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

Transcription

1 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

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) 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 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 Prime Standard All Share Index as well as selected companies listed on the regulated market: 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, 2017e sales > EUR 50m, 2017e 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) 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 5

6 Debt Equity FCF Overview FCF seeks to provide its clients with financing (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 50 transactions with a total placement volume in excess of 2.0 billion since foundation in 2005 Approx. 20 professionals, headquartered in Munich Capital Markets Capabilities and Services Private / Pre-IPO Public Short-term Debt Long-term Debt Venture capital Growth capital Capital increase / Initial Public Offering (IPO) Dual-track (IPO and alternative transaction) Receivables financing / Factoring / ABS Borrowing base / Inventory financing Bank loan facility (straight debt) Leasing / Sale-and-lease back High-yield / PIK bond Private equity Private Investment in Public Equity (PIPE) Block trade Overdraft / Revolving / Working capital facility Guarantee / Letter of Credit Corporate bond (public / private) Promissory note (Schuldscheindarlehen) Second lien Mezzanine Mezzanine capital Convertible bond Selected Transactions Debt Financing [confidential] German Furniture Company > EUR 35m July

7 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 7

8 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 +65.3% MDAX +45.9% +46.2% +46.2% SDAX +45.9% +24.5% DAX +24.5% Index in % TecDax +41.0% DAX +31.5% SDAX +28.1% MDAX +27.3% Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan Jul-16 Oct-16 Jan-17 Apr-17 TecDAX SDAX MDAX DAX TecDAX SDAX MDAX DAX 3 Month Development of Selected Indices Apr-17 May-17 Jun-17 TecDAX SDAX MDAX DAX Performance Index in % SDAX +7.5% TecDax +6.9% MDAX +2.3% DAX +0.1% Comment As a result of continued political and monetary support measures, a slowly improving macroeconomic environment and the current diminishing political headwinds, the German market indices have shown a significant positive performance over the last three years, ranging from 24.5% up to 65.3% The last twelve months accounted for the majority of the total performance since July 2014 Following a strong positive development since April 2017, the German indices have shown a significant downturn over the most recent weeks 8

9 Historical EBITDA and P / E Multiples (last 10 years) EBITDA Multiples P / E Multiples Note: Dax Constituents as provided by Deutsche Börse; Multiples as provided by S&P Capital IQ; PE and EBITDA calculated based on LTM information; PE Multiples calculated as P / Normalized EPS and EBITDA Multiples calculated as TEV / EBITDA; Calculations contain thresholds of 5 for EBITDA Multiples and 10 for P / E Multiples 9

10 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 10

11 Rebased Prices (in%) Sector Overview - Performance of Sector Indices 12 Month Development of Sector Indices (Rebased Prices, in %) Performances 200 Sector in % Industrial Materials Transportation & Logistics IT Services Automotive Supply Construction Products / Services Hightech / Advanced Machinery Industrial Machinery Software Communications Services Internet Products / Services Pharma & Healthcare Industrial Products Consumer Products / Services Jul-16 Oct-16 Jan-17 Apr-17 Jul- 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 Technology Renewable Products / Services Industrial / Business Services Media & Entertainment Note: Sector indices represent development of equally weighted share prices of the peer group s constituents 11

