FCF Fox Corporate Finance GmbH

Growth & Multiple Regression Analysis

Supporting Document to

FCF Valuation Monitor German Small- / Midcap Companies

Q2 2017

Data as of June 30, 2017 Published as of July 17, 2017 Executive Summary I. FCF Overview II. Sector Overview III. Sector Regression 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) P h a r m a & 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 2 Executive Summary

The Growth & Executive Summary Multiple Regression ▪ The Growth & Multiple Regression Analysis is a standardized publication and a supporting document to the FCF Valuation Monitor Analysis is a supporting document ▪ The analysis offers further information of the current valuation levels of German listed small and midcap companies to the FCF Valuation ▪ The calculations provide insights into the impact of Sales CAGRs and EBITDA CAGRs on EBITDA multiples by each sector Monitor, providing information on the ▪ As also explained in the FCF Valuation Monitor, the selection of companies is primarily based on the Prime Standard All Share Index as current valuation well as selected companies listed on the regulated market: levels of German Large cap DAX 30 companies are excluded small and midcap – companies – Certain sectors which are dominated by large cap companies or which are of limited relevance for a small / midcap analysis have been excluded (e.g. financials, utilities, automotive manufacturers and specialty sectors such as biotech and healthcare services / hospitals) More advanced, – The allocation of companies into a specific sector is based on FCF’s understanding & classification of the companies’ business detailed and / or models and differs in part from the standard Deutsche Börse sector allocation customized reports The universe includes companies fulfilling one of the following minimum size criteria: Current market capitalization > EUR 50m, are available upon – 2017e sales > EUR 50m, 2017e EBITDA > EUR 10m, LFQA Equity > 25m. Smaller companies with a current market capitalization request of at least EUR 20m are also included, if they are deemed relevant / representative for their respective sectors. In addition, certain companies that do not represent their respective sectors have been excluded ▪ All input data is provided by S&P Capital IQ and is not independently verified by FCF. Ratio and multiple calculations are driven based on the input data available. For additional information and disclaimer, please refer to the last page

▪ Please do not hesitate to contact us, if you have further questions

3 Executive Summary I. FCF Overview II. Sector Overview III. Sector Regression 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) P h a r m a & 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 4 FCF Overview

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

– All instruments: Unbiased approach to all available corporate Equity Initial Public Offering (IPO) Public Equity (PIPE) (ii) with the highest Public  Dual-track (IPO and  Block trade flexibility, financing instruments (no product selling approach), allowing alternative transaction) for customized financing structures (iii) in the shortest  Receivables financing /  Overdraft / Revolving / – All investors: Close and trusted relationships with senior period of time, Short-term Factoring / ABS Working capital facility executives of virtually all relevant equity and debt investors Debt  Borrowing base /  Guarantee / (iv) with the highest – Fast process: Process management skills and direct / personal Inventory financing Letter of Credit closing proba- access to institutional debt and equity investors enable fast  Bank loan facility  Corporate bond bility, and with transactions (straight debt) (public / private)

Debt Long-term  Leasing /  Promissory note (v) financing partners ▪ More than 50 transactions with a total placement volume in Debt Sale-and-lease back (Schuldscheindarlehen) that integrate well excess of €2.0 billion since foundation in 2005  High-yield / PIK bond  Second lien into their strategy ▪ Approx. 20 professionals, headquartered in Munich Mezzanine  Mezzanine capital  Convertible bond

Selected Transactions

Debt Financing

[confidential]

German Furniture Company > EUR 35m

July 2016

5 Executive Summary I. FCF Overview II. Sector Overview III. Sector Regression 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 6 Sector Overview - EV / EBITDA vs. Sales CAGR

30x

25x Internet Products / Services

20x

Software IT Services 15x Hightech / Advanced Machinery

EV / EBITDA 2016 / EBITDA EV Industrial Machinery Pharma & Healthcare Industrial Materials Industrial / Business Services Industrial Products 10x Communications Services Technology Consumer Products / Services Media & Entertainment Construction Products / Services Renewable Products / Services Transportation & Logistics Automotive Supply

