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

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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 ■
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