European Initial Public Offerings – H1 2019 FCF IPO Market Monitor

FCF IPO Market Monitor

European Initial Public Offerings – H1 2019 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 a semi-annual basis. The analysis provides public offerings relevant pricing, performance and valuation metrics (e.g. ratios and ▪ Institutional investors ▪ Family Offices / High markets and serves a multiples) of European IPOs for the last six months ▪ 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 within the last 6 months 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 Long-term ■ Sale-and-lease back / ■ High-yield / PIK bond (v) financing partners Debt Leasing ■ Second lien / ■ More than 100 transactions with a total placement volume in ■ Corporate bonds (public / Subordinated loans that integrate well excess of EUR 4.0 billion since foundation in 2005 private placement) ■ Unitranches into their strategy ■ Approx. 10 professionals headquartered in Munich Mezzanine ■ Mezzanine capital ■ Convertible bonds

Selected Transactions

Syndicated Loan Acquisition Financing Acquisition Financing Syndicated Loan European Investment European Investment R&D Financing Round Extension Capital Increase Investment in Bilateral Loan Facility Capital Increase Facility Senior Loan & WCF Second Lien Loan Facility Bank Debt Facility Bank Debt Facility Debt Facility

[confidential] [confidential]

Advisor to AkrosA Doppstadt GSE Group GSE Group Business Service Leading Virtual Synapticon GmbH Synapticon GmbH Private Equity KMP Holding GmbH censhare AG AMW GmbH Voxeljet AG Familienholding GmbH Acquisition by Finexx Acquisition by Finexx Provider Reality Company GmbH & Co. KG EUR 70m [confidential] > EUR 10m > EUR 10m [confidential] [confidential] [confidential] [confidential] [confidential] EUR 25m EUR 25m EUR 25m Pending June 2019 January 2019 December 2018 December 2018 November 2018 April 2018 April 2018 April 2018 December 2017 December 2017 November 2017

European Investment Syndicated Loan Bilateral European Investment Syndicated Loan Advisor to the Family Syndicated Loan Senior Debt Capital Increase Promissory Note Factoring Facility Debt Financing Bank Debt Facility Facility Loan Facility Bank Debt Facility Facility and the Company Facility Financing

DSD – Duales System W Schulz Group Karl Tönsmeier Ziegler Holzindustrie Schnellecke Group Schnellecke Group Schnellecke Group numares AG MagForce AG Holding Biofrontera AG Sale to Alno AG Entsorgungswirtschaft Max Aicher Group GmbH & Co. KG AG & Co. KG AG & Co. KG AG & Co. KG GmbH & Co. KG Berkshire Hathaway GmbH & Co. KG EUR 11m EUR 35m EUR 70m EUR 55m EUR 30m EUR 20m EUR 105m EUR 50m [confidential] > EUR 35m EUR 82m [confidential] November 2017 July 2017 July 2017 June 2017 June 2017 May 2017 March 2017 March 2017 February 2017 July 2016 May 2016 April 2016

5 FCF Facts & Figures

More than Close to More than More than # 1 10 100 100 4 bn Financing advisor in Investment banking Years of aggregated, Completed Total volume of advised Germany, purely focusing professionals investment banking / transactions & closed transactions on corporate financing financing experience since 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 FCF’s Equity Expertise

FCF has successfully Selected Public Clients IPO / Public Equity Markets Coverage closed numerous equity-related transactions over the past years

FCF regularly publishes specialized research, covering industry trends, equity valuations, debt transactions, Click picture to IPO and M&A activity view the report

FCF has hosted / hosts the FCF IPO FCF IPO Conference Presenters FCF Family-2-Family Conference Presenters Conference, addressing going public topics with great relevance to decision makers

FCF bi-annually hosts its Family-2- Family Conference, an opportunity for public companies to present themselves to family offices

7 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

8 European H1 2019 IPOs – Overview

Fast Facts European IPOs - Performance Performance and Issuance by Exchange

0 5.3% ▪ 16 IPOs in H1 2019 (vs. 23 IPOs in H2 2018 4.4% 3# 17.0% / = -7 IPOs) 0 1# 11.2% ▪ EUR 6,515m Volume raised (-23.7% vs H2 0 2018) 9.7% 0 2# ▪ 1 withdrawn or postponed IPO -0.2% 0 4# 5.1% ▪ 100% of H1 2019 IPOs priced within range** IPO +1D IPO +1M IPO - YTD 2# 4.2%

1# 0.6% IPOs by Sector -1.0% 1#

Biotechnology Stockholm -2.2% 1# -22.4% 1# Brussels Information Technology 0 0 0 0 0 0 0 0 0 0 13% Communication 31% Services 13% 16 Consumer 13% Discretionary Primary / Secondary Split & Price Range 19% 13% Industrials

Health Care Secondary Shares

41% IPOs per Month 59%

Primary Shares 7000 7 8 6000 5000 5 6 4000 4 3000 2 2 2000 720.1m 2 2* 1000 76.4m 136.1m 5,582.6m 0 0 Jan Feb Mar Apr May Jun number of IPOs 100% in each country (HQ)** Within Range

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, All European IPOs, * 2 IPOs with HQ outside Europe, ** where data available 9 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

With a 19% gain over 150 the last two years, H1 2019 the FCF Large IPO index significantly 140 outperformed its European IPO peers 130 and benchmark index (MSCI Europe Index)

120 119% The FCF Micro, Small and Medium IPO indices are 110 currently trading below the MSCI 100 Europe Index 98%

93% 90

The different FCF IPO 83% Indices consist of all IPO 80 transactions over the last 78% 2 years. IPOs are as- signed to the Indices 70 according to their size at IPO date.

MSCI Europe Index 60 captures 442 companies Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 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 12.06.2019, FCF Equity Research 10 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

11 European H1 2019 Micro IPOs – Overview (I)

Fast Facts European IPOs - Performance Performance and Issuance by Exchange

0 ▪ 6 IPOs in H1 2019 (vs. 9 IPOs in H2 2018 / 7.0% 6.6% 2# 21.5% = -3 IPOs) 0 4.7% ▪ EUR 219m Volume raised (3.4% of 0 1# 11.2% European Volume) 0 ▪ 0 withdrawn or postponed IPO -1.0% 1# 0 IPO +1D IPO +1M IPO - YTD ▪ 100% of H1 2019 Micro IPOs priced within -2.4% 1# range** -22.4% 1# IPOs by Sector Brussels 0 0 0 0 0 0 0

Health Care Information Technology 17% 33% Industrials 17% 6 Primary / Secondary Split & Price Range 33% Biotechnology Secondary Shares

45% IPOs per Month 55%

Primary Shares 150 3 4 3 100 2 1 2 50 1 118.2m 0* 76.4m 24.2m 0 0 Jan Feb Mar Apr May Jun number of IPOs 100% in each country (HQ)** Within Range

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Micro IPOs: EUR 20m – 50m, * 0 IPOs with HQ outside Europe, ** where data available 12 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 H1 2019 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 Market (in % of total Current Current Price Price Final-to- Initial Initial high to Final Initial Exchange Listing Filing-to- Issuing Issuing Cap at Size Issuing Share Market Range - Range - Initial low Price Price Pricing Filing Company Name HQ Country Standard Industry IPO Date Issuance Price Volume IPO Date Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume

BMIT Technologies Main Information Malta Malta 07/02/2019 31 0.5 48.9 99.8 Micro No GS 0% - 100% 0.5 111.0 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0% plc Market Technology

Compart- Sequana Medical NV Belgium Belgium Health Care 08/02/2019 9 8.5 27.5 111.9 Micro No GS 100% - 0% 6.6 104.6 8.5 9.0 8.8 8.8 0.0% 0.0% 0.0% -2.9% -5.6% ment C

Alternative United United Diaceutics PLC Investment Biotechnology 18/03/2019 0 0.9 24.2 n/a Micro No GS 82% - 18% 1.0 68.9 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Market

General Frequentis AG Austria Germany Industrials 10/05/2019 14 18.0 48.6 237.6 Micro No GS 44% - 56% 17.8 235.2 18.0 21.0 19.5 19.5 0.0% 0.0% 0.0% -7.7% -14.3% Standard

Alternative United United Information essensys plc Investment 28/05/2019 14 1.7 31.7 82.3 Micro No GS 50% - 50% 2.2 108.2 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Technology Market

Ultimovacs ASA Norway Norway OB Match Biotechnology 29/05/2019 9 3.2 37.9 n/a Micro No GS n/a - n/a n/a 3.1 87.0 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 12.06.2019, FCF Equity Research, Micro IPOs: EUR 20m – 50m ■ Primary Shares 13 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2019 Micro IPOs – Overview (III)

