FCF Valuation Monitor. German Small- / Midcap Companies Q3 2018

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1 FCF Valuation Monitor German Small- / Midcap Companies Q3 2018

2 E x e c u t i v e S u m m a r y I. F C F O v e r v i e w II. M a r k e t O v e r v i e w III. S e c t o r O v e r v i e w I V. S e c t o r A n a l y s i s A p p e n d i x 2

3 Executive Summary The FCF Valuation Monitor is a standardized report on valuations in the German small / midcap segment and is a quick reference for investors, corporates and professionals More advanced, detailed and / or customized reports are available upon request Executive Summary The FCF Valuation Monitor is a comprehensive valuation analysis for the German small / midcap market segment and is published by FCF on a quarterly basis The analysis provides relevant valuation metrics (e.g. ratios and multiples) for German small / midcap companies in selected industry sectors The FCF Valuation Monitor targets the following recipients: Institutional investors Private equity investors Venture capital investors Family Offices / High Networth Individuals Corporates Advisors The selection of companies is primarily based on the on the regulated market of the Deutsche Börse: Large cap DAX 30 companies are excluded 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) The allocation of companies into a specific sector is based on FCF s understanding & classification of the companies business models and differs in part from the standard Deutsche Börse sector allocation The universe includes companies fulfilling one of the following minimum size criteria: Current market capitalization > EUR 50m, 2018e sales > EUR 50m, 2018e EBITDA > EUR 10m, LFQA Equity > 25m. Smaller companies with a current market capitalization 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 3

4 Executive Summary (cont d) The FCF Valuation Monitor is a standardized report on valuations in the German small / midcap segment and is a quick reference for investors, corporates and professionals More advanced, detailed and / or customized reports are available upon request Executive Summary The FCF Valuation Monitor is a standardized publication More advanced, detailed and / or customized reports can be ordered individually, offering subscribers the possibility to customize the following criteria (among others): Inclusion of European or international / US comparables Creation of specific industry (sub-) sectors Selection / deselection of specific peer group companies Monthly or event specific calculation / update (e.g. for board meetings, for portfolio reporting / monitoring purposes) Specific ratio analysis (equity or debt analysis) Trailing / historic multiples and valuations by company or sector To recommend colleagues or fellow investors to be added to the mailing list, kindly send an with the respective contact information The FCF Valuation Monitor is available on FCF s website at 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 If you have questions, comments or ideas, please do not hesitate to contact us Enjoy the reading 4

5 E x e c u t i v e S u m m a r y I. F C F O v e r v i e w II. M a r k e t O v e r v i e w III. S e c t o r O v e r v i e w I V. S e c t o r A n a l y s i s A p p e n d i x 5

Debt Equity FCF Overview FCF seeks to provide its clients with financing

(iii) in the shortest period of time, (iv) with the highest closing

their strategy Who We Are Specialized investment bank and financing

for structuring and placement of financing transactions: All instruments:

product selling approach), allowing for customized financing structures

virtually all relevant equity and debt investors Fast process: Process

equity investors enable fast transactions More than 100 transactions with

0 billion since foundation in 2005 Approx.

Services Private / Pre-IPO Public Short-term Debt Long-term Debt Venture

Dual-track (IPO and alternative transaction Receivables / Factoring / ABS

Sale-and-lease back Corporate bonds (public / private placement) Private

Block trade Working capital / Revolving credit facility Guarantees /

6 Debt Equity FCF Overview FCF seeks to provide its clients with financing solutions (i) at the lowest cost, (ii) with the highest flexibility, (iii) in the shortest period of time, (iv) with the highest closing probability, and with (v) financing partners that integrate well into their strategy Who We Are Specialized investment bank and financing specialist Advising public and private small / midcap companies Advisor for structuring and placement of financing transactions: All instruments: Unbiased approach to all available corporate financing instruments (no product selling approach), allowing for customized financing structures All investors: Close and trusted relationships with senior executives of virtually all relevant equity and debt investors Fast process: Process management skills and direct / personal access to institutional debt and equity investors enable fast transactions More than 100 transactions with a total placement volume in excess of EUR 4.0 billion since foundation in 2005 Approx. 10 professionals headquartered in Munich Capital Markets Capabilities and Services Private / Pre-IPO Public Short-term Debt Long-term Debt Venture capital Growth capital Initial Public Offering (IPO) / Capital increase Dual-track (IPO and alternative transaction Receivables / Factoring / ABS Borrowing base / Inventory Bank loan facility / Straight debt Sale-and-lease back Corporate bonds (public / private placement) Private equity pursued in tandem) Private Investment in Public Equity (PIPE) Block trade Working capital / Revolving credit facility Guarantees / Letter of Credit Promissory note (Schuldscheindarlehen) High-yield / PIK bond (public / private) Second lien Mezzanine Mezzanine capital Convertible bonds Selected Transactions 6

FCF Facts & Figures More than 100 2000 #

international financial institutions More

120 More than 25 Total volume of advised

investment banking / financing experience

7 FCF Facts & Figures More than # 1 More than 10 Network Completed Transactions Contacts to Family Offices and Ultra High Net Worth Individuals worldwide Financing Advisor in Germany, purely focusing on corporate financing transactions Investment Banking Professionals Access to more than 4000 international financial institutions More than 4 bn Leading Close to 100 More than 120 More than 25 Total volume of advised & closed transactions since 2005 Advisor for Financing Transactions with EIB in the DACH region Years of aggregated, investment banking / financing experience Articles and research papers published International conferences organized 7

8 E x e c u t i v e S u m m a r y I. F C F O v e r v i e w II. M a r k e t O v e r v i e w III. S e c t o r O v e r v i e w I V. S e c t o r A n a l y s i s A p p e n d i x 8

9 Rebased Prices (in%) Rebased Prices (in%) Rebased Prices (in%) Market Overview 36 Month Development of Selected Indices Performance 12 Month Development of Selected Indices Performance Index in % TecDax +62.9% SDAX +42.5% MDAX +35.6% DAX +28.8% Index in % TecDax +12.8% MDAX +0.1% SDAX -1.3% DAX -5.5% Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 TecDAX SDAX MDAX DAX TecDAX SDAX MDAX DAX 3 Month Development of Selected Indices Performance Comment Jun-18 Jul-18 Aug-18 Sep-18 TecDAX SDAX MDAX DAX Index in % TecDax +4.0% MDAX +0.5% DAX -0.8% SDAX -1.2% As a result of continued political and monetary support measures, an improving macroeconomic environment and the current diminishing political headwinds, the majority of German market indices have shown a significant positive performance over the last three years, ranging from 28.8% up to 62.9% Over the last 12 months, two out of the four major German market indices have recorded a positive performance between 0.1% and 12.8%. while the SDAX and DAX are currently trading 1.3% and 5.5% lower than 12 months prior, respectively Q generally shows a positive trend, despite rising political and economic headwinds. Two out of the four major German market indices are trading higher than 3 months prior with positive gains ranging form 0.5% to 4.0% 9

10 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 trading around their record highs reached in 2017 The TecDax trades at an EBITDA multiple that is 7.7x higher than 10 years prior (19.2x vs. 11.5x), while the SDAX, MDAX and DAX trade at EBITDA multiples that are 6.6x, 7.7x and 4.7x (15.3x vs. 8.7x, 14.5x vs. 6.8x and 12.1x vs. 7.4x) 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 19.2x EBITDA, 4.0x more than the SDAX and 7.1x more than the DAX 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; Calculations contain thresholds of 50.0x for EBITDA Multiples 10

11 Historical Price / Earnings Multiples (last 10 years) Price / Earnings 50.0x 45.0x 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x Dax MDax SDax TecDax Comment The current valuation levels of all major German indices are trading around their record highs reached in 2017 and 2014 The TecDax trades at a P / E multiple that is 17.5x higher than 10 years prior (38.8x vs. 21.3x), while the SDAX, MDAX and DAX trade at P / E multiples that are 20.2x, 15.0x and 12.7x (35.1x vs. 14.9x, 29.8x vs. 14.8x and 26.5x vs. 13.8x) 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 38.8x normalized EPS, 3.6x more than the SDAX and 12.3x more than the DAX 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; Calculations contain thresholds of 100.0x for P / E Multiples 11

12 E x e c u t i v e S u m m a r y I. F C F O v e r v i e w II. M a r k e t O v e r v i e w III. S e c t o r O v e r v i e w I V. S e c t o r A n a l y s i s A p p e n d i x 12

13 Rebased Prices (in%) Sector Overview Performance of Sector Indices 12 Month Development of Sector Indices (Rebased Prices, in %) 140 Performances Sector in % Hightech / Advanced Machinery Transportation & Logistics Pharma & Healthcare Industrial / Business Services Software IT Services Industrial Materials Renewable Products / Services Technology Construction Products / Services Internet Products / Services Industrial Products Automotive Supply Industrial Machinery Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Automotive Supply Communications Services Construction Products / Services Consumer Products / Services 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 Transportation & Logistics Note: Sector indices represent development of equally weighted share prices of the peer group s constituents Media & Enterainment Communication Consumer Products / Services

14 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e Automotive Supply 1, , % 15.9% 7.0% 41.1% 11.2% 2.9% 1.4x 17.1x 8.5x 12.6% Communications Services 4, , % 8.7% 11.6% 11.8% 14.8% 2.3% 1.8x 28.1x 10.2x 10.8% Construction Products / Services 1, , % 5.0% 11.3% 35.7% 8.4% 3.2% 1.6x 14.9x 9.3x 19.4% Consumer Products / Services 1, , % 4.0% -1.1% 13.4% 9.1% 2.0% 2.0x 13.0x 11.8x 11.4% Hightech / Advanced Machinery 1, , % 13.6% 5.3% 51.9% 15.4% 1.1% 1.1x 36.1x 19.4x 17.4% Industrial / Business Services % 3.2% 5.7% 6.5% 8.3% 2.0% 1.8x 19.6x 12.4x 9.6% Industrial Machinery 2, , % 6.7% 20.3% 13.8% 11.3% 1.9% 1.2x 27.5x 20.4x 13.1% Industrial Materials 4, , % 4.8% 11.3% 13.6% 15.8% 1.7% 2.3x 16.1x 15.0x 11.1% Industrial Products 1, , % 9.2% 8.6% 35.3% 12.0% 1.3% 2.4x 13.6x 15.5x 11.1% Internet Products / Services 2, , % 16.2% 11.9% 39.9% 10.0% 1.2% 3.3x 28.7x 22.1x 17.5% IT Services % 11.3% 17.8% 18.9% 9.5% 1.6% 0.6x 40.6x 23.2x 17.1% Media & Entertainment 2, , % 0.0% 6.4% 17.5% 21.4% 1.4% 3.4x 17.6x 8.0x 27.7% Pharma & Healthcare 3, , % 8.5% 6.5% 18.4% 12.0% 1.6% 1.6x 30.1x 18.8x 12.6% Renewable Products / Services % 12.5% 28.6% 27.1% 22.9% 1.1% 2.3x 14.6x 17.6x 6.0% Software 1, , % 7.9% 29.9% 32.3% 18.8% 1.0% 6.9x 37.9x 28.6x 24.5% Technology % 7.5% 6.6% 17.6% 11.9% 1.3% 1.9x 17.4x 16.9x 9.9% Transportation & Logistics 4, , % 5.8% 35.5% 17.1% 27.2% 1.8% 3.6x 6.6x 6.4x 15.8% Min % 0.0% -1.1% 6.5% 8.3% 1.0% 0.6x 6.6x 6.4x 6.0% Max 4, , % 16.2% 35.5% 51.9% 27.2% 3.2% 6.9x 40.6x 28.6x 27.7% Median 1, , % 7.9% 11.3% 18.4% 12.0% 1.6% 1.9x 17.6x 15.5x 12.6% 2, , % 8.3% 13.1% 24.2% 14.1% 1.7% 2.3x 22.3x 15.5x 14.6% Comment The analysis provides an overview of key performance ratios by sector (based on mean results) On average, firms in the industrial materials and communications services sectors have the highest market capitalizations, whereas firms in renewable products and technology sectors have the smallest market capitalizations On average, sales are expected to grow at 8.3% per annum between across all sectors, while the automotive supply, high-tech / advanced machinery, IT services, internet products / services and the renewables products sector show sales growth rates of above 10% ( ) EBITDA margins are expected to reach 14.1% on average for 2018 across all sectors, while the media & entertainment, renewable products and the transportation & logistics sectors show EBITDA margins above 20% Note: For multiple and ratio definitions, please refer to appendix 14

15 Sector Overview Multiples Valuation Analysis Peer Group Enterprise Value EV / Sales EV / EBITDA EV / EBIT Equity Value P / E 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA P / B Automotive Supply 2.0x 1.4x 0.9x 0.7x 8.0x 6.3x 6.6x 5.1x 14.3x 10.8x 10.7x 8.0x 11.7x 20.6x 14.0x 10.3x 1.7x Communications Services 2.2x 1.9x 1.7x 1.5x 10.5x 8.3x 7.7x 7.3x 19.6x 16.8x 14.0x 12.3x 18.8x 21.7x 17.9x 15.3x 2.3x Construction Products / Services 0.7x 0.7x 0.6x 0.6x 9.3x 8.3x 7.0x 6.2x 12.8x 17.4x 10.9x 8.9x 18.2x 12.5x 14.0x 11.1x 2.2x Consumer Products / Services 0.8x 0.7x 0.7x 0.7x 9.4x 7.9x 6.8x 6.3x 15.2x 14.4x 12.0x 10.0x 18.7x 24.2x 15.5x 13.3x 2.4x Hightech / Advanced Machinery 2.7x 2.3x 2.0x 1.8x 18.5x 15.4x 11.1x 9.0x 19.5x 22.2x 14.5x 12.2x 31.7x 30.4x 22.3x 17.0x 4.3x Industrial / Business Services 0.8x 0.9x 0.9x 0.9x 11.0x 8.0x 13.8x 7.4x 14.4x 10.6x 10.4x 12.0x 15.2x 14.1x 13.9x 12.9x 3.4x Industrial Machinery 1.5x 1.1x 1.1x 1.0x 12.1x 9.6x 8.3x 7.4x 16.1x 13.0x 11.0x 9.8x 22.1x 20.0x 15.3x 13.3x 3.5x Industrial Materials 1.5x 1.5x 1.4x 1.3x 12.0x 10.0x 9.2x 8.3x 15.2x 15.9x 13.6x 12.3x 22.5x 21.1x 17.2x 14.6x 2.6x Industrial Products 2.0x 1.7x 1.5x 1.4x 13.0x 13.8x 9.6x 8.5x 19.9x 16.8x 15.1x 12.3x 27.9x 28.2x 19.7x 17.7x 2.9x Internet Products / Services 4.3x 3.5x 2.9x 2.5x 21.9x 15.1x 15.0x 14.5x 22.9x 22.5x 19.2x 16.6x 43.4x 35.1x 29.1x 26.8x 6.4x IT Services 1.8x 1.6x 1.3x 1.3x 17.7x 14.8x 11.6x 10.1x 21.3x 17.6x 13.7x 11.6x 31.7x 27.5x 21.5x 18.8x 4.9x Media & Entertainment 1.9x 2.1x 1.9x 1.8x 16.2x 12.2x 8.8x 7.2x 21.0x 18.5x 17.6x 13.6x 19.5x 19.4x 23.1x 14.5x 3.5x Pharma & Healthcare 2.4x 2.2x 2.0x 1.8x 17.4x 14.2x 12.2x 10.8x 24.3x 19.6x 15.8x 13.8x 40.2x 27.6x 22.6x 20.0x 3.2x Renewable Products / Services 2.1x 2.1x 1.7x 2.0x 6.6x 10.5x 6.7x 5.9x 12.2x 14.5x 12.9x 9.8x 15.3x 24.8x 21.1x 19.9x 1.8x Software 3.7x 3.7x 3.4x 3.2x 20.4x 18.2x 17.5x 13.9x 22.8x 22.2x 22.4x 19.0x 45.3x 31.9x 28.1x 23.1x 6.6x Technology 1.1x 1.0x 1.0x 0.9x 11.7x 9.3x 8.2x 7.3x 19.7x 17.1x 14.8x 11.7x 27.9x 25.7x 19.1x 19.1x 2.0x Transportation & Logistics 2.5x 2.3x 2.2x 2.1x 12.0x 8.8x 7.7x 7.2x 21.3x 19.6x 15.0x 13.5x 21.1x 17.6x 17.4x 14.4x 2.1x Min 0.7x 0.7x 0.6x 0.6x 6.6x 6.3x 6.6x 5.1x 12.2x 10.6x 10.4x 8.0x 11.7x 12.5x 13.9x 10.3x 1.7x Max 4.3x 3.7x 3.4x 3.2x 21.9x 18.2x 17.5x 14.5x 24.3x 22.5x 22.4x 19.0x 45.3x 35.1x 29.1x 26.8x 6.6x Median 2.0x 1.7x 1.5x 1.4x 12.0x 10.0x 8.8x 7.4x 19.6x 17.1x 14.0x 12.2x 22.1x 24.2x 19.1x 15.3x 2.9x 2.0x 1.8x 1.6x 1.5x 13.4x 11.2x 9.9x 8.4x 18.4x 17.0x 14.3x 12.2x 25.4x 23.7x 19.5x 16.6x 3.3x 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 2017 and 2018 of 12.0x and 10.0x, respectively Based on 2017 and 2018 EBITDA-multiples, the software and internet products / services peer groups shows the highest valuation at 20.4x and 21.9x in 2017 and 18.2x and 15.1x in while, the renewable products / services and automotive supply peer group show the lowest valuation at 6.6x and 8.0x in 2017 and 10.5x and 6.3x in 2018, respectively Internet products / services and software trade at high P / B multiples of more than 5.0x Note: For multiple and ratio definitions, please refer to appendix 15