5x

R² = 0.4488 x 0% 2% 4% 6% 8% 10% 12% 14% 16% Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 7 Sector Overview - EV / EBITDA vs. EBITDA CAGR

25x

20x Internet Products / Services

Software

15x IT Services Hightech / Advanced Machinery

Industrial Machinery Pharma & Healthcare Industrial Materials Communications Services

EV / EBITDA 2016 / EBITDA EV Industrial Products 10x Technology Consumer Products / Services Industrial / Business Services Media & Entertainment Construction Products / Services Renewable Products / Services Transportation & Logistics Automotive Supply

5x

R² = 0.3474

x 0% 5% 10% 15% 20% 25% 30% EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 8 Executive Summary I. FCF Overview II. Sector Overview III. Sector Regression 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) P h a r m a & 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 9 Automotive Supply - EV / EBITDA vs. Sales CAGR

18.0x

Paragon AG 16.0x

14.0x

12.0x

10.0x

Bertrandt Aktiengesellschaft 8.0x Saf-Holland S.A. Softing AG

EV / EBITDA 2017e / EBITDA EV ElringKlinger AG Rheinmetall AG 6.0x Progress Werk Oberkirch AG DEUTZ Aktiengesellschaft LEONI AG SHW AG Schaeffler AG Hella KGaA Hueck & Co.

4.0x Grammer Aktiengesellschaft

2.0x

R² = 0.4626

0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 10 Automotive Supply - EV / EBITDA vs. EBITDA CAGR

18.0x

Paragon AG 16.0x

14.0x

12.0x

10.0x

Bertrandt Aktiengesellschaft 8.0x Softing AG Saf-Holland S.A.

EV / EBITDA 2017e / EBITDA EV ElringKlinger AG Rheinmetall AG 6.0x DEUTZ Aktiengesellschaft Progress Werk Oberkirch AG SHW AG LEONI AG Hella KGaA Hueck & Co. Schaeffler AG 4.0x Grammer Aktiengesellschaft

2.0x

R² = 0.3551 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 11 Communications Services - EV / EBITDA vs. Sales CAGR

25x

Drillisch Aktiengesellschaft

20x

15x

United Internet AG freenet AG

EV / EBITDA 2016 / EBITDA EV 10x 3U Holding AG

Tele Columbus AG

QSC AG

5x ecotel communication ag

R² = 0.7174 x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

Sales CAGR 2016-18

Source: S&P Capital IQ as of June 30, 2017 12 Communications Services - EV / EBITDA vs. EBITDA CAGR

25x

Drillisch Aktiengesellschaft

20x

15x

United Internet AG freenet AG

10x EV / EBITDA 2016 / EBITDA EV 3U Holding AG AG

QSC AG Telefónica Deutschland Holding AG

5x ecotel communication ag

R² = 0.2572 x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

EBITDA CAGR 2016-18

Source: S&P Capital IQ as of June 30, 2017 13 Construction Products / Services - EV / EBITDA vs. Sales CAGR

10.0x

Einhell AG HOCHTIEF Aktiengesellschaft 9.0x SE STEICO SE

8.0x SE

7.0x

A.S. Création Tapeten AG BAUER Aktiengesellschaft 6.0x

5.0x

EV / EBITDA 2017e / EBITDA EV 4.0x

3.0x

2.0x

1.0x

R² = 0.3523

0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 14 Construction Products / Services - EV / EBITDA vs. EBITDA CAGR

10.0x

Einhell Germany AG HOCHTIEF Aktiengesellschaft 9.0x Wacker Neuson SE STEICO SE

8.0x Bilfinger SE

7.0x

BAUER Aktiengesellschaft A.S. Création Tapeten AG 6.0x

5.0x

4.0x EV / EBITDA 2017e / EBITDA EV

3.0x

2.0x

1.0x

R² = 0.1468

0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 15 Consumer Products / Services - EV / EBITDA vs. Sales CAGR