BMIT Technologies 5.1% 7.1% 11.2% 11.2% 11.2% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 659,924 Mamo TCV - PwC plc

KBC Securities; Kempen & Sequana Medical NV -0.9% -20.7% -30.4% -22.4% -22.4% 40.0% 0.08% 77.7x 55.5x 33.3x n/m n/m n/m 23.8% 72.5% 27.3% -3.6% n/a Baker & Mckenzie Linklaters PwC Co; MIR Securities

Diaceutics PLC 23.5% 24.5% 11.6% 11.6% 11.6% 15.8% 0.31% 5.4x 4.5x n/a 35.5x 23.3x n/a 30.7% n/a 43.1% n/a n/a n/a n/a - n/a

BINDER Commerzbank; FinTech Frequentis AG -2.3% -1.0% -1.0% -1.0% -1.0% 30.4% 1.04% 0.6x 0.6x 0.6x 9.3x 7.7x 6.9x 7.0% 7.0% 6.8% 16.4% n/a CHSH GRÖSSWANG; BDO; EY Group CHSH; Noerr

essensys plc 15.3% 31.4% 31.4% 31.4% 31.4% 18.1% 2.98% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Nplus1 Singer n/a Osborne Clarke Addleshaw Goddard BDO

ABG Sundal Collier Holding; Wiersholm, Mellbye & Ultimovacs ASA -0.9% -2.4% -2.4% -2.4% -2.4% 49.3% 0.53% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Schjodt EY DNB Markets Bech

Source: S&P Capital IQ as of 12.06.2019, 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 Micro IPOs – Performance Last 2 years

Over the last two 140 years, the FCF Micro H1 2019 IPO Index performed almost in line with its benchmark index 130

120

110

100

95% FCF Micro IPO Index consists of all IPO 93% transactions within 90 20 – 50 EURm over the last 2 years

MSCI Europe Micro Cap Index captures 1,455 Micro Cap companies 80 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 across 15 developed markets countries in Europe MSCI Europe Micro Cap Index FCF Micro IPO Index

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Micro IPOs: EUR 20m – 50m 15 Micro IPOs and Market Volatility (VSTOXX) – Performance Overview

Volatility VSTOXX – LTM 60 VSTOXX – Last 6M

55 Final-to-Filing Volume -5.6% Adjustment: +1d Performance: -0.9% 50 Performance since IPO: -22.4%

45 Final-to-Filing Volume 0.0% Adjustment: +1d Performance: -0.9% 40 Performance since IPO: -2.4% Final-to-Filing Volume 0.0% Adjustment: 35 +1d Performance: 5.1% Final-to-Filing Volume 0.0% Adjustment: Performance since IPO: 11.2% +1d Performance: 23.5% Final-to-Filing Volume 0.0% Performance since IPO: 11.6% Adjustment: 30 +1d Performance: 15.3% Performance since IPO: 31.4%

Final-to-Filing Volume -14.3% Adjustment: 20 +1d Performance: -2.3% Performance since IPO: -1.0%

10 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 16 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

17 European H1 2019 Small IPOs – Overview (I)

Fast Facts European IPOs - Performance Performance and Issuance by Exchange

0 ▪ 1 IPO in H1 2019 (vs. 4 IPOs in H2 2018 / 8.1% AIM - London Stock 8.0% 8.1% 8.1% = -3 IPOs) Exchange 1#

▪ EUR 96m Volume raised (1.5% of 0 0 0 0 0 0 0 European Volume) ▪ 1 withdrawn or postponed IPO 0 ▪ 100% of H1 2019 Small IPOs priced within IPO +1D IPO +1M IPO - YTD range**

IPOs by Sector

Consumer Discretionary

1 Primary / Secondary Split & Price Range 100%

Secondary Shares 26% IPOs per Month 74% Primary Shares 120 2 100 2 80 1 60 1 40 1

20 96.3m 0* 0 0 Jan Feb Mar Apr May Jun number of IPOs 100% in each country (HQ)** Within Range

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Small IPOs: EUR 50m – 100m, * 0 IPOs with HQ outside Europe, ** where data available 18 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 H1 2019 Small IPOs – Overview (II)

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Small IPOs: EUR 50m – 100m ■ Primary Shares 19 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2019 Small IPOs – Overview (III)

Loungers plc 8.0% 8.1% 8.1% 8.1% 8.1% n/a n/a 2.4x 2.0x 1.7x 17.6x 14.9x 12.5x 29.1% 20.1% 93.3% 23.2% Liberum Capital; Peel Hunt n/a Jones Day Travers Smith PwC

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 20 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 140 Index under- H1 2019 performed its benchmark index 130 significantly by 20 percentage points over the last two 120 years

110

100 98%

80 78% FCF Small IPO Index consists of all IPO transactions within 70 50 – 100 EURm over the last 2 years

MSCI Europe Small Cap Index captures 1,004 60 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Small Cap companies across 15 developed markets countries in MSCI Europe Small Cap Index FCF Small IPO Index Europe

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Small IPOs: EUR 50m – 100m 21 Small IPOs and Market Volatility (VSTOXX) – Performance Overview

Volatility VSTOXX – LTM 60 VSTOXX – Last 6M

40 Final-to-Filing Volume 0.0% Adjustment: +1d Performance: 8.0% 35 Performance since IPO: 8.1%

10 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 22 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

23 European H1 2019 Medium IPOs – Overview (I)

Fast Facts European IPOs - Performance Performance and Issuance by Exchange

▪ 3 IPOs in H1 2019 (vs. 4 IPOs in H2 2018 / 0 4.7% 2# 3.0% = -1 IPOs) 0 ▪ EUR 610m Volume raised (9.3% of -2.2% 1# 2.2% Stockholm European Volume) 0 1.3% 0 0 0 0 0 0 0 0 ▪ 0 withdrawn or postponed IPO 0 ▪ 100% of H1 2019 Medium IPOs priced IPO +1D IPO +1M IPO - YTD within range**

IPOs by Sector

Industrials

Communication 33% 33% Services 3 Primary / Secondary Split & Price Range 33% Consumer Discretionary Secondary Shares

40% IPOs per Month 60% Primary Shares 300 2 250 200 1 1 1 150 1 100

50 0*

249.0m 111.9m 0 249.1m 0 Jan Feb Mar Apr May Jun number of IPOs 100% in each country (HQ)** Within Range

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Medium IPOs: EUR 100m – 250m, * 0 IPOs with HQ outside Europe, ** where data available 24 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 H1 2019 Medium IPOs – Overview (II)

United United Main DWF Group plc Industrials 14/03/2019 34 1.4 111.9 429.9 Medium No GS 79% - 21% 1.3 404.8 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Market

Communi- Karnov Group AB Main Sweden Sweden cation 11/04/2019 13 4.1 249.0 402.0 Medium 8% 31% - 69% 4.0 393.0 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0% (publ) Market Services

Watches of United United Main Consumer Switzerland Group 30/05/2019 28 3.1 249.1 732.0 Medium 10% 70% - 30% 3.4 818.6 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0% Kingdom Kingdom Market Discretionary PLC

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Medium IPOs: EUR 100m– 250m ■ Primary Shares 25 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2019 Medium IPOs – Overview (III)

Jefferies; Stifel Nicolaus; Allen & Overy; Clifford DWF Group plc 0.1% -1.9% -4.5% -5.8% -5.8% 91.9% 0.06% 1.6x 1.4x 1.3x 12.7x 8.7x 7.0x 17.6% 12.0% -15.8% 34.7% n/a - Deloitte Zeus Capital Chance; DWF Group

Gernandt & Karnov Group AB Carnegie Investment Bank; -0.2% -3.3% -2.2% -2.2% -2.2% 77.3% 0.62% 8.0x 7.7x 7.4x 18.2x 16.7x 15.8x 28.5% 4.4% 37.1% 5.1% n/a Danielsson White & Case PwC (publ) Nordea Bank Advokatbyrå

Watches of Paul, Weiss, Rifkind, Barclays; BNP Paribas; GS; Freshfields Bruckhaus Switzerland Group 14.1% 11.8% 11.8% 11.8% 11.8% 40.8% 1.31% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 4,981,519 Wharton & Garrison; KPMG; PwC Investec Bank Deringer PLC Slaughter and May

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 26 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 H1 2019 Medium IPO Index underperformed its 130 benchmark index significantly by 15 percentage points 120

110

100 98%

83% 80

FCF Medium IPO Index consists of all IPO transactions within 100 – 70 250 EURm over the last 2 years

MSCI Europe Mid Cap Index captures 249 Mid 60 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 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 12.06.2019, FCF Equity Research, Medium IPOs: EUR 100m – 250m 27 Medium IPOs and Market Volatility (VSTOXX) – Performance Overview

