European Initial Public Offerings – 2020 FCF IPO Market Monitor

FCF IPO Market Monitor

European Initial Public Offerings – 2020 Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s

2 Executive Summary

The FCF IPO Market Monitor is a FCF IPO Market Monitor Recipients standardized report is a comprehensive analysis of the European IPO markets and is The FCF IPO Market Monitor targets the following recipients: on the European published by FCF on an annual basis. The analysis provides relevant public offerings pricing, performance and valuation metrics (e.g. ratios and multiples) ▪ Institutional investors ▪ Family Offices / High markets and serves a of European IPOs for the last year ▪ Private equity investors Net-Worth Individuals quick reference for ▪ Venture capital investors ▪ Corporates investors, corporates ▪ Advisors Selection of Companies and professionals The selection of IPOs is based on the following criteria: Data More advanced, ▪ IPO date in 2020 All input data is provided by S&P Capital IQ and is not independently detailed and / or ▪ Primary listing at an European exchange* verified by FCF. Ratio and multiple calculations are driven based on customized reports ▪ Transaction size at least EUR 20m the input data available. For additional information and disclaimer, are available upon please refer to the last page ▪ IPOs of companies operating in the financial services or real request estate sector have been excluded ▪ Based on transaction size, the IPOs are categorized as follows: Availability Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m, Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250m The FCF IPO Market Monitor is available on FCF’s website at “www.fcf.de“ Calculation of Price Indices

The price indices are calculated based on the following criteria: To recommend colleagues or fellow investors to be added to the mailing list, kindly send an email with the respective contact ▪ The relevant IPO has been issued within the last 2 years information ▪ The holding period for each IPO in the respective index is 2 years ▪ The constituents of each index are based on the transaction size at the time of IPO and are not re-allocated to other categories If you have questions, comments or ideas, please do not hesitate to contact us ▪ The index is an arithmetic weighted series where the weights are the market capitalization of each company

* Countries of exchanges: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, 3 Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s

4 FCF Overview

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

Equity Public (ii) with the highest − All instruments: Unbiased approach to all available corporate ■ Dual-track (IPO and Public Equity (PIPE) alternative transaction ■ Block trade flexibility, financing instruments (no product selling approach), allowing for customized financing structures (iii) in the shortest ■ Receivables / Factoring / ■ Working capital / − All investors: Close and trusted relationships with senior Short-term Asset-backed securities Revolving credit facility period of time, executives of virtually all relevant equity and debt investors Debt ■ Borrowing base / ■ Guarantees / Inventory Letter of credit (iv) with the highest − Fast process: Process management skills and direct / personal closing proba- access to institutional debt and equity investors enable fast ■ Bank loan facility / ■ Promissory note Syndicated loans (Schuldscheindarlehen) bility, and with transactions

Debt ■ Sale-and-lease-back / ■ Second lien / Long-term Leasing Subordinated loans (v) financing partners Debt ■ More than 100 transactions with a total placement volume in ■ Corporate bonds (public / ■ Venture debt that integrate well excess of EUR 4.0 billion since foundation in 2005 private placement) ■ Unitranches into their strategy ■ High yield / PIK bond ■ More than 15 professionals headquartered in Munich Hybrid ■ Mezzanine capital ■ Convertible bonds

Selected Transactions

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

[confidential] [confidential] Advisor to AkrosA HAI Extrusion Germany Hydrogenious LOHC Infrastructure Hydrogenious LOHC Doppstadt Immunic AG Homegoods Company ROBART GmbH Vasopharm GmbH Synapticon GmbH KMP Holding GmbH Private Equity GmbH Technologies GmbH Company Technologies GmbH Familienholding GmbH GmbH & Co. KG EUR 20m ~ EUR 25m ~ EUR 80m [confidential] [confidential] ~ EUR 20m EUR 17m EUR 80m > EUR 10m [confidential] > EUR 10m December 2020 October 2020 June 2020 February 2020 December 2019 November 2019 July 2019 July 2019 June 2019 June / January 2019 March 2019 December 2018

Syndicated Loan European Investment European Investment European Investment European Investment Syndicated Loan Bilateral 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 Loan Facility

[confidential] [confidential]

DSD – Duales System GSE Group Business Service Leading Virtual Ziegler Holzindustrie Schnellecke Group KMP Holding GmbH censhare AG AMW GmbH Voxeljet AG numares AG MagForce AG Holding Acquisition by Finexx Provider Reality Company GmbH & Co. KG AG & Co. KG GmbH & Co. KG > EUR 15m [confidential] > EUR 10m < EUR 10m EUR 25m EUR 25m EUR 25m EUR 11m EUR 35m EUR 70m EUR 55m EUR 30m December 2018 April 2018 April 2018 April 2018 December 2017 December 2017 November 2017 November 2017 July 2017 July 2017 June 2017 June 2017

5 FCF Facts & Figures

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

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

6 Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s

7 European 2020 IPOs – Overview

Fast Facts European IPOs - Performance Performance and Issuance by Exchange

1 ▪ 69 IPOs in 2020 (vs. 44 IPOs in 2019 / Helsinki Stock Exchange 2# 91.6% 45.8% Helsinki 0 = +25 IPOs) Warsaw Stock Exchange 1# 85.0% 20.5% ▪ EUR 13,497m Volume raised (-18.1% vs 0 16.6% Borsa Italia 3# 68.0% 2019) 0 Oslo Stock Exchange 28# 67.0%

▪ 3 withdrawn or postponed IPOs Copenhagen Stock ExchangeCopenhagen 2# 49.3% 0 IPO +1D IPO +1M IPO - YTD EURONEXT Paris 1# 42.7% ▪ 95% of 2020 IPOs priced within range** Paris Spanish Stock Exchange 2# 33.6%

Stockholm Stock ExchangeStockholm 6# 33.2% IPOs by Sector AIM - London Stock Exchange 7# 30.9%

Biotechnology Deutsche Börse 7# 27.8%

EURONEXTAmsterdam Amsterdam 1# 4.1% Energy Utilities London Stock Exchange 5# 1.3% Materials 1% EURONEXT Brussels -2.3% 3# 1% Brussels 3% Information Technology Communication National Stock Exchange of Lithuania -10.2% 1# 6% 22% Services 6% 0 0 0 0 1 1 1 Consumer 12% Discretionary 69 22% 13% Industrials Primary / Secondary Split & Price Range Consumer 14% Staples Health Care Secondary Shares

29% IPOs per Month (€ Volume and # of IPOs) 71% Primary Shares 19 6000 18 20 5000 15 Below Range 4000 5% 3000 2557m 7 10

6 5583m 6 2000 4 2* 1043m 3 4 5 1000 2 484m 894m 128m 121m 2164m 522m 0 0 number of IPOs 95% Feb May Jun July Aug Sep Oct Nov Dec in each country (HQ)** Within Range

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, All European IPOs, * 2 IPOs with HQ outside Europe, ** where data available 8 European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom European IPOs – Performance Last 2 years

The FCF Large IPO 140 index significantly 2020 outperformed its European IPO peers 129% and benchmark index (MSCI Europe Index) 120 by 14% over the last 115% two years 110%

The FCF Medium, Small and Micro IPO 100 indices are currently 95% trading below the 91% MSCI Europe Index

The different FCF IPO Indices consist of all IPO 60 transactions over the last 2 years. IPOs are as- signed to the Indices according to their size at IPO date.

MSCI Europe Index 40 captures 437 companies Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 across 15 developed markets countries in MSCI Europe Index FCF Micro IPO Index FCF Small IPO Index FCF Medium IPO Index FCF Large IPO Index Europe

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 9 Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m, Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250m Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s

10 European 2020 Micro IPOs – Overview (I)

Fast Facts European IPOs - Performance Performance and Issuance by Exchange

1 88.6% ▪ 24 IPOs in 2020 (vs. 16 IPOs in 2019 / Oslo Stock Exchange 12# 141.3% = +8 IPOs) 1 40.5% Copenhagen Stock Exchange 1# 99.4% ▪ EUR 814m Volume raised (6.0% of 24.3% Copenhagen 0 European Volume) Borsa Italia 2# 61.7% ▪ 0 withdrawn or postponed IPO 0 IPO +1D IPO +1M IPO - YTD Stockholm Stock ExchangeStockholm 1# 34.4%

AIM - London Stock Exchange 6# 31.4%

IPOs by Sector Spanish Stock Exchange 1# 9.0%

1# Materials London Stock Exchange -24.5% Energy Consumer -1 0 1 1 2 Discretionary

4% Industrials Communication 4% Services 4% 8% 33%

13% 24 Health Care Primary / Secondary Split & Price Range** Consumer 17% 17% Information Staples Technology Secondary Shares

17% IPOs per Month (€ Volume and # of IPOs) 83% Primary Shares 300 8 9 7 8 250 7 200 6 5 150 3 4 100 3 1*

1 1 1 1 1 1 2 238m 50 121m 284m 1 0 24m 36m 21m 28m 20m 42m 0 number of IPOs Feb May Jun July Aug Sep Oct Nov Dec in each country (HQ)**

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Micro IPOs: EUR 20m – 50m, * 1 IPO with HQ outside Europe, ** no data available 11 European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom European 2020 Micro IPOs – Overview (II)

General Information Pricing & Volume Analysis in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to- Days (in % of total Current Current Price Price Final-to- Initial Initial high to Final Initial Exchange Filing-to- Issuing Issuing Size Issuing Share Market Range - Range - Initial low Price Price Pricing Filing Company Name HQ Country Industry IPO Date Issuance Price Volume Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume

Train Alliance Sweden Sweden Sweden Industrials 19/02/2020 22 4.7 23.6 Micro No GS 100% - 0% 6.4 110.7 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% AB (publ)

Consumer Ice Fish Farm AS Iceland Norway 27/05/2020 1 3.1 35.9 Micro No GS n/a - n/a 4.2 224.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Staples

Information Cy4gate S.p.A. Italy Italy 19/06/2020 0 3.2 21.1 Micro No GS 75% - 25% 6.6 99.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Technology

United United Elixirr International plc Industrials 06/07/2020 0 2.4 27.6 Micro No GS 80% - 20% 3.0 134.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom

Aker Carbon Capture Norway Norway Industrials 13/08/2020 1 0.2 47.6 Micro No GS 100% - 0% 1.2 687.8 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% AS

Aker Offshore Wind Norway Norway Industrials 13/08/2020 1 0.1 47.6 Micro No GS 100% - 0% 0.7 457.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% AS

BEWi ASA Norway Norway Materials 26/08/2020 7 1.9 26.1 Micro No GS 0% - 100% 2.0 294.8 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%

United United Kooth plc Health Care 02/09/2020 16 2.2 29.2 Micro No GS 62% - 38% 2.6 86.9 n/a n/a n/a n/a n/a n/a n/a n/a 62.5% Kingdom Kingdom

Agilyx AS United States Norway Industrials 15/09/2020 0 1.7 28.1 Micro No GS 100% - 0% 2.3 171.4 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%

Salmon Evolution Consumer Norway Norway 18/09/2020 14 0.5 46.5 Micro No GS 100% - 0% 0.6 121.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Holding AS Staples

OHT ASA Norway Norway Industrials 23/09/2020 9 1.8 49.2 Micro No GS 100% - 0% 1.7 213.2 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%

United United Consumer Various Eateries PLC 25/09/2020 15 0.8 27.3 Micro No GS 100% - 0% 0.7 65.3 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Discretionary

Communica- Play Magnus AS Norway Norway 28/09/2020 4 1.9 40.8 Micro No GS 66% - 34% 2.0 103.2 n/a n/a n/a n/a n/a n/a n/a n/a 12.9% tion Services

United United Communica- Guild Esports Plc 29/09/2020 20 0.1 21.9 Micro No GS 100% - 0% 0.1 34.2 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom tion Services

Zaptec AS Norway Norway Industrials 30/09/2020 0 1.0 41.0 Micro No GS 52% - 48% 2.8 210.1 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Micro IPOs: EUR 20m – 50m ■ Primary Shares 12 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European 2020 Micro IPOs – Overview (III)

Consumer Labomar S.p.A. Italy Italy 01/10/2020 1 6.0 29.9 Micro 13% 100% - 0% 6.8 95.8 n/a n/a n/a n/a n/a n/a n/a n/a 15.0% Staples

United United Information Calnex Solutions Plc 05/10/2020 14 0.5 24.8 Micro No GS 100% - 0% 1.1 99.9 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Technology

United United Information Fonix Mobile plc 07/10/2020 0 1.0 49.4 Micro No GS 0% - 100% 1.3 140.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Technology

Consumer Norcod AS Norway Norway 13/10/2020 13 4.6 23.1 Micro No GS 100% - 0% 6.7 114.9 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Staples

Everfuel A/S Denmark Norway Energy 21/10/2020 2 2.0 26.6 Micro No GS 100% - 0% 7.8 569.9 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%

PatientSky Group AS Norway Norway Health Care 23/10/2020 1 0.9 45.6 Micro No GS 100% - 0% 1.5 252.4 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%

Sourcebio United United Health Care 29/10/2020 2 1.8 38.7 Micro No GS 100% - 0% 1.9 139.1 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% International Plc Kingdom Kingdom

Dataproces Group Information Denmark Denmark 13/11/2020 23 0.7 20.4 Micro No GS 100% - 0% 1.3 40.7 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% A/S Technology

Aspy Global Services Spain Spain Industrials 03/12/2020 23 0.0 42.0 Micro No GS n/a - n/a 2.2 169.7 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% S.L.

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Micro IPOs: EUR 20m – 50m ■ Primary Shares 13 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European 2020 Micro IPOs – Overview (IV)

Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR 1 Month IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer

Train Alliance Sweden 14.7% -3.3% 2.0% 34.4% 34.4% 81.0% 0.07% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - n/a AB (publ)

Thommessen Krefting Ice Fish Farm AS 13.4% 8.0% 4.8% 35.1% 35.1% 17.3% 0.59% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a ABG Sundal Collier; DNB n/a Arntzen de Besche n/a Greve Lund

Cy4gate S.p.A. 27.6% 41.9% 40.3% 110.5% 110.5% n/a n/a n/a n/a n/a n/a n/a n/a n/a 45.9% n/a 22.2% Equita SIM n/a Chiomenti - KPMG

Elixirr International plc -0.4% -8.8% 4.3% 23.0% 23.0% 76.3% 0.06% n/a n/a n/a n/a n/a n/a n/a 19.2% n/a 15.1% FinnCap n/a Osborne Clarke Fox Williams Crowe

Aker Carbon Capture Carnegie; Skandinaviska Thommessen Krefting 196.0% 260.6% 404.4% 650.5% 650.5% 100.0% 0.83% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a BAHR KPMG AS Enskilda Greve Lund

Aker Offshore Wind Carnegie; Skandinaviska Thommessen Krefting 131.1% 263.1% 319.8% 381.6% 381.6% 49.1% 2.41% n/a n/a n/a n/a n/a n/a n/a 82.6% n/a 50.8% n/a BAHR KPMG AS Enskilda Greve Lund

Cirio Advokatbyrå; Wiersholm, Mellbye & BEWi ASA 17.0% 5.2% 5.9% 6.4% 6.4% 99.8% 0.03% n/a n/a n/a n/a n/a n/a n/a 3.6% n/a 4.4% Nordea Bank; SpareBank 1 n/a PwC Wikborg Rein & Co. Bech

Grant Kooth plc 19.6% 15.4% 17.8% 16.9% 16.9% 83.2% 0.09% n/a n/a n/a n/a n/a n/a n/a 26.0% n/a n/a n/a 1,095,474 Squire Patton Boggs K&L Gates Thornton

Agilyx AS 74.0% 33.8% n/a 37.9% 37.9% 37.6% 1.18% n/a n/a n/a n/a n/a n/a n/a 246.6% n/a n/a n/a n/a BAHR - RSM

Salmon Evolution DNB; Pareto Securities; 50.0% 18.9% n/a 18.9% 18.9% 31.7% 1.52% n/a n/a n/a n/a n/a n/a n/a n/a n/a 29.1% n/a BAHR Wikborg Rein & Co. BDO Holding AS SpareBank 1

OHT ASA -6.6% -15.4% n/a -4.0% -4.0% 100.0% 0.10% n/a n/a n/a n/a n/a n/a n/a 20.9% n/a 28.9% n/a n/a Thommessen - PwC

Various Eateries PLC -4.8% -8.9% n/a -8.1% -8.1% n/a n/a n/a n/a n/a n/a n/a n/a n/a 91.3% n/a n/a n/a n/a Irwin Mitchell Squire Patton Boggs RSM

ABG Sundal Collier; Thommessen Krefting Play Magnus AS -13.6% -17.7% n/a 4.3% 4.3% 44.2% 1.50% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Simonsen Vogt Wiig PwC SpareBank 1 Greve Lund

Mirabaud Securities; Zeus Guild Esports Plc 2.8% -25.2% n/a -24.5% -24.5% 67.8% 0.73% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 876,281 Fladgate Fieldfisher Littlejohn Capital

Thommessen Krefting Zaptec AS -2.4% 26.1% n/a 176.3% 176.3% 65.2% 1.70% n/a n/a n/a n/a n/a n/a n/a 47.8% n/a 80.9% ABG Sundal Collier n/a - RSM Greve Lund

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 14 Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year European 2020 Micro IPOs – Overview (V)

Societa' Di Intermediazione Labomar S.p.A. 19.2% 11.7% n/a 12.8% 12.8% n/a n/a n/a n/a n/a n/a n/a n/a n/a 11.4% n/a 13.1% n/a n/a - EY Mobiliare; Intesa Sanpaolo

Burness Paull & Calnex Solutions Plc 15.5% 21.6% n/a 116.1% 116.1% 91.4% 0.49% n/a n/a n/a n/a n/a n/a n/a 8.9% n/a 52.1% n/a 1,334,310 Pinsent Masons RSM Williamsons

Fonix Mobile plc 1.4% 16.4% n/a 36.2% 36.2% 9.4% 2.31% n/a n/a n/a n/a n/a n/a n/a 11.7% n/a 15.7% n/a n/a n/a - n/a

Wiersholm, Mellbye & Norcod AS -3.3% 34.4% n/a 46.0% 46.0% 11.8% 3.47% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Schjødt Deloitte Bech

Kromann Reumert; Everfuel A/S -2.4% 156.7% n/a 286.6% 286.6% 10.4% 5.84% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a SpareBank 1 n/a Thommessen Krefting - PwC Greve Lund

Thommessen Krefting PatientSky Group AS -9.9% 46.4% n/a 55.8% 55.8% 27.2% 0.96% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Carnegie; DNB n/a - EY Greve Lund

Sourcebio 7.0% 10.1% n/a 4.6% 4.6% n/a n/a n/a n/a n/a n/a n/a n/a n/a 6.2% n/a 5.0% Liberum Capital n/a n/a - n/a International Plc

Dataproces Group 29.0% n/a n/a 99.4% 99.4% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - n/a A/S

Aspy Global Services 9.0% n/a n/a 9.0% 9.0% 22.2% 1.81% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a JB Capital Markets n/a n/a - KPMG S.L.

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 15 Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year European Micro IPOs – Performance Last 2 years

140 Over the last two 139% years, the FCF Micro 2020 IPO Index underperformed its benchmark index significantly by 44 120 percentage points

100

95%

FCF Micro IPO Index consists of all IPO 60 transactions within 20 – 50 EURm over the last 2 years

MSCI Europe Micro Cap Index captures 1,490 Micro Cap companies 40 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 across 15 developed markets countries in Europe MSCI Europe Micro Cap Index FCF Micro IPO Index

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Micro IPOs: EUR 20m – 50m 16 Micro IPOs and Market Volatility (VSTOXX) (I) Performance Overview

Volatility VSTOXX – LTM

VSTOXX – 250 Last 12M Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Adjustment: Adjustment: +1d Performance: 196.0% +1d Performance: 131.1% Performance since IPO: 650.5% Performance since IPO: 381.6%

200

Final-to-Filing Volume 62.5% Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Adjustment: Adjustment: Adjustment: +1d Performance: 19.6% +1d Performance: 27.6% +1d Performance: -0.4% Performance since IPO: 16.9% Final-to-Filing Volume 0.0% Adjustment: 150 Performance since IPO: 110.5% Performance since IPO: 23.0% +1d Performance: 74.0% Performance since IPO: 37.9%

Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Adjustment: Adjustment: +1d Performance: 17.0% +1d Performance: 13.4% Performance since IPO: 6.4% 100 Performance since IPO: 35.1%

Final-to-Filing Volume 0.0% Adjustment: Final-to-Filing Volume 0.0% +1d Performance: 14.7% Adjustment: Performance since IPO: 34.4% +1d Performance: 50.0% 50 Performance since IPO: 18.9%

0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 17 Micro IPOs and Market Volatility (VSTOXX) (II) Performance Overview

Volatility VSTOXX – LTM

VSTOXX – 250 Last 12M

Final-to-Filing Volume 0.0% Adjustment: +1d Performance: 2.8% Performance since IPO: -24.5% 200

Final-to-Filing Volume 12.9% Adjustment: +1d Performance: -13.6% Final-to-Filing Volume 15.0% Final-to-Filing Volume 0.0% Performance since IPO: 4.3% Adjustment: Adjustment: +1d Performance: 19.2% +1d Performance: 15.5% 150 Final-to-Filing Volume 0.0% Performance since IPO: 12.8% Performance since IPO: 116.1% Adjustment: +1d Performance: -4.8% Performance since IPO: -8.1%

Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% 100 Adjustment: Adjustment: +1d Performance: -2.4% +1d Performance: 1.4% Performance since IPO: 176.3% Performance since IPO: 36.2% Final-to-Filing Volume 0.0% Adjustment: +1d Performance: -6.6% Performance since IPO: -4.0% 50

0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 18 Micro IPOs and Market Volatility (VSTOXX) (III) Performance Overview

Volatility VSTOXX – LTM

VSTOXX – 250 Last 12M Final-to-Filing Volume 0.0% Adjustment: +1d Performance: -9.9% Performance since IPO: 55.8%

200

Final-to-Filing Volume 0.0% Adjustment: Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% +1d Performance: -2.4% Adjustment: Adjustment: 150 Performance since IPO: 286.6% +1d Performance: 29.0% +1d Performance: 9.0% Performance since IPO: 99.4% Performance since IPO: 9.0%

Final-to-Filing Volume 0.0% Adjustment: +1d Performance: 7.0% Final-to-Filing Volume 0.0% Performance since IPO: 4.6% 100 Adjustment: +1d Performance: -3.3% Performance since IPO: 46.0%

0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 19 Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O S c) Medium IPOs d) L a r g e I P O s

20 European 2020 Small IPOs – Overview (I)

Fast Facts European IPOs - Performance Performance and Issuance by Exchange

0 27.1% ▪ 19 IPOs in 2020 (vs. 4 IPOs in 2019 / Deutsche Börse 3# 75.6% = +15 IPOs) 0 13.7% 13.5%

▪ EUR 1,350m Volume raised (10.0% of Helsinki Stock ExchangeHelsinki 1# 29.9% European Volume) 0 Stockholm Stock Exchange 2# 28.7% ▪ 1 withdrawn or postponed IPO 0 Stockholm ▪ 100% of 2020 Small IPOs priced within IPO +1D IPO +1M IPO - YTD Oslo Stock Exchange 10# 20.5% range** London Stock Exchange 1# 10.7% IPOs by Sector EURONEXT Brussels -7.2% Brussels 2# Communication Biotechnology Services 0 0 0 0 1 1

Consumer Information Discretionary Technology 5%5% 5% Materials 32% 11% 19 11% Primary / Secondary Split & Price Range 16% Industrials 16% Consumer Staples Health Care Secondary Shares 30% IPOs per Month (€ Volume and # of IPOs) 70% Primary Shares 600 7 8 500 7 6 400 4 5 300 3 3 4 3 200 526m 1 1 2 100 0* 278m 278m 184m 1 77m 218m 0 66m 0 number of IPOs May Jun Sep Oct Nov Dec 100% in each country (HQ)** Within Range

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Small IPOs: EUR 50m – 100m, * 0 IPOs with HQ outside Europe, ** where data available 21 European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom European 2020 Small IPOs – Overview (II)

Information Exasol AG Germany Germany 19/05/2020 5 9.5 77.3 Small 13% 66% - 34% 23.9 562.5 8.5 10.5 9.5 9.5 0.0% 0.0% 0.0% 0.0% -9.5% Technology

Nanoform Finland Oyj Finland Finland Biotechnology 03/06/2020 12 3.5 78.0 Small 13% 90% - 10% 4.5 298.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%

Information Mercell Holding AS Norway Norway 26/06/2020 2 0.6 78.0 Small No GS 53% - 47% 0.9 366.5 n/a n/a n/a n/a n/a n/a n/a n/a 1.0% Technology

Hyloris Belgium Belgium Health Care 26/06/2020 10 10.8 61.8 Small No GS 100% - 0% 9.9 256.3 10.8 11.5 11.1 10.8 3.5% 7.5% 0.0% -3.4% -6.5% Pharmaceuticals SA

Nyxoah S.A. Belgium Belgium Health Care 17/09/2020 9 17.0 73.7 Small 15% 100% - 0% 15.9 350.1 14.0 17.0 15.5 15.5 0.0% 0.0% 0.0% 9.7% -2.6%

Readly International Communica- Sweden Sweden 17/09/2020 10 5.7 69.2 Small 5% 62% - 38% 5.7 214.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% AB (publ) tion Services

Information Mintra Holding AS Norway Norway 25/09/2020 3 0.9 80.8 Small No GS 56% - 44% 0.6 115.5 n/a n/a n/a n/a n/a n/a n/a n/a 38.5% Technology

HydrogenPro AS Norway Norway Industrials 30/09/2020 2 2.0 54.6 Small No GS 92% - 8% 3.8 219.3 n/a n/a n/a n/a n/a n/a n/a n/a 15.4%

CSAM Health Group Norway Norway Health Care 01/10/2020 0 6.4 75.4 Small No GS 39% - 61% 8.6 179.9 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% AS

House of Control Information Norway Norway 07/10/2020 2 1.9 59.4 Small No GS 54% - 46% 2.0 114.8 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Group AS Technology

Consumer Icelandic Salmon AS Norway Norway 15/10/2020 2 10.5 59.0 Small No GS 74% - 26% 10.4 321.0 n/a n/a n/a n/a n/a n/a n/a n/a 11.8% Staples

Compleo Charging Germany Germany Industrials 19/10/2020 11 49.0 70.6 Small 10% 63% - 38% 85.8 293.7 44.0 59.0 51.5 51.5 0.0% 0.0% 0.0% -4.9% -16.9% Solutions AG

Information Volue AS Norway Norway 19/10/2020 14 2.9 91.2 Small No GS 50% - 50% 3.3 476.3 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Technology

Consumer Fashionette AG Germany Germany 27/10/2020 7 31.0 99.2 Small 9% 38% - 63% 31.1 192.5 30.0 38.0 34.0 34.0 0.0% 0.0% 0.0% -8.8% -18.4% Discretionary

Information Airthings ASA Norway Norway 30/10/2020 10 1.2 71.2 Small No GS 63% - 37% 1.2 199.4 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Technology

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Small IPOs: EUR 50m – 100m ■ Primary Shares 22 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European 2020 Small IPOs – Overview (III)

The Kingfish Consumer Netherlands Norway 10/11/2020 1 1.9 50.3 Small No GS 100% - 0% 2.9 197.3 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Company Staples

Nordic Aqua Partners Consumer Denmark Norway 20/11/2020 0 7.6 55.1 Small No GS 100% - 0% 7.8 79.8 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% A/S Staples

Re:NewCell AB (publ) Sweden Sweden Materials 26/11/2020 21 7.5 78.8 Small No GS 100% - 0% 11.7 360.2 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%

