FCF Valuation Monitor – Q2 2019

Home , Aixtron, Bechtle, Carl Zeiss Meditec, Freenet AG, Fuchs Petrolub, Nemetschek

FCF Valuation Monitor

German Small- / Midcap Companies – Q2 2019 Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x

2 Executive Summary

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

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

■ The universe includes companies fulfilling one of the following minimum size criteria: Current market capitalization > EUR To recommend colleagues or fellow investors to be added to the 50m, 2019e sales > EUR 50m, 2019e EBITDA > EUR 10m, mailing list, kindly send an email with the respective contact LFQA Equity > EUR 25m. Smaller companies with a current information market capitalization of at least EUR 20m are also included, if they are deemed relevant / representative for their respective sectors. Companies with a current Free Float < 15% have If you have questions, comments or ideas, please do not hesitate been excluded from the analysis as they are deemed less to contact us liquid / more volatile. In addition, certain companies that do not represent their respective sectors have been excluded

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

4 FCF Overview

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

Equity Public cost, − All instruments: Unbiased approach to all available corporate ■ Dual-track (IPO and Public Equity (PIPE) financing instruments (no product selling approach), allowing alternative transaction ■ Block trade (ii) with the highest for customized financing structures flexibility, ■ Receivables / Factoring / ■ Working capital / − All investors: Close and trusted relationships with senior Short-term Asset-backed Securities Revolving credit facility (iii) in the shortest executives of virtually all relevant equity and debt investors Debt ■ Borrowing base / ■ Guarantees / Inventory Letter of Credit period of time, − Fast process: Process management skills and direct / personal access to institutional debt and equity investors enable fast ■ Bank loan facility / ■ Promissory note (iv) with the highest Syndicated loans (Schuldscheindarlehen) closing proba- transactions Debt Long-term ■ Sale-and-lease back / ■ High-yield / PIK bond bility, and with Debt Leasing ■ Second lien / ■ More than 100 transactions with a total placement volume in ■ Corporate bonds (public / Subordinated loans (v) financing excess of EUR 4.0 billion since foundation in 2005 private placement) ■ Unitranches partners that ■ Approx. 10 professionals headquartered in Munich Mezzanine ■ Mezzanine capital ■ Convertible bonds integrate well into their strategy Selected Transactions

Acquisition Financing Acquisition Financing Syndicated Loan European Investment European Investment R&D Financing Syndicated Loan, Factoring Round Extension Capital Increase Investment in Bilateral Loan Facility Capital Increase and Warehousing 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 80m [confidential] > EUR 10m > EUR 10m [confidential] [confidential] [confidential] [confidential] [confidential] EUR 25m EUR 25m EUR 25m June 2019 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 Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x

7 Market Overview

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

Index in % Index in % 200 110 190 TecDax +79.6% TecDax +4.1% 180 105 SDAX +29.6% DAX -0.8% 170 100 160 MDAX +29.1% MDAX -1.3% 150 95 140 DAX +28.1% SDAX -5.5% 130 90 120

85 Rebased Rebased Prices (in%) 110 Rebased Prices (in%)

100 80 90 80 75 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19

TecDAX SDAX MDAX DAX TecDAX SDAX MDAX DAX 3 Month Development of Selected Indices Performance Comment

Index in % 108 ■ As a result of continued political and monetary support measures and the TecDAX +5.7% generally positive GDP development, all four German market indices have 106 DAX +5.5% shown a positive performance over the last 36 months. The TecDax 104 significantly outperformed its German peers gaining +79.6% since Q2 2016 MDAX +1.8% 102 ■ Over the last 12 months, three out of four German market indices have SDAX +1.8% recorded a negative performance between -0.8% and -5.5%. Only the TecDax 100 achieved a positive performance (+4.1%) over the past 12 months 98 Rebased Rebased Prices (in%) ■ In Q2 2019 all German indices recorded a volatile performance but still show 96 an upward trend, reflecting a positive market sentiment. The four major German market indices are trading slightly higher than 3 months prior with 94 Mar-19 Apr-19 May-19 Jun-19 gains ranging from +1.8% up to +5.7%

TecDAX SDAX MDAX DAX

Source: S&P Capital IQ as of July 01, 2019 8 Historical EBITDA Multiples (last 10 years)

EV / EBITDA

21.0x

19.0x

17.0x

15.0x

13.0x

11.0x

9.0x

7.0x

5.0x

DAX MDAX SDAX TecDax

Comment

■ The current valuation levels of all major German indices are on a downward / sideways trajectory lately following the record highs reached in late 2017 and mid- 2018 ■ The TecDax trades at an EBITDA multiple that is 8.8x higher than 10 years prior (16.7x vs. 7.9x), while the MDAX, DAX and SDAX trade at EBITDA multiples that are 7.0x, 5.0x and 6.0x (14.2x vs. 7.2x, 12.7x vs. 7.7x and 13.5x vs. 7.5x) higher than 10 years ago, respectively ■ Historically, the TecDax has traded at valuation levels above its fellow German indices. At present, the TecDax is trading at 16.7x EBITDA, 4.0x more than the DAX, 3.2x more than the SDAX and 2.5x more than the MDAX

Note: Dax Constituents as provided by Deutsche Börse; Multiples as provided by S&P Capital IQ; EBITDA calculated based on LTM information; EBITDA Multiples calculated as TEV / EBITDA; 9 Calculations contain thresholds of 50.0x for EBITDA Multiples Source: S&P Capital IQ as of July 01, 2019 Historical Price / Earnings Multiples (last 10 years)

Price / Earnings

55.0x

50.0x

45.0x

40.0x

35.0x

30.0x

25.0x

20.0x

15.0x

10.0x

DAX MDAX SDAX TecDax

Comment

■ The current valuation levels of all major German indices are trading below their peak in mid 2018 but still at historically high levels (10 year timeframe) ■ The TecDax trades at a P / E multiple that is 18.9x higher than 10 years prior (40.4x vs. 21.4x), while the SDAX, MDAX and DAX trade at P / E multiples that are 13.3x, 14.4x and 11.5x (28.7x vs. 15.4x, 29.6x vs. 15.2x and 25.9x vs. 14.4x) higher than 10 years ago, respectively ■ Historically, the TecDax has generally traded at valuation levels above its fellow German indices. At present, the TecDax is trading at 40.4x normalized EPS, 14.5x more than the DAX, 10.7x more than the MDAX and 11.7x more than the SDAX

Note: Dax Constituents as provided by Deutsche Börse; Multiples as provided by S&P Capital IQ; PE calculated based on LTM information; PE Multiples calculated as P / Normalized EPS; 10 Calculations contain thresholds of 100.0x for P / E Multiples Source: S&P Capital IQ as of July 01, 2019 Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x

11 Sector Overview – Performance of Sector Indices

12 Month Development of Sector Indices (Rebased Prices, in %) Performances Sector in %

150 Transport & Logistics +26.09 145 Renewables +21.12 140 Software +19.51 135

130 Technology +11.89

125 Pharma & Healthcare +11.45 120 Industrial / Business Services -5.35 115

110 Media & Entertainment -9.35

105 Hightech / Advanced Machinery -9.81 100 -11.19 Rebased Prices(in%) IT Services 95 -12.00 90 Consumer Products / Services

85 Construction -14.37

80 Industrial Materials -16.44 75 Internet Products / Services -19.20 70

65 Industrial Products -19.26

60 Automotive Supply -26.41 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19

Automotive Supply Communications Services Construction Products / Services Consumer Products / Services Communication -27.18 Hightech / Advanced Machinery Industrial / Business Services Industrial Machinery Industrial Materials Industrial Products Internet Products / Services IT Services Media & Entertainment Pharma & Healthcare Renewable Products / Services Software Technology Industrial Machinery -27.98 Transportation & Logistics

Note: Sector indices represent development of equally weighted share prices of the peer group’s constituents 12 Source: S&P Capital IQ as of July 01, 2019 Sector Overview – Financial Information

Ratio Analysis

Market Cap Enterprise Value Sales CAGR EBITDA CAGR EBITDA Margin Dividend Yield Leverage Ratio Interest Cover Price / OCFPS RoE Peer Group (€m) (€m) '15a-'18a '18a-21e '15a-'18a '18a-'21e 2019e LFYA 2019e 2018a 2018a 2019e

Automotive Supply 1,242.4 1,637.7 8.3% 12.8% 7.7% 27.6% 10.9% 2.8% 2.4x 21.5x 8.4x 10.4% Communications Services 3,460.4 4,870.2 6.2% 7.1% 6.7% 10.1% 15.6% 3.4% 2.9x 22.3x 12.1x 10.2% Construction Products / Services 1,580.5 1,845.1 3.3% 4.4% 16.3% 24.9% 9.1% 2.4% 1.5x 16.1x 13.9x 12.4% Consumer Products / Services 1,475.3 1,832.3 1.5% 2.4% 4.6% 16.7% 9.5% 2.2% 3.6x 25.1x 13.4x 14.0% Hightech / Advanced Machinery 1,070.6 1,037.3 9.5% 11.5% 24.8% 35.3% 14.5% 1.5% 10.4x 30.9x 18.4x 13.7% Industrial / Business Services 424.1 609.7 4.6% 3.3% 20.8% 7.2% 11.5% 3.0% 2.0x 15.2x 14.3x 18.0% Industrial Machinery 1,437.3 1,748.4 9.1% 4.2% 10.0% 15.6% 10.6% 2.2% 1.4x 29.0x 13.1x 13.0% Industrial Materials 3,621.0 4,728.3 4.0% 3.6% 6.2% 10.3% 14.1% 2.4% 2.3x 14.4x 13.7x 11.6% Industrial Products 2,357.4 2,505.8 8.5% 9.2% 1.0% 20.6% 13.6% 1.2% 1.7x 17.0x 15.0x 12.6% Internet Products / Services 2,115.9 2,077.3 20.1% 15.6% 10.9% 39.1% 9.1% 1.0% 1.7x 25.1x 26.8x 16.0% IT Services 623.9 632.7 12.4% 9.6% 7.6% 35.9% 9.7% 1.4% 0.9x 25.3x 15.9x 15.4% Media & Entertainment 1,807.5 2,466.8 -1.4% 6.5% 3.8% 22.0% 19.9% 1.0% 2.8x 19.4x 7.5x 18.6% Pharma & Healthcare 1,389.0 1,532.5 10.5% 9.4% 31.3% 22.8% 12.3% 1.7% 2.7x 26.2x 17.1x 12.2% Renewable Products / Services 479.9 469.5 -0.2% 15.7% -5.0% 37.5% 22.5% 0.7% 3.2x 16.5x 8.6x 8.9% Software 1,389.2 1,392.4 13.1% 11.1% 10.5% 41.9% 23.4% 1.0% 1.3x 38.7x 21.4x 19.2% Technology 572.0 729.3 6.7% 6.4% 2.4% 23.4% 12.4% 1.1% 2.4x 23.2x 11.4x 9.4% Transportation & Logistics 3,188.1 5,542.8 19.4% 8.9% 30.8% 21.8% 41.3% 2.3% 4.8x 8.0x 6.3x 19.3% Min 424.1 469.5 -1.4% 2.4% -5.0% 7.2% 9.1% 0.7% 0.9x 8.0x 6.3x 8.9% Max 3,621.0 5,542.8 20.1% 15.7% 31.3% 41.9% 41.3% 3.4% 10.4x 38.7x 26.8x 19.3% Median 1,437.3 1,748.4 8.3% 8.9% 7.7% 22.8% 12.4% 1.7% 2.4x 22.3x 13.7x 13.0% Mean 1,660.9 2,097.5 8.0% 8.3% 11.2% 24.3% 15.3% 1.9% 2.8x 22.0x 14.0x 13.8%

Comment

■ The analysis provides an overview of key performance ratios by sector (based on mean results) ■ Firms in the Communications Services, Industrial Materials and Transportation & Logistics sectors have the highest market capitalizations (on average), whereas firms in the Industrial / Business Services, Renewable Products / Services and Technology sectors have the smallest market capitalizations (on average) ■ Across all sectors, sales are expected to grow at 8.9% per annum between 2018 and 2021, while the Automotive Supply, Hightech / Advanced Machinery, Internet Products / Services, Renewable Products / Services and Software sectors show sales growth rates of above 10% (2018-2021) ■ Median EBITDA margins are expected to reach 12.4% for 2019 across all sectors, while the Renewable Products / Services, Software and the Transportation & Logistics sectors are expected to reach EBITDA margins above 20%

Note: For multiple and ratio definitions, please refer to appendix 13 Source: S&P Capital IQ as of July 01, 2019 Sector Overview – Multiples

Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA Automotive Supply 1.2x 0.8x 0.6x 0.6x 6.8x 7.2x 5.1x 4.6x 13.1x 13.6x 9.7x 7.8x 15.9x 16.7x 11.2x 8.5x 1.2x Communications Services 1.7x 1.5x 1.4x 1.3x 8.7x 6.9x 6.7x 11.4x 18.8x 16.8x 14.9x 13.8x 25.4x 18.8x 14.8x 25.7x 1.7x Construction Products / Services 0.6x 0.6x 0.6x 0.5x 10.2x 6.2x 5.5x 5.1x 11.2x 11.5x 8.5x 7.6x 14.3x 11.5x 11.1x 9.5x 1.3x Consumer Products / Services 1.0x 0.9x 0.9x 0.9x 9.7x 9.0x 7.2x 7.6x 17.8x 11.4x 12.2x 10.3x 21.6x 16.8x 15.8x 14.0x 2.4x Hightech / Advanced Machinery 2.1x 1.9x 1.7x 1.5x 13.8x 11.0x 10.4x 8.2x 17.8x 16.0x 11.4x 10.3x 36.9x 24.0x 16.6x 19.3x 3.1x Industrial / Business Services 0.9x 1.0x 0.9x 0.9x 8.0x 7.1x 7.0x 6.4x 10.1x 11.3x 10.5x 10.1x 13.0x 14.0x 13.6x 12.5x 2.9x Industrial Machinery 1.0x 0.8x 0.7x 0.7x 9.6x 7.2x 6.5x 5.9x 14.6x 10.4x 9.3x 8.4x 19.8x 16.0x 13.3x 11.4x 2.3x Industrial Materials 1.1x 1.1x 1.1x 1.0x 9.4x 8.1x 7.6x 6.9x 18.6x 13.3x 11.9x 10.7x 20.8x 22.1x 14.9x 13.0x 1.9x Industrial Products 1.9x 1.7x 1.5x 1.4x 13.0x 10.7x 8.6x 8.1x 19.6x 16.7x 12.5x 12.3x 29.2x 22.5x 17.2x 16.4x 3.0x Internet Products / Services 3.4x 2.6x 2.2x 1.9x 22.1x 14.5x 15.3x 10.8x 31.3x 23.7x 20.8x 21.7x 41.1x 32.7x 34.5x 33.0x 6.1x IT Services 1.3x 1.1x 1.0x 1.0x 15.2x 11.4x 9.6x 8.4x 19.3x 14.9x 13.7x 11.5x 28.0x 24.1x 19.4x 16.6x 3.9x Media & Entertainment 1.9x 1.8x 1.7x 1.6x 12.6x 10.8x 9.5x 6.9x 22.2x 16.5x 13.2x 15.1x 26.5x 22.9x 22.9x 15.3x 3.2x Pharma & Healthcare 2.4x 2.2x 2.0x 1.9x 18.7x 13.1x 12.8x 12.0x 26.5x 20.4x 18.2x 15.6x 38.7x 28.5x 23.7x 19.9x 2.8x Renewable Products / Services 2.4x 2.2x 1.7x 1.7x 11.8x 10.6x 7.5x 7.7x 16.0x 18.3x 15.1x 12.0x 25.9x 28.5x 28.3x 19.7x 2.6x Software 4.4x 4.1x 3.8x 3.5x 20.6x 17.5x 15.1x 13.6x 20.3x 26.8x 19.6x 17.1x 36.1x 43.5x 30.5x 25.3x 7.2x Technology 1.1x 1.1x 1.0x 1.0x 11.8x 8.9x 8.1x 7.4x 18.2x 17.3x 14.7x 12.5x 36.1x 25.1x 19.7x 15.5x 1.4x Transportation & Logistics 5.2x 4.0x 3.7x 3.5x 14.0x 8.9x 8.1x 7.6x 20.0x 16.3x 14.9x 13.9x 13.1x 16.0x 14.3x 13.0x 3.0x Min 0.6x 0.6x 0.6x 0.5x 6.8x 6.2x 5.1x 4.6x 10.1x 10.4x 8.5x 7.6x 13.0x 11.5x 11.1x 8.5x 1.2x Max 5.2x 4.1x 3.8x 3.5x 22.1x 17.5x 15.3x 13.6x 31.3x 26.8x 20.8x 21.7x 41.1x 43.5x 34.5x 33.0x 7.2x Median 1.7x 1.5x 1.4x 1.3x 11.8x 9.0x 8.1x 7.6x 18.6x 16.3x 13.2x 12.0x 25.9x 22.5x 16.6x 15.5x 2.8x Mean 2.0x 1.7x 1.6x 1.5x 12.7x 10.0x 8.9x 8.2x 18.5x 16.2x 13.6x 12.4x 26.0x 22.6x 18.9x 17.0x 3.0x