Volatility VSTOXX – LTM 60 VSTOXX – Last 6M

Final-to-Filing Volume 0.0% 50 Adjustment: +1d Performance: -0.2% Performance since IPO: -2.2% 45

35 Final-to-Filing Volume 0.0% Adjustment: +1d Performance: 14.1% Final-to-Filing Volume 0.0% 30 Adjustment: Performance since IPO: 11.8% +1d Performance: 0.1% Performance since IPO: -5.8% 25

10 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

Source: S&P Capital IQ as of 12.06.2019, 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 H1 2019 Large IPOs – Overview (I)

Fast Facts European IPOs - Performance Performance and Issuance by Exchange

0 ▪ 6 IPOs in H1 2019 (vs. 6 IPOs in H2 2018) 7.5% 1# 21.9% ▪ EUR 5,590m Volume raised (85.8% of 0 2.7% European Volume) 2# 7.2% ▪ 0 withdrawn or postponed IPO 0 -11.2% ▪ 100% of H1 2019 Micro IPOs priced within 0 2# 4.2% range** IPO +1D IPO +1M IPO - YTD

1# 0.6% IPOs by Sector

Health Care Information Technology 17% Communication Services 17% 6 50% Primary / Secondary Split & Price Range 17% Industrials

Secondary Shares 14% IPOs per Month 86% Primary Shares

6000 5 6 5000 5 4000 4 3000 3 2000 352.8m 2 1000 5,237.2m 1 2* 1 0 0 Jan Feb Mar Apr May Jun number of IPOs 100% in each country (HQ)** Within Range

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Large IPOs: > EUR 250m, * 2 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 H1 2019 Large IPOs – Overview (II)

Network International United Arab United Main Information 10/04/2019 20 5.1 1,263.7 2,605.2 Large 6% 0% - 100% 6.6 3,317.3 4.6 5.4 5.0 5.0 -0.1% 0.0% -0.1% 1.2% -22.0% Holdings plc Emirates Kingdom Market Technology

Medacta International Switzer- Swiss Switzerland Health Care 04/04/2019 13 85.6 487.9 1,711.9 Large 8% 0% - 100% 74.9 1,497.5 78.5 92.7 85.6 85.6 0.0% 0.0% 0.0% 0.0% -7.7% SA land Shares

Information Nexi S.p.A. Italy Italy MTA 12/04/2019 15 9.0 2,010.6 n/a Large 2% 35% - 65% 9.1 5,681.4 8.5 10.4 9.4 9.4 0.0% 0.0% 0.0% -4.5% 0.5% Technology

Switzer- Swiss Stadler Rail AG Switzerland Industrials 11/04/2019 13 33.6 1,176.3 3,360.9 Large 15% 0% - 100% 40.6 4,055.0 29.2 36.3 32.7 32.7 0.0% 0.0% 0.0% 2.7% -7.3% land Shares

Communi- Adevinta ASA Norway Norway OB Match cation 09/04/2019 8 8.1 298.7 3,022.8 Large 15% 0% - 100% 9.9 6,721.0 7.3 8.5 7.9 7.9 0.0% 0.0% 0.0% 2.6% -4.9% Services

United Arab United Main Information Finablr PLC 14/05/2019 35 2.0 352.8 1,411.1 Large No GS 50% - 50% 1.7 1,174.4 n/a - n/a n/a n/a n/a n/a n/a n/a 0.0% Emirates Kingdom Market Technology

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research, Large IPOs: > 250 EURm ■ Primary Shares 31 Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary Shares European H1 2019 Large IPOs – Overview (III)

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 Barclays; Citi; Emirates NBD; Network International Al Tamimi & Company; 18.2% 23.6% 33.0% 31.2% 31.2% 69.6% 0.74% 11.1x 9.8x 8.6x 21.8x 18.6x 16.0x 12.7% 13.3% 9.8% 16.4% GS; J.P. Morgan; Liberum; 17,694,732 Clifford Chance KPMG Holdings plc Allen & Overy Morgan Stanley

Medacta International CS; J.P. Morgan; Morgan 0.1% -6.4% -9.3% -12.5% -12.5% 30.7% 1.38% n/m n/m n/m n/m n/m n/m n/a 13.3% n/a 13.9% n/a n/a Homburger Deloitte SA Stanley; UBS

Banca Akros; Banca IMI; Latham & Watkins; Bonelli Erede Nexi S.p.A. -6.2% -2.9% 1.5% 0.6% 0.6% 39.9% 1.37% 9.0x 8.5x 8.0x 18.1x 15.7x 14.4x -16.9% 6.5% n/a 14.9% Merrill Lynch; Barclays; n/a Lombardi, Segni & n/a Pappalardo; Linklaters BPER; Citi; CS; GS;* Associati

BNP Paribas; Citi; CS; UBS; BianchiSchwald; Stadler Rail AG 13.2% 10.0% 21.3% 20.9% 20.9% 43.3% 1.63% n/m n/m n/m n/m n/m n/m 19.9% 9.6% 17.4% 14.3% n/a - n/a UniCredit; ZKB Niederer, Kraft & Frey

Arctic Securities; J.P. Cleary Gottlieb Steen Adevinta ASA 14.9% 8.9% 21.6% 21.9% 21.9% 99.8% 0.22% 9.9x 8.6x 7.5x 34.0x 27.2x 23.3x 15.8% 13.8% 53.1% 23.8% Morgan; Skandinaviska n/a & Hamilton; Wiers- BAHR; White & Case EY Enskilda Banken holm, Mellbye & Bech

Barclays; EFG-Hermes; GS; Linklaters; White & Finablr PLC -7.1% -16.8% -16.8% -16.8% -16.8% 99.8% 0.34% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a J.P. Morgan; Merrill Lynch; 5,291,721 - EY Case Numis Securities

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 32 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 (*) HSBC; Mediobanca; UBS; UniCredit; UBI; Value Italy European Large IPOs – Performance Last 2 years

Over the last two 140 years, the FCF Large H1 2019 IPO Index outperformed its benchmark index 130 significantly by 21 percentage points

120 119%

110

100 98%

FCF Large IPO Index consists of all IPO 90 transactions above 250 EURm over the last 2 years

MSCI Europe Large Cap Index captures 193 Large 80 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 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 12.06.2019, FCF Equity Research, Large IPOs: > EUR 250m 33 Large IPOs and Market Volatility (VSTOXX) – Performance Overview

Volatility VSTOXX – LTM 60 VSTOXX – Last 6M

55 Final-to-Filing Volume -22.0% Adjustment: Final-to-Filing Volume 0.5% +1d Performance: 18.2% Adjustment: Performance since IPO: 31.2% +1d Performance: -6.2% 50 Performance since IPO: 0.6%

Final-to-Filing Volume -4.9% 40 Adjustment: Final-to-Filing Volume -7.3% +1d Performance: 14.9% Adjustment: +1d Performance: 13.2% Performance since IPO: 21.9% Final-to-Filing Volume 0.0% Performance since IPO: 20.9% Adjustment: 35 +1d Performance: -7.1% Performance since IPO: -16.8%

Final-to-Filing Volume -7.7% Adjustment: 25 +1d Performance: 0.1% Performance since IPO: -12.5%

10 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19

Source: S&P Capital IQ as of 12.06.2019, FCF Equity Research 34 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

35 BMIT Technologies plc

Company Description IPO Facts . Sector: IT Services Ticker MTSE:BMIT Financial Advisors BMIT Technologies p.l.c., together with its subsidiaries, provides data center, cloud, and managed IT Exchange Malta Stock Exchange Bankna of Valletta p.l.c.; Rizzo, Farrugia & Co. Ltd. Initial Filing Date 07-Jan-19 services to a range of business customers in Malta. It serves online gaming, financial services, Announced Date 07-Jan-19 professional and media, ICT, manufacturing, transportation, retail, hospitality, and other businesses. # Days Announced to Offer 31 The company was formerly known as GO Data Centre Services Limited and changed its name to Offer Date 07-Feb-19 BMIT Technologies p.l.c. in October 2018. The company was incorporated in 2009 and is based in Kalkara, Malta. BMIT Technologies p.l.c. is a subsidiary of GO p.l.c. IPO Price (EUR) 0.49 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 99.8m Greenshoe No GS na Filing Volume (EUR) 48.9m Final Volume (EUR)2 48.9m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 na na PricewaterhouseCoopers Malta na na Primary 0% na na Secondary 100% na na na na Key Financials na na (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 21.3 na na na na IPO +1D IPO +3M IPO +6M since IPO Growth na na 0 Buy BMIT Technologies plc 5.1% 7.1% na 11.2% EBITDA 9.3 na na na na 0 Outperform Malta Stock Exchange Index 5.9% 5.0% na 7.7% Margin 43.9% na na na 0 Hold 114 EBIT 7.5 na na na na 0 Underperform Margin 35.2% na na na 0 Sell 112 Net Income 4.5 na na na na 110 Margin 21.1% na na na 108