United United HeiQ Plc Materials 07/12/2020 25 1.2 66.0 Small No GS 33% - 67% 1.4 171.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Small IPOs: EUR 50m – 100m ■ Primary Shares 23 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European 2020 Small IPOs – Overview (IV)

Exasol AG 34.1% 22.1% 59.9% 151.6% 151.6% 58.1% 0.41% n/a n/a n/a n/a n/a n/a n/a 55.0% n/a -40.1% Hauck & Aufhäuser 2,704,888 n/a - KPMG

Danske Bank; Kepler Nanoform Finland Oyj 46.4% 21.4% 30.7% 29.9% 29.9% 65.6% 0.12% n/a n/a n/a n/a n/a n/a n/a 194.8% n/a -15.1% Cheuvreux; Skandinaviska n/a Vinge KB; Borenius White & Case n/a Enskilda; Swedbank

ABG Sundal Collier; Pareto Thommessen Krefting Mercell Holding AS 24.9% 15.9% 66.3% 43.2% 43.2% 56.6% 0.17% n/a n/a n/a n/a n/a n/a n/a 26.3% n/a 182.3% n/a CLP n/a Securities Greve Lund

Hyloris KBC Securities; Van -3.3% -0.1% -5.1% -7.7% -7.7% 52.0% 0.02% n/a n/a n/a n/a n/a n/a n/a 185.6% n/a -26.2% 2,900,000 Eubelius; Norton Rose Linklaters KPMG Pharmaceuticals SA Lanschot Kempen

Banque Degroof Petercam; Nautadutilh; Proskauer Nyxoah S.A. 14.7% 11.1% n/a -6.7% -6.7% 38.6% 0.24% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Baker & Mckenzie EY Belfius Rose

Readly International ABG Sundal Collier; 9.9% -3.1% n/a 1.1% 1.1% 76.2% 0.87% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Baker & McKenzie White & Case PwC AB (publ) Handelsbanken

Pareto Securities; Mintra Holding AS -18.9% -36.0% n/a -28.7% -28.7% 55.8% 1.56% n/a n/a n/a n/a n/a n/a n/a 15.0% n/a 50.5% n/a BAHR - EY SpareBank 1

Thommessen Krefting HydrogenPro AS 57.2% 57.8% n/a 89.2% 89.2% 45.1% 1.88% n/a n/a n/a n/a n/a n/a n/a 723.7% n/a n/a Pareto Securities n/a Selmer BDO Greve Lund

CSAM Health Group Thommessen Krefting 19.9% 20.6% n/a 34.5% 34.5% 56.0% 0.82% n/a n/a n/a n/a n/a n/a n/a 46.2% n/a 33.3% n/a n/a Haavind RSM AS Greve Lund

House of Control ABG Sundal Collier; Pareto Thommessen Krefting -9.7% 2.4% n/a 5.1% 5.1% 51.3% 1.08% n/a n/a n/a n/a n/a n/a n/a 28.7% n/a n/a n/a CLP PwC Group AS Securities Greve Lund

Arctic Securities; Arion Thommessen Krefting Icelandic Salmon AS 11.3% -0.6% n/a -1.1% -1.1% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Wikborg Rein & Co. PwC banki; DNB Greve Lund

Compleo Charging -4.5% 72.7% n/a 75.1% 75.1% 48.4% 1.81% n/a n/a n/a n/a n/a n/a n/a 67.1% n/a n/a Commerzbank; ODDO BHF n/a n/a Noerr PwC Solutions AG

ABG Sundal Collier; Arctic Wiersholm, Mellbye & Thommessen Krefting Volue AS -1.0% 17.7% n/a 14.3% 14.3% 23.8% 1.00% n/a n/a n/a n/a n/a n/a n/a 14.2% n/a 24.0% n/a PwC Securities Bech Greve Lund

Fashionette AG 0.0% -1.6% n/a 0.2% 0.2% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Hauck & Aufhäuser 3,769,600 Osler; Travers Smith Noerr EY

ABG Sundal Collier; Arctic Wiersholm, Mellbye & Airthings ASA -25.9% 2.1% n/a -4.0% -4.0% 52.2% 0.62% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Schjødt BDO Securities; Carnegie; DNB Bech

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 24 Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year European 2020 Small IPOs – Overview (V)

The Kingfish Arctic Securities; Rabobank; De Roos; Wikborg 25.8% n/a n/a 50.7% 50.7% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - Baker Tilly Company DNB; Swedbank Rein & Co.

Nordic Aqua Partners 10.4% n/a n/a 1.6% 1.6% 88.1% 2.53% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a SpareBank 1 n/a n/a - n/a A/S

Nordea Bank; Pareto Re:NewCell AB (publ) 57.9% n/a n/a 56.2% 56.2% 85.6% 1.20% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Vinge White & Case Mazars Securities

BDB Pitmans; C.R. Crowe; F.W. HeiQ Plc 10.7% n/a n/a 10.7% 10.7% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2,971,276 Speechlys; F. - Smith, Riches Rothschild; S. Wittmer & Co.

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 25 Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year European Small IPOs – Performance Last 2 years

The FCF Small IPO 130 Index under- 2020 performed its benchmark index significantly by 17 percentage points over the last two 110 years 108%

90 91%

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

MSCI Europe Small Cap Index captures 976 Small 50 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Dec-20 Cap companies across 15 developed markets countries in Europe MSCI Europe Small Cap Index FCF Small IPO Index

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Small IPOs: EUR 50m – 100m 26 Small IPOs and Market Volatility (VSTOXX) (I) Performance Overview

Volatility VSTOXX – LTM

VSTOXX – 250 Last 12M

Final-to-Filing Volume 0.1% Final-to-Filing Volume -6.5% Final-to-Filing Volume -2.6% Adjustment: Adjustment: Adjustment: +1d Performance: 24.9% +1d Performance: -3.3% +1d Performance: 14.7% Performance since IPO: 43.2% Performance since IPO: -7.7% Performance since IPO: -6.7% 200

Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Final-to-Filing Volume 38.5% Final-to-Filing Volume 15.4% Adjustment: Adjustment: Adjustment: Adjustment: +1d Performance: 46.4% +1d Performance: 9.9% +1d Performance: -18.9% +1d Performance: 57.2% 150 Performance since IPO: 29.9% Performance since IPO: 1.1% Performance since IPO: -28.7% Performance since IPO: 89.2%

Final-to-Filing Volume 0.0% 100 Final-to-Filing Volume -9.5% Adjustment: Adjustment: +1d Performance: 19.9% +1d Performance: 34.1% Performance since IPO: 34.5% Performance since IPO: 151.6%

0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 27 Small IPOs and Market Volatility (VSTOXX) (II) Performance Overview

Volatility VSTOXX – LTM

VSTOXX – 250 Last 12M Final-to-Filing Volume 0.0% Final-to-Filing Volume -18.4% Adjustment: Adjustment: +1d Performance: -25.9% +1d Performance: 0.0% Performance since IPO: -4.0% Performance since IPO: 0.2% 200 Final-to-Filing Volume 0.0% Adjustment: Final-to-Filing Volume -16.9% Final-to-Filing Volume 0.0% +1d Performance: 25.8% Final-to-Filing Volume 0.0% Adjustment: Adjustment: Performance since IPO: 50.7% Adjustment: +1d Performance: -4.5% +1d Performance: -1.0% +1d Performance: 57.9% Performance since IPO: 75.1% Performance since IPO: 14.3% Performance since IPO: 56.2% 150

Final-to-Filing Volume 11.7% Final-to-Filing Volume 0.0% Adjustment: Adjustment: Final-to-Filing Volume 0.0% +1d Performance: 11.3% +1d Performance: 10.4% Adjustment: Performance since IPO: 1.6% 100 Performance since IPO: -1.1% +1d Performance: 10.7% Performance since IPO: 10.7% Final-to-Filing Volume 0.0% Adjustment: +1d Performance: -9.7% Performance since IPO: 5.1%

0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 28 Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O S c) Medium IPOs d) L a r g e I P O s

29 European 2020 Medium IPOs – Overview (I)

Fast Facts European IPOs - Performance Performance and Issuance by Exchange 20.6% ▪ 17 IPOs in 2020 (vs. 10 IPOs in 2019 / 0 Helsinki Stock Exchange 1# 153.3% = +7 IPOs) 10.6% Helsinki 0 ▪ EUR 2,421m Volume raised (17.9% of Spanish Stock Exchange 1# 58.3% 0 EURONEXT Paris 1# 42.7% European Volume) Paris -1.6% ▪ 1 withdrawn or postponed IPO 0 Stockholm Stock Exchange 3# 35.8% IPO +1D IPO +1M IPO - YTD Stockholm ▪ 90% of 2020 Medium IPOs priced within AIM - London Stock Exchange 1# 27.8% range** EURONEXT Brussels 1# 7.5% Brussels IPOs by Sector London Stock Exchange 1# 4.5%

-0.7% Copenhagen StockCopenhagen Exchange 1# Energy Materials Oslo Stock Exchange -3.5% 4#

Consumer Consumer Deutsche Börse -12.2% 3# Staples Discretionary 6% -1 0 1 1 2 2 6% 24% Communication 6% Services 6% 17 Health Care 18% 18% Information Primary / Secondary Split & Price Range Technology 18%

Industrials Secondary Shares

37% IPOs per Month (€ Volume and # of IPOs) 63% Primary Shares 600 5 4 500 4 400 3 3 Below Range 307m 3 300 2

483m 483m 194m 2

200 2 1 1 526m 526m 100 402m 1 0*

1 100m 280m 128m 0 0 number of IPOs Feb May Jun July Sep Oct Nov Dec 90% in each country (HQ)** Within Range

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Medium IPOs: EUR 100m – 250m, * 0 IPOs with HQ outside Europe, ** where data available 30 European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom European 2020 Medium IPOs – Overview (II)

Consumer Musti Group Oyj Finland Finland 12/02/2020 12 8.8 158.5 Medium 15% 28% - 72% 22.2 743.1 5.7 9.4 7.5 7.5 0.0% 0.0% 0.0% 16.7% -31.8% Discretionary

BW Energy Limited Norway Norway Energy 17/02/2020 19 2.4 114.2 Medium 15% 100% - 0% 2.1 490.8 3.4 3.7 3.5 3.5 -0.1% -0.1% -0.1% -31.0% -28.6%

United United Inspecs Group plc Health Care 27/02/2020 14 2.3 110.3 Medium No GS 25% - 75% 2.9 296.0 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom

Consumer Nacon S.A. France France 28/02/2020 9 5.5 100.0 Medium 9% 100% - 0% 7.9 666.2 4.9 5.8 5.4 5.4 0.0% 0.0% 0.0% 2.8% 0.0% Discretionary

Information Pexip Holding ASA Norway Norway 12/05/2020 8 5.7 194.1 Medium 12% 50% - 50% 5.7 574.3 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Technology

PharmaSGP Holding Germany Germany Health Care 18/06/2020 10 31.5 110.3 Medium 15% 0% - 100% 19.8 237.6 31.5 36.5 34.0 34.0 0.0% 0.0% 0.0% -7.4% -64.0% SE

Consumer Aker BioMarine AS Norway Norway 26/06/2020 7 10.6 196.9 Medium No GS 100% - 0% 10.3 898.3 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Staples

Brockhaus Capital Information Germany Germany 09/07/2020 2 32.0 100.0 Medium 15% 100% - 0% 31.2 309.7 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Management AG Technology

UnifiedPost Group Information Belgium Belgium 21/09/2020 3 20.0 218.7 Medium 15% 80% - 20% 21.5 653.6 18.0 20.0 19.0 19.0 0.0% 0.0% 0.0% 5.3% 0.0% S.A. Technology

Implantica AG Switzerland Sweden Health Care 21/09/2020 21 6.2 105.6 Medium 15% 100% - 0% 11.4 3,769.0 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%

Consumer Knaus Tabbert AG Germany Germany 22/09/2020 11 58.0 201.7 Medium 5% 100% - 0% 59.7 619.5 58.0 74.0 66.0 66.0 0.0% 0.0% 0.0% -12.1% -36.6% Discretionary

Triple Point Energy United United Efficiency Industrials 14/10/2020 50 1.1 110.8 Medium No GS 100% - 0% 1.2 115.8 n/a n/a n/a n/a n/a n/a n/a n/a -50.0% Kingdom Kingdom Infrastructure

Nordic Paper Holding Sweden Sweden Materials 22/10/2020 10 4.1 141.5 Medium 2% 0% - 100% 3.7 246.6 3.9 5.0 4.4 4.4 0.1% 0.1% 0.1% -6.6% -36.1% AB (publ)

Soltec Power Spain Spain Industrials 27/10/2020 12 4.8 150.0 Medium 10% n/a - n/a 7.6 729.6 3.7 4.8 4.2 4.2 0.0% 0.0% 0.0% 13.7% 0.0% Holdings, S.A.

Consumer HusCompagniet A/S Denmark Denmark 18/11/2020 12 15.7 150.7 Medium No GS 0% - 100% 15.6 311.7 15.0 17.4 16.2 16.2 0.0% 0.0% 0.0% -3.3% -10.0% Discretionary

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Medium IPOs: EUR 100m– 250m ■ Primary Shares 31 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European 2020 Medium IPOs – Overview (III)

Cadeler A/S Denmark Norway Industrials 26/11/2020 10 2.2 129.0 Medium No GS 65% - 35% 2.3 267.8 2 2.3 2.3 2.3 0.0% -0.2% 0.1% -2.4% -15.1%

Communica- Thunderful Group AB Sweden Sweden 07/12/2020 12 4.9 128.3 Medium No GS 57% - 43% 6.7 459.3 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% tion Services

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Medium IPOs: EUR 100m– 250m ■ Primary Shares 32 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European 2020 Medium IPOs – Overview (IV)

Carnegie; Jefferies; Nordea Musti Group Oyj 17.7% 0.9% 33.3% 153.3% 153.3% 97.4% 0.47% n/a n/a n/a n/a n/a n/a n/a 13.2% n/a 52.8% n/a Roschier Borenius EY Bank

C. Dill & Pearman; BW Energy Limited -0.9% -71.0% -50.3% -14.0% -14.0% 27.9% 0.37% n/a n/a n/a n/a n/a n/a n/a 37.5% n/a 42.5% DNB; Pareto Securities n/a Thommessen Krefting Schjødt KPMG Greve Lund

Hughes Hubbard & Inspecs Group plc -1.0% -21.7% -7.6% 27.8% 27.8% 79.2% 0.13% n/a n/a n/a n/a n/a n/a n/a 37.1% n/a 68.8% Peel Hunt n/a Travers Smith EY Reed; Macfarlanes

Berenberg; Louis Capital Nacon S.A. 4.0% -20.2% -16.8% 42.7% 42.7% 22.4% 0.33% n/a n/a n/a n/a n/a n/a n/a 17.8% n/a 58.8% n/a ALERION; Jones Day - n/a Markets; Societe De Bourse

ABG Sundal Collier; Thommessen Krefting Pexip Holding ASA 39.0% 41.6% 53.7% -0.9% -0.9% 58.2% 0.89% n/a n/a n/a n/a n/a n/a n/a 32.6% n/a n/a n/a Schjødt Deloitte Carnegie; Pareto Securities Greve Lund

PharmaSGP Holding 9.5% -5.1% -4.3% -37.1% -37.1% 33.5% 0.10% n/a n/a n/a n/a n/a n/a n/a 12.5% n/a 16.8% Berenberg n/a n/a - n/a SE

Arctic Securities; DNB; Aker BioMarine AS -7.2% -18.9% -22.1% -3.5% -3.5% 20.9% 0.50% n/a n/a n/a n/a n/a n/a n/a 25.9% n/a 36.4% Skandinaviska Enskilda n/a Schjødt - n/a Banken

Brockhaus Capital Citi; Commerzbank; 9.4% -3.1% -6.9% -2.5% -2.5% 69.3% 0.00% n/a n/a n/a n/a n/a n/a n/a 59.4% n/a 78.3% n/a n/a Norton Rose KPMG Management AG Jefferies

Banque Degroof Petercam; UnifiedPost Group Shearman & Sterling; 19.0% 10.0% n/a 7.5% 7.5% 54.9% 0.29% n/a n/a n/a n/a n/a n/a n/a 21.0% n/a n/a Belfius; Berenberg; Van n/a Linklaters BDO S.A. Stibbe B.V. Lanschot Kempen

Implantica AG 49.2% 34.7% n/a 82.0% 82.0% 83.1% 0.05% n/a n/a n/a n/a n/a n/a n/a 784.6% n/a 58.6% Pareto Securities n/a Baker & McKenzie Roschier KPMG

Cravath, Swaine & ABN AMRO; Jefferies; Knaus Tabbert AG -6.0% 4.5% n/a 2.9% 2.9% 33.8% 0.76% n/a n/a n/a n/a n/a n/a n/a 13.9% n/a 19.0% n/a Moore; Hengeler - KPMG UniCredit Mueller

Triple Point Energy Efficiency 2.0% 6.1% n/a 4.5% 4.5% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a RBC; Winterflood Securities n/a Gowling WLG Norton Rose BDO Infrastructure

Nordic Paper Holding ABG Sundal Collier; CLSA; Vinge; Shearman & -2.5% -5.8% n/a -11.1% -11.1% n/a n/a n/a n/a n/a n/a n/a n/a n/a 3.2% n/a 9.6% n/a Linklaters PwC AB (publ) DNB; Nordea Bank Sterling

Davis Polk & Mayer Brown; Soltec Power Santander; CaixaBank; JB 11.0% 25.7% n/a 58.3% 58.3% 40.3% 1.95% n/a n/a n/a n/a n/a n/a n/a 50.2% n/a n/a 4,500,000 Wardwell; Uría Cuatrecasas, Deloitte Holdings, S.A. Capital Markets; Berenberg Menéndez Abogados Gonçalves Pereira

Davis Polk & B.B. Dragsted; F., F., Citi; Danske Bank; Nordea HusCompagniet A/S 0.0% n/a n/a -0.7% -0.7% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Wardwell; Gorrissen H., Shriver & EY Bank Federspiel Jacobson

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 33 Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year European 2020 Medium IPOs – Overview (V)

BAHR; Gorrissen Cadeler A/S 0.1% n/a n/a 4.2% 4.2% 37.5% 3.15% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a DNB; SpareBank 1 n/a Schjødt EY Federspiel

ABG Sundal Collier; Grant Thunderful Group AB 36.4% n/a n/a 36.4% 36.4% 30.3% 8.81% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Setterwalls White & Case Carnegie Thornton

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 34 Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year European Medium IPOs – Performance Last 2 years

Over the last two 140 years, the FCF 2020 Medium IPO Index underperformed its benchmark index significantly by 12 120 122% percentage points

110%

100

FCF Medium IPO Index 60 consists of all IPO transactions within 100 – 250 EURm over the last 2 years

MSCI Europe Mid Cap Index captures 243 Mid 40 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Cap companies across 15 developed markets countries in Europe MSCI Europe Mid Cap Index FCF Medium IPO Index

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Medium IPOs: EUR 100m – 250m 35 Medium IPOs and Market Volatility (VSTOXX) (I) Performance Overview

Volatility VSTOXX – LTM

VSTOXX – 250 Last 12M

Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Adjustment: Adjustment: +1d Performance: -1.0% +1d Performance: 39.0% Performance since IPO: 27.8% Performance since IPO: -0.9% 200

Final-to-Filing Volume -28.6% Adjustment: Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0% Adjustment: Adjustment: Adjustment: +1d Performance: -0.9% Adjustment: +1d Performance: -7.2% +1d Performance: 9.4% +1d Performance: 49.2% Performance since IPO: -14.0% +1d Performance: 4.0% 150 Performance since IPO: -3.5% Performance since IPO: -2.5% Performance since IPO: 82.0% Performance since IPO: 42.7%

Final-to-Filing Volume 0.0% Final-to-Filing Volume -64.0% Adjustment: Adjustment: +1d Performance: 19.0% +1d Performance: 9.5% Performance since IPO: 7.5% 100 Final-to-Filing Volume -31.8% Performance since IPO: -37.1% Adjustment:

+1d Performance: 17.7% Final-to-Filing Volume -36.6% Performance since IPO: 153.3% Adjustment: +1d Performance: -6.0% Performance since IPO: 2.9%

0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 36 Medium IPOs and Market Volatility (VSTOXX) (II) Performance Overview

Volatility VSTOXX – LTM

VSTOXX – 250 Last 12M

Final-to-Filing Volume -10.0% Adjustment: +1d Performance: 0.0% 200 Performance since IPO: -0.7%

Final-to-Filing Volume 0.0% Final-to-Filing Volume -15.1% Adjustment: Adjustment: +1d Performance: 11.0% +1d Performance: 0.1% Final-to-Filing Volume 0.0% Performance since IPO: 4.2% Performance since IPO: 58.3% Adjustment: 150 +1d Performance: 36.4% Performance since IPO: 36.4% Final-to-Filing Volume -36.1% Adjustment: +1d Performance: -2.5% Performance since IPO: -11.1%

100

Final-to-Filing Volume -50.0% Adjustment: +1d Performance: 2.0% Performance since IPO: 4.5%

0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 37 Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O S c) Medium IPOs d) L a r g e I P O s

38 European 2020 Large IPOs – Overview (I)

Fast Facts European IPOs - Performance Performance and Issuance by Exchange

0 17.1% 19.0% ▪ 9 IPOs in 2020 (vs. 14 IPOs in 2019 / 13.7% Warsaw Stock Exchange 1# 85.0% = -5 IPOs)) 0 ▪ EUR 8,912m Volume raised (66.0% of 0 Borsa Italia 1# 80.7% European Volume) 0 London Stock Exchange 2# 7.9% ▪ 1 withdrawn or postponed IPO 0 ▪ 100% of 2020 Large IPOs priced within IPO +1D IPO +1M IPO - YTD Deutsche Börse 1# 4.5% range** 4.1% EURONEXT AmsterdamAmsterdam 1#

IPOs by Sector Oslo Stock Exchange -4.6% 2#

National Stock Exchange of…-10.2% 1#

0 0 0 0 1 1 1 Consumer Staples

Information Technology 11% Utilities 22% 11% 9 Health Care 11% 22% Primary / Secondary Split & Price Range 22% Industrials Consumer Discretionary Primary Shares 45% IPOs per Month (€ Volume and # of IPOs) 55% Secondary Shares 5000 3 4 4000 3 2 3 3000 2,250m 2 2000 1 1 1 2

4,495m 4,495m 1 1* 1000

1 997m 388m 497m 285m 1 0 0 number of IPOs 100% Feb May Jun Sep Oct Dec in each country (HQ)** Within Range

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Large IPOs: > EUR 250m, * 1 IPO with HQ outside Europe, ** where data available 39 European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom European 2020 Large IPOs – Overview (II)

United United Calisen plc Industrials 07/02/2020 29 2.8 387.6 Large 3% 91% - 9% 2.3 1,264.9 2.8 3.0 2.9 2.9 -1.0% 4.4% -5.6% -1.1% 9.6% Kingdom Kingdom

Nether- Consumer JDE Peet's N.V. Netherlands 29/05/2020 3 31.5 2,250.0 Large 15% 31% - 69% 32.8 16,380.5 30.0 32.3 31.1 31.1 0.0% 0.0% 0.0% 1.2% 0.0% lands Staples

GVS S.p.A. Italy Italy Health Care 16/06/2020 5 8.2 497.2 Large 15% 16% - 84% 14.7 2,577.8 8.0 8.2 8.1 7.7 5.6% 14.3% -1.8% 0.9% -1.8%

United United Consumer THG Holdings plc 16/09/2020 20 5.5 2,064.2 Large No GS 49% - 51% 7.4 7,955.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Discretionary

Hensoldt AG Germany Germany Industrials 23/09/2020 8 12.0 400.0 Large 14% 75% - 25% 12.5 1,316.7 12.0 16.0 14.0 14.0 0.0% 0.0% 0.0% -14.3% -37.2%

Consumer Allegro.eu SA Luxembourg Poland 29/09/2020 7 9.5 2,030.7 Large 15% 11% - 89% 17.6 17,998.3 7.7 9.5 8.6 8.6 0.0% 0.0% 0.0% 10.3% 13.7% Discretionary

AB Ignitis grupe Lithuania Lithuania Utilities 02/10/2020 21 22.5 450.0 Large No GS 100% - 0% 20.2 1,500.5 22.5 28.0 25.3 25.3 0.0% 0.0% 0.0% -10.9% 0.0%

LINK Mobility Group Information Norway Norway 20/10/2020 8 4.3 547.3 Large 15% 42% - 58% 4.0 1,063.7 n/a n/a n/a n/a n/a n/a n/a n/a 0.0% Holding ASA Technology

Information Meltwater B.V. United States Norway 02/12/2020 9 4.1 285.4 Large No GS 75% - 25% 4.0 1,160.3 n/a n/a n/a n/a n/a n/a n/a n/a 11.1% Technology

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Large IPOs: > 250 EURm ■ Primary Shares 40 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European 2020 Large IPOs – Overview (III)

Barclays; Citi; CS; GS; Simpson Thacher & Calisen plc 0.0% -15.2% -23.4% -18.4% -18.4% 26.3% 0.20% n/a n/a n/a n/a n/a n/a n/a 6.7% n/a 9.2% 7,751,078 Clifford Chance KPMG HSBC; KKR Bartlett

Banca IMI; Santander; JDE Peet's N.V. 13.8% 12.7% 17.6% 4.1% 4.1% 13.2% 0.56% n/a n/a n/a n/a n/a n/a n/a 3.6% n/a 5.9% BayernLB; BNP; Citi; n/a Allen & Overy Linklaters Deloitte Commerzbank; *

GVS S.p.A. 21.7% 31.8% 33.4% 80.7% 80.7% 95.1% 0.20% n/a n/a n/a n/a n/a n/a n/a 3.7% n/a -6.3% GS; Mediobanca n/a White & Case Clifford Chance PwC

Barclays; Citi; GS; HSBC; Gibson, Dunn & THG Holdings plc 16.8% 17.4% n/a 34.2% 34.2% 82.9% 0.26% n/a n/a n/a n/a n/a n/a n/a 24.8% n/a 29.2% J.P. Morgan; Jefferies; 619,267,072 Clifford Chance EY Crutcher Numis Securities

BofA; Citi; Commerzbank; Simpson Thacher & Hensoldt AG -8.3% -10.0% n/a 4.5% 4.5% 36.5% 1.69% n/a n/a n/a n/a n/a n/a n/a 20.7% n/a 19.8% Crédit Agricole; DB; J.P. 8,000,000 - KPMG Bartlett Morgan; KKR; UniCredit

Bank Polska; Barclays; Allen & Overy; Allegro.eu SA 64.4% 94.2% n/a 85.0% 85.0% 13.8% 4.73% n/a n/a n/a n/a n/a n/a n/a 26.2% n/a 22.5% BofA; Citi; Crédit Agricole; 55,843,506 Clifford Chance Greenberg Traurig PwC Dom Maklerski Banku; ** Grzesiak

BofA; J.P. Morgan; MS; AB Ignitis grupe -0.9% -12.2% n/a -10.2% -10.2% 26.9% 0.61% n/a n/a n/a n/a n/a n/a n/a 7.8% n/a 12.1% 7,335,000 Ashurst Dentons; Walless EY Swedbank; UBS

ABG Sundal Collier; Thommessen Krefting LINK Mobility Group 15.3% 18.2% n/a -7.2% -7.2% 82.1% 1.77% n/a n/a n/a n/a n/a n/a n/a 17.5% n/a 22.7% Carnegie; Jefferies; n/a AGP; Paul Hastings Greve Lund; Davis PwC Holding ASA SpareBank 1 Polk & Wardwell