16 E x e c u t i v e S u m m a r y I. F C F O v e r v i e w II. M a r k e t O v e r v i e w III. S e c t o r O v e r v i e w I V. S e c t o r A n a l y s i s a) A u t o m o t i v e S u p p l y b) C o m m u n i c a t i o n s S e r v i c e s c) C o n s t r u c t i o n P r o d u c t s / S e r v i c e s d) C o n s u m e r P r o d u c t s / S e r v i c e s e) H i g h t e c h / A d v a n c e d M a c h i n e r y f) I n d u s t r i a l / B u s i n e s s S e r v i c e s g) I n d u s t r i a l M a c h i n e r y h) I n d u s t r i a l M a t e r i a l s i) I n d u s t r i a l P r o d u c t s j) I n t e r n e t P r o d u c t s / S e r v i c e s k) I T S e r v i c e s l) M e d i a & E n t e r t a i n m e n t m) P h a r m a & H e a l t h c a r e n) R e n e w a b l e P r o d u c t s / S e r v i c e s o) S o f t w a r e p) T e c h n o l o g y q) T r a n s p o r t a t i o n & L o g i s t i c s A p p e n d i x 16

17 Automotive Supply (1/2) General Information Ratio Analysis Share Price in % of Financial Cash & EBITDA Market Cap Enterprise Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e Akasol AG % 103.1% nm 116.7% nm 218.0% 13.4% 5.1% 1.2x 3.8x nm na Bertrandt AG % 105.1% % nm -5.8% nm 11.0% 1.9% 1.0x 23.8x 14.2x 13.9% DEUTZ AG % 119.7% % 7.5% 8.5% 22.0% 10.0% 1.5% nm 34.3x 8.2x 9.5% ElringKlinger AG % 103.2% , % 4.0% -0.1% 6.4% 12.6% 3.9% 3.2x 19.3x 6.6x 7.5% HELLA GmbH & Co. KGaA % 101.5% 1, , , , % 4.6% 10.1% 7.7% 16.2% 0.7% 0.3x 23.0x 6.6x 17.9% JOST Werke AG % 119.5% % 3.8% 24.5% -4.4% 13.5% 4.5% 1.1x 5.4x 7.6x 20.4% LEONI AG % 108.9% , , % 5.6% 2.5% 11.8% 7.4% 1.9% 1.5x 15.9x 4.8x 13.0% paragon GmbH & Co. KGaA % 101.1% % 29.0% 11.9% 58.1% 14.8% 3.4% nm 3.9x nm 4.8% Progress Werk Oberkirch AG % 106.6% % 5.4% 9.1% 10.2% 10.1% 5.0% 2.7x 9.0x 3.0x 12.2% Rheinmetall AG % 104.1% , , % 7.1% 30.5% 12.4% 11.3% 1.7% 0.6x 12.2x 7.1x 13.9% SAF-Holland S.A % 106.0% % 6.1% 9.4% 9.9% 9.0% 1.4% 2.2x 7.7x 10.5x 16.5% Schaeffler AG % 108.7% 3, , , % 4.2% 2.6% 6.4% 16.3% 0.0% 1.2x 18.8x 4.1x 37.4% SHW AG % 101.2% % 12.2% 1.5% 17.7% 8.2% 3.8% 1.0x 47.7x 6.0x 3.9% Softing AG % 122.8% % 2.3% -13.4% 34.0% 10.7% 8.0% nm 31.1x 23.5x 4.4% STS Group AG % 108.5% nm 13.9% nm 164.7% 4.1% 0.0% nm 0.7x nm 1.8% Min % 2.3% -13.4% -4.4% 4.1% 0.0% 0.3x 0.7x 3.0x 1.8% Max 7, , % 116.7% 30.5% 218.0% 16.3% 8.0% 3.2x 47.7x 23.5x 37.4% Median % 5.9% 8.5% 12.1% 11.0% 1.9% 1.2x 15.9x 6.8x 12.6% 1, , % 15.9% 7.0% 41.1% 11.2% 2.9% 1.4x 17.1x 8.5x 12.6% *) Share Price as of **) Operating Cash Flow per Share Note: For multiple and ratio definitions, please refer to appendix 17

18 Automotive Supply (2/2) Peer Group EV / Sales Enterprise Value EV / EBITDA Valuation Analysis Equity Value 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA Akasol AG 19.5x 11.9x 4.1x 1.9x nm nm 26.6x 10.2x nm nm 41.8x 13.7x nm nm 59.2x 19.4x 3.0x Bertrandt AG 0.9x 0.9x 0.8x na 9.8x 8.1x 7.2x na 15.2x 11.8x 10.2x 9.2x 18.2x 15.0x 12.9x na 2.1x DEUTZ AG 0.6x 0.5x 0.5x 0.5x 8.0x 5.1x 4.7x 4.4x 15.4x 11.6x 9.5x 8.1x 7.6x 16.4x 13.2x 11.2x 1.6x ElringKlinger AG 0.8x 0.8x 0.8x 0.7x 6.1x 6.2x 5.5x 5.1x 10.7x 11.6x 9.8x 9.0x 8.9x 9.5x 7.9x 7.2x 0.7x HELLA GmbH & Co. KGaA 0.8x 0.8x 0.8x 0.7x 6.1x 4.8x 4.6x 4.9x 10.6x 10.3x 8.5x 8.6x 14.4x 11.6x 9.8x 11.2x 2.1x JOST Werke AG 0.8x 0.8x 0.8x 0.8x 5.0x 6.0x 5.9x 5.8x 7.9x 7.4x 7.3x 7.1x nm 10.1x 11.6x 10.8x 2.1x LEONI AG 0.4x 0.3x 0.3x 0.3x 5.3x 4.6x 4.3x 3.8x 9.6x 7.8x 7.2x 6.1x 8.0x 8.2x 7.4x 6.2x 1.1x paragon GmbH & Co. KGaA 1.5x 1.2x 0.9x 0.7x 15.6x 7.9x 5.0x 4.0x 29.2x 15.2x 7.8x 6.0x nm 19.9x 12.2x 10.7x 1.0x Progress Werk Oberkirch AG 0.5x 0.5x 0.5x 0.5x 5.4x 5.0x 4.4x 4.0x 11.4x 9.9x 8.6x 7.7x 11.5x 8.4x 7.0x 5.9x 1.0x Rheinmetall AG 0.7x 0.7x 0.6x 0.6x 7.6x 6.2x 5.8x 5.3x 11.5x 9.8x 8.8x 7.9x 17.3x 14.2x 12.8x 11.5x 2.0x SAF-Holland S.A. 0.7x 0.7x 0.6x 0.6x 8.0x 7.7x 6.5x 6.1x 10.3x 8.8x 7.9x 7.3x 13.9x 11.7x 9.1x 8.4x 1.9x Schaeffler AG 0.7x 0.7x 0.7x 0.6x 4.4x 4.3x 3.9x 3.7x 6.6x 6.4x 5.9x 5.5x 7.5x 7.4x 6.5x 6.0x 2.8x SHW AG 0.6x 0.5x 0.4x 0.4x 5.7x 6.4x 4.1x 3.5x 12.7x 8.1x 8.3x 6.7x 18.5x 39.6x 10.9x 8.6x 1.6x Softing AG 1.0x 1.1x 1.0x 0.9x 17.5x 9.8x 7.7x 7.3x 34.3x 20.4x 13.9x 12.7x nm 29.1x 20.1x 18.3x 1.3x STS Group AG 0.4x 0.3x 0.3x 0.2x nm 6.5x 3.2x 2.8x nm 11.8x 5.6x 4.6x 2.8x 87.6x 9.0x 9.3x 1.6x Min 0.4x 0.3x 0.3x 0.2x 4.4x 4.3x 3.2x 2.8x 6.6x 6.4x 5.6x 4.6x 2.8x 7.4x 6.5x 5.9x 0.7x Max 19.5x 11.9x 4.1x 1.9x 17.5x 9.8x 26.6x 10.2x 34.3x 20.4x 41.8x 13.7x 18.5x 87.6x 59.2x 19.4x 3.0x Median 0.7x 0.7x 0.7x 0.6x 6.1x 6.2x 5.0x 4.6x 11.4x 10.1x 8.5x 7.7x 11.5x 12.9x 10.9x 10.0x 1.6x 2.0x 1.4x 0.9x 0.7x 8.0x 6.3x 6.6x 5.1x 14.3x 10.8x 10.7x 8.0x 11.7x 20.6x 14.0x 10.3x 1.7x EV / EBIT P / E P / B Note: For multiple and ratio definitions, please refer to appendix 18

19 Automotive Supply Historic Multiples EV / Sales 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x EV / EBITDA 13.0x 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x 5.0x 4.0x All Industry All Industry EV / EBIT 20.0x 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x All Industry Price / Earnings 32.0x 28.0x 24.0x 20.0x 16.0x 12.0x 8.0x 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 19

20 Communications Services General Information Ratio Analysis Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e 1&1 Drillisch AG % 106.6% , ,454.1 nm 13.8% nm 23.0% 20.6% 1.9% nm 57.7x 21.5x 9.8% freenet AG % 100.0% 1, , , % -5.3% 3.8% 9.3% 15.1% 7.2% 2.7x 7.6x 6.8x 18.5% NFON AG % 123.3% nm 33.0% nm nm -5.9% 2.1% nm nm nm na QSC AG % 127.4% % 0.4% 6.8% 5.3% 10.4% 0.0% 1.9x 7.6x 5.1x 5.8% Telefónica Deutschland Holding AG % 107.9% 2, , , % -0.8% 20.4% 6.2% 25.3% 0.6% 1.1x 43.0x 6.3x na United Internet AG % 101.0% 2, , , % 11.0% 15.6% 15.1% 23.1% 2.3% 1.6x 24.7x 11.3x 8.9% Min % -5.3% 3.8% 5.3% -5.9% 0.0% 1.1x 7.6x 5.1x 5.8% Max 10, , % 33.0% 20.4% 23.0% 25.3% 7.2% 2.7x 57.7x 21.5x 18.5% Median 5, , % 5.7% 11.2% 9.3% 17.8% 2.0% 1.8x 24.7x 6.8x 9.4% 4, , % 8.7% 11.6% 11.8% 14.8% 2.3% 1.8x 28.1x 10.2x 10.8% *) Share Price as of **) Operating Cash Flow per Share Peer Group Enterprise Value Valuation Analysis Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA 1&1 Drillisch AG 2.7x 2.0x 1.9x 1.8x 14.8x 9.9x 8.8x 8.0x 17.0x 12.6x 10.7x 9.5x 16.1x 18.7x 16.0x 14.1x 1.8x freenet AG 1.1x 1.3x 1.3x 1.3x 10.9x 8.7x 8.5x 8.3x 14.9x 12.1x 11.8x 11.5x 9.2x 10.7x 10.4x 10.2x 2.0x NFON AG 4.4x 3.5x 2.6x 1.9x nm nm nm nm nm nm nm nm nm nm nm nm 4.5x QSC AG 0.8x 0.8x 0.8x 0.7x 7.7x 7.2x 6.8x 6.6x 31.6x 30.3x 22.8x 19.0x 37.2x 37.5x 29.4x 22.6x 2.2x Telefónica Deutschland Holding AG 1.7x 1.8x 1.8x 1.8x 8.0x 7.0x 6.8x 6.7x nm nm nm nm nm nm nm nm 1.4x United Internet AG 2.4x 2.0x 1.9x 1.8x 10.9x 8.6x 7.8x 7.1x 14.9x 12.3x 10.5x 9.4x 12.6x 20.0x 15.5x 14.0x 1.8x Min 0.8x 0.8x 0.8x 0.7x 7.7x 7.0x 6.8x 6.6x 14.9x 12.1x 10.5x 9.4x 9.2x 10.7x 10.4x 10.2x 1.4x Max 4.4x 3.5x 2.6x 1.9x 14.8x 9.9x 8.8x 8.3x 31.6x 30.3x 22.8x 19.0x 37.2x 37.5x 29.4x 22.6x 4.5x Median 2.1x 1.9x 1.8x 1.8x 10.9x 8.6x 7.8x 7.1x 16.0x 12.4x 11.3x 10.5x 14.3x 19.3x 15.8x 14.1x 1.9x 2.2x 1.9x 1.7x 1.5x 10.5x 8.3x 7.7x 7.3x 19.6x 16.8x 14.0x 12.3x 18.8x 21.7x 17.9x 15.3x 2.3x Note: For multiple and ratio definitions, please refer to appendix 20

21 Communications Services Historic Multiples EV / Sales 2.1x 1.9x 1.6x 1.4x 1.1x 0.9x 0.6x EV / EBITDA 15.0x 14.0x 13.0x 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x All Industry All Industry EV / EBIT 21.0x 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x Price / Earnings 42.0x 37.0x 32.0x 27.0x 22.0x 17.0x 12.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 21