Rebased (in %) 106 (EURm) Valuation FY2019 FY2020 FY2021

104 Enterprise Value 110.3 EV/Sales na na na Prices 102 Net Debt (0.7) EV/EBITDA na na na 100 Minority Interest 0.0 EV/EBIT na na na Mar 2019 Apr 2019 May 2019 Jun 2019 Preferred Equity 0.0 P/E na na na . BMIT Technologies plc (MTSE:BMIT) Malta Stock Exchange Index Market Cap 111.0 P/B na na na

Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 36 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 Sequana Medical NV

Company Description IPO Facts . Sector: Health Care Equipment and Supplies Ticker ENXTBR:SEQUA Financial Advisors Sequana Medical NV, a commercial stage medical device company, focuses on the development of Exchange EURONEXT Brussels KBC Securities NV; Kempen & Co N.V.; MIR Initial Filing Date 30-Jan-19 treatment solutions for the management of liver disease, heart failure, malignant ascites, and other Securities Limited Announced Date 30-Jan-19 fluid imbalance disorders. Its products include alfapump, a treatment solution for the long-term # Days Announced to Offer 9 management of liver refractory ascites and malignant ascites; and alfapump DSR, a fully implanted Offer Date 08-Feb-19 system for direct sodium removal therapy in patients with volume overload due to heart failure. The company was founded in 2006 and is headquartered in Ghent, Belgium. IPO Price (EUR) 8.50 Filing Price Range (EUR) na Final Price Range (EUR) 8.50-9.00

Legal Counsel Shares Offered (incl. Greenshoe) 3.2m Greenshoe No GS Linklaters LLP; Linklaters LLP (Belgium) Filing Volume (EUR) 29.1m Final Volume (EUR)2 27.5m Filing-to-Final Change (5.6%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 NeoMed 26.5% Pricewaterhousecoopers Bedrijfsrevisoren Cv Life Sciences Partners BV 9.7% Primary 100% Participatiemaatschappij Vlaanderen NV 7.7% Secondary 0% Federal Holding and Investment Company 7.0% Newton Biocapital 7.0% Key Financials Free Float 42.1% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 1.0 2.0 3.3 6.0 72.5% IPO +1D IPO +3M IPO +6M since IPO Growth 65.0% 80.3% 3 Buy Sequana Medical NV (0.9%) (27.3%) (30.4%) (22.4%) EBITDA (9.9) (12.0) (11.0) (11.2) (3.6%) 0 Outperform Brussels BEL 20 Index 0.7% 1.8% 0.9% 0.8% Margin nm nm nm nm 0 Hold 120 EBIT (10.0) (12.1) (11.1) (11.3) (3.6%) 0 Underperform Margin n/m nm nm nm 0 Sell 110 Net Income (14.0) (12.6) (11.6) (5.0) (37.0%) 100 Margin nm nm nm nm

Rebased (in %) (EURm) Valuation FY2019 FY2020 FY2021 80

Enterprise Value 117.9 EV/Sales 59.0x 35.7x 19.8x Prices 70 Net Debt 13.3 EV/EBITDA -9.8x -10.7x -10.6x 60 Minority Interest 0.0 EV/EBIT -9.7x -10.6x -10.5x Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Preferred Equity 0.0 P/E -8.3x -9.0x -20.9x . Sequana Medical NV (ENXTBR:SEQUA) Brussels BEL 20 Index Market Cap 104.6 P/B 19.4x na na

Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 37 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 Diaceutics PLC

Company Description IPO Facts . Sector: Life Sciences Tools and Services Ticker AIM:DXRX Financial Advisors Diaceutics Plc provides data analytics and implementation services for pharmaceutical companies Exchange AIM - London Stock Exchange Cenkosna Securities plc Initial Filing Date 18-Mar-19 worldwide. It offers diagnostic landscape services, such as patient journey, lab mapping, diagnostic Announced Date 18-Mar-19 regulation, turnaround time, and sample availability analysis services; diagnostic tracking services, # Days Announced to Offer 0 including lab tracking, patient insights, and physician segmentation services; and diagnostic payers Offer Date 18-Mar-19 research, diagnostic clinical landscape, integrated mapping research, buying process research, and testers/non-testers research services. The company also provides diagnostic planning services consisting of strategic and technical planning, launch planning, diagnostic partner selection, and IPO Price (EUR) 0.89 financial forecast services; commercialization services comprising content creation, workshops, Filing Price Range (EUR) na diagnostic adboards, conference support, and proficiency testing services; and reimbursement Final Price Range (EUR) na services. The company is based in Belfast, the United Kingdom. Legal Counsel Shares Offered (incl. Greenshoe) 27.3m Greenshoe No GS Fieldfisherna LLP Filing Volume (EUR) 24.2m Final Volume (EUR)2 24.2m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Keeling, Peter 20.5% PricewaterhouseCoopersna LLP Keeling, Delia 20.3% Primary 82% Considine, Elizabeth 12.6% Secondary 18% Hargreave Hale Limited, Asset Management Arm 9.8% White, Philip H. 8.6% Key Financials Free Float 28.2% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 11.5 14.2 16.9 na na IPO +1D IPO +3M IPO +6M since IPO Growth 19.0% na 1 Buy Diaceutics PLC 23.5% 24.5% na 11.6% EBITDA 1.7 2.1 3.3 na na 0 Outperform FTSE All-Share Index (GBP) 0.5% 2.1% na 0.6% Margin 14.7% 15.1% 19.3% na 0 Hold 140 EBIT 1.6 0.2 0.9 na na 0 Underperform 135 Margin 13.6% 1.6% 5.3% na 0 Sell 130 Net Income 0.7 na 0.9 na na 125 Margin 6.1% na 5.3% na 120 115 Rebased (in %) (EURm) Valuation FY2019 FY2020 FY2021 110 Enterprise Value 70.7 EV/Sales 5.0x 4.2x na Prices 105 100 Net Debt 1.9 EV/EBITDA 33.1x 21.7x na 95 Minority Interest 0.0 EV/EBIT 314.5x 78.6x na Mar 2019 Apr 2019 May 2019 Jun 2019 Preferred Equity 0.0 P/E na 76.5x na . Diaceutics PLC (AIM:DXRX) FTSE All-Share Index (GBP) Market Cap 68.9 P/B na na na

Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 38 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 Frequentis AG

Company Description IPO Facts . Sector: Aerospace and Defense Ticker DB:FQT Financial Advisors Frequentis AG provides communication and information systems and solutions worldwide. It operates Exchange Deutsche Börse Commerzbank AG; FinTech Group AG Initial Filing Date 26-Apr-19 through Air Traffic Management and Public Safety & Transport segments. The company develops, Announced Date 26-Apr-19 builds, and installs communication, information, and tower automation systems for managing air # Days Announced to Offer 14 traffic, which include voice and data switches, network solutions, back-up systems, recording Offer Date 10-May-19 systems, tower automation systems, information management and display systems, network and infrastructure, legal recording and investigation services, air traffic control and automation, and aeronautical information management and messaging products to air navigation service providers, IPO Price (EUR) 18.00 airports and airlines, and space communications industry. It also provides voice communication and Filing Price Range (EUR) 18.00-21.00 control systems, red/black communication systems, network nodes and gateways, control and Final Price Range (EUR) 18.00-21.00 reporting centers, air defense networks, joint C2 centers, network enabled services, and remote Legal Counsel towers/contingency solutions, as well as recording, logging, and investigation systems for defense Shares Offered (incl. Greenshoe) 2.7m application. Greenshoe No GS BINDER GRÖSSWANG Rechtsanwälte GmbH; Cerha Filing Volume (EUR) 56.7m Hempel Spiegelfeld Hlawati; Noerr LLP Final Volume (EUR)2 48.6m Filing-to-Final Change (14.3%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Frequentis Group Holding GmbH 60.0% BDO Austria GmbH; Ernst & Young Steuerberatungs- Bardach, Johannes 6.5% Primary 44% und Wirtschaftsprüfungsgesellschaft m.b.H. Pegritz, Christian 1.9% Secondary 56% Mattanovich, Hermann 1.3% na na Key Financials Free Float 30.4% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 285.8 na na na na IPO +1D IPO +3M IPO +6M since IPO Growth na na 0 Buy Frequentis AG 0.0% 0.0% na (1.0%) EBITDA 19.8 na na na na 0 Outperform Germany DAX Index (Performance) 0.0% (0.1%) na 0.5% Margin 6.9% na na na 0 Hold 103 EBIT 16.1 na na na na 0 Underperform Margin 5.6% na na na 0 Sell 102 Net Income 11.3 na na na na 101 Margin 3.9% na na na 100

