5x 3.4x 26.3x 30.6x 18.1x 14.7x 41.1x 35.1x 28.5x 39.6x 51.0x 52.9x 60.4x 34.1x 14.3x Median 0.6x 0.7x 0.6x 0.6x 8.2x 6.9x 6.1x 5.0x 14.1x 12.5x 13.1x 11.1x 12.7x 19.2x 17.2x 12.2x 1.5x Mean 1.0x 0.9x 0.8x 0.8x 11.1x 9.6x 7.0x 6.2x 16.8x 15.0x 13.9x 12.8x 17.1x 22.2x 22.0x 15.9x 3.2x

Note: For multiple and ratio definitions, please refer to appendix 21 Source: S&P Capital IQ as of December 18, 2020 Hightech / Advanced Machinery (1/2)

General Information Ratio Analysis

Min 52.7 69.1 -14.7% -2.5% -24.4% 10.3% -26.4% 0.4% 0.6x 15.1x 2.2x 3.0% Max 1,569.7 1,310.0 18.4% 30.4% 35.0% 55.6% 20.1% 1.4% 2.5x 48.9x 36.5x 13.6% Median 316.1 354.1 5.5% 9.6% 5.5% 22.3% 13.1% 0.5% 2.1x 34.9x 23.5x 8.2% Mean 435.2 421.6 6.3% 10.3% 6.1% 25.7% 8.6% 0.7% 1.7x 30.3x 20.6x 8.6%

*) Share Price as of 18.12.2020 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 22 Source: S&P Capital IQ as of December 18, 2020 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 5.0x 4.9x 4.3x 3.7x 28.9x 30.9x 21.6x 16.0x 36.0x 38.5x 26.3x 18.6x 47.8x 56.4x 39.7x 28.0x 3.3x Basler AG 4.3x 4.1x 3.6x 3.1x 22.7x 20.1x 16.7x 14.1x 39.0x 33.2x 26.2x 21.3x 53.8x 46.9x 35.9x 29.5x 6.1x Dr. Hönle AG 3.3x 3.4x 2.6x 2.4x 20.1x 18.7x 11.4x na 24.7x 30.4x 15.2x 12.1x 29.2x 39.5x 19.6x na 3.4x Francotyp-Postalia Holding AG 0.3x 0.4x 0.3x 0.3x 3.1x 2.6x 2.5x 2.3x 5.2x 16.7x 8.7x 7.1x 30.9x 17.2x 10.1x 8.1x 1.5x LPKF Laser & Electronics AG 4.4x 6.3x 4.4x 3.4x 27.9x 35.0x 19.2x 12.5x 33.3x nm 28.0x 17.3x 48.9x 48.9x 37.2x 22.3x 6.9x Manz AG 1.2x 1.3x 0.9x 0.7x nm 14.9x 7.9x 5.8x nm 38.6x 12.2x 8.1x nm 62.7x 14.5x 8.8x 1.9x PVA TePla AG 2.7x 2.7x 2.4x 2.1x 22.8x 20.8x 16.8x 14.3x 28.8x 27.1x 21.2x 17.3x 49.9x 43.6x 33.7x 27.5x 5.9x SLM Solutions Group AG 7.1x 6.1x 4.3x 3.2x nm nm nm nm nm nm nm nm nm nm nm nm 12.7x Stemmer Imaging AG 0.8x 1.0x 0.9x 0.8x 14.1x 18.6x 10.3x 7.6x 23.2x nm 14.7x 10.5x nm nm 27.1x 19.1x 2.0x SÜSS MicroTec SE 1.7x 1.4x 1.3x 1.3x 35.8x 14.7x 10.8x 9.5x nm 19.1x 13.8x 12.4x nm 36.1x 20.1x 17.4x 2.8x Viscom AG 1.0x 1.4x 1.2x 0.9x 18.1x nm 14.0x 8.2x 21.5x nm nm 15.7x 25.1x nm 52.0x 17.1x 1.5x Min 0.3x 0.4x 0.3x 0.3x 3.1x 2.6x 2.5x 2.3x 5.2x 16.7x 8.7x 7.1x 25.1x 17.2x 10.1x 8.1x 1.5x Max 7.1x 6.3x 4.4x 3.7x 35.8x 35.0x 21.6x 16.0x 39.0x 38.6x 28.0x 21.3x 53.8x 62.7x 52.0x 29.5x 12.7x Median 2.7x 2.7x 2.4x 2.1x 22.7x 18.7x 12.7x 9.5x 26.7x 30.4x 15.2x 14.0x 47.8x 45.2x 30.4x 19.1x 3.3x Mean 2.9x 3.0x 2.4x 2.0x 21.5x 19.6x 13.1x 10.0x 26.5x 29.1x 18.5x 14.0x 40.8x 43.9x 29.0x 19.8x 4.4x

Note: For multiple and ratio definitions, please refer to appendix 23 Source: S&P Capital IQ as of December 18, 2020 Industrial / Business Services

General Information Ratio Analysis

*) Share Price as of 18.12.2020 **) 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 3.5x 3.0x 2.6x 2.5x 20.7x 16.7x 13.2x 11.3x 21.3x 31.8x 18.9x 15.1x 28.6x 49.0x 26.1x 20.2x 6.0x Muehlhan AG 0.2x 0.2x 0.2x 0.2x 3.3x 4.9x 3.3x 2.8x 5.7x 5.7x 7.8x 5.6x 7.8x nm 15.9x 9.7x 0.7x Nordwest Handel AG 0.2x na na na 6.3x na na na 7.1x na na na 8.9x na na na 0.9x TAKKT AG 0.7x 0.8x 0.7x 0.7x 6.5x 8.5x 6.2x 5.6x 7.8x 14.6x 9.2x 8.0x 9.6x 21.9x 12.1x 10.5x 1.1x Min 0.2x 0.2x 0.2x 0.2x 3.3x 4.9x 3.3x 2.8x 5.7x 5.7x 7.8x 5.6x 7.8x 21.9x 12.1x 9.7x 0.7x Max 3.5x 3.0x 2.6x 2.5x 20.7x 16.7x 13.2x 11.3x 21.3x 31.8x 18.9x 15.1x 28.6x 49.0x 26.1x 20.2x 6.0x Median 0.4x 0.8x 0.7x 0.7x 6.4x 8.5x 6.2x 5.6x 7.4x 14.6x 9.2x 8.0x 9.3x 35.4x 15.9x 10.5x 1.0x Mean 1.1x 1.3x 1.2x 1.1x 9.2x 10.0x 7.6x 6.6x 10.5x 17.4x 12.0x 9.6x 13.7x 35.4x 18.0x 13.4x 2.2x

Note: For multiple and ratio definitions, please refer to appendix 24 Source: S&P Capital IQ as of December 18, 2020 Industrial Machinery (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 Aumann AG 12.16 18.64 6.65 65.2% 182.9% 18.0 70.7 184.5 131.8 19.1% -5.3% 0.6% 3.6% 1.6% na nm 18.0x nm na Dürr AG 33.24 33.24 16.03 100.0% 207.4% 909.4 1,003.0 2,304.4 2,220.7 3.1% -1.2% -5.6% 7.2% 4.9% 2.4% nm 8.6x 13.4x na GEA Group AG 29.47 33.63 14.11 87.6% 208.9% 572.9 803.1 5,328.1 5,098.3 2.8% 0.9% -18.4% 42.5% 11.2% 2.9% nm 6.7x 11.1x 8.1% Heidelberger Druckmaschinen AG 0.76 1.19 0.48 64.1% 159.1% 259.0 102.1 236.5 393.4 0.9% -5.2% 12.2% -4.6% 5.9% na 1.3x 5.3x nm na Jungheinrich AG 38.70 39.08 10.15 99.0% 381.3% 2,582.6 752.3 3,918.8 5,749.4 9.7% 1.3% 7.6% 26.2% 16.9% 1.2% 2.9x 26.7x 11.4x 9.2% KION GROUP AG 74.50 80.70 33.61 92.3% 221.7% 3,220.0 508.2 9,741.5 12,441.0 16.4% 3.7% 20.9% 7.4% 15.8% 0.1% 2.1x 11.6x 11.5x 5.6% Koenig & Bauer AG 23.74 30.40 14.73 78.1% 161.2% 193.8 118.2 385.7 462.6 1.4% -3.1% -8.2% 12.2% -7.0% na nm 12.0x nm na Krones AG 66.25 75.45 42.00 87.8% 157.7% 359.0 176.5 2,112.0 2,294.5 5.4% -2.7% -8.9% 13.7% 4.9% 1.1% 1.1x 35.9x 22.4x 0.4% KSB SE & Co. KGaA 270.00 322.00 195.00 83.9% 138.5% 89.4 241.6 447.1 475.9 3.4% 0.8% 8.1% 14.3% 6.6% 3.1% nm 23.6x 3.3x na Maschinenfabrik Berthold Hermle AG 277.00 295.00 192.00 93.9% 144.3% 0.0 130.5 1,385.0 1,254.5 5.6% nm 3.9% nm na 0.3% nm nm 19.3x na MAX Automation SE 4.41 4.75 2.43 92.8% 181.5% 149.8 42.3 129.3 237.1 7.9% -4.7% nm nm 2.4% na nm nm nm na Ringmetall AG 2.48 3.13 2.01 79.2% 123.4% 30.3 5.7 73.0 98.4 8.6% 4.0% -13.0% 27.0% 9.6% 2.4% 2.1x 7.2x 7.5x 7.0% Schaltbau Holding AG 30.30 37.10 22.50 81.7% 134.7% 122.8 16.9 268.9 402.8 0.0% 3.7% 64.1% 48.1% 7.4% na 2.9x 2.4x 4.3x 9.2% SMT Scharf AG 8.62 10.60 6.98 81.3% 123.5% 16.8 4.8 40.0 53.1 21.5% 0.2% 17.2% 8.1% 2.1% na nm 8.3x 13.2x na technotrans SE 26.70 29.80 9.66 89.6% 276.4% 48.1 27.8 181.3 201.6 11.1% 1.4% 0.7% 17.0% 6.3% na 1.7x 19.1x 11.0x 4.2% WashTec AG 43.75 55.90 29.15 78.3% 150.1% 51.2 16.7 610.9 645.4 5.3% -1.3% -3.7% 8.0% 9.3% na 1.0x nm 26.8x 11.4% Min 40.0 53.1 0.0% -5.3% -18.4% -4.6% -7.0% 0.1% 1.0x 2.4x 3.3x 0.4% Max 9,741.5 12,441.0 21.5% 4.0% 64.1% 48.1% 16.9% 3.1% 2.9x 35.9x 26.8x 11.4% Median 416.4 469.3 5.5% 0.2% 0.7% 12.9% 6.3% 1.8% 1.9x 11.6x 11.5x 7.5% Mean 1,709.2 2,010.0 7.6% -0.5% 5.2% 16.5% 6.5% 1.7% 1.9x 14.2x 12.9x 6.9%