22 Construction Products / Services General Information Ratio Analysis ~ Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e A.S. Création Tapeten AG % 100.0% % 2.0% nm nm 5.5% 1.3% 0.7x nm 13.4x na BAUER AG % 107.9% % 1.9% 18.7% 13.7% 11.6% 2.4% 3.5x 4.3x 1.5x 6.1% Bilfinger SE % 130.4% , , % 3.2% -59.1% 152.2% 3.6% 2.2% nm 0.8x nm na Einhell Germany AG % 117.7% % 7.5% 49.8% 10.2% 8.5% 2.7% 1.3x 19.3x nm 15.8% HOCHTIEF AG % 110.4% 5, , , , % 4.3% 41.2% 9.4% 5.9% 1.3% 1.5x 7.4x 6.6x 43.1% Uzin Utz AG % 106.4% % 8.9% 14.7% 14.4% 10.8% 4.5% 1.7x 31.9x 13.4x na Wacker Neuson SE % 107.9% , , % 7.5% 2.6% 14.2% 13.2% 7.8% 0.8x 25.6x 11.3x 12.7% Min % 1.9% -59.1% 9.4% 3.6% 1.3% 0.7x 0.8x 1.5x 6.1% Max 9, , % 8.9% 49.8% 152.2% 13.2% 7.8% 3.5x 31.9x 13.4x 43.1% Median % 4.3% 16.7% 14.0% 8.5% 2.4% 1.4x 13.4x 11.3x 14.3% 1, , % 5.0% 11.3% 35.7% 8.4% 3.2% 1.6x 14.9x 9.3x 19.4% *) Share Price as of **) Operating Cash Flow per Share Peer Group Valuation Analysis Enterprise Value EV / Sales EV / EBITDA EV / EBIT Equity Value P / E 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA A.S. Création Tapeten AG 0.3x 0.3x 0.3x 0.3x nm 6.2x 4.5x 3.9x nm 40.4x 12.4x 8.8x nm na 14.0x 9.4x 0.6x BAUER AG 0.6x 0.6x 0.6x 0.5x 6.5x 5.0x 4.7x 4.4x 12.7x 10.4x 9.3x 8.4x nm 11.1x 7.0x 5.6x 0.7x Bilfinger SE 0.5x 0.5x 0.5x 0.4x nm 12.7x 8.8x 6.9x nm 25.8x 14.7x 9.3x nm nm 25.2x 17.5x 1.5x Einhell Germany AG 0.7x 0.7x 0.6x 0.6x 9.6x 7.9x 7.6x 7.2x 10.9x 8.8x 8.4x 8.0x 16.0x 11.3x 10.8x 10.2x 1.8x HOCHTIEF AG 0.5x 0.5x 0.5x 0.5x 9.9x 8.5x 7.9x 7.6x 14.9x 11.9x 10.8x 10.2x 21.6x 17.3x 14.7x 13.3x 7.4x Uzin Utz AG 1.2x 1.1x 1.0x 0.9x 11.0x 10.1x 8.5x 7.4x 14.2x 13.7x 11.1x 9.3x 17.4x na na na 1.9x Wacker Neuson SE 1.1x 1.0x 1.0x 0.9x 9.3x 7.9x 6.9x 6.3x 11.2x 10.8x 9.7x 8.7x 17.9x 10.5x 12.4x 10.3x 1.3x Min 0.3x 0.3x 0.3x 0.3x 6.5x 5.0x 4.5x 3.9x 10.9x 8.8x 8.4x 8.0x 16.0x 10.5x 7.0x 5.6x 0.6x Max 1.2x 1.1x 1.0x 0.9x 11.0x 12.7x 8.8x 7.6x 14.9x 40.4x 14.7x 10.2x 21.6x 17.3x 25.2x 17.5x 7.4x Median 0.6x 0.6x 0.6x 0.5x 9.6x 7.9x 7.6x 6.9x 12.7x 11.9x 10.8x 8.8x 17.6x 11.2x 13.2x 10.3x 1.5x 0.7x 0.7x 0.6x 0.6x 9.3x 8.3x 7.0x 6.2x 12.8x 17.4x 10.9x 8.9x 18.2x 12.5x 14.0x 11.1x 2.2x P / B Note: For multiple and ratio definitions, please refer to appendix 22

23 Construction Products / Services Historic Multiples EV / Sales 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x EV / EBITDA 13.0x 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x All Industry All Industry EV / EBIT 21.0x 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x Price / Earnings 30.0x 28.0x 26.0x 24.0x 22.0x 20.0x 18.0x 16.0x 14.0x 12.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 23

24 Consumer Products / Services (1/2) General Information Ratio Analysis Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e Adler Modemärkte AG % 115.8% % 1.5% -21.6% 24.9% 5.3% 2.6% 0.0x 3.5x 3.5x 3.7% Ahlers AG % 106.4% % 0.9% -17.8% 6.4% 3.3% 1.3% 4.7x 8.8x 4.4x 2.8% Bijou Brigitte modische Accessoires AG % 103.1% % 0.5% -5.9% nm 14.0% 3.6% nm nm 7.7x 10.2% CEWE Stiftung & Co. KGaA % 102.1% % 5.0% 12.4% 7.7% 14.7% 0.0% 0.5x nm 7.1x 16.8% Dierig Holding AG % 131.4% % nm 3.7% nm na 0.0% na 6.0x 9.0x na Fielmann AG % 105.0% , , % 3.8% 3.6% 5.5% 20.4% 0.0% nm nm 15.2x 21.8% GERRY WEBER International AG % 110.9% % -0.9% -25.4% 5.4% 5.6% 2.9% 4.4x 9.8x 3.7x na Gigaset AG % 109.2% % 1.2% nm 19.6% 8.3% 2.5% nm 19.0x 5.4x na HanseYachts AG % 109.6% % 8.4% nm 33.6% 5.9% 4.0% 2.2x 4.2x 29.2x 8.5% Hawesko Holding AG % 105.1% % 6.0% 1.8% 9.2% 7.5% 5.7% 1.0x 53.8x 29.3x 18.1% Hornbach Holding AG & Co. KGaA % 114.3% , % 4.2% 3.7% 2.9% 6.4% 2.3% 1.7x 11.5x 6.8x 4.8% Hugo Boss AG % 102.9% , , % 3.8% -6.8% 7.8% 17.8% 5.2% 0.3x nm 10.8x 29.5% Leifheit AG % 110.5% % 2.4% 8.9% -1.6% 9.8% 0.0% nm nm 24.2x 10.6% LUDWIG BECK AG % 117.5% % 5.6% -8.6% 12.9% 6.3% 3.9% 3.9x 10.1x 12.0x 4.3% Metro AG % 133.8% 4, , , ,486.2 nm 0.8% nm 6.3% 3.5% 0.0% 1.6x 7.2x 5.3x 13.2% PUMA SE % 147.2% , , % 9.9% 21.0% 24.3% 9.1% 0.0% nm 17.7x 28.0x 12.1% Südzucker AG % 104.7% 1, , , % 1.0% 24.1% -7.0% 7.2% 3.6% 1.9x 14.3x 3.6x 1.5% Tom Tailor Holding SE % 102.6% % -0.7% -8.2% 7.9% 8.3% 0.0% 1.9x 5.1x 2.2x 5.6% Vapiano SE % 100.0% % 20.0% -9.6% 67.9% 10.9% 1.2% 3.3x 2.8x 19.1x na Villeroy & Boch AG % 109.6% % 3.4% 6.4% 8.3% 9.3% 0.8% 0.0x 21.6x 10.3x 18.5% Min % -0.9% -25.4% -7.0% 3.3% 0.0% 0.0x 2.8x 2.2x 1.5% Max 6, , % 20.0% 24.1% 67.9% 20.4% 5.7% 4.7x 53.8x 29.3x 29.5% Median % 3.4% 1.8% 7.8% 8.3% 1.8% 1.8x 9.8x 8.3x 10.4% 1, , % 4.0% -1.1% 13.4% 9.1% 2.0% 2.0x 13.0x 11.8x 11.4% *) Share Price as of **) Operating Cash Flow per Share Note: For multiple and ratio definitions, please refer to appendix 24

25 Consumer Products / Services (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA Adler Modemärkte AG 0.1x 0.1x 0.1x 0.1x 4.1x 2.7x 2.4x 2.1x 18.3x 7.2x 5.0x 4.1x 19.0x 22.1x 10.0x 8.2x 0.8x Ahlers AG 0.3x 0.3x 0.3x 0.3x 8.3x 8.4x 6.8x 6.9x 26.9x 14.4x 17.1x 17.6x 13.7x 9.0x 7.4x na 0.2x Bijou Brigitte modische Accessoires AG 0.6x 0.6x 0.6x 0.6x 4.2x 4.1x 4.0x na 5.6x 5.7x 5.6x 6.3x 14.3x 13.9x 13.7x na 1.4x CEWE Stiftung & Co. KGaA 0.9x 0.9x 0.8x 0.8x 6.6x 5.8x 5.6x 5.3x 10.4x 10.3x 9.6x 9.0x 15.3x 14.2x 13.1x 12.2x 2.4x Dierig Holding AG 1.6x na na na 15.0x na na na 22.9x na na na 25.8x na na na 1.8x Fielmann AG 2.9x 2.8x 2.7x 2.6x 13.7x 13.8x 12.2x 11.6x 15.8x 16.3x 14.3x 13.7x 26.1x 26.0x 24.5x 23.6x 5.7x GERRY WEBER International AG 0.4x 0.4x 0.4x 0.4x 6.2x 7.2x 6.0x 5.3x 36.3x nm 24.2x 15.4x nm nm 22.4x na 0.3x Gigaset AG 0.2x 0.2x 0.2x 0.2x 2.3x 2.0x 1.4x 1.4x 3.4x 6.4x 2.8x 2.5x 9.8x na na na 3.3x HanseYachts AG 0.8x 0.8x 0.7x 0.6x 14.7x 13.1x 7.7x 6.2x nm nm 14.5x 10.4x nm 96.6x 14.2x 10.0x 8.2x Hawesko Holding AG 0.9x 0.8x 0.8x 0.7x 12.4x 11.2x 10.1x 9.5x 14.8x 14.8x 12.7x 11.9x 21.9x 22.6x 17.7x 16.5x 4.1x Hornbach Holding AG & Co. KGaA 0.4x 0.4x 0.4x 0.4x 6.1x 6.3x 6.1x 5.6x 9.5x 11.0x 9.7x 8.7x 10.6x 13.0x 10.4x 9.2x 0.6x Hugo Boss AG 1.7x 1.7x 1.6x 1.5x 10.1x 9.5x 8.7x 8.1x 13.1x 13.7x 12.3x 11.2x 19.7x 18.3x 16.4x 14.9x 5.4x Leifheit AG 0.5x 0.5x 0.5x 0.5x 4.6x 5.4x 5.1x 4.9x 6.1x 7.6x 7.1x 6.7x 13.6x 17.6x 14.9x 13.9x 1.9x LUDWIG BECK AG 1.0x 0.8x 0.8x 0.8x 15.5x 13.6x 12.2x 10.8x 27.6x 22.7x 19.0x 15.9x 32.0x 32.7x 24.0x 18.6x 1.4x Metro AG 0.2x 0.2x 0.2x 0.2x 5.4x 4.7x 4.6x 4.5x 10.1x 7.7x 8.6x 8.2x 11.3x 12.0x 12.5x 11.5x 1.6x PUMA SE 1.5x 1.4x 1.3x 1.1x 20.0x 15.2x 12.5x 10.4x 25.8x 18.8x 15.2x 12.5x 46.9x 32.6x 25.2x 20.2x 3.9x Südzucker AG 0.6x 0.6x 0.6x 0.6x 5.7x 8.5x 8.7x 7.0x 9.1x 23.6x 19.0x 13.4x 11.5x 31.9x 18.6x 11.5x 0.5x Tom Tailor Holding SE 0.3x 0.3x 0.3x 0.3x 4.0x 4.1x 3.6x 3.2x 6.9x 9.6x 6.5x 5.2x 12.3x 12.4x 6.6x 4.8x 0.7x Vapiano SE 1.1x 0.9x 0.8x 0.6x 23.6x 8.6x 6.2x 5.0x nm 46.9x 17.9x 10.8x nm nm nm nm 1.9x Villeroy & Boch AG 0.5x 0.5x 0.5x 0.5x 6.2x 5.4x 5.1x 4.9x 10.0x 8.1x 7.6x 7.1x 14.1x 12.3x 11.3x 10.4x 2.3x Min 0.1x 0.1x 0.1x 0.1x 2.3x 2.0x 1.4x 1.4x 3.4x 5.7x 2.8x 2.5x 9.8x 9.0x 6.6x 4.8x 0.2x Max 2.9x 2.8x 2.7x 2.6x 23.6x 15.2x 12.5x 11.6x 36.3x 46.9x 24.2x 17.6x 46.9x 96.6x 25.2x 23.6x 8.2x Median 0.6x 0.6x 0.6x 0.6x 6.4x 7.2x 6.1x 5.5x 11.8x 11.0x 12.3x 10.4x 14.3x 18.0x 14.2x 11.9x 1.8x 0.8x 0.7x 0.7x 0.7x 9.4x 7.9x 6.8x 6.3x 15.2x 14.4x 12.0x 10.0x 18.7x 24.2x 15.5x 13.3x 2.4x Note: For multiple and ratio definitions, please refer to appendix 25

26 Consumer Products / Services Historic Multiples EV / Sales 1.6x 1.5x 1.4x 1.3x 1.2x 1.1x 1.0x 0.9x 0.8x 0.7x EV / EBITDA 13.0x 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x All Industry All Industry EV / EBIT 22.0x 20.0x 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x Price / Earnings 34.0x 30.0x 26.0x 22.0x 18.0x 14.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 26

27 Hightech / Advanced Machinery (1/2) General Information Ratio Analysis Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e AIXTRON SE % 102.7% % 14.4% nm 77.2% 15.3% 3.1% nm nm 13.8x 6.8% Basler AG % 106.1% % 14.1% 35.2% 10.8% 22.4% 0.3% nm 46.9x 18.4x 24.5% Dr. Hönle AG % 216.6% % 9.8% 12.2% nm 25.7% 0.0% nm 66.2x 49.6x 25.4% Francotyp-Postalia Holding AG % 120.7% % 3.1% 3.6% 24.6% 10.2% 0.0% 0.5x 19.8x 2.9x 4.2% Isra Vision AG % 148.3% % 13.0% 11.3% nm 30.5% 1.2% nm 87.0x 23.9x 12.5% LPKF Laser & Electronics AG % 125.4% % 7.6% -26.8% 54.7% 13.0% 0.0% 2.9x 6.8x 19.7x 8.6% Manz AG % 126.0% % 11.5% nm nm 4.0% 0.0% 0.6x nm 14.2x na MTU Aero Engines AG % 152.7% 1, , , % -0.7% 13.7% 10.5% 18.7% 0.0% 1.2x 53.0x 20.9x 21.3% PVA TePla AG % 247.6% % 20.4% nm 54.6% 11.7% 0.0% nm 7.8x 7.5x 15.2% Singulus Technologies AG % 181.0% % 31.0% nm nm 10.1% 3.0% nm nm nm 45.7% SLM Solutions Group AG % 102.6% % 32.5% -25.2% 196.4% 10.2% 4.1% nm 1.2x nm na SÜSS MicroTec SE % 122.2% % 9.7% 7.6% 27.3% 12.3% 3.0% nm nm 28.3x 10.1% Viscom AG % 108.0% % 10.6% 16.2% 11.2% 16.6% 0.0% 0.1x nm 14.1x 17.3% Min % -0.7% -26.8% 10.5% 4.0% 0.0% 0.1x 1.2x 2.9x 4.2% Max 10, , % 32.5% 35.2% 196.4% 30.5% 4.1% 2.9x 87.0x 49.6x 45.7% Median % 11.5% 11.3% 27.3% 13.0% 0.0% 0.6x 33.3x 18.4x 15.2% 1, , % 13.6% 5.3% 51.9% 15.4% 1.1% 1.1x 36.1x 19.4x 17.4% *) Share Price as of **) Operating Cash Flow per Share Note: For multiple and ratio definitions, please refer to appendix 27