Rebased (in %) 99 (EURm) Valuation FY2019 FY2020 FY2021

98 Enterprise Value 191.8 EV/Sales na na na Prices 97 Net Debt (44.8) EV/EBITDA na na na 96 Minority Interest 1.3 EV/EBIT na na na May 2019 Jun 2019 Preferred Equity 0.0 P/E na na na . Frequentis AG (DB:FQT) Germany DAX Index (Performance) Market Cap 235.2 P/B na na na

Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 39 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 essensys plc

Company Description IPO Facts . Sector: Software Ticker AIM:ESYS Financial Advisors essensys plc provides software-as-a-service (SaaS) platforms and on-demand cloud services to the Exchange AIM - London Stock Exchange Nplus1 Singer Advisory LLP Initial Filing Date 14-May-19 workspace industry worldwide. The company’s SaaS platforms connect, operate, and address Announced Date 14-May-19 operational challenges, and simplifies the day-to-day management of flexible workspaces, as well as # Days Announced to Offer 14 the provision of on-demand IT, technology, and infrastructure services to tenants. Its platforms Offer Date 28-May-19 automate key tasks, and processes and help flexible workspace providers to deliver customer-centric workspace solutions and member experiences with enterprise class services. The company was founded in 2006 and is based in London, the United Kingdom. IPO Price (EUR) 1.71 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 18.5m Greenshoe No GS Addleshaw Goddard LLP Filing Volume (EUR) 31.7m Final Volume (EUR)2 31.7m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Furness, Mark 70.7% BDO LLP Hargreave Hale Limited, Asset Management Arm 7.7% Primary 50% Soros Fund Management LLC 5.7% Secondary 50% Sadler, Ian Bryn 5.6% Clark, Barry John 5.6% Key Financials Free Float 4.7% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 20.9 na na na na IPO +1D IPO +3M IPO +6M since IPO Growth na na 0 Buy essensys plc 15.3% na na 31.4% EBITDA 1.0 na na na na 0 Outperform FTSE All-Share Index (GBP) (1.2%) na na 1.1% Margin 4.6% na na na 0 Hold 145 EBIT 0.6 na na na na 0 Underperform Margin 2.9% na na na 0 Sell 135 Net Income 0.1 na na na na Margin 0.6% na na na 125

Rebased (in %) 115 (EURm) Valuation FY2019 FY2020 FY2021 Enterprise Value 118.1 EV/Sales na na na Prices 105 Net Debt 10.1 EV/EBITDA na na na 95 Minority Interest 0.0 EV/EBIT na na na May 2019 Jun 2019 Preferred Equity 0.0 P/E na na na . essensys plc (AIM:ESYS) FTSE All-Share Index (GBP) Market Cap 108.2 P/B na na na

Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 40 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 Ultimovacs ASA

Company Description IPO Facts . Sector: Biotechnology Ticker OB:ULTIMO Financial Advisors Ultimovacs ASA, a pharmaceutical company, develops immunotherapies for various cancers. Its lead Exchange Oslo Stock Exchange ABG Sundal Collier Holding ASA; DNB Markets Initial Filing Date 20-May-19 product candidate is UV1, a peptide-based vaccine that induces T cell response against the universal Announced Date 20-May-19 cancer antigen telomerase. The company was founded in 2011 and is headquartered in Oslo, # Days Announced to Offer 9 Norway. Offer Date 29-May-19

IPO Price (EUR) 3.20 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 0.0m Greenshoe No GS Wiersholm, Mellbye & Bech Filing Volume (EUR) 37.9m Final Volume (EUR)2 37.9m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 GJELSTEN HOLDING AS 17.5% Ernst & Young AS Inven2 AS 7.3% Primary na Canica AS 5.0% Secondary na The Norwegian Radium Hospital Research Foundation 5.0% Langøya Invest AS 3.3% Key Financials Free Float 61.9% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +3M IPO +6M since IPO Growth na na 0 Buy Ultimovacs ASA (0.9%) na na (2.4%) EBITDA (5.6) na na na na 0 Outperform OMX Nordic 40 Index 0.2% na na 4.1% Margin nm na na na 0 Hold 105 EBIT (5.7) na na na na 0 Underperform 104 Margin n/m na na na 0 Sell 103 Net Income (5.6) na na na na 102 Margin nm na na na 101 Rebased (in %) 100 (EURm) Valuation FY2019 FY2020 FY2021

99 Enterprise Value 75.2 EV/Sales na na na Prices 98 Net Debt (11.6) EV/EBITDA na na na 97 Minority Interest 0.0 EV/EBIT na na na Jun 2019 Preferred Equity 0.0 P/E na na na . Ultimovacs ASA (OB:ULTIMO) OMX Nordic 40 Index Market Cap 87.0 P/B na na na

Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 41 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

42 Loungers plc

Company Description IPO Facts . Sector: Hotels, Restaurants and Leisure Ticker AIM:LGRS Financial Advisors Loungers plc operates cafés, bars, and restaurants under the Lounge and Cosy Club brands in Exchange AIM - London Stock Exchange Liberum Capital Limited; Peel Hunt LLP Initial Filing Date 01-Apr-19 England and Wales. As of June 12, 2019, it operated 125 Lounge and 25 Cosy Club cafés, bars, and Announced Date 01-Apr-19 restaurants. The company was founded in 2002 and is headquartered in Bristol, the United Kingdom. # Days Announced to Offer 23 Offer Date 24-Apr-19

IPO Price (EUR) 2.31 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 41.6m Greenshoe No GS Travers Smith LLP Filing Volume (EUR) 96.3m Final Volume (EUR)2 96.3m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 na na PricewaterhouseCoopers LLP na na Primary 74% na na Secondary 26% na na na na Key Financials na na (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 138.4 199.8 238.4 na na IPO +1D IPO +3M IPO +6M since IPO Growth 19.4% na 2 Buy Loungers plc 8.0% 8.0% na 8.1% EBITDA 15.5 24.2 29.6 na na 0 Outperform FTSE All-Share Index (GBP) (0.4%) (2.8%) na (1.7%) Margin 11.2% 12.1% 12.4% na 0 Hold 113 EBIT 8.0 13.1 16.7 na na 0 Underperform Margin 5.8% 6.6% 7.0% na 0 Sell 108 Net Income (8.3) na na na na Margin nm na na na

103

Rebased (in %) (EURm) Valuation FY2019 FY2020 FY2021

98 Enterprise Value 411.5 EV/Sales 2.1x 1.7x na Prices Net Debt 170.7 EV/EBITDA 17.0x 13.9x na 93 Minority Interest 0.0 EV/EBIT 31.3x 24.7x na Apr 2019 May 2019 Jun 2019 Preferred Equity 0.0 P/E na na na . Loungers plc (AIM:LGRS) FTSE All-Share Index (GBP) Market Cap 231.4 P/B na na na

Source: S&P Capital IQ as of 12.06.2019, Implied Free Float 43 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

44 DWF Group plc

Company Description IPO Facts . Sector: Professional Services Ticker LSE:DWF Financial Advisors DWF Group plc provides various legal services and complementary connected services in the United Exchange London Stock Exchange Jefferies International Limited; Stifel Nicolaus Europe Initial Filing Date 08-Feb-19 Kingdom and internationally. The company operates through four divisions: Commercial Services, Limited; Zeus Capital Limited Announced Date 08-Feb-19 Insurance, International, and Connected Services. It offers a range of complex legal services and # Days Announced to Offer 34 managed services to multinationals, government and public sector bodies, and high net worth Offer Date 14-Mar-19 individuals in the areas of corporate, litigation, and real estate practice groups. The company also offers a range of complex legal services and managed services to insurers, insurance intermediaries, and corporations in various practice groups comprising catastrophic personal injury, occupational IPO Price (EUR) 1.43 health, and casualty; motor, fraud, resolution law, and in-house teams; and professional indemnity Filing Price Range (EUR) na and commercial insurance. In addition, it provides a range of professional, business, or consulting Final Price Range (EUR) na services. The company offers software solutions to insurers, brokers, retailers, energy, construction Legal Counsel and engineering companies, professional service firms, public sectors, local governments, and Shares Offered (incl. Greenshoe) 78.1m housing associations, as well as provides technical consulting services. Greenshoe No GS na Filing Volume (EUR) 111.9m Final Volume (EUR)2 111.9m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Miton Group plc 4.4% Deloitte UK Sand Grove Capital Management LLP 4.1% Primary 79% Standard Life Aberdeen plc 4.0% Secondary 21% Leaitherland, Andrew 1.8% Jones, Glyn 1.2% Key Financials Free Float 84.5% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 316.6 341.9 379.9 417.2 10.5% IPO +1D IPO +3M IPO +6M since IPO Growth 11.1% 9.8% 2 Buy DWF Group plc 2.5% (2.6%) na (5.8%) EBITDA 71.5 51.7 66.3 78.2 23.0% 0 Outperform FTSE All-Share Index (GBP) 0.7% 3.3% na 2.1% Margin 22.6% 15.1% 17.4% 18.7% 0 Hold 106 EBIT 65.7 44.0 57.0 69.9 26.0% 0 Underperform Margin 20.7% 12.9% 15.0% 16.7% 0 Sell 104 Net Income 53.1 33.3 44.9 55.4 29.1% 102 Margin 16.8% 9.7% 11.8% 13.3% 100