ABG Sundal Collier; Arctic Thommessen Krefting Meltwater B.V. 0.3% n/a n/a -2.1% -2.1% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Securities; Carnegie; DNB; n/a Schjødt PwC Greve Lund Pareto Securities

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 41 Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year; * Rabobank; Crédit Agricole; DB; GS; HSBC ; ING; J.P. Morgan; LBBW; ML; MUFG; Skandinaviska Enskilda Banken; SMBC Nikko; TD Sec.; UniCredit; ** Erste Group; GS; MS; Pekao; Powszechna K. O.; Raiffeisen Centrobank; Santander European Large IPOs – Performance Last 2 years

Over the last two 140 years, the FCF Large 2020 IPO Index outperformed its 129% benchmark index significantly by 23 percentage points 120

106%

100

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

MSCI Europe Large Cap Index captures 194 Large 60 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Dec-20 Cap companies across 15 developed markets countries in Europe MSCI Europe Large Cap Index FCF Large IPO Index

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, Large IPOs: > EUR 250m 42 Large IPOs and Market Volatility (VSTOXX) Performance Overview

Volatility VSTOXX – LTM

VSTOXX – 250 Last 12M Final-to-Filing Volume 0.0% Adjustment: +1d Performance: 16.8% Final-to-Filing Volume 0.0% Adjustment: Performance since IPO: 34.2% +1d Performance: -0.9% Performance since IPO: -10.2% 200 Final-to-Filing Volume -1.8% Adjustment: +1d Performance: 21.7% Performance since IPO: 80.7% Final-to-Filing Volume 13.7% Adjustment: +1d Performance: 64.4% Final-to-Filing Volume 11.1% Adjustment: 150 Performance since IPO: 85.0% +1d Performance: 0.3% Performance since IPO: -2.1% Final-to-Filing Volume 0.0% Adjustment: +1d Performance: 13.8% Final-to-Filing Volume 0.0% Performance since IPO: 4.1% Final-to-Filing Volume -37.2% Adjustment: Adjustment: 100 +1d Performance: -8.3% +1d Performance: 15.3% Performance since IPO: 4.5% Performance since IPO: -7.2%

Final-to-Filing Volume 9.6% Adjustment: +1d Performance: 0.0% Performance since IPO: -18.4% 50

0 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research 43 Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s

44 Train Alliance Sweden AB

Company Description IPO Facts . Sector: Construction and Engineering Ticker OM:TRAIN B Financial Advisors Train Alliance Sweden AB (publ) develops production facilities for railway-related infrastructure and Exchange Stockholm Stock Exchange na Initial Filing Date 28-Jan-20 logistics operations in Sweden. The company is headquartered in Hallsberg, Sweden. Announced Date 28-Jan-20 # Days Announced to Offer 22 Offer Date 19-Feb-20

IPO Price (EUR) 4.73 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 5.0m Greenshoe No GS - Filing Volume (EUR) 23.6m Final Volume (EUR)2 23.6m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Jemsten, Sven 8.6% na Lingardh, Patrik 2.7% Primary 100% Commerzbank AG, Asset Management Arm 2.4% Secondary 0% Persson, Otto 2.4% Svenska InvestorPartner AB 2.4% Key Financials Free Float 81.4% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 18.9 na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Train Alliance Sweden AB 14.7% (3.3%) 2.0% 34.4% EBITDA 4.0 na na na na 0 Outperform OMX Stockholm 30 Index (0.1%) (27.3%) (17.9%) 1.3% Margin 21.0% na na na 0 Hold 160 EBIT 2.9 na na na na 0 Underperform Margin 15.1% na na na 0 Sell 140 Net Income 1.9 na na na na Margin 9.8% na na na 120

Rebased (in %) 100 (EURm) Valuation FY2020 FY2021 FY2022 Enterprise Value 125.9 EV/Sales na na na Prices 80 Net Debt 14.9 EV/EBITDA na na na 60 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Feb 2020 Apr 2020 Jun 2020 Aug 2020 Oct 2020 Preferred Equity 0.0 P/E na na na . Train Alliance Sweden AB (publ) (OM:TRAIN B) OMX Stockholm 30 Index Market Cap 110.7 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 45 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Ice Fish Farm AS

Company Description IPO Facts . Sector: Food Products Ticker OB:IFISH-ME Financial Advisors Ice Fish Farm AS operates as a fish farm in Iceland. The company engages in the farming, Exchange Oslo Stock Exchange ABG Sundal Collier Holding ASA; DNB Markets Initial Filing Date 26-May-20 processing, and distribution of salmon fishes; and harvesting, processing, and packaging of line Announced Date 26-May-20 caught cod and haddock fishes. In addition, it operates smolt stations. The company sells its # Days Announced to Offer 1 products through distributors, as well as retailers, suppliers, and supermarkets. It also exports its Offer Date 27-May-20 products. The company was incorporated in 2020 and is based in Seltjarnarnes, Iceland. Ice Fish Farm AS is a subsidiary of NTS ASA. IPO Price (EUR) 3.08 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 11.7m Greenshoe No GS Thommessen Krefting Greve Lund AS Filing Volume (EUR) 35.9m Final Volume (EUR)2 35.9m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 NTS ASA 55.6% na Gislason, Gudmundur 13.2% Primary na HREGG EHF 5.6% Secondary na DNB Asset Management AS 2.5% Grjót EHF 2.5% Key Financials Free Float 20.7% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 27.2 na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Ice Fish Farm AS 13.4% 8.0% 4.8% 35.1% EBITDA 5.4 na na na na 0 Outperform Oslo Bors Benchmark Index 5.4% (0.6%) 4.9% 15.8% Margin 19.7% na na na 0 Hold 150 EBIT 3.6 na na na na 0 Underperform Margin 13.2% na na na 0 Sell 140 Net Income 2.5 na na na na 130 Margin 9.1% na na na

120

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 110

Enterprise Value 236.5 EV/Sales na na na Prices 100 Net Debt 11.5 EV/EBITDA na na na 90 Minority Interest 0.0 EV/EBIT na na na Jun 2020 Aug 2020 Oct 2020 Dec 2020 Preferred Equity 0.0 P/E na na na . Ice Fish Farm AS (OB:IFISH-ME) Oslo Bors Benchmark Index Market Cap 224.5 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 46 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Cy4gate S.p.A.

Company Description IPO Facts . Sector: Software Ticker BIT:CY4 Financial Advisors Cy4gate S.P.A. develops cyber electronic warfare and intelligence solutions for government and Exchange Borsa Italia Equita SIM S.p.A. Initial Filing Date 19-Jun-20 corporate organizations. The company offers A-QUBE, an advanced intelligence analytics platform to Announced Date 19-Jun-20 collect, analyze, and transform heterogeneus data flows into strategic intelligence outcome; and Real # Days Announced to Offer 0 Time Analytics, a cyber security monitoring and incident response solution for corporates and Offer Date 19-Jun-20 companies, as well as operates CY4GATE Academy that provides recruiting, educational, and training programs to address needs in cyber intelligence, cyber security engineering, cybersecurity incident response and recovery, and cybersecurity assessment. It also provides cyber electronic IPO Price (EUR) 3.15 warfare and intelligence solutions for government bodies and armed forces, such as D-SINT, an Filing Price Range (EUR) na advanced intelligence analytics platform to collect, analyze, and transform heterogeneous data flows Final Price Range (EUR) na into strategic intelligence outcome; TACTICAL RTA to support the cyber team focusing on real-time Legal Counsel threats; Homeland Security Solutions to deliver surveillance and control capabilities; and DIGILAB to Shares Offered (incl. Greenshoe) 6.7m perform digital activities for platform and system analysis, vulnerability management, and attack Greenshoe No GS - pattern engineering. Filing Volume (EUR) 21.1m Final Volume (EUR)2 21.1m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Azimut Capital Management Sgr SpA 1.8% KPMG S.p.A. Kairòs Partners SGR SpA 1.1% Primary 75% GSB Podium Advisors, LLC 0.8% Secondary 25% Mediolanum Asset Management Limited 0.8% Kairos Investment Management Limited 0.7% Key Financials Free Float 94.8% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 2.5 12.4 18.9 26.4 45.9% IPO +1D IPO +1M IPO +3M since IPO Growth 52.4% 39.7% 1 Buy Cy4gate S.p.A. 27.6% 41.9% 40.3% 110.5% EBITDA (0.2) 6.5 7.8 9.7 22.2% 0 Outperform FTSE MIB INDEX (2.3%) 4.3% (3.5%) 12.4% Margin nm 52.4% 41.3% 36.7% 0 Hold 220 EBIT (0.8) 4.8 4.9 5.5 7.0% 0 Underperform Margin nm 38.7% 25.9% 20.8% 0 Sell 200 Net Income (0.9) 3.4 3.5 4.0 8.5% 180 Margin nm 27.4% 18.5% 15.2% 160

Rebased (in %) 140 (EURm) Valuation FY2020 FY2021 FY2022

120 Enterprise Value 86.2 EV/Sales 7.0x 4.6x 3.3x Prices 100 Net Debt (0.7) EV/EBITDA 13.3x 11.0x 8.9x 80 Minority Interest 0.0 EV/EBIT 18.0x 17.6x 15.7x Dec 2020 Jun 2020 Aug 2020 Oct 2020 Preferred Equity 0.0 P/E 29.3x 28.4x 24.9x . Cy4gate S.p.A. (BIT:CY4) FTSE MIB INDEX Market Cap 99.5 P/B 3.9x 3.3x 2.9x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 47 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Elixirr International plc

Company Description IPO Facts . Sector: Professional Services Ticker AIM:ELIX Financial Advisors Elixirr International plc provides management consultancy services worldwide. The company offers its Exchange AIM - London Stock Exchange FinnCap Ltd Initial Filing Date 06-Jul-20 services for industries, such as financial services, consumer goods, retail, and technology media and Announced Date 06-Jul-20 telecommunications. Elixirr International plc was founded in 2009 and is headquartered in London, the # Days Announced to Offer 0 United Kingdom. Offer Date 06-Jul-20

IPO Price (EUR) 2.40 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 11.5m Greenshoe No GS Fox Williams Filing Volume (EUR) 27.6m Final Volume (EUR)2 27.6m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Elixirr International Plc, Employee Benefit Trust 15.2% Crowe U.K. LLP Slater Investments Limited 8.7% Primary 80% Ferguson, Ian 6.3% Secondary 20% Chelverton Asset Management Limited 4.9% Curtis, Andy 3.8% Key Financials Free Float 61.1% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na 32.6 41.3 46.3 19.2% IPO +1D IPO +1M IPO +3M since IPO Growth 26.9% 12.1% 0 Buy Elixirr International plc (0.4%) (8.8%) 4.3% 23.0% EBITDA na 9.9 11.4 13.1 15.1% 0 Outperform FTSE 100 Index (3.8%) (4.0%) (4.9%) 4.3% Margin na 30.3% 27.6% 28.2% 0 Hold 130 EBIT na 9.6 11.2 12.9 15.5% 0 Underperform Margin na 29.6% 27.1% 27.8% 0 Sell 120 Net Income na 7.5 9.0 10.3 16.9% Margin na 23.1% 21.7% 22.2% 110

Rebased (in %) 100 (EURm) Valuation FY2020 FY2021 FY2022 Enterprise Value 144.0 EV/Sales 4.4x 3.5x 3.1x Prices 90 Net Debt na EV/EBITDA 14.6x 12.6x 11.0x 80 Minority Interest 0.0 EV/EBIT 14.9x 12.9x 11.2x Dec 2020 Jul 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E 17.9x 15.0x 13.1x . Elixirr International plc (AIM:ELIX) FTSE 100 Index Market Cap 134.6 P/B 1.7x 1.6x 1.5x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 48 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Aker Carbon Capture AS

Company Description IPO Facts . Sector: Commercial Services and Supplies Ticker OB:ACC Financial Advisors Aker Carbon Capture AS provides carbon capture technologies. Its technologies mitigate the Exchange Oslo Stock Exchange Carnegie ASA; Skandinaviska Enskilda Banken AB Initial Filing Date 12-Aug-20 environmental cost of industry. The company’s carbon capture process uses a mixture of water and (publ.) Announced Date 12-Aug-20 organic amine solvents to absorb the CO2 that can be applied on emissions from various sources, # Days Announced to Offer 1 such as gas, coal, cement, refineries, and waste-to-energy through to hydrogen and other process Offer Date 13-Aug-20 industries. Its portfolio of products include Just Catch, Big Catch, and Offshore Just Catch, as well as mobile test unit. The company is based in Lysaker, Norway. Aker Carbon Capture AS(OB:ACC-ME) operates independently of Aker Solutions ASA as of August 26, 2020. IPO Price (EUR) 0.16 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 294.1m Greenshoe No GS Thommessen Krefting Greve Lund AS Filing Volume (EUR) 47.6m Final Volume (EUR)2 47.6m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Fondsfinans Kapitalforvaltning ASA 0.5% KPMG AS Dimensional Fund Advisors L.P. 0.2% Primary 100% Wellington Management Group LLP 0.2% Secondary 0% Aramea Asset Management AG 0.2% Mutuactivos SA, SGIIC 0.2% Key Financials Free Float 98.7% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na 0.6 46.3 106.5 nana IPO +1D IPO +1M IPO +3M since IPO Growth na 129.9% 2 Buy Aker Carbon Capture AS 196.0% 260.6% 404.4% 650.5% EBITDA na (1.4) (1.2) 4.2 nm 1 Outperform Oslo Bors Benchmark Index (0.9%) (4.5%) 6.3% 6.3% Margin na nm nm 4.0% 0 Hold 800 EBIT na (1.5) (1.9) 2.4 nm 0 Underperform 700 Margin na nm nm 2.2% 0 Sell 600 Net Income na (1.2) (1.2) 2.1 nm 500 Margin na nm nm 2.0% 400 Rebased (in %) 300 (EURm) Valuation FY2020 FY2021 FY2022

200 Enterprise Value 641.4 EV/Sales na na 6.0x Prices 100 Net Debt na EV/EBITDA na na na 0 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Aug 2020 Oct 2020 Preferred Equity 0.0 P/E na na na . Aker Carbon Capture AS (OB:ACC) Oslo Bors Benchmark Index Market Cap 687.8 P/B 14.7x 15.4x 15.0x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 49 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Aker Offshore Wind Holding AS

Company Description IPO Facts . Sector: Construction and Engineering Ticker OB:AOW Financial Advisors Aker Offshore Wind Holding AS engages in the development of deep-water wind power production. It Exchange Oslo Stock Exchange Carnegie ASA; Skandinaviska Enskilda Banken Ab Initial Filing Date 12-Aug-20 has a portfolio of development projects and prospects in Europe, North America, and Asia. The (publ) Oslofilialen Norsk Avdeling Av Utenlandsk Announced Date 12-Aug-20 company is based in Lysaker, Norway. Aker Offshore Wind Holding AS(OB:AOW-ME) operates Foretak # Days Announced to Offer 1 independently of Aker Solutions ASA as of August 26, 2020. Offer Date 13-Aug-20

IPO Price (EUR) 0.14 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 340.1m Greenshoe No GS Thommessen Krefting Greve Lund AS Filing Volume (EUR) 47.6m Final Volume (EUR)2 47.6m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 The Resource Group TRG AS 48.3% KPMG AS Aker Solutions ASA 2.5% Primary 100% Fondsfinans Kapitalforvaltning ASA 0.3% Secondary 0% Dimensional Fund Advisors L.P. 0.2% Wellington Management Group LLP 0.2% Key Financials Free Float 48.5% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na 0.4 0.6 1.2 82.6% IPO +1D IPO +1M IPO +3M since IPO Growth 76.4% 89.0% 2 Buy Aker Offshore Wind AS 131.1% 263.1% 319.8% 381.6% EBITDA na (2.6) (3.7) (6.0) 50.8% 1 Outperform Oslo Bors Benchmark Index (0.9%) (4.5%) 6.3% 6.3% Margin na nm nm nm 0 Hold 500 EBIT na (2.6) (3.7) (6.0) 50.8% 0 Underperform Margin na nm nm nm 0 Sell 400 Net Income na (1.5) (4.0) (5.6) 90.7% Margin na nm nm nm 300

Rebased (in %) 200 (EURm) Valuation FY2020 FY2021 FY2022 Enterprise Value 0.0na EV/Sales na na na Prices 100 Net Debt na EV/EBITDA na na na 0 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Aug 2020 Oct 2020 Preferred Equity 0.0 P/E na na na . Aker Offshore Wind AS (OB:AOW) Oslo Bors Benchmark Index Market Cap 457.6 P/B 6.2x 6.2x 7.2x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 50 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe BEWi ASA

Company Description IPO Facts . Sector: Chemicals Ticker OB:BEWI Financial Advisors BEWi ASA produces, distributes, and sells various packaging and insulation solutions based on Exchange Oslo Stock Exchange Nordea Bank Abp, Filial I Norge; SpareBank 1 Markets Initial Filing Date 19-Aug-20 expandable polystyrene (EPS). The company operates through RAW, Packaging & Components, AS Announced Date 19-Aug-20 and Insulation segments. The RAW segment produces and sells EPS beads to external parties as a # Days Announced to Offer 7 raw material for the production of final products. The Packaging & Components segment provides Offer Date 26-Aug-20 packaging material and technical components that are made out of converted EPS beads, EPP, paper board, and other material. The Insulation segment develops and manufactures a range of insulation products for the construction industry and infrastructure facilities. The company sells its IPO Price (EUR) 1.88 products to seafood/food, pharmaceutical, automotive, leisure, residential housing, commercial Filing Price Range (EUR) na buildings, and infrastructure industries. BEWi ASA was founded in 1980 and is based in Frøya, Final Price Range (EUR) na Norway. Legal Counsel Shares Offered (incl. Greenshoe) 13.9m Greenshoe No GS Wiersholm, Mellbye & Bech Filing Volume (EUR) 26.1m Final Volume (EUR)2 26.1m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Danielsson, Marie 0.1% PricewaterhouseCoopers AS Bekken, Martin 0.1% Primary 0% Siljeskär, Jonas 0.1% Secondary 100% na na na na Key Financials Free Float 99.8% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 439.1 500.0 522.3 536.6 3.6% IPO +1D IPO +1M IPO +3M since IPO Growth 4.5% 2.7% 1 Buy BEWi ASA 17.0% 5.2% 5.9% 6.4% EBITDA 51.8 64.3 66.7 70.0 4.4% 0 Outperform Oslo Bors Benchmark Index (0.8%) (3.7%) 8.8% 7.3% Margin 11.8% 12.9% 12.8% 13.1% 0 Hold 125 EBIT 29.0 39.7 41.0 43.7 4.9% 0 Underperform Margin 6.6% 7.9% 7.8% 8.1% 0 Sell 120 Net Income 13.7 22.6 25.3 28.0 11.5% 115 Margin 3.1% 4.5% 4.8% 5.2% 110

Rebased (in %) 105 (EURm) Valuation FY2020 FY2021 FY2022

100 Enterprise Value 486.0 EV/Sales 1.0x 0.9x 0.9x Prices 95 Net Debt 184.2 EV/EBITDA 7.6x 7.3x 6.9x 90 Minority Interest 0.3 EV/EBIT 12.2x 11.9x 11.1x Dec 2020 Aug 2020 Oct 2020 Preferred Equity 0.0 P/E 13.1x 11.7x 10.5x . BEWi ASA (OB:BEWI) Oslo Bors Benchmark Index Market Cap 294.8 P/B 1.6x 1.5x 1.4x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 51 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Kooth plc

Company Description IPO Facts . Sector: Health Care Providers and Services Ticker AIM:KOO Financial Advisors Kooth plc provides digital mental health services for children and young people in the United Exchange AIM - London Stock Exchange na Initial Filing Date 17-Aug-20 Kingdom. It operates an online platform that offers various therapeutic tools and interventions, Announced Date 17-Aug-20 including self-helping tools and content; and a community for peer-to-peer support, as well as # Days Announced to Offer 16 provides professional counselling services. The company was founded in 2001 and is based in Offer Date 02-Sep-20 London, the United Kingdom.

IPO Price (EUR) 2.25 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 13.0m Greenshoe No GS K&L Gates LLP Filing Volume (EUR) 18.0m Final Volume (EUR)2 29.2m Filing-to-Final Change 62.5% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Hargreave Hale Limited, Asset Management Arm 7.9% Grant Thornton International Ltd. Gresham House Asset Management Limited 7.2% Primary 62% Stancroft Trust Ltd. 6.1% Secondary 38% Premier Fund Managers Limited 4.9% Barker, Timothy J. 2.4% Key Financials Free Float 71.5% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na 13.4 17.1 21.3 26.0% IPO +1D IPO +1M IPO +3M since IPO Growth 27.1% 24.8% 1 Buy Kooth plc 19.6% 15.4% 17.8% 16.9% EBITDA na na 1.1 3.1 na 0 Outperform FTSE 100 Index (1.5%) (0.7%) 8.8% 10.4% Margin na na 6.5% 14.5% 0 Hold 135 EBIT na (1.7) (1.6) (0.2) (66.6%) 0 Underperform 130 Margin na nm nm nm 0 Sell 125 Net Income na na na na na 120 Margin na na na na 115 110 Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 105 Enterprise Value 0.0na EV/Sales na na na Prices 100 95 Net Debt na EV/EBITDA na na na 90 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Kooth plc (AIM:KOO) FTSE 100 Index Market Cap 86.9 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 52 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Agilyx AS

Company Description IPO Facts . Sector: Commercial Services and Supplies Ticker OB:AGLX-ME Financial Advisors Agilyx AS engages in the chemical recycling of post-use plastics back into plastics, chemical Exchange Oslo Stock Exchange na Initial Filing Date 15-Sep-20 intermediates, and low carbon fuels. The company develops systems and technologies to transform Announced Date 15-Sep-20 non-recyclable plastics into a range of valuable products, including a liquid from styrofoam recycling # Days Announced to Offer 0 that is used in pharmaceutical, agricultural, safety, construction, food packaging, durable goods, Offer Date 15-Sep-20 composites, insulation, and shipping industry products; and a drop-in replacement for fossil crude oil used by refineries. It serves waste and recycling companies, municipalities, and industrial waste plastics generators. The company was founded in 2004 and is headquartered in Tigard, Oregon. IPO Price (EUR) 1.68 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 16.7m Greenshoe No GS - Filing Volume (EUR) 28.1m Final Volume (EUR)2 28.1m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Saffron Hill Ventures, Ltd. 47.7% Rsm Norge AS Caspla Investments Limited 8.4% Primary 100% Caspla Securities Limited 6.3% Secondary 0% MP Pensjon 2.2% Sundt AS 2.2% Key Financials Free Float 33.3% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 1.8 2.5 10.7 30.5 246.6% IPO +1D IPO +1M IPO +3M since IPO Growth 319.8% 186.2% 1 Buy Agilyx AS 74.0% 33.8% na 37.9% EBITDA (6.3) (4.7) (3.2) na na 0 Outperform Oslo Bors Benchmark Index (0.8%) (6.1%) na 8.2% Margin nm nm nm na 0 Hold 180 EBIT (6.5) (4.7) (3.2) (0.8) (58.1%) 0 Underperform Margin nm nm nm nm 0 Sell 160 Net Income (6.4) (6.4) (4.1) (2.4) (39.0%) Margin nm nm nm nm 140

Rebased (in %) 120 (EURm) Valuation FY2020 FY2021 FY2022 Enterprise Value 167.4 EV/Sales na na 5.5x Prices 100 Net Debt 6.4 EV/EBITDA na na na 80 Minority Interest 0.5 EV/EBIT na na na Dec 2020 Sep 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Agilyx AS (OB:AGLX-ME) Oslo Bors Benchmark Index Market Cap 171.4 P/B 5.7x 6.7x na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 53 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Salmon Evolution Holding AS

Company Description IPO Facts . Sector: Food Products Ticker OB:SALME Financial Advisors Salmon Evolution Holding AS operates as a land-based salmon farming company in Norway. It Exchange Oslo Stock Exchange DNB Markets; Pareto Securities AS; SpareBank 1 Initial Filing Date 04-Sep-20 focuses on the production of salmon meals. The company was founded in 2017 and is headquartered Markets AS Announced Date 04-Sep-20 in Molde, Norway. # Days Announced to Offer 14 Offer Date 18-Sep-20

IPO Price (EUR) 0.47 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 100.0m Greenshoe No GS Wikborg Rein & Co. Filing Volume (EUR) 46.5m Final Volume (EUR)2 46.5m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Ronja Capital AS 11.4% BDO AS Romsdalsfisk AS 9.2% Primary 100% DNB Asset Management AS 7.2% Secondary 0% Farvatn Private Equity As 7.0% Arctic Asset Management AS 7.0% Key Financials Free Float 58.2% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 0.1 na na 2.8 na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Salmon Evolution Holding AS 50.0% 18.9% na 18.9% EBITDA (1.8) (0.6) (1.9) (0.9) 29.1% 1 Outperform Oslo Bors Benchmark Index 0.0% 0.7% na 7.8% Margin nm nm nm nm 0 Hold 155 EBIT (1.8) (0.6) (1.9) (1.6) 68.3% 0 Underperform Margin nm nm nm nm 0 Sell 145 Net Income (1.7) (0.4) (1.5) (1.6) 91.2% 135 Margin nm nm nm nm 125

Rebased (in %) 115 (EURm) Valuation FY2020 FY2021 FY2022

105 Enterprise Value 55.0 EV/Sales na na na Prices 95 Net Debt (64.2) EV/EBITDA na na na 85 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Salmon Evolution Holding AS (OB:SALME) Oslo Bors Benchmark Index Market Cap 121.6 P/B 1.5x 1.3x 1.3x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 54 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe OHT ASA

Company Description IPO Facts . Sector: Marine Ticker OB:OHT Financial Advisors OHT ASA invests in and operates heavy transportation vessels. It transports liftboats, cranes, Exchange Oslo Stock Exchange na Initial Filing Date 14-Sep-20 jackets, barges, dredgers, modules, ship sections, offshore wind foundations, and other floating/non- Announced Date 14-Sep-20 floating cargoes, as well as jack-up’s and semi-submersible drilling rigs. The company owns and # Days Announced to Offer 9 operates five open deck semi-submersible heavy transportation vessels. It serves oil and gas, Offer Date 23-Sep-20 offshore, heavy construction, and other industries, as well as offshore renewables. OHT ASA was founded in 2005 and is headquartered in Oslo, Norway. IPO Price (EUR) 1.82 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 27.1m Greenshoe No GS - Filing Volume (EUR) 49.2m Final Volume (EUR)2 49.2m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Skagen AS 2.8% PricewaterhouseCoopers AS Arne Blystad AS 0.0% Primary 100% Lotus Marine AS 0.0% Secondary 0% na na na na Key Financials Free Float 97.2% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 58.6 52.2 48.1 76.2 20.9% IPO +1D IPO +1M IPO +3M since IPO Growth (7.7%) 58.3% 2 Buy OHT ASA (6.6%) (15.4%) na (4.0%) EBITDA 17.9 23.4 19.6 38.8 28.9% 1 Outperform Oslo Bors Benchmark Index 0.6% (2.5%) na 10.2% Margin 30.6% 44.8% 40.7% 50.9% 0 Hold 115 EBIT 4.7 10.7 6.6 15.1 18.9% 0 Underperform Margin 8.1% 20.4% 13.8% 19.8% 0 Sell 110 Net Income 6.3 9.7 3.2 6.4 (18.9%) 105 Margin 10.8% 18.6% 6.6% 8.4% 100

Rebased (in %) 95 (EURm) Valuation FY2020 FY2021 FY2022

90 Enterprise Value 168.5 EV/Sales 3.2x 3.5x 2.2x Prices 85 Net Debt (43.1) EV/EBITDA 7.2x 8.6x 4.3x 80 Minority Interest 0.0 EV/EBIT 15.8x 25.4x 11.2x Dec 2020 Sep 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E 21.9x na 33.4x . OHT ASA (OB:OHT) Oslo Bors Benchmark Index Market Cap 213.2 P/B 0.8x 1.0x 1.0x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 55 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Various Eateries PLC

Company Description IPO Facts . Sector: Hotels, Restaurants and Leisure Ticker AIM:VARE Financial Advisors Various Eateries PLC owns, develops, and operates restaurant sites in the United Kingdom. It Exchange AIM - London Stock Exchange na Initial Filing Date 10-Sep-20 operates two major brands across ten locations, which include Coppa Club, a multi-use, all-day Announced Date 10-Sep-20 concept that combines restaurant, terrace, café, lounge, bar, and workspaces; and Tavolino, a # Days Announced to Offer 15 restaurant for Italian food. The company was founded in 2014 and is headquartered in London, the Offer Date 25-Sep-20 United Kingdom.