12 Sector Overview - Financial Information ( Analysis) 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) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e Automotive Supply 1, , % 6.3% 5.1% 15.0% 11.9% 2.3% 1.2x 19.0x 9.0x 15.0% Communications Services 4, , % 3.0% 5.3% 20.4% 16.3% 3.2% 2.2x 18.8x 15.1x 12.5% Construction Products / Services 2, , % 4.5% -3.3% 21.5% 9.0% 1.6% 2.1x 12.2x 6.8x 6.8% Consumer Products / Services 2, , % 3.5% 2.0% 10.5% 5.2% 1.7% 1.5x 17.9x 12.7x 8.5% Hightech / Advanced Machinery % 14.9% 2.0% 28.2% 11.4% 1.2% 0.7x 21.4x 240.2x 13.0% Industrial / Business Services % 3.4% 3.6% 8.0% 10.2% 1.5% 2.0x 17.2x 12.5x 14.0% Industrial Machinery 2, , % 6.9% 8.4% 16.3% 12.3% 1.3% 1.5x 25.3x 40.4x 15.4% Industrial Materials 5, , % 5.5% 14.5% 11.3% 14.0% 1.5% 2.1x 16.8x 12.7x 14.2% Industrial Products 1, , % 7.9% 6.9% 25.5% 14.1% 1.3% 1.8x 11.2x 13.6x 9.3% Internet Products / Services 2, , % 17.0% 21.5% 26.8% 12.6% 1.6% 6.1x 37.1x 30.8x 6.5% IT Services % 11.3% 22.2% 16.4% 10.1% 1.3% 0.6x 34.7x 27.9x 18.6% Media & Entertainment 1, , % 7.2% 6.3% 34.3% 23.0% 0.7% 1.6x 16.6x 14.7x 15.4% Pharma & Healthcare 1, , % 9.0% 4.8% 10.6% 14.7% 1.8% 2.4x 19.5x 23.0x 8.7% Renewable Products / Services % 4.2% 66.7% -6.7% 11.1% 0.9% 0.8x 24.4x 8.2x 7.3% Software % 8.3% 24.7% 20.6% 21.0% 0.9% 1.5x 23.7x 55.0x 20.7% Technology % 22.0% 15.0% 21.7% 15.7% 1.5% 2.7x 28.7x 13.4x 7.5% Transportation & Logistics 2, , % 6.4% 14.7% 20.3% 26.7% 1.8% 2.9x 5.8x 7.0x 9.2% Min % 3.0% -3.3% -6.7% 5.2% 0.7% 0.6x 5.8x 6.8x 6.5% Max 5, , % 22.0% 66.7% 34.3% 26.7% 3.2% 6.1x 37.1x 240.2x 20.7% Median 1, , % 6.9% 6.9% 20.3% 12.6% 1.5% 1.8x 19.0x 13.6x 12.5% 1, , % 8.3% 13.0% 17.7% 14.1% 1.5% 2.0x 20.6x 31.9x 11.9% Comment The analysis provides an overview of key performance ratios by sector (based on mean results) On average, firms in the industrial materials and communication services sectors have the highest market capitalization, whereas firms in the technology and renewable products / services sectors have the smallest market capitalization Sales are expected to grow at 8.3% annually between across all sectors, while the internet products / services and technology sector show sales growth rates above 15% ( ) EBITDA margins are expected to reach 14.1% on average for 2017 across all sectors, while the transportation & logistics, media & entertainment and software sectors show EBITDA margins above 20% Note: For multiple and ratio definitions, please refer to appendix 12