Comment

■ The valuation overview across all industry sectors is based on the respective mean values for each sector ■ Across all sectors, the analysis indicates median EBITDA-multiples for 2018 and 2019 of 11.8x and 9.0x, respectively ■ Based on 2018 and 2019 EBITDA-multiples, the Internet Products / Services and Software peer groups show the highest valuations at 22.1x and 20.6x in 2018 and 14.5x and 17.5x in 2019. Meanwhile, the Automotive Supply and Industrial / Business Services peer groups show the lowest valuations at 6.8x and 8.0x in 2018 and 7.2x and 7.1x in 2019, respectively ■ The Internet Products / Services and Software peer group are the only sectors to trade at a high P / B multiple of more than 5.0x

Note: For multiple and ratio definitions, please refer to appendix 14 Source: S&P Capital IQ as of July 01, 2019 Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis a) Automotive Supply b) Communications Services c) Construction Products / Services d) Consumer Products / Services e) H i g h t e c h / Advanced Machinery f) Industrial / Business Services g) Industrial Machinery h) Industrial Materials i) Industrial Products j) Internet Products / Services k) IT Services l) Media & Entertainment m) Pharma & Healthcare n) Renewable Products / Services o) S o f t w a r e p) T e c h n o l o g y q) Transportation & Logistics A p p e n d i x

15 Automotive Supply (1/2)

General Information Ratio Analysis

Akasol AG 41.75 55.71 29.96 74.9% 139.4% 5.5 46.4 253.1 212.1 37.3% 110.3% 48.6% 153.2% 12.4% 0.0% nm 8.3x nm 3.6% Bertrandt AG 61.80 87.20 60.00 70.9% 103.0% 215.5 257.3 623.9 582.1 2.6% 5.5% -4.8% nm 10.7% 2.4% nm 27.9x 15.7x 13.3% DEUTZ AG 8.46 9.00 5.01 94.0% 169.0% 73.8 95.1 1,022.5 1,001.4 12.6% 3.9% 25.3% 18.0% 10.6% 3.6% nm 52.6x 10.5x 16.5% ElringKlinger AG 5.40 11.75 5.01 46.0% 107.8% 858.6 63.1 342.1 1,175.7 4.1% 4.0% -8.1% 11.0% 10.2% 0.0% 4.4x 12.1x 3.7x 3.4% HELLA GmbH & Co. KGaA 43.46 52.65 32.76 82.5% 132.7% 1,353.8 1,402.1 4,831.1 4,785.3 5.1% 2.1% 5.1% 3.7% 14.8% 1.2% nm 27.6x 6.0x 18.0% JOST Werke AG 30.30 39.00 25.00 77.7% 121.2% 152.1 65.1 451.5 538.5 5.1% 1.9% 23.7% -3.9% 13.7% 3.9% 0.8x 27.0x 7.8x 14.9% LEONI AG 14.53 45.37 12.78 32.0% 113.7% 1,210.5 174.1 474.7 1,516.7 4.2% 3.5% -20.3% 40.0% 2.7% 2.0% 7.7x 7.0x 3.1x na paragon GmbH & Co. KGaA 21.25 52.80 14.92 40.2% 142.4% 116.0 17.5 94.4 254.1 23.5% 21.6% 28.7% 36.9% 15.0% 8.4% 2.8x 5.6x nm 4.7% Progress-Werk Oberkirch AG 28.30 40.00 21.80 70.8% 129.8% 143.5 10.0 88.4 222.0 6.3% 2.1% 1.4% 9.2% 9.3% 0.2% 3.0x 7.5x 2.3x 8.0% Rheinmetall AG 107.30 109.05 69.26 98.4% 154.9% 853.0 682.0 4,611.9 4,936.9 5.9% 6.2% 16.7% 8.2% 12.2% 1.8% 0.2x 18.3x 19.1x 13.4% Schaeffler AG 6.56 12.61 6.10 52.0% 107.5% 5,086.0 2,176.0 4,369.0 7,372.0 2.6% 2.9% -3.7% 4.1% 14.4% 0.0% 1.4x 21.4x 2.7x 24.5% SHW AG 19.00 35.25 18.10 53.9% 105.0% 50.9 5.2 122.3 168.0 -3.2% nm -1.8% nm 8.8% 6.1% 1.1x 35.9x 17.5x 5.1% Softing AG 7.24 10.15 6.24 71.3% 116.0% 8.0 7.7 66.3 66.7 1.2% 1.7% -10.4% 26.7% 12.2% 9.5% 0.0x 42.6x 7.0x 4.1% STS Group AG 7.20 23.50 6.92 30.6% 104.0% 84.4 29.6 41.8 96.6 nm 0.6% nm 24.2% 5.7% 0.0% 2.4x 7.4x 6.1x 5.2%

Min 41.8 66.7 -3.2% 0.6% -20.3% -3.9% 2.7% 0.0% 0.0x 5.6x 2.3x 3.4% Max 4,831.1 7,372.0 37.3% 110.3% 48.6% 153.2% 15.0% 9.5% 7.7x 52.6x 19.1x 24.5% Median 396.8 560.3 5.1% 3.5% 1.4% 14.5% 11.5% 1.9% 1.9x 19.8x 6.5x 8.0% Mean 1,242.4 1,637.7 8.3% 12.8% 7.7% 27.6% 10.9% 2.8% 2.4x 21.5x 8.4x 10.4%

Note: For multiple and ratio definitions, please refer to appendix 16 Source: S&P Capital IQ as of July 01, 2019 Automotive Supply (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA Akasol AG 8.6x 3.3x 1.5x 0.9x nm 26.7x 9.8x 5.9x nm 43.7x 13.7x 8.2x nm 68.4x 22.8x 9.6x 2.5x Bertrandt AG 0.6x 0.5x 0.5x 0.5x 5.7x 5.0x 4.3x na 8.4x 6.9x 6.0x 5.5x 13.1x 11.7x 9.5x na 1.5x DEUTZ AG 0.6x 0.6x 0.5x 0.5x 7.9x 5.2x 5.1x 4.8x 13.3x 10.4x 9.0x 8.1x 14.6x 9.7x 11.2x 10.2x 1.6x ElringKlinger AG 0.7x 0.7x 0.6x 0.6x 7.3x 6.6x 5.6x 5.3x 17.6x 17.3x 12.1x 11.8x 7.8x 11.2x 7.3x 6.6x 0.4x HELLA GmbH & Co. KGaA 0.7x 0.7x 0.6x 0.6x 5.2x 4.5x 4.7x 4.7x 8.8x 7.7x 8.1x 8.1x 7.6x 9.4x 11.6x 11.5x 1.7x JOST Werke AG 0.7x 0.7x 0.7x 0.7x 4.4x 5.1x 5.2x 5.0x 6.8x 6.4x 6.2x 6.0x 8.4x 11.4x 11.0x 10.2x 1.7x LEONI AG 0.3x 0.3x 0.3x 0.3x 10.5x 11.2x 5.1x 3.8x 12.2x nm 12.4x 7.7x 6.3x nm 7.6x 4.0x 0.5x paragon GmbH & Co. KGaA 1.3x 1.1x 0.9x 0.7x 11.0x 7.1x 5.3x 4.3x 19.5x 13.2x 9.5x 6.7x 40.4x 11.1x 8.7x 6.1x 0.5x Progress-Werk Oberkirch AG 0.5x 0.5x 0.4x 0.4x 5.2x 4.9x 4.4x 4.0x 12.2x 11.8x 9.9x 8.7x 13.3x 9.7x 7.6x 6.3x 0.8x Rheinmetall AG 0.8x 0.8x 0.7x 0.7x 6.9x 6.2x 5.8x 5.5x 9.9x 9.8x 8.9x 8.2x 15.1x 15.7x 14.1x 13.1x 2.1x Schaeffler AG 0.5x 0.5x 0.5x 0.5x 3.5x 3.5x 3.2x 3.1x 5.7x 6.2x 5.5x 5.2x 5.0x 5.6x 5.0x 4.6x 1.4x SHW AG 0.4x 0.4x 0.3x na 4.4x 4.2x 3.5x na 10.7x 13.9x 9.4x na 39.1x 19.1x 11.9x na 1.0x Softing AG 0.8x 0.8x 0.7x 0.7x 10.4x 6.3x 6.1x 5.1x 18.7x 16.3x 14.8x 10.1x 19.8x 23.7x 21.4x 14.7x 1.0x STS Group AG 0.2x 0.2x 0.2x 0.2x 6.2x 4.3x 3.8x 3.2x 26.2x 13.0x 9.9x 7.2x nm 9.8x 6.9x 5.0x 0.5x

Min 0.2x 0.2x 0.2x 0.2x 3.5x 3.5x 3.2x 3.1x 5.7x 6.2x 5.5x 5.2x 5.0x 5.6x 5.0x 4.0x 0.4x Max 8.6x 3.3x 1.5x 0.9x 11.0x 26.7x 9.8x 5.9x 26.2x 43.7x 14.8x 11.8x 40.4x 68.4x 22.8x 14.7x 2.5x Median 0.6x 0.6x 0.6x 0.6x 6.2x 5.1x 5.1x 4.7x 12.2x 11.8x 9.4x 8.1x 13.2x 11.2x 10.2x 8.1x 1.2x Mean 1.2x 0.8x 0.6x 0.6x 6.8x 7.2x 5.1x 4.6x 13.1x 13.6x 9.7x 7.8x 15.9x 16.7x 11.2x 8.5x 1.2x

Note: For multiple and ratio definitions, please refer to appendix 17 Source: S&P Capital IQ as of July 01, 2019 Automotive Supply – Historic Multiples

EV / Sales EV / EBITDA 2.0x 13.0x

1.8x 12.0x

11.0x 1.6x 10.0x 1.4x 9.0x 1.2x 8.0x 1.0x 7.0x

0.8x 6.0x

0.6x 5.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

20.0x 34.0x

18.0x 30.0x

16.0x 26.0x

14.0x 22.0x

12.0x 18.0x

10.0x 14.0x

8.0x 10.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 18 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Communications Services

General Information Ratio Analysis

1&1 Drillisch AG 29.36 52.80 24.10 55.6% 121.8% 0.0 45.8 5,175.1 5,129.4 nm 3.2% nm 8.6% 20.9% 2.2% nm nm 33.3x 9.6% freenet AG 17.34 25.69 16.19 67.5% 107.1% 2,336.8 227.4 2,220.6 4,346.7 -2.1% -0.5% 4.4% 5.7% 15.3% 11.1% 4.8x 6.9x 6.0x 16.2% NFON AG 11.35 15.30 8.25 74.2% 137.6% 10.5 31.5 159.9 138.9 27.1% 37.9% nm nm -10.2% 3.1% nm nm nm na QSC AG 1.38 1.78 1.19 77.5% 115.8% 223.8 49.1 169.1 342.9 -3.0% -0.9% 2.2% 17.0% 14.3% 0.0% 3.4x 8.0x 5.0x 4.6% Telefónica Deutschland Holding AG 2.43 3.98 2.39 61.1% 102.0% 4,720.0 776.0 7,237.1 11,181.1 -2.3% -0.9% 4.8% 8.4% 28.1% 0.4% 1.9x 37.4x 4.3x na United Internet AG 28.96 50.28 28.32 57.6% 102.3% 2,161.6 131.7 5,800.6 8,082.0 11.4% 4.0% 15.5% 10.7% 25.0% 3.6% 1.5x 36.6x 12.0x 10.2% Min 159.9 138.9 -3.0% -0.9% 2.2% 5.7% -10.2% 0.0% 1.5x 6.9x 4.3x 4.6% Max 7,237.1 11,181.1 27.1% 37.9% 15.5% 17.0% 28.1% 11.1% 4.8x 37.4x 33.3x 16.2% Median 3,697.9 4,738.1 -2.1% 1.3% 4.6% 8.6% 18.1% 2.6% 2.7x 22.3x 6.0x 9.9% Mean 3,460.4 4,870.2 6.2% 7.1% 6.7% 10.1% 15.6% 3.4% 2.9x 22.3x 12.1x 10.2%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA 1&1 Drillisch AG 1.4x 1.4x 1.3x 1.3x 7.4x 6.5x 6.1x 5.8x 9.1x 8.0x 7.7x 7.2x 12.7x 12.3x 11.8x 10.9x 1.2x freenet AG 1.5x 1.5x 1.5x 1.5x 12.0x 9.9x 9.8x 10.1x 15.3x 15.0x 14.7x 14.6x 10.0x 9.9x 9.6x 9.4x 1.6x NFON AG 3.2x 2.3x 1.6x 1.2x nm nm nm 35.9x nm nm nm nm nm nm nm nm 3.6x QSC AG 0.9x 1.0x 1.0x 1.0x 10.4x 6.7x 6.6x 6.5x 40.9x 35.4x 29.2x 26.0x 48.1x 40.8x 26.8x 21.1x 1.9x Telefónica Deutschland Holding AG 1.5x 1.5x 1.5x 1.5x 6.6x 5.5x 5.4x 5.2x nm nm nm nm nm nm nm 76.3x 1.0x United Internet AG 1.6x 1.5x 1.4x 1.4x 7.0x 6.0x 5.5x 5.2x 9.9x 8.9x 7.9x 7.5x 30.7x 12.3x 11.1x 10.5x 1.3x

Min 0.9x 1.0x 1.0x 1.0x 6.6x 5.5x 5.4x 5.2x 9.1x 8.0x 7.7x 7.2x 10.0x 9.9x 9.6x 9.4x 1.0x Max 3.2x 2.3x 1.6x 1.5x 12.0x 9.9x 9.8x 35.9x 40.9x 35.4x 29.2x 26.0x 48.1x 40.8x 26.8x 76.3x 3.6x Median 1.5x 1.5x 1.5x 1.3x 7.4x 6.5x 6.1x 6.1x 12.6x 11.9x 11.3x 11.1x 21.7x 12.3x 11.4x 10.9x 1.4x Mean 1.7x 1.5x 1.4x 1.3x 8.7x 6.9x 6.7x 11.4x 18.8x 16.8x 14.9x 13.8x 25.4x 18.8x 14.8x 25.7x 1.7x

Note: For multiple and ratio definitions, please refer to appendix 19 Source: S&P Capital IQ as of July 01, 2019 Communications Services – Historic Multiples

EV / Sales EV / EBITDA

2.5x 15.0x

14.0x 2.2x 13.0x 1.9x 12.0x

1.6x 11.0x

10.0x 1.3x 9.0x 1.0x 8.0x

0.7x 7.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

28.0x 42.0x

26.0x 39.0x 24.0x 36.0x 22.0x 33.0x 20.0x 30.0x 18.0x 27.0x 16.0x 24.0x 14.0x

12.0x 21.0x

10.0x 18.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 20 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Construction Products / Services