IPO Price (EUR) 0.80 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 34.2m Greenshoe No GS Squire Patton Boggs (UK) LLP Filing Volume (EUR) 27.3m Final Volume (EUR)2 27.3m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Hargreave Hale Limited, Asset Management Arm 20.0% RSM Corporate Finance LLP; RSM UK Audit LLP Canaccord Genuity Wealth (International) Limited 4.0% Primary 100% na na Secondary 0% na na na na Key Financials Free Float 76.0% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 27.8 20.8 38.9 68.1 81.0% IPO +1D IPO +1M IPO +3M since IPO Growth 87.2% 75.0% 0 Buy Various Eateries PLC (4.8%) (8.9%) na (8.1%) EBITDA (1.4) (1.0) 3.5 11.2 nm 0 Outperform FTSE 100 Index 0.0% 0.3% na 12.3% Margin nm nm 8.9% 16.4% 0 Hold 115 EBIT (3.3) na na na na 0 Underperform Margin nm na na na 0 Sell 110 Net Income (10.2) na na na na 105 Margin nm na na na

100

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 95

Enterprise Value 149.1 EV/Sales 7.2x 3.8x 2.2x Prices 90 Net Debt 44.7 EV/EBITDA na 43.1x 13.3x 85 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Sep 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Various Eateries PLC (AIM:VARE) FTSE 100 Index Market Cap 65.3 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 56 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Play Magnus AS

Company Description IPO Facts . Sector: Entertainment Ticker OB:PMG-ME Financial Advisors Play Magnus AS operates in the chess industry worldwide. The company engages in the Exchange Oslo Stock Exchange ABG Sundal Collier ASA; SpareBank 1 Markets AS Initial Filing Date 24-Sep-20 development of chess related applications, content, and events. It offers e-learning and entertainment Announced Date 24-Sep-20 services under the chess24, Chessable, CoChess, the Play Magnus App Suite, and the Champions # Days Announced to Offer 4 Chess Tour brands. It also organizes chess competitions through online. The company was founded Offer Date 28-Sep-20 in 2013 and is headquartered in Oslo, Norway.

IPO Price (EUR) 1.90 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 21.5m Greenshoe No GS Thommessen Krefting Greve Lund AS Filing Volume (EUR) 36.2m Final Volume (EUR)2 40.8m Filing-to-Final Change 12.9% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Luxor Capital Group, LP 11.0% PricewaterhouseCoopers AS Lt Holdings Limited 9.5% Primary 66% Carlsen, Henrik Albert 9.5% Secondary 34% Investinor AS 7.3% Aasen, Kjetil Myrlid 5.2% Key Financials Free Float 57.5% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 2.6 na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Play Magnus AS (13.6%) (17.7%) na 4.3% EBITDA (2.7) na na na na 0 Outperform Oslo Bors Benchmark Index 3.2% (0.7%) na 9.6% Margin nm na na na 0 Hold 120 EBIT (3.8) na na na na 0 Underperform Margin nm na na na 0 Sell 110 Net Income (3.9) na na na na 100 Margin nm na na na

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 80

Enterprise Value 100.8 EV/Sales na na na Prices 70 Net Debt 0.3 EV/EBITDA na na na 60 Minority Interest 0.0 EV/EBIT na na na Oct 2020 Nov 2020 Dec 2020 Preferred Equity 0.0 P/E na na na . Play Magnus AS (OB:PMG-ME) Oslo Bors Benchmark Index Market Cap 103.2 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 57 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Guild Esports Plc

Company Description IPO Facts . Sector: Entertainment Ticker LSE:GILD Financial Advisors Guild Esports Plc does not have significant operations. It focuses to own and operate an esports Exchange London Stock Exchange Mirabaud Securities Limited; Zeus Capital Limited Initial Filing Date 09-Sep-20 team. The company was formerly known as The Lords Esports plc and changed its name to Guild Announced Date 09-Sep-20 Esports Plc in April 2020. Guild Esports Plc was incorporated in 2019 and is based in London, the # Days Announced to Offer 20 United Kingdom. Offer Date 29-Sep-20

IPO Price (EUR) 0.09 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 250.0m Greenshoe No GS Fieldfisher LLP Filing Volume (EUR) 21.9m Final Volume (EUR)2 21.9m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Blue Star Capital plc 5.9% Littlejohn LLP Schroder Investment Management Limited 5.1% Primary 100% Beckham, David 4.8% Secondary 0% Bixby, Jonathan F 4.7% Wall, Shannon 4.7% Key Financials Free Float 74.9% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Guild Esports Plc 2.8% (25.2%) na (24.5%) EBITDA na na na na na 0 Outperform FTSE 100 Index 0.1% (5.4%) na 11.2% Margin na na na na 0 Hold 120 EBIT (1.3) na na na na 0 Underperform Margin nm na na na 0 Sell 110 Net Income (1.3) na na na na 100 Margin nm na na na

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 80

Enterprise Value 32.8 EV/Sales na na na Prices 70 Net Debt (1.4) EV/EBITDA na na na 60 Minority Interest 0.0 EV/EBIT na na na Oct 2020 Nov 2020 Dec 2020 Preferred Equity 0.0 P/E na na na . Guild Esports Plc (LSE:GILD) FTSE 100 Index Market Cap 34.2 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 58 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Zaptec AS

Company Description IPO Facts . Sector: Electrical Equipment Ticker OB:ZAP-ME Financial Advisors Zaptec AS designs, develops, and produces smart EV charging systems in Norway. It offers ZAPTEC Exchange Oslo Stock Exchange ABG Sundal Collier ASA Initial Filing Date 30-Sep-20 Pro, a charging station for parking spaces in housing cooperatives and co-ownership properties, Announced Date 30-Sep-20 companies, and newbuilds; ZAPTEC Home, a charging station for electric cars at homes; and # Days Announced to Offer 0 charging columns for outdoor installations. The company also provides ZAPTEC Portal, a solution Offer Date 30-Sep-20 that monitors, balances, and optimizes the load between the various charging stations; and ZAPTEC APM, which measures the power consumption for the entire building and automatically allocates power to EV charging, as well as offers support services. It provides charging solutions for homes, IPO Price (EUR) 1.02 multi-family houses, public charging facilities, businesses, and real estate developers. Zaptec AS Filing Price Range (EUR) na was founded in 2012 and is based in Stavanger, Norway. Final Price Range (EUR) na Legal Counsel Shares Offered (incl. Greenshoe) 40.0m Greenshoe No GS - Filing Volume (EUR) 41.0m Final Volume (EUR)2 41.0m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Valinor As 23.4% Rsm Norge AS DNB Asset Management AS 9.0% Primary 52% Swedbank Robur Fonder AB 6.0% Secondary 48% Nordea Investment Management AB 4.7% Storebrand Asset Management AS 3.0% Key Financials Free Float 54.0% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 15.9 18.8 27.1 41.0 47.8% IPO +1D IPO +1M IPO +3M since IPO Growth 44.5% 51.2% 0 Buy Zaptec AS (2.4%) 26.1% na 176.3% EBITDA 2.0 2.1 3.8 6.8 80.9% 1 Outperform Oslo Bors Benchmark Index 2.5% (1.3%) na 9.0% Margin 12.6% 11.0% 14.2% 16.5% 0 Hold 340 EBIT 2.0 1.5 3.1 5.6 93.6% 0 Underperform Margin 12.4% 8.0% 11.4% 13.7% 0 Sell 300 Net Income 2.6 1.2 2.3 4.3 88.1% 260 Margin 16.6% 6.5% 8.7% 10.5% 220

Rebased (in %) 180 (EURm) Valuation FY2020 FY2021 FY2022

140 Enterprise Value 211.3 EV/Sales na 7.8x 5.2x Prices 100 Net Debt (0.4) EV/EBITDA na na 31.3x 60 Minority Interest 0.0 EV/EBIT na 68.3x 37.5x Oct 2020 Nov 2020 Dec 2020 Preferred Equity 0.0 P/E na na 48.7x . Zaptec AS (OB:ZAP-ME) Oslo Bors Benchmark Index Market Cap 210.1 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 59 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Labomar S.p.A.

Company Description IPO Facts . Sector: Personal Products Ticker BIT:LBM Financial Advisors Labomar S.p.A. researches, develops, and produces pharmaceutical products, medical devices, Exchange Borsa Italia Corporate Family Office Sim S.p.a. - Societa' Di Initial Filing Date 30-Sep-20 supplements, cosmetics, and food for special medical purposes. The company offers food Intermediazione Mobiliare - Abbreviata Cfo Sim S.p.; Announced Date 30-Sep-20 supplements products for cough and cold, oncology, eyesight wellness, neurology, vitamins and Intesa Sanpaolo - IMI Corporate & Investment Banking # Days Announced to Offer 1 minerals, and dermatology; probiotic products for oral care and elders; and medical devices, which Offer Date 01-Oct-20 include wound healing, detoxing, weight management, and proctology. It also provides food for special medical purposes, such as endocrinology and dysphagia and cosmetics for skincare, haircare, sun care, and acne. The company was founded in 1998 and is based in Istrana, Italy. IPO Price (EUR) 6.00 Labomar S.p.A. operates as a subsidiary of Lab Holding S.R.L. Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 5.6m Greenshoe 13.0% - Filing Volume (EUR) 26.0m Final Volume (EUR)2 29.9m Filing-to-Final Change 15.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 GVC Gaesco Gestión SGIIC, S.A. 0.2% EY S.p.A., HSBC Global Asset Management (UK) Limited 0.2% Primary 100% na na Secondary 0% na na na na Key Financials Free Float 99.7% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 58.6 60.8 66.1 75.5 11.4% IPO +1D IPO +1M IPO +3M since IPO Growth 8.7% 14.2% 1 Buy Labomar S.p.A. 19.2% 11.7% na 12.8% EBITDA 10.6 12.9 14.2 16.5 13.1% 0 Outperform FTSE MIB INDEX 1.1% 1.6% na 15.7% Margin 18.2% 21.2% 21.5% 21.9% 0 Hold 125 EBIT 7.9 8.6 9.5 11.0 13.1% 0 Underperform Margin 13.6% 14.1% 14.4% 14.6% 0 Sell 120 Net Income 5.1 6.2 6.4 7.6 10.5% 115 Margin 8.8% 10.2% 9.7% 10.0% 110

Rebased (in %) 105 (EURm) Valuation FY2020 FY2021 FY2022

100 Enterprise Value 121.1 EV/Sales 2.0x 1.8x 1.6x Prices 95 Net Debt 25.3 EV/EBITDA 9.4x 8.5x 7.3x 90 Minority Interest 0.0 EV/EBIT 14.1x 12.7x 11.0x Oct 2020 Nov 2020 Dec 2020 Preferred Equity 0.0 P/E 15.5x 14.9x 12.7x . Labomar S.p.A. (BIT:LBM) FTSE MIB INDEX Market Cap 95.8 P/B 3.2x 2.9x 2.6x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 60 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Calnex Solutions Limited

Company Description IPO Facts . Sector: Communications Equipment Ticker AIM:CLX Financial Advisors Calnex Solutions Limited provides test and measurement products for telecommunication networks. It Exchange AIM - London Stock Exchange na Initial Filing Date 21-Sep-20 offers Paragon that enables users to capture real-world packet delay variation profiles from their Announced Date 21-Sep-20 existing network and replay those profiles in a controlled lab environment; and Paragon-X, which # Days Announced to Offer 14 measures the accuracy of the recovered time of day (ToD) and frequency (MTIE/TDEV) to the Offer Date 05-Oct-20 specified limits. The company also provides Paragon-m, a field tool to test and prove ToD and frequency (E1, T1, or other frequencies) accuracy to nanoseconds in the network; and IP/Ethernet network emulators, which provide delay and inline impairment network emulation for operators, IPO Price (EUR) 0.53 equipment manufacturers, applications developers, and test laboratories. It offers its products to prove Filing Price Range (EUR) na new technologies that are developed and deployed for new mobile backhaul, carrier Ethernet, and Final Price Range (EUR) na packet transport networks. The company was founded in 2006 and is based in Linlithgow, United Legal Counsel Kingdom. Shares Offered (incl. Greenshoe) 12.5m Greenshoe No GS Pinsent Masons Filing Volume (EUR) 24.8m Final Volume (EUR)2 24.8m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Lockwood Advisors, Inc. 15.0% RSM Audit UK LLP Otus Capital Management Limited 8.6% Primary 100% Lombard Odier Asset Management (Europe) Limited 8.3% Secondary 0% Slater Investments Limited 6.2% na na Key Financials Free Float 61.9% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 17.2 na 17.9 na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 1 Buy Calnex Solutions Plc 15.5% 21.6% na 116.1% EBITDA 3.3 na 8.3 na na 0 Outperform FTSE 100 Index 0.1% (0.6%) na 10.4% Margin 19.3% na 46.4% na 0 Hold 245 EBIT 4.2 na 4.9 na na 0 Underperform 225 Margin 24.4% na 27.2% na 0 Sell 205 Net Income 1.4 na 3.8 na na 185 Margin 8.2% na 21.2% na 165 Rebased (in %) 145 (EURm) Valuation FY2020 FY2021 FY2022

125 Enterprise Value 97.7 EV/Sales na 5.5x na Prices 105 Net Debt (2.1) EV/EBITDA na 11.8x na 85 Minority Interest 0.0 EV/EBIT na 20.0x na Oct 2020 Nov 2020 Dec 2020 Preferred Equity 0.0 P/E na 26.3x na . Calnex Solutions Plc (AIM:CLX) FTSE 100 Index Market Cap 99.9 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 61 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Fonix Mobile plc

Company Description IPO Facts . Sector: IT Services Ticker AIM:FNX Financial Advisors Fonix Mobile Ltd provides mobile payments and messaging services for client in media, telecoms, Exchange AIM - London Stock Exchange na Initial Filing Date 07-Oct-20 entertainment, enterprise, and commerce. The company was founded in 2006 and is headquartered in Announced Date 07-Oct-20 London, the United States. # Days Announced to Offer 0 Offer Date 07-Oct-20

IPO Price (EUR) 0.99 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 50.0m Greenshoe No GS - Filing Volume (EUR) 49.4m Final Volume (EUR)2 49.4m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Ganton Limited 34.0% na Starnevesse Limited 19.5% Primary 0% Neale, William Richard 16.6% Secondary 100% Weisz, Robert Henry 16.2% Magnolia Capital Limited 2.2% Key Financials Free Float 11.5% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 44.1 na 52.5 na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Fonix Mobile plc 1.4% 16.4% na 36.2% EBITDA 7.9 na 10.1 na na 0 Outperform FTSE 100 Index 0.9% 7.3% na 10.3% Margin 18.0% na 19.2% na 0 Hold 140 EBIT 7.9 na 9.5 na na 0 Underperform Margin 18.0% na 18.2% na 0 Sell 130 Net Income 6.6 na 8.0 na na 120 Margin 15.0% na 15.2% na

110

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 100

Enterprise Value 109.1 EV/Sales na 2.1x na Prices 90 Net Debt (31.4) EV/EBITDA na 10.8x na 80 Minority Interest 0.0 EV/EBIT na 11.4x na Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na 17.6x na . Fonix Mobile plc (AIM:FNX) FTSE 100 Index Market Cap 140.6 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 62 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Norcod AS

Company Description IPO Facts . Sector: Food Products Ticker OB:NCOD-ME Financial Advisors Norcod AS produces and sells farmed cod products in Norway. The company was founded in 2018 Exchange Oslo Stock Exchange na Initial Filing Date 30-Sep-20 and is based in Trondheim, Norway. Announced Date 30-Sep-20 # Days Announced to Offer 13 Offer Date 13-Oct-20

IPO Price (EUR) 4.62 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 5.0m Greenshoe No GS Wiersholm, Mellbye & Bech Filing Volume (EUR) 23.1m Final Volume (EUR)2 23.1m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Solbak, Jan Severin 27.9% Deloitte AS Sirena Group A/S 18.2% Primary 100% Bjerno, Anders 10.3% Secondary 0% Isfjord Norway As 9.3% Halsebakk, Roger 8.1% Key Financials Free Float 26.3% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Norcod AS (3.3%) 34.4% na 46.0% EBITDA na na na na na 0 Outperform Oslo Bors Benchmark Index (1.4%) 1.9% na 6.6% Margin na na na na 0 Hold 170 EBIT na na na na na 0 Underperform 160 Margin na na na na 0 Sell 150 Net Income na na na na na 140 Margin na na na na 130 120 Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 110 Enterprise Value 0.0na EV/Sales na na na Prices 100 90 Net Debt na EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Norcod AS (OB:NCOD-ME) Oslo Bors Benchmark Index Market Cap 114.9 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 63 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Everfuel Denmark A/S

Company Description IPO Facts . Sector: Oil, Gas and Consumable Fuels Ticker OB:EFUEL-ME Financial Advisors Everfuel Denmark A/S produces and sells green hydrogen fuel in Denmark, Norway, Sweden, the Exchange Oslo Stock Exchange SpareBank 1 Markets AS Initial Filing Date 19-Oct-20 Netherlands, Germany, and Belgium. The company offers hydrogen fueling solutions primarily to Announced Date 19-Oct-20 buses, trucks and taxis, vans, trains, marine, and private cars, as well as for industry stakeholders # Days Announced to Offer 2 working with alternative hydrogen-based green fuels and Power to X-products. It operates hydrogen Offer Date 21-Oct-20 production, distribution, and stations serving mobility customers and industrial stakeholders. The company was founded in 2017 and is headquartered in Herning, Denmark. Everfuel Denmark A/S is a subsidiary of E.F Holding A/S. IPO Price (EUR) 2.01 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 13.2m Greenshoe No GS - Filing Volume (EUR) 26.6m Final Volume (EUR)2 26.6m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 E.F Holding As 67.8% Pricewaterhousecoopers Statsautoriseret Nel ASA 16.9% Primary 100% Revisionsaktieselskab Saga Pure ASA 3.4% Secondary 0% Luxor Capital Group, LP 2.8% BI Asset Management Fondsmæglerselskab AS 1.2% Key Financials Free Float 7.8% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Everfuel A/S (2.4%) 156.7% na 286.6% EBITDA na na na na na 0 Outperform Oslo Bors Benchmark Index (5.5%) 10.3% na 8.9% Margin na na na na 0 Hold 450 EBIT (0.0) na na na na 0 Underperform 400 Margin nm na na na 0 Sell 350 Net Income (0.0) na na na na 300 Margin nm na na na 250 Rebased (in %) 200 (EURm) Valuation FY2020 FY2021 FY2022

150 Enterprise Value 569.9 EV/Sales na na na Prices 100 Net Debt (0.0) EV/EBITDA na na na 50 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Everfuel A/S (OB:EFUEL-ME) Oslo Bors Benchmark Index Market Cap 569.9 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 64 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe PatientSky Group AS

Company Description IPO Facts . Sector: Health Care Technology Ticker OB:PSKY Financial Advisors PatientSky Group AS provides cloud data platforms for health professionals and partners. It offers Exchange Oslo Stock Exchange Carnegie ASA; DNB Markets Initial Filing Date 22-Oct-20 PatientSky 360 platform, a low-code development platform that allows vendors to interact intra- Announced Date 22-Oct-20 platform and reuse applications across customers, as well as platform-as-a-service partner program # Days Announced to Offer 1 that provides a white labeling of the platform's modules and app. The company was founded in 2014 Offer Date 23-Oct-20 and is based in Oslo, Norway.

IPO Price (EUR) 0.93 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 49.0m Greenshoe No GS - Filing Volume (EUR) 45.6m Final Volume (EUR)2 45.6m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Codee Holding As 40.6% Ernst & Young AS Hcmp As 10.9% Primary 100% Handelsbanken Asset Management 4.2% Secondary 0% Teknik Innovation Norden Fonder AB 4.2% Lorenz AS 4.1% Key Financials Free Float 35.9% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy PatientSky Group AS (9.9%) 46.4% na 55.8% EBITDA na na na na na 0 Outperform Oslo Bors Benchmark Index 0.0% 6.8% na 8.7% Margin na na na na 0 Hold 180 EBIT na na na na na 0 Underperform Margin na na na na 0 Sell 160 Net Income na na na na na 140 Margin na na na na

120

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 100

Enterprise Value 0.0na EV/Sales na na na Prices 80 Net Debt na EV/EBITDA na na na 60 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . PatientSky Group AS (OB:PSKY) Oslo Bors Benchmark Index Market Cap 252.4 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 65 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Sourcebio International Plc

Company Description IPO Facts . Sector: Health Care Providers and Services Ticker AIM:SBI Financial Advisors Sourcebio International Plc provides various laboratory services and products to clients in the Exchange AIM - London Stock Exchange Liberum Capital Limited Initial Filing Date 27-Oct-20 healthcare, clinical, life science research, and biopharma industries in the United Kingdom and Announced Date 27-Oct-20 internationally. The company’s services cover histopathology reporting and human tissue testing # Days Announced to Offer 2 services; genomics services to pharmaceuticals, biotechnology, life science, and academic markets; Offer Date 29-Oct-20 stability storage solutions; and COVID-19 antigen PCR testing services. It also manufactures reagents and kits for the blood group serology, blood banking, and tissue banking sectors; and engages in life science research activities, which cover antibodies, clones, cell culture reagents and IPO Price (EUR) 1.79 assays, protein biology, laboratory essentials, and others. Sourcebio International Plc was Filing Price Range (EUR) na incorporated in 2016 and is headquartered in Nottingham, the United Kingdom. Final Price Range (EUR) na Legal Counsel Shares Offered (incl. Greenshoe) 21.6m Greenshoe No GS - Filing Volume (EUR) 38.7m Final Volume (EUR)2 38.7m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Lombard Odier Asset Management (Europe) Limited 21.4% na na na Primary 100% na na Secondary 0% na na na na Key Financials Free Float 78.6% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na 56.0 173.7 63.2 6.2% IPO +1D IPO +1M IPO +3M since IPO Growth 210.0% (63.6%) 1 Buy Sourcebio International Plc 7.0% 10.1% na 4.6% EBITDA na 15.7 63.7 17.3 5.0% 0 Outperform FTSE 100 Index (0.1%) 14.1% na 17.5% Margin na 28.0% 36.7% 27.3% 0 Hold 120 EBIT na 13.6 61.6 15.2 5.5% 0 Underperform Margin na 24.3% 35.5% 24.0% 0 Sell 115 Net Income na na na na na 110 Margin na na na na

105

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 100

Enterprise Value 0.0na EV/Sales na na na Prices 95 Net Debt na EV/EBITDA na na na 90 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Sourcebio International Plc (AIM:SBI) FTSE 100 Index Market Cap 139.1 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 66 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Dataproces Group A/S

Company Description IPO Facts . Sector: IT Services Ticker CPSE:DATA Financial Advisors Dataproces Group A/S, an interdisciplinary knowledge company, specializes in IT and consulting Exchange Copenhagen Stock Exchange na Initial Filing Date 21-Oct-20 services for municipalities and their digital administration. The company offers automation and RPA, Announced Date 21-Oct-20 revenue optimization, and knowledge and competency solutions. It serves municipalities in the areas # Days Announced to Offer 23 of citizen service, social, and employment; children and teenagers; IT and digitization; technology Offer Date 13-Nov-20 and the environment; and economy and administration. The company was incorporated in 2012 and is based in Nibe, Denmark. IPO Price (EUR) 0.67 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 30.4m Greenshoe No GS - Filing Volume (EUR) 20.4m Final Volume (EUR)2 20.4m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 na na na na na Primary 100% na na Secondary 0% na na na na Key Financials na na (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Dataproces Group A/S 29.0% na na 99.4% EBITDA na na na na na 0 Outperform OMX Copenhagen 20 Index 0.0% na na (0.5%) Margin na na na na 0 Hold 220 EBIT na na na na na 0 Underperform Margin na na na na 0 Sell 200 Net Income na na na na na 180 Margin na na na na 160

Rebased (in %) 140 (EURm) Valuation FY2020 FY2021 FY2022

120 Enterprise Value 40.7 EV/Sales na na na Prices 100 Net Debt (0.0) EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Dataproces Group A/S (CPSE:DATA) OMX Copenhagen 20 Index Market Cap 40.7 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 67 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Aspy Global Services S.L.