20.0x

Fielmann AG 18.0x PUMA SE

16.0x

14.0x LUDWIG BECK am Rathauseck - Textilhaus Feldmeier AG

Hawesko Holding Aktiengesellschaft 12.0x

Ahlers AG 10.0x Aktiengesellschaft Gerry Weber International AG Hugo Boss AG

EV / EBITDA 2017e / EBITDA EV 8.0x

Tom Tailor Holding AG Holding AG & Co. KGaA Südzucker AG 6.0x Villeroy & Boch AG Stiftung & Co. KGaA

4.0x Adler Modemärkte AG METRO AG Gigaset AG 2.0x

R² = 0.3651

0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 16 Consumer Products / Services - EV / EBITDA vs. EBITDA CAGR

20.0x

18.0x Fielmann AG PUMA SE

16.0x

14.0x LUDWIG BECK am Rathauseck - Textilhaus Feldmeier AG Hawesko Holding Aktiengesellschaft 12.0x

Ahlers AG 10.0x Leifheit Aktiengesellschaft

Hugo Boss AG Gerry Weber International AG

8.0x EV / EBITDA 2017e / EBITDA EV Hornbach Holding AG & Co. KGaA Tom Tailor Holding AG Südzucker AG 6.0x Villeroy & Boch AG

Adler Modemärkte AG 4.0x

METRO AG Gigaset AG 2.0x R² = 0.0472

0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 17 Note: CEWE Stiftung has been omittied due to EBITDA CAGR outlier (-67,9% EBITDA CAGR 2017-19) Hightech / Advanced Machinery - EV / EBITDA vs. Sales CAGR

50.0x

45.0x SLM Solutions Group AG

40.0x

35.0x

30.0x

Aumann AG 25.0x

EV / EBITDA 2017e / EBITDA EV 20.0x LPKF Laser & Electronics Aktiengesellschaft

15.0x Basler Aktiengesellschaft Viscom AG PVA TePla AG 10.0x Dr. Hönle AG Singulus Technologies AG Manz AG Suss MicroTec AG MTU Aero Engines AG

5.0x

Francotyp-Postalia Holding AG R² = 0.8421 0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 18 Note: has been omitted due to missing data Hightech / Advanced Machinery - EV / EBITDA vs. EBITDA CAGR

50.0x

45.0x SLM Solutions Group AG

40.0x

35.0x

30.0x

25.0x Aumann AG

20.0x

EV / EBITDA 2017e / EBITDA EV LPKF Laser & Electronics Aktiengesellschaft

15.0x Basler Aktiengesellschaft Viscom AG

Manz AG 10.0x PVA TePla AG Singulus Technologies AG Suss MicroTec AG MTU Aero Engines AG 5.0x Francotyp-Postalia Holding AG R² = 0.4626 0.0x -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 19 Note: Aixtron and Dr. Hönle AG have been omitted due to missing data Industrial / Business Services - EV / EBITDA vs. Sales CAGR

25.0x

KROMI Logistik AG 20.0x

15.0x

Amadeus FiRe AG

EV / EBITDA 2017e / EBITDA EV 10.0x GfK SE TAKKT AG

Klöckner & Co SE

5.0x Muehlhan AG

R² = 0.8807

0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 20 Industrial / Business Services - EV / EBITDA vs. EBITDA CAGR

12.0x

Amadeus FiRe AG

10.0x TAKKT AG

GfK SE

8.0x

Klöckner & Co SE 6.0x

Muehlhan AG EV / EBITDA 2017e / EBITDA EV

4.0x

2.0x

R² = 0.5764

0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 21 Note: KROMI Logistik AG has been omitted due to missing data Industrial Machinery - EV / EBITDA vs. Sales CAGR

20.0x

18.0x DMG Mori Aktiengesellschaft

16.0x KUKA Aktiengesellschaft Isra Vision AG SMT Scharf AG Washtec AG 14.0x

Technotrans AG 12.0x

10.0x KION GROUP AG GEA Group Aktiengesellschaft Dürr Aktiengesellschaft AG Aktiengesellschaft

EV / EBITDA 2017e / EBITDA EV 8.0x Koenig & Bauer AG

6.0x Heidelberger Druckmaschinen Aktiengesellschaft 4.0x

2.0x

R² = 0.1315

0.0x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 22 Industrial Machinery - EV / EBITDA vs. EBITDA CAGR