13 Sector Overview - Multiples ( Analysis) Valuation Analysis Peer Group Enterprise Value EV / Sales EV / EBITDA EV / EBIT Equity Value P / E 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA P / B Automotive Supply 0.9x 0.9x 0.8x 0.7x 9.0x 6.9x 6.1x 5.5x 17.2x 12.2x 10.1x 8.9x 23.8x 17.6x 14.0x 12.2x 2.5x Communications Services 2.3x 2.3x 2.1x 2.0x 11.3x 10.4x 9.0x 8.2x 19.7x 22.3x 17.0x 14.5x 38.4x 46.8x 25.9x 20.5x 3.6x Construction Products / Services 0.8x 0.7x 0.7x 0.7x 11.8x 8.1x 7.1x 6.5x 18.6x 15.6x 11.5x 10.2x 21.8x 18.9x 18.7x 14.5x 1.6x Consumer Products / Services 0.9x 0.9x 0.9x 0.8x 10.1x 8.9x 8.0x 7.3x 18.1x 15.2x 12.1x 10.9x x 18.8x 16.6x 2.5x Hightech / Advanced Machinery 2.5x 1.9x 1.7x 1.5x 13.2x 12.0x 11.9x x 15.8x 14.7x 13.3x 29.5x 27.9x 21.1x 20.1x 4.1x Industrial / Business Services 1.1x 1.0x 1.0x 1.0x 14.4x 10.3x 9.7x 7.7x 13.7x 13.7x 13.0x 11.7x 25.6x 21.9x 20.1x 16.7x 2.9x Industrial Machinery 1.6x 1.5x 1.4x 1.3x 14.7x 11.5x 9.9x 8.8x 21.6x 16.2x 13.6x 12.3x 32.4x 25.0x 19.7x 16.1x 3.6x Industrial Materials 1.6x 1.5x 1.4x 1.3x 13.8x 10.8x 9.8x 9.2x 18.2x 14.2x 15.3x 13.2x 22.6x 16.7x 24.2x 17.3x 2.9x Industrial Products 1.9x 1.7x 1.5x 1.4x 11.9x 10.2x 8.7x 7.8x 17.2x 17.4x 14.4x 11.7x 32.6x 22.3x 21.9x 16.9x 2.7x Internet Products / Services 6.2x 4.2x 3.5x 3.2x 21.8x 16.1x 15.7x 15.9x 29.0x 20.9x 19.3x 19.0x 40.6x 38.5x 32.3x 26.8x 5.6x IT Services 2.0x 1.8x 1.5x 1.3x 16.7x 16.1x 12.0x 9.9x 20.7x 17.7x 15.8x 13.1x 31.8x 32.9x 21.9x 18.5x 5.4x Media & Entertainment 1.5x 1.4x 1.3x 1.2x 15.7x 9.0x 7.8x 7.2x 15.6x 11.3x 9.2x 8.3x 21.0x 25.8x 16.4x 14.5x 3.9x Pharma & Healthcare 2.0x 1.8x 1.7x 1.5x 13.4x 11.6x 10.4x 9.7x 20.6x 17.1x 15.6x 15.6x 25.0x 25.3x 23.4x 21.2x 2.5x Renewable Products / Services 0.9x 0.9x 0.8x 0.7x 5.5x 7.7x 6.7x 5.8x 12.1x 19.9x 13.0x 9.2x 20.2x 29.4x 22.7x 17.1x 1.3x Software 3.4x 3.0x 2.9x 2.8x 20.5x 15.2x 13.4x 12.5x 25.5x 19.5x 16.7x 14.7x 42.0x 30.3x 25.6x 22.8x 6.4x Technology 1.1x 1.0x 0.9x 0.9x 11.7x 1 8.1x 7.2x 15.6x 18.7x 13.2x 10.9x 19.8x 22.2x 28.4x 15.1x 2.1x Transportation & Logistics 4.7x 2.0x 1.9x 1.8x 15.5x 7.4x 6.6x 6.3x 16.9x 15.5x 13.3x 12.3x 17.9x 18.2x 16.0x 14.4x 1.7x Min 0.8x 0.7x 0.7x 0.7x 5.5x 6.9x 6.1x 5.5x 12.1x 11.3x 9.2x 8.3x 17.9x 16.7x 14.0x 12.2x 1.3x Max 6.2x 4.2x 3.5x 3.2x 21.8x 16.1x 15.7x 15.9x 29.0x 22.3x 19.3x 19.0x 42.0x 46.8x 32.3x 26.8x 6.4x Median 1.6x 1.5x 1.4x 1.3x 13.4x 10.3x 9.0x 7.8x 18.2x 16.2x 13.6x 12.3x 25.6x 25.0x 21.9x 16.9x 2.9x 2.1x 1.7x 1.5x 1.4x 13.6x 10.7x 9.5x 8.6x 18.9x 16.7x 14.0x 12.3x 27.9x 26.1x 21.8x 17.7x 3.2x Comment The valuation overview across all industry sectors is based on the respective mean values for each sector Across all sectors, the analysis indicates EBITDA-multiples for 2017 and 2018 of 10.7x and 9.5x, respectively Based on 2017 and 2018 EBITDA-multiples, the internet products / services peer group shows the highest valuation at 16.1x and 15.7x, while the automotive supply peer group shows the lowest valuation at 6.9x for 2017 and 6.1x for 2018 Hightech / advanced machinery, internet products / services, IT services and software sectors trade at high P / B multiples of more than 4.0x Note: For multiple and ratio definitions, please refer to appendix 13