28 Hightech / Advanced Machinery (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA AIXTRON SE 4.4x 3.9x 3.4x 3.0x nm 26.2x 17.1x 13.5x nm 39.7x 22.0x 18.2x nm 51.5x 32.6x 28.2x 3.3x Basler AG 3.5x 3.3x 2.9x 2.5x 15.3x 15.1x 13.9x 12.1x 16.6x 20.6x 19.6x 17.0x 24.6x 30.2x 26.7x 23.5x 7.2x Dr. Hönle AG 4.2x 3.6x 3.2x 3.1x 19.9x 13.7x 11.7x na 22.8x 15.1x 12.8x 11.9x 32.8x 21.8x 18.5x na 6.0x Francotyp-Postalia Holding AG 0.3x 0.3x 0.3x 0.3x 3.2x 2.8x 2.1x 1.7x 11.8x 33.3x 5.1x 3.6x 11.4x 39.1x 6.6x 3.9x 1.6x Isra Vision AG 7.8x 6.9x 6.1x 5.4x 38.9x 22.8x 20.1x na 41.1x 33.0x 28.3x 24.3x 54.6x 48.0x 41.1x na 6.2x LPKF Laser & Electronics AG 1.9x 1.8x 1.6x 1.5x 30.9x 13.7x 10.2x 8.5x nm 30.3x 17.2x 12.9x nm 34.0x 20.9x 15.6x 3.0x Manz AG 0.8x 0.7x 0.6x 0.6x nm 18.5x 8.1x 6.2x nm 49.5x 12.2x 8.5x nm nm 21.0x 11.9x 1.7x MTU Aero Engines AG 1.9x 2.2x 2.0x 1.9x 13.7x 12.2x 11.3x 10.7x 16.7x 15.3x 14.3x 13.5x 22.4x 21.3x 19.8x 18.8x 4.3x PVA TePla AG 4.1x 3.7x 2.6x 2.4x nm 31.3x 18.6x 18.9x nm 39.6x 21.3x 21.6x 66.1x 54.1x 28.8x 25.9x 8.2x Singulus Technologies AG 1.1x 0.7x 0.6x 0.5x nm 6.6x 5.6x 5.2x nm 11.5x 6.7x 6.2x nm 12.9x 8.8x na 6.1x SLM Solutions Group AG 6.0x 3.9x 2.8x 2.1x nm 29.6x 18.1x 12.4x nm 48.3x 23.5x 15.9x nm 91.6x 34.2x 25.9x 6.4x SÜSS MicroTec SE 1.4x 1.1x 1.1x 1.0x 13.1x 9.9x 8.2x 6.5x 17.1x 11.7x 9.3x 7.8x 36.7x 23.5x 15.4x 11.8x 1.9x Viscom AG 1.9x 1.7x 1.6x 1.4x 11.6x 10.3x 9.5x 8.4x 12.0x 11.6x 10.6x 9.4x 20.0x 19.1x 17.1x 14.7x 3.2x Min 0.3x 0.3x 0.3x 0.3x 3.2x 2.8x 2.1x 1.7x 11.8x 11.5x 5.1x 3.6x 11.4x 12.9x 6.6x 3.9x 1.6x Max 7.8x 6.9x 6.1x 5.4x 38.9x 31.3x 20.1x 18.9x 41.1x 49.5x 28.3x 24.3x 66.1x 91.6x 41.1x 28.2x 8.2x Median 1.9x 2.2x 2.0x 1.9x 14.5x 13.7x 11.3x 8.5x 16.7x 30.3x 14.3x 12.9x 28.7x 32.1x 20.9x 17.2x 4.3x 3.0x 2.6x 2.2x 2.0x 18.3x 16.4x 11.9x 9.5x 19.7x 27.7x 15.6x 13.1x 33.6x 37.3x 22.4x 18.0x 4.5x Note: For multiple and ratio definitions, please refer to appendix 28

29 Hightech / Advanced Machinery Historic Multiples EV / Sales 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x EV / EBITDA 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x All Industry All Industry EV / EBIT 22.0x 20.0x 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x Price / Earnings 34.0x 30.0x 26.0x 22.0x 18.0x 14.0x 10.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 29

30 Industrial / Business Services General Information Ratio Analysis Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e Amadeus FiRe AG % 131.5% % 5.7% 6.5% 7.5% 18.3% 2.7% nm 50.9x 19.8x nm Klöckner & Co SE % 113.0% , % 1.8% 3.0% 8.8% 3.7% 1.9% 2.3x 6.5x 12.5x 7.0% KROMI Logistik AG % 100.0% % 4.0% 9.7% nm -0.2% 4.1% nm 7.0x 17.0x na Muehlhan AG % 119.5% % 1.5% 5.4% 6.3% 6.7% 0.3% 1.8x 6.9x 3.8x 7.5% Nordwest Handel AG % 161.1% % nm 6.1% nm na 0.0% nm 23.6x nm na TAKKT AG % 103.5% , % 3.0% 3.2% 3.3% 13.0% 2.8% 1.3x 22.7x 8.9x 14.3% Min % 1.5% 3.0% 3.3% -0.2% 0.0% 1.3x 6.5x 3.8x 7.0% Max , % 5.7% 9.7% 8.8% 18.3% 4.1% 2.3x 50.9x 19.8x 14.3% Median % 3.0% 5.7% 6.9% 6.7% 2.3% 1.8x 14.9x 12.5x 7.5% % 3.2% 5.7% 6.5% 8.3% 2.0% 1.8x 19.6x 12.4x 9.6% *) Share Price as of **) Operating Cash Flow per Share Peer Group Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA Amadeus FiRe AG 2.6x 2.4x 2.3x 2.2x 14.5x 13.0x 12.2x 11.7x 14.8x 13.4x 12.6x 12.1x 24.7x 22.4x 21.0x 20.0x 13.8x Klöckner & Co SE 0.2x 0.2x 0.2x 0.2x 8.3x 6.4x 6.6x 6.5x 14.1x 10.0x 10.7x 10.4x 9.8x 11.2x 12.2x 11.5x 0.8x KROMI Logistik AG 0.7x 0.7x 0.6x 0.6x 20.0x nm 37.8x na 25.7x nm nm 21.2x nm nm nm na 1.9x Muehlhan AG 0.4x 0.4x 0.4x 0.3x 5.8x 5.4x 5.3x 4.8x 11.2x 9.9x 9.7x 8.4x 14.3x 11.9x 12.1x 10.4x 0.9x Nordwest Handel AG 0.2x na na na 10.0x na na na 11.7x na na na 17.7x na na na 1.5x TAKKT AG 1.0x 1.0x 0.9x 0.9x 7.5x 7.3x 7.1x 6.8x 8.9x 9.0x 8.7x 8.3x 9.3x 10.8x 10.3x 9.7x 1.6x Min 0.2x 0.2x 0.2x 0.2x 5.8x 5.4x 5.3x 4.8x 8.9x 9.0x 8.7x 8.3x 9.3x 10.8x 10.3x 9.7x 0.8x Max 2.6x 2.4x 2.3x 2.2x 20.0x 13.0x 37.8x 11.7x 25.7x 13.4x 12.6x 21.2x 24.7x 22.4x 21.0x 20.0x 13.8x Median 0.5x 0.7x 0.6x 0.6x 9.2x 6.9x 7.1x 6.6x 12.9x 10.0x 10.2x 10.4x 14.3x 11.5x 12.2x 11.0x 1.5x 0.8x 0.9x 0.9x 0.9x 11.0x 8.0x 13.8x 7.4x 14.4x 10.6x 10.4x 12.0x 15.2x 14.1x 13.9x 12.9x 3.4x P / B Note: For multiple and ratio definitions, please refer to appendix 30

31 Industrial / Business Services Historic Multiples EV / Sales 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x EV / EBITDA 13.0x 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x 5.0x All Industry All Industry EV / EBIT 21.0x 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x 7.0x 5.0x Price / Earnings 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 31

32 Industrial Machinery (1/2) General Information Ratio Analysis Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e Aumann AG % 122.4% % 25.8% 30.1% 40.6% 11.8% 2.7% nm 19.5x nm 11.5% DMG MORI AKTIENGESELLSCHAFT % 100.0% , , % nm 4.7% nm na 0.0% nm 30.7x 19.8x na Dürr AG % 109.1% , , % 4.1% 7.8% 9.4% 9.3% 1.5% nm 12.4x 22.4x 19.5% GEA Group AG % 115.0% , , % 4.2% -4.0% 19.6% 11.5% 1.9% 0.2x 45.0x 21.4x 10.2% Heidelberger Druckmaschinen AG % 103.1% % 2.1% 14.8% 11.1% 7.3% 1.7% 1.5x 4.4x 5.2x 8.5% Jungheinrich AG % 113.9% 1, , , % 6.3% 12.6% 6.2% 15.7% 1.9% 2.7x 67.1x 47.5x 14.4% KION GROUP AG % 101.7% 3, , , % 5.1% 19.2% 11.1% 16.8% 2.4% 2.7x 9.2x 10.2x 12.7% Koenig & Bauer AG % 102.4% % 4.1% 41.2% 12.9% 9.5% 0.2% nm 35.8x 35.8x 19.8% Krones AG % 103.3% , , % 4.7% 6.8% 11.6% 9.1% 1.6% nm 37.6x nm 13.9% KSB SE & Co. KGaA % 104.0% % 2.9% -0.3% 14.7% 7.0% 0.0% nm 16.7x 4.5x 3.2% Maschinenfabrik Berthold Hermle AG % 117.2% , , % nm 7.4% nm na 2.7% nm nm 23.3x na Ringmetall AG % 104.1% % 5.5% 17.6% 13.1% 11.5% 3.2% 0.4x 10.4x 9.6x 16.6% SMT Scharf AG % 119.4% % 10.7% 81.1% 13.7% 11.3% 3.4% 1.2x 31.4x nm 8.4% technotrans SE % 101.3% % 7.5% 36.7% 7.7% 10.7% 2.4% 0.5x 37.0x 19.4x 18.5% Washtec AG % 121.9% , , % 4.5% 29.3% 7.7% 15.1% 2.9% 0.7x nm 26.1x nm Min % 2.1% -4.0% 6.2% 7.0% 0.0% 0.2x 4.4x 4.5x 3.2% Max 6, , % 25.8% 81.1% 40.6% 16.8% 3.4% 2.7x 67.1x 47.5x 19.8% Median 1, , % 4.7% 14.8% 11.6% 11.3% 1.9% 0.9x 30.7x 20.6x 13.3% 2, , % 6.7% 20.3% 13.8% 11.3% 1.9% 1.2x 27.5x 20.4x 13.1% *) Share Price as of **) Operating Cash Flow per Share Note: For multiple and ratio definitions, please refer to appendix 32

33 Industrial Machinery (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA Aumann AG 3.9x 2.8x 2.3x 2.0x 37.0x 23.3x 16.9x 13.3x 41.7x 26.3x 19.0x 14.9x 70.1x 42.3x 30.3x 23.7x 4.9x DMG MORI AKTIENGESELLSCHAFT 1.3x na na na 12.9x na na na 16.9x na na na 28.9x na na na 2.8x Dürr AG 0.7x 0.7x 0.7x 0.6x 8.0x 7.5x 6.6x 6.1x 10.0x 9.9x 8.5x 7.6x 13.8x 15.6x 13.2x 11.8x 3.0x GEA Group AG 1.2x 1.2x 1.1x 1.1x 14.6x 10.3x 9.2x 8.5x 19.3x 12.2x 10.7x 10.0x 23.1x 22.8x 16.4x 14.6x 2.3x Heidelberger Druckmaschinen AG 0.4x 0.4x 0.4x 0.3x 5.8x 5.1x 4.6x 4.2x 8.4x 8.3x 7.2x 6.3x 17.7x 22.9x 11.9x 8.5x 1.9x Jungheinrich AG 1.4x 1.3x 1.3x 1.2x 9.2x 8.4x 8.1x 7.7x 18.9x 17.8x 16.4x 15.4x 18.4x 18.1x 16.3x 15.3x 2.6x KION GROUP AG 1.3x 1.2x 1.2x 1.1x 8.8x 7.4x 6.8x 6.4x 19.4x 12.8x 11.5x 10.8x 14.7x 16.1x 13.0x 11.4x 2.1x Koenig & Bauer AG 0.6x 0.6x 0.6x 0.6x 7.6x 6.5x 5.8x 5.3x 10.8x 8.5x 7.5x 6.7x 10.5x 10.7x 9.3x 8.4x 2.1x Krones AG 0.7x 0.7x 0.7x 0.7x 9.0x 7.9x 7.1x 6.5x 12.0x 10.9x 9.8x 8.7x 15.1x 15.2x 13.7x 12.2x 2.1x KSB SE & Co. KGaA 0.3x 0.3x 0.2x 0.2x 4.1x 3.6x 3.0x 2.7x 7.6x 6.6x 4.9x 4.2x 14.7x 20.4x 10.7x 8.9x 0.6x Maschinenfabrik Berthold Hermle AG 4.4x na na na 16.9x na na na 18.2x na na na 26.0x na na na 6.9x Ringmetall AG 1.1x 1.0x 1.0x 0.9x 9.5x 8.8x 7.3x 6.6x 11.4x 11.1x 8.6x 7.7x 15.5x 16.2x 12.7x 11.4x 2.7x SMT Scharf AG 1.4x 1.2x 1.1x 1.0x 11.4x 10.5x 8.6x 7.8x 14.1x 13.3x 10.8x 9.7x 17.0x 15.7x 13.3x 11.5x 1.3x technotrans SE 1.1x 1.1x 1.0x 0.9x 10.2x 9.9x 8.9x 8.1x 12.9x 12.5x 10.9x 9.9x 18.2x 17.1x 14.8x 13.3x 3.2x Washtec AG 2.5x 2.4x 2.3x 2.2x 16.9x 15.8x 14.7x 13.6x 19.9x 18.7x 17.2x 15.7x 27.4x 26.3x 23.5x 21.4x 14.0x Min 0.3x 0.3x 0.2x 0.2x 4.1x 3.6x 3.0x 2.7x 7.6x 6.6x 4.9x 4.2x 10.5x 10.7x 9.3x 8.4x 0.6x Max 4.4x 2.8x 2.3x 2.2x 37.0x 23.3x 16.9x 13.6x 41.7x 26.3x 19.0x 15.7x 70.1x 42.3x 30.3x 23.7x 14.0x Median 1.2x 1.1x 1.0x 0.9x 9.5x 8.4x 7.3x 6.6x 14.1x 12.2x 10.7x 9.7x 17.7x 17.1x 13.3x 11.8x 2.6x 1.5x 1.1x 1.1x 1.0x 12.1x 9.6x 8.3x 7.4x 16.1x 13.0x 11.0x 9.8x 22.1x 20.0x 15.3x 13.3x 3.5x Note: For multiple and ratio definitions, please refer to appendix 33

34 Industrial Machinery Historic Multiples EV / Sales 2.0x 1.8x 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x EV / EBITDA 14.0x 13.0x 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x 5.0x All Industry All Industry EV / EBIT 20.0x 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x Price / Earnings 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 34