Rebased (in %) 98 (EURm) Valuation FY2019 FY2020 FY2021

96 Enterprise Value 471.2 EV/Sales 1.4x 1.2x 1.1x Prices 94 Net Debt 66.5 EV/EBITDA 9.1x 7.1x 6.0x 92 Minority Interest 0.0 EV/EBIT 10.7x 8.3x 6.7x Mar 2019 Apr 2019 May 2019 Jun 2019 Preferred Equity 0.0 P/E 12.2x 9.0x 7.3x . DWF Group plc (LSE:DWF) FTSE All-Share Index (GBP) Market Cap 404.8 P/B na na na

Source: S&P Capital IQ as of 12.06.2019, 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 Karnov Group AB

Company Description IPO Facts . Sector: Interactive Media and Services Ticker OM:KAR Financial Advisors Karnov Group AB (publ) provides information in the areas of legal, tax and accounting, environmental, Exchange Stockholm Stock Exchange Carnegie Investment Bank AB (publ); Nordea Bank Abp Initial Filing Date 29-Mar-19 and health and safety in Denmark and Sweden. The company principally offers its products in the Announced Date 29-Mar-19 form of digital, such as subscription based online solutions. It provides its products under the brands # Days Announced to Offer 13 of Karnov, Norstedts Juridik, VJS, Notisum, Change Board Member, Forlaget Andersen, and Bella. Offer Date 11-Apr-19 The company also publishes and sells printed books and journals, as well as hosts legal training courses. It primarily serves law firms, tax and accounting firms, corporates, and the public sector. The company was founded in 1867 and is headquartered in Stockholm, Sweden. Karnov Group AB IPO Price (EUR) 4.12 (publ) is a subsidiary of KARN Holdco AB. Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 65.4m Greenshoe 8.0% White & Case LLP Filing Volume (EUR) 249.0m Final Volume (EUR)2 249.0m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Rothschild & Co SCA 17.6% PricewaterhouseCoopers Sweden Janus Henderson Group plc 6.5% Primary 31% General Electric Pension Trust 6.0% Secondary 69% Torreal Scr De Régimen Simplificado, S.A 2.9% RPO King S.C.A. 2.3% Key Financials Free Float 64.8% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 69.7 69.8 72.7 76.0 4.4% IPO +1D IPO +3M IPO +6M since IPO Growth 4.2% 4.6% 2 Buy Karnov Group AB (0.2%) (3.3%) na (2.2%) EBITDA 23.3 31.6 32.8 34.9 5.1% 0 Outperform OMX Nordic 40 Index 0.2% (4.7%) na (2.7%) Margin 33.5% 45.3% 45.0% 46.0% 0 Hold 102 EBIT 8.5 16.1 21.7 23.8 21.6% 0 Underperform Margin 12.1% 23.1% 29.8% 31.3% 0 Sell 100 Net Income (2.1) 20.3 22.1 23.7 8.0% 98 Margin nm 29.1% 30.4% 31.1% 96

Rebased (in %) 94 (EURm) Valuation FY2019 FY2020 FY2021

92 Enterprise Value 555.8 EV/Sales 8.0x 7.6x 7.3x Prices 90 Net Debt 165.3 EV/EBITDA 17.6x 17.0x 15.9x 88 Minority Interest 1.9 EV/EBIT 34.5x 25.7x 23.3x Apr 2019 May 2019 Jun 2019 Preferred Equity 0.0 P/E 19.4x 17.8x 16.6x . Karnov Group AB (publ) (OM:KAR) OMX Nordic 40 Index Market Cap 393.0 P/B 2.7x 2.6x 2.6x

Source: S&P Capital IQ as of 12.06.2019, 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 Watches of Switzerland Group PLC

Company Description IPO Facts . Sector: Specialty Retail Ticker LSE:WOSG Financial Advisors Watches of Switzerland Group PLC operates as a retailer of luxury watches. It offers luxury watches Exchange London Stock Exchange Barclays Bank PLC; BNP Paribas SA; Goldman Sachs Initial Filing Date 02-May-19 and jewelry; fashion and classic watches and jewelry; gifts; and services, such as aftercare, jewelry International; Investec Bank plc Announced Date 02-May-19 repair and cleaning, pre-owned watches valuation, trade and exchange, and others. The company # Days Announced to Offer 28 sells its products through operating 127 stores in the United Kingdom and 22 stores in the United Offer Date 30-May-19 States; and mono-branded stores, as well as through 5 transactional Websites. It operates its stores under the Watches of Switzerland, Mappin & Webb, Mayors, Goldsmiths, and Mayors brands. The company was incorporated in 2019 and is headquartered in Leicester, the United Kingdom. IPO Price (EUR) 3.06 Filing Price Range (EUR) na Final Price Range (EUR) na

Legal Counsel Shares Offered (incl. Greenshoe) 89.6m Greenshoe 10.0% Freshfields Bruckhaus Deringer LLP Filing Volume (EUR) 249.1m Final Volume (EUR)2 249.1m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Jewel Holdco S.À R.L. 59.2% KPMG LLP (United Kingdom); PricewaterhouseCoopers BlackRock, Inc. 6.9% Primary 70% LLP na na Secondary 30% na na na na Key Financials Free Float 33.8% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +3M IPO +6M since IPO Growth na na 0 Buy Watches of Switzerland Group PLC 14.1% na na 11.8% EBITDA na na na na na 0 Outperform FTSE All-Share Index (GBP) (0.8%) na na 1.8% 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 %) (EURm) Valuation FY2019 FY2020 FY2021

100 Enterprise Value na EV/Sales na na na Prices Net Debt na EV/EBITDA na na na 95 Minority Interest 0.0 EV/EBIT na na na May 2019 Jun 2019 Preferred Equity 0.0 P/E na na na . Watches of Switzerland Group PLC (LSE:WOSG) FTSE All-Share Index (GBP) Market Cap 818.6 P/B na na na

Source: S&P Capital IQ as of 12.06.2019, 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 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

48 Network International Holdings plc

Company Description IPO Facts . Sector: IT Services Ticker LSE:NETW Financial Advisors Network International Holdings plc operates as a digital commerce enabler in the Middle East and Exchange London Stock Exchange Barclays Bank PLC; Citigroup Global Markets Limited; Initial Filing Date 21-Mar-19 Africa region. The company provides technology-enabled payments solutions to merchants and Emirates NBD Capital Limited; Goldman Sachs Announced Date 21-Mar-19 financial institutions. It offers issuer solutions, including card solutions, processing and card International; J.P. Morgan Securities Plc; Liberum # Days Announced to Offer 20 management solutions, and issuer solutions value added services; and merchant solutions Capital Limited; Morgan Stanley & Co. International plc Offer Date 10-Apr-19 comprising payment acceptance solutions, direct acquiring and acquirer processing solutions, and a range of value added services. The company delivers its products and services through its integrated omni-channel technology platforms, including Network One and Network Lite, as well as N-Genius, a IPO Price (EUR) 5.06 payments operating platform. Network International Holdings plc was founded in 1994 and is Filing Price Range (EUR) 4.59-5.40 headquartered in Dubai, the United Arab Emirates. Final Price Range (EUR) 4.59-5.40 Legal Counsel Shares Offered (incl. Greenshoe) 265.3m Greenshoe 6.1% Clifford Chance LLP; Clifford Chance France Filing Volume (EUR) 1,621.0m Final Volume (EUR)2 1,263.7m Filing-to-Final Change (22.0%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Emirates NBD Asset Management Limited 26.8% KPMG LLP (United Kingdom) WP/GA Dubai III B.V. 20.3% Primary 0% Mastercard Incorporated 10.0% Secondary 100% Capital Research and Management Company 8.7% FMR LLC 1.3% Key Financials Free Float 33.0% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 260.2 293.9 332.4 377.2 13.3% IPO +1D IPO +3M IPO +6M since IPO Growth 13.1% 13.5% 3 Buy Network International Holdings plc 18.2% 23.6% na 31.2% EBITDA 109.4 144.1 169.4 195.4 16.4% 2 Outperform FTSE All-Share Index (GBP) 0.1% (2.4%) na (0.7%) Margin 42.0% 49.0% 51.0% 51.8% 2 Hold 135 EBIT 92.4 101.7 121.0 141.6 18.0% 0 Underperform 130 Margin 35.5% 34.6% 36.4% 37.5% 0 Sell 125 Net Income 22.9 83.0 106.7 129.1 24.7% 120 Margin 8.8% 28.2% 32.1% 34.2% 115 110 Rebased (in %) (EURm) Valuation FY2019 FY2020 FY2021 105 Enterprise Value 3,639.8 EV/Sales 12.4x 10.9x 9.6x Prices 100 95 Net Debt 320.3 EV/EBITDA 25.3x 21.5x 18.6x 90 Minority Interest (1.1) EV/EBIT 35.8x 30.1x 25.7x Apr 2019 May 2019 Jun 2019 Preferred Equity 0.0 P/E 40.0x 31.1x 25.7x . Network International Holdings plc (LSE:NETW) FTSE All-Share Index (GBP) Market Cap 3,317.3 P/B 14.0x 10.5x 8.0x