General Information Ratio Analysis

A.S. Création Tapeten AG 13.90 18.30 10.00 76.0% 139.0% 16.7 12.5 38.3 42.5 -6.9% 4.7% -34.4% 46.0% 6.2% 2.0% 0.5x 7.8x 11.5x 14.0% BAUER AG 24.20 24.25 11.88 99.8% 203.7% 667.9 48.0 415.4 1,040.5 4.5% 1.3% 31.4% 7.5% 12.5% 4.7% 3.1x 4.6x 2.8x 8.2% Bilfinger SE 28.14 44.96 24.50 62.6% 114.9% 737.0 485.0 1,133.2 1,372.2 -6.0% 3.7% 62.5% 61.1% 4.6% 2.6% 1.3x nm 32.8x 4.9% Einhell Germany AG 70.00 101.00 53.00 69.3% 132.1% 89.1 16.9 264.2 338.6 9.2% 5.1% 33.7% 9.2% 8.5% 2.7% 1.4x 28.7x nm 12.7% HOCHTIEF AG 105.00 159.10 104.90 66.0% 100.1% 3,480.9 3,608.1 7,414.2 7,849.6 4.2% 4.5% 7.2% 11.1% 6.6% 0.0% nm 7.6x 5.4x 25.0% Uzin Utz AG 50.50 65.00 44.20 77.7% 114.3% 82.9 27.5 254.7 312.1 10.9% 5.6% 8.4% 18.2% 11.4% 0.0% 1.3x 26.8x 16.7x na Wacker Neuson SE 22.00 27.00 16.18 81.5% 136.0% 460.1 42.8 1,543.1 1,960.4 7.5% 6.2% 5.3% 21.1% 14.1% 4.4% 1.6x 21.0x nm 9.8% Min 38.3 42.5 -6.9% 1.3% -34.4% 7.5% 4.6% 0.0% 0.5x 4.6x 2.8x 4.9% Max 7,414.2 7,849.6 10.9% 6.2% 62.5% 61.1% 14.1% 4.7% 3.1x 28.7x 32.8x 25.0% Median 415.4 1,040.5 4.5% 4.7% 8.4% 18.2% 8.5% 2.6% 1.4x 14.4x 11.5x 11.2% Mean 1,580.5 1,845.1 3.3% 4.4% 16.3% 24.9% 9.1% 2.4% 1.5x 16.1x 13.9x 12.4%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA A.S. Création Tapeten AG 0.3x 0.3x 0.3x 0.3x 9.3x 4.9x 3.6x 3.0x nm 21.3x 8.5x 5.7x nm 3.8x 13.7x 8.7x 0.5x BAUER AG 0.7x 0.7x 0.6x 0.6x 6.0x 5.3x 4.9x 4.8x 10.6x 10.5x 9.8x 9.5x 18.4x 11.9x 10.3x 9.9x 1.0x Bilfinger SE 0.3x 0.3x 0.3x 0.3x 21.6x 6.8x 5.4x 5.2x nm 11.9x 7.9x 7.4x nm 19.3x 11.0x 9.4x 0.9x Einhell Germany AG 0.6x 0.6x 0.5x 0.5x 7.8x 6.6x 6.4x 6.0x 8.8x 8.0x 7.8x 7.4x 10.1x 9.8x 9.6x 9.0x 1.2x HOCHTIEF AG 0.3x 0.3x 0.3x 0.3x 6.4x 4.6x 5.0x 4.7x 9.5x 7.1x 6.8x 6.4x 13.7x 11.5x 10.8x 10.2x 2.9x Uzin Utz AG 0.9x 0.8x 0.8x 0.8x 9.6x 7.4x 6.4x 5.8x 13.9x 10.9x 8.9x 7.9x 18.8x na na na 1.6x Wacker Neuson SE 1.1x 1.1x 1.0x 1.0x 11.0x 7.6x 6.9x 6.2x 13.3x 10.9x 9.7x 8.7x 10.7x 12.7x 11.1x 9.8x 1.2x

Min 0.3x 0.3x 0.3x 0.3x 6.0x 4.6x 3.6x 3.0x 8.8x 7.1x 6.8x 5.7x 10.1x 3.8x 9.6x 8.7x 0.5x Max 1.1x 1.1x 1.0x 1.0x 21.6x 7.6x 6.9x 6.2x 13.9x 21.3x 9.8x 9.5x 18.8x 19.3x 13.7x 10.2x 2.9x Median 0.6x 0.6x 0.5x 0.5x 9.3x 6.6x 5.4x 5.2x 10.6x 10.9x 8.5x 7.4x 13.7x 11.7x 10.9x 9.6x 1.2x Mean 0.6x 0.6x 0.6x 0.5x 10.2x 6.2x 5.5x 5.1x 11.2x 11.5x 8.5x 7.6x 14.3x 11.5x 11.1x 9.5x 1.3x

Note: For multiple and ratio definitions, please refer to appendix 21 Source: S&P Capital IQ as of July 01, 2019 Construction Products / Services – Historic Multiples

EV / Sales EV / EBITDA

1.8x 13.0x

1.6x 12.0x

1.4x 11.0x 1.2x 10.0x 1.0x 9.0x 0.8x

0.6x 8.0x

0.4x 7.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

23.0x 36.0x

21.0x 32.0x 19.0x

28.0x 17.0x

15.0x 24.0x

13.0x 20.0x 11.0x

9.0x 16.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 22 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Consumer Products / Services (1/2)

General Information Ratio Analysis

Share Price in % of Financial Cash & Enterprise EBITDA Dividend Leverage Interest Price/ Market Cap Sales CAGR EBITDA CAGR RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Price high low high low (€m) (€m) (€m) (€m) '15a-'18a '18a-21e '15a-'18a '18a-'21e 2019e LFYA 2019e 2018a 2018a 2019e Adler Modemärkte AG 3.11 4.34 2.92 71.7% 106.5% 267.9 26.2 57.6 299.3 -3.6% -1.1% -11.6% 59.4% 13.2% 7.6% 3.7x 4.2x 5.8x na Ahlers AG 2.94 4.46 2.65 65.9% 110.9% 20.1 4.6 40.2 55.7 -2.7% nm nm nm 1.8% 0.0% 4.1x nm 4.2x na Berentzen-Gruppe AG 6.34 7.82 5.99 81.1% 105.8% 8.2 15.8 59.6 52.0 0.8% 2.3% 3.5% nm 10.5% 2.3% nm 9.2x 10.7x 12.7% Bijou Brigitte modische Accessoires AG 39.70 45.90 32.80 86.5% 121.0% 0.0 137.1 310.0 172.9 -0.9% 0.7% -5.1% -1.0% 13.0% 1.2% nm nm 10.3x 8.1% Ceconomy AG 5.44 8.03 2.91 67.7% 186.9% 445.0 1,434.0 1,953.0 978.0 -23.9% 1.1% -24.1% nm 3.1% 3.0% nm 20.3x 3.0x 11.6% CEWE Stiftung & Co. KGaA 85.70 87.50 59.50 97.9% 144.0% 69.6 15.9 615.6 669.4 5.7% 3.5% 9.1% 6.1% 14.8% 0.0% 0.5x 83.1x 7.8x 14.9% Dierig Holding AG 17.10 19.20 13.90 89.1% 123.0% 48.6 7.7 70.2 111.3 -8.7% nm -7.9% nm na 0.0% na 6.2x 11.0x na Fielmann AG 63.85 64.25 48.18 99.4% 132.5% 381.2 308.0 5,362.6 5,436.0 3.2% 4.5% 1.2% 7.4% 21.4% 3.7% 0.2x nm 26.1x 23.2% Gigaset AG 0.38 0.69 0.19 55.2% 200.5% 18.0 25.8 53.4 45.6 -3.2% -0.1% 51.7% nm 8.4% 3.0% nm 12.4x nm 29.2% HanseYachts AG 5.85 9.35 5.45 62.6% 107.3% 26.5 3.9 64.9 87.5 10.8% nm 41.2% nm 8.8% 4.6% 1.6x 3.6x 29.7x na Hawesko Holding AG 35.50 53.50 33.60 66.4% 105.7% 147.0 16.7 318.9 452.5 3.2% 4.7% 0.8% 16.3% 6.9% 5.1% 3.3x 53.9x 12.2x 18.5% Hornbach Holding AG & Co. KGaA 50.30 62.60 40.50 80.4% 124.2% 810.3 391.1 804.8 1,486.6 5.1% 4.1% 1.5% 13.2% 6.3% 0.0% 1.5x 10.6x 4.9x 4.6% Hugo Boss AG 58.64 80.80 51.54 72.6% 113.8% 1,249.0 123.0 4,047.1 5,173.1 -0.2% 4.7% -7.6% 10.9% 17.6% 4.4% 2.2x 86.7x 12.6x 23.8% Leifheit AG 20.75 23.90 14.78 86.8% 140.4% 0.0 50.0 197.3 147.3 0.3% 3.3% -5.5% 9.8% 7.4% 0.6% nm nm 19.4x 6.0% LUDWIG BECK AG 29.00 30.60 24.60 94.8% 117.9% 195.2 1.3 107.2 301.1 1.5% -13.0% -15.5% 45.4% 10.1% 3.2% 17.1x 8.1x 24.8x na Metro AG 16.00 20.00 10.04 80.0% 159.4% 4,432.0 1,490.0 5,836.8 8,810.8 nm 1.9% nm 4.9% 4.7% 3.0% 2.1x 8.0x 6.6x 16.0% PUMA SE 58.55 58.60 39.60 99.9% 147.9% 1,112.3 420.4 8,754.1 9,446.0 11.1% 10.7% 39.8% 24.5% 11.4% 0.0% 1.2x 22.0x 31.5x 13.6% Schloss Wachenheim AG 15.85 20.80 15.65 76.2% 101.3% 47.3 12.8 126.3 196.3 5.2% 2.5% 7.0% nm 9.8% 0.0% 1.0x 44.7x 10.1x 5.8% Südzucker AG 14.87 14.89 10.87 99.9% 136.9% 1,627.5 519.2 3,035.6 5,032.5 1.9% 1.7% -0.8% 17.1% 5.9% 4.1% 2.8x 16.6x 11.3x na TOM TAILOR Holding SE 2.30 7.23 1.92 31.8% 119.9% 182.6 21.3 101.3 267.3 nm nm nm nm 7.6% 0.0% 2.5x na nm 5.5% Vapiano SE 6.08 20.30 5.07 30.0% 119.9% 491.0 27.4 158.5 632.5 22.4% 8.8% nm nm 8.6% 1.1% 13.0x nm nm na Villeroy & Boch AG 14.50 18.24 11.90 79.5% 121.8% 100.6 31.5 382.9 457.1 2.0% 2.9% 4.6% 3.5% 9.1% 1.3% 0.9x 11.9x nm 16.9% Min 40.2 45.6 -23.9% -13.0% -24.1% -1.0% 1.8% 0.0% 0.2x 3.6x 3.0x 4.6% Max 8,754.1 9,446.0 22.4% 10.7% 51.7% 59.4% 21.4% 7.6% 17.1x 86.7x 31.5x 29.2% Median 253.7 376.8 1.7% 2.7% 1.0% 10.9% 8.8% 1.8% 2.1x 12.1x 10.8x 13.6% Mean 1,475.3 1,832.3 1.5% 2.4% 4.6% 16.7% 9.5% 2.2% 3.6x 25.1x 13.4x 14.0%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 23 Source: S&P Capital IQ as of July 01, 2019 Consumer Products / Services (2/2)

Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA Adler Modemärkte AG 0.6x 0.6x 0.6x 0.6x 14.8x 4.6x 4.0x 3.7x 48.4x 17.9x 11.0x 8.2x nm nm 6.9x 4.0x 1.3x Ahlers AG 0.2x 0.3x 0.3x na nm 14.7x 8.2x na nm nm 29.3x na nm nm 44.7x na 0.4x Berentzen-Gruppe AG 0.3x 0.3x 0.3x 0.3x 3.7x 2.9x 2.9x na 8.0x 5.1x 5.0x 4.9x 11.5x 9.9x 9.5x na 1.3x Bijou Brigitte modische Accessoires AG 0.5x 0.5x 0.5x 0.5x 3.9x 4.1x 4.1x 4.0x 5.3x 6.0x 6.0x 5.9x 14.4x 16.3x 15.5x 15.5x 1.3x Ceconomy AG 0.0x 0.0x 0.0x 0.0x 1.7x 1.4x 1.4x na 2.7x 2.4x 2.1x 2.1x nm 20.8x 8.7x na 2.4x CEWE Stiftung & Co. KGaA 1.0x 1.0x 0.9x 0.9x 7.4x 6.6x 6.3x 6.2x 12.1x 11.8x 11.0x 10.6x 17.0x 16.2x 15.2x 14.4x 2.4x Dierig Holding AG 1.9x na na na 15.8x na na na 24.8x na na na 22.9x na na na 1.8x Fielmann AG 3.8x 3.6x 3.5x 3.3x 18.8x 17.0x 16.4x 15.2x 22.0x 21.0x 20.1x 19.2x 31.8x 30.7x 29.2x 27.0x 7.1x Gigaset AG 0.2x 0.2x 0.2x 0.2x 3.0x 1.9x 1.8x na 5.0x 6.9x 5.3x 4.5x 15.7x 11.0x 8.5x na 3.2x HanseYachts AG 0.6x 0.5x 0.5x na 12.5x 6.2x 4.9x na 46.8x 11.4x 7.9x na nm 9.9x 7.1x na 5.8x Hawesko Holding AG 0.9x 0.8x 0.8x 0.8x 14.0x 11.4x 9.7x 8.9x 17.3x 14.7x 13.2x 12.9x 14.5x 16.1x 14.2x 13.2x 3.0x Hornbach Holding AG & Co. KGaA 0.3x 0.3x 0.3x 0.3x 6.2x 5.2x 4.8x 4.3x 10.9x 9.8x 9.0x 8.5x 11.4x 11.2x 9.9x 9.4x 0.5x Hugo Boss AG 1.9x 1.8x 1.7x 1.6x 11.4x 10.0x 9.0x 8.4x 14.4x 13.8x 12.6x 11.5x 17.1x 15.5x 13.9x 12.7x 3.7x Leifheit AG 0.6x 0.6x 0.6x 0.6x 7.5x 8.2x 6.4x 5.7x 11.3x 14.9x 9.4x 8.0x 23.5x 32.2x 19.3x 16.5x 1.9x LUDWIG BECK AG 2.1x 2.7x 3.2x 3.3x nm 26.6x 16.2x 13.5x nm nm 31.0x 25.6x nm nm 22.8x 18.2x 1.5x Metro AG 0.3x 0.3x 0.3x 0.3x 7.5x 6.2x 6.5x 6.5x 13.9x 10.7x 11.7x 11.5x 18.6x 13.8x 14.8x 14.7x 2.2x PUMA SE 2.0x 1.8x 1.6x 1.5x 22.6x 15.8x 13.5x 11.7x 28.1x 22.1x 18.5x 15.7x 46.7x 35.4x 29.0x 24.3x 4.8x Schloss Wachenheim AG 0.6x 0.6x 0.6x 0.5x 6.1x 5.9x 5.7x na 8.5x 8.2x 7.9x na 11.4x 11.0x 10.4x na 0.6x Südzucker AG 0.7x 0.8x 0.7x 0.7x 10.5x 12.7x 8.0x 6.5x 30.9x nm 18.0x 11.9x 56.0x nm 22.8x 12.2x 0.8x TOM TAILOR Holding SE na 0.3x 0.3x 0.3x na 4.2x 3.8x 3.7x na 8.6x 6.7x 5.9x na 8.1x 4.6x 4.4x 0.4x Vapiano SE 1.7x 1.5x 1.4x 1.3x nm 17.8x 12.7x 10.5x nm nm nm na nm nm nm nm 4.5x Villeroy & Boch AG 0.5x 0.5x 0.5x 0.5x 6.2x 5.7x 5.4x 5.6x 9.1x 8.2x 7.7x 7.4x 11.4x 10.7x 9.8x 9.6x 1.8x

Min 0.0x 0.0x 0.0x 0.0x 1.7x 1.4x 1.4x 3.7x 2.7x 2.4x 2.1x 2.1x 11.4x 8.1x 4.6x 4.0x 0.4x Max 3.8x 3.6x 3.5x 3.3x 22.6x 26.6x 16.4x 15.2x 48.4x 22.1x 31.0x 25.6x 56.0x 35.4x 44.7x 27.0x 7.1x Median 0.6x 0.6x 0.6x 0.6x 7.5x 6.2x 6.3x 6.5x 13.0x 10.7x 10.2x 8.5x 17.0x 14.6x 14.0x 13.8x 1.9x Mean 1.0x 0.9x 0.9x 0.9x 9.7x 9.0x 7.2x 7.6x 17.8x 11.4x 12.2x 10.3x 21.6x 16.8x 15.8x 14.0x 2.4x

Note: For multiple and ratio definitions, please refer to appendix 24 Source: S&P Capital IQ as of July 01, 2019 Consumer Products / Services – Historic Multiples

EV / Sales EV / EBITDA

1.8x 13.0x

1.6x 12.0x

1.4x 11.0x

1.2x 10.0x

1.0x 9.0x

0.8x 8.0x

0.6x 7.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

20.0x 38.0x

35.0x 18.0x 32.0x 16.0x 29.0x

14.0x 26.0x

23.0x 12.0x 20.0x 10.0x 17.0x

8.0x 14.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 25 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Hightech / Advanced Machinery (1/2)