*) Share Price as of 18.12.2020 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 25 Source: S&P Capital IQ as of December 18, 2020 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 0.5x 0.7x 0.7x 0.6x 7.1x nm 10.1x 6.4x 8.5x nm 17.3x 8.8x 16.8x nm 43.7x 23.4x 0.9x Dürr AG 0.6x 0.7x 0.6x 0.6x 8.0x 13.7x 7.8x 6.5x 10.9x 24.3x 12.0x 9.1x 18.6x nm 21.7x 15.3x 2.4x GEA Group AG 1.0x 1.1x 1.1x 1.0x 24.0x 9.7x 9.0x 8.3x 46.8x 15.5x 13.4x 11.9x nm 32.0x 23.9x 20.6x 2.6x Heidelberger Druckmaschinen AG 0.2x 0.2x 0.2x 0.2x 2.1x 3.4x 3.2x 2.5x 4.2x 7.6x 6.9x 4.4x 17.6x nm nm 11.0x 2.1x Jungheinrich AG 1.4x 1.6x 1.4x 1.4x 16.0x 9.3x 8.7x 8.0x 20.2x 26.7x 21.9x 19.0x 22.1x 27.9x 22.4x 19.0x 2.6x KION GROUP AG 1.4x 1.5x 1.3x 1.3x 8.6x 9.6x 7.7x 6.9x 18.6x 25.7x 16.2x 13.6x 21.4x 49.7x 22.1x 17.7x 2.8x Koenig & Bauer AG 0.4x 0.5x 0.4x 0.4x 7.9x nm 9.0x 5.6x 14.8x nm 28.3x 9.8x 10.1x nm 55.1x 11.9x 1.1x Krones AG 0.6x 0.7x 0.7x 0.6x 10.2x 13.9x 8.7x 6.9x 17.1x nm 19.1x 12.4x nm nm 25.6x 16.3x 1.6x KSB SE & Co. KGaA 0.2x 0.2x 0.2x 0.2x 3.0x 3.3x 2.4x 2.0x 5.0x 8.0x 4.2x 3.2x 10.4x nm 11.2x 7.6x 0.6x Maschinenfabrik Berthold Hermle AG 2.7x na na na 10.5x na na na 11.4x na na na 16.4x na na na 4.9x MAX Automation SE 0.6x 0.7x 0.7x 0.6x nm 30.5x 9.3x 7.1x nm nm 14.6x 9.7x nm nm 20.0x 10.3x 2.6x Ringmetall AG 0.8x 0.8x 0.8x 0.7x 13.6x 8.6x 7.2x 6.6x 21.0x 15.5x 11.8x 10.2x 27.0x 20.3x 14.6x 12.8x 1.4x Schaltbau Holding AG 0.8x 0.8x 0.8x 0.7x 23.2x 11.0x 8.3x 7.1x nm 19.4x 12.8x 10.3x 65.7x 30.4x 16.6x 12.6x 2.8x SMT Scharf AG 0.7x 1.1x 0.8x 0.7x 7.3x nm 9.1x 5.8x 10.2x nm 12.3x 7.6x 7.3x nm 13.1x 8.0x 0.8x technotrans SE 1.0x 1.1x 1.0x 0.9x 14.6x 17.2x 11.3x 9.1x 21.6x 38.5x 17.6x 12.8x 29.8x 55.8x 23.2x 16.7x 2.4x WashTec AG 1.5x 1.8x 1.6x 1.5x 13.8x 19.0x 13.6x 11.0x 16.6x 38.1x 20.6x 15.1x 27.5x 59.1x 29.6x 21.6x 6.7x Min 0.2x 0.2x 0.2x 0.2x 2.1x 3.3x 2.4x 2.0x 4.2x 7.6x 4.2x 3.2x 7.3x 20.3x 11.2x 7.6x 0.6x Max 2.7x 1.8x 1.6x 1.5x 24.0x 30.5x 13.6x 11.0x 46.8x 38.5x 28.3x 19.0x 65.7x 59.1x 55.1x 23.4x 6.7x Median 0.7x 0.8x 0.8x 0.7x 10.2x 10.4x 8.7x 6.9x 15.7x 21.9x 14.6x 10.2x 18.6x 32.0x 22.2x 15.3x 2.4x Mean 0.9x 0.9x 0.8x 0.8x 11.3x 12.4x 8.4x 6.7x 16.2x 21.9x 15.3x 10.5x 22.4x 39.3x 24.5x 15.0x 2.4x

Note: For multiple and ratio definitions, please refer to appendix 26 Source: S&P Capital IQ as of December 18, 2020 Industrial Materials (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 AlzChem Group AG 21.50 26.80 13.00 80.2% 165.4% 0.0 12.6 220.8 208.2 5.0% 2.6% 1.9% 12.7% 13.4% 3.5% nm 13.8x 5.0x 25.3% Aurubis AG 63.06 69.02 30.87 91.4% 204.3% 583.3 499.0 2,749.1 2,834.0 4.6% 6.9% 2.6% 1.8% 3.4% 2.0% 0.2x 25.3x 5.7x 8.8% BayWa AG 36.20 37.00 25.40 97.8% 142.5% 4,520.5 162.3 1,155.8 5,839.2 3.5% 1.6% 1.6% 31.0% 2.4% 2.6% nm 1.6x nm 2.9% Brenntag AG 63.88 64.48 29.32 99.1% 217.9% 2,459.2 903.0 10,036.3 11,652.5 6.9% 0.7% 3.6% 9.6% 8.6% 2.0% 1.5x 9.6x 11.2x 12.7% Eisen- und Hüttenwerke AG 13.00 17.20 9.40 75.6% 138.3% 0.0 0.0 228.8 228.8 -7.6% nm nm nm na 3.1% nm na nm na Evonik Industries AG 26.90 27.51 15.41 97.8% 174.6% 4,573.0 1,809.0 12,522.1 15,373.1 1.0% 1.0% -2.3% 5.4% 15.8% 4.3% 1.4x 9.0x 9.5x 6.8% Fuchs Petrolub SE 36.75 40.60 24.15 90.5% 152.2% 60.0 140.0 5,895.0 5,816.0 4.3% 1.1% -0.7% 4.1% 15.1% 2.6% nm 97.8x 15.5x 12.9% H&R GmbH & Co. KGaA 5.44 6.32 3.43 86.1% 158.6% 200.6 87.3 200.6 352.9 4.5% -2.0% -22.1% 13.3% 5.5% na 2.2x 6.5x 2.1x na K+S AG 7.67 11.44 4.52 67.0% 169.5% 3,608.8 336.7 1,461.9 4,735.6 5.6% -13.3% -0.4% -7.2% 12.9% 2.0% 7.0x 4.1x 2.3x na Klöckner & Co SE 8.36 8.63 2.64 96.8% 317.0% 548.7 138.5 838.9 1,256.8 3.3% -1.3% nm nm 2.0% na 4.0x 1.4x 4.1x na KWS SAAT SE & Co. KGaA 64.10 73.40 39.20 87.3% 163.5% 812.4 192.9 2,154.9 2,774.5 3.0% 5.3% 4.8% 11.6% 18.6% 1.0% 2.6x na 30.5x 11.7% SGL Carbon SE 3.82 5.15 2.08 74.1% 183.2% 445.0 166.8 472.6 761.5 12.2% -1.2% 20.5% 9.8% 8.5% na 3.6x 3.3x 7.5x na SIMONA AG 492.00 540.00 342.00 91.1% 143.9% 15.4 71.1 295.2 239.9 5.9% nm 5.0% nm na 2.0% nm nm 5.7x na Symrise AG 107.85 121.00 72.00 89.1% 149.8% 2,005.2 376.9 14,599.0 16,287.2 5.5% 5.2% 4.5% 8.0% 21.6% 0.9% 2.1x 17.2x 26.7x 14.0% Wacker Chemie AG 117.15 118.35 30.87 99.0% 379.5% 1,423.0 944.9 5,832.2 6,371.8 2.1% 1.8% -14.8% 19.3% 14.0% 0.4% 0.7x 25.0x 9.6x 7.6% Min 200.6 208.2 -7.6% -13.3% -22.1% -7.2% 2.0% 0.4% 0.2x 1.4x 2.1x 2.9% Max 14,599.0 16,287.2 12.2% 6.9% 20.5% 31.0% 21.6% 4.3% 7.0x 97.8x 30.5x 25.3% Median 1,461.9 2,834.0 4.5% 1.1% 1.9% 9.7% 12.9% 2.0% 2.2x 9.3x 7.5x 11.7% Mean 3,910.9 4,982.1 4.0% 0.6% 0.3% 10.0% 10.9% 2.2% 2.5x 17.9x 10.4x 11.4%