20x

18x DMG Mori Aktiengesellschaft

16x KUKA Aktiengesellschaft Isra Vision AG SMT Scharf AG Washtec AG 14x

Technotrans AG 12x

10x KION GROUP AG GEA Group Aktiengesellschaft Dürr Aktiengesellschaft Krones AG 8x Jungheinrich Aktiengesellschaft

EV / EBITDA 2017e / EBITDA EV Koenig & Bauer AG

6x Heidelberger Druckmaschinen Aktiengesellschaft 4x

2x R² = 0.1337

x 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 23 Industrial Materials - EV / EBITDA vs. Sales CAGR

25.0x

SGL Carbon SE

20.0x

15.0x Symrise AG Fuchs Petrolub SE

KWS Saat SE BayWa Aktiengesellschaft Brenntag AG

EV / EBITDA 2017e / EBITDA EV 10.0x

Aurubis AG AG Evonik Industries AG AG Covestro Aktiengesellschaft 5.0x H&R GmbH & Co. KGaA

R² = 0.1811

0.0x -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 24 Industrial Materials - EV / EBITDA vs. EBITDA CAGR

25.0x

SGL Carbon SE

20.0x

15.0x Symrise AG Fuchs Petrolub SE

KWS Saat SE BayWa Aktiengesellschaft Brenntag AG

10.0x EV / EBITDA 2017e / EBITDA EV

Aurubis AG Siltronic AG H&R GmbH & Co. KGaA Wacker Chemie AG Evonik Industries AG 5.0x Covestro Aktiengesellschaft

R² = 0.4846

0.0x -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 25 Industrial Products - EV / EBITDA vs. Sales CAGR

30.0x

RATIONAL Aktiengesellschaft 25.0x

20.0x va-Q-tec AG

15.0x

Schaltbau Holding AG Nanogate AG

EV / EBITDA 2017e / EBITDA EV R. Stahl AG Technology AG AG 10.0x OSRAM Licht AG SE K+S Aktiengesellschaft Masterflex SE Nabaltec AG Gesco AG Westag & Getalit AG

LANXESS Aktiengesellschaft CENTROTEC Sustainable AG 5.0x Surteco SE

Salzgitter Aktiengesellschaft

R² = 0.4108

0.0x -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 26 Industrial Products - EV / EBITDA vs. EBITDA CAGR

30.0x

RATIONAL Aktiengesellschaft 25.0x

20.0x va-Q-tec AG

15.0x Nanogate AG Schaltbau Holding AG

Pfeiffer Vacuum Technology AG EV / EBITDA 2017e / EBITDA EV R. Stahl AG Vossloh AG 10.0x OSRAM Licht AG NORMA Group SE Masterflex SE K+S Aktiengesellschaft Nabaltec AG Gesco AG LANXESS Aktiengesellschaft Surteco SE CENTROTEC Sustainable AG 5.0x Westag & Getalit AG Salzgitter Aktiengesellschaft

R² = 0.3255

0.0x 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 27 Internet Products / Services - EV / EBITDA vs. Sales CAGR

80x

70x elumeo SE

60x

50x AG

40x EV / EBITDA 2016 / EBITDA EV 30x Zalando SE

XING AG 20x Bet-At-Home.com AG Scout24 AG Syzygy AG Wirecard AG Delticom AG 10x Ströer SE & Co. KGaA

ZEAL Network SE R² = 0.0029 x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Sales CAGR 2016-18

Source: S&P Capital IQ as of June 30, 2017 28 Note: Rocket Internet and windeln.de have been omitted due to missing data. Lotto24 has been omitted due to an EBITDA multiple outlier (EV / EBITDA 2017e 224,4x) Internet Products / Services - EV / EBITDA vs. EBITDA CAGR

50x

45x

40x

35x

30x

Zalando SE

25x

XING AG

20x Bet-At-Home.com AG EV / EBITDA 2016 / EBITDA EV

Scout24 AG

15x Syzygy AG Wirecard AG

Delticom AG

10x Ströer SE & Co. KGaA

5x ZEAL Network SE

R² = 0.6073 x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%

EBITDA CAGR 2016-18

Source: S&P Capital IQ as of June 30, 2017 29 Note: Rocket Internet and windeln.de have been omitted due to missing data. Lotto24 and elumeo have been omitted due to EBITDA CAGR outliers. (195% and 138% EBTIDA CAGR respectively) IT Services - EV / EBITDA vs. Sales CAGR