General Information Ratio Analysis

Share Price in % of Financial Cash & Enterprise EBITDA Dividend Leverage Interest Price/ Market Cap Sales CAGR EBITDA CAGR RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Price high low high low (€m) (€m) (€m) (€m) '15a-'18a '18a-21e '15a-'18a '18a-'21e 2019e LFYA 2019e 2018a 2018a 2019e AIXTRON SE 8.40 13.40 7.61 62.7% 110.3% 0.0 247.9 939.5 692.6 10.8% 8.3% nm 13.8% 17.9% 0.9% nm nm nm 7.7% Basler AG 50.30 65.80 40.27 76.4% 124.9% 38.0 49.5 500.4 488.9 20.6% 14.3% 51.6% 8.1% 17.8% 0.4% nm nm 18.6x 12.7% Dr. Hönle AG 59.30 88.80 41.80 66.8% 141.9% 12.1 15.3 326.9 323.9 10.9% 4.4% 28.5% nm 22.9% 0.0% nm nm 11.9x 18.6% Francotyp-Postalia Holding AG 3.50 4.11 2.94 85.2% 119.0% 44.3 27.3 56.6 73.6 1.8% 4.7% -4.2% 28.7% 12.9% 0.0% 0.6x 20.2x 2.3x 10.8% Isra Vision AG 39.00 61.00 22.30 63.9% 174.9% 39.5 47.1 858.3 852.6 10.8% 11.5% 17.5% 21.8% 32.1% 1.4% nm nm 32.8x 12.9% LPKF Laser & Electronics AG 7.50 8.98 5.12 83.5% 146.5% 21.3 14.4 186.2 193.0 9.7% 7.0% nm 33.3% 16.9% 0.0% 0.3x 16.0x 16.0x 12.3% Manz AG 22.40 38.10 19.42 58.8% 115.3% 80.6 36.9 181.6 225.7 8.5% 11.3% nm 144.9% 7.5% 0.0% 1.7x 1.8x 11.6x 3.8% MTU Aero Engines AG 209.60 210.40 156.00 99.6% 134.4% 0.0 208.0 10,817.4 10,609.4 1.0% 6.2% 13.7% 13.2% 18.8% 0.0% nm 88.6x 18.2x 21.9% PVA TePla AG 13.26 18.30 9.62 72.5% 137.8% 0.0 53.1 293.6 240.5 10.6% 25.3% 66.1% 27.1% 12.7% 1.5% nm 49.2x 24.7x 18.9% Singulus Technologies AG 8.25 15.62 7.96 52.8% 103.6% 28.0 9.9 73.4 91.5 15.2% 17.4% nm 46.7% 9.1% 0.0% 1.3x 9.5x 29.4x 28.4% SLM Solutions Group AG 12.22 32.50 5.90 37.6% 207.1% 68.9 38.1 241.7 272.5 2.2% 20.9% nm nm 0.8% 3.4% 48.0x nm nm na Stemmer Imaging AG 32.90 52.14 23.50 63.1% 140.0% 0.1 42.3 213.9 171.6 nm 14.8% nm 33.1% 10.6% 3.9% nm nm nm 11.2% SÜSS MicroTec SE 9.37 14.98 7.97 62.6% 117.6% 4.4 14.0 179.5 169.9 11.1% 7.5% 23.5% nm 9.2% 5.7% nm nm nm 7.1% Viscom AG 13.42 23.00 12.96 58.3% 103.5% 4.9 8.2 119.2 116.0 10.5% 6.8% 1.8% 18.1% 13.3% 3.7% nm nm nm 11.9% Min 56.6 73.6 1.0% 4.4% -4.2% 8.1% 0.8% 0.0% 0.3x 1.8x 2.3x 3.8% Max 10,817.4 10,609.4 20.6% 25.3% 66.1% 144.9% 32.1% 5.7% 48.0x 88.6x 32.8x 28.4% Median 227.8 233.1 10.6% 9.8% 20.5% 27.1% 13.1% 0.6% 1.3x 18.1x 18.2x 12.3% Mean 1,070.6 1,037.3 9.5% 11.5% 24.8% 35.3% 14.5% 1.5% 10.4x 30.9x 18.4x 13.7%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 26 Source: S&P Capital IQ as of July 01, 2019 Hightech / Advanced Machinery (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA AIXTRON SE 2.6x 2.5x 2.3x 2.0x 13.4x 13.9x 11.4x 9.1x 15.9x 18.7x 14.0x 10.6x 20.5x 27.5x 23.6x 18.6x 2.1x Basler AG 3.3x 2.9x 2.5x 2.2x 13.7x 16.1x 13.1x 10.9x 19.3x 27.2x 20.7x 17.2x 29.4x 40.1x 30.1x 24.1x 5.1x Dr. Hönle AG 2.5x 2.7x 2.4x 2.2x 9.9x 11.9x 8.9x na 10.9x 13.5x 9.9x 9.1x 15.5x 19.8x 14.5x na 3.7x Francotyp-Postalia Holding AG 0.3x 0.3x 0.3x 0.3x 3.8x 2.6x 2.0x 1.8x 11.5x 12.7x 4.1x 3.6x 63.2x 14.7x 5.2x 4.5x 1.6x Isra Vision AG 5.5x 4.9x 4.4x 4.0x 22.9x 15.4x 14.1x 12.6x 25.9x 22.5x 19.9x 17.1x 36.1x 32.6x 29.0x 26.0x 4.2x LPKF Laser & Electronics AG 1.5x 1.5x 1.4x 1.3x 14.6x 8.6x 7.1x 6.1x 20.5x 13.6x 10.3x 8.5x 23.2x 18.3x 14.0x 11.5x 2.2x Manz AG 0.7x 0.7x 0.6x 0.5x nm 8.8x 6.0x 5.3x nm 17.4x 9.2x 7.3x nm 32.1x 9.9x 7.2x 1.2x MTU Aero Engines AG 2.3x 2.2x 2.1x 1.9x 14.4x 11.7x 10.7x 10.0x 17.3x 14.7x 13.3x 12.2x 24.2x 21.9x 19.6x 17.9x 4.8x PVA TePla AG 2.5x 1.9x 1.5x 1.3x 19.6x 15.0x 10.6x 9.6x 25.5x 18.4x 12.1x 11.0x 49.2x 30.0x 20.3x 19.1x 5.7x Singulus Technologies AG 0.7x 0.6x 0.5x 0.4x 12.0x 6.7x 4.6x 3.8x 14.5x 9.0x 5.5x 4.5x 91.7x 12.9x 6.0x na 3.7x SLM Solutions Group AG 3.6x 3.5x 2.6x 2.1x nm nm 33.5x 13.9x nm nm nm 19.7x nm nm nm 54.0x 2.9x Stemmer Imaging AG 1.6x 1.4x 1.2x 1.1x 19.8x 13.5x 10.0x 8.4x 26.0x 17.7x 12.7x 9.7x nm 27.1x 19.0x 16.1x 3.0x SÜSS MicroTec SE 0.8x 0.8x 0.8x 0.7x 10.4x 9.0x 6.1x na 14.7x 11.4x 7.2x 6.2x 37.5x 17.7x 10.3x na 1.3x Viscom AG 1.2x 1.2x 1.1x 1.0x 10.8x 9.2x 7.7x 6.6x 11.7x 11.1x 9.2x 7.7x 15.3x 16.7x 14.4x 12.9x 2.0x

Min 0.3x 0.3x 0.3x 0.3x 3.8x 2.6x 2.0x 1.8x 10.9x 9.0x 4.1x 3.6x 15.3x 12.9x 5.2x 4.5x 1.2x Max 5.5x 4.9x 4.4x 4.0x 22.9x 16.1x 33.5x 13.9x 26.0x 27.2x 20.7x 19.7x 91.7x 40.1x 30.1x 54.0x 5.7x Median 2.0x 1.7x 1.4x 1.3x 13.5x 11.7x 9.4x 8.7x 16.6x 14.7x 10.3x 9.4x 29.4x 21.9x 14.5x 17.9x 2.9x Mean 2.1x 1.9x 1.7x 1.5x 13.8x 11.0x 10.4x 8.2x 17.8x 16.0x 11.4x 10.3x 36.9x 24.0x 16.6x 19.3x 3.1x

Note: For multiple and ratio definitions, please refer to appendix 27 Source: S&P Capital IQ as of July 01, 2019 Hightech / Advanced Machinery – Historic Multiples

EV / Sales EV / EBITDA

3.5x 23.0x

21.0x 3.0x 19.0x 2.5x 17.0x

2.0x 15.0x

13.0x 1.5x 11.0x 1.0x 9.0x

0.5x 7.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

26.0x 37.0x

23.0x 34.0x

31.0x 20.0x 28.0x 17.0x 25.0x 14.0x 22.0x

11.0x 19.0x

8.0x 16.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 28 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Industrial / Business Services

General Information Ratio Analysis

Amadeus FiRe AG 118.40 126.20 79.80 93.8% 148.4% 0.0 46.6 622.7 576.9 6.6% 7.7% 9.5% 14.4% 22.5% 2.8% nm nm 23.4x 48.1% Klöckner & Co SE 5.26 10.55 4.62 49.9% 113.9% 866.9 107.8 525.2 1,290.9 1.8% 0.2% 46.0% 4.5% 2.9% 4.4% 3.8x 6.4x 8.7x 3.1% Muehlhan AG 2.70 3.12 2.32 86.5% 116.4% 33.3 10.5 54.0 79.6 3.9% 2.7% 16.1% 2.6% 6.9% 1.1% 1.2x 11.0x 4.6x 7.8% Nordwest Handel AG 24.60 30.00 20.20 82.0% 121.8% 12.6 17.2 78.8 74.3 7.3% nm 32.6% nm na 3.3% nm 13.3x 26.5x na TAKKT AG 12.60 16.64 12.20 75.7% 103.3% 190.6 3.7 839.8 1,026.7 3.6% 2.6% -0.4% 7.4% 13.7% 3.4% 1.1x 30.2x 8.3x 13.1% Min 54.0 74.3 1.8% 0.2% -0.4% 2.6% 2.9% 1.1% 1.1x 6.4x 4.6x 3.1% Max 839.8 1,290.9 7.3% 7.7% 46.0% 14.4% 22.5% 4.4% 3.8x 30.2x 26.5x 48.1% Median 525.2 576.9 3.9% 2.6% 16.1% 6.0% 10.3% 3.3% 1.2x 12.1x 8.7x 10.4% Mean 424.1 609.7 4.6% 3.3% 20.8% 7.2% 11.5% 3.0% 2.0x 15.2x 14.3x 18.0%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA Amadeus FiRe AG 2.8x 2.6x 2.5x 2.2x 15.0x 11.7x 12.3x 10.0x 15.4x 13.4x 13.3x 12.6x 25.7x 22.7x 22.5x 19.0x 10.9x Klöckner & Co SE 0.2x 0.2x 0.2x 0.2x 6.5x 6.5x 5.8x 5.7x 10.5x 16.6x 13.5x 13.4x 7.7x 13.4x 12.5x 12.2x 0.4x Muehlhan AG 0.3x 0.3x 0.3x 0.3x 4.2x 4.1x 4.0x 3.9x 7.6x 7.4x 7.2x 7.0x 10.8x 10.2x 9.7x 9.8x 0.8x Nordwest Handel AG 0.2x na na na 7.3x na na na 8.4x na na na 11.4x na na na 1.1x TAKKT AG 0.9x 0.8x 0.8x 0.8x 7.2x 6.1x 6.1x 5.8x 8.6x 8.0x 7.9x 7.5x 9.5x 9.9x 9.6x 9.2x 1.3x

Min 0.2x 0.2x 0.2x 0.2x 4.2x 4.1x 4.0x 3.9x 7.6x 7.4x 7.2x 7.0x 7.7x 9.9x 9.6x 9.2x 0.4x Max 2.8x 2.6x 2.5x 2.2x 15.0x 11.7x 12.3x 10.0x 15.4x 16.6x 13.5x 13.4x 25.7x 22.7x 22.5x 19.0x 10.9x Median 0.3x 0.6x 0.6x 0.5x 7.2x 6.3x 5.9x 5.8x 8.6x 10.7x 10.6x 10.1x 10.8x 11.8x 11.1x 11.0x 1.1x Mean 0.9x 1.0x 0.9x 0.9x 8.0x 7.1x 7.0x 6.4x 10.1x 11.3x 10.5x 10.1x 13.0x 14.0x 13.6x 12.5x 2.9x

Note: For multiple and ratio definitions, please refer to appendix 29 Source: S&P Capital IQ as of July 01, 2019 Industrial / Business Services – Historic Multiples

EV / Sales EV / EBITDA

1.7x 13.0x

1.6x 12.0x 1.5x

1.4x 11.0x

1.3x 10.0x 1.2x

1.1x 9.0x

1.0x 8.0x 0.9x

0.8x 7.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

20.0x 30.0x

18.0x 27.0x

16.0x 24.0x 14.0x 21.0x 12.0x 18.0x 10.0x

8.0x 15.0x

6.0x 12.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 30 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Industrial Machinery (1/2)

General Information Ratio Analysis

Aumann AG 18.96 66.60 17.46 28.5% 108.6% 24.3 93.5 289.1 219.9 46.5% 5.5% 47.0% 9.3% 11.5% 0.0% nm 24.5x 15.9x 9.8% Dürr AG 29.92 43.00 27.16 69.6% 110.2% 598.1 642.3 2,070.5 2,041.8 0.9% 3.1% -0.1% 8.0% 9.1% 1.9% nm 12.3x 12.8x 16.7% GEA Group AG 24.83 34.36 19.10 72.3% 130.0% 568.7 464.9 4,481.6 4,586.0 1.6% 1.6% -10.0% 19.3% 9.9% 2.2% 0.2x 39.1x 17.1x 6.6% Heidelberger Druckmaschinen AG 1.40 2.63 1.25 53.3% 112.0% 465.0 215.0 427.3 677.3 -1.4% 2.1% -5.3% 12.0% 7.3% 2.8% 1.4x 3.5x nm 5.6% Jungheinrich AG 27.00 35.00 21.50 77.1% 125.6% 2,133.0 515.1 2,754.0 4,371.9 11.3% 4.8% 9.6% 27.2% 15.7% 2.4% 2.6x 31.4x 12.6x 14.4% KION GROUP AG 55.36 65.30 41.08 84.8% 134.8% 3,116.5 243.6 6,546.9 9,423.2 16.2% 4.6% 21.8% 9.0% 18.9% 1.0% 1.8x 11.4x 8.5x 13.1% Koenig & Bauer AG 35.88 67.45 33.86 53.2% 106.0% 64.3 97.9 592.9 560.5 6.1% 3.6% 37.1% 10.0% 8.7% 0.0% nm 39.4x 8.9x 13.0% Krones AG 70.60 118.70 64.15 59.5% 110.1% 289.4 157.4 2,241.5 2,373.5 6.7% 3.8% -0.6% 13.6% 8.8% 0.3% 0.4x 76.8x 7.1x 11.4% KSB SE & Co. KGaA 296.00 374.00 261.00 79.1% 113.4% 78.2 255.5 525.3 515.5 -1.2% 4.1% -9.8% 24.0% 7.7% 2.0% nm 26.4x 8.4x 4.4% MAX Automation SE 4.65 6.70 4.37 69.4% 106.4% 92.2 23.2 137.0 201.3 -10.3% 7.3% -15.8% 16.0% 8.6% 0.0% 2.7x 7.3x 6.7x 11.8% Maschinenfabrik Berthold Hermle AG 316.00 417.00 265.00 75.8% 119.2% 0.0 135.1 1,580.0 1,444.9 8.2% nm 9.9% nm na 0.0% nm nm 16.9x na Ringmetall AG 3.04 4.58 2.57 66.4% 118.3% 17.4 5.9 88.4 100.8 18.3% 7.1% 17.6% 21.2% 10.3% 4.1% 0.9x 15.3x 10.7x 13.5% Schaltbau Holding AG 27.70 29.30 17.10 94.5% 162.0% 121.7 21.1 245.0 374.8 0.8% 2.4% -24.9% 34.2% 6.9% 4.1% 2.9x 2.6x nm 10.1% SMT Scharf AG 13.80 17.70 10.80 78.0% 127.8% 15.5 6.9 63.1 71.7 12.5% 4.1% 46.9% 11.0% 10.9% 8.2% 1.1x 11.9x nm 9.3% technotrans SE 21.45 41.30 20.60 51.9% 104.1% 35.2 15.9 148.2 167.5 20.8% 4.1% 25.9% 7.0% 9.2% 3.7% 1.0x 40.1x 23.5x 12.2% WashTec AG 60.20 83.10 52.90 72.4% 113.8% 50.9 12.4 805.6 844.1 8.7% 4.7% 9.8% 11.8% 15.7% 3.0% 0.5x 92.2x 21.1x 43.1% Min 63.1 71.7 -10.3% 1.6% -24.9% 7.0% 6.9% 0.0% 0.2x 2.6x 6.7x 4.4% Max 6,546.9 9,423.2 46.5% 7.3% 47.0% 34.2% 18.9% 8.2% 2.9x 92.2x 23.5x 43.1% Median 559.1 618.9 7.4% 4.1% 9.7% 12.0% 9.2% 2.1% 1.1x 24.5x 12.6x 11.8% Mean 1,437.3 1,748.4 9.1% 4.2% 10.0% 15.6% 10.6% 2.2% 1.4x 29.0x 13.1x 13.0%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 31 Source: S&P Capital IQ as of July 01, 2019 Industrial Machinery (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA Aumann AG 0.7x 0.7x 0.7x 0.6x 6.9x 6.3x 5.6x 5.3x 8.5x 7.5x 6.6x 6.6x 15.9x 14.7x 13.1x 12.6x 1.4x Dürr AG 0.5x 0.5x 0.5x 0.5x 6.2x 5.5x 5.2x 5.0x 8.0x 7.3x 6.6x 6.3x 13.2x 12.0x 10.6x 10.0x 2.0x GEA Group AG 0.9x 1.0x 0.9x 0.9x 13.7x 9.6x 8.8x 8.0x 21.2x 12.4x 12.4x 11.1x 39.5x 27.2x 22.0x 18.6x 1.8x Heidelberger Druckmaschinen AG 0.3x 0.3x 0.3x 0.3x 4.6x 3.7x 3.5x 3.2x 8.6x 7.2x 6.4x 5.8x 19.8x 19.0x 10.9x 8.1x 1.1x Jungheinrich AG 1.2x 1.1x 1.0x 1.0x 12.7x 7.0x 6.5x 6.2x 16.0x 15.1x 14.1x 13.2x 15.7x 14.0x 13.1x 11.9x 2.0x KION GROUP AG 1.2x 1.1x 1.1x 1.0x 6.9x 5.9x 5.7x 5.3x 16.0x 11.6x 11.0x 10.3x 16.4x 14.6x 13.1x 12.0x 1.9x Koenig & Bauer AG 0.5x 0.4x 0.4x 0.4x 5.5x 5.0x 4.5x 4.1x 7.6x 7.2x 5.9x 5.3x 9.3x 10.3x 7.7x 6.8x 1.3x Krones AG 0.6x 0.6x 0.6x 0.5x 8.0x 6.8x 6.1x 5.5x 11.1x 10.3x 9.1x 7.9x 14.8x 13.3x 11.8x 10.3x 1.5x KSB SE & Co. KGaA 0.2x 0.2x 0.2x 0.2x 4.2x 2.8x 2.5x 2.2x 9.1x 4.9x 4.1x 3.4x 46.5x 14.0x 11.1x 8.9x 0.6x MAX Automation SE 0.7x 0.7x 0.6x 0.6x 10.0x 7.9x 7.2x 6.4x 13.8x 11.4x 10.1x 9.5x nm 13.4x 11.2x 9.9x 1.6x Maschinenfabrik Berthold Hermle AG 3.2x na na na 12.2x na na na 13.3x na na na 18.1x na na na 6.3x Ringmetall AG 0.9x 0.8x 0.8x 0.7x 10.3x 7.9x 6.5x 5.8x 13.0x 9.7x 7.8x 6.8x 18.2x 13.5x 11.0x 9.6x 1.8x Schaltbau Holding AG 0.7x 0.7x 0.7x 0.7x 19.9x 10.7x 9.0x 8.2x 47.3x 14.6x 14.1x 12.1x nm 25.8x 22.6x 14.9x 2.6x SMT Scharf AG 1.0x 1.0x 0.9x 0.9x 10.2x 8.7x 7.8x 7.5x 13.0x 10.6x 9.4x 8.4x 13.6x 12.4x 12.0x 10.4x 1.2x technotrans SE 0.8x 0.8x 0.7x 0.7x 7.7x 8.3x 7.0x 6.3x 9.9x 12.2x 9.4x 8.1x 12.0x 15.7x 11.8x 10.8x 1.9x WashTec AG 1.9x 1.8x 1.8x 1.7x 14.0x 11.7x 10.9x 10.1x 16.6x 14.1x 12.9x 11.8x 23.7x 19.4x 17.6x 15.6x 8.4x Min 0.2x 0.2x 0.2x 0.2x 4.2x 2.8x 2.5x 2.2x 7.6x 4.9x 4.1x 3.4x 9.3x 10.3x 7.7x 6.8x 0.6x Max 3.2x 1.8x 1.8x 1.7x 19.9x 11.7x 10.9x 10.1x 47.3x 15.1x 14.1x 13.2x 46.5x 27.2x 22.6x 18.6x 8.4x Median 0.8x 0.7x 0.7x 0.7x 9.0x 7.0x 6.5x 5.8x 13.0x 10.6x 9.4x 8.1x 16.1x 14.0x 11.8x 10.4x 1.8x Mean 1.0x 0.8x 0.7x 0.7x 9.6x 7.2x 6.5x 5.9x 14.6x 10.4x 9.3x 8.4x 19.8x 16.0x 13.3x 11.4x 2.3x