*) Share Price as of 18.12.2020 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 27 Source: S&P Capital IQ as of December 18, 2020 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 0.5x 0.6x 0.5x 0.5x 4.6x 4.3x 3.6x 3.2x 7.4x 7.8x 6.0x 5.0x 12.3x 13.6x 10.2x 8.3x 3.4x Aurubis AG 0.3x 0.2x 0.2x 0.2x 6.1x 6.7x 6.1x 5.8x 8.6x 12.0x 10.1x 9.4x 10.5x 10.9x 12.9x 12.0x 1.0x BayWa AG 0.3x 0.3x 0.3x 0.3x 30.2x 14.6x 14.0x 13.4x nm 29.2x 27.3x 25.4x 31.5x 31.4x 30.6x 23.2x 0.9x Brenntag AG 0.9x 1.0x 0.9x 0.9x 13.4x 11.4x 10.9x 10.1x 16.6x 16.3x 15.5x 14.0x 21.5x 22.2x 22.5x 19.4x 2.8x Eisen- und Hüttenwerke AG nm na na na na na na na nm na na na 34.3x na na na 2.4x Evonik Industries AG 1.2x 1.3x 1.2x 1.1x 7.7x 8.0x 7.2x 6.6x 12.9x 16.0x 13.2x 11.6x 5.9x 21.9x 17.0x 14.4x 1.5x Fuchs Petrolub SE 2.3x 2.5x 2.3x 2.2x 14.9x 16.5x 14.3x 13.2x 17.8x 21.3x 18.1x 16.4x 25.9x 30.1x 25.5x 22.9x 3.9x H&R GmbH & Co. KGaA 0.3x 0.4x 0.4x 0.3x 7.5x 6.9x 6.0x 5.2x 32.7x nm 25.9x 16.5x nm nm 42.2x 18.7x 0.6x K+S AG 1.2x 1.3x 1.7x 1.8x 8.1x 10.1x 10.8x 10.1x 21.4x nm 44.3x 31.0x 16.4x nm 11.7x 28.2x 0.7x Klöckner & Co SE 0.2x 0.2x 0.2x 0.2x 24.8x 12.3x 6.7x 5.8x nm nm 22.1x 14.9x nm nm 43.0x 23.0x 0.8x KWS SAAT SE & Co. KGaA 2.3x 2.2x 2.1x 2.0x 14.5x 11.6x 11.0x 10.4x 21.8x 18.8x 16.6x 14.8x 21.9x 20.4x 18.5x 16.2x 2.4x SGL Carbon SE 0.7x 0.8x 0.8x 0.7x 8.4x 9.8x 7.5x 6.4x 44.0x nm 26.2x 15.0x nm nm nm 44.1x 1.2x SIMONA AG 0.6x na na na 5.5x na na na 8.8x na na na 14.4x na na na 1.4x Symrise AG 4.8x 4.6x 4.3x 4.1x 23.4x 21.1x 20.0x 18.6x 34.7x 31.3x 29.1x 26.5x 48.9x 42.8x 39.3x 35.2x 6.0x Wacker Chemie AG 1.3x 1.4x 1.3x 1.2x 11.7x 9.8x 7.6x 6.9x nm 27.5x 14.4x 12.2x nm 38.9x 23.6x 18.3x 2.9x Min 0.2x 0.2x 0.2x 0.2x 4.6x 4.3x 3.6x 3.2x 7.4x 7.8x 6.0x 5.0x 5.9x 10.9x 10.2x 8.3x 0.6x Max 4.8x 4.6x 4.3x 4.1x 30.2x 21.1x 20.0x 18.6x 44.0x 31.3x 44.3x 31.0x 48.9x 42.8x 43.0x 44.1x 6.0x Median 0.8x 1.0x 0.9x 0.9x 10.1x 10.1x 7.6x 6.9x 17.8x 18.8x 18.1x 14.9x 21.5x 22.2x 23.1x 19.4x 1.5x Mean 1.2x 1.3x 1.2x 1.2x 12.9x 11.0x 9.7x 8.9x 20.6x 20.0x 20.7x 16.4x 22.1x 25.8x 24.7x 21.8x 2.1x

Note: For multiple and ratio definitions, please refer to appendix 28 Source: S&P Capital IQ as of December 18, 2020 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 Centrotec SE 15.16 18.12 9.70 83.7% 156.3% 188.0 99.1 199.9 288.8 4.2% nm -0.3% nm na na nm 12.2x 4.8x na Gesco AG 17.00 19.40 9.96 87.6% 170.7% 149.6 48.4 186.4 302.7 6.6% -1.2% 7.2% 3.6% 6.7% 1.8% 3.0x 17.3x 3.6x na Knorr-Bremse AG 106.26 111.00 71.55 95.7% 148.5% 2,458.4 2,183.7 17,364.5 17,742.2 8.5% 1.1% 8.6% 3.1% 17.4% 1.7% 0.3x 17.8x 17.4x 26.1% LANXESS AG 62.72 63.52 27.89 98.7% 224.9% 2,837.0 1,719.0 5,405.3 6,501.3 -4.0% -0.2% -0.7% 2.7% 13.8% 1.5% 1.3x 12.4x 8.4x 27.9% Masterflex SE 5.75 6.35 3.00 90.6% 191.7% 27.9 8.2 56.3 76.4 6.2% 0.2% -1.2% 10.9% 10.0% 1.2% 2.8x 6.0x 8.3x 2.4% NORMA Group SE 41.50 42.02 14.88 98.8% 278.9% 571.7 203.1 1,343.3 1,712.2 7.2% -1.3% -0.6% 4.3% 10.5% 0.1% 3.8x 10.9x 9.6x 1.1% OSRAM Licht AG 51.96 52.58 20.63 98.8% 251.9% 862.0 339.0 4,901.3 5,414.3 -2.9% 0.8% -31.9% 30.1% 8.4% na 2.0x 11.9x 22.7x na Pfeiffer Vacuum Technology AG 153.80 180.00 107.20 85.4% 143.5% 72.5 115.1 1,559.1 1,516.5 10.1% 2.9% -1.4% 12.6% 11.5% 0.8% nm nm 23.2x 8.4% R. STAHL AG 21.00 33.80 14.60 62.1% 143.8% 54.1 18.0 135.2 171.6 -1.3% -0.6% 1.7% 17.2% 5.5% na 2.6x 5.8x 6.9x na RATIONAL AG 719.00 777.00 388.40 92.5% 185.1% 18.9 224.3 8,305.8 8,100.4 11.2% -2.0% 10.0% -2.3% 18.3% 0.8% nm nm 41.2x 13.3% Salzgitter AG 21.33 21.42 7.86 99.6% 271.3% 1,064.4 378.6 1,164.5 1,858.5 2.7% -0.6% -3.2% 25.5% 1.5% 0.9% 6.2x na 4.6x na Siemens Energy AG 26.70 26.80 18.38 99.6% 145.3% 2,547.0 5,180.0 19,154.6 16,969.6 nm nm nm nm 5.7% na nm na nm na Sto SE & Co. KGaA 123.40 126.00 72.40 97.9% 170.4% 155.0 212.8 822.5 766.4 4.3% 2.2% 7.4% 7.6% 11.6% 0.3% nm nm 6.8x 15.0% Surteco Group SE 23.50 23.70 14.68 99.2% 160.1% 283.9 133.8 359.7 509.8 1.9% -0.2% -7.3% 14.3% 12.5% na 2.0x 8.2x 4.3x 6.2% thyssenkrupp AG 8.02 12.41 3.30 64.6% 243.0% 6,502.0 11,557.0 5,011.4 320.4 2.8% -8.4% -23.7% 24.3% -0.9% na nm 4.1x 28.9x na va-Q-tec AG 37.40 51.00 6.76 73.3% 553.3% 44.5 11.9 481.2 513.8 19.7% 20.0% nm nm 16.8% na 2.6x nm nm na Varta AG 111.30 138.50 50.90 80.4% 218.7% 64.5 132.0 4,494.9 4,427.8 19.1% 53.3% nm nm 26.4% na nm nm 42.5x 23.3% Voltabox AG 3.85 9.20 2.80 41.8% 137.5% 14.9 0.7 61.9 76.0 46.4% nm nm nm 5.8% na 4.0x nm nm na Vossloh AG 42.00 42.40 24.25 99.1% 173.2% 460.9 81.5 732.4 1,124.8 3.7% 1.5% -6.0% 27.0% 12.8% 2.4% 3.4x 3.2x nm 2.8% Westag & Getalit AG 28.40 31.80 23.00 89.3% 123.5% 0.0 37.3 137.3 100.0 -0.3% nm -17.2% nm na 2.1% nm nm 9.8x na Min 56.3 76.0 -4.0% -8.4% -31.9% -2.3% -0.9% 0.1% 0.3x 3.2x 3.6x 1.1% Max 19,154.6 17,742.2 46.4% 53.3% 10.0% 30.1% 26.4% 2.4% 6.2x 17.8x 42.5x 27.9% Median 993.5 945.6 4.3% 0.0% -1.0% 11.8% 11.0% 1.2% 2.7x 10.9x 9.0x 10.9% Mean 3,593.9 3,424.7 7.7% 4.2% -3.7% 12.9% 10.8% 1.2% 2.8x 10.0x 15.2x 12.6%