Company Description IPO Facts . Sector: Professional Services Ticker BME:AGS Financial Advisors Aspy Global Services S.L. engages in the provision of services related to health and safety in the Exchange BME - Bolsa de Madrid#N/A JB Capital Markets, Sociedad de Valores, S.A. Initial Filing Date 10-Nov-20 workplace and regulatory compliance. The company is based in Barcelona, Spain. Announced Date 10-Nov-20 # Days Announced to Offer 23 Offer Date 03-Dec-20

IPO Price (EUR) 2.00 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 21.0m Greenshoe No GS - Filing Volume (EUR) 42.0m Final Volume (EUR)2 42.0m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Excelsior Times SL 72.3% Kpmg Auditores S.L. Onchena, S.L. 5.5% Primary na Indumenta Pueri, S.L. 5.2% Secondary na na na na na Key Financials Free Float 17.0% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Aspy Global Services S.L. 9.0% na na 9.0% EBITDA na na na na na 0 Outperform Madrid Ibex 35 Index 1.5% na na 0.3% Margin na na na na 0 Hold 120 EBIT na na na na na 0 Underperform Margin na na na na 0 Sell 110 Net Income na na na na na Margin na na na na

100

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022

90 Enterprise Value 0.0na EV/Sales na na na Prices Net Debt na EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Preferred Equity 0.0 P/E na na na . Aspy Global Services S.L. (Sociedad Unipersonal) (BME:AGS) Madrid Ibex 35 Index Market Cap 169.7 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 68 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O S c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s

69 Exasol AG

Company Description IPO Facts . Sector: Software Ticker XTRA:EXL Financial Advisors Exasol AG, a technology company, develops database for analytics and data warehousing worldwide. Exchange Deutsche Börse Hauck & Aufhäuser Privatbankiers AG Initial Filing Date 14-May-20 Its products include Exasol Community Edition, a database solution for commercial and Announced Date 14-May-20 private/academic use; Exasol One, a database that manages up to 1TB of data on a single node for # Days Announced to Offer 5 small and medium-sized businesses or individual departments within enterprise organizations; and Offer Date 19-May-20 Exasol Enterprise Cluster, a database solution that provides scalability and enterprise-level support. The company also offers cloud analytics, business intelligence (BI) acceleration, BI to data analytics, analytics on big data, enterprise data warehousing, and data science solutions; and professional IPO Price (EUR) 9.50 services, such as operations support, product support and consulting, and training services. It Filing Price Range (EUR) 8.50-10.50 provides solutions for retail, financial, and sports analytics. Exasol AG was founded in 2000 and is Final Price Range (EUR) na headquartered in Nuremberg, Germany. Legal Counsel Shares Offered (incl. Greenshoe) 9.2m Greenshoe 13.2% - Filing Volume (EUR) 85.4m Final Volume (EUR)2 77.3m Filing-to-Final Change (9.5%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Klingler, Knud 27.7% KPMG AG Wirtschaftsprüfungsgesellschaft Hesz'sche Privatstiftung 8.1% Primary 66% Tschunke, Jochen 5.1% Secondary 34% FMR LLC 4.9% Swedbank Robur Fonder AB 3.6% Key Financials Free Float 50.7% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 22.6 27.4 43.3 65.8 55.0% IPO +1D IPO +1M IPO +3M since IPO Growth 58.0% 52.0% 1 Buy Exasol AG 34.1% 22.1% 59.5% 151.6% EBITDA (17.7) (17.0) (8.3) (6.1) (40.1%) 0 Outperform Germany DAX Index (Performance) 2.9% 9.2% 18.0% 19.9% Margin nm nm nm nm 0 Hold 270 EBIT (19.8) (19.3) (11.3) (9.9) (28.4%) 0 Underperform 250 Margin nm nm nm nm 0 Sell 230 Net Income (23.5) (19.7) (8.0) (7.1) (40.0%) 210 Margin nm nm nm nm 190 170 Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 150 Enterprise Value 522.2 EV/Sales na na 7.9x Prices 130 110 Net Debt (40.3) EV/EBITDA na na na 90 Minority Interest 0.0 EV/EBIT na na na Dec 2020 May 2020 Jul 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Exasol AG (XTRA:EXL) Germany DAX Index (Performance) Market Cap 562.5 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 70 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Nanoform Finland Oy

Company Description IPO Facts . Sector: Life Sciences Tools and Services Ticker HLSE:NANOFH Financial Advisors Nanoform Finland Oy provides nanotechnology and drug particle engineering services for the Exchange Helsinki Stock Exchange Danske Bank A/S, Finland Branch; Kepler Cheuvreux Initial Filing Date 22-May-20 pharmaceutical and biotechnology industries in Finland and internationally. The company provides SA; Skandinaviska Enskilda Banken AB (publ.); Stifel Announced Date 22-May-20 nanoparticle production services using its proprietary controlled expansion of supercritical solutions Nicolaus Europe Limited; Swedbank AB (publ) # Days Announced to Offer 12 technology that enables clients in the creation of active pharmaceutical ingredients nanoparticles Offer Date 03-Jun-20 directly from solution. Its technology and services help in increasing the bioavailability of drug molecules and developing new drugs. The company was founded in 2015 and is headquartered in Helsinki, Finland. IPO Price (EUR) 3.45 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 25.5m Greenshoe 12.8% White & Case Advokat AB; White & Case LLP Filing Volume (EUR) 78.0m Final Volume (EUR)2 78.0m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Hæggström, Edward 9.0% na Sampo Oyj, Asset Management Arm 8.8% Primary 90% Helsingin yliopiston rahastot, Endowment Arm 8.2% Secondary 10% Hæggström, Edvard Olof 8.1% Handelsbanken Asset Management 4.6% Key Financials Free Float 61.2% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 0.6 1.5 4.8 12.6 nana IPO +1D IPO +1M IPO +3M since IPO Growth na na 2 Buy Nanoform Finland Oyj 46.4% 21.4% 30.7% 29.9% EBITDA (17.1) (19.2) (18.5) (13.9) (15.1%) 0 Outperform OMX Helsinki 25 0.0% (2.5%) 4.8% 13.0% Margin nm nm nm nm 0 Hold 150 EBIT (17.4) (18.9) (17.8) (13.3) (16.0%) 0 Underperform Margin nm nm nm nm 0 Sell 140 Net Income (18.1) (19.3) (18.0) (13.5) (16.3%) 130 Margin nm nm nm nm

120

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 110

Enterprise Value 238.7 EV/Sales na na na Prices 100 Net Debt (59.8) EV/EBITDA na na na 90 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Jun 2020 Aug 2020 Oct 2020 Dec 2020 Preferred Equity 0.0 P/E na na na . Nanoform Finland Oyj (HLSE:NANOFH) OMX Helsinki 25 Market Cap 298.5 P/B 4.4x 6.0x 8.0x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 71 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Mercell Holding AS

Company Description IPO Facts . Sector: Software Ticker OB:MRCEL-ME Financial Advisors Mercell Holding AS provides software platform for public e-tendering and procurement in the Nordic Exchange Oslo Stock Exchange ABG Sundal Collier ASA; Pareto Securities AS Initial Filing Date 24-Jun-20 region. The company’s software enables easy compliance with EU regulations for public buyers that Announced Date 24-Jun-20 are required by law to publish tenders through an e-tendering platform. Its two-sided SaaS # Days Announced to Offer 2 marketplace platform also caters to the needs of the supply side and facilitates interaction between Offer Date 26-Jun-20 buyers and suppliers. The company also offers tender consulting services. Mercell Holding AS was founded in 1999 and is headquartered in Oslo, Norway. IPO Price (EUR) 0.62 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 126.0m Greenshoe No GS Thommessen Krefting Greve Lund AS Filing Volume (EUR) 77.9m Final Volume (EUR)2 78.0m Filing-to-Final Change 0.1% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Viking Venture AS 19.3% na Morgan Stanley, Investment Banking and Brokerage Investments 10.3% Primary 53% State Street Global Advisors, Inc. 5.6% Secondary 47% Aasen, Kjetil Myrlid 4.5% DNB Asset Management AS 4.4% Key Financials Free Float 55.8% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 23.9 32.8 43.0 52.2 26.3% IPO +1D IPO +1M IPO +3M since IPO Growth 31.4% 21.3% 0 Buy Mercell Holding AS 24.9% 15.9% 66.3% 43.2% EBITDA (2.6) 1.6 8.6 13.1 182.3% 1 Outperform Oslo Bors Benchmark Index 0.8% 7.5% 10.6% 17.5% Margin nm 5.0% 20.0% 25.0% 0 Hold 220 EBIT (7.3) (2.8) 3.7 7.8 nm 0 Underperform Margin nm nm 8.6% 14.9% 0 Sell 200 Net Income (11.2) 3.5 5.6 9.0 59.9% 180 Margin nm 10.8% 13.1% 17.3% 160

Rebased (in %) 140 (EURm) Valuation FY2020 FY2021 FY2022

120 Enterprise Value 365.2 EV/Sales na 8.5x 7.0x Prices 100 Net Debt (1.2) EV/EBITDA na 42.4x 28.0x 80 Minority Interest 0.0 EV/EBIT na na 46.9x Dec 2020 Jul 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E na na 40.6x . Mercell Holding AS (OB:MRCEL-ME) Oslo Bors Benchmark Index Market Cap 366.5 P/B 5.8x 5.8x 5.4x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 72 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Hyloris Pharmaceuticals SA

Company Description IPO Facts . Sector: Pharmaceuticals Ticker ENXTBR:HYL Financial Advisors Hyloris Pharmaceuticals SA manufactures pharmaceutical products. The company offers Exchange EURONEXT Brussels KBC Securities NV; Van Lanschot Kempen Wealth Initial Filing Date 16-Jun-20 cardiovascular products for atrial fibrillation, congestive heart failure, and coronary heart disease; Management NV Announced Date 16-Jun-20 intravenous ready-to-use and oral liquid formulations; and topical gel and cream products. Hyloris # Days Announced to Offer 10 Pharmaceuticals SA was founded in 2013 and is based in Liege, Belgium. Offer Date 26-Jun-20

IPO Price (EUR) 10.75 Filing Price Range (EUR) 10.00-11.50 Final Price Range (EUR) 10.75-11.50

Legal Counsel Shares Offered (incl. Greenshoe) 5.8m Greenshoe No GS Linklaters LLP (Belgium); Linklaters LLP Filing Volume (EUR) 66.1m Final Volume (EUR)2 61.8m Filing-to-Final Change (6.5%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Van Rompay, Stijn 34.7% KPMG Réviseurs d’Entreprises SCRL civile Jacobsen, Thomas 13.3% Primary 100% Saffelberg Investments NV 1.4% Secondary 0% na na na na Key Financials Free Float 50.6% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 0.1 1.9 3.4 15.5 185.6% IPO +1D IPO +1M IPO +3M since IPO Growth 78.9% na 1 Buy Hyloris Pharmaceuticals SA (3.3%) (0.1%) (5.1%) (7.7%) EBITDA (4.6) (15.8) (16.5) (8.6) (26.2%) 0 Outperform Brussels BEL 20 Index 0.7% 4.0% (1.3%) 11.7% Margin nm nm nm nm 0 Hold 115 EBIT (4.7) na na na na 0 Underperform Margin nm na na na 0 Sell 110 Net Income (8.0) (12.1) (11.8) (2.9) (51.0%) 105 Margin nm nm nm nm 100

Rebased (in %) 95 (EURm) Valuation FY2020 FY2021 FY2022

90 Enterprise Value 197.9 EV/Sales na na na Prices 85 Net Debt (58.4) EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Jun 2020 Aug 2020 Oct 2020 Preferred Equity 0.0 P/E na na na . Hyloris Pharmaceuticals SA (ENXTBR:HYL) Brussels BEL 20 Index Market Cap 256.3 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 73 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Nyxoah S.A.

Company Description IPO Facts . Sector: Health Care Equipment and Supplies Ticker ENXTBR:NYXH Financial Advisors Nyxoah S.A., a health-technology company, focuses on the development and commercialization of Exchange EURONEXT Brussels Banque Degroof Petercam SA; Belfius Bank SA Initial Filing Date 08-Sep-20 solutions and services to treat sleep disordered breathing conditions. Its offers Genio system, a CE- Announced Date 08-Sep-20 Mark validated, user-centered, bilateral neuro-stimulation therapy to treast moderate to severe # Days Announced to Offer 9 obstructive sleep apnea. The company was founded in 2009 and is based in Mont-Saint-Guibert, Offer Date 17-Sep-20 Belgium.

IPO Price (EUR) 17.00 Filing Price Range (EUR) 14.00-17.00 Final Price Range (EUR) 14.00-17.00

Legal Counsel Shares Offered (incl. Greenshoe) 5.0m Greenshoe 15.0% Baker & Mckenzie Cvba; Baker & Mckenzie LLP, Filing Volume (EUR) 75.7m London Final Volume (EUR)2 73.7m Filing-to-Final Change (2.6%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Cochlear Limited 16.6% Ernst & Young Belgium Gilde Healthcare Partners B.V. 14.0% Primary 100% Taub, Robert 12.0% Secondary 0% Monden, Anneliese 10.7% Hambrecht, Jürgen 4.4% Key Financials Free Float 42.3% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Nyxoah S.A. 14.7% 11.1% na (6.7%) EBITDA (6.8) na na na na 0 Outperform Brussels BEL 20 Index (0.4%) (3.7%) na 8.9% Margin nm na na na 0 Hold 120 EBIT (6.9) na na na na 0 Underperform Margin nm na na na 0 Sell 115 Net Income (7.7) na na na na 110 Margin nm na na na 105

Rebased (in %) 100 (EURm) Valuation FY2020 FY2021 FY2022

95 Enterprise Value 339.1 EV/Sales na na na Prices 90 Net Debt (13.9) EV/EBITDA na na na 85 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Nyxoah S.A. (ENXTBR:NYXH) Brussels BEL 20 Index Market Cap 350.1 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 74 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Readly International AB

Company Description IPO Facts . Sector: Interactive Media and Services Ticker OM:READ Financial Advisors Readly International AB (publ) operates an application that offers digital subscription services for Exchange Stockholm Stock Exchange ABG Sundal Collier AB; Handelsbanken Capital Initial Filing Date 07-Sep-20 magazines with content from third party publishers. It serves subscribers primarily in Sweden, the Markets Announced Date 07-Sep-20 United Kingdom, and Germany. The company was founded in 2012 and is based in Stockholm, # Days Announced to Offer 10 Sweden. Offer Date 17-Sep-20

IPO Price (EUR) 5.67 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 12.8m Greenshoe 5.2% White & Case Advokat AB Filing Volume (EUR) 69.2m Final Volume (EUR)2 69.2m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Zouk Capital LLP 19.9% Öhrlings PricewaterhouseCoopers AB Third Swedish National Pension Fund 6.1% Primary 62% FMR LLC 4.9% Secondary 38% Wikell, Joel 3.9% Consensus Asset Management, Asset Management Arm 3.8% Key Financials Free Float 61.5% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 30.9 na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Readly International AB 9.9% (3.1%) na 1.1% EBITDA (18.2) na na na na 0 Outperform OMX Stockholm 30 Index 0.1% 0.1% na 5.0% Margin nm na na na 0 Hold 115 EBIT (18.4) na na na na 0 Underperform Margin nm na na na 0 Sell 110 Net Income (18.6) na na na na 105 Margin nm na na na

100

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 95

Enterprise Value 163.8 EV/Sales na na na Prices 90 Net Debt (49.4) EV/EBITDA na na na 85 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Readly International AB (publ) (OM:READ) OMX Stockholm 30 Index Market Cap 214.5 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 75 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Mintra Holding AS

Company Description IPO Facts . Sector: Software Ticker OB:MNTR Financial Advisors Mintra Holding AS, through its subsidiaries, provides workforce management systems worldwide. It Exchange Oslo Stock Exchange Pareto Securities AS; SpareBank 1 Markets AS Initial Filing Date 22-Sep-20 delivers services covering human resources (HR), competence management, and training to Announced Date 22-Sep-20 customers in various business environments. The company offers OCS HR, a suite of software # Days Announced to Offer 3 covering HR, crewing, and payroll needs of shipping and offshore companies; OCS HR Self-Service Offer Date 25-Sep-20 solution that connects employees directly to the HR-system; OCS HR Payroll, which enables payroll processes and handles various currencies and payrolls; OCS HR Crew On Board, a tool that enables personnel on board vessels and installations to manage its crew and crew related data with IPO Price (EUR) 0.87 synchronization to onshore systems; and TRAININGPORTAL, a learning management system. It Filing Price Range (EUR) na also provides Publisher, a web-based solution to develop, edit, and publish high quality interactive e- Final Price Range (EUR) na Learning content; Lesson Learned, a platform for sharing learned lessons from unwanted incidents Legal Counsel across industries; and Virtual Classrooms with training portal. Shares Offered (incl. Greenshoe) 92.8m Greenshoe No GS - Filing Volume (EUR) 58.4m Final Volume (EUR)2 80.8m Filing-to-Final Change 38.5% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 The Riverside Company 38.5% Ernst & Young AS Nordea Investment Management AB 5.5% Primary 56% Kerr, Scott Irving 1.6% Secondary 44% Short, Kevin 1.1% Mackie, Ian 0.9% Key Financials Free Float 52.4% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na 20.3 23.3 26.8 15.0% IPO +1D IPO +1M IPO +3M since IPO Growth 15.0% 15.0% 0 Buy Mintra Holding AS (18.9%) (36.0%) na (28.7%) EBITDA na 4.8 9.4 10.9 50.5% 1 Outperform Oslo Bors Benchmark Index 3.6% 0.4% na 11.4% Margin na 23.8% 40.4% 40.8% 0 Hold 120 EBIT na (0.8) 6.4 8.8 nm 0 Underperform Margin na nm 27.6% 32.8% 0 Sell 110 Net Income na 5.2 4.7 6.6 12.5% 100 Margin na 25.7% 20.3% 24.5% 90

Rebased (in %) 80 (EURm) Valuation FY2020 FY2021 FY2022

70 Enterprise Value 146.3 EV/Sales 7.2x 6.3x 5.5x Prices 60 Net Debt na EV/EBITDA 30.3x 15.5x 13.4x 50 Minority Interest 0.0 EV/EBIT na 22.7x 16.6x Oct 2020 Nov 2020 Dec 2020 Preferred Equity 0.0 P/E 22.2x 24.4x 17.5x . Mintra Holding AS (OB:MNTR) Oslo Bors Benchmark Index Market Cap 115.5 P/B 2.5x 2.3x 2.0x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 76 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe HydrogenPro AS

Company Description IPO Facts . Sector: Machinery Ticker OB:HYPRO-ME Financial Advisors HydrogenPro AS designs and supplies customized hydrogen plants for industrial clients. The Exchange Oslo Stock Exchange Pareto Securities AS Initial Filing Date 28-Sep-20 company primarily provides alkaline high-pressure electrolysers. It also offers containerized solutions Announced Date 28-Sep-20 for small plants; and indoor installations for medium plants. The company was founded in 2013 and is # Days Announced to Offer 2 based in Porsgrunn, Norway. Offer Date 30-Sep-20

IPO Price (EUR) 2.03 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 26.9m Greenshoe No GS Thommessen Krefting Greve Lund AS Filing Volume (EUR) 47.3m Final Volume (EUR)2 54.6m Filing-to-Final Change 15.4% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Espeseth, Richard 23.8% BDO AS Mikalsen, Terje 16.8% Primary 92% Espeseth, Vivian Yanjin-Chen 5.6% Secondary 8% Enern Invest AS 2.6% Danielsen, Tor 2.4% Key Financials Free Float 48.8% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 2.6 1.7 54.4 116.8 nana IPO +1D IPO +1M IPO +3M since IPO Growth na 114.8% 0 Buy HydrogenPro AS 57.2% 57.8% na 89.2% EBITDA (1.5) (1.9) 1.2 21.5 nm 1 Outperform Oslo Bors Benchmark Index 2.5% 4.2% na 9.0% Margin nm nm 2.3% 18.4% 0 Hold 220 EBIT (1.5) (2.0) 1.2 21.2 nm 0 Underperform Margin nm nm 2.2% 18.2% 0 Sell 200 Net Income (1.3) (2.0) 1.0 17.0 nm 180 Margin nm nm 1.8% 14.5% 160

Rebased (in %) 140 (EURm) Valuation FY2020 FY2021 FY2022

120 Enterprise Value 219.3 EV/Sales na 4.0x 1.9x Prices 100 Net Debt 1.3 EV/EBITDA na na 10.2x 80 Minority Interest 0.0 EV/EBIT na na 10.3x Dec Dec20202020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na 12.9x . HydrogenPro AS (OB:HYPRO-ME) Oslo Bors Benchmark Index Market Cap 219.3 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 77 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe CSAM Health Group AS

Company Description IPO Facts . Sector: Health Care Technology Ticker OB:CSAM Financial Advisors CSAM Health Group AS provides various ehealth solutions in Norway, Sweden, Denmark, and Exchange Oslo Stock Exchange na Initial Filing Date 01-Oct-20 internationally. The company offers CSAM Arcidis, an integrated system for teleradiology; CSAM Announced Date 01-Oct-20 HelseMail for transfer of confidential patient data between healthcare organizations; CSAM Infobroker, # Days Announced to Offer 0 a vendor-neutral telemedicine system for radiology that enables multiple clinicians to share resources Offer Date 01-Oct-20 and knowledge; CSAM S7, a platform for self-care and health counselling; CSAM Web Client, a web- based user interface and connectivity solution that allows users to access multiple CSAM applications and functions, including CSAM Cardio and CSAM Media; and CSAM XDS, a central IPO Price (EUR) 6.40 archive for storing and managing various types of clinical patient data. It also provides CSAM CIMA, a Filing Price Range (EUR) na mobile application for capturing, using, and sending medical media via mobile technology; CSAM Final Price Range (EUR) na Picsara, an image management solution that enables image capture, storing, and archiving in real Legal Counsel time; CSAM Media, a web-based medical imaging solution; CSAM Medimaker for image Shares Offered (incl. Greenshoe) 11.8m management and workflow solution; and CSAM TRIS, a radiology information system. Greenshoe No GS Thommessen Krefting Greve Lund AS Filing Volume (EUR) 75.4m Final Volume (EUR)2 75.4m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Ehealth As 21.6% Rsm Norge AS Equilibrium AS 9.0% Primary 39% Arctic Asset Management AS 5.1% Secondary 61% DNB Asset Management AS 5.1% Teknik Innovation Norden Fonder AB 5.1% Key Financials Free Float 54.0% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 20.9 21.6 30.2 46.1 46.2% IPO +1D IPO +1M IPO +3M since IPO Growth 40.1% 52.5% 1 Buy CSAM Health Group AS 19.9% 20.6% na 34.5% EBITDA 5.0 6.5 8.5 11.5 33.3% 0 Outperform Oslo Bors Benchmark Index 2.8% (0.8%) na 9.5% Margin 23.8% 30.1% 28.2% 25.0% 0 Hold 150 EBIT 0.8 3.1 4.0 5.8 36.4% 0 Underperform Margin 3.9% 14.4% 13.3% 12.5% 0 Sell 140 Net Income (0.2) 3.3 4.7 6.6 41.3% 130 Margin nm 15.2% 15.6% 14.2%

120

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 110

Enterprise Value 181.2 EV/Sales 8.4x 6.0x 3.9x Prices 100 Net Debt 1.3 EV/EBITDA 28.0x 21.3x 15.7x 90 Minority Interest 0.0 EV/EBIT 58.4x 45.0x 31.4x Oct 2020 Nov 2020 Dec 2020 Preferred Equity 0.0 P/E na 38.1x 27.4x . CSAM Health Group AS (OB:CSAM) Oslo Bors Benchmark Index Market Cap 179.9 P/B 7.7x 6.9x 6.0x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 78 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe House of Control Group AS

Company Description IPO Facts . Sector: Software Ticker OB:HOC-ME Financial Advisors House Of Control Group AS develops and sells software as a service solutions. The company offers Exchange Oslo Stock Exchange ABG Sundal Collier Holding ASA; Pareto Securities AS Initial Filing Date 05-Oct-20 Complete Control, a solution which is used for managing contracts and assets, including the Announced Date 05-Oct-20 contracts’ financial implications for accounting, budgeting, and reporting. It also provides solution for # Days Announced to Offer 2 assisting companies in complying with IFRS 16 requirements. The company is based in Høvik, Offer Date 07-Oct-20 Norway.

IPO Price (EUR) 1.92 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 31.0m Greenshoe No GS Thommessen Krefting Greve Lund AS Filing Volume (EUR) 59.4m Final Volume (EUR)2 59.4m Filing-to-Final Change (0.0%)0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Viking Venture AS 25.0% PricewaterhouseCoopers AS Luxor Capital Group, LP 12.6% Primary 54% Berg, Thorstein 5.0% Secondary 46% Dunvik As 4.4% Flaaten, Carl Fabian 1.0% Key Financials Free Float 52.2% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na 13.3 17.3 22.0 28.7% IPO +1D IPO +1M IPO +3M since IPO Growth 30.0% 27.5% 0 Buy House of Control Group AS (9.7%) 2.4% na 5.1% EBITDA na (0.9) 3.6 4.9 nm 1 Outperform Oslo Bors Benchmark Index (0.4%) 3.5% na 7.0% Margin na nm 20.7% 22.2% 0 Hold 110 EBIT na (1.7) 2.6 3.7 nm 0 Underperform Margin na nm 14.9% 16.6% 0 Sell 100 Net Income na na na na na Margin na na na na 90

Rebased (in %) 80 (EURm) Valuation FY2020 FY2021 FY2022 Enterprise Value 112.0 EV/Sales 8.4x 6.5x 5.1x Prices 70 Net Debt na EV/EBITDA na 31.3x 22.9x 60 Minority Interest 0.0 EV/EBIT na 43.5x 30.6x Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . House of Control Group AS (OB:HOC-ME) Oslo Bors Benchmark Index Market Cap 114.8 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 79 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Icelandic Salmon AS

Company Description IPO Facts . Sector: Food Products Ticker OB:ISLAX Financial Advisors Icelandic Salmon AS, together with its subsidiaries, engages in salmon farming, commercial, sales, Exchange Oslo Stock Exchange Arctic Securities AS; Arion banki hf.; DNB Markets Initial Filing Date 13-Oct-20 and distribution activities. The company was formerly known as Arnarlax AS and changed its name to Announced Date 13-Oct-20 Icelandic Salmon AS in October 2020. Icelandic Salmon AS was incorporated in 2001 and is # Days Announced to Offer 2 headquartered in Kverva, Norway. Icelandic Salmon AS is a subsidiary of SalMar ASA. Offer Date 15-Oct-20

IPO Price (EUR) 10.49 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 4.9m Greenshoe No GS Wikborg Rein & Co. Filing Volume (EUR) 52.8m Final Volume (EUR)2 59.1m Filing-to-Final Change 11.8% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Norron AB 2.8% PricewaterhouseCoopers AS Pareto Forvaltning AS 2.4% Primary 74% na na Secondary 26% na na na na Key Financials Free Float 94.9% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Icelandic Salmon AS 11.3% (0.6%) na (1.1%) EBITDA na na na na na 0 Outperform Oslo Bors Benchmark Index 1.1% 3.4% na 8.2% Margin na na na na 0 Hold 120 EBIT na na na na na 0 Underperform Margin na na na na 0 Sell 110 Net Income na na na na na Margin na na na na

100

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022

90 Enterprise Value 0.0na EV/Sales na na na Prices Net Debt na EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Icelandic Salmon AS (OB:ISLAX) Oslo Bors Benchmark Index Market Cap 321.0 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 80 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Compleo Charging Solutions AG

Company Description IPO Facts . Sector: Electrical Equipment Ticker XTRA:C0M Financial Advisors Compleo Charging Solutions AG manufactures and distributes AC and DC charging points and Exchange Deutsche Börse Commerzbank AG; ODDO BHF Aktiengesellschaft Initial Filing Date 08-Oct-20 wallboxes for companies, energy suppliers, and operators in Germany, the European Union, and Announced Date 08-Oct-20 internationally. The company offers components for electricity plants, primarily for local grid # Days Announced to Offer 11 extensions, as well as switching devices for industrial use. It provides AC and DC charging stations, Offer Date 19-Oct-20 intended for public, semi-public, fleet, and employee charging or residential charging of company cars. The company also develops, produces, and distributes products enabling electric mobility, as well as provides corresponding services. In addition, it engages in the wholesale trade of electrical IPO Price (EUR) 49.00 materials and components, principally focuses on cable fittings, installation materials for Filing Price Range (EUR) 44.00-59.00 switchboards, and distribution cabinets, as well as lighting systems and power-generating facilities. Final Price Range (EUR) 44.00-59.00 Further, the company’s other products and services primarily comprise projecting and installation Legal Counsel projects, as well as extended warranties and service and maintenance. Shares Offered (incl. Greenshoe) 1.6m Greenshoe 10.2% Noerr LLP Filing Volume (EUR) 85.0m Final Volume (EUR)2 70.6m Filing-to-Final Change (16.9%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Fontus Invest GmbH 30.1% PricewaterhouseCoopers AG Elektro-Bauelemente Gesellschaft Mit Beschrankter Haftung 16.6% Primary 63% Wirtschaftsprüfungsgesellschaft UBS Asset Management 7.4% Secondary 38% Kachouh, Checrallah 5.0% Schroder Investment Management Limited 2.9% Key Financials Free Float 38.2% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 27.8 31.5 53.7 88.0 67.1% IPO +1D IPO +1M IPO +3M since IPO Growth 70.3% 64.0% 0 Buy Compleo Charging Solutions AG (4.5%) 72.7% na 75.1% EBITDA (2.8) (1.7) 1.4 8.0 nm 0 Outperform Germany DAX Index (Performance) (2.3%) 2.2% na 3.3% Margin nm nm 2.6% 9.0% 2 Hold 220 EBIT (3.1) (2.5) (0.8) 5.3 nm 0 Underperform Margin nm nm nm 6.0% 0 Sell 200 Net Income (1.9) (1.7) (0.5) 3.6 nm 180 Margin nm nm nm 4.1% 160