45.0x

40.0x

InVision Aktiengesellschaft 35.0x

30.0x SinnerSchrader Aktiengesellschaft secunet Security Networks Aktiengesellschaft 25.0x

20.0x

KPS AG EV / EBITDA 2017e / EBITDA EV

15.0x INTERSHOP Communications Aktiengesellschaft AG GFT Technologies SE Cancom SE All for One Steeb AG 10.0x PSI Software AG Diebold Nixdorf CENIT Aktiengesellschaft Aktiengesellschaft Allgeier SE

5.0x

R² = 0.6099

0.0x 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 30 IT Services - EV / EBITDA vs. EBITDA CAGR

40.0x

InVision Aktiengesellschaft 35.0x

30.0x

secunet Security Networks Aktiengesellschaft 25.0x

20.0x KPS AG

EV / EBITDA 2017e / EBITDA EV 15.0x INTERSHOP Communications Aktiengesellschaft Bechtle AG GFT Technologies SE All for One Steeb AG CENIT Aktiengesellschaft 10.0x Cancom SE Diebold Nixdorf PSI Software AG Aktiengesellschaft Allgeier SE 5.0x

R² = 0.3262

0.0x -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 31 Media & Entertainment - EV / EBITDA vs. Sales CAGR

16x

CTS Eventim AG & Co. KGaA

14x

12x

Axel Springer SE

10x

8x EV / EBITDA 2016 / EBITDA EV 6x DEAG Deutsche Entertainment Aktiengesellschaft

4x Bastei Lübbe AG

2x

R² = 0.2958 x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

Sales CAGR 2016-18

Source: S&P Capital IQ as of June 30, 2017 32 Note: Constantin Medien AG has been omitted due to missing data Media & Entertainment - EV / EBITDA vs. EBITDA CAGR

16x

CTS Eventim AG & Co. KGaA

14x

12x

Axel Springer SE

10x

8x

EV / EBITDA 2016 / EBITDA EV 6x

DEAG Deutsche Entertainment Aktiengesellschaft

4x Bastei Lübbe AG

2x

R² = 0.1754

x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

EBITDA CAGR 2016-18

Source: S&P Capital IQ as of June 30, 2017 33 Note: Constantin Medien AG has been omitted due to missing data Pharma & Healthcare - EV / EBITDA vs. Sales CAGR

25.0x

Carl Zeiss Meditec AG 20.0x

Biotest Aktiengesellschaft

15.0x Rhön-Klinikum Aktiengesellschaft STRATEC Biomedical AG

STADA Arzneimittel Aktiengesellschaft

AAP Implantate AG EV / EBITDA 2017e / EBITDA EV 10.0x Gerresheimer AG

MEDICLIN Aktiengesellschaft Eckert & Ziegler Strahlen- und Medizintechnik AG 5.0x Dragerwerk AG & Co. KGaA

R² = 0.2821

0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 34 Note: Geratherm Medical AG has been omitted due to missing data Pharma & Healthcare - EV / EBITDA vs. EBITDA CAGR

25.0x

20.0x AG

Biotest Aktiengesellschaft

15.0x STRATEC Biomedical AG

Rhön-Klinikum Aktiengesellschaft

STADA Arzneimittel Aktiengesellschaft

EV / EBITDA 2017e / EBITDA EV 10.0x Gerresheimer AG

MEDICLIN Aktiengesellschaft

Dragerwerk AG & Co. KGaA 5.0x Eckert & Ziegler Strahlen- und Medizintechnik AG

R² = 0.4142

0.0x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 35 Note: AAP Implantate AG and Geratherm Medical have been omitted due to missing data Renewable Products / Services - EV / EBITDA vs. Sales CAGR