*) Share Price as of 18.12.2020 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 29 Source: S&P Capital IQ as of December 18, 2020 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 Centrotec SE 0.4x na na na 5.8x na na na 9.3x na na na 8.5x na na na 0.9x Gesco AG 0.5x 0.6x 0.6x 0.5x 5.4x 9.0x 6.3x 4.9x 10.4x nm 12.8x 8.4x 11.3x nm 15.2x 9.5x 0.8x Knorr-Bremse AG 2.5x 2.9x 2.6x 2.4x 13.7x 16.6x 14.0x 12.5x 17.0x 22.3x 17.9x 15.7x 29.5x 36.1x 28.2x 24.6x 9.4x LANXESS AG 1.0x 1.1x 1.0x 1.0x 6.9x 7.7x 6.9x 6.4x 12.3x 17.3x 12.9x 11.6x 26.4x 6.1x 18.6x 15.5x 1.7x Masterflex SE 0.9x 1.1x 1.0x 0.9x 9.7x 10.8x 8.3x 7.1x 17.2x 34.7x 15.6x 11.6x 22.2x 56.3x 19.4x 13.7x 1.3x NORMA Group SE 1.5x 1.8x 1.7x 1.6x 10.2x 17.6x 10.4x 9.0x 15.6x 38.7x 16.5x 14.0x 23.0x nm 24.3x 19.0x 2.3x OSRAM Licht AG 1.5x 1.7x 1.6x 1.5x 26.7x 20.4x 16.3x 12.1x nm nm nm na nm nm nm nm 2.8x Pfeiffer Vacuum Technology AG 2.4x 2.5x 2.3x 2.2x 18.2x 21.6x 14.9x 12.7x 23.2x 32.3x 20.3x 16.8x 32.2x 46.7x 29.0x 23.9x 3.9x R. STAHL AG 0.6x 0.7x 0.7x 0.6x 10.6x 12.2x 7.3x 6.6x 21.7x nm 20.3x 16.1x nm nm 35.1x 25.3x 2.7x RATIONAL AG 9.6x 12.9x 11.4x 10.2x 34.1x nm nm 36.6x 36.6x nm nm 42.2x 48.4x nm nm 56.2x 16.6x Salzgitter AG 0.2x 0.3x 0.2x 0.2x 6.4x 16.7x 4.0x 3.2x nm nm 14.2x 7.0x nm nm 18.1x 8.9x 0.4x Siemens Energy AG na 0.6x 0.6x 0.5x na 10.6x 9.0x 6.4x na nm 28.8x 12.9x na nm nm 25.4x 1.2x Sto SE & Co. KGaA 0.5x 0.5x 0.5x 0.5x 6.1x 4.7x 5.0x 4.9x 8.4x 7.0x 7.9x 7.5x 14.1x 11.3x 12.8x 12.2x nm Surteco Group SE 0.7x 0.8x 0.8x 0.8x 8.4x 6.8x 6.2x 5.6x 18.3x 16.2x 14.4x 13.5x 38.2x 16.2x 13.1x 10.6x 1.0x thyssenkrupp AG 0.0x 0.0x 0.0x 0.0x 0.4x nm 0.3x 0.2x nm nm nm 0.8x nm 0.7x nm nm 0.5x va-Q-tec AG 7.5x 7.0x 5.1x 4.3x nm nm 24.4x 19.1x nm nm nm 39.7x nm nm nm 52.1x 11.5x Varta AG 12.1x 5.2x 4.1x 3.4x nm 19.5x 13.4x 10.7x nm 26.5x 19.0x 15.3x nm 39.7x 23.0x 18.8x 9.2x Voltabox AG 1.2x 1.3x 1.0x na nm 21.7x 6.6x na nm nm 30.4x 23.8x nm nm 36.4x na 3.1x Vossloh AG 1.2x 1.3x 1.2x 1.2x 16.6x 10.0x 9.1x 8.1x nm 16.1x 15.1x 12.7x nm 64.8x 19.4x 15.4x 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 0.0x 0.0x 0.0x 0.0x 0.4x 4.7x 0.3x 0.2x 8.4x 7.0x 7.9x 0.8x 8.5x 0.7x 12.8x 8.9x 0.4x Max 12.1x 12.9x 11.4x 10.2x 34.1x 21.7x 24.4x 36.6x 36.6x 38.7x 30.4x 42.2x 48.4x 64.8x 36.4x 56.2x 16.6x Median 1.0x 1.2x 1.0x 1.0x 9.5x 12.2x 8.3x 7.1x 17.0x 22.3x 16.0x 13.5x 23.0x 36.1x 19.4x 18.8x 1.8x Mean 2.4x 2.3x 2.0x 1.9x 11.8x 13.7x 9.5x 9.8x 17.3x 23.5x 17.6x 15.9x 24.9x 30.9x 22.5x 22.1x 3.8x

Note: For multiple and ratio definitions, please refer to appendix 30 Source: S&P Capital IQ as of December 18, 2020 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 bet-at-home.com AG 32.50 62.00 17.86 52.4% 182.0% 2.8 49.0 228.8 182.5 2.3% -4.3% 0.9% -6.8% 27.6% 6.2% nm nm 7.6x na Delivery Hero SE 119.35 120.00 50.86 99.5% 234.7% 1,756.2 2,579.4 23,716.7 22,890.8 62.2% 71.7% nm nm -23.7% na nm nm nm na Delticom AG 6.04 6.44 2.11 93.8% 286.3% 86.6 4.8 76.0 158.8 1.0% -2.1% nm nm 2.5% na 6.0x nm nm 33.5% HelloFresh SE 62.25 66.70 16.24 93.3% 383.3% 291.6 729.8 10,760.4 10,321.4 44.7% 38.4% nm nm 12.0% na nm nm nm na HolidayCheck Group AG 1.91 2.82 0.82 67.6% 232.3% 37.0 44.9 112.1 104.3 9.8% -12.1% nm nm nm na nm 7.2x 43.9x na home24 SE 19.22 20.90 2.13 92.0% 902.7% 35.4 50.4 509.6 480.2 15.1% 21.2% nm nm 2.7% na nm nm nm na New Work SE 276.50 313.00 166.50 88.3% 166.1% 45.8 59.9 1,573.7 1,559.6 26.4% 3.1% 16.3% 18.1% 30.4% 0.9% nm nm 19.5x 31.4% pferdewetten.de AG 12.00 12.50 6.85 96.0% 175.2% 0.6 18.0 51.0 33.6 29.4% 7.6% 6.4% 23.4% 16.1% 1.7% nm nm 11.7x 7.5% Scout24 AG 68.90 79.45 44.50 86.7% 154.8% 289.0 1,890.1 6,775.2 5,174.1 -7.1% 5.1% -10.2% 21.9% nm 1.3% nm 10.1x 34.8x na SYZYGY AG 5.95 7.80 4.05 76.3% 146.9% 0.0 1.6 79.0 77.5 0.0% 2.1% 0.1% 29.6% 14.9% na nm 7.1x nm 7.5% Westwing Group AG 31.70 35.80 2.69 88.6% 1180.4% 29.5 91.5 639.0 574.2 2.2% 29.1% nm nm 10.3% na nm nm nm 25.8% Zalando SE 91.02 91.30 27.50 99.7% 331.0% 1,776.9 2,692.1 22,941.0 22,025.6 21.2% 19.1% 4.7% 48.7% 8.1% na nm 8.6x nm 11.1% ZEAL Network SE 43.85 44.65 17.52 98.2% 250.3% 9.0 78.2 990.2 929.1 0.2% -2.5% 10.0% 17.6% 12.8% 1.8% nm 23.1x nm 1.2% zooplus AG 165.20 170.00 66.60 97.2% 248.0% 78.7 98.7 1,188.2 1,168.2 17.2% 14.5% nm nm 3.4% na nm nm 42.0x 17.0% Min 51.0 33.6 -7.1% -12.1% -10.2% -6.8% -23.7% 0.9% 6.0x 7.1x 7.6x 1.2% Max 23,716.7 22,890.8 62.2% 71.7% 16.3% 48.7% 30.4% 6.2% 6.0x 23.1x 43.9x 33.5% Median 814.6 751.6 12.4% 6.3% 4.7% 21.9% 11.2% 1.7% 6.0x 8.6x 27.1x 14.0% Mean 4,974.4 4,691.4 16.0% 13.6% 4.0% 21.8% 9.8% 2.4% 6.0x 11.2x 26.6x 16.9%