Note: For multiple and ratio definitions, please refer to appendix 32 Source: S&P Capital IQ as of July 01, 2019 Industrial Machinery – Historic Multiples

EV / Sales EV / EBITDA

1.8x 14.0x

1.6x 13.0x

1.4x 12.0x

1.2x 11.0x

1.0x 10.0x

0.8x 9.0x

0.6x 8.0x

0.4x 7.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

22.0x 39.0x

36.0x 20.0x 33.0x 18.0x 30.0x

16.0x 27.0x

24.0x 14.0x 21.0x 12.0x 18.0x

10.0x 15.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 33 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Industrial Materials (1/2)

General Information Ratio Analysis

AlzChem Group AG 22.00 34.70 20.20 63.4% 108.9% 0.0 17.7 223.9 206.1 3.8% 5.8% 5.6% 24.2% 12.6% 2.8% nm 37.8x 5.8x 29.9% Aurubis AG 42.31 70.44 36.07 60.1% 117.3% 355.9 95.2 1,925.5 2,186.8 -1.8% 6.0% 4.9% nm 3.0% 4.5% 0.7x 24.6x 13.5x 6.5% BayWa AG 30.40 34.00 26.20 89.4% 116.0% 4,064.4 262.3 894.8 4,998.6 3.7% 3.3% 0.7% 14.4% 2.2% 3.0% 9.9x 3.2x nm 3.0% Brenntag AG 42.28 54.40 36.53 77.7% 115.7% 2,545.6 446.9 6,691.4 8,815.8 6.6% 3.9% 2.3% 8.4% 7.6% 0.0% 2.1x 10.1x 17.4x 13.6% Evonik Industries AG 25.60 32.70 21.49 78.3% 119.1% 4,523.0 1,193.0 11,911.4 15,338.4 3.6% -1.1% 1.2% -0.6% 16.1% 1.5% 1.5x 11.9x 7.0x 10.2% Fuchs Petrolub SE 31.40 47.05 31.25 66.7% 100.5% 25.0 222.0 4,594.0 4,398.0 7.3% 3.3% 3.7% 5.3% 15.8% 1.0% nm nm 16.3x 16.8% H&R GmbH & Co. KGaA 6.66 11.68 5.72 57.0% 116.4% 151.3 82.0 247.9 356.4 4.3% 2.4% -2.7% 8.5% 7.1% 1.7% 0.9x 9.2x 10.6x 7.4% K+S AG 16.40 22.85 14.63 71.8% 112.1% 3,632.8 498.9 3,138.0 6,273.5 -1.1% 4.4% -16.9% 22.8% 19.2% 0.0% 3.8x 4.6x 10.2x 5.1% KWS Saat SE 63.80 70.30 50.50 90.8% 126.3% 357.6 236.9 2,102.0 2,225.5 1.8% 4.9% 5.0% nm 16.8% 7.8% 0.6x 3.5x 13.6x 10.3% LANXESS AG 52.08 71.90 39.50 72.4% 131.8% 2,861.0 1,223.0 4,570.0 6,200.0 -3.1% 2.1% 5.0% 4.5% 14.0% 2.8% 1.6x 12.2x 7.8x 10.9% SGL Carbon SE 7.08 12.18 5.87 58.1% 120.6% 399.9 161.4 865.7 1,114.5 9.9% 5.8% 25.1% 23.0% 13.0% 1.1% 1.7x 4.5x 45.6x 1.6% Siltronic AG 64.40 152.30 49.48 42.3% 130.2% 46.4 755.3 1,932.0 1,259.7 16.1% -2.1% 50.5% -6.9% 32.7% 3.6% nm nm 3.0x 23.9% SIMONA AG 500.00 555.00 456.00 90.1% 109.6% 18.7 53.9 300.0 265.2 5.1% nm 11.7% nm na 2.4% nm nm 8.6x na Symrise AG 84.92 90.00 64.42 94.4% 131.8% 1,663.7 287.4 11,462.5 12,891.2 6.6% 8.5% 3.7% 12.3% 20.6% 2.5% 1.9x 19.0x 26.0x 16.6% Wacker Chemie AG 69.80 129.90 64.70 53.7% 107.9% 1,316.4 440.7 3,456.6 4,394.7 -2.0% 3.0% -6.0% 8.0% 16.4% 1.8% 1.0x 31.9x 6.8x 6.8% Min 223.9 206.1 -3.1% -2.1% -16.9% -6.9% 2.2% 0.0% 0.6x 3.2x 3.0x 1.6% Max 11,911.4 15,338.4 16.1% 8.5% 50.5% 24.2% 32.7% 7.8% 9.9x 37.8x 45.6x 29.9% Median 2,102.0 4,394.7 3.8% 3.6% 3.7% 8.5% 14.9% 2.4% 1.6x 11.0x 10.4x 10.2% Mean 3,621.0 4,728.3 4.0% 3.6% 6.2% 10.3% 14.1% 2.4% 2.3x 14.4x 13.7x 11.6%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 34 Source: S&P Capital IQ as of July 01, 2019 Industrial Materials (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA AlzChem Group AG 0.6x 0.5x 0.5x 0.5x 6.0x 4.2x 3.5x 3.2x 10.8x 6.5x 5.2x 4.5x 16.9x 11.1x 8.7x 7.6x 3.3x Aurubis AG 0.2x 0.2x 0.2x 0.2x 7.3x 5.9x 5.4x na 12.0x 9.3x 7.9x 7.5x 11.7x 11.5x 10.0x na 0.7x BayWa AG 0.3x 0.3x 0.3x 0.3x 19.6x 13.0x 13.8x 13.1x 44.2x 25.5x 23.9x 22.6x 27.7x 21.8x 15.0x 11.7x 0.7x Brenntag AG 0.7x 0.7x 0.6x 0.6x 10.5x 8.8x 8.5x 8.2x 13.0x 11.8x 11.2x 10.0x 14.5x 14.3x 13.5x 12.7x 1.9x Evonik Industries AG 1.0x 1.1x 1.1x 1.1x 6.2x 7.1x 6.7x 6.3x 9.3x 12.2x 11.1x 10.0x 12.8x 14.7x 14.1x 12.4x 1.5x Fuchs Petrolub SE 1.7x 1.7x 1.6x 1.6x 10.6x 10.6x 9.7x 9.1x 12.3x 12.7x 11.7x 10.9x 16.0x 17.9x 16.4x 15.2x 3.0x H&R GmbH & Co. KGaA 0.3x 0.3x 0.3x 0.3x 5.0x 4.4x 4.1x 3.9x 9.4x 6.7x 7.6x 6.9x 11.5x 9.1x 10.0x 9.0x 0.7x K+S AG 1.6x 1.5x 1.4x 1.4x 11.4x 7.6x 6.7x 6.1x 35.9x 14.5x 12.0x 10.3x 74.5x 13.9x 10.2x 8.6x 0.7x KWS Saat SE 2.1x 2.0x 1.9x 1.8x 12.0x 11.7x 11.2x na 16.6x 16.4x 15.4x 14.4x 21.1x 20.4x 19.5x na 2.1x LANXESS AG 0.9x 0.9x 0.8x 0.8x 6.3x 6.1x 5.8x 5.5x 10.9x 10.9x 10.1x 9.3x 10.6x 14.9x 13.7x 12.2x 1.6x SGL Carbon SE 1.1x 1.0x 1.0x 0.9x 11.3x 7.9x 6.8x 6.1x 44.8x 17.2x 13.0x 10.4x 21.0x 99.0x 24.5x 19.4x 1.6x Siltronic AG 0.9x 1.0x 1.0x 0.9x 2.2x 3.0x 2.9x 2.7x 2.6x 4.1x 4.2x 3.9x 5.2x 8.3x 8.6x 8.1x 2.0x SIMONA AG 0.6x na na na 5.8x na na na 8.7x na na na 12.4x na na na 1.4x Symrise AG 4.1x 3.7x 3.4x 3.2x 20.8x 18.0x 16.1x 14.7x 30.4x 25.9x 22.7x 20.3x 41.6x 35.4x 30.5x 27.2x 5.9x Wacker Chemie AG 0.9x 0.9x 0.8x 0.8x 5.7x 5.3x 4.9x 4.5x 18.7x 13.0x 11.1x 9.4x 14.0x 16.7x 13.4x 11.7x 1.1x

Min 0.2x 0.2x 0.2x 0.2x 2.2x 3.0x 2.9x 2.7x 2.6x 4.1x 4.2x 3.9x 5.2x 8.3x 8.6x 7.6x 0.7x Max 4.1x 3.7x 3.4x 3.2x 20.8x 18.0x 16.1x 14.7x 44.8x 25.9x 23.9x 22.6x 74.5x 99.0x 30.5x 27.2x 5.9x Median 0.9x 0.9x 0.9x 0.9x 7.3x 7.3x 6.7x 6.1x 12.3x 12.4x 11.2x 10.0x 14.5x 14.8x 13.6x 12.0x 1.6x Mean 1.1x 1.1x 1.1x 1.0x 9.4x 8.1x 7.6x 6.9x 18.6x 13.3x 11.9x 10.7x 20.8x 22.1x 14.9x 13.0x 1.9x

Note: For multiple and ratio definitions, please refer to appendix 35 Source: S&P Capital IQ as of July 01, 2019 Industrial Materials – Historic Multiples

EV / Sales EV / EBITDA

1.8x 13.0x

12.0x 1.6x

11.0x 1.4x 10.0x 1.2x 9.0x

1.0x 8.0x

0.8x 7.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

20.0x 35.0x

19.0x

18.0x 30.0x

17.0x 25.0x 16.0x

15.0x 20.0x 14.0x

13.0x 15.0x 12.0x

11.0x 10.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 36 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Industrial Products (1/2)

General Information Ratio Analysis

Share Price in % of Financial Cash & Enterprise EBITDA Dividend Leverage Interest Price/ Market Cap Sales CAGR EBITDA CAGR RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Price high low high low (€m) (€m) (€m) (€m) '15a-'18a '18a-21e '15a-'18a '18a-'21e 2019e LFYA 2019e 2018a 2018a 2019e CENTROTEC Sustainable AG 12.56 13.30 9.99 94.4% 125.7% 196.5 144.3 203.2 255.4 3.8% 2.8% 2.1% 12.6% 9.5% 0.0% 0.9x 12.8x 5.3x 7.8% Gesco AG 24.00 33.15 20.80 72.4% 115.4% 145.1 34.6 261.1 386.3 5.4% 2.4% 5.3% 9.0% 12.0% 1.2% 1.6x 23.4x 7.4x 11.2% Knorr-Bremse AG 96.90 102.90 74.15 94.2% 130.7% 1,746.2 1,607.5 15,797.6 16,054.7 4.5% 3.9% -1.3% 8.9% 19.2% 3.1% 0.1x 21.2x 21.5x 38.7% MAN SE 56.50 97.50 55.40 57.9% 102.0% 4,236.0 3,323.0 8,307.2 9,220.2 -4.0% nm -1.4% nm 12.3% 0.0% 0.5x 5.3x 15.3x 9.0% Masterflex SE 5.65 9.18 5.60 61.5% 100.9% 28.7 5.2 54.8 77.9 7.0% 4.3% 9.9% 11.2% 12.8% 1.8% 2.3x 8.7x 11.6x 9.5% NORMA Group SE 35.60 59.55 33.92 59.8% 105.0% 627.6 177.4 1,134.3 1,586.2 6.9% 2.9% 3.8% 7.2% 18.0% 0.0% 2.2x 14.4x 8.7x 14.0% OSRAM Licht AG 28.99 41.92 24.94 69.2% 116.2% 605.0 293.0 2,727.6 3,169.6 -10.9% -0.5% -19.3% nm 11.0% 1.6% 0.8x 40.3x 14.4x na Pfeiffer Vacuum Technology AG 125.40 152.20 103.10 82.4% 121.6% 76.2 111.1 1,237.4 1,202.5 13.5% 2.9% 11.9% 3.0% 16.2% 2.2% nm nm 19.8x 15.6% R. STAHL AG 26.00 27.60 18.90 94.2% 137.6% 54.4 11.3 167.4 210.7 -3.6% 3.0% -20.2% 65.7% 6.3% 0.3% 2.4x 2.4x 9.2x 2.6% RATIONAL AG 587.50 695.50 462.00 84.5% 127.2% 10.6 255.2 6,884.5 6,639.9 11.3% 8.7% 8.8% 9.7% 28.5% 2.2% nm nm 46.3x 34.7% Salzgitter AG 24.94 43.70 22.91 57.1% 108.9% 807.1 512.9 1,348.9 1,653.8 3.0% -0.3% 19.6% -0.5% 7.0% 0.0% 0.5x 15.5x 2.6x 5.1% Sto SE & Co. KGaA 98.00 115.20 78.70 85.1% 124.5% 14.8 187.5 629.7 464.7 3.1% 2.6% -3.0% 15.2% 10.1% 0.0% nm nm 7.8x 12.2% Surteco Group SE 25.00 27.30 19.10 91.6% 130.9% 327.1 121.6 393.8 602.6 3.1% 0.3% 0.4% 7.4% 11.8% 0.0% 2.5x 9.8x 6.4x 7.0% va-Q-tec AG 8.08 14.10 4.70 57.3% 171.9% 40.0 8.2 105.7 137.4 27.1% 15.7% nm nm 14.2% 3.1% 3.5x nm nm na Varta AG 54.70 55.40 20.80 98.7% 263.0% 21.8 151.6 2,211.1 2,082.8 nm 41.8% nm 48.0% 19.0% 0.4% nm nm 31.7x 15.1% Voltabox AG 14.58 23.82 10.10 61.2% 144.4% 19.1 13.3 230.7 236.5 76.5% 49.8% nm 76.8% 14.1% 6.3% 0.4x 44.4x nm 3.5% Vossloh AG 32.65 50.30 31.00 64.9% 105.3% 464.1 79.2 591.9 989.4 -3.2% 7.3% 3.7% 14.2% 10.1% 0.0% 4.1x 5.6x 15.7x 3.2% Westag & Getalit AG 29.00 32.20 24.80 90.1% 116.9% 0.0 11.6 145.6 133.9 1.0% nm -5.8% nm na 0.0% nm na 16.9x na