Rebased (in %) 140 (EURm) Valuation FY2020 FY2021 FY2022

120 Enterprise Value 297.0 EV/Sales 9.4x 5.5x 3.4x Prices 100 Net Debt 3.3 EV/EBITDA na na 37.4x 80 Minority Interest 0.0 EV/EBIT na na 56.6x Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Compleo Charging Solutions AG (XTRA:C0M) Germany DAX Index (Performance) Market Cap 293.7 P/B 6.7x 6.8x 6.3x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 81 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Volue AS

Company Description IPO Facts . Sector: Software Ticker OB:VOLUE Financial Advisors Volue AS offers digital platforms and solutions to solve the transition from fossil to renewable energy Exchange Oslo Stock Exchange ABG Sundal Collier ASA; Arctic Securities AS Initial Filing Date 05-Oct-20 production worldwide. The company offers software, insights, and services for energy producers and Announced Date 05-Oct-20 energy traders for forecasting, optimization, production planning, and energy trading; tools that enable # Days Announced to Offer 14 grid companies to design, maintain, control, analyze, and monitor the power grid; and flexible Offer Date 19-Oct-20 solutions for digital water management and helps automate processes and machines for the construction industry. It also provides solutions and technology for the municipalities, water, infrastructure construction, defense, transport, maritime, and offshore industries. The company was IPO Price (EUR) 2.92 founded in 2020 and is headquartered in Oslo, Norway. Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 31.3m Greenshoe No GS Thommessen Krefting Greve Lund AS Filing Volume (EUR) 91.2m Final Volume (EUR)2 91.2m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Arendals Fossekompani ASA 76.2% PricewaterhouseCoopers AS Fondbolaget Fondita AB 0.0% Primary 50% Stenhagen, Knut Ove-Blichner 0.0% Secondary 50% Mageli, Bård 0.0% Ettestol, Ingunn 0.0% Key Financials Free Float 23.8% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na 82.2 93.8 107.2 14.2% IPO +1D IPO +1M IPO +3M since IPO Growth 14.0% 14.3% 1 Buy Volue AS (1.0%) 17.7% na 14.3% EBITDA na 17.4 21.7 26.8 24.0% 1 Outperform Oslo Bors Benchmark Index (0.6%) 3.4% na 6.9% Margin na 21.2% 23.2% 25.0% 0 Hold 125 EBIT na 9.3 15.2 19.3 44.2% 0 Underperform 120 Margin na 11.3% 16.2% 18.0% 0 Sell 115 Net Income na 6.3 11.7 14.9 53.9% 110 Margin na 7.7% 12.4% 13.9% 105 100 Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 95 Enterprise Value 0.0na EV/Sales na na na Prices 90 85 Net Debt na EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na 40.9x 32.0x . Volue AS (OB:VOLUE) Oslo Bors Benchmark Index Market Cap 476.3 P/B 10.2x 8.2x 6.5x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 82 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Fashionette AG

Company Description IPO Facts . Sector: Internet and Direct Marketing Retail Ticker XTRA:FSNT Financial Advisors Fashionette AG operates an online platform for fashion accessories in Europe. It offers handbags, Exchange Deutsche Börse Hauck & Aufhäuser Corporate Finance AG Initial Filing Date 20-Oct-20 shoes, sunglasses, watches, and jewelry. The company was founded in 2008 and is headquartered in Announced Date 20-Oct-20 Düsseldorf, Germany. # Days Announced to Offer 7 Offer Date 27-Oct-20

IPO Price (EUR) 31.00 Filing Price Range (EUR) 30.00-38.00 Final Price Range (EUR) 30.00-38.00

Legal Counsel Shares Offered (incl. Greenshoe) 3.5m Greenshoe 9.3% Noerr LLP Filing Volume (EUR) 121.6m Final Volume (EUR)2 99.2m Filing-to-Final Change (18.4%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 na na Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft na na Primary 38% na na Secondary 63% na na na na Key Financials na na (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Fashionette AG 0.0% (1.6%) na 0.2% EBITDA na na na na na 0 Outperform Germany DAX Index (Performance) (4.2%) 10.5% na 10.1% Margin na na na na 0 Hold 115 EBIT na na na na na 0 Underperform Margin na na na na 0 Sell 110 Net Income na na na na na 105 Margin na na na na 100

Rebased (in %) 95 (EURm) Valuation FY2020 FY2021 FY2022

90 Enterprise Value 0.0na EV/Sales na na na Prices 85 Net Debt na EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Fashionette AG (XTRA:FSNT) Germany DAX Index (Performance) Market Cap 192.5 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 83 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Airthings AS

Company Description IPO Facts . Sector: Electronic Equipment, Instruments and Components Ticker OB:AIRX Financial Advisors Airthings AS develops and manufactures radon and indoor air quality monitors. The company offers Exchange Oslo Stock Exchange ABG Sundal Collier ASA; Arctic Securities AS; Initial Filing Date 20-Oct-20 its products under the Wave, Wave Plus, Wave Mini, Hub, Plus, and Pro brands. It serves Carnegie ASA; DNB Markets Announced Date 20-Oct-20 homeowners and businesses. The company was founded in 2008 and is headquartered in Oslo, # Days Announced to Offer 10 Norway. Offer Date 30-Oct-20

IPO Price (EUR) 1.22 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 58.5m Greenshoe No GS Wiersholm, Mellbye & Bech Filing Volume (EUR) 71.2m Final Volume (EUR)2 71.2m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Firda As 14.6% BDO AS Abg Sundal Collier ASA, Asset Management Arm 14.4% Primary 63% Rabakken Invest As 4.6% Secondary 37% Sundal, Bjørn Magne 3.5% KLP Kapitalforvaltning AS 3.4% Key Financials Free Float 59.5% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na 19.5 30.0 na na IPO +1D IPO +1M IPO +3M since IPO Growth 53.7% na 1 Buy Airthings ASA (25.9%) 2.1% na (4.0%) EBITDA na (3.7) (3.1) na na 0 Outperform Oslo Bors Benchmark Index 0.0% 14.6% na 15.0% Margin na nm nm na 0 Hold 120 EBIT na (3.9) (3.4) na na 0 Underperform Margin na nm nm na 0 Sell 110 Net Income na na na na na 100 Margin na na na na

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 80

Enterprise Value 0.0na EV/Sales na na na Prices 70 Net Debt na EV/EBITDA na na na 60 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Airthings ASA (OB:AIRX) Oslo Bors Benchmark Index Market Cap 199.4 P/B 3.8x 4.1x na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 84 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe The Kingfish Company

Company Description IPO Facts . Sector: Food Products Ticker OB:KING Financial Advisors The Kingfish Company produces yellowtail kingfish via a recirculating aquaculture system. The Exchange Oslo Stock Exchange Arctic Securities AS; Coöperatieve Rabobank U.A.; Initial Filing Date 09-Nov-20 company operates a technology driven aquaculture park is on the shores of a marine estuary nature DNB Markets; Swedbank Norge AS Announced Date 09-Nov-20 reserve. Kingfish Zeeland B.V. was founded in 2015 and is based in Zeeland, the Netherlands. # Days Announced to Offer 1 Offer Date 10-Nov-20

IPO Price (EUR) 1.93 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 26.0m Greenshoe No GS - Filing Volume (EUR) 50.3m Final Volume (EUR)2 50.3m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 na na Baker Tilly Berk N.V. na na Primary 100% na na Secondary 0% na na na na Key Financials na na (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy The Kingfish Company 25.8% na na 50.7% EBITDA na na na na na 0 Outperform Oslo Bors Benchmark Index 6.2% na na 6.2% Margin na na na na 0 Hold 180 EBIT na na na na na 0 Underperform Margin na na na na 0 Sell 160 Net Income na na na na na Margin na na na na 140

Rebased (in %) 120 (EURm) Valuation FY2020 FY2021 FY2022 Enterprise Value 0.0na EV/Sales na na na Prices 100 Net Debt na EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . The Kingfish Company (OB:KING) Oslo Bors Benchmark Index Market Cap 197.3 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 85 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Nordic Aqua Partner A/S

Company Description IPO Facts . Sector: Food Products Ticker OB:NOAP Financial Advisors Nordic Aqua Partners A/S provides aquaculture services. It offers harvesting services for land-based Exchange Oslo Stock Exchange SpareBank 1 Markets AS Initial Filing Date 20-Nov-20 Atlantic salmon. The company was founded in 2016 and is based in Ribe, Denmark. Announced Date 20-Nov-20 # Days Announced to Offer 0 Offer Date 20-Nov-20

IPO Price (EUR) 7.64 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 7.2m Greenshoe No GS - Filing Volume (EUR) 55.1m Final Volume (EUR)2 55.1m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Nodland, Ove 5.9% na FIRST Fondene NCP 4.2% Primary 100% Knudsen, Arne 2.3% Secondary 0% Jørgensen, Ole Juul 2.1% Joensen, Ragnar 1.6% Key Financials Free Float 84.0% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Nordic Aqua Partners A/S 10.4% na na 1.6% EBITDA na na na na na 0 Outperform Oslo Bors Benchmark Index 2.2% na na 2.8% Margin na na na na 0 Hold 120 EBIT na na na na na 0 Underperform Margin na na na na 0 Sell 110 Net Income na na na na na Margin na na na na

100

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022

90 Enterprise Value 78.3 EV/Sales na na na Prices Net Debt na EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Preferred Equity 0.0 P/E na na na . Nordic Aqua Partners A/S (OB:NOAP) Oslo Bors Benchmark Index Market Cap 79.8 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 86 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Re:Newcell AB

Company Description IPO Facts . Sector: Chemicals Ticker OM:RENEW Financial Advisors Re:Newcell AB operates as a textile recycling company in Sweden. It also produces and sells a Exchange Stockholm Stock Exchange Nordea Bank Abp, Filial I Sverige; Pareto Securities AB Initial Filing Date 05-Nov-20 dissolving pulp from recycled textiles under the Circulose brand name. The company’s Circulose Announced Date 05-Nov-20 product is used as a raw material to produce natural biodegradable textile fibers, such as viscose and # Days Announced to Offer 21 lyocell. The company was founded in 2012 and is based in Stockholm, Sweden. Offer Date 26-Nov-20

IPO Price (EUR) 7.49 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 10.5m Greenshoe No GS White & Case Advokat AB Filing Volume (EUR) 78.8m Final Volume (EUR)2 78.8m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Girincubator AB 12.8% Mazars Sweden AB Lindström, Mikael 1.6% Primary 100% H&M Fashion Ab 0.1% Secondary 0% Swedocean AB 0.0% na na Key Financials Free Float 85.6% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 0.2 na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Re:NewCell AB 57.9% na na 56.2% EBITDA (5.0) na na na na 0 Outperform OMX Stockholm 30 Index 0.3% na na (0.3%) Margin nm na na na 0 Hold 170 EBIT (5.6) na na na na 0 Underperform 160 Margin nm na na na 0 Sell 150 Net Income (5.7) na na na na 140 Margin nm na na na 130 Rebased (in %) 120 (EURm) Valuation FY2020 FY2021 FY2022

110 Enterprise Value 359.3 EV/Sales na na na Prices 100 Net Debt (0.9) EV/EBITDA na na na 90 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Re:NewCell AB (publ) (OM:RENEW) OMX Stockholm 30 Index Market Cap 360.2 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 87 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe HeiQ Plc

Company Description IPO Facts . Sector: MaterialsCapital Markets Ticker LSE:HEIQ Financial Advisors As of December 4, 2020, Auctus Growth PLC was acquired by HeiQ Materials AG in a reverse Exchange London Stock Exchange na Initial Filing Date 12-Nov-20 merger transaction. Auctus Growth plc focuses on investing in unquoted companies or businesses Announced Date 12-Nov-20 that seek a public quotation. The company was incorporated in 2014 and is based in London, the # Days Announced to Offer 25 United Kingdom. Offer Date 07-Dec-20

IPO Price (EUR) 1.23 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 53.6m Greenshoe No GS - Filing Volume (EUR) 66.0m Final Volume (EUR)2 66.0m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 na na Crowe U.K. LLP; F.W. Smith, Riches & Co. na na Primary 33% na na Secondary 67% na na na na Key Financials na na (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth nana na 0 Buy HeiQ Plc 10.7% na na 10.7% EBITDA na na na na na 0 Outperform FTSE 100 Index 0.1% na na 0.1% Margin na na na na 0 Hold 120 EBIT (0.1) na na na na 0 Underperform Margin nm na na na 0 Sell 110 Net Income (0.1) na na na na Margin nm na na na

100

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022

90 Enterprise Value 170.6 EV/Sales na na na Prices Net Debt (0.9) EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Preferred Equity 0.0 P/E na na na . HeiQ Plc (LSE:HEIQ) FTSE 100 Index Market Cap 171.5 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 88 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O S c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s

89 Musti Group Oyj

Company Description IPO Facts . Sector: Specialty Retail Ticker HLSE:MUSTI Financial Advisors Musti Group Oyj operates as a pet care specialist operating in Finland, Sweden, and Norway. It Exchange Helsinki Stock Exchange Carnegie Investment Bank AB, Finland Branch; Initial Filing Date 31-Jan-20 engages in the sale of pet food, treats, products, and services; and provision of pet care services, Jefferies International Limited; Nordea Bank Abp Announced Date 31-Jan-20 such as grooming, training, and veterinary services. The company sells its products through store # Days Announced to Offer 12 chains that operate under the Musti ja Mirri, Musti, Arken Zoo, and Djurmagazinet brans; and through Offer Date 12-Feb-20 pureplay online retail under Peten Koiratarvike, Vetzoo, and Animail brands. It operates 287 owned and franchised stores. The company was founded in 1988 and is headquartered in Helsinki, Finland. IPO Price (EUR) 8.75 Filing Price Range (EUR) 5.65-9.35 Final Price Range (EUR) 5.65-9.35

Legal Counsel Shares Offered (incl. Greenshoe) 20.8m Greenshoe 15.0% Borenius Attorneys Ltd Filing Volume (EUR) 232.3m Final Volume (EUR)2 158.5m Filing-to-Final Change (31.8%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 FMR LLC 8.7% Ernst & Young Oy Capital Research and Management Company 6.1% Primary 28% Sampo Oyj, Asset Management Arm 5.1% Secondary 72% Investment AB Öresund (publ) 5.1% Investering & Tryghed A/S 3.4% Key Financials Free Float 71.6% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 284.4 296.6 336.7 372.7 12.1% IPO +1D IPO +1M IPO +3M since IPO Growth 13.5% 10.7% 2 Buy Musti Group Oyj 17.7% 0.9% 33.3% 153.3% EBITDA 28.8 47.3 60.2 69.4 21.1% 1 Outperform OMX Helsinki 25 (0.2%) (30.9%) (18.9%) 1.1% Margin 10.1% 16.0% 17.9% 18.6% 1 Hold 300 EBIT 19.4 22.8 34.5 43.0 37.3% 0 Underperform Margin 6.8% 7.7% 10.2% 11.5% 0 Sell 250 Net Income 11.7 17.3 24.8 31.8 35.4% Margin 4.1% 5.8% 7.4% 8.5% 200

Rebased (in %) 150 (EURm) Valuation FY2020 FY2021 FY2022 Enterprise Value 838.0 EV/Sales 2.8x 2.5x 2.2x Prices 100 Net Debt 94.7 EV/EBITDA 17.7x 13.9x 12.1x 50 Minority Interest 0.2 EV/EBIT 36.8x 24.3x 19.5x Dec 2020 Feb 2020 Apr 2020 Jun 2020 Aug 2020 Oct 2020 Preferred Equity 0.0 P/E 42.9x 29.9x 23.4x . Musti Group Oyj (HLSE:MUSTI) OMX Helsinki 25 Market Cap 743.1 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 90 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe BW Energy Limited

Company Description IPO Facts . Sector: Oil, Gas and Consumable Fuels Ticker OB:BWE Financial Advisors BW Energy Limited engages in the acquisition, exploration, development, and production of oil and Exchange Oslo Stock Exchange DNB Markets; Pareto Securities AS Initial Filing Date 29-Jan-20 natural gas in Africa. It primarily holds interests in three hydrocarbon licenses in Gabon, Brazil, and Announced Date 29-Jan-20 Namibia. The company was founded in 2016 and is based in Oslo, Norway. # Days Announced to Offer 19 Offer Date 17-Feb-20

IPO Price (EUR) 2.44 Filing Price Range (EUR) 3.41-3.65 Final Price Range (EUR) 3.41-3.65

Legal Counsel Shares Offered (incl. Greenshoe) 53.9m Greenshoe 15.0% Advokatfirmaet Schjødt AS Filing Volume (EUR) 159.9m Final Volume (EUR)2 114.2m Filing-to-Final Change (28.6%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Sohmen Family Foundation 70.9% KPMG AS Pareto Forvaltning AS 2.2% Primary 100% DNB Asset Management AS 2.0% Secondary 0% Brown Brothers Harriman & Co., Asset Management Arm 1.8% Storebrand Asset Management AS 1.5% Key Financials Free Float 21.6% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 157.7 127.8 188.2 241.8 37.5% IPO +1D IPO +1M IPO +3M since IPO Growth 47.2% 28.4% 3 Buy BW Energy Limited (0.9%) (71.0%) (50.3%) (14.0%) EBITDA 92.3 82.0 120.4 166.4 42.5% 1 Outperform Oslo Bors Benchmark Index 0.7% (31.3%) (16.9%) 0.6% Margin 58.5% 64.1% 64.0% 68.8% 0 Hold 110 EBIT 38.1 21.5 69.6 112.8 129.1% 0 Underperform 100 Margin 24.1% 16.8% 37.0% 46.7% 0 Sell 90 Net Income (8.3) (13.1) 43.9 80.9 nm 80 Margin nm nm 23.3% 33.4% 70 60 Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 50 Enterprise Value 580.8 EV/Sales 4.5x 3.1x 2.4x Prices 40 30 Net Debt 86.9 EV/EBITDA 7.1x 4.8x 3.5x 20 Minority Interest 0.0 EV/EBIT 27.0x 8.3x 5.1x Dec 2020 Feb 2020 Apr 2020 Jun 2020 Aug 2020 Oct 2020 Preferred Equity 0.0 P/E na 11.2x 6.1x . BW Energy Limited (OB:BWE) Oslo Bors Benchmark Index Market Cap 490.8 P/B 1.3x 1.2x 1.0x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 91 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Inspecs Group PLC

Company Description IPO Facts . Sector: Health Care Equipment and Supplies Ticker AIM:SPEC Financial Advisors Inspecs Group PLC designs, produces, sells, markets, and distributes fashion eyewear and original Exchange AIM - London Stock Exchange Peel Hunt LLP Initial Filing Date 13-Feb-20 equipment manufacturer products worldwide. It provides a range of prescription optical eyewear under Announced Date 13-Feb-20 the various brand names and private labels; sunglasses; and safety products under the Caterpillar # Days Announced to Offer 14 brand. Inspecs Group PLC offers its products directly to retailers, specialist distributors, and brand Offer Date 27-Feb-20 partners. The company also sells its products through a network of approximately 30,000 points of sale in 80 countries worldwide. Inspecs Group PLC was founded in 1988 and is headquartered in Bath, the United Kingdom. IPO Price (EUR) 2.29 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 48.2m Greenshoe No GS Travers Smith LLP Filing Volume (EUR) 110.3m Final Volume (EUR)2 110.3m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Totterman, Robin B.C. 18.7% Ernst & Young LLP (UK) Hargreave Hale Limited, Asset Management Arm 10.5% Primary 25% Amati Global Investors Ltd. 3.9% Secondary 75% Royal London Asset Management Limited 3.6% Janus Henderson Group plc 3.6% Key Financials Free Float 59.7% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 42.3 38.1 67.1 71.6 37.1% IPO +1D IPO +1M IPO +3M since IPO Growth 76.1% 6.8% 1 Buy Inspecs Group plc (1.0%) (21.7%) (7.6%) 27.8% EBITDA 3.1 5.0 13.2 14.2 68.8% 0 Outperform FTSE 100 Index (3.2%) (18.9%) (9.6%) (3.5%) Margin 7.3% 13.0% 19.6% 19.8% 0 Hold 140 EBIT 0.9 na na na na 0 Underperform Margin 2.2% na na na 0 Sell 130 Net Income (5.1) na na na na 120 Margin nm na na na 110

Rebased (in %) 100 (EURm) Valuation FY2020 FY2021 FY2022

90 Enterprise Value 286.6 EV/Sales 7.5x 4.3x 4.0x Prices 80 Net Debt (9.4) EV/EBITDA na 21.8x 20.2x 70 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Feb 2020 Apr 2020 Jun 2020 Aug 2020 Oct 2020 Preferred Equity 0.0 P/E na na na . Inspecs Group plc (AIM:SPEC) FTSE 100 Index Market Cap 296.0 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 92 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Nacon S.A.

Company Description IPO Facts . Sector: Household Durables Ticker ENXTPA:NACON Financial Advisors Nacon S.A. designs and distributes gaming accessories in France and internationally. The company Exchange EURONEXT Paris Joh. Berenberg, Gossler & Co. KG; Louis Capital Initial Filing Date 19-Feb-20 offers accessories, including headsets, microphones, controllers, racing wheels, gaming chairs, Markets UK, LLP; Societe De Bourse Gilbert Dupont Announced Date 19-Feb-20 keyboards, mice, mats, audio accessories, and console accessories. It also develops and publishes # Days Announced to Offer 9 video games in various categories, such as action-adventure, racing, sport, and simulation. The Offer Date 28-Feb-20 company was founded in 2019 and is based in Fretin, France. Nacon S.A. is a subsidiary of BigBen Interactive SA. IPO Price (EUR) 5.50 Filing Price Range (EUR) 4.90-5.80 Final Price Range (EUR) 4.90-5.80

Legal Counsel Shares Offered (incl. Greenshoe) 19.8m Greenshoe 9.0% - Filing Volume (EUR) 100.0m Final Volume (EUR)2 100.0m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 BigBen Interactive 76.7% na Bpifrance Participations SA 2.1% Primary 100% Swedbank Robur Fonder AB 1.5% Secondary 0% Natixis Investment Managers International 1.0% Caisse des dépôts et consignations 0.9% Key Financials Free Float 17.7% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 152.3 157.2 176.4 190.9 10.2% IPO +1D IPO +1M IPO +3M since IPO Growth 12.2% 8.3% 1 Buy Nacon S.A. 4.0% (20.2%) (16.8%) 42.7% EBITDA 33.8 58.1 66.2 77.5 15.5% 1 Outperform Paris CAC 40 Index 2.9% (21.8%) (5.4%) 4.7% Margin 22.2% 37.0% 37.5% 40.6% 1 Hold 150 EBIT 27.7 27.4 31.4 38.1 17.8% 0 Underperform 140 Margin 18.2% 17.5% 17.8% 19.9% 0 Sell 130 Net Income 18.4 20.0 24.0 29.5 21.6% 120 Margin 12.1% 12.7% 13.6% 15.4% 110 100 Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 90 Enterprise Value 619.1 EV/Sales 3.9x 3.5x 3.2x Prices 80 70 Net Debt (46.8) EV/EBITDA 10.7x 9.4x 8.0x 60 Minority Interest (0.3) EV/EBIT 22.6x 19.7x 16.3x Mar 2020 May 2020 Jul 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E 33.4x 27.8x 22.6x . Nacon S.A. (ENXTPA:NACON) Paris CAC 40 Index Market Cap 666.2 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 93 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Pexip Holding ASA

Company Description IPO Facts . Sector: Software Ticker OB:PEXIP Financial Advisors Pexip Holding ASA, a technology company that delivers a video-first meeting platform. Its platform Exchange Oslo Stock Exchange ABG Sundal Collier Norge ASA; Carnegie ASA; Pareto Initial Filing Date 04-May-20 simplifies video communication across borders, businesses, and platforms, enabling everyone to be Securities AS Announced Date 04-May-20 seen, heard, and included. The company offers self-hosted and as-a-service deployment options for # Days Announced to Offer 8 enterprise video conferencing built on the Pexip Infinity technology; and provides interoperability, Offer Date 12-May-20 including Microsoft Teams, Skype for Business, Google Hangouts Gateway interop, video system device registration, and a world-class meeting and calling service. The company has operations in the Asia Pacific, Europe, the Middle East, Africa, and the Americas. Pexip Holding ASA was founded in IPO Price (EUR) 5.71 2011 and is headquartered in Oslo, Norway. Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 38.0m Greenshoe 11.8% Thommessen Krefting Greve Lund AS Filing Volume (EUR) 194.1m Final Volume (EUR)2 194.1m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Wylie, John Malcolm Rodney 4.9% Deloitte AS DNB Asset Management AS 4.9% Primary 50% Stavanger Venture AS 4.9% Secondary 50% Wasatch Advisors Inc. 4.8% Capital Research and Management Company 4.8% Key Financials Free Float 75.5% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 51.5 60.4 78.8 106.2 32.6% IPO +1D IPO +1M IPO +3M since IPO Growth 30.4% 34.8% 1 Buy Pexip Holding ASA 39.0% 41.6% 53.7% (0.9%) EBITDA 4.5 1.1 (14.1) (14.7) nm 1 Outperform Oslo Bors Benchmark Index (4.3%) 6.5% 14.0% 21.2% Margin 8.8% 1.8% nm nm 0 Hold 180 EBIT 3.5 (3.2) (19.6) (21.0) 154.6% 0 Underperform 170 Margin 6.7% nm nm nm 0 Sell 160 Net Income (5.1) (4.9) (19.8) (21.2) 108.5% 150 Margin nm nm nm nm 140 130 Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 120 Enterprise Value 471.7 EV/Sales 7.8x 6.0x 4.4x Prices 110 100 Net Debt (98.9) EV/EBITDA na na na 90 Minority Interest 0.0 EV/EBIT na na na May 2020 Jul 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Pexip Holding ASA (OB:PEXIP) Oslo Bors Benchmark Index Market Cap 574.3 P/B 3.1x 3.4x 3.9x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 94 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe PharmaSGP Holding SE

Company Description IPO Facts . Sector: Pharmaceuticals Ticker XTRA:PSG Financial Advisors PharmaSGP Holding SE manufactures non-chemical, over-the-counter drugs, and other healthcare Exchange Deutsche Börse Joh. Berenberg, Gossler & Co. KG Initial Filing Date 08-Jun-20 products. The company’s pharmaceutical products include RubaXX pharmaceutical drops for the Announced Date 08-Jun-20 treatment of rheumatic pain in bones, tendons, and muscles; Restaxil pharmaceutical drops for the # Days Announced to Offer 10 treatment of nerve pain in neck and back; Fulminan, a beauty drink for problems in areas such as eye Offer Date 18-Jun-20 area, buttocks, or thighs; DESEO pharmaceutical drops for sexual weakness; Neradin, a drug for sexual dysfunction; and TAUMEA, a drug for the treatment of vertigo. It also offers products for the treatment of chronic indications, including pain and other age-related ailments. The company sells its IPO Price (EUR) 31.50 products through pharmacies and wholesalers. It exports its products to European countries Filing Price Range (EUR) 31.50-36.50 comprising Austria, Italy, Belgium, and Spain. PharmaSGP Holding SE was founded in 2012 and is Final Price Range (EUR) 31.50-36.50 based in Gräfelfing, Germany. Legal Counsel Shares Offered (incl. Greenshoe) 4.0m Greenshoe 15.0% - Filing Volume (EUR) 306.6m Final Volume (EUR)2 110.3m Filing-to-Final Change (64.0%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Hohlefelder, Madlena 48.9% na Futrue Gmbh 17.6% Primary 0% Swedbank Robur Fonder AB 3.5% Secondary 100% Grandeur Peak Global Advisors, LLC 3.3% Legal & General Investment Management Limited 3.0% Key Financials Free Float 23.7% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 65.4 64.0 71.0 81.0 12.5% IPO +1D IPO +1M IPO +3M since IPO Growth 10.9% 14.1% 1 Buy PharmaSGP Holding SE 9.5% (5.1%) (4.3%) (37.1%) EBITDA 22.2 19.8 24.0 27.0 16.8% 0 Outperform Germany DAX Index (Performance) 0.4% 5.2% 6.8% 8.1% Margin 33.9% 30.9% 33.8% 33.3% 0 Hold 120 EBIT 22.1 19.4 23.0 27.0 18.0% 0 Underperform Margin 33.8% 30.3% 32.4% 33.3% 0 Sell 110 Net Income 16.4 15.0 18.0 20.0 15.5% 100 Margin 25.0% 23.4% 25.4% 24.7%