*) Share Price as of 18.12.2020 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 31 Source: S&P Capital IQ as of December 18, 2020 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 bet-at-home.com AG 1.3x 1.8x 1.8x 1.5x 5.3x 6.4x 8.8x 6.6x 5.5x 6.9x 9.7x 7.0x 12.7x 10.6x 14.8x 10.6x 5.4x Delivery Hero SE 18.5x 9.2x 5.4x 3.7x nm nm nm nm nm nm nm nm nm nm nm nm 11.2x Delticom AG 0.3x 0.3x 0.3x 0.3x nm 11.6x 10.2x 8.7x nm 42.9x 37.8x 26.9x nm nm 63.4x 30.4x 31.9x HelloFresh SE 5.7x 2.8x 2.5x 2.2x nm 23.6x 23.3x 18.7x nm 28.1x 29.8x 22.8x nm 34.3x 40.2x 33.3x 20.8x HolidayCheck Group AG 0.7x 5.2x 1.5x 1.0x nm nm 13.0x 7.4x nm nm 29.8x 13.9x nm nm 44.9x 19.3x 1.3x home24 SE 1.3x 1.0x 0.9x 0.7x nm 36.9x 29.9x 20.4x nm nm nm nm nm nm nm nm 6.8x New Work SE 5.3x 5.6x 5.3x 4.8x 24.2x 18.5x 16.9x 14.7x 27.7x 33.3x 27.1x 22.3x 45.7x 42.3x 41.1x 34.0x 13.3x pferdewetten.de AG 2.3x 2.5x 2.1x 1.9x 14.4x 15.3x 11.2x 7.6x 15.1x 22.4x 14.6x 9.3x 15.4x 42.5x 28.3x 18.2x 3.2x Scout24 AG 14.2x 14.7x 13.6x 12.3x 35.8x 24.7x 22.6x 19.8x 44.7x 33.4x 29.2x 24.8x nm 2.9x 53.5x 43.4x 2.3x SYZYGY AG 1.2x 1.3x 1.3x 1.1x 13.2x 8.7x 6.7x 6.0x 20.2x 15.5x 12.9x 10.9x 22.8x 20.0x 21.3x 17.3x 1.5x Westwing Group AG 2.1x 1.3x 1.2x 1.0x nm 13.0x 19.6x 14.6x nm 22.7x nm 32.2x nm 29.5x nm 56.4x 7.6x Zalando SE 3.4x 2.8x 2.4x 2.0x nm 34.7x 33.2x 26.1x nm nm nm 40.3x nm nm nm 78.0x 11.5x ZEAL Network SE 8.2x 11.4x 10.1x 8.8x nm nm nm 27.1x nm nm nm 36.9x nm nm nm 56.3x 2.5x zooplus AG 0.8x 0.7x 0.6x 0.5x nm 19.2x 20.6x 17.6x nm 38.1x 46.5x 35.3x nm 59.1x nm 53.7x 10.0x Min 0.3x 0.3x 0.3x 0.3x 5.3x 6.4x 6.7x 6.0x 5.5x 6.9x 9.7x 7.0x 12.7x 2.9x 14.8x 10.6x 1.3x Max 18.5x 14.7x 13.6x 12.3x 35.8x 36.9x 33.2x 27.1x 44.7x 42.9x 46.5x 40.3x 45.7x 59.1x 63.4x 78.0x 31.9x Median 2.2x 2.6x 2.0x 1.7x 14.4x 18.5x 18.2x 14.7x 20.2x 28.1x 29.2x 23.8x 19.1x 31.9x 40.7x 33.6x 7.2x Mean 4.7x 4.3x 3.5x 3.0x 18.6x 19.3x 18.0x 15.0x 22.6x 27.0x 26.4x 23.6x 24.2x 30.2x 38.4x 37.6x 9.2x

Note: For multiple and ratio definitions, please refer to appendix 32 Source: S&P Capital IQ as of December 18, 2020 IT Services (1/2)

General Information Ratio Analysis

*) Share Price as of 18.12.2020 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 33 Source: S&P Capital IQ as of December 18, 2020 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 1.5x 1.4x 1.2x 1.1x 20.0x 11.6x 10.3x 9.4x 28.0x 20.1x 16.9x 14.6x 34.3x 27.3x 22.6x 19.3x 6.3x All for One Group SE 0.9x 0.9x 0.8x na 10.5x 7.6x 7.3x na 18.6x 16.3x 15.4x na 31.1x 23.6x 22.4x na 3.4x Allgeier SE 0.4x 0.4x 0.4x 0.3x 7.6x 3.5x 3.1x 2.7x 10.1x 6.0x 5.0x 4.1x 12.7x 8.7x 6.4x 5.1x 1.2x Bechtle AG 1.4x 1.3x 1.2x 1.1x 27.9x 21.5x 19.9x 18.3x 32.6x 28.7x 25.9x 23.2x 44.7x 40.4x 36.4x 32.5x 7.0x Cancom SE 1.0x 0.9x 0.8x 0.8x 10.7x 12.9x 10.9x 9.5x 14.4x 25.1x 18.0x 14.4x 47.5x 38.4x 33.3x 26.0x 2.9x CENIT AG 0.5x 0.6x 0.6x 0.6x 8.3x 11.9x 8.5x 6.8x 10.1x nm 21.6x 13.1x 15.6x nm 38.3x 22.7x 2.6x EASY SOFTWARE AG 1.5x 1.5x 1.4x 1.3x nm 10.9x 9.8x 8.3x nm nm nm 33.2x 41.7x 48.1x 46.9x 34.4x 3.0x GFT Technologies SE 0.9x 0.9x 0.9x 0.8x 11.6x 10.2x 8.5x 7.6x 18.0x 24.3x 16.8x 13.2x 23.2x 30.7x 19.6x 14.9x 2.6x KPS AG 1.3x 1.3x 1.2x 1.1x 11.0x 10.6x 8.7x 7.0x 13.4x 14.4x 11.3x 8.9x 17.0x 18.2x 14.1x 11.4x 2.7x PSI Software AG 1.5x 1.5x 1.4x 1.3x 16.3x 14.2x 11.8x 10.3x 21.4x 23.4x 18.3x 15.2x 25.6x 32.0x 23.9x 20.3x 3.7x secunet Security Networks AG 6.6x 5.5x 5.6x 5.3x nm 26.7x 29.3x 26.5x 45.5x 30.9x 34.2x 30.7x 68.6x 45.8x 51.1x 45.8x 17.2x Serviceware SE 1.7x 1.5x 1.3x 1.2x nm 12.5x 12.5x 12.5x nm nm nm 22.6x nm nm nm 37.6x 2.5x

Min 0.4x 0.4x 0.4x 0.3x 7.6x 3.5x 3.1x 2.7x 10.1x 6.0x 5.0x 4.1x 12.7x 8.7x 6.4x 5.1x 1.2x Max 6.6x 5.5x 5.6x 5.3x 27.9x 26.7x 29.3x 26.5x 45.5x 30.9x 34.2x 33.2x 68.6x 48.1x 51.1x 45.8x 17.2x Median 1.3x 1.3x 1.2x 1.1x 11.0x 11.8x 10.0x 9.4x 18.3x 23.4x 17.5x 14.6x 31.1x 31.4x 23.9x 22.7x 2.9x Mean 1.6x 1.5x 1.4x 1.4x 13.8x 12.8x 11.7x 10.8x 21.2x 21.0x 18.3x 17.6x 32.9x 31.3x 28.6x 24.6x 4.6x

Note: For multiple and ratio definitions, please refer to appendix 34 Source: S&P Capital IQ as of December 18, 2020 Media & Entertainment

General Information Ratio Analysis

Min 47.5 52.9 -15.0% -6.1% -2.4% -6.8% -11.0% 2.5% 0.7x 2.0x 1.7x 3.3% Max 5,001.1 6,124.3 20.3% 6.8% 32.4% 24.6% 47.4% 2.5% 6.8x 52.8x 35.5x 12.2% Median 1,745.7 3,258.2 2.4% 2.4% 5.3% 2.4% 12.9% 2.5% 3.7x 17.2x 4.4x 3.6% Mean 2,175.1 3,116.3 3.9% 1.0% 10.2% 4.1% 16.0% 2.5% 3.7x 24.8x 10.6x 6.3%

*) Share Price as of 18.12.2020 **) 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 0.7x 0.6x 0.6x 0.6x nm 6.7x 5.9x 5.6x nm 9.5x 8.1x 7.7x nm 43.8x 12.1x 11.1x 1.6x CTS Eventim AG & Co. KGaA 3.2x 15.4x 6.1x 3.9x 19.0x nm nm 23.4x 20.6x nm nm 31.9x 37.6x nm nm 56.9x 10.4x DEAG Deutsche Entertainment AG 0.5x 2.1x 0.7x 0.5x 12.2x nm 10.7x 6.3x 18.5x nm 39.8x 11.3x nm nm nm 62.3x 4.6x ProSiebenSat.1 Media SE 1.5x 1.6x 1.4x 1.4x 6.1x 9.5x 7.9x 7.4x 8.0x 15.4x 11.7x 10.7x 7.6x 16.5x 12.0x 9.9x 2.0x Ströer SE & Co. KGaA 3.7x 4.2x 3.7x 3.5x 11.7x 13.3x 10.9x 9.8x 32.5x nm 32.3x 24.9x 64.5x nm 42.2x 30.3x 7.1x Tele Columbus AG 3.6x 4.0x 4.0x 3.9x 8.5x 8.5x 8.2x 8.0x 35.8x 37.7x 26.8x 22.8x nm nm nm 49.2x 1.3x Min 0.5x 0.6x 0.6x 0.5x 6.1x 6.7x 5.9x 5.6x 8.0x 9.5x 8.1x 7.7x 7.6x 16.5x 12.0x 9.9x 1.3x Max 3.7x 15.4x 6.1x 3.9x 19.0x 13.3x 10.9x 23.4x 35.8x 37.7x 39.8x 31.9x 64.5x 43.8x 42.2x 62.3x 10.4x Median 2.3x 3.1x 2.6x 2.4x 11.7x 9.0x 8.2x 7.7x 20.6x 15.4x 26.8x 17.0x 37.6x 30.1x 12.1x 39.8x 3.3x Mean 2.2x 4.6x 2.8x 2.3x 11.5x 9.5x 8.7x 10.1x 23.1x 20.9x 23.7x 18.2x 36.6x 30.1x 22.1x 36.6x 4.5x