14 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 14

15 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e Bertrandt AG EUR % 110.2% % 3.7% 4.2% 4.3% 10.7% 2.8% 0.6x 41.7x 12.4x 14.7% DEUTZ AG EUR % 222.2% % 8.0% -7.5% 30.6% 10.3% 1.8% nm 20.3x 14.0x 7.4% ElringKlinger AG EUR % 130.8% , , % 5.0% 3.1% 10.0% 15.5% 1.1% 2.3x 19.1x 6.0x 10.5% Grammer AG EUR % 141.6% % 4.5% 8.9% 9.6% 7.4% 0.4% nm 11.1x 6.0x 15.0% Hella KGaA Hueck & Co. EUR % 155.9% 1, , , % 6.6% 13.5% 11.4% 13.7% 3.6% 0.3x 21.0x 8.5x 16.8% LEONI AG EUR % 195.2% , , % 4.7% -2.0% 14.3% 7.4% 1.7% 1.3x 13.6x 9.0x 12.5% Paragon AG EUR % 232.1% % 15.1% 6.7% 27.1% 16.7% 2.8% 2.0x 5.9x 17.6x 16.8% Progress Werk Oberkirch AG EUR % 132.9% % 5.6% 2.5% 8.4% 11.0% 4.0% 2.8x 9.9x 3.0x 11.2% Rheinmetall AG EUR % 164.2% , , % 5.7% 18.7% 10.0% 10.4% 2.7% 0.2x 9.2x 8.0x 12.4% Saf-Holland S.A. EUR % 173.4% % 4.6% 17.0% 6.2% 9.6% 1.7% 1.1x 8.7x 7.6x 14.7% Schaeffler AG EUR % 111.3% 3, , , , % 4.4% 5.8% 5.8% 17.7% 1.2% 1.1x 8.3x 4.5x 44.5% SHW AG EUR % 153.4% % 10.7% 7.7% 14.7% 10.8% 3.4% 0.1x 59.4x 11.4x 9.9% Softing AG EUR % 119.5% % 3.8% -12.5% 43.0% 13.3% 2.5% nm 18.9x 9.3x 8.8% Min % 3.7% -12.5% 4.3% 7.4% 0.4% 0.1x 5.9x 3.0x 7.4% Max 8, , % 15.1% 18.7% 43.0% 17.7% 4.0% 2.8x 59.4x 17.6x 44.5% Median % 5.0% 5.8% 10.0% 10.8% 2.5% 1.1x 13.6x 8.5x 12.5% 1, , % 6.3% 5.1% 15.0% 11.9% 2.3% 1.2x 19.0x 9.0x 15.0% Note: For multiple and ratio definitions, please refer to appendix 15