35 Industrial Materials (1/2) General Information Ratio Analysis Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e AlzChem Group AG % 131.8% % nm 17.1% nm na 2.1% na 39.3x 10.7x na Aurubis AG % 108.3% , , % 2.2% 27.9% -8.5% 4.2% 3.7% 0.0x 37.9x 9.8x 9.9% BayWa AG % 104.8% 2, , , % 3.0% -12.5% 40.6% 1.9% 2.2% 7.7x 2.1x nm 4.1% Brenntag AG % 114.0% 2, , , % 4.8% 2.0% 10.4% 7.1% 1.9% 2.1x 8.6x 20.4x 15.0% Evonik Industries AG % 111.2% 4, , , % 3.0% 10.9% 6.2% 17.5% 1.0% 1.3x 9.5x 9.6x 14.5% Fuchs Petrolub SE % 109.3% , , % 5.0% 8.5% 7.2% 17.1% 1.3% nm nm 24.0x 21.4% K+S AG % 103.1% 3, , , % 6.9% -11.1% 18.5% 16.8% 0.0% 4.0x 12.9x 11.4x 3.0% KWS Saat SE % 118.3% , , % 5.2% 3.1% nm 16.1% 2.4% 0.8x 17.3x 27.1x 11.1% LANXESS AG % 104.3% 2, , , % -7.8% 19.0% -4.8% 14.2% 2.3% 2.6x 13.1x 6.7x 11.1% SGL Carbon SE % 106.4% , , % 10.4% 4.6% 37.0% 12.4% 1.1% 1.6x 1.7x nm 4.7% Siltronic AG % 108.2% , , % 15.1% 48.8% 28.9% 40.2% 2.3% nm nm 10.5x nm SIMONA AG % 119.8% % nm 21.1% nm na 2.3% nm nm 16.1x na Symrise AG % 129.2% 1, , , % 5.7% 11.7% 7.4% 20.4% 1.1% 2.3x 13.7x 25.8x 15.8% Wacker Chemie AG % 102.1% 1, , , % 4.2% 6.8% 7.2% 21.5% 0.0% 0.6x 21.4x 8.2x 11.6% Min % -7.8% -12.5% -8.5% 1.9% 0.0% 0.0x 1.7x 6.7x 3.0% Max 14, , % 15.1% 48.8% 40.6% 40.2% 3.7% 7.7x 39.3x 27.1x 21.4% Median 3, , % 4.9% 9.7% 7.4% 16.5% 2.0% 1.9x 13.1x 11.0x 11.1% 4, , % 4.8% 11.3% 13.6% 15.8% 1.7% 2.3x 16.1x 15.0x 11.1% *) Share Price as of **) Operating Cash Flow per Share Note: For multiple and ratio definitions, please refer to appendix 35

36 Industrial Materials (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA AlzChem Group AG 1.0x na na na 7.8x na na na 11.2x na na na 16.1x na na na 4.4x Aurubis AG 0.2x 0.2x 0.2x 0.2x 4.1x 5.7x 5.8x 5.3x 5.2x 7.9x 8.0x 7.5x 6.7x 10.8x 10.9x 9.9x 1.1x BayWa AG 0.2x 0.2x 0.2x 0.2x 28.5x 11.9x 10.9x 10.3x nm 20.9x 17.8x 16.2x 25.8x 18.2x 13.6x 11.6x 0.7x Brenntag AG 0.9x 0.8x 0.8x 0.8x 13.5x 11.4x 10.7x 10.0x 17.0x 13.8x 12.9x 12.0x 22.8x 18.0x 16.7x 15.4x 2.7x Evonik Industries AG 1.3x 1.2x 1.2x 1.2x 8.0x 7.0x 7.0x 6.6x 12.5x 10.5x 10.5x 9.9x 20.7x 14.3x 14.4x 13.4x 2.1x Fuchs Petrolub SE 2.5x 2.3x 2.2x 2.1x 14.8x 13.7x 12.7x 12.0x 16.9x 15.9x 14.7x 13.8x 23.2x 22.1x 20.5x 19.2x 4.7x K+S AG 1.7x 1.6x 1.4x 1.4x 10.1x 9.2x 6.7x 6.1x 20.0x 21.4x 12.1x 10.1x 18.9x 28.3x 10.9x 9.0x 0.8x KWS Saat SE 2.2x 2.1x 2.0x 1.9x 14.4x 12.7x 12.3x na 20.9x 18.0x 16.9x 16.3x 26.8x 21.8x 20.7x na 2.4x LANXESS AG 1.0x 1.3x 1.3x 1.2x 7.2x 9.4x 8.9x 8.4x 13.2x 15.5x 14.3x 13.2x 66.4x 15.1x 14.7x 13.1x 1.7x SGL Carbon SE 1.6x 1.4x 1.3x 1.2x 20.6x 11.0x 9.4x 8.0x nm 24.3x 18.8x 14.3x 8.3x 45.1x 31.7x 22.1x 2.1x Siltronic AG 2.2x 1.8x 1.6x 1.4x 7.3x 4.4x 3.7x 3.4x 11.0x 5.2x 4.5x 4.1x 17.0x 8.3x 7.3x 7.1x 4.4x SIMONA AG 0.7x na na na 6.1x na na na 9.1x na na na 17.7x na na na 1.5x Symrise AG 3.9x 3.8x 3.5x 3.3x 19.1x 18.3x 16.7x 15.4x 28.1x 26.7x 23.7x 21.4x 37.8x 36.1x 31.4x 27.6x 5.7x Wacker Chemie AG 1.2x 1.2x 1.2x 1.1x 6.4x 5.6x 5.5x 5.2x 17.0x 10.9x 9.6x 8.7x 6.2x 15.1x 13.4x 11.7x 1.8x Min 0.2x 0.2x 0.2x 0.2x 4.1x 4.4x 3.7x 3.4x 5.2x 5.2x 4.5x 4.1x 6.2x 8.3x 7.3x 7.1x 0.7x Max 3.9x 3.8x 3.5x 3.3x 28.5x 18.3x 16.7x 15.4x 28.1x 26.7x 23.7x 21.4x 66.4x 45.1x 31.7x 27.6x 5.7x Median 1.3x 1.4x 1.3x 1.2x 9.0x 10.2x 9.2x 8.0x 15.0x 15.7x 13.6x 12.6x 19.8x 18.1x 14.5x 13.1x 2.1x 1.5x 1.5x 1.4x 1.3x 12.0x 10.0x 9.2x 8.3x 15.2x 15.9x 13.6x 12.3x 22.5x 21.1x 17.2x 14.6x 2.6x Note: For multiple and ratio definitions, please refer to appendix 36

37 Industrial Materials Historic Multiples EV / Sales 1.7x 1.5x 1.3x 1.1x 0.9x 0.7x EV / EBITDA 14.0x 13.0x 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x All Industry All Industry EV / EBIT 23.0x 21.0x 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x Price / Earnings 36.0x 32.0x 28.0x 24.0x 20.0x 16.0x 12.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 37

38 Industrial Products (1/2) General Information Ratio Analysis ~ Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e CENTROTEC Sustainable AG % 104.6% % 2.9% 1.7% 9.8% 9.2% 0.0% 0.6x 16.5x 6.7x 8.0% Gesco AG % 117.8% % 3.6% 11.1% 6.5% 11.9% 0.9% 1.1x 22.5x 10.5x 10.4% InTiCa Systems AG % 111.5% % 8.1% 64.6% 25.3% 11.4% 1.9% 3.7x 9.9x 9.1x 4.4% MAN SE % 101.7% 3, , , , % 4.7% 2.3% 29.7% 8.9% 0.0% 1.8x 4.6x nm 6.7% Masterflex SE % 107.7% % 5.4% 3.9% 9.9% 14.2% 1.6% 2.1x 8.4x 9.2x 12.1% NORMA Group SE % 105.6% , , % 5.2% 13.1% 7.5% 19.0% 2.3% 1.9x 14.0x 11.8x 17.6% OSRAM Licht AG % 108.4% , , % 2.8% 12.4% nm 14.0% 1.4% nm 51.7x 6.3x 4.7% Pfeiffer Vacuum Technology AG % 104.3% , , % 6.1% 16.1% 12.5% 18.2% 1.0% nm nm 17.4x 20.7% R. STAHL AG % 104.0% % 3.3% -58.1% 131.1% 1.8% 0.0% 3.4x 1.4x 8.5x na RATIONAL AG % 126.3% , , % 10.1% 11.5% 10.4% 28.4% 0.3% nm nm 48.2x 42.9% Salzgitter AG % 118.6% , , % -0.3% 18.8% 8.9% 7.9% 3.6% 0.1x 9.8x 8.5x 7.7% Schaltbau Holding AG % 110.5% % 0.1% -53.6% 125.0% 5.6% 0.0% 3.8x 0.3x 21.4x 1.9% Sto SE & Co. KGaA % 101.1% % 3.3% -3.9% 6.4% 9.0% 0.0% nm nm 6.8x 12.9% Surteco Group SE % 110.6% % 2.3% 10.6% 5.0% 11.9% 0.0% 2.3x 10.0x 4.1x 7.5% va-q-tec AG % 104.2% % 11.0% 87.6% 29.6% 7.4% 2.2% 5.4x 6.0x 36.6x na Varta AG % 161.2% , ,016.8 nm 10.9% nm 28.2% 18.1% 2.4% nm 40.1x nm 10.2% Voltabox AG % 112.1% % 91.1% nm 179.4% 12.7% 5.0% nm 2.5x nm na Vossloh AG % 125.1% % 2.8% nm 4.5% 10.8% 0.0% 2.3x 6.7x 29.8x 5.2% Westag & Getalit AG % 158.2% % 1.4% -1.1% 6.6% 7.6% 1.1% nm na 13.6x 5.4% Min % -0.3% -58.1% 4.5% 1.8% 0.0% 0.1x 0.3x 4.1x 1.9% Max 13, , % 91.1% 87.6% 179.4% 28.4% 5.0% 5.4x 51.7x 48.2x 42.9% Median % 3.6% 10.8% 10.2% 11.4% 1.0% 2.2x 9.8x 9.9x 7.8% 1, , % 9.2% 8.6% 35.3% 12.0% 1.3% 2.4x 13.6x 15.5x 11.1% *) Share Price as of **) Operating Cash Flow per Share Note: For multiple and ratio definitions, please refer to appendix 38

39 Industrial Products (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA CENTROTEC Sustainable AG 0.4x 0.4x 0.4x 0.4x 5.3x 4.4x 4.2x 4.0x 8.6x 8.0x 7.4x 6.8x 10.7x 11.8x 10.6x 9.7x 0.9x Gesco AG 0.8x 0.8x 0.7x 0.7x 7.1x 6.4x 6.0x 5.8x 11.1x 10.0x 9.0x 8.6x 23.2x 14.0x 12.2x 11.6x 1.4x InTiCa Systems AG 1.0x 1.0x 0.9x 0.8x 12.0x 8.5x 7.2x 6.1x 44.5x 34.1x 23.3x 15.0x 40.1x 36.4x 26.5x 15.3x 1.6x MAN SE 1.1x 1.1x 1.0x 1.0x 20.7x 12.0x 10.2x 9.5x 38.0x 27.1x 19.6x 17.2x 44.2x 32.6x 27.4x 23.4x 2.2x Masterflex SE 1.4x 1.3x 1.2x 1.2x 10.2x 9.1x 8.3x 7.7x 14.9x 13.5x 12.0x 10.9x 18.4x 16.9x 14.2x 12.4x 2.0x NORMA Group SE 2.1x 2.0x 1.9x 1.8x 10.9x 10.3x 9.3x 8.8x 14.8x 13.0x 12.1x 11.3x 14.4x 17.6x 15.7x 14.6x 3.1x OSRAM Licht AG 0.8x 0.8x 0.7x 0.7x 5.5x 5.5x 4.9x na 9.1x 10.1x 8.4x na 18.1x 28.6x 12.9x na 1.3x Pfeiffer Vacuum Technology AG 2.1x 1.8x 1.8x 1.7x 12.7x 10.2x 9.6x 8.9x 16.1x 12.2x 11.6x 10.9x 23.1x 17.8x 16.7x 15.2x 3.7x R. STAHL AG 0.7x 0.7x 0.6x 0.6x nm 36.9x 12.1x 8.1x nm nm 30.8x 11.5x nm nm nm 32.1x 2.6x RATIONAL AG 9.9x 8.9x 8.1x 7.4x 34.1x 31.3x 27.8x 25.3x 36.0x 33.4x 29.8x 26.9x 49.6x 45.0x 39.7x 36.0x 19.3x Salzgitter AG 0.3x 0.3x 0.3x 0.3x 4.3x 3.3x 3.3x 3.3x 11.1x 6.2x 6.5x 6.6x 12.2x 9.9x 10.1x 10.0x 0.8x Schaltbau Holding AG 0.7x 0.7x 0.7x 0.7x nm 12.8x 9.8x 8.7x nm 21.1x 15.2x 13.0x nm 99.5x 20.2x 16.1x 1.9x Sto SE & Co. KGaA 0.4x 0.4x 0.4x 0.4x 4.7x 4.4x 4.1x 3.9x 6.6x 6.1x 5.7x 5.3x 10.6x 10.5x 9.6x 8.9x 1.3x Surteco Group SE 0.8x 0.8x 0.7x 0.7x 6.5x 6.3x 5.9x 5.6x 11.7x 12.1x 10.9x 9.6x 13.0x 12.8x 11.3x 9.3x 1.0x va-q-tec AG 2.3x 2.4x 2.0x 1.7x 23.4x 32.2x 15.3x 10.8x nm nm nm nm nm nm nm nm 2.1x Varta AG 4.1x 3.7x 3.3x 3.0x 32.3x 20.6x 17.7x 15.4x 43.0x 27.5x 23.7x 20.7x 82.0x 43.5x 36.0x 31.5x 4.4x Voltabox AG 7.6x 3.7x 1.8x 1.1x nm 29.1x 10.8x 6.5x nm nm 16.4x 9.2x 32.6x nm 27.9x 16.6x 2.0x Vossloh AG 1.1x 1.1x 1.0x 1.0x 9.2x 9.7x 8.8x 8.1x 14.0x 16.1x 14.0x 12.2x nm 27.2x 21.1x 17.6x 1.4x Westag & Getalit AG 0.6x 0.6x 0.6x 0.6x 8.8x 8.5x 7.6x 7.2x 19.0x 19.0x 15.4x 14.1x 25.5x 27.7x 22.8x 21.0x 1.5x Min 0.3x 0.3x 0.3x 0.3x 4.3x 3.3x 3.3x 3.3x 6.6x 6.1x 5.7x 5.3x 10.6x 9.9x 9.6x 8.9x 0.8x Max 9.9x 8.9x 8.1x 7.4x 34.1x 36.9x 27.8x 25.3x 44.5x 34.1x 30.8x 26.9x 82.0x 99.5x 39.7x 36.0x 19.3x Median 1.0x 1.0x 0.9x 0.8x 9.7x 9.7x 8.8x 7.9x 14.8x 13.3x 13.0x 11.3x 23.1x 22.5x 16.7x 15.3x 1.9x 2.0x 1.7x 1.5x 1.4x 13.0x 13.8x 9.6x 8.5x 19.9x 16.8x 15.1x 12.3x 27.9x 28.2x 19.7x 17.7x 2.9x Note: For multiple and ratio definitions, please refer to appendix 39

40 Industrial Products Historic Multiples EV / Sales 2.6x 2.4x 2.2x 2.0x 1.8x 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x EV / EBITDA 14.0x 13.0x 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x All Industry All Industry EV / EBIT 21.0x 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x Price / Earnings 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 40