Min 54.8 77.9 -10.9% -0.5% -20.2% -0.5% 6.3% 0.0% 0.1x 2.4x 2.6x 2.6% Max 15,797.6 16,054.7 76.5% 49.8% 19.6% 76.8% 28.5% 6.3% 4.1x 44.4x 46.3x 38.7% Median 610.8 796.0 3.8% 3.0% 2.1% 10.4% 12.3% 0.4% 1.6x 13.6x 13.0x 9.5% Mean 2,357.4 2,505.8 8.5% 9.2% 1.0% 20.6% 13.6% 1.2% 1.7x 17.0x 15.0x 12.6%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 37 Source: S&P Capital IQ as of July 01, 2019 Industrial Products (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA CENTROTEC Sustainable AG 0.4x 0.4x 0.4x 0.4x 5.4x 4.3x 4.1x 3.8x 8.6x 7.9x 7.2x 6.6x 16.0x 10.8x 9.2x 8.7x 0.8x Gesco AG 0.7x 0.7x 0.6x 0.6x 6.7x 5.5x 5.4x 5.2x 10.8x 8.3x 8.1x 7.6x 13.4x 9.8x 9.4x 9.1x 1.1x Knorr-Bremse AG 2.4x 2.3x 2.2x 2.1x 13.9x 11.9x 11.4x 10.8x 16.6x 14.5x 13.9x 13.1x 26.6x 22.4x 21.6x 20.3x 8.7x MAN SE 0.8x 0.6x 0.6x na 14.3x 4.8x 5.0x na 24.1x 10.2x 10.8x na 12.3x 16.3x 17.5x na 1.5x Masterflex SE 1.0x 1.0x 0.9x 0.9x 8.4x 7.5x 6.8x 6.1x 13.1x 11.8x 10.3x 8.8x 16.3x 13.7x 11.9x 9.7x 1.3x NORMA Group SE 1.5x 1.4x 1.4x 1.3x 8.3x 7.8x 7.2x 6.7x 11.5x 10.5x 9.4x 8.7x 12.3x 12.9x 11.0x 10.0x 1.8x OSRAM Licht AG 0.8x 0.9x 0.8x 0.8x 8.7x 7.9x 5.6x na 37.3x nm 13.3x na nm nm 16.9x na 1.1x Pfeiffer Vacuum Technology AG 1.8x 1.9x 1.7x 1.7x 10.9x 11.4x 9.7x 10.0x 13.0x 13.7x 12.2x 12.4x 18.0x 20.4x 16.6x 16.7x 3.2x R. STAHL AG 0.7x 0.7x 0.7x 0.7x 29.0x 11.7x 8.2x 6.4x nm 42.4x 16.1x 10.5x nm nm 22.2x 14.0x 2.9x RATIONAL AG 8.5x 7.8x 7.2x 6.6x 30.5x 27.6x 25.2x 23.1x 32.4x 29.9x 27.3x 25.0x 43.8x 40.3x 37.1x 34.0x 14.0x Salzgitter AG 0.2x 0.2x 0.2x 0.2x 2.4x 2.6x 2.5x 2.5x 4.9x 5.7x 5.5x 5.5x 4.9x 7.9x 7.5x 7.0x 0.4x Sto SE & Co. KGaA 0.3x 0.3x 0.3x 0.3x 4.6x 3.3x 3.1x 3.0x 6.6x 5.3x 4.8x 4.5x 11.7x 10.8x 9.9x 9.3x 1.3x Surteco Group SE 0.9x 0.9x 0.9x 0.8x 8.2x 7.3x 6.8x 6.6x 18.1x 15.0x 12.8x 11.9x 21.1x 15.4x 12.5x 11.5x 1.1x va-Q-tec AG 2.4x 2.2x 1.8x 1.6x nm 15.4x 11.6x 9.0x nm nm nm 31.2x nm nm nm 37.1x 2.4x Varta AG 7.6x 5.0x 3.0x 2.6x nm 26.5x 15.9x 13.3x nm 32.9x 20.7x 17.1x 87.5x 54.3x 35.1x 29.0x 8.2x Voltabox AG 3.4x 2.1x 1.4x 1.0x 35.7x 15.1x 9.5x 6.5x 48.4x 24.2x 14.0x 8.7x 89.5x 42.7x 20.7x 14.8x 1.5x Vossloh AG 1.1x 1.1x 1.0x 0.9x 11.8x 10.5x 8.6x 8.0x 20.3x 17.5x 13.4x 12.2x 32.5x 36.6x 16.8x 15.2x 1.2x Westag & Getalit AG 0.6x na na na 9.1x na na na 28.6x na na na 32.3x na na na 1.3x

Min 0.2x 0.2x 0.2x 0.2x 2.4x 2.6x 2.5x 2.5x 4.9x 5.3x 4.8x 4.5x 4.9x 7.9x 7.5x 7.0x 0.4x Max 8.5x 7.8x 7.2x 6.6x 35.7x 27.6x 25.2x 23.1x 48.4x 42.4x 27.3x 31.2x 89.5x 54.3x 37.1x 37.1x 14.0x Median 0.9x 1.0x 0.9x 0.9x 8.9x 7.9x 7.2x 6.6x 16.6x 13.7x 12.5x 10.5x 18.0x 15.9x 16.7x 14.0x 1.4x Mean 1.9x 1.7x 1.5x 1.4x 13.0x 10.7x 8.6x 8.1x 19.6x 16.7x 12.5x 12.3x 29.2x 22.5x 17.2x 16.4x 3.0x

Note: For multiple and ratio definitions, please refer to appendix 38 Source: S&P Capital IQ as of July 01, 2019 Industrial Products – Historic Multiples

EV / Sales EV / EBITDA

2.4x 15.0x

2.2x 14.0x

2.0x 13.0x 1.8x 12.0x 1.6x 11.0x 1.4x 10.0x 1.2x

1.0x 9.0x

0.8x 8.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

23.0x 38.0x

21.0x 35.0x

32.0x 19.0x 29.0x 17.0x 26.0x 15.0x 23.0x

13.0x 20.0x

11.0x 17.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 39 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Internet Products / Services (1/2)

General Information Ratio Analysis

Min 61.1 34.2 4.7% -4.3% -25.5% 0.9% -28.5% 0.0% 1.0x 6.9x 7.7x 1.7% Max 9,659.4 9,255.5 61.3% 53.6% 65.7% 92.3% 52.2% 4.2% 2.2x 75.8x 45.5x 37.1% Median 388.8 305.0 10.8% 14.5% 4.4% 28.8% 4.0% 0.6% 1.9x 14.4x 26.4x 11.2% Mean 2,115.9 2,077.3 20.1% 15.6% 10.9% 39.1% 9.1% 1.0% 1.7x 25.1x 26.8x 16.0%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 40 Source: S&P Capital IQ as of July 01, 2019 Internet Products / Services (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA Bet-At-Home.com AG 2.2x 2.7x 2.6x 2.6x 8.5x 9.3x 8.8x 8.3x 8.7x 9.8x 9.3x 8.7x 11.9x 13.6x 13.0x 12.1x 5.0x Delivery Hero SE 10.6x 6.0x 4.1x 2.9x nm nm nm nm nm nm nm 49.1x nm nm nm nm 4.6x Delticom AG 0.1x 0.1x 0.1x 0.1x 9.9x 6.2x 5.3x na nm 10.3x 8.1x 7.6x nm 11.1x 8.7x na 1.2x HelloFresh SE 0.9x 0.7x 0.6x 0.5x nm nm 14.1x 6.4x nm nm 26.3x 9.0x nm nm 50.9x 12.8x 6.9x HolidayCheck Group AG 0.9x 0.9x 0.8x 0.8x 27.0x 11.1x 7.7x 7.0x 49.0x nm 20.3x 16.1x 79.9x 57.0x 19.4x 20.1x 1.0x home24 SE 0.1x 0.1x 0.1x 0.1x nm nm nm 1.9x nm nm nm nm nm nm nm nm 0.6x MyHammer Holding AG 5.2x na na na 35.6x na na na 37.6x na na na 28.5x na na na 18.3x Scout24 AG 10.4x 9.3x 8.4x 7.7x 24.1x 17.8x 15.7x 14.3x 29.7x 21.9x 19.2x 17.3x 30.6x 31.1x 26.6x 23.8x 4.2x SYZYGY AG … 1.8x 1.7x 1.6x 1.4x 17.2x 9.5x 9.4x 8.0x 23.4x 16.4x 14.6x 13.2x 27.5x 26.2x 23.1x 21.5x 2.3x Westwing Group AG 0.3x 0.2x 0.2x 0.2x nm na 21.6x 6.5x nm nm nm nm nm nm nm nm 1.3x Xing SE 8.8x 7.3x 6.2x 5.4x 32.4x 24.3x 20.0x 16.7x 39.1x 37.3x 29.9x 24.7x 68.1x 57.1x 45.8x 38.0x 19.6x Zalando SE 1.7x 1.4x 1.2x 1.0x nm 23.7x 19.2x 15.6x nm 46.7x 38.6x 30.8x nm nm 88.8x 68.3x 6.4x zooplus AG 0.7x 0.6x 0.5x 0.4x nm nm 31.1x 23.4x nm nm nm 40.6x nm nm nm 67.1x 8.1x

Min 0.1x 0.1x 0.1x 0.1x 8.5x 6.2x 5.3x 1.9x 8.7x 9.8x 8.1x 7.6x 11.9x 11.1x 8.7x 12.1x 0.6x Max 10.6x 9.3x 8.4x 7.7x 35.6x 24.3x 31.1x 23.4x 49.0x 46.7x 38.6x 49.1x 79.9x 57.1x 88.8x 68.3x 19.6x Median 1.7x 1.2x 1.0x 0.9x 24.1x 11.1x 14.9x 8.1x 33.7x 19.2x 19.7x 16.7x 29.6x 28.6x 24.9x 22.7x 4.6x Mean 3.4x 2.6x 2.2x 1.9x 22.1x 14.5x 15.3x 10.8x 31.3x 23.7x 20.8x 21.7x 41.1x 32.7x 34.5x 33.0x 6.1x

Note: For multiple and ratio definitions, please refer to appendix 41 Source: S&P Capital IQ as of July 01, 2019 Internet Products / Services – Historic Multiples

EV / Sales EV / EBITDA

6.0x 25.0x

5.0x 22.0x

4.0x 19.0x

3.0x 16.0x

2.0x 13.0x

1.0x 10.0x

0.0x 7.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

32.0x 65.0x

29.0x 55.0x 26.0x

45.0x 23.0x

20.0x 35.0x

17.0x 25.0x 14.0x

11.0x 15.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 42 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 IT Services (1/2)

General Information Ratio Analysis

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 43 Source: S&P Capital IQ as of July 01, 2019 IT Services (2/2)

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA adesso AG 0.8x 0.8x 0.7x 0.6x 10.4x 7.2x 6.4x 5.8x 14.6x 12.3x 10.4x 9.1x 23.8x 19.6x 16.3x 14.5x 4.1x All for One Group AG 0.7x 0.7x 0.6x 0.6x 8.2x 7.2x 6.5x na 13.0x 10.9x 9.5x na 17.6x 16.1x 13.4x na 2.8x Allgeier SE 0.6x 0.5x 0.5x 0.4x 15.3x 7.0x 5.8x 5.0x 25.5x 11.5x 8.7x 7.3x 45.9x 21.4x 12.4x 10.1x 2.1x Bechtle AG 1.0x 0.9x 0.8x 0.7x 19.7x 15.1x 14.0x 12.9x 22.8x 19.1x 17.3x 15.8x 30.9x 26.2x 23.8x 21.6x 4.6x Cancom SE 1.1x 1.0x 0.9x 0.9x 16.8x 12.5x 11.2x 10.0x 24.0x 18.9x 15.6x 13.5x 38.5x 28.1x 24.2x 20.9x 4.1x CENIT AG 0.5x 0.5x 0.4x 0.4x 7.7x 5.0x 4.5x 4.4x 9.5x 7.7x 6.7x 6.3x 17.8x 12.5x 13.1x 12.4x 2.7x EASY SOFTWARE AG 0.9x 0.8x 0.8x 0.7x nm 13.0x 9.9x 7.9x nm nm 30.8x 19.4x nm 25.5x 19.8x 14.8x 1.8x GFT Technologies SE 0.6x 0.6x 0.5x 0.5x 6.1x 5.7x 5.3x 4.7x 9.1x 10.6x 8.8x 7.3x 9.3x 11.0x 9.7x 7.9x 1.4x KPS AG 1.5x 1.5x 1.4x 1.3x 13.2x 10.5x 9.0x 7.7x 16.1x 11.6x 9.8x 8.5x 21.8x 17.2x 14.1x na 3.8x ORBIS AG 0.8x 0.8x 0.7x na 11.6x 10.6x 10.2x na 15.6x 13.7x 13.0x na 26.7x 25.4x 24.3x na 2.0x PSI Software AG 1.3x 1.2x 1.1x 1.1x 14.0x 10.9x 9.9x 8.7x 17.9x 14.9x 12.8x 11.3x 26.4x 23.8x 18.9x 16.5x 3.1x secunet Security Networks AG 4.2x 3.6x 3.1x 3.0x 23.9x 20.5x 15.9x 16.3x 25.6x 22.5x 17.0x 17.8x 41.3x 35.8x 26.7x 28.3x 10.7x Serviceware SE 2.5x 2.1x 1.7x 1.3x 31.9x 23.1x 16.4x 9.0x 35.1x 25.6x 18.0x 10.0x nm 51.4x 36.0x 19.6x 3.2x SinnerSchrader AG 2.1x na na na 19.6x na na na 22.4x na na na 35.5x na na na 8.0x

Min 0.5x 0.5x 0.4x 0.4x 6.1x 5.0x 4.5x 4.4x 9.1x 7.7x 6.7x 6.3x 9.3x 11.0x 9.7x 7.9x 1.4x Max 4.2x 3.6x 3.1x 3.0x 31.9x 23.1x 16.4x 16.3x 35.1x 25.6x 30.8x 19.4x 45.9x 51.4x 36.0x 28.3x 10.7x Median 1.0x 0.8x 0.8x 0.7x 14.0x 10.6x 9.9x 7.9x 17.9x 13.0x 12.8x 10.0x 26.6x 23.8x 18.9x 15.6x 3.1x Mean 1.3x 1.1x 1.0x 1.0x 15.2x 11.4x 9.6x 8.4x 19.3x 14.9x 13.7x 11.5x 28.0x 24.1x 19.4x 16.6x 3.9x

Note: For multiple and ratio definitions, please refer to appendix 44 Source: S&P Capital IQ as of July 01, 2019 IT Services – Historic Multiples

EV / Sales EV / EBITDA

1.8x 16.0x

1.6x 14.0x 1.4x

12.0x 1.2x

1.0x 10.0x

0.8x 8.0x 0.6x

0.4x 6.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

22.0x 36.0x

20.0x 33.0x

18.0x 30.0x

16.0x 27.0x

14.0x 24.0x

12.0x 21.0x

10.0x 18.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 45 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Media & Entertainment