16 Automotive Supply (2/2) Peer Group EV / Sales Enterprise Value Valuation Analysis EV / EBITDA EV / EBIT P / E Equity Value 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA Bertrandt AG 1.0x 0.9x 0.9x 0.9x 8.2x 8.7x 7.8x 7.2x 11.2x 12.4x 11.1x 10.1x 15.0x 16.8x 15.2x 14.6x 2.5x DEUTZ AG 0.7x 0.6x 0.5x 0.5x 10.7x 5.7x 5.1x 4.8x 36.6x 16.4x 12.2x 10.5x 54.0x 24.0x 17.4x 14.6x 1.8x ElringKlinger AG 1.1x 1.0x 1.0x 0.9x 7.3x 6.5x 5.9x 5.5x 11.8x 10.8x 9.6x 8.8x 13.5x 11.0x 9.6x 8.7x 1.2x Grammer AG 0.3x 0.3x 0.3x 0.2x 4.0x 3.5x 3.3x 3.1x 6.6x 5.3x 4.9x 4.5x 11.5x 9.8x 8.8x 7.9x 1.5x Hella KGaA Hueck & Co. 0.8x 0.7x 0.7x 0.7x 6.4x 5.4x 5.0x 4.6x 11.9x 9.8x 8.8x 8.2x 15.2x 13.1x 11.6x 10.9x 2.2x LEONI AG 0.4x 0.4x 0.4x 0.4x 6.7x 5.5x 5.0x 4.5x 14.2x 9.8x 8.8x 7.6x nm 12.2x 10.7x 9.0x 1.5x Paragon AG 2.9x 2.7x 2.2x 1.9x 24.0x 16.4x 13.3x 11.7x x 21.0x 17.7x 83.9x 50.9x 36.3x 29.0x 8.6x Progress Werk Oberkirch AG 0.7x 0.6x 0.6x 0.6x 6.1x 5.6x 5.1x 4.8x 13.6x 12.1x 10.4x 9.5x 14.5x 11.1x 9.4x 8.3x 1.2x Rheinmetall AG 0.7x 0.6x 0.6x 0.6x 7.0x 6.2x 5.6x 5.2x 10.8x 9.9x 8.8x 7.9x 17.9x 15.9x 13.4x 12.3x 2.0x Saf-Holland S.A. 0.8x 0.8x 0.7x 0.7x 7.7x 7.9x 6.9x 6.4x 9.6x 9.1x 8.3x 7.8x 15.9x 15.1x 12.2x 11.5x 2.2x Schaeffler AG 0.8x 0.8x 0.8x 0.7x 4.7x 4.5x 4.2x 4.0x 6.8x 6.6x 6.2x 5.8x 9.8x 7.9x 7.2x 6.8x 3.5x SHW AG 0.6x 0.6x 0.5x 0.4x 5.8x 5.5x 4.7x 3.8x 12.3x 13.3x 9.6x 7.0x 18.5x 19.3x 13.9x 11.1x 1.9x Softing AG 1.0x 1.0x 1.0x 0.9x 18.6x 7.8x 6.9x 6.4x 38.1x 14.5x 11.2x 9.9x 15.6x 21.1x 16.1x 14.3x 1.9x Min 0.3x 0.3x 0.3x 0.2x 4.0x 3.5x 3.3x 3.1x 6.6x 5.3x 4.9x 4.5x 9.8x 7.9x 7.2x 6.8x 1.2x Max 2.9x 2.7x 2.2x 1.9x 24.0x 16.4x 13.3x 11.7x x 21.0x 17.7x 83.9x 50.9x 36.3x 29.0x 8.6x Median 0.8x 0.7x 0.7x 0.7x 7.0x 5.7x 5.1x 4.8x 11.9x 10.8x 9.6x 8.2x 15.4x 15.1x 12.2x 11.1x 1.9x 0.9x 0.9x 0.8x 0.7x 9.0x 6.9x 6.1x 5.5x 17.2x 12.2x 10.1x 8.9x 23.8x 17.6x 14.0x 12.2x 2.5x P / B Note: For multiple and ratio definitions, please refer to appendix 16

17 Automotive Supply - Historic Multiples 1.4x EV / Sales 14.0x EV / EBITDA 1.2x 12.0x 1.0x 1 0.8x 8.0x 0.6x 6.0x 0.4x 4.0x 0.2x 2.0x EV / EBIT P / E 18.0x 35.0x 16.0x x 12.0x 25.0x x 15.0x 6.0x 4.0x 2.0x 1 5.0x 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 17