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 80

Enterprise Value 231.4 EV/Sales 3.6x 3.3x 2.9x Prices 70 Net Debt (6.2) EV/EBITDA 11.7x 9.6x 8.6x 60 Minority Interest 0.0 EV/EBIT 11.9x 10.1x 8.6x Dec 2020 Jun 2020 Aug 2020 Oct 2020 Preferred Equity 0.0 P/E 15.8x 13.2x 11.9x . PharmaSGP Holding SE (XTRA:PSG) Germany DAX Index (Performance) Market Cap 237.6 P/B 16.6x 7.4x 5.1x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 95 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Aker BioMarine AS

Company Description IPO Facts . Sector: Food Products Ticker OB:AKBM-ME Financial Advisors Aker BioMarine AS, a biotechnology company, develops krill-derived ingredients and products for Exchange Oslo Stock Exchange Arctic Securities AS; DNB Markets; Skandinaviska Initial Filing Date 19-Jun-20 nutraceutical, aquaculture, and animal feed applications. The company provides krill oil products, Enskilda Banken AB (publ.) Announced Date 19-Jun-20 including omega-3s, phospholipids, choline, and astaxanthin for the human market under the Superba # Days Announced to Offer 7 brand. It also offers Qrill aqua product for aquaculture; and QRILL pet, a functional ingredient for pet Offer Date 26-Jun-20 food. The company is headquartered in Lysaker, Norway. Aker BioMarine ASA is a subsidiary of Aker ASA. IPO Price (EUR) 10.62 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 18.5m Greenshoe No GS - Filing Volume (EUR) 196.9m Final Volume (EUR)2 196.9m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 The Resource Group TRG AS 77.8% na Danske Capital AS 1.9% Primary 100% Handelsbanken Asset Management 1.5% Secondary 0% Johansen, Matts 1.1% DNB Asset Management AS 1.0% Key Financials Free Float 16.8% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 242.7 247.6 330.9 392.8 25.9% IPO +1D IPO +1M IPO +3M since IPO Growth 33.6% 18.7% 2 Buy Aker BioMarine AS (7.2%) (18.9%) (22.1%) (3.5%) EBITDA 36.6 62.5 85.9 116.2 36.4% 1 Outperform Oslo Bors Benchmark Index 1.9% 7.6% 9.2% 17.5% Margin 15.1% 25.2% 26.0% 29.6% 0 Hold 120 EBIT 8.7 21.4 45.6 71.3 82.6% 0 Underperform Margin 3.6% 8.6% 13.8% 18.1% 0 Sell 110 Net Income (22.3) (3.1) 32.1 58.0 nm 100 Margin nm nm 9.7% 14.8%

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 80

Enterprise Value 1,094.4 EV/Sales 4.4x 3.3x 2.8x Prices 70 Net Debt 189.3 EV/EBITDA 17.5x 12.7x 9.4x 60 Minority Interest 0.0 EV/EBIT 51.2x 24.0x 15.4x Dec 2020 Jul 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E na 28.0x 15.5x . Aker BioMarine AS (OB:AKBM-ME) Oslo Bors Benchmark Index Market Cap 898.3 P/B 3.0x 2.7x 2.7x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 96 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Brockhaus Capital Management AG

Company Description IPO Facts . Sector: Electronic Equipment, Instruments and Components Ticker DB:BKHT Financial Advisors Brockhaus Capital Management AG operates as a technology holding company that acquires and Exchange Deutsche Börse Citigroup Global Markets Limited; Commerzbank AG; Initial Filing Date 07-Jul-20 holds majority stakes in growth companies in the German speaking region. The company invests in Jefferies GmbH Announced Date 07-Jul-20 IHSE Group, a manufacturer of IT infrastructure components for the transmission of mission-critical # Days Announced to Offer 2 data; and Palas GmbH, a developer and manufacturer of high-precision devices for generating, Offer Date 09-Jul-20 measuring, and characterizing particles in air. Brockhaus Capital Management AG was founded in 2017 and is based in Frankfurt am Main, Germany. IPO Price (EUR) 32.00 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 3.6m Greenshoe 15.0% Norton Rose Fulbright LLP Filing Volume (EUR) 100.0m Final Volume (EUR)2 100.0m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Virtus Investment Advisers, Inc. 7.8% KPMG AG Wirtschaftsprüfungsgesellschaft Deutsche Asset & Wealth Management 7.6% Primary 100% Abacon Invest GmbH 6.3% Secondary 0% Peiker, Andreas 5.3% Janus Henderson Group plc 4.4% Key Financials Free Float 68.7% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 42.7 49.8 84.8 126.5 59.4% IPO +1D IPO +1M IPO +3M since IPO Growth 70.2% 49.3% 3 Buy Brockhaus Capital Management AG 9.4% (3.1%) (6.9%) (2.5%) EBITDA 2.2 12.1 24.9 38.5 78.3% 0 Outperform Germany DAX Index (Performance) 1.7% 4.0% 4.2% 6.3% Margin 5.2% 24.3% 29.3% 30.4% 0 Hold 115 EBIT (4.7) 10.7 22.5 34.9 80.5% 0 Underperform Margin nm 21.5% 26.5% 27.5% 0 Sell 110 Net Income (7.6) 5.5 13.3 21.7 99.5% 105 Margin nm 10.9% 15.6% 17.2% 100

Rebased (in %) 95 (EURm) Valuation FY2020 FY2021 FY2022

90 Enterprise Value 241.4 EV/Sales 4.8x 2.8x 1.9x Prices 85 Net Debt (68.3) EV/EBITDA 20.0x 9.7x 6.3x 80 Minority Interest 0.0 EV/EBIT 22.6x 10.8x 6.9x Dec 2020 Jul 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E na 23.4x 14.3x . Brockhaus Capital Management AG (DB:BKHT) Germany DAX Index (Performance) Market Cap 309.7 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 97 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe UnifiedPost Group

Company Description IPO Facts . Sector: Software Ticker ENXTBR:UPG Financial Advisors UnifiedPost Group operates and develops a cloud-based platform for administrative and financial Exchange EURONEXT Brussels Banque Degroof Petercam SA; Belfius Bank SA; Joh. Initial Filing Date 18-Sep-20 services in Belgium. It allows connections between its customers, suppliers, customers, and other Berenberg, Gossler & Co. KG; Van Lanschot Kempen Announced Date 18-Sep-20 parties along the financial value chain. The company offers document, identity, payment, and finance Wealth Management NV # Days Announced to Offer 3 and service solutions. It serves corporate and government customers; small and medium-sized Offer Date 21-Sep-20 enterprises; and agricultural, accounting, interim, and construction sectors. The company was founded in 2001 and is headquartered in La Hulpe, Belgium. IPO Price (EUR) 20.00 Filing Price Range (EUR) 18.00-20.00 Final Price Range (EUR) 18.00-20.00

Legal Counsel Shares Offered (incl. Greenshoe) 12.6m Greenshoe 15.0% Linklaters LLP; Linklaters LLP (Belgium) Filing Volume (EUR) 218.8m Final Volume (EUR)2 218.8m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Leybaert, Hans A. 16.1% BDO Bedrijfsrevisoren BCVBA; BDO Réviseurs SmartFin Capital NV 8.1% Primary 80% d''Entreprises Soc. Civ. SCRL PE Group NV 7.9% Secondary 20% Delloye, Michel 6.4% Capital Research and Management Company 6.3% Key Financials Free Float 55.2% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 59.4 71.0 83.0 104.0 21.0% IPO +1D IPO +1M IPO +3M since IPO Growth 16.9% 25.3% 1 Buy UnifiedPost Group S.A. 19.0% 10.0% na 7.5% EBITDA (11.8) (19.0) na 10.0 nm 0 Outperform Brussels BEL 20 Index (0.4%) (1.0%) na 14.2% Margin nm nm na 9.6% 0 Hold 125 EBIT (16.5) (33.0) (17.0) (7.0) (53.9%) 0 Underperform 120 Margin nm nm nm nm 0 Sell 115 Net Income (28.4) (20.0) (10.0) na na 110 Margin nm nm nm na 105 Rebased (in %) 100 (EURm) Valuation FY2020 FY2021 FY2022

95 Enterprise Value 732.8 EV/Sales na 8.8x 7.0x Prices 90 Net Debt 79.1 EV/EBITDA na na na 85 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Sep 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . UnifiedPost Group S.A. (ENXTBR:UPG) Brussels BEL 20 Index Market Cap 653.6 P/B 3.6x 4.0x 4.2x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 98 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Implantica AG

Company Description IPO Facts . Sector: Health Care Equipment and Supplies Ticker OM:IMP A SDB Financial Advisors Implantica AG, a medtech company, researches, develops, and sells medical implants for unmet Exchange Stockholm Stock Exchange Pareto Securities AB Initial Filing Date 31-Aug-20 medical needs in Switzerland. The company develops RefluxStop, a passive CE-marked implant for Announced Date 31-Aug-20 prevention of gastroesophageal reflux. It also develops e-InVivo, a sensor implant to monitor a # Days Announced to Offer 21 multitude of health parameters and provide diagnostic information, as well as control treatment from Offer Date 21-Sep-20 inside the body; wireless energising platform; AppetiteControl, an implant to treat obesity by controlling appetite; and UriControl, a remote controlled implant to treat urinary incontinence for men and women. The company was founded in 2015 and is based in Zug, Switzerland. IPO Price (EUR) 6.24 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 19.5m Greenshoe 15.0% Roschier Advokatbyrå Ab Filing Volume (EUR) 105.6m Final Volume (EUR)2 105.6m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Lloyd Fonds AG, Asset Management Arm 0.0% KPMG AG, Schweiz Lange Assets & Consulting Gmbh 0.0% Primary 100% na na Secondary 0% na na na na Key Financials Free Float 100.0% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 0.0 0.4 7.4 30.9 nana IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Implantica AG 49.2% 34.7% na 82.0% EBITDA (5.7) (6.7) (18.7) (16.8) 58.6% 1 Outperform OMX Stockholm 30 Index 0.6% 2.8% na 8.7% Margin nm nm nm nm 0 Hold 200 EBIT (5.9) (6.9) (18.7) (16.8) 56.4% 0 Underperform Margin nm nm nm nm 0 Sell 180 Net Income (6.1) (7.0) (18.4) (16.6) 53.7% 160 Margin nm nm nm nm

140

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 120

Enterprise Value 3,769.1 EV/Sales na na na Prices 100 Net Debt 2.6 EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Implantica AG (OM:IMP A SDB) OMX Stockholm 30 Index Market Cap 3,769.0 P/B 5.2x 6.2x 7.5x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 99 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Knaus Tabbert AG

Company Description IPO Facts . Sector: Automobiles Ticker XTRA:KTA Financial Advisors Knaus Tabbert AG manufactures and sells leisure vehicles in Europe. The company offers Exchange Deutsche Börse ABN AMRO Bank N.V.; Jefferies International Limited; Initial Filing Date 11-Sep-20 motorhomes, caravans, and camper vans under the KNAUS, TABBERT, WEINSBERG, T@B, and UniCredit Bank AG Announced Date 11-Sep-20 MORELO brands. It also operates 150 rental stations under the RENT AND TRAVEL name. The # Days Announced to Offer 11 company was founded in 1912 and is headquartered in Jandelsbrunn, Germany. Offer Date 22-Sep-20

IPO Price (EUR) 58.00 Filing Price Range (EUR) 58.00-74.00 Final Price Range (EUR) 58.00-74.00

Legal Counsel Shares Offered (incl. Greenshoe) 3.7m Greenshoe 5.3% - Filing Volume (EUR) 318.2m Final Volume (EUR)2 201.7m Filing-to-Final Change (36.6%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 HTP Investments B.V. 35.6% KPMG AG Wirtschaftsprüfungsgesellschaft Catalina Capital Partners B.V. 25.1% Primary 100% Caledonia (Private) Investments Pty Limited 5.5% Secondary 0% T. Rowe Price Group, Inc. 5.4% Wellington Management Group LLP 0.8% Key Financials Free Float 27.6% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na 798.0 922.0 1,035.5 13.9% IPO +1D IPO +1M IPO +3M since IPO Growth 15.5% 12.3% 2 Buy Knaus Tabbert AG (6.0%) 4.5% na 2.9% EBITDA na 65.6 79.4 93.0 19.0% 0 Outperform Germany DAX Index (Performance) 0.4% (0.4%) na 5.4% Margin na 8.2% 8.6% 9.0% 0 Hold 110 EBIT na 46.6 57.5 68.8 21.5% 0 Underperform Margin na 5.8% 6.2% 6.6% 0 Sell 105 Net Income na 31.5 39.3 46.6 21.7% Margin na 3.9% 4.3% 4.5%

100

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022

95 Enterprise Value 0.0na EV/Sales na na na Prices Net Debt na EV/EBITDA na na na 90 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Sep 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E 19.7x 15.8x 13.3x . Knaus Tabbert AG (XTRA:KTA) Germany DAX Index (Performance) Market Cap 619.5 P/B 4.2x 3.6x 3.1x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 100 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Triple Point Energy Efficiency Infrastructure Company PLC

Company Description IPO Facts . Sector: Commercial Services and Supplies Ticker LSE:TEEC Financial Advisors Triple Point Energy Efficiency Infrastructure Company plc invests in energy efficiency projects. The Exchange London Stock Exchange RBC Europe Limited; Winterflood Securities Limited Initial Filing Date 25-Aug-20 company was incorporated in 2020 and is based in London, the United Kingdom. Announced Date 25-Aug-20 # Days Announced to Offer 50 Offer Date 14-Oct-20

IPO Price (EUR) 1.11 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 100.0m Greenshoe No GS Norton Rose Fulbright LLP Filing Volume (EUR) 221.6m Final Volume (EUR)2 110.8m Filing-to-Final Change (50.0%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 na na BDO LLP na na Primary 100% na na Secondary 0% na na na na Key Financials na na (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Triple Point Energy Efficiency Infrastructure Company2.0% PLC 6.1% na 4.5% EBITDA na na na na na 0 Outperform FTSE 100 Index (0.8%) 7.6% na 10.5% Margin na na na na 0 Hold 115 EBIT na na na na na 0 Underperform Margin na na na na 0 Sell 110 Net Income na na na na na Margin na na na na 105

Rebased (in %) 100 (EURm) Valuation FY2020 FY2021 FY2022 Enterprise Value 0.0na EV/Sales na na na Prices 95 Net Debt na EV/EBITDA na na na 90 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Oct 2020 Preferred Equity 0.0 P/E na na na . Triple Point Energy Efficiency Infrastructure Company PLC (LSE:TEEC) Market Cap 115.8 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 101 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Nordic Paper Holding AB

Company Description IPO Facts . Sector: Paper and Forest Products Ticker OM:NPAPER Financial Advisors Nordic Paper Holding AB produces and sells natural greaseproof and kraft paper in Scandinavia and Exchange Stockholm Stock Exchange ABG Sundal Collier AB; CLSA (UK) Limited; DNB Initial Filing Date 12-Oct-20 internationally. It also provides pulp. The company was founded in 1871 and is based in Markets, Sweden Branch; Nordea Bank Abp, Filial I Announced Date 12-Oct-20 Kristinehamn, Sweden. Nordic Paper Holding AB is a subsidiary of Shanying International Holdings Sverige # Days Announced to Offer 10 Co.,Ltd. Offer Date 22-Oct-20

IPO Price (EUR) 4.15 Filing Price Range (EUR) 3.86-5.02 Final Price Range (EUR) 3.86-5.02

Legal Counsel Shares Offered (incl. Greenshoe) 34.7m Greenshoe 1.7% Linklaters Advokatbyrå AB Filing Volume (EUR) 221.5m Final Volume (EUR)2 141.5m Filing-to-Final Change (36.1%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 AMF Fonder AB 9.7% Öhrlings PricewaterhouseCoopers AB Swedbank Robur Fonder AB 9.4% Primary 0% na na Secondary 100% na na na na Key Financials Free Float 80.9% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na 285.1 292.3 303.3 3.2% IPO +1D IPO +1M IPO +3M since IPO Growth 2.5% 3.8% 2 Buy Nordic Paper Holding AB (2.5%) (5.8%) na (11.1%) EBITDA na 44.1 44.5 53.0 9.6% 0 Outperform OMX Stockholm 30 Index 0.2% 6.1% na 6.0% Margin na 15.5% 15.2% 17.5% 0 Hold 110 EBIT na 33.9 32.2 42.5 12.0% 0 Underperform Margin na 11.9% 11.0% 14.0% 0 Sell 105 Net Income na 25.4 23.6 31.7 11.8% 100 Margin na 8.9% 8.1% 10.5%

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 90

Enterprise Value 220.9 EV/Sales 0.8x 0.8x 0.7x Prices 85 Net Debt na EV/EBITDA 5.0x 5.0x 4.2x 80 Minority Interest 0.0 EV/EBIT 6.5x 6.9x 5.2x Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E 9.7x 10.5x 7.8x . Nordic Paper Holding AB (publ) (OM:NPAPER) OMX Stockholm 30 Index Market Cap 246.6 P/B 5.0x 4.1x 3.0x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 102 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Soltec Power Holdings, S.A.

Company Description IPO Facts . Sector: Electrical Equipment Ticker BME:SOL Financial Advisors Soltec Power Holdings, S.A. engages in the design, manufacture, and supply of solar trackers and Exchange BME - Bolsa de Madrid#N/A Banco Santander, S.A.; CaixaBank, S.A.; JB Capital Initial Filing Date 15-Oct-20 related components in Latin America, North America, Mexico, Europe, the Middle East and Africa, Markets, Sociedad de Valores, S.A.; Joh. Berenberg, Announced Date 15-Oct-20 and the Asia-Pacific. The company provides a range of development, equipment supply, construction, Gossler & Co. KG # Days Announced to Offer 12 and operations and maintenance services. Its principal products include SF7 single-axis and bi-facial Offer Date 27-Oct-20 trackers, SF7 Tandem trackers, and SF8 single-axis and bi-facial trackers. The company also offers design, procurement, installation, and construction services to solar power projects; and warranty and care services to its customers. The company was founded in 2004 and is headquartered in Murcia, IPO Price (EUR) 4.82 Spain. Filing Price Range (EUR) 3.66-4.82 Final Price Range (EUR) 3.66-4.82

Legal Counsel Shares Offered (incl. Greenshoe) 0.0m Greenshoe 10.0% Mayer Brown International LLP; Cuatrecasas, Filing Volume (EUR) 150.0m Gonçalves Pereira, S.L.P. Final Volume (EUR)2 150.0m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Moreno Riquelme, José Francisco 43.7% Deloitte S.L. Grupo Corporativo Sefran S.L. 40.4% Primary na Morales Torres, Raúl 18.7% Secondary na Santander Asset Management, S.A., S.G.I.I.C. 3.3% Norges Bank Investment Management 3.0% Key Financials Free Float -9.1% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 354.8 307.5 542.3 693.4 50.2% IPO +1D IPO +1M IPO +3M since IPO Growth 76.4% 27.9% 2 Buy Soltec Power Holdings, S.A. 11.0% 25.7% na 58.3% EBITDA 3.2 0.2 37.1 58.4 nana 0 Outperform Madrid Ibex 35 Index (2.7%) 23.1% na 23.7% Margin 0.9% 0.0% 6.8% 8.4% 1 Hold 180 EBIT 2.8 (5.6) 29.9 49.4 nm 0 Underperform Margin 0.8% nm 5.5% 7.1% 0 Sell 160 Net Income (2.6) (9.5) 17.7 31.9 nm Margin nm nm 3.3% 4.6% 140

Rebased (in %) 120 (EURm) Valuation FY2020 FY2021 FY2022 Enterprise Value 820.3 EV/Sales 2.7x 1.5x 1.2x Prices 100 Net Debt 90.8 EV/EBITDA na 22.1x 14.1x 80 Minority Interest 0.0 EV/EBIT na 27.5x 16.6x Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na 41.3x 22.9x . Soltec Power Holdings, S.A. (BME:SOL) Madrid Ibex 35 Index Market Cap 729.6 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 103 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe HusCompagniet A/S

Company Description IPO Facts . Sector: Household Durables Ticker CPSE:HUSCO Financial Advisors HusCompagniet A/S develops single-family detached houses in Denmark. The company engages in Exchange Copenhagen Stock Exchange Citigroup Global Markets Limited; Danske Bank A/S; Initial Filing Date 06-Nov-20 the design, sale, and delivery of customizable detached houses to consumers primarily built on-site Nordea Danmark, Filial af Nordea bank AB (Publ) Announced Date 06-Nov-20 on third-party customer-owned land; and semi-detached houses to consumers and professional FINLAND # Days Announced to Offer 12 investors. It also produces prefabricated wood-framed detached houses under the VårgårdaHus brand Offer Date 18-Nov-20 in Sweden. The company was incorporated in 2015 and is headquartered in Horsens, Denmark.

IPO Price (EUR) 15.70 Filing Price Range (EUR) 15.03-17.44 Final Price Range (EUR) 15.03-17.44

Legal Counsel Shares Offered (incl. Greenshoe) 9.6m Greenshoe No GS Bech-Bruun Dragsted; Fried, Frank, Harris, Shriver & Filing Volume (EUR) 167.4m Jacobson LLP Final Volume (EUR)2 150.7m Filing-to-Final Change (10.0%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Danske Bank A/S, Asset Management Arm 7.9% Ernst & Young Godkendt Revisionspartnerselskab Janus Henderson Group plc 6.5% Primary 0% na na Secondary 100% na na na na Key Financials Free Float 85.7% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 503.0 na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy HusCompagniet A/S 0.0% na na (0.7%) EBITDA 42.6 na na na na 0 Outperform OMX Copenhagen 20 Index 0.3% na na 0.7% Margin 8.5% na na na 0 Hold 105 EBIT 29.9 na na na na 0 Underperform Margin 5.9% na na na 0 Sell Net Income 0.0 na na na na 100 Margin 0.0% na na na

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 95

Enterprise Value 419.7 EV/Sales na na na Prices Net Debt 107.6 EV/EBITDA na na na 90 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . HusCompagniet A/S (CPSE:HUSCO) OMX Copenhagen 20 Index Market Cap 311.7 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 104 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Cadeler A/S

Company Description IPO Facts . Sector: Machinery Ticker OB:CADLR Financial Advisors Cadeler A/S provides marine and engineering operations to the offshore wind industry in Denmark. Exchange Oslo Stock Exchange DNB Markets; SpareBank 1 Markets AS Initial Filing Date 16-Nov-20 The company offers installation services, as well as operations and maintenance works. It provides Announced Date 16-Nov-20 offshore wind, construction, maintenance, and decommissioning services through its windfarm # Days Announced to Offer 10 installation vessels, Pacific Orca and Pacific Osprey. The company was formerly known as Blue Offer Date 26-Nov-20 Ocean Ships A/S. Cadeler A/S was founded in 2008 and is headquartered in Copenhagen, Denmark. Cadeler A/S operates as a subsidiary of Swire Pacific Offshore Services (Pte.) Limited. IPO Price (EUR) 2.22 Filing Price Range (EUR) 2.22-2.34 Final Price Range (EUR) 2.22-2.34

Legal Counsel Shares Offered (incl. Greenshoe) 58.0m Greenshoe No GS Advokatfirmaet Schjødt AS Filing Volume (EUR) 151.9m Final Volume (EUR)2 129.0m Filing-to-Final Change (15.1%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Swire Pacific Limited 42.2% Ey GrØNland Godkendt Revisionsanpartsselskab BW Wind Services Pte. Ltd. 20.3% Primary 65% na na Secondary 35% na na na na Key Financials Free Float 37.5% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 17.0 na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Cadeler A/S 0.1% na na 4.2% EBITDA (35.3) na na na na 0 Outperform Oslo Bors Benchmark Index 1.1% na na (0.2%) Margin nm na na na 0 Hold 110 EBIT (35.3) na na na na 0 Underperform Margin nm na na na 0 Sell Net Income (41.1) na na na na 100 Margin nm na na na

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 90

Enterprise Value 364.4 EV/Sales na na na Prices Net Debt 94.3 EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Cadeler A/S (OB:CADLR) Oslo Bors Benchmark Index Market Cap 267.8 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 105 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Thunderful Group AB

Company Description IPO Facts . Sector: Entertainment Ticker OM:THUNDR Financial Advisors Thunderful Group AB develops and publishes personal computer, console, and mobile games for the Exchange Stockholm Stock Exchange ABG Sundal Collier AB; Carnegie Investment Bank AB Initial Filing Date 25-Nov-20 gaming market worldwide. The company operates through Thunderful Games and Thunderful (publ) Announced Date 25-Nov-20 Distribution segments. It also distributes Nintendo products, games, game consoles, game # Days Announced to Offer 12 accessories, and toys in the Nordic market. The company was incorporated in 2019 and is Offer Date 07-Dec-20 headquartered in Gothenburg, Sweden.