Note: For multiple and ratio definitions, please refer to appendix 35 Source: S&P Capital IQ as of December 18, 2020 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 31.00 31.80 17.00 97.5% 182.4% 468.4 73.0 1,181.2 1,576.6 0.9% 9.0% -36.6% 54.1% 6.5% 0.1% nm 1.6x nm na Carl Zeiss Meditec AG 109.20 123.70 67.90 88.3% 160.8% 68.6 5.2 9,766.9 9,849.2 10.8% 3.3% 19.3% 7.1% 18.2% na 0.3x 29.7x nm 9.1% Dermapharm Holding SE 55.16 57.47 28.67 96.0% 192.4% 620.9 110.0 2,999.4 3,516.5 16.2% 10.0% 14.9% 24.0% 24.3% 1.5% 2.7x 13.5x 29.5x 29.6% Drägerwerk AG & Co. KGaA 58.00 77.60 36.95 74.7% 157.0% 143.0 265.1 1,130.5 1,009.3 3.3% 4.3% -8.3% 30.4% 14.3% 0.3% nm 10.7x 6.6x 22.3% Eckert & Ziegler AG 44.58 50.50 24.50 88.3% 182.0% 22.1 75.9 916.3 863.5 14.2% 6.4% 22.8% 10.8% 24.2% 1.0% nm 36.2x 22.7x 15.0% Geratherm Medical AG 10.70 12.70 7.60 84.3% 140.8% 10.2 9.2 53.0 53.7 -1.7% nm -19.6% nm na 2.3% nm 7.2x 34.4x na Gerresheimer AG 90.90 103.20 53.90 88.1% 168.6% 1,117.9 113.5 2,849.6 3,868.7 0.4% 4.5% -4.1% 10.3% 21.5% 1.3% 3.3x 10.8x 14.8x 11.4% Maternus-Kliniken AG 4.12 4.50 0.95 91.6% 433.7% 141.8 12.4 88.1 222.0 0.1% nm nm nm na na nm nm 5.4x na MEDICLIN AG 3.70 5.25 3.60 70.5% 102.8% 489.6 88.6 178.6 579.4 5.3% 3.0% 2.4% 41.2% 11.0% 1.4% 5.5x 3.5x 2.5x na Medios AG 36.80 42.30 21.90 87.0% 168.0% 7.8 67.3 591.9 532.5 57.2% 32.7% nm 38.4% 2.2% na nm nm nm 5.5% PharmaSGP Holding SE 23.15 37.20 19.20 62.2% 120.6% 0.4 6.6 282.0 275.8 nm 9.0% nm 6.5% 30.9% na nm nm 15.8x na Siemens Healthineers AG 41.48 47.84 28.51 86.7% 145.5% 5,503.0 687.0 44,628.7 49,457.7 nm 4.6% nm 11.2% 20.3% 1.9% 1.6x 26.5x 23.7x 11.5% Stratec SE 117.00 143.80 49.00 81.4% 238.8% 103.6 30.3 1,433.8 1,507.1 6.2% 11.2% 3.1% 27.2% 21.9% 0.7% 1.3x 36.5x nm 16.0% VITA 34 AG 12.25 14.35 8.10 85.4% 151.2% 5.8 10.5 50.4 45.8 7.5% 7.8% 37.1% 11.4% 27.2% na nm 28.2x 7.9x 6.7% Min 50.4 45.8 -1.7% 3.0% -36.6% 6.5% 2.2% 0.1% 0.3x 1.6x 2.5x 5.5% Max 44,628.7 49,457.7 57.2% 32.7% 37.1% 54.1% 30.9% 2.3% 5.5x 36.5x 34.4x 29.6% Median 1,023.4 936.4 5.7% 7.1% 2.7% 17.7% 20.9% 1.3% 2.2x 13.5x 15.3x 11.5% Mean 4,725.0 5,239.8 10.0% 8.8% 3.1% 22.7% 18.5% 1.2% 2.4x 18.6x 16.3x 14.1%

*) Share Price as of 18.12.2020 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 36 Source: S&P Capital IQ as of December 18, 2020 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 3.2x 2.9x nm nm nm 30.3x nm nm nm nm nm nm nm nm 2.7x Carl Zeiss Meditec AG 6.5x 7.2x 6.5x 5.9x 33.6x 39.5x 32.9x 27.4x 36.0x nm 39.4x 32.1x 57.5x 74.4x 58.2x 47.7x 6.7x Dermapharm Holding SE 4.9x 4.5x 3.9x 3.7x 25.8x 18.3x 14.8x 13.5x 28.0x 24.3x 18.6x 16.6x 38.9x 33.4x 23.8x 20.9x 9.9x Drägerwerk AG & Co. KGaA 0.4x 0.3x 0.3x 0.3x 6.4x 2.1x 3.0x 2.9x 12.8x 2.9x 4.6x 4.6x 33.9x 5.4x 8.0x 8.7x 1.2x Eckert & Ziegler AG 4.8x 4.8x 4.4x 4.0x 21.8x 20.0x 18.0x 16.0x 26.5x 26.9x 23.3x 20.1x 41.6x 41.5x 35.8x 30.7x 6.2x Geratherm Medical AG 2.6x na na na 32.1x na na na nm na na na nm na na na 2.8x Gerresheimer AG 2.8x 2.7x 2.6x 2.4x 14.6x 12.6x 11.8x 10.9x 33.6x 25.0x 21.9x 19.3x 35.3x 28.7x 24.8x 21.5x 3.3x Maternus-Kliniken AG 1.8x na na na nm na na na nm na na na nm na na na na MEDICLIN AG 0.9x 0.9x 0.8x 0.8x 16.6x 7.9x 6.0x 5.9x nm nm 24.5x 22.3x 18.5x nm 14.5x 11.9x 1.0x Medios AG 1.0x 0.9x 0.5x 0.4x 34.2x 39.1x 16.6x 12.9x 36.4x 46.3x 18.9x 14.5x 60.6x 76.4x 30.9x 23.4x 4.2x PharmaSGP Holding SE 4.4x 4.3x 3.9x 3.4x 12.3x 13.9x 11.5x 10.2x 12.3x 14.2x 12.0x 10.2x 16.9x 20.1x 15.7x 14.1x nm Siemens Healthineers AG 3.3x 3.4x 3.1x 2.9x 17.8x 16.9x 14.5x 12.9x 22.4x 21.7x 18.6x 16.4x 29.2x 31.1x 26.2x 22.7x 3.6x Stratec SE 6.8x 6.0x 5.3x 4.9x nm 27.3x 23.1x 20.6x nm 37.6x 30.6x 27.8x nm 55.3x 42.8x 38.2x 8.8x VITA 34 AG 2.3x 2.2x 2.1x 1.8x 8.9x 8.2x 7.5x 6.4x 13.9x 14.8x 12.2x 9.4x 37.3x 23.4x 20.2x 15.5x 1.6x Min 0.4x 0.3x 0.3x 0.3x 6.4x 2.1x 3.0x 2.9x 12.3x 2.9x 4.6x 4.6x 16.9x 5.4x 8.0x 8.7x 1.0x Max 6.8x 7.2x 6.5x 5.9x 34.2x 39.5x 32.9x 30.3x 36.4x 46.3x 39.4x 32.1x 60.6x 76.4x 58.2x 47.7x 9.9x Median 3.1x 3.4x 3.1x 2.9x 17.8x 16.9x 14.5x 12.9x 26.5x 24.3x 18.9x 16.6x 36.3x 32.2x 24.8x 21.5x 3.4x Mean 3.3x 3.4x 3.0x 2.8x 20.4x 18.7x 14.5x 14.2x 24.7x 23.7x 20.4x 17.6x 37.0x 39.0x 27.3x 23.2x 4.3x

Note: For multiple and ratio definitions, please refer to appendix 37 Source: S&P Capital IQ as of December 18, 2020 Renewable Products / Services