Source: S&P Capital IQ as of 12.06.2019, 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 Medacta International SA

Company Description IPO Facts . Sector: Health Care Equipment and Supplies Ticker SWX:MOVE Financial Advisors Medacta International SA, an orthopedics company, designs and produces orthopedic products. It Exchange Swiss Stock Exchange Credit Suisse Group AG; J.P. Morgan Securities Plc; Initial Filing Date 22-Mar-19 offers personalized kinematic models and 3D planning tools for use in hip, knee, shoulder, and spine Morgan Stanley & Co. International plc; UBS Group AG Announced Date 22-Mar-19 procedures. The company was founded in 1958 and is headquartered in Castel San Pietro, # Days Announced to Offer 13 Switzerland. Offer Date 04-Apr-19

IPO Price (EUR) 85.59 Filing Price Range (EUR) 78.46-92.73 Final Price Range (EUR) 78.46-92.73

Legal Counsel Shares Offered (incl. Greenshoe) 6.1m Greenshoe 7.7% Homburger AG Filing Volume (EUR) 528.5m Final Volume (EUR)2 487.9m Filing-to-Final Change (7.7%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Siccardi, Alberto 69.3% Deloitte AG Capital Research and Management Company 5.1% Primary 0% Mainfirst Asset Management 3.0% Secondary 100% FMR LLC 1.4% Credit Suisse Asset Management (Switzerland) 0.3% Key Financials Free Float 20.8% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue na 318.3 361.8 408.3 13.3% IPO +1D IPO +3M IPO +6M since IPO Growth 13.6% 12.9% 0 Buy Medacta International SA 2.4% (6.4%) na (12.5%) EBITDA na 101.0 116.6 131.0 13.9% 1 Outperform Swiss SMI Index (0.2%) 1.9% na 3.1% Margin na 31.7% 32.2% 32.1% 3 Hold 105 EBIT na 72.0 82.5 93.0 13.6% 0 Underperform Margin na 22.6% 22.8% 22.8% 0 Sell 100 Net Income na 55.2 63.7 72.5 14.7% Margin na 17.3% 17.6% 17.8% 95

Rebased (in %) 90 (EURm) Valuation FY2019 FY2020 FY2021 Enterprise Value na EV/Sales 0.0x 0.0x 0.0x Prices 85 Net Debt na EV/EBITDA 0.0x 0.0x 0.0x 80 Minority Interest 0.0 EV/EBIT 0.0x 0.0x 0.0x Apr 2019 May 2019 Jun 2019 Preferred Equity 0.0 P/E 27.1x 23.5x 20.7x . Medacta International SA (SWX:MOVE) Swiss SMI Index Market Cap 1,497.5 P/B 11.8x 8.5x 6.5x

Source: S&P Capital IQ as of 12.06.2019, 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 Nexi S.p.A.

Company Description IPO Facts . Sector: IT Services Ticker BIT:NEXI Financial Advisors Nexi S.p.A. provides payment solutions to banks, financial institutions, insurance companies, Exchange Borsa Italia Banca Akros S.p.A.; Banca IMI S.p.A.; Bank of Initial Filing Date 28-Mar-19 merchants, businesses, and public administration in Italy. The company is involved in the America Merrill Lynch International Limited-Dublin Announced Date 28-Mar-19 configuration, activation, and maintenance of the hardware and software for digital payments; and Branch; Barclays Bank PLC; BPER Banca S.p.A.; # Days Announced to Offer 15 offers settlement of card payments, monthly billing, payment tracking, POS management, and data Citigroup Global Markets Limited; Credit Suisse Group Offer Date 12-Apr-19 analytics services, as well as help line call center services. It also provides anti-fraud and customer AG; Goldman Sachs International; HSBC Holdings plc; support, pricing, underlying credit allowance or savings accounts, credit scoring, prefunding of card Mediobanca Banca di Credito Finanziario S.p.A.; UBS payments, and technology services, as well as product development and procurement services IPO Price (EUR) 9.00 Investment Bank; UniCredit S.p.A.; Unione di Banche related to the design and production of payment cards; clearing, digital corporate banking, financial Filing Price Range (EUR) 8.50-10.35 Italiane S.p.A.; Value Italy S.r.l. supply chain, and ATM management services; and CBI gateway, a payment platform that allows Final Price Range (EUR) 8.50-10.35 direct payment collection and the delivery of supporting documentation between banks, corporations, Legal Counsel tax authorities, pension schemes, and other public and private bodies. The company is Shares Offered (incl. Greenshoe) 228.4m headquartered in Milan, Italy. Nexi S.p.A. is a subsidiary of Mercury UK Holdco Limited. Greenshoe 2.3% Latham & Watkins LLP; Studio Legale Lombardi, Segni Filing Volume (EUR) 2,000.0m & Associati Final Volume (EUR)2 2,010.7m Filing-to-Final Change 0.5% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Mercury UK Holdco Limited 60.2% na GIC Pte. Ltd. 3.2% Primary 35% Neuberger Berman BD LLC 0.2% Secondary 65% SEI Investments Company 0.1% Partners Group Holding AG 0.0% Key Financials Free Float 36.4% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 1,624.5 978.8 1,043.0 1,109.7 6.5% IPO +1D IPO +3M IPO +6M since IPO Growth 6.6% 6.4% 2 Buy Nexi S.p.A. (6.2%) (6.6%) na 0.6% EBITDA na 464.4 552.9 612.7 14.9% 6 Outperform FTSE MIB INDEX 0.3% (4.6%) na (6.4%) Margin na 47.4% 53.0% 55.2% 3 Hold 106 EBIT 477.1 331.7 406.6 440.4 15.2% 0 Underperform 104 Margin 29.4% 33.9% 39.0% 39.7% 0 Sell 102 Net Income 67.2 194.0 247.2 266.5 17.2% 100 Margin 4.1% 19.8% 23.7% 24.0% 98 96 Rebased (in %) (EURm) Valuation FY2019 FY2020 FY2021 94 Enterprise Value 9,211.2 EV/Sales 9.4x 8.8x 8.3x Prices 92 90 Net Debt 3,523.3 EV/EBITDA 19.8x 16.7x 15.0x 88 Minority Interest 6.5 EV/EBIT 27.8x 22.7x 20.9x Apr 2019 May 2019 Jun 2019 Preferred Equity 0.0 P/E 29.3x 23.0x 21.3x . Nexi S.p.A. (BIT:NEXI) FTSE MIB INDEX Market Cap 5,681.4 P/B 4.1x 3.7x 3.3x

Source: S&P Capital IQ as of 12.06.2019, 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 Stadler Rail AG