14.0x

12.0x

Daldrup & Söhne Aktiengesellschaft PNE Wind AG

10.0x

8.0x CropEnergies AG

6.0x SMA Solar Technology AG EV / EBITDA 2017e / EBITDA EV

Nordex SE 4.0x

2.0x

R² = 0.7851

0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 36 Note: EnviTec Biogas AG and Vereinigte BioEnergie have been omitted due to missing data Renewable Products / Services - EV / EBITDA vs. EBITDA CAGR

12.0x

PNE Wind AG Daldrup & Söhne Aktiengesellschaft

10.0x

8.0x

CropEnergies AG

SMA Solar Technology AG 6.0x

Nordex SE EV / EBITDA 2017e / EBITDA EV

4.0x

2.0x

R² = 0.407

0.0x -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 37 Note: EnviTec Biogas AG and VERBIO Vereinigte BioEnergie have been omitted due to missing data Software - EV / EBITDA vs. Sales CAGR

25.0x

Nemetschek SE

20.0x USU Software AG Mensch und Maschine Software SE

CompuGroup Medical Societas Europaea SNP Schneider-Neureither & Partner AG ATOSS Software AG Nexus AG 15.0x GK Software AG

EV / EBITDA 2017e / EBITDA EV 10.0x Software Aktiengesellschaft

5.0x

R² = 0.3964

0.0x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 38 Note: IVU Traffic Technologies has been omitted due to missing data Software - EV / EBITDA vs. EBITDA CAGR

25.0x

Nemetschek SE

USU Software AG 20.0x

Mensch und Maschine Software SE CompuGroup Medical Societas Europaea

ATOSS Software AG Nexus AG SNP Schneider-Neureither & Partner AG 15.0x GK Software AG

10.0x Software Aktiengesellschaft EV / EBITDA 2017e / EBITDA EV

5.0x

R² = 0.0696

0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 39 Note: IVU Traffic Technologies has been omitted due to missing data Technology - EV / EBITDA vs. Sales CAGR

16x

14x init innovation in traffic systems SE

DATA MODUL Aktiengesellschaft, Produktion und Vertrieb von elektronischen Systemen 12x AG euromicron AG

10x OHB SE

First Sensor AG Kontron AG

8x

ELMOS Semiconductor AG EV / EBITDA 2017e / EBITDA EV 6x

ADVA Optical Networking SE

4x

2x

R² = 0.005

x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 40 Note: Clere AG, Fortec Elektronik AG und Mühlbauer Holding AG & Co.KG have been omitted due to missing data Technology - EV / EBITDA vs. EBITDA CAGR

16.0x

14.0x init innovation in traffic systems SE

Jenoptik AG DATA MODUL Aktiengesellschaft, 12.0x Produktion und Vertrieb von elektronischen Systemen euromicron AG

10.0x OHB SE First Sensor AG Kontron AG

8.0x

ELMOS Semiconductor AG

EV / EBITDA 2017e / EBITDA EV 6.0x

ADVA Optical Networking SE

4.0x

2.0x

R² = 0.0119

0.0x 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 41 Note: Clere AG, Fortec Elektronik AG und Mühlbauer Holding AG & Co.KG have been omitted due to missing data Transportation & Logistics - EV / EBITDA vs. Sales CAGR

12.0x

10.0x Fraport AG

8.0x Hapag-Lloyd Aktiengesellschaft VTG Aktiengesellschaft

6.0x Hamburger Hafen und Logistik Aktiengesellschaft

Sixt SE EV / EBITDA 2017e / EBITDA EV

4.0x

2.0x

R² = 0.0123

0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%

Sales CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 42 Note: Aves One AG has been omitted due to missing data Transportation & Logistics - EV / EBITDA vs. EBITDA CAGR

12.0x

10.0x Fraport AG

8.0x Hapag-Lloyd Aktiengesellschaft VTG Aktiengesellschaft

6.0x Hamburger Hafen und Logistik Aktiengesellschaft

Sixt SE EV / EBITDA 2017e / EBITDA EV

4.0x

2.0x

R² = 0.0685

0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EBITDA CAGR 2017-19

Source: S&P Capital IQ as of June 30, 2017 43 Note: Aves One AG has been omitted due to missing data Contact Details & Disclaimer

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