General Information Ratio Analysis

*) Share Price as of 18.12.2020 **) 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 11.3x 9.9x 9.0x 8.7x 14.0x 11.6x 10.5x 10.2x 37.5x 28.5x 23.2x 21.7x 35.3x 24.4x 21.7x 19.6x 1.9x Compleo Charging Solutions AG nm 10.8x 6.3x 3.8x nm nm nm nm nm nm nm nm nm nm nm nm nm CropEnergies AG 1.1x 1.1x 1.1x 1.0x 8.4x 6.7x 6.6x 5.5x 13.2x 9.4x 9.1x 6.9x 16.6x 14.3x 15.8x na 1.9x Energiekontor AG 14.7x 6.0x 2.8x 2.0x 23.6x 14.5x 12.0x 9.8x nm 22.5x 17.8x 14.7x nm 37.3x 28.1x 22.7x 12.3x Nordex SE 0.8x 0.6x 0.6x 0.6x 35.1x 31.4x 12.7x 7.9x nm nm 35.2x 13.0x nm nm nm 29.9x 3.9x PNE AG 6.0x 7.4x 6.5x 5.0x 28.6x 34.1x 21.4x 14.3x 44.1x nm 46.4x 27.5x nm nm nm 64.9x 3.1x SFC Energy AG 3.8x 4.2x 3.2x 2.6x nm nm 37.0x 20.8x nm nm nm 34.6x nm nm nm 50.5x 6.2x SMA Solar Technology AG 1.9x 1.7x 1.6x 1.5x nm 28.4x 19.4x 15.9x nm nm 43.5x 30.2x nm nm 66.2x 46.3x 4.4x Min 0.8x 0.6x 0.6x 0.6x 8.4x 6.7x 6.6x 5.5x 13.2x 9.4x 9.1x 6.9x 16.6x 14.3x 15.8x 19.6x 1.9x Max 14.7x 10.8x 9.0x 8.7x 35.1x 34.1x 37.0x 20.8x 44.1x 28.5x 46.4x 34.6x 35.3x 37.3x 66.2x 64.9x 12.3x Median 3.8x 5.1x 3.0x 2.3x 23.6x 21.5x 12.7x 10.2x 37.5x 22.5x 29.2x 21.7x 26.0x 24.4x 24.9x 38.1x 3.9x Mean 5.7x 5.2x 3.9x 3.1x 21.9x 21.1x 17.1x 12.1x 31.6x 20.1x 29.2x 21.2x 26.0x 25.3x 33.0x 39.0x 4.8x

Note: For multiple and ratio definitions, please refer to appendix 38 Source: S&P Capital IQ as of December 18, 2020 Software (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 ATOSS Software AG 148.50 148.50 50.00 100.0% 297.0% 10.7 30.0 1,185.0 1,165.7 13.0% 17.0% 13.3% 20.9% 32.3% 0.9% nm nm nm na Compugroup Medical SE & Co. KGaA 76.10 84.35 46.74 90.2% 162.8% 457.4 172.4 4,094.6 4,379.8 10.5% 10.2% 12.3% 19.4% 25.6% 0.7% 1.3x 26.7x 37.0x 14.5% GK Software SE 95.80 100.50 35.00 95.3% 273.7% 32.3 11.5 196.7 218.7 14.1% 12.0% 10.0% 48.5% 15.9% na 1.1x 3.9x nm 12.1% IVU Traffic Technologies AG 18.80 18.80 7.98 100.0% 235.6% 7.1 35.5 330.7 302.3 14.1% nm 58.6% nm na 0.9% nm 40.4x 26.3x na MeVis Medical Solutions AG 31.40 39.40 24.60 79.7% 127.6% 0.0 3.1 57.1 54.1 1.1% nm -4.1% nm na na nm nm nm na Nemetschek SE 60.70 73.00 33.00 83.2% 183.9% 214.8 148.0 7,016.6 7,132.1 18.1% 9.8% 21.6% 20.3% 29.1% 0.5% 0.4x 41.3x 43.7x 23.3% Nexus AG 48.80 52.00 21.00 93.8% 232.4% 10.9 33.0 771.5 753.0 10.4% 8.7% 12.1% 36.2% 22.3% 0.4% nm 33.5x 31.2x 10.7% ORBIS AG 6.35 9.10 5.05 69.8% 125.7% 8.9 21.5 61.1 54.4 16.2% nm 20.9% nm 8.8% na nm 23.5x 14.5x 4.4% RIB Software SE 28.04 29.58 18.44 94.8% 152.1% 23.1 231.3 1,495.0 1,318.7 29.9% 27.5% 2.6% 65.5% 26.3% 0.4% nm 37.0x 42.0x 4.1% SNP Schneider-Neureither & Partner SE 55.40 74.10 33.35 74.8% 166.1% 69.9 30.2 396.6 436.2 21.9% 11.2% 12.9% 43.4% 10.1% na 2.5x 7.7x nm 4.4% Software AG 34.40 44.50 21.50 77.3% 160.0% 311.0 543.0 2,500.5 2,269.1 0.7% -0.1% -1.1% -5.8% 21.6% 2.2% nm nm 14.8x 7.6% TeamViewer AG 43.50 54.98 22.50 79.1% 193.3% 555.3 54.9 8,750.0 9,250.4 62.1% 20.0% nm 27.2% 52.9% na 2.1x 3.6x nm na USU Software AG 29.00 29.70 10.40 97.6% 278.8% 17.0 15.8 305.2 306.4 9.9% 11.0% -16.2% 40.3% 9.3% 1.4% 0.1x nm 32.1x 8.6% Min 57.1 54.1 0.7% -0.1% -16.2% -5.8% 8.8% 0.4% 0.1x 3.6x 14.5x 4.1% Max 8,750.0 9,250.4 62.1% 27.5% 58.6% 65.5% 52.9% 2.2% 2.5x 41.3x 43.7x 23.3% Median 771.5 753.0 14.1% 11.1% 12.2% 31.7% 22.3% 0.8% 1.2x 26.7x 31.6x 8.6% Mean 2,089.3 2,126.2 17.1% 12.7% 11.9% 31.6% 23.1% 0.9% 1.3x 24.2x 30.2x 10.0%

*) Share Price as of 18.12.2020 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 39 Source: S&P Capital IQ as of December 18, 2020 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 16.3x 14.0x 11.9x 10.2x nm nm 37.8x 32.4x nm nm 44.0x 37.6x nm 73.6x 65.1x 55.6x nm Compugroup Medical SE & Co. KGaA 5.7x 5.2x 4.4x 4.2x 28.9x 20.4x 18.8x 17.0x 35.4x 30.9x 28.7x 24.9x 62.2x 44.6x 42.2x 36.2x 6.5x GK Software SE 1.9x 1.8x 1.5x 1.3x 24.7x 11.2x 8.7x 7.6x nm 22.0x 14.5x 11.9x nm 35.0x 21.2x 16.6x 4.2x IVU Traffic Technologies AG 3.4x na na na 26.9x na na na 29.5x na na na 31.3x na na na 5.8x MeVis Medical Solutions AG 3.0x na na na 8.0x na na na 8.2x na na na 8.3x na na na 3.2x Nemetschek SE 12.8x 12.0x 10.8x 9.6x nm nm 36.5x 31.4x nm nm 47.0x 39.1x 55.2x 75.4x 58.9x 47.5x 17.6x Nexus AG 5.0x 4.7x 4.2x 3.9x nm 20.9x 17.9x 16.0x nm 38.7x 28.6x 24.6x 71.2x 60.8x 43.4x 37.2x 6.5x ORBIS AG 0.8x 0.7x 0.7x na 11.8x 7.9x 7.7x na 14.2x 17.6x 16.5x na 31.0x 38.2x 33.9x na 1.7x RIB Software SE 6.1x 4.8x 4.0x 3.0x nm 18.4x 14.9x 10.3x nm 38.7x 25.0x 15.0x nm 66.6x 42.8x 26.7x 2.8x SNP Schneider-Neureither & Partner SE 3.0x 2.8x 2.5x 2.2x 38.1x 28.0x 17.7x 12.9x nm nm 28.6x 19.0x nm 39.7x 39.7x 25.5x 4.3x Software AG 2.5x 2.7x 2.7x 2.6x 9.1x 12.5x 12.0x 10.9x 10.6x 12.8x 12.0x 10.6x 16.1x 25.2x 23.5x 20.2x 1.9x TeamViewer AG nm nm 17.0x 13.7x nm 38.1x 30.0x 23.8x nm 46.0x 36.0x 27.9x nm nm 64.3x 44.8x 44.1x USU Software AG 3.2x 2.9x 2.6x 2.3x nm 31.1x 23.1x 18.2x nm nm 32.7x 24.6x 57.9x 59.0x 37.2x 29.8x 5.1x Min 0.8x 0.7x 0.7x 1.3x 8.0x 7.9x 7.7x 7.6x 8.2x 12.8x 12.0x 10.6x 8.3x 25.2x 21.2x 16.6x 1.7x Max 16.3x 14.0x 17.0x 13.7x 38.1x 38.1x 37.8x 32.4x 35.4x 46.0x 47.0x 39.1x 71.2x 75.4x 65.1x 55.6x 44.1x Median 3.3x 3.8x 4.0x 3.4x 24.7x 20.4x 17.9x 16.5x 14.2x 30.9x 28.6x 24.6x 43.2x 51.8x 42.2x 33.0x 4.7x Mean 5.3x 5.2x 5.7x 5.3x 21.1x 20.9x 20.5x 18.0x 19.6x 29.5x 28.5x 23.5x 41.6x 51.8x 42.9x 34.0x 8.6x