General Information Ratio Analysis

Axel Springer SE 62.00 67.45 44.32 91.9% 139.9% 1,532.2 292.2 6,689.5 8,401.5 -1.2% 2.1% 13.2% 4.9% 22.3% 1.5% 1.8x 29.7x 11.8x 7.3% Bastei Lübbe AG 2.60 2.66 1.50 97.7% 173.3% 26.8 5.8 34.3 56.6 -12.3% 12.2% 52.5% nm 8.4% 0.0% 2.7x 13.2x nm 3.5% Constantin Medien AG 2.28 2.28 1.70 100.0% 134.1% 1.0 14.2 214.3 201.5 -39.4% 2.4% -75.4% nm 5.0% 8.6% nm 0.5x nm 3.3% CTS Eventim AG & Co. KGaA 40.80 46.26 31.20 88.2% 130.8% 57.7 796.3 3,928.0 3,222.4 14.2% 6.0% 7.2% 16.8% 19.3% 0.0% nm 62.5x 11.5x 27.5% DEAG Deutsche Entertainment AG 4.14 4.85 2.95 85.4% 140.3% 52.2 37.0 80.7 100.4 0.0% 7.3% nm 69.2% 6.7% 0.0% 1.1x 1.3x nm 22.5% ProSiebenSat.1 Media SE 13.89 23.82 12.63 58.3% 110.0% 3,196.0 1,047.0 3,123.3 5,508.3 7.1% 4.0% -5.7% 7.7% 22.6% 0.0% 2.3x 11.6x 2.2x 33.2% Sporttotal AG 1.11 2.52 0.85 44.0% 130.6% 0.3 8.5 30.1 21.9 -14.2% 18.8% nm nm 15.2% 0.0% nm nm nm 33.7% Ströer SE & Co. KGaA 65.95 65.95 40.54 100.0% 162.7% 1,730.4 129.0 3,704.5 5,317.6 24.3% 6.2% 21.8% 27.3% 33.3% 0.0% 2.8x 33.4x 8.7x 17.6% Tele Columbus AG 1.72 6.12 1.26 28.0% 136.7% 1,492.9 31.0 218.9 1,690.4 20.7% -0.4% 13.2% 6.1% 46.4% 0.2% 6.4x 2.8x 1.4x na Wild Bunch AG 2.16 10.80 0.01 20.0% nm 116.8 20.7 51.7 147.5 -12.9% nm nm nm na 0.0% na nm 9.4x na

Min 30.1 21.9 -39.4% -0.4% -75.4% 4.9% 5.0% 0.0% 1.1x 0.5x 1.4x 3.3% Max 6,689.5 8,401.5 24.3% 18.8% 52.5% 69.2% 46.4% 8.6% 6.4x 62.5x 11.8x 33.7% Median 216.6 945.9 -0.6% 6.0% 13.2% 12.2% 19.3% 0.0% 2.5x 12.4x 9.0x 20.0% Mean 1,807.5 2,466.8 -1.4% 6.5% 3.8% 22.0% 19.9% 1.0% 2.8x 19.4x 7.5x 18.6%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA Axel Springer SE 2.6x 2.7x 2.6x 2.5x 11.8x 11.9x 11.5x 10.3x 20.6x 17.4x 17.5x 15.4x 37.0x 30.8x 32.8x 28.8x 2.2x Bastei Lübbe AG 0.8x 0.6x 0.6x 0.6x 3.6x 7.3x 5.9x na nm 17.3x 11.0x 9.8x nm 30.4x 13.3x na 1.1x Constantin Medien AG 1.6x 1.7x 1.6x 1.5x nm 33.6x 26.9x na nm nm nm 44.8x nm nm 65.0x na 3.6x CTS Eventim AG & Co. KGaA 2.6x 2.3x 2.3x 2.2x 16.3x 12.2x 11.1x 10.3x 17.9x 14.9x 13.1x 12.1x 33.1x 28.7x 25.7x 23.5x 7.9x DEAG Deutsche Entertainment AG 0.5x 0.5x 0.4x 0.4x 24.3x 7.0x 5.7x 5.0x 26.8x 10.4x 8.0x 6.7x 23.1x 27.5x 17.8x 13.1x 6.2x ProSiebenSat.1 Media SE 1.4x 1.3x 1.3x 1.2x 6.8x 5.8x 5.7x 5.4x 9.1x 7.6x 7.4x 7.0x 12.6x 7.4x 7.3x 6.4x 2.5x Sporttotal AG 0.6x 0.4x 0.4x 0.3x nm 2.7x 2.8x 2.0x nm 3.5x 6.1x 3.6x nm 5.7x 9.7x 5.8x 1.9x Ströer SE & Co. KGaA 3.4x 3.1x 2.9x 2.8x 17.1x 9.3x 8.7x 8.3x 31.5x 28.4x 21.1x 18.6x nm 30.4x 25.1x 22.2x 5.3x Tele Columbus AG 3.3x 3.4x 3.4x 3.3x 8.2x 7.4x 7.1x 6.9x 27.0x 32.2x 20.9x 17.8x nm nm 10.3x 7.6x 0.6x Wild Bunch AG 1.8x na na na nm na na na nm na na na nm na na na 0.8x

Min 0.5x 0.4x 0.4x 0.3x 3.6x 2.7x 2.8x 2.0x 9.1x 3.5x 6.1x 3.6x 12.6x 5.7x 7.3x 5.8x 0.6x Max 3.4x 3.4x 3.4x 3.3x 24.3x 33.6x 26.9x 10.3x 31.5x 32.2x 21.1x 44.8x 37.0x 30.8x 65.0x 28.8x 7.9x Median 1.7x 1.7x 1.6x 1.5x 11.8x 7.4x 7.1x 6.9x 23.7x 16.1x 12.0x 12.1x 28.1x 28.7x 17.8x 13.1x 2.4x Mean 1.9x 1.8x 1.7x 1.6x 12.6x 10.8x 9.5x 6.9x 22.2x 16.5x 13.2x 15.1x 26.5x 22.9x 22.9x 15.3x 3.2x

Note: For multiple and ratio definitions, please refer to appendix 46 Source: S&P Capital IQ as of July 01, 2019 Media & Entertainment – Historic Multiples

EV / Sales EV / EBITDA

2.8x 17.0x

2.4x 15.0x

2.0x 13.0x

1.6x 11.0x

1.2x 9.0x

0.8x 7.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

27.0x 51.0x

24.0x 45.0x

21.0x 39.0x

18.0x 33.0x

15.0x 27.0x

12.0x 21.0x

9.0x 15.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 47 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Pharma & Healthcare (1/2)

General Information Ratio Analysis

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 48 Source: S&P Capital IQ as of July 01, 2019 Pharma & Healthcare (2/2)

Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA aap Implantate AG 2.0x 1.7x 1.3x 1.1x nm nm nm 19.3x nm nm nm nm nm nm nm nm 0.9x Biotest AG 2.8x 2.7x 2.5x 2.3x nm nm 24.8x 22.0x nm nm nm nm 4.8x nm nm nm 1.8x Carl Zeiss Meditec AG 6.0x 5.4x 5.0x 4.7x 34.4x 28.3x 25.4x 22.7x 38.0x 32.5x 28.8x 25.9x 61.3x 47.1x 40.5x 36.4x 5.8x Dermapharm Holding SE 3.5x 3.1x 2.9x 2.8x 16.8x 11.8x 10.7x 9.8x 17.9x 15.0x 13.2x 12.0x 21.8x 17.1x 15.0x 13.4x 6.0x Drägerwerk AG & Co. KGaA 0.3x 0.3x 0.3x 0.3x 6.3x 5.2x 4.4x 3.8x 14.3x 12.5x 8.5x 6.8x 24.7x 26.5x 14.2x 10.8x 0.8x Eckert & Ziegler AG 2.9x 2.8x 2.6x 2.4x 16.4x 13.7x 12.7x 11.3x 22.9x 18.5x 17.0x 14.7x 33.1x 28.2x 25.9x 22.3x 4.1x Gerresheimer AG 1.9x 1.8x 1.7x 1.6x 9.2x 7.5x 8.1x 7.3x 17.7x 11.3x 15.6x 13.4x 15.4x 12.6x 22.4x 17.7x 2.0x MEDICLIN AG 1.1x 1.1x 1.0x 1.0x 28.2x 8.0x 7.6x 7.2x nm 30.5x 25.5x 22.1x 32.0x 21.6x 15.3x 12.0x 1.3x Medios AG 0.7x 0.5x 0.5x 0.4x 26.1x 14.2x 10.5x 8.2x 30.0x 15.9x 11.2x 8.8x 56.4x 23.8x 17.1x 13.4x 3.5x RHÖN-KLINIKUM AG 1.2x 1.3x 1.3x 1.2x 13.8x 14.8x 13.6x 12.8x 27.5x 26.1x 29.9x 27.1x 36.5x 37.5x 38.2x 35.0x 1.5x Stratec SE 3.8x 3.3x 3.0x 2.7x 22.6x 17.1x 14.3x 12.3x 45.7x 25.4x 20.7x 16.2x 73.9x 47.3x 31.6x 24.5x 4.3x VITA 34 AG 2.7x 2.5x 2.2x 1.9x 12.8x 10.3x 8.4x 7.0x 24.3x 16.3x 11.9x 9.3x 65.4x 23.0x 16.7x 13.2x 1.8x

Min 0.3x 0.3x 0.3x 0.3x 6.3x 5.2x 4.4x 3.8x 14.3x 11.3x 8.5x 6.8x 4.8x 12.6x 14.2x 10.8x 0.8x Max 6.0x 5.4x 5.0x 4.7x 34.4x 28.3x 25.4x 22.7x 45.7x 32.5x 29.9x 27.1x 73.9x 47.3x 40.5x 36.4x 6.0x Median 2.3x 2.2x 1.9x 1.7x 16.6x 12.7x 10.7x 10.6x 24.3x 17.4x 16.3x 14.0x 33.1x 25.2x 19.7x 15.6x 1.9x Mean 2.4x 2.2x 2.0x 1.9x 18.7x 13.1x 12.8x 12.0x 26.5x 20.4x 18.2x 15.6x 38.7x 28.5x 23.7x 19.9x 2.8x

Note: For multiple and ratio definitions, please refer to appendix 49 Source: S&P Capital IQ as of July 01, 2019 Pharma & Healthcare – Historic Multiples

EV / Sales EV / EBITDA

2.3x 19.0x

17.0x 2.0x

15.0x 1.7x 13.0x 1.4x 11.0x

1.1x 9.0x

0.8x 7.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

24.0x 44.0x

22.0x 40.0x

20.0x 36.0x

18.0x 32.0x

16.0x 28.0x

14.0x 24.0x

12.0x 20.0x

10.0x 16.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 50 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Renewable Products / Services

General Information Ratio Analysis

7C Solarparken AG 2.93 3.11 2.47 94.2% 118.6% 211.3 49.5 156.4 318.8 16.7% 12.3% 19.2% nm 78.0% 0.0% 4.6x 5.0x 6.9x 5.7% CropEnergies AG 6.09 6.22 3.71 97.9% 164.2% 0.0 2.8 540.0 537.2 1.7% 6.5% 1.5% 14.3% 11.1% 1.6% nm 83.6x 7.3x 6.6% Energiekontor AG 17.40 18.90 12.50 92.1% 139.2% 225.8 78.4 253.1 401.6 -19.4% 42.1% -15.9% 24.7% 36.8% 0.0% 3.3x 3.1x 5.6x 11.6% Nordex SE 12.30 15.73 7.13 78.2% 172.6% 427.1 539.2 1,175.4 1,063.4 0.4% 13.2% -29.3% 67.5% 4.2% 0.0% nm 1.3x 9.5x na PNE AG 2.49 3.17 2.11 78.5% 118.0% 212.8 125.4 185.2 258.6 -5.9% 17.2% -9.7% 35.4% 23.9% 2.5% 3.1x 1.7x nm 3.4% SFC Energy AG 14.70 15.20 5.90 96.7% 249.2% 17.6 4.5 150.7 163.8 9.3% 15.3% nm 45.6% 10.7% 1.0% 1.7x 4.2x nm 14.4% SMA Solar Technology AG 25.54 36.64 14.48 69.7% 176.4% 42.3 303.4 887.6 626.5 -8.1% 3.1% nm nm 4.3% 0.7% nm nm nm na VERBIO Vereinigte BioEnergie AG 7.86 8.08 5.01 97.3% 156.9% 9.1 114.1 490.8 386.4 4.0% nm 4.1% nm 10.9% 0.0% nm nm 13.7x 11.4%

Min 150.7 163.8 -19.4% 3.1% -29.3% 14.3% 4.2% 0.0% 1.7x 1.3x 5.6x 3.4% Max 1,175.4 1,063.4 16.7% 42.1% 19.2% 67.5% 78.0% 2.5% 4.6x 83.6x 13.7x 14.4% Median 372.0 394.0 1.1% 13.2% -4.1% 35.4% 11.0% 0.4% 3.2x 3.6x 7.3x 9.0% Mean 479.9 469.5 -0.2% 15.7% -5.0% 37.5% 22.5% 0.7% 3.2x 16.5x 8.6x 8.9%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA 7C Solarparken AG 7.9x 7.1x 7.2x 5.6x 9.6x 9.2x 8.5x na 23.8x 22.0x 19.7x na 26.6x 26.0x 20.6x 14.4x 1.5x CropEnergies AG 0.7x 0.7x 0.6x 0.6x 6.7x 5.9x 5.2x 4.5x 13.0x 10.1x 8.5x 6.3x 25.2x 18.2x 15.0x na 1.2x Energiekontor AG 3.6x 3.3x 1.5x 1.3x 9.9x 8.9x 5.9x 5.1x 18.3x 15.9x 8.7x 7.9x 37.9x 31.3x 12.6x 11.7x 3.6x Nordex SE 0.4x 0.3x 0.3x 0.3x 19.0x 7.7x 4.8x 4.0x nm nm 10.5x 7.6x nm nm 27.5x 11.7x 1.8x PNE AG 2.8x 2.2x 1.2x 1.8x 19.8x 9.3x 2.8x 8.0x nm 14.7x 3.4x 11.5x nm 24.7x 3.4x 11.8x 0.8x SFC Energy AG 2.7x 2.3x 2.0x 1.7x nm 21.5x 18.7x 17.1x nm 39.7x 25.8x 18.1x nm 57.9x 34.7x 25.4x 8.3x SMA Solar Technology AG 0.8x 0.8x 0.8x 0.8x nm 17.9x 9.4x 7.7x nm nm 36.6x 20.5x nm nm 84.5x 43.1x 2.2x VERBIO Vereinigte BioEnergie AG 0.5x 0.5x 0.5x na 5.8x 4.8x 5.0x na 8.7x 7.4x 7.8x na 14.1x 12.9x na na 1.5x

Min 0.4x 0.3x 0.3x 0.3x 5.8x 4.8x 2.8x 4.0x 8.7x 7.4x 3.4x 6.3x 14.1x 12.9x 3.4x 11.7x 0.8x Max 7.9x 7.1x 7.2x 5.6x 19.8x 21.5x 18.7x 17.1x 23.8x 39.7x 36.6x 20.5x 37.9x 57.9x 84.5x 43.1x 8.3x Median 1.7x 1.5x 1.0x 1.3x 9.8x 9.0x 5.5x 6.4x 15.7x 15.3x 9.6x 9.7x 25.9x 25.4x 20.6x 13.1x 1.6x Mean 2.4x 2.2x 1.7x 1.7x 11.8x 10.6x 7.5x 7.7x 16.0x 18.3x 15.1x 12.0x 25.9x 28.5x 28.3x 19.7x 2.6x

Note: For multiple and ratio definitions, please refer to appendix 51 Source: S&P Capital IQ as of July 01, 2019 Renewable Products / Services – Historic Multiples

EV / Sales EV / EBITDA

2.8x 20.0x

2.6x 18.0x

2.3x 16.0x

2.1x 14.0x

1.8x 12.0x

1.6x 10.0x

1.3x 8.0x

1.1x 6.0x

0.8x 4.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

26.0x 36.0x

23.0x 32.0x

20.0x 28.0x

17.0x 24.0x

14.0x 20.0x

11.0x 16.0x

8.0x 12.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 52 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Software

General Information Ratio Analysis

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA ATOSS Software AG 8.3x 7.3x 6.6x 5.9x 29.2x 25.1x 22.2x 19.5x 30.7x 26.6x 23.5x 20.6x 48.6x 42.1x 36.8x 32.1x 19.1x CompuGroup Medical SE 5.1x 5.1x 5.0x 5.0x 22.6x 18.8x 17.8x 17.5x 26.8x 26.2x 24.0x 23.4x 37.0x 35.5x 35.6x 33.8x 12.2x GK Software SE 1.5x 1.3x 1.2x 1.0x 28.6x 10.3x 6.6x 5.7x nm 19.3x 9.7x 8.0x nm 29.4x 11.1x 9.1x 3.6x IVU Traffic Technologies AG 1.8x na na na 17.9x na na na 21.7x na na na 26.2x na na na 3.4x MeVis Medical Solutions AG 3.1x 3.3x 3.7x na 6.6x 7.9x 11.8x na 7.1x 24.4x 15.3x na 6.4x na na na 1.5x Nemetschek SE 13.5x 11.3x 9.8x 8.6x nm 39.0x 32.9x 28.3x nm 49.9x 41.0x 34.8x 80.0x 65.7x 54.7x 46.1x 22.4x RIB Software SE 4.8x 3.5x 3.1x 2.5x 22.1x 14.4x 12.1x 9.8x 26.1x 23.6x 18.5x 14.1x 40.9x 46.7x 35.6x 27.2x 2.0x SNP Schneider-Neureither & Partner SE 1.6x 1.4x 1.3x 1.2x nm 18.6x 13.2x 10.5x nm 40.9x 22.5x 16.6x nm 76.9x 34.2x 24.2x 2.8x Software AG 2.4x 2.3x 2.2x 2.2x 8.1x 7.8x 8.0x 7.7x 9.3x 8.1x 8.1x 7.8x 13.6x 14.5x 13.8x 13.3x 1.7x USU Software AG 1.7x 1.6x 1.4x 1.3x 30.2x 15.8x 11.1x 9.8x nm 22.3x 13.6x 11.3x nm 37.3x 21.8x 16.3x 2.9x