41 Internet Products / Services (1/2) General Information Ratio Analysis Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e Bet-At-Home.com AG % 106.7% % -3.7% 10.5% 0.5% 29.9% 0.0% nm na 13.7x nm Delivery Hero SE % 137.9% , , % 39.3% nm nm -17.3% 0.0% nm nm nm na Delticom AG % 114.6% % 5.9% -18.2% 36.6% 1.8% 0.0% 4.5x 14.3x 7.1x 6.7% HelloFresh SE % 121.7% , , % 27.7% nm nm -5.9% 1.4% nm nm nm na home24 SE % 107.7% % 25.4% nm nm -8.3% 4.6% nm nm nm na Lotto24 AG % 159.3% % 23.5% nm 104.3% 9.6% 0.0% nm 5.5x nm 14.5% Scout24 AG % 119.5% , , % 11.5% 45.4% 17.4% 53.9% 0.6% 2.0x 16.8x 26.2x 13.0% Syzygy AG % 101.0% % 9.7% -11.8% 48.4% 11.4% 0.0% nm 67.4x 23.6x 9.5% windeln.de SE % 121.2% % 2.8% nm nm -6.4% 4.7% nm nm nm na Xing SE % 128.2% , , % 19.5% 23.8% 27.0% 31.3% 0.0% nm nm 28.1x 38.9% Zalando SE % 101.0% , , , % 20.6% 42.1% 25.2% 4.7% 0.6% nm 15.6x 42.8x na ZEAL Network SE % 106.0% % 8.0% 8.5% 38.2% 24.8% 2.0% nm 61.5x 13.3x 22.5% zooplus AG % 116.1% , , % 20.2% -4.9% 61.8% 0.4% 1.0% nm 19.7x nm na Min % -3.7% -18.2% 0.5% -17.3% 0.0% 2.0x 5.5x 7.1x 6.7% Max 8, , % 39.3% 45.4% 104.3% 53.9% 4.7% 4.5x 67.4x 42.8x 38.9% Median % 19.5% 9.5% 36.6% 4.7% 0.6% 3.3x 16.8x 23.6x 13.7% 2, , % 16.2% 11.9% 39.9% 10.0% 1.2% 3.3x 28.7x 22.1x 17.5% *) Share Price as of **) Operating Cash Flow per Share Note: For multiple and ratio definitions, please refer to appendix 41

42 Internet Products / Services (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA Bet-At-Home.com AG 2.6x 3.0x 3.1x 2.9x 9.8x 9.9x 10.1x 9.7x 10.1x 10.2x 10.6x 10.1x 12.7x 13.0x 13.3x 12.6x 9.7x Delivery Hero SE 12.8x 9.2x 6.5x 4.7x nm nm nm nm nm nm nm nm nm nm nm nm 4.1x Delticom AG 0.2x 0.2x 0.2x 0.2x 21.4x 13.0x 9.7x 8.4x nm 28.1x 14.5x 12.0x 73.9x 30.0x 14.8x 12.0x 2.0x HelloFresh SE 1.6x 1.2x 0.9x 0.8x nm nm nm 13.0x nm nm nm 16.8x nm nm nm 24.9x 6.5x home24 SE 1.8x 1.5x 1.2x 0.9x nm nm nm 30.4x nm nm nm nm nm nm nm nm 3.6x Lotto24 AG 13.6x 9.6x 8.3x 7.2x nm nm 32.5x 24.1x nm nm 37.8x 27.1x nm 89.8x 43.5x 31.7x 13.0x Scout24 AG 9.9x 9.2x 7.9x 7.1x 21.2x 17.0x 14.8x 13.1x 26.4x 21.5x 18.1x 15.7x 38.8x 30.8x 25.5x 21.6x 4.0x Syzygy AG 1.7x 1.5x 1.3x 1.3x 33.6x 13.2x 11.6x 10.3x nm 17.2x 14.7x 12.7x 23.7x 24.2x 22.8x 21.5x 2.3x windeln.de SE 0.0x 0.0x 0.0x 0.0x nm nm nm 1.8x nm nm nm 5.4x nm nm nm nm 0.8x Xing SE 8.8x 7.1x 6.0x 5.1x 32.4x 22.6x 18.7x 15.8x 36.7x 31.4x 25.4x 21.2x 63.9x 51.1x 39.9x 32.3x 19.9x Zalando SE 1.6x 1.3x 1.1x 0.9x 32.2x 28.9x 21.3x 16.4x 38.8x 47.5x 31.5x 24.3x 80.3x nm 67.5x 49.4x 5.6x ZEAL Network SE 0.4x 0.3x 0.3x 0.3x 2.4x 1.3x 1.0x 0.9x 2.5x 1.4x 1.1x 1.0x 10.5x 6.8x 5.4x 5.3x 1.5x zooplus AG 0.9x 0.8x 0.6x 0.5x nm nm nm 29.6x nm nm nm 36.2x nm nm nm 56.4x 9.9x Min 0.0x 0.0x 0.0x 0.0x 2.4x 1.3x 1.0x 0.9x 2.5x 1.4x 1.1x 1.0x 10.5x 6.8x 5.4x 5.3x 0.8x Max 13.6x 9.6x 8.3x 7.2x 33.6x 28.9x 32.5x 30.4x 38.8x 47.5x 37.8x 36.2x 80.3x 89.8x 67.5x 56.4x 19.9x Median 1.7x 1.5x 1.2x 0.9x 21.4x 13.2x 13.2x 13.0x 26.4x 21.5x 16.4x 15.7x 38.8x 30.0x 24.2x 23.3x 4.1x 4.3x 3.5x 2.9x 2.5x 21.9x 15.1x 15.0x 14.5x 22.9x 22.5x 19.2x 16.6x 43.4x 35.1x 29.1x 26.8x 6.4x Note: For multiple and ratio definitions, please refer to appendix 42

43 Internet Products / Services Historic Multiples EV / Sales 5.0x 4.5x 4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x EV / EBITDA 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x All Industry All Industry EV / EBIT 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x Price / Earnings 60.0x 50.0x 40.0x 30.0x 20.0x 10.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 43

44 IT Services (1/2) General Information Ratio Analysis Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e adesso AG % 130.1% % 11.7% 37.3% 15.9% 8.2% 1.3% 0.2x 34.2x 19.1x 20.4% All for One Steeb AG % 109.2% % nm 11.3% nm 9.3% 6.2% nm 27.6x 13.1x 19.8% Bechtle AG % 142.0% , , % 15.0% 13.5% 17.4% 5.5% 2.6% 0.1x 76.0x nm 17.0% Cancom SE % 128.1% , , % 9.5% 24.0% 19.0% 7.9% 0.0% nm 32.2x 10.8x 13.2% CENIT AG % 102.5% % 9.1% 8.6% 12.4% 7.3% 2.8% nm 93.6x 34.6x 19.9% GFT Technologies SE % 108.0% % 5.7% 7.1% 11.0% 8.8% 1.5% 1.1x 19.8x 13.0x 16.1% KPS AG % 119.5% % 8.9% 8.7% 18.6% 13.1% 1.0% 1.1x nm nm 23.0% ORBIS AG % 104.7% % nm 7.5% nm 0.0% 0.0% nm nm 14.8x 8.4% PSI Software AG % 101.3% % 5.4% 20.0% 15.9% 10.3% 0.0% nm 13.5x nm 12.6% secunet Security Networks AG % 151.9% % 11.6% 49.7% 18.8% 16.7% 3.5% nm nm 36.8x 30.3% Serviceware SE % 102.9% nm 24.8% nm 41.1% 13.9% 0.0% nm 27.7x 43.5x 7.9% SinnerSchrader AG % 112.9% % nm 8.4% nm 12.9% 0.0% nm nm nm na Min % 5.4% 7.1% 11.0% 0.0% 0.0% 0.1x 13.5x 10.8x 7.9% Max 3, , % 24.8% 49.7% 41.1% 16.7% 6.2% 1.1x 93.6x 43.5x 30.3% Median % 9.5% 11.3% 17.4% 9.1% 1.2% 0.7x 29.9x 16.9x 17.0% % 11.3% 17.8% 18.9% 9.5% 1.6% 0.6x 40.6x 23.2x 17.1% *) Share Price as of **) Operating Cash Flow per Share Note: For multiple and ratio definitions, please refer to appendix 44

45 IT Services (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA adesso AG 1.2x 1.1x 1.0x 0.9x 15.3x 13.0x 11.3x 9.8x 22.3x 18.7x 14.4x 12.0x 35.1x 27.6x 21.4x 17.9x 5.6x All for One Steeb AG 0.9x 0.8x 0.8x na 9.6x 9.0x 8.0x na 14.2x 13.4x 11.6x na 22.4x 20.8x 17.8x na 4.1x Bechtle AG 1.0x 0.9x 0.7x 0.7x 19.6x 16.0x 13.4x 12.1x 22.6x 19.0x 15.8x 14.1x 32.1x 27.1x 22.7x 20.1x 4.6x Cancom SE 1.1x 1.0x 0.9x 0.8x 16.2x 12.7x 10.9x 9.6x 21.9x 18.0x 14.7x 12.5x 34.2x 28.2x 23.1x 19.5x 3.7x CENIT AG 0.8x 0.7x 0.6x 0.6x 8.2x 9.0x 6.3x 5.8x 9.3x 11.7x 8.1x 6.7x 15.4x 19.9x 13.7x 11.3x 4.0x GFT Technologies SE 0.8x 0.8x 0.8x 0.7x 9.2x 9.3x 7.5x 6.7x 13.9x 12.2x 9.6x 8.4x 17.0x 15.9x 12.4x 11.2x 2.6x KPS AG 2.0x 1.8x 1.7x 1.5x 14.9x 14.0x 10.2x 8.9x 16.2x 15.4x 11.2x 10.0x 17.7x 21.2x 14.3x na 4.9x ORBIS AG 0.7x 0.7x 0.6x na 11.5x na na na 14.7x 13.0x 12.1x na 25.4x 23.4x 21.1x na 2.0x PSI Software AG 1.1x 1.1x 1.0x 1.0x 13.2x 10.2x 9.4x 8.5x 17.4x 13.5x 11.7x 10.0x 25.9x 24.1x 20.7x na 3.0x secunet Security Networks AG 4.5x 4.3x 3.7x 3.2x 28.2x 26.0x 20.4x 16.8x 30.2x 29.1x 22.1x 18.1x 46.5x 43.2x 33.7x 27.5x 13.1x Serviceware SE 4.4x 3.6x 2.9x 2.3x 35.0x 26.0x 18.1x 12.5x 36.3x 27.1x 18.9x 13.0x 54.7x 51.2x 35.7x 24.4x 4.1x SinnerSchrader AG 2.5x 2.3x na na 31.4x 17.6x na na 36.3x 20.4x na na 53.9x na na na 7.6x Min 0.7x 0.7x 0.6x 0.6x 8.2x 9.0x 6.3x 5.8x 9.3x 11.7x 8.1x 6.7x 15.4x 15.9x 12.4x 11.2x 2.0x Max 4.5x 4.3x 3.7x 3.2x 35.0x 26.0x 20.4x 16.8x 36.3x 29.1x 22.1x 18.1x 54.7x 51.2x 35.7x 27.5x 13.1x Median 1.1x 1.0x 0.9x 0.9x 15.1x 13.0x 10.5x 9.6x 19.7x 16.7x 12.1x 12.0x 29.0x 24.1x 21.1x 19.5x 4.1x 1.8x 1.6x 1.3x 1.3x 17.7x 14.8x 11.6x 10.1x 21.3x 17.6x 13.7x 11.6x 31.7x 27.5x 21.5x 18.8x 4.9x Note: For multiple and ratio definitions, please refer to appendix 45

46 IT Services Historic Multiples EV / Sales 1.8x 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x EV / EBITDA 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x All Industry All Industry EV / EBIT 21.0x 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x 7.0x Price / Earnings 37.0x 32.0x 27.0x 22.0x 17.0x 12.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 46

47 Media & Entertainment General Information Ratio Analysis Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e Axel Springer SE % 105.5% 1, , , % -1.2% 6.2% 16.4% 23.1% 1.5% 1.9x 22.3x 12.7x 9.7% Bastei Lübbe AG % 136.5% % -8.7% nm nm 3.9% 0.0% 9.5x nm nm na Constantin Medien AG % 105.8% % -24.1% -47.8% nm 4.4% 8.6% nm 0.5x 6.8x na CTS Eventim AG & Co. KGaA % 110.6% , , % 5.8% 8.1% 17.0% 21.0% 0.0% nm 46.2x 16.6x 32.3% DEAG Deutsche Entertainment AG % 155.0% % 12.9% -6.2% 36.3% 6.2% 2.6% 0.1x 4.4x 3.8x 32.7% ProSiebenSat.1 Media SE % 104.9% 3, , , , % 3.3% 6.1% 3.8% 25.2% 0.0% 2.1x 12.1x 3.2x 44.3% Staramba SE % 128.8% nm nm nm nm 33.5% 0.0% 0.3x na nm na Ströer SE & Co. KGaA % 102.8% 1, , , % 11.3% 26.7% 30.0% 29.8% 0.2% 3.7x 33.1x 10.9x 19.7% Tele Columbus AG % 103.4% 1, , % 0.4% 51.4% 1.5% 45.7% 0.0% 6.3x 4.4x 2.0x na Min % -24.1% -47.8% 1.5% 3.9% 0.0% 0.1x 0.5x 2.0x 9.7% Max 6, , % 12.9% 51.4% 36.3% 45.7% 8.6% 9.5x 46.2x 16.6x 44.3% Median , % 1.9% 6.2% 16.7% 23.1% 0.0% 2.1x 12.1x 6.8x 32.3% 2, , % 0.0% 6.4% 17.5% 21.4% 1.4% 3.4x 17.6x 8.0x 27.7% *) Share Price as of **) Operating Cash Flow per Share Peer Group Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA Axel Springer SE 2.3x 2.5x 2.4x 2.4x 14.6x 10.9x 10.0x 9.3x 24.9x 15.2x 13.6x 12.6x 18.0x 22.2x 19.6x 21.2x 2.2x Bastei Lübbe AG 0.5x 0.7x 0.7x 0.7x nm 17.2x 8.7x 7.3x nm nm 17.0x 11.9x nm nm 37.6x 13.4x 1.0x Constantin Medien AG 0.5x 1.3x 1.2x 1.1x 36.2x 30.2x 15.5x na nm nm 41.5x 27.7x 6.7x nm 49.3x na 3.2x CTS Eventim AG & Co. KGaA 3.2x 3.0x 2.8x 2.7x 18.7x 14.1x 12.6x 11.7x 20.7x 16.3x 14.6x 13.3x 32.9x 29.4x 26.5x 24.0x 9.5x DEAG Deutsche Entertainment AG 0.4x 0.3x 0.3x 0.3x 11.8x 5.4x 5.3x 4.7x 15.3x 6.4x 6.2x 5.5x nm 12.6x 13.5x 11.3x 4.1x ProSiebenSat.1 Media SE 1.8x 1.8x 1.7x 1.7x 7.2x 7.1x 6.7x 6.4x 8.9x 9.6x 8.3x 8.0x 10.9x 11.1x 9.6x 9.0x 4.9x Staramba SE na 2.5x 1.6x 1.1x na 7.6x 4.5x 3.5x na nm 16.6x 8.3x na na na na 1.4x Ströer SE & Co. KGaA 3.4x 2.8x 2.6x 2.5x 18.1x 9.4x 8.8x 8.2x 39.4x 26.1x 21.7x 19.7x 28.9x 21.8x 18.3x 16.3x 4.3x Tele Columbus AG 3.4x 3.5x 3.4x 3.3x 6.9x 7.7x 6.8x 6.6x 16.6x 37.4x 19.0x 15.8x nm nm 10.3x 6.0x 0.6x Min 0.4x 0.3x 0.3x 0.3x 6.9x 5.4x 4.5x 3.5x 8.9x 6.4x 6.2x 5.5x 6.7x 11.1x 9.6x 6.0x 0.6x Max 3.4x 3.5x 3.4x 3.3x 36.2x 30.2x 15.5x 11.7x 39.4x 37.4x 41.5x 27.7x 32.9x 29.4x 49.3x 24.0x 9.5x Median 2.0x 2.5x 1.7x 1.7x 14.6x 9.4x 8.7x 6.9x 18.6x 15.7x 16.6x 12.6x 18.0x 21.8x 19.0x 13.4x 3.2x 1.9x 2.1x 1.9x 1.8x 16.2x 12.2x 8.8x 7.2x 21.0x 18.5x 17.6x 13.6x 19.5x 19.4x 23.1x 14.5x 3.5x P / B Note: For multiple and ratio definitions, please refer to appendix 47