Company Description IPO Facts . Sector: Machinery Ticker SWX:SRAIL Financial Advisors Stadler Rail AG designs, manufactures, and sells trains in Switzerland and internationally. It operates Exchange Swiss Stock Exchange BNP Paribas SA; Citigroup Inc.; Credit Suisse AG; Initial Filing Date 29-Mar-19 through two segments, Rolling Stock; and Service and Components. The Rolling stock segment UBS Group AG; UniCredit Bank AG; Zürcher Announced Date 29-Mar-19 manufactures high-speed and intercity trains, suburban and regional transport trains, city transport, Kantonalbank # Days Announced to Offer 13 locomotives, and tailor made vehicles, as well as passenger trains, light rails, and trams. The service Offer Date 11-Apr-19 and component segment offers modernization and revision, spare parts, vehicle repairs, upgrading and overhauling, and maintenance services, as well as supplies vehicle components, such as car bodies or bogies. The company was founded in 1942 and is headquartered in Bussnang, Switzerland. IPO Price (EUR) 33.61 Filing Price Range (EUR) 29.19-36.26 Final Price Range (EUR) 29.19-36.26

Legal Counsel Shares Offered (incl. Greenshoe) 40.3m Greenshoe 15.0% na Filing Volume (EUR) 1,269.2m Final Volume (EUR)2 1,176.3m Filing-to-Final Change (7.3%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Spuhler, Peter C. 56.7% na Credit Suisse Asset Management (Switzerland) 0.4% Primary 0% Vontobel Asset Management AG 0.4% Secondary 100% Vontobel Asset Management S.A. 0.1% Manulife Asset Management 0.1% Key Financials Free Float 42.3% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 1,776.0 3,101.0 3,549.2 3,723.8 9.6% IPO +1D IPO +3M IPO +6M since IPO Growth 14.5% 4.9% 0 Buy Stadler Rail AG 13.2% 10.0% na 20.9% EBITDA 185.1 290.1 354.9 379.1 14.3% 1 Outperform Swiss SMI Index (0.7%) (0.8%) na 3.3% Margin 10.4% 9.4% 10.0% 10.2% 3 Hold 125 EBIT 134.1 233.2 288.3 309.6 15.2% 0 Underperform Margin 7.5% 7.5% 8.1% 8.3% 0 Sell 120 Net Income 104.5 188.4 235.8 253.9 16.1% 115 Margin 5.9% 6.1% 6.6% 6.8%

110

Rebased (in %) (EURm) Valuation FY2019 FY2020 FY2021 105

Enterprise Value 3,587.2 EV/Sales 1.2x 1.0x 1.0x Prices 100 Net Debt (472.2) EV/EBITDA 12.4x 10.1x 9.5x 95 Minority Interest 4.6 EV/EBIT 15.4x 12.4x 11.6x Apr 2019 May 2019 Jun 2019 Preferred Equity 0.0 P/E 21.5x 17.2x 16.0x . Stadler Rail AG (SWX:SRAIL) Swiss SMI Index Market Cap 4,055.0 P/B 4.9x 4.3x 3.9x

Source: S&P Capital IQ as of 12.06.2019, 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 Adevinta ASA

Company Description IPO Facts . Sector: Interactive Media and Services Ticker OB:ADEB Financial Advisors Adevinta ASA operates as an online classifieds company worldwide. The company operates in four Exchange Oslo Stock Exchange Arctic Securities AS; J.P. Morgan Securities Plc; Initial Filing Date 01-Apr-19 segments: France, Spain, Brazil, and Global Markets. It owns and operates 36 online classified Skandinaviska Enskilda Banken AB (publ.) Announced Date 01-Apr-19 marketplaces in generalist, real estate, cars, jobs, and other categories across a range of Websites # Days Announced to Offer 8 and mobile applications in 16 countries. The company was formerly known as Marketplaces Offer Date 09-Apr-19 International ASA and changed its name to Adevinta ASA in February 2019. The company was founded in 2018 and is based in Oslo, Norway. Adevinta ASA operates independently of Schibsted ASA. as of April 9, 2019. IPO Price (EUR) 8.10 Filing Price Range (EUR) 7.27-8.51 Final Price Range (EUR) 7.27-8.51

Legal Counsel Shares Offered (incl. Greenshoe) 42.4m Greenshoe 15.0% Advokatfirmaet BAHR AS; White & Case LLP; White & Filing Volume (EUR) 314.1m Case LLP Final Volume (EUR)2 298.7m Filing-to-Final Change (4.9%) Public Shareholders1 Accounting Advisors Primary / Secondary Split2 FMR LLC 2.9% Ernst & Young AS The Vanguard Group, Inc. 0.8% Primary 0% Storebrand Asset Management AS 0.5% Secondary 100% KLP Kapitalforvaltning AS 0.4% BlackRock, Inc. 0.2% Key Financials Free Float 95.3% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue 614.6 686.1 783.5 889.2 13.8% IPO +1D IPO +3M IPO +6M since IPO Growth 14.2% 13.5% 1 Buy Adevinta ASA 14.9% 5.7% na 21.9% EBITDA 152.1 197.0 247.2 302.0 23.8% 2 Outperform OMX Nordic 40 Index 0.1% (5.2%) na (2.6%) Margin 24.7% 28.7% 31.6% 34.0% 2 Hold 125 EBIT 136.0 164.9 213.0 269.0 27.7% 0 Underperform Margin 22.1% 24.0% 27.2% 30.3% 2 Sell 120 Net Income 11.5 103.7 141.2 184.2 33.3% 115 Margin 1.9% 15.1% 18.0% 20.7% 110

Rebased (in %) 105 (EURm) Valuation FY2019 FY2020 FY2021

100 Enterprise Value 7,097.5 EV/Sales 10.3x 9.1x 8.0x Prices 95 Net Debt 365.7 EV/EBITDA 36.0x 28.7x 23.5x 90 Minority Interest 14.8 EV/EBIT 43.0x 33.3x 26.4x Apr 2019 May 2019 Jun 2019 Preferred Equity 0.0 P/E 64.8x 47.6x 36.5x . Adevinta ASA (OB:ADEB) OMX Nordic 40 Index Market Cap 6,721.0 P/B 4.6x 4.2x 3.9x

Source: S&P Capital IQ as of 12.06.2019, 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 Finablr PLC

Company Description IPO Facts . Sector: IT Services Ticker LSE:FIN Financial Advisors Finablr PLC operates as a platform for B2B payments and foreign exchange solutions worldwide. It Exchange London Stock Exchange Barclays Bank PLC; EFG-Hermes UAE Limited; Initial Filing Date 09-Apr-19 operates through three segments: Cross-Border Payments & Consumer Solutions, Consumer Goldman Sachs International; J.P. Morgan Cazenove Announced Date 09-Apr-19 Foreign Exchange Solutions, and B2B & Payment Technology Solutions. The Cross-Border Limited; Merrill Lynch International; Numis Securities # Days Announced to Offer 35 Payments & Consumer Solutions segment offers cross-border payments services through digital and Limited Offer Date 14-May-19 physical channels. This segment also provides payroll processing, mobile wallet, bill payment, digital gifting, and consumer advance services. The Consumer Foreign Exchange Solutions segment purchases and sells foreign currency; issues prepaid travel cards; and provides VAT refund services IPO Price (EUR) 2.02 through stores, ATMs, online portals, and mobile applications. The B2B & Payment Technology Filing Price Range (EUR) na Solutions segment enables banks, financial institutions, mobile wallet operators, payments and Final Price Range (EUR) na technology companies, and others to offer cross-border payments, foreign exchange, stored value Legal Counsel platforms, digital gifting, and acquiring services to their customers using its platforms. Shares Offered (incl. Greenshoe) 175.0m Greenshoe No GS na Filing Volume (EUR) 352.8m Final Volume (EUR)2 352.8m Filing-to-Final Change 0.0% Public Shareholders1 Accounting Advisors Primary / Secondary Split2 Pai, Rahul 0.2% Ernst & Young LLP (UK); Ernst and Young Middle East Shetty, Bavaguthu Raghuram 0.0% Primary 50% Dubai Branch na na Secondary 50% na na na na Key Financials Free Float 99.8% (EURm) LTM FY2019 FY2020 FY2021 CAGR '19-'21 # of Recommendations Share Price Performance Revenue na na na na na IPO +1D IPO +3M IPO +6M since IPO Growth na na 0 Buy Finablr PLC (7.1%) na na (16.8%) EBITDA na na na na na 0 Outperform FTSE All-Share Index (GBP) 0.6% na na 1.3% Margin na na na na 0 Hold 105 EBIT (0.1) na na na na 0 Underperform Margin nm na na na 0 Sell 100 Net Income (0.7) na na na na Margin nm na na na 95

Rebased (in %) 90 (EURm) Valuation FY2019 FY2020 FY2021 Enterprise Value na 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 May 2019 Jun 2019 Preferred Equity 0.0 P/E na na na . Finablr PLC (LSE:FIN) FTSE All-Share Index (GBP) Market Cap 1,174.4 P/B na na na

Source: S&P Capital IQ as of 12.06.2019, 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 Contact Details & Disclaimer

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55 THE FINANCING SPECIALIST