IPO Price (EUR) 4.91 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 26.1m Greenshoe No GS White & Case Advokat AB Filing Volume (EUR) 128.3m Final Volume (EUR)2 128.3m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Bergsala Holding AB 50.0% Grant Thornton Sweden AB Lyngeled, Klaus 7.8% Primary 57% Sigurgeirsson, Brjann 7.8% Secondary 43% Hinapulkka & Allihuuppa Oy 2.5% Beardsmore, Thomas 1.5% Key Financials Free Float 30.3% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Thunderful Group AB 36.4% na na 36.4% EBITDA na na na na na 0 Outperform OMX Stockholm 30 Index 0.9% na na 0.9% Margin na na na na 0 Hold 140 EBIT na na na na na 0 Underperform Margin na na na na 0 Sell 130 Net Income na na na na na 120 Margin na na na na

110

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 100

Enterprise Value 0.0na EV/Sales na na na Prices 90 Net Debt na EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Dec 2020 Preferred Equity 0.0 P/E na na na . Thunderful Group AB (OM:THUNDR) OMX Stockholm 30 Index Market Cap 459.3 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 106 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O S c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s

107 Calisen plc

Company Description IPO Facts . Sector: Commercial Services and Supplies Ticker LSE:CLSN Financial Advisors Calisen plc owns and manages energy infrastructure assets in the United Kingdom. The company Exchange London Stock Exchange Barclays Bank PLC; Citigroup Global Markets Limited; Initial Filing Date 09-Jan-20 operates in two business units, Calvin Capital and Lowri Beck. The Calvin Capital business unit Credit Suisse Securities (Europe) Limited; Goldman Announced Date 09-Jan-20 procures, owns, and manages a portfolio of electricity and gas meters, primarily smart meters on Sachs International; HSBC Bank plc; KKR Capital # Days Announced to Offer 29 behalf of energy retailers. The Lowri Beck business unit provides installation, meter reading, and Markets Limited Offer Date 07-Feb-20 maintenance services on behalf of its energy retailer customers. It also offers ancillary services, such as customer and call center services; and owns a portfolio of traditional meters. Calisen plc was incorporated in 2020 and is headquartered in Manchester, the United Kingdom. IPO Price (EUR) 2.83 Filing Price Range (EUR) 2.65-3.12 Final Price Range (EUR) 2.77-2.95

Legal Counsel Shares Offered (incl. Greenshoe) 140.6m Greenshoe 2.6% Clifford Chance LLP Filing Volume (EUR) 353.6m Final Volume (EUR)2 387.6m Filing-to-Final Change 9.6% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 KKR & Co. Inc. 72.8% KPMG LLP (United Kingdom) BlackRock, Inc. 6.1% Primary 91% Goldman Sachs Group, Investment Banking and Securities Investments2.2% Secondary 9% Merrill Lynch & Co. Inc., Banking Investments 1.7% BennBridge Ltd 1.7% Key Financials Free Float 15.4% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 257.0 272.0 295.2 309.6 6.7% IPO +1D IPO +1M IPO +3M since IPO Growth 8.5% 4.9% 3 Buy Calisen plc 0.0% (15.2%) (23.4%) (18.4%) EBITDA 170.3 208.4 230.3 248.6 9.2% 3 Outperform FTSE 100 Index 0.0% (13.4%) (20.5%) (12.2%) Margin 66.3% 76.6% 78.0% 80.3% 0 Hold 120 EBIT 29.2 108.8 120.7 125.8 7.5% 0 Underperform Margin 11.3% 40.0% 40.9% 40.6% 0 Sell 100 Net Income (85.4) (10.4) 65.1 66.1 nm Margin nm nm 22.1% 21.4%

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022

60 Enterprise Value 1,880.1 EV/Sales 6.9x 6.4x 6.1x Prices Net Debt 613.8 EV/EBITDA 9.0x 8.2x 7.6x 40 Minority Interest 0.0 EV/EBIT 17.3x 15.6x 15.0x Feb 2020 Apr 2020 Jun 2020 Aug 2020 Oct 2020 Dec 2020 Preferred Equity 0.0 P/E na 19.4x 19.1x . Calisen plc (LSE:CLSN) FTSE 100 Index Market Cap 1,264.9 P/B 1.5x 1.4x 1.4x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 108 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe JDE Peet’s N.V.

Company Description IPO Facts . Sector: Food Products Ticker ENXTAM:JDEP Financial Advisors JDE Peet's N.V., together with its subsidiaries, provides various coffee and tea products and Exchange EURONEXT Amsterdam Banca IMI S.p.A.; Banco Santander, S.A.; Bayerische Initial Filing Date 26-May-20 solutions to serve consumer needs in the Netherlands, Germany, France, the United States, and Landesbank; BNP Paribas SA; Citigroup Global Announced Date 26-May-20 internationally. The company operates through CPG Europe, CPG LARMEA, CPG APAC, Out-of- Markets Limited; Commerzbank AG; Coöperatieve # Days Announced to Offer 3 Home, and Peet’s segments. It provides multi-serve coffee, single-serve and double-shot coffee Rabobank U.A.; Crédit Agricole Corporate and Offer Date 29-May-20 capsules, pads and pods, instant coffee and instant mixes, ready-to-drink coffee beverages, Investment Bank; Deutsche Bank Aktiengesellschaft; professional coffee machines and services, and various tea products. The company sells its products Goldman Sachs International; HSBC Bank plc; ING under the Global Jewels of Peet's, Jacobs, L'OR, Senseo, Tassimo, TiOra, Douwe Egberts, IPO Price (EUR) 31.50 Bank N.V.; J.P. Morgan Securities plc; Landesbank Stumptown, Kenco, Moccona, Gevalia, Intelligentsia, OldTown, Super, Ofçay, Maison du Café, Filing Price Range (EUR) 30.00-32.25 Baden-Württemberg; Merrill Lynch International; MUFG Harris, and Mighty Leaf Tea brands through CPG and out-of-home sales channels. The company also Final Price Range (EUR) 30.00-32.25 Securities EMEA plc; Skandinaviska Enskilda Banken sells its products through Peet's, OldTown, Coffee Company, and 12Oz coffee stores in the United AB (publ.); SMBC Nikko Capital Markets Europe Legal Counsel States, China, Malaysia, the Netherlands, and Italy, as well as through Intelligentsia and Stumptown Shares Offered (incl. Greenshoe) 82.1m coffee stores in the United States; and online direct to consumers through third-party online Greenshoe 15.0% Linklaters LLP; Linklaters LLP (Netherlands) marketplaces, third-party online retail stores, and its own online retail stores. Filing Volume (EUR) 2,250.0m Final Volume (EUR)2 2,250.0m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 JAB Holdings B.V. 63.6% Deloitte Accountants B.V. Mondelez International, Inc. 23.2% Primary 31% FMR LLC 2.1% Secondary 69% Lazard Asset Management LLC 0.7% Eleva Capital LLP 0.4% Key Financials Free Float 10.1% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 6,849.0 6,764.2 7,017.4 7,266.3 3.6% IPO +1D IPO +1M IPO +3M since IPO Growth 3.7% 3.5% 4 Buy JDE Peet's N.V. 13.8% 12.7% 17.6% 4.1% EBITDA 1,277.0 1,575.6 1,675.1 1,768.7 5.9% 2 Outperform Amsterdam AEX Index 0.0% 5.2% 4.5% 15.8% Margin 18.6% 23.3% 23.9% 24.3% 5 Hold 125 EBIT 964.0 1,294.3 1,358.3 1,431.6 5.2% 1 Underperform Margin 14.1% 19.1% 19.4% 19.7% 1 Sell 120 Net Income 360.0 799.8 907.6 986.8 11.1% 115 Margin 5.3% 11.8% 12.9% 13.6%

110

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 105

Enterprise Value 22,052.5 EV/Sales 3.3x 3.1x 3.0x Prices 100 Net Debt 5,524.0 EV/EBITDA 14.0x 13.2x 12.5x 95 Minority Interest 148.0 EV/EBIT 17.0x 16.2x 15.4x May 2020 Jul 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E 20.5x 18.0x 16.6x . JDE Peet's N.V. (ENXTAM:JDEP) Amsterdam AEX Index Market Cap 16,380.5 P/B 1.6x 1.6x 1.5x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 109 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe GVS S.p.A.

Company Description IPO Facts . Sector: Health Care Equipment and Supplies Ticker BIT:GVS Financial Advisors GVS S.p.A., together with its subsidiaries, produces and sells plastic filters and components for Exchange Borsa Italia Goldman Sachs International; Mediobanca Banca di Initial Filing Date 11-Jun-20 healthcare, life science, automotive, appliance, safety, and commercial and industrial filtration Credito Finanziario S.p.A. Announced Date 11-Jun-20 applications in Italy and internationally. It offers health care products, such as healthcare gas/air and # Days Announced to Offer 5 liquid filtration products for anesthesia, surgery insufflation, ventilation, blood filtration, transfusion, Offer Date 16-Jun-20 infusion, and hemodialysis; and syringe and capsule filters, liquid sample microbiology products, and protein microarray products, as well as microporous filtration, protein transfer, and nucleic acid binding membranes for laboratory solutions. The company also offers automotive products, including IPO Price (EUR) 8.15 fuel and diesel injector, ABS/ESP-braking, steering and transmission, fuel tank, and SCR technology- Filing Price Range (EUR) 7.00-8.30 urea filters, as well as ventilation membranes and throttle bodies; and sheet and panel filters, bag and Final Price Range (EUR) 8.00-8.15 cartridge filters, HEPA and high capacity HEPA products, carbon and molecular filtration products, Legal Counsel and accessories and housings for commercial and industrial applications. Shares Offered (incl. Greenshoe) 70.0m Greenshoe 14.8% Clifford Chance Studio Legale Associato Filing Volume (EUR) 506.3m Final Volume (EUR)2 497.2m Filing-to-Final Change (1.8%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Capital Research and Management Company 7.6% PricewaterhouseCoopers SpA Scagliarini, Massimo 4.9% Primary 16% FMR LLC 2.3% Secondary 84% J.P. Morgan Asset Management, Inc. 2.2% T. Rowe Price Group, Inc. 1.5% Key Financials Free Float 81.5% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 313.3 358.3 371.2 385.3 3.7% IPO +1D IPO +1M IPO +3M since IPO Growth 3.6% 3.8% 0 Buy GVS S.p.A. 21.7% 31.8% 33.4% 80.7% EBITDA 109.4 139.2 122.9 122.2 (6.3%) 0 Outperform FTSE MIB INDEX (0.0%) 4.0% (0.5%) 12.4% Margin 34.9% 38.8% 33.1% 31.7% 1 Hold 200 EBIT 94.8 122.4 104.3 103.0 (8.3%) 0 Underperform Margin 30.3% 34.1% 28.1% 26.7% 0 Sell 180 Net Income 63.7 81.4 71.6 72.5 (5.6%) 160 Margin 20.3% 22.7% 19.3% 18.8%

140

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 120

Enterprise Value 2,579.0 EV/Sales 7.2x 6.9x 6.7x Prices 100 Net Debt 1.2 EV/EBITDA 18.5x 21.0x 21.1x 80 Minority Interest 0.0 EV/EBIT 21.1x 24.7x 25.0x Dec 2020 Jun 2020 Aug 2020 Oct 2020 Preferred Equity 0.0 P/E 31.7x 36.0x 35.6x . GVS S.p.A. (BIT:GVS) FTSE MIB INDEX Market Cap 2,577.8 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 110 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe THG Holdings plc

Company Description IPO Facts . Sector: Internet and Direct Marketing Retail Ticker LSE:THG Financial Advisors THG Holdings plc operates as an online retailer and technology company in the United Kingdom, Exchange London Stock Exchange Barclays Bank PLC; Citigroup Global Markets Limited; Initial Filing Date 27-Aug-20 Europe, and internationally. The company provides an end-to-end direct-to-consumer e-commerce Goldman Sachs International; HSBC Bank plc; J.P. Announced Date 27-Aug-20 solution for consumer brand owners under Software as a Service licenses. It is also involved in the Morgan Securities plc; Jefferies International Limited; # Days Announced to Offer 20 manufacture and online retail of nutrition and wellbeing products; manufacture, ownership, and Numis Securities Limited Offer Date 16-Sep-20 retailing of skincare, haircare, and cosmetics products. In addition, the company operates various websites that retail luxury fashion brands; and provides website development, online advertising, marketing, franchising and consultancy, procurement, webhosting, warehouse and distribution, studio IPO Price (EUR) 5.49 content, and translation and interpretation services. Further, it operates hairdressing salons and Filing Price Range (EUR) na hotels, as well as a health club and spa. The company was formerly known as The Hut Group Limited Final Price Range (EUR) na and changed its name to THG Holdings plc in September 2020. THG Holdings plc was founded in Legal Counsel 2004 and is based in Manchester, the United Kingdom. Shares Offered (incl. Greenshoe) 376.3m Greenshoe No GS Gibson, Dunn & Crutcher UK LLP Filing Volume (EUR) 2,064.2m Final Volume (EUR)2 2,064.2m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Merian Global Investors (UK) Limited 7.9% Ernst & Young LLP (UK) Moulding, Matthew 7.0% Primary 49% Capital Research and Management Company 3.6% Secondary 51% Teachers Insurance and Annuity Association of America - College Retirement2.6% Equities Fund FMR LLC 0.4% Key Financials Free Float 78.6% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 1,345.7 1,747.4 2,191.0 2,720.0 24.8% IPO +1D IPO +1M IPO +3M since IPO Growth 25.4% 24.1% 5 Buy THG Holdings plc 16.8% 17.4% na 34.2% EBITDA 65.4 158.0 208.1 263.9 29.2% 5 Outperform FTSE 100 Index (0.5%) (2.6%) na 7.9% Margin 4.9% 9.0% 9.5% 9.7% 1 Hold 145 EBIT 8.9 50.6 69.6 94.6 36.8% 0 Underperform Margin 0.7% 2.9% 3.2% 3.5% 0 Sell 135 Net Income (50.8) (10.8) 16.5 46.5 nm 125 Margin nm nm 0.8% 1.7%

115

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 105

Enterprise Value 8,473.5 EV/Sales 4.8x 3.9x 3.1x Prices 95 Net Debt 554.2 EV/EBITDA na 40.7x 32.1x 85 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Sep 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . THG Holdings plc (LSE:THG) FTSE 100 Index Market Cap 7,955.6 P/B 6.3x 6.2x 6.1x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 111 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe HENSOLDT AG

Company Description IPO Facts . Sector: Aerospace and Defense Ticker XTRA:5UH Financial Advisors HENSOLDT AG, together with its subsidiaries, provides defense and security electronic sensor Exchange Deutsche Börse BofA Securities, Inc.; Citigroup Global Markets Limited; Initial Filing Date 15-Sep-20 solutions worldwide. It offers air surveillance, airborne, ground based, security, naval and coastal, and Commerzbank AG; Crédit Agricole CIB (Germany); Announced Date 15-Sep-20 space radars; identification friend or foe and secure data links; and commercial shipping solutions. Deutsche Bank Aktiengesellschaft; J.P. Morgan # Days Announced to Offer 8 The company also provides airborne, vehicle, surveillance, and maritime optronics; space optics; Securities plc; KKR Capital Markets Limited; UniCredit Offer Date 23-Sep-20 optronic sensor devices; and sights, scopes, and night-vision attachments. In addition, it offers Bank AG electronic support/SIGINT products, receivers, direction finders, electronic attackers/jammers, self- protection EW software suites and ground support stations, and electronic warfare systems. Further, IPO Price (EUR) 12.00 the company provides avionics, including airborne computing, flight and mission data record Filing Price Range (EUR) 12.00-16.00 management, connectivity mission management/pilot assistance, video management, unmanned, Final Price Range (EUR) 12.00-16.00 mission planning support, data analysis and evaluation, cloud, and active sensing products and Legal Counsel solutions, as well as integrated solutions; and counter UAV solutions, and command and control Shares Offered (incl. Greenshoe) 38.1m software products. Greenshoe 14.3% - Filing Volume (EUR) 637.3m Final Volume (EUR)2 400.0m Filing-to-Final Change (37.2%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 KKR & Co. Inc. 63.5% KPMG AG Wirtschaftsprüfungsgesellschaft CI Investments Inc. 4.5% Primary 75% Thornburg Investment Management, Inc. 2.6% Secondary 25% Capital Research and Management Company 1.7% Franklin Resources, Inc. 0.4% Key Financials Free Float 27.3% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 1,151.1 1,169.3 1,492.3 1,701.0 20.6% IPO +1D IPO +1M IPO +3M since IPO Growth 27.6% 14.0% 0 Buy Hensoldt AG (8.3%) (10.0%) na 4.5% EBITDA 150.6 197.8 245.6 286.8 20.4% 0 Outperform Germany DAX Index (Performance) (1.4%) 0.0% na 5.0% Margin 13.1% 16.9% 16.5% 16.9% 0 Hold 110 EBIT 56.7 131.4 171.2 210.3 26.5% 0 Underperform Margin 4.9% 11.2% 11.5% 12.4% 0 Sell 105 Net Income (77.1) 57.1 117.8 145.8 59.8% 100 Margin nm 4.9% 7.9% 8.6%

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 90

Enterprise Value 1,976.9 EV/Sales 1.7x 1.3x 1.2x Prices 85 Net Debt 649.9 EV/EBITDA 10.0x 8.0x 6.9x 80 Minority Interest 10.3 EV/EBIT 15.0x 11.5x 9.4x Dec 2020 Sep 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E 23.1x 11.2x 9.0x . Hensoldt AG (XTRA:5UH) Germany DAX Index (Performance) Market Cap 1,316.7 P/B 2.9x 2.7x 2.2x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 112 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Allegro.eu SA

Company Description IPO Facts . Sector: Internet and Direct Marketing Retail Ticker WSE:ALE Financial Advisors Allegro.eu SA operates a go-to commerce platform for consumers in Poland. The company operates Exchange Warsaw Stock Exchange Bank Polska Kasa Opieki S.A.; Barclays Bank PLC; Initial Filing Date 22-Sep-20 allegro.pl, an e-commerce marketplace that sell products in various categories, including automotive; BofA Securities Europe SA; Citigroup Global Markets Announced Date 22-Sep-20 home and garden; books, media, collectibles, and art; fashion and shoes; electronics; kids; health Limited; Crédit Agricole Corporate and Investment Bank # Days Announced to Offer 7 and beauty; sports and leisure; and supermarket. It also operates ceneo.pl, a multi-category price S.A.; Dom Maklerski Banku Handlowego S.A.; Erste Offer Date 29-Sep-20 comparison site; and eBilet, an event ticket sales site facilitating the sale of a range of entertainment, Group Bank AG; Goldman Sachs International; Morgan cultural, family, and sports events. The company was formerly known as Adinan Super Topco S.a r.l. Stanley & Co. International plc; Pekao Investment and changed its name to Allegro.eu SA in August 2020. Allegro.eu SA was incorporated in 2017 and IPO Price (EUR) 9.51 Banking S.A.; Powszechna Kasa Oszczednosci Bank is based in Luxembourg, Luxembourg. Filing Price Range (EUR) 7.74-9.51 Polski Spólka Akcyjna; Raiffeisen Centrobank AG; Final Price Range (EUR) 7.74-9.51 Santander Bank Polska S.A. Legal Counsel Shares Offered (incl. Greenshoe) 245.6m Greenshoe 15.0% Allen & Overy LLP; Allen & Overy, A. Pedzich sp. k.; Filing Volume (EUR) 1,786.1m Allen & Overy Luxembourg; Greenberg Traurig Grzesiak Final Volume (EUR)2 2,030.7m sp.k. Filing-to-Final Change 13.7% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Permira VI Investment Platform Limited 34.3% PricewaterhouseCoopers Sarl Cidinan S.A R.L. 34.3% Primary 11% Mepinan S.A.R.L. 7.6% Secondary 89% Adiman Scsp 4.1% Huston, Darren Richard 1.8% Key Financials Free Float 17.8% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 773.2 870.5 1,097.1 1,386.2 26.2% IPO +1D IPO +1M IPO +3M since IPO Growth 26.0% 26.4% 3 Buy Allegro.eu SA 64.4% 94.2% na 85.0% EBITDA 305.0 385.1 466.9 578.4 22.5% 1 Outperform WIG 30 Index (1.3%) 4.7% na 15.5% Margin 39.4% 44.2% 42.6% 41.7% 6 Hold 240 EBIT 233.0 274.1 351.0 448.1 27.9% 0 Underperform 220 Margin 30.1% 31.5% 32.0% 32.3% 2 Sell 200 Net Income 62.0 148.1 259.5 337.1 50.8% 180 Margin 8.0% 17.0% 23.7% 24.3% 160 Rebased (in %) 140 (EURm) Valuation FY2020 FY2021 FY2022

120 Enterprise Value 19,237.9 EV/Sales na na na Prices 100 Net Debt 1,216.9 EV/EBITDA na 41.2x 33.3x 80 Minority Interest 0.0 EV/EBIT 70.2x 54.8x 42.9x Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . Allegro.eu SA (WSE:ALE) WIG 30 Index Market Cap 17,998.3 P/B 9.8x 8.7x 7.5x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 113 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe AB Ignitis grupe

Company Description IPO Facts . Sector: Electric Utilities Ticker NSEL:IGN1L Financial Advisors AB Ignitis grupe generates, distributes, trades, and supplies electricity and heat. It also produces Exchange National Stock Exchange of BofA Securities Europe SA; J.P. Morgan Securities plc; Initial Filing Date 11-Sep-20 renewable electricity; supplies liquefied natural gas via terminal; trades and distributes natural gas; Morgan Stanley & Co. International plc; Swedbank, AB; Announced Date 11-Sep-20 and constructs, repairs, maintains electricity networks and related equipment, as well as connects UBS Europe SE # Days Announced to Offer 21 customers to electricity networks. In addition, the company provides information technology, Offer Date 02-Oct-20 telecommunications, and other services; public procurement, accounting, and legal personnel administration services; and payment collection services, as well as engages in the transportation management activities. Further, it operates wind power plants; and produces metal structures, as IPO Price (EUR) 22.50 well as involved in the rental, leasing, repairing, and maintenance services for vehicles. AB Ignitis Filing Price Range (EUR) 22.50-28.00 grupe was founded in 2008 and is headquartered in Vilnius, Lithuania. Final Price Range (EUR) 22.50-28.00 Legal Counsel Shares Offered (incl. Greenshoe) 6.3m Greenshoe No GS Dentons UK and Middle East LLP; Walless Filing Volume (EUR) 450.0m Final Volume (EUR)2 450.0m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 The Ministry of Finance of the Republic of Lithuania 73.1% Ernst & Young Baltic UAB; UAB SEI Investments Company 0.1% Primary 100% PricewaterhouseCoopers na na Secondary 0% na na na na Key Financials Free Float 26.8% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 1,147.6 1,142.9 1,261.4 1,329.1 7.8% IPO +1D IPO +1M IPO +3M since IPO Growth 10.4% 5.4% 1 Buy AB Ignitis grupe (0.9%) (12.2%) na (10.2%) EBITDA 262.8 266.9 316.5 335.4 12.1% 1 Outperform Lithuania OMXV Index 0.7% (4.6%) na 1.6% Margin 22.9% 23.4% 25.1% 25.2% 0 Hold 103 EBIT 160.6 146.2 179.7 186.7 13.0% 0 Underperform 101 Margin 14.0% 12.8% 14.2% 14.0% 0 Sell 99 Net Income 124.1 108.6 137.3 137.3 12.4% 97 Margin 10.8% 9.5% 10.9% 10.3% 95 93 Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 91 Enterprise Value 2,528.3 EV/Sales 2.2x 2.0x 1.9x Prices 89 87 Net Debt 1,026.8 EV/EBITDA 9.5x 8.0x 7.5x 85 Minority Interest 1.0 EV/EBIT 17.3x 14.1x 13.5x Oct 2020 Nov 2020 Dec 2020 Preferred Equity 0.0 P/E 13.8x 10.9x 10.9x . AB Ignitis grupe (NSEL:IGN1L) Lithuania OMXV Index Market Cap 1,500.5 P/B 0.7x 0.8x 0.8x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 114 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Link Mobility Group Holding ASA

Company Description IPO Facts . Sector: Software Ticker OB:LINK Financial Advisors Link Mobility Group Holding ASA provides mobile communication services in Europe. The company Exchange Oslo Stock Exchange ABG Sundal Collier Holding ASA; Carnegie ASA; Initial Filing Date 12-Oct-20 offers mobile messaging and digital services. Its solutions are used in healthcare, retail, finance, and Jefferies International Limited; SpareBank 1 Markets Announced Date 12-Oct-20 logistics industries. The company was founded in 2001 and is headquartered in Oslo, Norway. AS # Days Announced to Offer 8 Offer Date 20-Oct-20

IPO Price (EUR) 4.29 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 146.9m Greenshoe 15.0% Thommessen Krefting Greve Lund AS; Davis Polk & Filing Volume (EUR) 547.3m Wardwell London LLP Final Volume (EUR)2 547.3m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Karbon Invest AS 10.6% PricewaterhouseCoopers AS Sundahl ApS 5.7% Primary 42% Wells Capital Management Incorporated 2.7% Secondary 58% Allterco AD 0.5% Arisona Holding AS 0.4% Key Financials Free Float 80.2% (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue 313.3 335.3 394.5 463.3 17.5% IPO +1D IPO +1M IPO +3M since IPO Growth 17.7% 17.4% 1 Buy LINK Mobility Group Holding ASA 15.3% 18.2% na (7.2%) EBITDA 27.1 33.8 42.0 50.8 22.7% 0 Outperform Oslo Bors Benchmark Index (1.3%) 4.6% na 7.5% Margin 8.6% 10.1% 10.6% 11.0% 1 Hold 125 EBIT 9.3 10.7 18.7 25.0 52.8% 0 Underperform Margin 3.0% 3.2% 4.7% 5.4% 0 Sell 120 Net Income (34.8) (26.2) 4.9 19.8 nm 115 Margin nm nm 1.2% 4.3% 110

Rebased (in %) 105 (EURm) Valuation FY2020 FY2021 FY2022

100 Enterprise Value 1,310.5 EV/Sales 3.9x 3.3x 2.8x Prices 95 Net Debt 238.1 EV/EBITDA 38.8x 31.2x 25.8x 90 Minority Interest 0.0 EV/EBIT na na 52.3x Dec 2020 Oct 2020 Nov 2020 Preferred Equity 0.0 P/E na na na . LINK Mobility Group Holding ASA (OB:LINK) Oslo Bors Benchmark Index Market Cap 1,063.7 P/B 2.8x 2.7x 2.6x

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 115 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Meltwater B.V.

Company Description IPO Facts . Sector: Software Ticker OB:MWTR Financial Advisors Meltwater B.V., an online media monitoring company, provides media intelligence and social Exchange Oslo Stock Exchange ABG Sundal Collier ASA; Arctic Securities AS; Initial Filing Date 23-Nov-20 analytics software-as-a-service solutions worldwide. It offers solutions for brand management, media Carnegie ASA; DNB Markets; Pareto Securities AS Announced Date 23-Nov-20 relations, crisis communications, and PR reporting. The company also provides solutions for social # Days Announced to Offer 9 listening, such as ad-hoc research, monitor social mentions, track brand reputation, and consumer Offer Date 02-Dec-20 segmentation; social media management, including publish content, engage with customers, measure performance, and build relationships; influencer marketing comprising influencer identification, qualification criteria, relationship management, and campaign measurement; and IPO Price (EUR) 4.08 consumer and audience insights consisting of audience segmentation, influencer discovery, audience- Filing Price Range (EUR) na centric social listening, and targeted content strategy. In addition, it offers application programming Final Price Range (EUR) na interfaces and developer platforms; and competitive intelligence solutions. The company was formerly Legal Counsel known as Meltwater Holding B.V. Meltwater B.V. Shares Offered (incl. Greenshoe) 70.0m Greenshoe No GS Thommessen Krefting Greve Lund AS Filing Volume (EUR) 256.9m Final Volume (EUR)2 285.4m Filing-to-Final Change 11.1% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 na na PricewaterhouseCoopers LLP na na Primary 75% na na Secondary 25% na na na na Key Financials na na (EURm) LTM FY2020 FY2021 FY2022 CAGR '20-'22 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +1M IPO +3M since IPO Growth na na 0 Buy Meltwater B.V. 0.3% na na (2.1%) EBITDA na na na na na 0 Outperform Oslo Bors Benchmark Index (0.1%) na na 0.6% Margin na na na na 0 Hold 110 EBIT na na na na na 0 Underperform Margin na na na na 0 Sell Net Income na na na na na 100 Margin na na na na

Rebased (in %) (EURm) Valuation FY2020 FY2021 FY2022 90

Enterprise Value 0.0na EV/Sales na na na Prices Net Debt na EV/EBITDA na na na 80 Minority Interest 0.0 EV/EBIT na na na Dec 2020 Preferred Equity 0.0 P/E na na na . Meltwater B.V. (OB:MWTR) Oslo Bors Benchmark Index Market Cap 1,160.3 P/B na na na

Source: S&P Capital IQ as of 08.12.2020, Implied Free Float 116 1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding 2 Calculations do not include Greenshoe Contact Details & Disclaimer

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117 THE FINANCING SPECIALIST