48 Media & Entertainment Historic Multiples EV / Sales 4.5x 4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x EV / EBITDA 17.0x 15.0x 13.0x 11.0x 9.0x 7.0x 5.0x All Industry All Industry EV / EBIT 25.0x 23.0x 21.0x 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x Price / Earnings 50.0x 45.0x 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 48

49 Pharma & Healthcare (1/2) General Information Ratio Analysis ~ Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e aap Implantate AG % 108.8% % 16.4% nm nm -37.3% 0.0% nm nm nm na Biotest AG % 115.3% , % 4.7% nm nm 9.8% 0.9% 4.0x nm 27.1x 6.1% Carl Zeiss Meditec AG % 165.5% , , % 9.2% 10.7% 16.2% 17.3% 1.8% nm 99.2x nm 10.5% Dermapharm Holding SE % 123.0% , , % 10.2% 17.7% 24.1% 25.4% 4.5% 1.0x 13.2x 17.9x 35.4% Drägerwerk AG & Co. KGaA % 105.5% % 2.8% -2.4% 4.0% 7.1% 1.5% 0.3x 19.4x 6.4x 5.5% Eckert & Ziegler AG % 138.6% % 7.6% 10.1% 10.5% 19.5% 0.9% nm 29.4x 8.7x 11.6% Geratherm Medical AG % 109.4% % nm -4.9% nm 18.4% 0.0% nm 5.7x 21.1x 12.4% Gerresheimer AG % 118.6% , , % 4.0% 7.1% 3.3% 21.5% 1.0% 2.6x 9.3x 10.4x 13.9% MEDICLIN AG % 103.8% % 5.0% 8.5% 21.6% 7.4% 0.0% 0.9x 18.8x 14.0x 11.0% Medios AG % 144.7% nm 22.9% nm 46.4% 3.7% 0.1% nm 79.8x nm 14.0% RHÖN-KLINIKUM AG % 103.0% , , % -0.5% 14.9% 8.4% 9.3% 1.2% nm nm 18.4x 4.4% Siemens Healthineers AG % 130.4% 4, , ,649.0 nm 3.0% nm 7.3% 20.3% 1.2% 1.3x 10.0x 21.7x 16.4% STADA Arzneimittel AG % 102.3% 1, , , % nm -4.8% nm 19.7% 0.0% 2.4x 8.3x 19.2x 18.5% STRATEC Biomedical AG % 130.7% % 5.8% 18.0% 7.3% 19.0% 6.5% 0.8x 53.2x 25.8x 11.6% VITA 34 AG % 141.8% % 19.2% -3.2% 52.9% 18.6% 4.0% 1.2x 15.0x 34.8x 5.3% Min % -0.5% -4.9% 3.3% -37.3% 0.0% 0.3x 5.7x 6.4x 4.4% Max 37, , % 22.9% 18.0% 52.9% 25.4% 6.5% 4.0x 99.2x 34.8x 35.4% Median % 5.8% 8.5% 10.5% 18.4% 1.0% 1.2x 16.9x 18.8x 11.6% 3, , % 8.5% 6.5% 18.4% 12.0% 1.6% 1.6x 30.1x 18.8x 12.6% *) Share Price as of **) Operating Cash Flow per Share Note: For multiple and ratio definitions, please refer to appendix 49

50 Pharma & Healthcare (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA aap Implantate AG 2.4x 2.2x 1.8x 1.5x nm nm nm na nm nm nm nm nm nm nm nm 1.1x Biotest AG 2.9x 2.8x 2.6x 2.5x nm 28.4x 20.5x 17.2x nm 33.9x na nm nm 30.9x na na 1.9x Carl Zeiss Meditec AG 5.4x 4.9x 4.5x 4.1x 34.9x 28.5x 25.0x 22.3x 38.8x 32.2x 28.1x 25.1x 49.1x 48.2x 40.4x 36.2x 5.1x Dermapharm Holding SE 3.5x 3.0x 2.8x 2.6x 17.9x 11.9x 10.4x 9.4x 18.9x 14.0x 11.9x 10.6x 20.0x 20.2x 16.7x 14.8x 7.2x Drägerwerk AG & Co. KGaA 0.4x 0.4x 0.4x 0.4x 4.5x 5.4x 4.6x 4.0x 6.8x 9.6x 7.6x 6.3x 9.6x 16.6x 12.6x 9.8x 0.9x Eckert & Ziegler AG 1.4x 1.2x 1.1x 1.1x 7.3x 5.9x 5.7x 5.4x 10.7x 8.8x 8.4x 7.9x 15.6x 16.6x 15.6x 14.9x 1.9x Geratherm Medical AG 2.1x 1.7x na na 18.0x 9.5x na na 32.4x 12.1x na na 77.2x 21.5x na na 2.7x Gerresheimer AG 2.3x 2.2x 2.1x 2.0x 10.3x 10.4x 10.2x 9.4x 17.8x 18.9x 18.9x 16.5x 22.5x 19.9x 28.5x 23.3x 2.8x MEDICLIN AG 0.5x 0.5x 0.5x 0.4x 10.5x 6.5x 6.1x 5.9x 33.1x 11.5x 10.5x 9.9x 69.9x 13.3x 12.0x 11.3x 1.5x Medios AG 0.9x 0.7x 0.6x 0.5x 30.2x 19.7x 12.8x 9.6x 32.3x 20.6x 13.4x 10.0x 60.0x 36.7x 20.9x 16.2x 5.1x RHÖN-KLINIKUM AG 0.9x 1.0x 1.0x 0.9x 12.3x 10.8x 10.0x 9.7x 29.0x 23.3x 20.1x 19.3x 42.1x 30.0x 27.0x 29.4x 1.3x Siemens Healthineers AG 3.0x 3.0x 2.9x 2.8x 15.5x 14.9x 13.6x 12.5x 18.9x 18.1x 16.2x 14.9x 27.5x 28.0x 23.0x 20.9x 4.6x STADA Arzneimittel AG 2.7x 2.6x 2.4x na 15.1x 13.0x 12.2x na 21.5x 18.3x 16.8x na 59.1x 23.8x 21.0x na 4.4x STRATEC Biomedical AG 3.8x 3.9x 3.6x 3.2x 20.1x 20.4x 18.1x 16.3x 31.6x 28.7x 23.3x 20.3x 30.2x 46.6x 34.3x 28.8x 5.4x VITA 34 AG 3.0x 2.6x 2.1x 1.8x 29.0x 13.9x 9.8x 8.1x nm 24.9x 14.4x 10.9x nm 34.4x 19.4x 14.6x 1.8x Min 0.4x 0.4x 0.4x 0.4x 4.5x 5.4x 4.6x 4.0x 6.8x 8.8x 7.6x 6.3x 9.6x 13.3x 12.0x 9.8x 0.9x Max 5.4x 4.9x 4.5x 4.1x 34.9x 28.5x 25.0x 22.3x 38.8x 33.9x 28.1x 25.1x 77.2x 48.2x 40.4x 36.2x 7.2x Median 2.4x 2.2x 2.1x 1.8x 15.5x 12.4x 10.4x 9.5x 25.2x 18.6x 15.3x 10.9x 36.1x 25.9x 21.0x 16.2x 2.7x 2.4x 2.2x 2.0x 1.8x 17.4x 14.2x 12.2x 10.8x 24.3x 19.6x 15.8x 13.8x 40.2x 27.6x 22.6x 20.0x 3.2x Note: For multiple and ratio definitions, please refer to appendix 50

51 Pharma & Healthcare Historic Multiples EV / Sales 2.1x 1.9x 1.7x 1.5x 1.3x 1.1x 0.9x 0.7x EV / EBITDA 15.0x 14.0x 13.0x 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x All Industry All Industry EV / EBIT 24.0x 22.0x 20.0x 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x Price / Earnings 42.0x 37.0x 32.0x 27.0x 22.0x 17.0x 12.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 51

52 Renewable Products / Services General Information Ratio Analysis ~ Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e 7C Solarparken AG % 122.8% % 4.9% 37.4% 8.1% 89.6% 0.0% 5.0x 4.9x 6.8x 4.8% CropEnergies AG % 103.2% % nm 67.3% nm 10.0% 1.4% nm na 4.0x 6.1% Energiekontor AG % 114.0% % 25.9% -4.3% 19.0% 35.6% 0.0% 4.0x 2.9x 49.6x 9.9% Nordex SE % 132.7% , % -0.7% 30.0% 2.4% 4.4% 1.7% 1.4x 5.9x 9.7x na PNE AG % 126.4% % 28.2% 29.7% 66.0% 22.0% 3.4% 1.0x 2.7x 9.4x 4.1% SFC Energy AG % 181.7% % 15.9% 16.8% 75.6% 4.1% 1.5% 0.2x 1.4x 48.8x na SMA Solar Technology AG % 104.0% % 0.7% nm -8.5% 10.8% 0.7% nm 69.6x 6.1x na VERBIO Vereinigte BioEnergie AG % 154.8% % nm 22.9% nm 6.7% 0.0% nm nm 6.4x 5.3% Min % -0.7% -4.3% -8.5% 4.1% 0.0% 0.2x 1.4x 4.0x 4.1% Max , % 28.2% 67.3% 75.6% 89.6% 3.4% 5.0x 69.6x 49.6x 9.9% Median % 10.4% 29.7% 13.6% 10.4% 1.1% 1.4x 3.9x 8.1x 5.3% % 12.5% 28.6% 27.1% 22.9% 1.1% 2.3x 14.6x 17.6x 6.0% *) Share Price as of **) Operating Cash Flow per Share Peer Group EV / Sales Enterprise Value EV / EBITDA Valuation Analysis Equity Value P / E 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA 7C Solarparken AG 9.1x 8.3x 8.0x 7.9x 11.0x 9.2x 8.7x 8.7x 30.0x 24.1x 22.9x 20.7x 22.6x 28.9x 26.4x 20.0x 1.4x CropEnergies AG 0.4x 0.5x 0.5x na 2.9x 4.6x 4.8x na 3.9x 7.5x 8.6x na 5.4x 14.6x 15.9x na 0.9x Energiekontor AG 2.6x 3.2x 1.6x 1.3x 8.4x 9.1x 5.7x 5.0x 13.1x 15.1x 7.9x 7.0x 18.5x 34.2x 10.7x 9.6x 3.4x Nordex SE 0.3x 0.4x 0.4x 0.3x 5.3x 9.5x 6.5x 4.9x 11.8x nm 20.0x 10.7x nm nm 42.0x 19.7x 1.2x PNE AG 2.0x 1.9x 1.5x 1.0x 10.5x 8.9x 6.9x 2.3x 14.0x 14.1x 11.2x 2.8x 12.5x 22.7x 8.9x 3.4x 0.9x SFC Energy AG 1.5x 1.3x 1.1x 1.0x nm 32.9x 11.3x 9.4x nm nm 13.9x 11.1x nm nm 20.1x 16.0x 4.5x SMA Solar Technology AG 0.3x 0.4x 0.4x 0.3x 3.9x 3.3x 3.7x 5.1x 6.3x nm 8.0x 6.7x 23.2x nm 25.9x 50.7x 1.1x VERBIO Vereinigte BioEnergie AG 0.4x 0.4x 0.4x na 4.1x 6.2x 5.9x na 6.1x 11.9x 10.6x na 9.6x 23.4x 19.0x na 1.2x Min 0.3x 0.4x 0.4x 0.3x 2.9x 3.3x 3.7x 2.3x 3.9x 7.5x 7.9x 2.8x 5.4x 14.6x 8.9x 3.4x 0.9x Max 9.1x 8.3x 8.0x 7.9x 11.0x 32.9x 11.3x 9.4x 30.0x 24.1x 22.9x 20.7x 23.2x 34.2x 42.0x 50.7x 4.5x Median 1.0x 0.9x 0.8x 1.0x 5.3x 9.0x 6.2x 5.0x 11.8x 14.1x 10.9x 8.9x 15.5x 23.4x 19.6x 17.9x 1.2x 2.1x 2.1x 1.7x 2.0x 6.6x 10.5x 6.7x 5.9x 12.2x 14.5x 12.9x 9.8x 15.3x 24.8x 21.1x 19.9x 1.8x EV / EBIT P / B Note: For multiple and ratio definitions, please refer to appendix 52

53 Renewable Products / Services Historic Multiples EV / Sales 3.0x EV / EBITDA 23.0x 2.5x 2.0x 1.5x 1.0x 18.0x 13.0x 8.0x 0.5x 3.0x All Industry All Industry EV / EBIT 23.0x 21.0x 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x 7.0x 5.0x Price / Earnings 37.0x 32.0x 27.0x 22.0x 17.0x 12.0x 7.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 53

54 Software General Information Ratio Analysis Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e ATOSS Software AG % 114.6% % 11.8% 13.6% 14.3% 28.0% 0.0% nm nm 36.0x 49.2% CompuGroup Medical SE % 132.1% , , % 5.1% 18.0% 18.3% 25.4% 1.8% 1.6x 14.9x 28.9x 36.1% GK Software SE % 102.1% % 15.8% nm 59.8% 13.4% 0.0% 0.6x 7.5x 12.5x 17.0% INTERSHOP Communications AG % 121.6% % 11.4% nm 62.4% -9.0% 0.6% nm 2.5x 34.2x na IVU Traffic Technologies AG % 129.3% % nm 10.2% nm na 0.0% nm 39.7x 26.1x na MeVis Medical Solutions AG % 100.6% % -12.6% 21.4% nm 42.2% 1.7% nm nm 8.3x 14.0% Nemetschek SE % 183.3% , , % 14.2% 25.9% 20.3% 26.8% 1.8% nm 90.8x 49.8x 31.1% SNP Schneider-Neureither & Partner SE % 118.7% % 10.0% 147.5% 40.7% 1.2% 0.0% 18.4x 4.3x nm na Software AG % 102.9% , , % 2.6% 6.0% 4.0% 30.6% 2.2% nm 48.3x 15.3x 14.4% USU Software AG % 114.5% % 12.5% -3.6% 38.3% 10.5% 2.2% nm 95.4x 45.8x 9.4% Min % -12.6% -3.6% 4.0% -9.0% 0.0% 0.6x 2.5x 8.3x 9.4% Max 4, , % 15.8% 147.5% 62.4% 42.2% 2.2% 18.4x 95.4x 49.8x 49.2% Median % 11.4% 15.8% 29.3% 25.4% 1.1% 1.6x 27.3x 28.9x 17.0% 1, , % 7.9% 29.9% 32.3% 18.8% 1.0% 6.9x 37.9x 28.6x 24.5% *) Share Price as of **) Operating Cash Flow per Share Peer Group Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA ATOSS Software AG 5.5x 4.8x 4.4x 3.9x 20.1x 17.3x 15.3x 13.5x 21.0x 18.3x 16.2x 14.2x 34.6x 29.7x 26.3x 23.1x 14.6x CompuGroup Medical SE 4.6x 3.9x 4.0x 4.0x 24.8x 15.2x 15.2x 15.0x 31.9x 19.1x 19.2x 18.8x 79.4x 28.0x 27.3x 26.8x 10.1x GK Software SE 2.2x 1.8x 1.6x 1.4x 33.9x 13.8x 10.2x 8.3x nm 20.3x 13.8x 10.6x 49.2x 29.0x 19.3x 14.8x 4.9x INTERSHOP Communications AG 1.4x 1.5x 1.3x 1.0x nm nm 29.1x 14.3x nm nm 35.4x 16.1x nm na na na 3.2x IVU Traffic Technologies AG 1.1x na na na 11.4x na na na 13.9x na na na 20.2x na na na 2.4x MeVis Medical Solutions AG 3.3x 3.7x 4.4x 4.9x 7.2x 8.7x 17.0x na 7.7x 11.0x 24.1x 41.2x 22.6x 11.8x 25.3x na 1.6x Nemetschek SE 12.2x 10.6x 9.3x 8.2x nm 39.7x 34.2x 29.8x nm 47.1x 40.6x 34.2x 65.0x 66.0x 55.8x 47.4x 20.5x SNP Schneider-Neureither & Partner SE 1.1x 1.0x 0.9x 0.8x 22.5x nm 11.0x 8.1x nm nm 23.6x 12.1x nm nm 27.5x 14.7x 2.3x Software AG 3.2x 3.2x 3.1x 3.0x 10.9x 10.6x 10.2x 9.7x 12.9x 10.7x 10.2x 9.6x 20.7x 17.8x 16.9x 15.4x 2.6x USU Software AG 2.6x 2.3x 2.1x 1.9x 32.8x 22.3x 15.4x 12.4x 49.3x 28.8x 18.3x 14.3x 71.0x 40.8x 26.2x 19.9x 3.8x Min 1.1x 1.0x 0.9x 0.8x 7.2x 8.7x 10.2x 8.1x 7.7x 10.7x 10.2x 9.6x 20.2x 11.8x 16.9x 14.7x 1.6x Max 12.2x 10.6x 9.3x 8.2x 33.9x 39.7x 34.2x 29.8x 49.3x 47.1x 40.6x 41.2x 79.4x 66.0x 55.8x 47.4x 20.5x Median 2.9x 3.2x 3.1x 3.0x 21.3x 15.2x 15.3x 12.9x 17.5x 19.1x 19.2x 14.3x 41.9x 29.0x 26.2x 19.9x 3.5x 3.7x 3.7x 3.4x 3.2x 20.4x 18.2x 17.5x 13.9x 22.8x 22.2x 22.4x 19.0x 45.3x 31.9x 28.1x 23.1x 6.6x P / B Note: For multiple and ratio definitions, please refer to appendix 54