Min 1.5x 1.3x 1.2x 1.0x 6.6x 7.8x 6.6x 5.7x 7.1x 8.1x 8.1x 7.8x 6.4x 14.5x 11.1x 9.1x 1.5x Max 13.5x 11.3x 9.8x 8.6x 30.2x 39.0x 32.9x 28.3x 30.7x 49.9x 41.0x 34.8x 80.0x 76.9x 54.7x 46.1x 22.4x Median 2.7x 3.3x 3.1x 2.3x 22.3x 15.8x 12.1x 10.1x 23.9x 24.4x 18.5x 15.4x 37.0x 39.7x 34.9x 25.7x 3.1x Mean 4.4x 4.1x 3.8x 3.5x 20.6x 17.5x 15.1x 13.6x 20.3x 26.8x 19.6x 17.1x 36.1x 43.5x 30.5x 25.3x 7.2x

Note: For multiple and ratio definitions, please refer to appendix 53 Source: S&P Capital IQ as of July 01, 2019 Software – Historic Multiples

EV / Sales EV / EBITDA

4.5x 25.0x

4.0x 23.0x 21.0x 3.5x 19.0x 3.0x 17.0x 2.5x 15.0x 2.0x 13.0x 1.5x 11.0x

1.0x 9.0x

0.5x 7.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

30.0x 56.0x

26.0x 48.0x

22.0x 40.0x

18.0x 32.0x

14.0x 24.0x

10.0x 16.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 54 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Technology

General Information Ratio Analysis

ADVA Optical Networking SE 6.61 9.77 5.91 67.7% 111.9% 123.0 49.3 321.1 394.8 4.3% 6.0% -1.6% 30.9% 13.3% 1.1% 1.0x 22.1x 5.5x 6.6% DATA MODUL AG 73.00 73.50 53.40 99.3% 136.7% 13.3 16.2 257.4 254.6 10.2% 10.3% 15.6% 15.2% 9.6% 2.4% nm nm 23.8x 17.4% Dialog Semiconductor Plc 35.44 35.82 12.70 98.9% 279.1% 53.7 614.4 2,491.8 1,931.1 0.3% -7.8% -9.3% 1.9% 24.8% 0.0% nm 84.4x 9.9x 12.5% Diebold Nixdorf, Incorporated 7.72 12.00 2.15 64.4% 359.2% 2,152.8 285.6 616.6 2,596.5 21.5% nm 12.6% nm 9.0% 0.7% 5.3x 1.8x nm na Elmos Semiconductor AG 22.00 25.15 15.42 87.5% 142.7% 59.4 38.2 432.1 453.9 8.1% 6.9% 17.1% 9.2% 25.0% 0.8% 0.3x 52.2x 8.9x 11.7% euromicron AG 3.54 6.94 2.50 51.0% 141.6% 139.4 12.6 25.6 153.2 -2.6% 4.0% -25.5% 95.7% 6.1% 0.0% 6.3x 0.6x 7.6x 0.0% First Sensor AG 27.95 28.20 14.00 99.1% 199.6% 47.5 30.8 286.7 303.4 4.2% 6.9% 22.9% 11.3% 14.7% 1.2% 0.7x 12.0x 17.9x 9.7% init innovation in traffic systems SE 14.80 18.35 12.10 80.7% 122.3% 43.3 20.3 148.4 171.5 8.8% 5.0% -2.6% 5.9% 8.8% 1.3% 1.8x 14.8x 11.5x 6.5% InTiCa Systems AG 5.25 7.45 5.10 70.5% 102.9% 25.7 0.7 23.0 48.0 4.0% 14.9% -14.4% 60.1% 10.3% 0.0% 4.2x 4.7x 10.5x 2.4% Jenoptik AG 28.20 36.70 22.58 76.8% 124.9% 177.7 139.0 1,628.4 1,667.8 7.7% 5.4% 13.6% 8.3% 15.8% 0.0% 0.3x 32.1x 11.9x 13.2% OHB SE 33.20 37.85 27.25 87.7% 121.8% 181.3 60.4 582.0 725.5 10.5% 4.6% 6.3% 19.0% 7.7% 2.6% 1.5x 17.7x 9.6x 13.6% Schweizer Electronic AG 13.50 19.00 12.40 71.1% 108.9% 25.8 25.8 50.9 50.9 2.8% 14.1% -6.3% -0.1% 4.2% 3.4% nm 12.5x 8.6x na Min 23.0 48.0 -2.6% -7.8% -25.5% -0.1% 4.2% 0.0% 0.3x 0.6x 5.5x 0.0% Max 2,491.8 2,596.5 21.5% 14.9% 22.9% 95.7% 25.0% 3.4% 6.3x 84.4x 23.8x 17.4% Median 303.9 349.1 6.0% 6.0% 2.3% 11.3% 10.0% 1.0% 1.5x 14.8x 9.9x 10.7% Mean 572.0 729.3 6.7% 6.4% 2.4% 23.4% 12.4% 1.1% 2.4x 23.2x 11.4x 9.4%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Note: For multiple and ratio definitions, please refer to appendix 55 Source: S&P Capital IQ as of July 01, 2019 Technology

Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA ADVA Optical Networking SE 0.8x 0.7x 0.7x 0.7x 11.0x 5.4x 5.2x 4.9x 24.2x 14.4x 17.5x 16.0x 33.2x 19.6x 16.5x 15.3x 1.3x DATA MODUL AG 1.1x 0.9x 0.8x 0.8x 11.3x 9.5x 8.6x 7.4x 12.2x 10.5x 9.4x 8.1x 18.0x 15.2x 13.6x 11.7x 2.7x Dialog Semiconductor Plc 1.5x 1.5x 1.9x 2.0x 8.4x 6.2x 8.3x 7.9x 10.2x 8.0x 9.3x 10.5x 20.4x 16.7x 23.0x 22.2x 2.1x Diebold Nixdorf, Incorporated 0.6x 0.7x 0.7x na 10.7x 7.4x 6.6x na nm 12.1x 11.4x na nm nm nm na -4.0x Elmos Semiconductor AG 1.6x 1.5x 1.4x 1.3x 6.3x 6.1x 5.7x 4.9x 8.9x 9.9x 9.1x 7.7x 12.2x 13.6x 12.5x 10.4x 1.6x euromicron AG 0.5x 0.5x 0.4x 0.4x nm 7.6x 6.5x 5.4x nm 22.5x 13.7x 12.7x nm nm 7.4x 6.0x 0.4x First Sensor AG 1.9x 1.8x 1.7x 1.6x 15.3x 12.4x 11.8x 11.1x 26.9x 20.4x 19.1x 17.5x 38.8x 32.2x 29.9x 27.2x 3.1x init innovation in traffic systems SE 1.3x 1.2x 1.1x 1.1x 12.3x 13.5x 11.8x 10.4x 18.3x 21.7x 16.8x 14.2x 60.8x 29.7x 24.7x 18.6x 1.9x InTiCa Systems AG 1.0x 0.8x 0.7x 0.6x 22.6x 8.0x 7.2x 5.5x nm 40.0x 28.2x 13.7x nm 57.5x 32.9x 12.1x 1.4x Jenoptik AG 2.0x 1.9x 1.8x 1.7x 13.1x 12.0x 10.9x 10.3x 17.2x 16.5x 14.7x 13.3x 18.6x 20.4x 18.1x 16.9x 2.7x OHB SE 0.7x 0.7x 0.7x 0.6x 13.4x 9.2x 8.4x 8.0x 15.9x 14.0x 12.4x 11.4x 23.3x 20.9x 17.9x 14.2x 2.8x Schweizer Electronic AG 0.4x 0.4x 0.4x 0.3x 5.7x 10.2x 6.6x 5.7x 29.9x nm nm nm 99.4x nm nm nm 0.8x

Min 0.4x 0.4x 0.4x 0.3x 5.7x 5.4x 5.2x 4.9x 8.9x 8.0x 9.1x 7.7x 12.2x 13.6x 7.4x 6.0x -4.0x Max 2.0x 1.9x 1.9x 2.0x 22.6x 13.5x 11.8x 11.1x 29.9x 40.0x 28.2x 17.5x 99.4x 57.5x 32.9x 27.2x 3.1x Median 1.0x 0.9x 0.8x 0.8x 11.3x 8.6x 7.7x 7.4x 17.2x 14.4x 13.7x 13.0x 23.3x 20.4x 18.0x 14.7x 1.8x Mean 1.1x 1.1x 1.0x 1.0x 11.8x 8.9x 8.1x 7.4x 18.2x 17.3x 14.7x 12.5x 36.1x 25.1x 19.7x 15.5x 1.4x

Note: For multiple and ratio definitions, please refer to appendix 56 Source: S&P Capital IQ as of July 01, 2019 Technology – Historic Multiples

EV / Sales EV / EBITDA

1.8x 14.0x

13.0x 1.6x

12.0x 1.4x 11.0x 1.2x 10.0x

1.0x 9.0x

0.8x 8.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

25.0x 42.0x

23.0x 39.0x 36.0x 21.0x 33.0x 19.0x 30.0x 17.0x 27.0x 15.0x 24.0x

13.0x 21.0x

11.0x 18.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 57 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Transportation & Logistics

General Information Ratio Analysis

Aves One AG 11.50 13.60 5.55 84.6% 207.2% 862.0 17.1 160.1 1,005.1 53.2% 22.5% 87.9% 25.6% 72.8% 2.3% 9.9x 1.9x 2.9x 33.4% Fraport AG 75.58 86.00 60.94 87.9% 124.0% 5,076.9 871.4 6,984.8 11,376.3 10.2% 2.1% 9.3% 5.8% 33.3% na 3.6x 5.4x 8.7x 9.7% Hamburger Hafen und Logistik AG 23.28 23.36 16.90 99.7% 137.8% 1,118.2 227.3 1,693.7 2,580.1 4.0% 1.9% 6.3% 12.8% 28.1% na 2.4x 13.5x 7.3x 18.2% Sixt SE 93.90 119.00 64.00 78.9% 146.7% 3,247.4 80.5 3,914.0 7,209.7 10.4% 9.1% 19.8% 43.1% 30.9% na 3.2x 11.2x nm 16.0%

Min 160.1 1,005.1 4.0% 1.9% 6.3% 5.8% 28.1% 2.3% 2.4x 1.9x 2.9x 9.7% Max 6,984.8 11,376.3 53.2% 22.5% 87.9% 43.1% 72.8% 2.3% 9.9x 13.5x 8.7x 33.4% Median 2,803.9 4,894.9 10.3% 5.6% 14.5% 19.2% 32.1% 2.3% 3.4x 8.3x 7.3x 17.1% Mean 3,188.1 5,542.8 19.4% 8.9% 30.8% 21.8% 41.3% 2.3% 4.8x 8.0x 6.3x 19.3%

*) Share Price as of 30.06.2019 **) Operating Cash Flow per Share

Valuation Analysis

Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B Peer Group 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e 2018a 2019e 2020e 2021e LFQA Aves One AG 12.9x 8.6x 7.6x 7.0x 18.9x 11.8x 10.3x 9.6x 31.3x 18.9x 16.6x 15.2x 13.3x 14.6x 12.0x 9.7x 4.9x Fraport AG 3.2x 3.2x 3.1x 3.0x 10.4x 9.6x 9.1x 8.7x 16.2x 15.7x 14.7x 13.9x 14.7x 16.4x 15.2x 14.5x 1.6x Hamburger Hafen und Logistik AG 2.0x 2.0x 1.9x 1.9x 8.9x 7.1x 6.5x 6.2x 14.0x 12.3x 11.6x 11.2x 15.1x 16.3x 14.9x 14.2x 3.0x Sixt SE 2.5x 2.2x 2.1x 1.9x 17.7x 7.3x 6.6x 6.0x 18.5x 18.4x 16.8x 15.1x 9.2x 16.5x 15.1x 13.7x 2.6x

Min 2.0x 2.0x 1.9x 1.9x 8.9x 7.1x 6.5x 6.0x 14.0x 12.3x 11.6x 11.2x 9.2x 14.6x 12.0x 9.7x 1.6x Max 12.9x 8.6x 7.6x 7.0x 18.9x 11.8x 10.3x 9.6x 31.3x 18.9x 16.8x 15.2x 15.1x 16.5x 15.2x 14.5x 4.9x Median 2.8x 2.7x 2.6x 2.5x 14.0x 8.4x 7.9x 7.5x 17.4x 17.1x 15.6x 14.5x 14.0x 16.4x 15.0x 13.9x 2.8x Mean 5.2x 4.0x 3.7x 3.5x 14.0x 8.9x 8.1x 7.6x 20.0x 16.3x 14.9x 13.9x 13.1x 16.0x 14.3x 13.0x 3.0x

Note: For multiple and ratio definitions, please refer to appendix 58 Source: S&P Capital IQ as of July 01, 2019 Transportation & Logistics – Historic Multiples

EV / Sales EV / EBITDA

5.5x 18.0x 5.0x 4.5x 16.0x 4.0x 3.5x 14.0x 3.0x 2.5x 12.0x 2.0x 1.5x 10.0x 1.0x 0.5x 8.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

EV / EBIT Price / Earnings

25.0x 28.0x

26.0x 22.0x

24.0x 19.0x 22.0x 16.0x 20.0x

13.0x 18.0x

10.0x 16.0x Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019 Q2/2013 Q2/2014 Q2/2015 Q2/2016 Q2/2017 Q2/2018 Q2/2019

Mean All Industry Mean Mean All Industry Mean

Note: Multiples as provided by S&P Capital IQ; EV calculated based on the closing stock price of the respective end of quarter date; Revenues, EBITDA and EBIT calculated based on LTM 59 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1- 37.5%) / diluted weighted average of shares outstanding Source: S&P Capital IQ as of July 01, 2019 Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x

60 Appendix – Abbreviations

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

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

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

EBIT Earnings before interest and taxes for the respective calendar year

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

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

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

LFYA Last fiscal or calendar year available

LFQA Last fiscal quarter available

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

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

61 Appendix – Multiple & Ratio Definitions

Multiples & Ratios Definition

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

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

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

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

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

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

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

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

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

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

62 Contact Details & Disclaimer

DISCLAIMER

This document does not constitute an offer or invitation to purchase or subscribe for any securities, and neither this document nor anything contained herein shall form the basis of or may be relied upon in connection with any contract or commitment whatsoever. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, FCF Fox Corporate Finance GmbH estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither FCF nor any of its officers, directors or employees accepts any liability whatsoever arising directly or indirectly from the use of this Maximilianstrasse 12-14 ▪ 80539 Munich ▪ Germany document. By accepting this document you acknowledge that you will be solely responsible for your own Telephone +49 (89) 206 0409-0 ▪ Facsimile +49 (89) 206 0409-299 assessment of the market and the market position of the Company and that you will conduct your own [email protected] ▪ www.fcf.de analysis and be solely responsible for forming your own view of the potential future performance of the Company's business. This document contains certain forward-looking statements, including assumptions, opinions and views cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of the Company to differ materially from the estimations expressed or implied herein. FCF does not guarantee Arno Fuchs Dr. Mathias Schott that the figures, assumptions and calculations underlying such historical and forward looking statements Chief Executive Officer Director are free from errors nor does FCF accept any responsibility for the future accuracy of the opinions P: +49 (89) 206 0409-100 P: +49 (89) 206 0409-123 expressed in this document or the actual occurrence of the forecasted developments. M: +49 (172) 863 6777 M: +49 (174) 301 1846 [email protected] [email protected] © FCF Fox Corporate Finance GmbH 2019

If you have comments, suggestions or questions relating to the FCF Valuation Monitor or wish to suggest a Tristan Blümli Yasmin Herrmann company for inclusion in the analysis, please contact Associate Analyst Dr. Mathias Schott (E: [email protected]). P: +49 (89) 206 0409-140 P: +49 (89) 206 0409-122 M: +49 (172) 8395 716 M: +49 (173) 6838 442 If you do not wish to receive the FCF Valuation Monitor in the future please send us an e-mail with the [email protected] [email protected] subject ‘FCF Valuation Monitor Termination’.

63 THE FINANCING SPECIALIST