Note: For multiple and ratio definitions, please refer to appendix 40 Source: S&P Capital IQ as of December 18, 2020 Technology (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 ADVA Optical Networking SE 6.96 8.49 3.99 82.0% 174.4% 103.3 68.3 345.9 380.9 -0.6% 4.7% 5.4% 37.0% 15.0% na 0.4x 14.6x 5.3x 6.4% DATA MODUL AG 43.20 53.00 27.00 81.5% 160.0% 25.2 19.6 154.4 160.0 1.0% 4.3% -8.5% 26.8% 9.0% 2.3% 0.3x 21.1x 14.6x 7.4% Dialog Semiconductor Plc 40.94 48.60 17.30 84.2% 236.6% 36.6 377.9 2,818.4 2,477.1 7.2% -5.9% 24.4% -13.0% 20.3% na nm 38.4x 6.4x 5.9% Diebold Nixdorf, Incorporated 9.59 11.67 2.74 82.2% 349.5% 2,212.8 238.9 724.1 2,710.6 7.7% -4.7% -5.2% 21.0% 11.5% na 5.4x 1.3x 6.2x na Elmos Semiconductor SE 27.20 32.05 16.04 84.9% 169.6% 46.2 43.3 538.0 541.6 6.1% 2.2% 13.3% 0.2% 16.5% 1.9% 0.1x 43.5x 11.7x 1.8% First Sensor AG 40.10 40.80 32.00 98.3% 125.3% 53.1 59.7 421.0 414.4 2.9% nm -9.6% nm na 0.5% nm 7.9x 20.2x na FORTEC Elektronik AG 18.40 20.60 12.05 89.3% 152.7% 10.5 9.1 59.8 61.2 4.9% 0.9% 9.1% 11.0% 9.6% 3.8% 0.2x 54.6x 20.2x 10.4% init innovation in traffic systems SE 32.80 37.00 15.50 88.6% 211.6% 57.8 36.7 328.3 349.5 12.9% 12.5% 26.4% 17.5% 14.8% 1.2% 0.8x 18.7x 15.4x 15.2% InTiCa Systems AG 8.45 8.50 2.94 99.4% 287.4% 21.1 1.9 35.9 55.1 13.0% 7.4% 11.1% 16.8% 8.3% na 3.6x 7.3x 4.1x na Jenoptik AG 24.88 27.44 13.18 90.7% 188.8% 325.3 85.8 1,429.8 1,682.9 7.7% 4.0% 10.2% 10.3% 15.0% 0.5% 2.1x 26.8x 13.1x 6.3% OHB SE 39.65 45.40 25.75 87.3% 154.0% 250.8 102.5 686.5 853.7 11.7% 9.7% 3.1% 27.5% 8.2% na 1.9x 10.7x 30.2x 11.0% Schweizer Electronic AG 11.05 18.40 8.50 60.1% 130.0% 86.5 22.0 43.4 107.9 1.3% 21.6% nm nm -10.2% na nm nm 7.9x na Siltronic AG 127.60 130.05 47.47 98.1% 268.8% 52.9 483.7 3,837.0 3,487.0 10.8% 2.0% 38.3% 3.4% 28.0% 2.4% nm nm 9.9x 18.2% Min 35.9 55.1 -0.6% -5.9% -9.6% -13.0% -10.2% 0.5% 0.1x 1.3x 4.1x 1.8% Max 3,837.0 3,487.0 13.0% 21.6% 38.3% 37.0% 28.0% 3.8% 5.4x 54.6x 30.2x 18.2% Median 421.0 414.4 7.2% 4.2% 9.7% 16.8% 13.1% 1.9% 0.8x 18.7x 11.7x 7.4% Mean 878.7 1,021.7 6.7% 4.9% 9.8% 14.4% 12.2% 1.8% 1.6x 22.3x 12.7x 9.2%

*) Share Price as of 18.12.2020 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 41 Source: S&P Capital IQ as of December 18, 2020 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 0.7x 0.7x 0.6x 0.6x 9.7x 4.4x 4.1x 3.8x 21.6x 13.2x 10.8x 10.4x 49.1x 21.2x 16.6x 15.2x 1.3x DATA MODUL AG 0.8x 0.8x 0.7x 0.7x 12.8x 9.4x 7.3x 6.3x 15.7x 13.9x 11.0x 8.9x 23.7x 20.1x 15.9x 12.7x 1.5x Dialog Semiconductor Plc 1.8x 2.3x 2.2x 2.1x 6.4x 11.2x 10.2x 9.7x 7.1x 10.6x 10.3x 9.6x 10.5x 35.8x 27.0x 21.7x 2.1x Diebold Nixdorf, Incorporated 0.7x 0.9x 0.8x 0.8x 11.6x 7.5x 6.7x 6.5x 45.5x 9.7x 8.6x 8.0x nm nm nm 51.8x na Elmos Semiconductor SE 2.0x 2.4x 2.0x 1.9x 7.9x 14.2x 9.4x 7.9x 12.8x nm 19.5x 13.7x 6.3x nm 27.5x 19.5x 1.8x First Sensor AG 2.5x na na na 30.9x na na na nm na na na nm na na na 3.3x FORTEC Elektronik AG 0.7x 0.7x 0.7x 0.7x 9.3x 7.5x 7.5x 6.8x 11.1x 9.7x 9.4x 8.4x 11.4x 13.2x 13.0x 11.6x 1.4x init innovation in traffic systems SE 2.2x 1.9x 1.8x 1.6x 16.9x 13.1x 12.0x 10.4x 21.9x 18.0x 15.8x 13.3x 29.0x 25.5x 22.7x 18.2x 3.9x InTiCa Systems AG 0.8x 0.9x 0.8x 0.7x 10.2x 10.4x 7.2x 6.4x 42.4x nm 25.1x 16.7x 31.8x nm 35.9x 19.9x 2.3x Jenoptik AG 2.0x 2.2x 1.9x 1.7x 13.4x 14.6x 11.1x 10.0x 18.2x 27.6x 16.9x 14.5x 21.1x 33.4x 20.5x 17.1x 2.1x OHB SE 0.8x 0.9x 0.7x 0.6x 16.3x 11.0x 9.0x 7.9x 19.8x 20.1x 14.4x 12.0x 26.9x 28.8x 19.8x 16.8x 3.2x Schweizer Electronic AG 0.9x 1.2x 0.8x 0.5x nm nm 37.2x 9.0x nm nm nm nm nm nm nm nm 1.1x Siltronic AG 2.7x 2.9x 2.8x 2.6x 8.3x 10.3x 8.8x 7.5x 10.8x 17.6x 14.2x 11.5x 17.0x 25.3x 20.4x 16.4x 4.6x Min 0.7x 0.7x 0.6x 0.5x 6.4x 4.4x 4.1x 3.8x 7.1x 9.7x 8.6x 8.0x 6.3x 13.2x 13.0x 11.6x 1.1x Max 2.7x 2.9x 2.8x 2.6x 30.9x 14.6x 37.2x 10.4x 45.5x 27.6x 25.1x 16.7x 49.1x 35.8x 35.9x 51.8x 4.6x Median 0.9x 1.0x 0.8x 0.7x 10.9x 10.4x 8.9x 7.7x 18.2x 13.9x 14.2x 11.5x 22.4x 25.4x 20.4x 17.1x 2.1x Mean 1.4x 1.5x 1.3x 1.2x 12.8x 10.3x 10.9x 7.7x 20.6x 15.6x 14.2x 11.6x 22.7x 25.4x 21.9x 20.1x 2.4x

Note: For multiple and ratio definitions, please refer to appendix 42 Source: S&P Capital IQ as of December 18, 2020 Transportation & Logistics

General Information Ratio Analysis

Min 104.1 1,084.8 4.8% -8.4% -6.2% -4.3% -21.0% 3.9% 3.2x 2.2x 1.3x 8.2% Max 5,788.5 14,758.5 60.0% 6.8% 13.3% 29.1% 23.1% 4.1% 5.3x 9.6x 4.7x 9.7% Median 3,935.4 5,761.1 11.1% -6.7% 9.7% 6.2% 8.1% 4.0% 4.2x 7.1x 2.8x 9.0% Mean 3,114.7 6,776.4 18.8% -3.2% 6.6% 7.7% 4.6% 4.0% 4.2x 6.8x 2.9x 9.0%

*) Share Price as of 18.12.2020 **) 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 9.3x 9.1x 8.5x 7.6x 12.6x 12.6x 11.6x 10.3x 20.3x 22.2x 19.0x 16.6x 8.7x 25.0x 10.0x 8.8x 2.4x Fraport AG 2.7x 6.0x 4.2x 3.3x 9.0x nm 18.2x 10.3x 14.6x nm nm 20.8x 10.5x nm nm 18.1x 1.1x Hamburger Hafen und Logistik AG 1.6x 1.8x 1.7x 1.7x 7.4x 7.7x 6.7x 6.2x 11.3x 17.1x 13.2x 11.4x 12.8x 27.8x 16.6x 15.0x 2.3x Deutsche Lufthansa AG 0.4x 1.0x 0.7x 0.5x 3.9x nm 12.4x 3.8x 9.4x nm nm 12.5x 4.8x nm nm 14.6x 1.7x Sixt SE 1.7x 3.8x 2.7x 2.1x 13.6x 16.7x 8.3x 6.3x 14.3x nm 26.0x 16.4x 16.8x nm 29.9x 17.6x 2.8x Min 0.4x 1.0x 0.7x 0.5x 3.9x 7.7x 6.7x 3.8x 9.4x 17.1x 13.2x 11.4x 4.8x 25.0x 10.0x 8.8x 1.1x Max 9.3x 9.1x 8.5x 7.6x 13.6x 16.7x 18.2x 10.3x 20.3x 22.2x 26.0x 20.8x 16.8x 27.8x 29.9x 18.1x 2.8x Median 1.7x 3.8x 2.7x 2.1x 9.0x 12.6x 11.6x 6.3x 14.3x 19.6x 19.0x 16.4x 10.5x 26.4x 16.6x 15.0x 2.3x Mean 3.1x 4.3x 3.6x 3.0x 9.3x 12.3x 11.4x 7.4x 14.0x 19.6x 19.4x 15.5x 10.7x 26.4x 18.8x 14.8x 2.1x

Note: For multiple and ratio definitions, please refer to appendix 43 Source: S&P Capital IQ as of December 18, 2020 AGENDA Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis Appendix 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

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