55 Software Historic Multiples EV / Sales 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x EV / EBITDA 24.0x 22.0x 20.0x 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x All Industry All Industry EV / EBIT 30.0x 26.0x 22.0x 18.0x 14.0x 10.0x 6.0x Price / Earnings 55.0x 50.0x 45.0x 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 55

56 Technology General Information Ratio Analysis ~ Share Price in % of Financial Cash & Market Cap Enterprise EBITDA Dividend Leverage Interest Price/ 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e ADVA Optical Networking SE % 142.9% % 3.4% 14.9% 39.5% 12.2% 0.0% 0.6x 29.6x 12.3x 4.2% DATA MODUL AG % 107.6% % 8.8% 12.2% 12.6% 8.2% 0.9% nm nm 35.8x 14.1% Elmos Semiconductor AG % 102.4% % 7.6% 12.4% 13.4% 25.3% 1.3% 0.1x 21.9x 9.5x 12.0% euromicron AG % 114.2% % 3.4% -13.0% 22.5% 4.2% 0.9% 6.6x 2.3x nm na First Sensor AG % 115.1% % 6.4% 11.6% 13.1% 14.4% 1.2% 1.4x 9.2x 11.5x na init innovation in traffic systems SE % 106.1% % 8.5% -9.3% 18.5% 11.6% 1.8% 1.3x 17.3x nm 9.6% Jenoptik AG % 121.5% , , % 7.7% 16.2% 11.5% 15.2% 2.0% nm 28.4x 18.8x 13.7% OHB SE % 123.9% % 10.6% 12.2% 18.6% 6.6% 3.3% 1.4x 16.3x 16.8x 13.5% Schweizer Electronic AG % 100.0% % 10.9% 2.0% 9.2% 9.1% 0.0% nm 14.1x 13.8x 2.3% Min % 3.4% -13.0% 9.2% 4.2% 0.0% 0.1x 2.3x 9.5x 2.3% Max 1, , % 10.9% 16.2% 39.5% 25.3% 3.3% 6.6x 29.6x 35.8x 14.1% Median % 7.7% 12.2% 13.4% 11.6% 1.2% 1.3x 16.8x 13.8x 12.0% % 7.5% 6.6% 17.6% 11.9% 1.3% 1.9x 17.4x 16.9x 9.9% *) Share Price as of **) Operating Cash Flow per Share Peer Group Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA ADVA Optical Networking SE 0.7x 0.7x 0.7x 0.7x 13.0x 5.9x 5.1x 4.8x 28.7x 23.4x 14.1x 13.1x nm 34.5x 18.5x 15.7x 1.4x DATA MODUL AG 1.1x 1.0x 0.9x 0.8x 13.2x 11.6x 10.1x 9.2x 14.4x 13.2x 11.3x 10.2x 22.5x 19.8x 16.8x 15.3x 2.8x Elmos Semiconductor AG 1.5x 1.3x 1.2x 1.2x 6.3x 5.3x 4.6x 4.3x 9.3x 8.5x 7.7x 7.1x 14.4x 12.2x 11.0x 10.1x 1.5x euromicron AG 0.4x 0.4x 0.4x 0.4x 12.6x 9.7x 8.3x 6.8x 27.5x 25.2x 17.7x 12.0x nm nm 28.3x na 0.6x First Sensor AG 1.4x 1.4x 1.3x 1.2x 12.2x 9.5x 9.2x 8.5x 23.2x 17.4x 15.9x 13.8x 44.5x na na na 2.2x init innovation in traffic systems SE 1.4x 1.3x 1.2x 1.1x 12.5x 11.4x 9.3x 7.5x 17.4x 15.3x 12.0x 9.5x 45.5x 23.6x 17.5x 13.4x 2.3x Jenoptik AG 2.3x 2.1x 2.0x 1.9x 15.9x 14.0x 12.4x 11.5x 21.3x 18.7x 16.4x 15.0x 25.1x 24.3x 21.3x 19.3x 3.3x OHB SE 0.8x 0.7x 0.7x 0.6x 14.4x 10.6x 9.6x 8.6x 17.1x 14.2x 12.5x 11.0x 24.8x 23.1x 20.7x 17.3x 3.1x Schweizer Electronic AG 0.5x 0.5x 0.5x 0.4x 5.7x 5.4x 5.4x 4.4x 18.2x 18.1x 25.3x 13.4x 18.4x 42.7x nm 42.7x 1.0x Min 0.4x 0.4x 0.4x 0.4x 5.7x 5.3x 4.6x 4.3x 9.3x 8.5x 7.7x 7.1x 14.4x 12.2x 11.0x 10.1x 0.6x Max 2.3x 2.1x 2.0x 1.9x 15.9x 14.0x 12.4x 11.5x 28.7x 25.2x 25.3x 15.0x 45.5x 42.7x 28.3x 42.7x 3.3x Median 1.1x 1.0x 0.9x 0.8x 12.6x 9.7x 9.2x 7.5x 18.2x 17.4x 14.1x 12.0x 24.8x 23.6x 18.5x 15.7x 2.2x 1.1x 1.0x 1.0x 0.9x 11.7x 9.3x 8.2x 7.3x 19.7x 17.1x 14.8x 11.7x 27.9x 25.7x 19.1x 19.1x 2.0x P / B Note: For multiple and ratio definitions, please refer to appendix 56

57 Technology Historic Multiples EV / Sales 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x EV / EBITDA 14.0x 13.0x 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x 5.0x All Industry All Industry EV / EBIT 23.0x 21.0x 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x Price / Earnings 38.0x 34.0x 30.0x 26.0x 22.0x 18.0x 14.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 57

58 Transportation & Logistics General Information Ratio Analysis Share Price in % of Financial Cash & Interest Price/ Market Cap Enterprise EBITDA Dividend Leverage 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) '14a-'17a '17a-'20e '14a-'17a '17a-'20e 2018e LFYA 2018e 2017a 2018e 2018e Fraport AG % 101.2% 4, , , % 5.4% 8.3% 6.9% 34.9% 1.8% 3.6x 5.4x 8.8x 10.9% Hamburger Hafen und Logistik AG % 120.1% , , % 1.3% 1.6% 4.6% 24.3% 1.7% 1.1x 9.7x 5.4x 16.5% Hapag-Lloyd AG % 115.4% 6, , , % 7.9% 124.7% 16.5% 9.1% na 5.5x 3.0x 6.4x na Sixt SE % 157.9% 3, , , % 10.0% 20.1% 45.8% 32.2% na 3.3x 10.4x nm 28.9% VTG AG % 143.1% 1, , , % 4.6% 22.9% 11.8% 35.3% na 4.6x 4.5x 5.1x 7.0% Min 1, , % 1.3% 1.6% 4.6% 9.1% 1.7% 1.1x 3.0x 5.1x 7.0% Max 7, , % 10.0% 124.7% 45.8% 35.3% 1.8% 5.5x 10.4x 8.8x 28.9% Median 4, , % 5.4% 20.1% 11.8% 32.2% 1.8% 3.6x 5.4x 5.9x 13.7% 4, , % 5.8% 35.5% 17.1% 27.2% 1.8% 3.6x 6.6x 6.4x 15.8% *) Share Price as of **) Operating Cash Flow per Share Peer Group Valuation Analysis Enterprise Value EV / Sales EV / EBITDA EV / EBIT Equity Value P / E 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e 2017a 2018e 2019e 2020e LFQA Fraport AG 3.8x 3.5x 3.4x 3.2x 11.3x 10.0x 9.6x 9.2x 17.4x 15.3x 14.6x 13.9x 21.3x 16.1x 16.4x 15.0x 1.8x Hamburger Hafen und Logistik AG 1.4x 1.5x 1.4x 1.4x 6.4x 6.0x 5.8x 5.6x 10.6x 9.8x 9.6x 9.2x 18.2x 15.7x 15.7x 14.6x 2.6x Hapag-Lloyd AG 1.1x 1.0x 1.0x 0.9x 11.6x 11.2x 8.4x 7.3x 32.8x 34.5x 17.7x 13.7x nm nm 19.8x 11.4x 0.9x Sixt SE 2.9x 2.6x 2.4x 2.2x 21.0x 8.1x 7.4x 6.8x 22.0x 20.0x 18.2x 16.5x 22.8x 11.8x 17.7x 15.9x 3.4x VTG AG 3.2x 3.0x 2.8x 2.8x 10.0x 8.6x 7.5x 7.1x 23.7x 18.5x 15.0x 14.1x 22.2x 27.0x 17.2x 15.0x 1.9x Min 1.1x 1.0x 1.0x 0.9x 6.4x 6.0x 5.8x 5.6x 10.6x 9.8x 9.6x 9.2x 18.2x 11.8x 15.7x 11.4x 0.9x Max 3.8x 3.5x 3.4x 3.2x 21.0x 11.2x 9.6x 9.2x 32.8x 34.5x 18.2x 16.5x 22.8x 27.0x 19.8x 15.9x 3.4x Median 2.9x 2.6x 2.4x 2.2x 11.3x 8.6x 7.5x 7.1x 22.0x 18.5x 15.0x 13.9x 21.8x 15.9x 17.2x 15.0x 1.9x 2.5x 2.3x 2.2x 2.1x 12.0x 8.8x 7.7x 7.2x 21.3x 19.6x 15.0x 13.5x 21.1x 17.6x 17.4x 14.4x 2.1x P / B Note: For multiple and ratio definitions, please refer to appendix 58

59 Transportation & Logistics Historic Multiples EV / Sales 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x EV / EBITDA 13.0x 12.0x 11.0x 10.0x 9.0x 8.0x 7.0x 6.0x All Industry All Industry EV / EBIT 26.0x 24.0x 22.0x 20.0x 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x Price / Earnings 30.0x 28.0x 26.0x 24.0x 22.0x 20.0x 18.0x 16.0x 14.0x All Industry All Industry 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 information; Normalized diluted EPS calculated as EBT excluding unusual items * (1-37.5%) / diluted weighted average of shares outstanding 59

60 E x e c u t i v e S u m m a r y I. F C F O v e r v i e w II. M a r k e t O v e r v i e w III. S e c t o r O v e r v i e w I V. S e c t o r A n a l y s i s A p p e n d i x 60

61 Appendix Abbreviations Abbreviations a = Actual Cash & Equiv. = Cash & Equivalents Curr. = Currency e = Estimate EBIT EBITDA EV = Enterprise Value Financial Debt LFYA LFQA LTM = Last Twelve Months Market Cap = Market Capitalization na = not available nm = not meaningful Definition Actual results as officially reported for last quarter or last calendar year Cash and short-term investments that can be converted into cash based on the last quarterly report available Currency of depicted numbers Estimated results based on brokers consensus estimates for the full calendar year Earnings before interest and taxes for the respective calendar year Earnings before interest, taxes, depreciation and amortization for the respective calendar year Current market capitalization + financial debt cash & equivalents + minority interest All interest bearing bank debt, bonds and equivalents based on the last quarterly report available Last fiscal or calendar year available Last fiscal quarter available Last twelve months reported (equals last four quarters available) Number of shares outstanding current share price as provided by S&P Capital IQ Data not available Data not meaningful due to negative or too high (valuation) metrics (e.g. ratios and multiples) 61

62 Appendix Multiple & Ratio Definitions Multiples & Ratios Dividend Yield EBIT Multiple EBITDA Multiple Interest Cover = EBITDA Interest Coverage Leverage Ratio P / B = Price-Book Ratio P / E = Price-Earnings Ratio Price / OCFPS = Price / Operating Cash Flow per Share RoE = Return on Equity Sales Multiple Definition Dividend for the last calendar year available / actual market capitalization Current enterprise value / EBIT (actual or estimate) for the respective calendar year Current enterprise value / EBITDA (actual or estimate) for the respective calendar year EBITDA for the last calendar year available / interest expenses as stated by the company s income statement Net financial debt based on the last quarterly report available / EBITDA for the respective calendar year (actual or estimates) Current market capitalization / total equity for the last quarter available Current share price / earnings per share (EPS) (actual or estimates) for the respective calendar year Current share price / operating cash flow per share for the last calendar year available Net income for the respective calendar year (actual or estimates) / total equity for the last quarter available Current enterprise value / sales (actual or estimate) for the respective calendar year 62

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63 Contact Details & Disclaimer D I S C L A I M E R FCF Fox Corporate Finance GmbH Maximilianstrasse Munich Germany Telephone +49 (89) Facsimile +49 (89) info@fcf.de Arno Fuchs Chief Executive Officer P: +49 (89) M: +49 (172) arno.fuchs@fcf.de Dr. Mathias Schott Director P: +49 (89) M: +49 (174) mathias.schott@fcf.de 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, 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 document. By accepting this document you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own 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 that the figures, assumptions and calculations underlying such historical and forward looking statements are free from errors nor does FCF accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments. FCF Fox Corporate Finance GmbH 2018 Tristan Blümli Analyst P: +49 (89) M: +49 (172) tristan.bluemli@fcf.de If you have comments, suggestions or questions relating to the FCF Valuation Monitor or wish to suggest a company for inclusion in the analysis, please contact Dr. Mathias Schott (E: mathias.schott@fcf.de). If you do not wish to receive the FCF Valuation Monitor in the future please send us an with the subject FCF Valuation Monitor Termination. 63

64 T H E F I N A N C I N G S P E C I A L I S T

FCF Fox Corporate Finance GmbH. FCF Valuation Monitor German Small- / Midcap Companies Q Data as of June 30, 2017 Published as of July 17, 2017

FCF Fox Corporate Finance GmbH FCF Valuation Monitor German Small- / Midcap Companies Q2 2017 Data as of June 30, 2017 Published as of July 17, 2017 E x e c u t i v e S u m m a r y I. F C F O v e r v i