18 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e 3U Holding AG EUR % 149.8% % 6.1% nm 38.6% 13.1% 5.7% 5.3x 3.7x nm na Drillisch AG EUR % 162.4% , , % 9.9% 10.5% 45.8% 23.7% 1.7% 0.3x 23.5x 44.0x 25.5% ecotel communication ag EUR % 120.4% % 0.2% -1.1% 14.2% 6.6% 0.0% nm 34.0x 5.4x 4.8% freenet AG EUR % 117.1% 1, , , % 1.5% 2.8% 11.4% 12.7% 5.7% 3.1x 6.6x 9.2x 16.5% QSC AG EUR % 162.9% % -1.4% -22.4% 10.2% 10.7% 1.7% 2.1x 5.6x 5.4x 3.3% Tele Columbus AG EUR % 144.6% 1, , , % 4.0% 45.5% 10.5% 52.9% 4.3% 4.6x 3.3x 6.2x 2.5% Telefónica Deutschland Holding AG EUR % 130.0% 1, , , % -2.3% 13.3% 12.0% 25.3% 0.5% 0.6x 31.3x 7.0x -2.5% United Internet AG EUR % 139.1% 1, , , % 6.9% 28.9% 11.3% 22.1% 2.9% 1.7x 27.2x 19.7x 27.6% Min % -2.3% -22.4% 10.2% 6.6% 0.0% 0.3x 3.3x 5.4x -2.5% Max 13, , % 9.9% 45.5% 45.8% 52.9% 5.7% 5.3x 34.0x 44.0x 27.6% Median 2, , % 2.8% 10.5% 11.7% 17.6% 2.3% 2.1x 15.0x 7.0x 4.8% 3, , % 3.1% 11.1% 19.2% 20.9% 2.8% 2.5x 16.9x 13.8x 11.1% Peer Group Enterprise Value Valuation Analysis Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA 3U Holding AG 1.3x 1.3x 1.2x 1.1x 15.8x 9.6x 7.2x 5.9x nm 20.6x 14.4x 10.8x 44.3x na na na 0.7x Drillisch AG 5.0x 5.0x 4.3x 3.8x nm 21.3x 16.8x 13.9x nm 31.1x 21.4x 16.4x nm 46.6x 31.8x 24.1x 11.9x ecotel communication ag 0.3x 0.3x 0.3x 0.3x 5.5x 4.5x 4.1x 3.7x 15.2x 11.2x 9.6x 8.6x x 22.3x 19.6x 1.5x freenet AG 1.5x 1.4x 1.4x 1.4x 14.6x 11.4x 10.9x 10.6x 18.3x 16.4x 15.3x 14.4x 15.7x 15.0x 13.9x 13.0x 2.5x QSC AG 0.8x 0.8x 0.8x 0.8x 8.9x 7.7x 7.0x 6.7x nm 38.8x 27.7x 23.0x nm 74.5x 42.9x 29.9x 2.5x Tele Columbus AG 5.0x 4.9x 4.7x 4.4x 10.6x 9.3x 8.4x 7.9x 28.4x 23.1x 17.3x 15.9x nm 93.1x 26.2x 20.4x 2.3x Telefónica Deutschland Holding AG 1.8x 2.0x 2.0x 2.0x 10.2x 7.8x 7.5x 7.3x nm nm nm nm nm nm nm nm 1.4x United Internet AG 2.8x 2.6x 2.4x 2.3x 13.2x 11.7x 10.5x 9.6x 16.9x 14.9x 13.2x 12.0x 53.5x 21.4x 18.1x 16.2x 5.9x Min 0.3x 0.3x 0.3x 0.3x 5.5x 4.5x 4.1x 3.7x 15.2x 11.2x 9.6x 8.6x 15.7x 15.0x 13.9x 13.0x 0.7x Max 5.0x 5.0x 4.7x 4.4x 15.8x 21.3x 16.8x 13.9x 28.4x 38.8x 27.7x 23.0x 53.5x 93.1x 42.9x 29.9x 11.9x Median 1.7x 1.7x 1.7x 1.7x 10.6x 9.5x 7.9x 7.6x 17.6x 20.6x 15.3x 14.4x 42.2x 38.5x 24.2x 2 2.4x 2.3x 2.3x 2.1x 2.0x 11.3x 10.4x 9.0x 8.2x 19.7x 22.3x 17.0x 14.5x 38.4x 46.8x 25.9x 20.5x 3.6x Note: For multiple and ratio definitions, please refer to appendix 18

19 Communications Services - Historic Multiples EV / Sales 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x EV / EBITDA x 16.0x 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x EV / EBIT P / E x x x 1 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 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e A.S. Création Tapeten AG EUR % 103.5% % 3.1% -16.2% 9.2% 7.1% 1.3% nm 26.2x 4.6x 4.1% BAUER AG EUR % 216.5% , % 3.2% 4.5% 17.8% 11.8% 1.6% 4.3x 3.1x 2.8x 5.4% Bilfinger SE EUR % 136.7% , , % -1.9% -52.0% 66.3% 3.5% 0.9% nm 1.9x nm -5.1% Einhell Germany AG EUR % 184.3% % 5.8% 37.4% 10.4% 5.7% 2.4% 1.2x 12.5x 5.6x 8.6% HOCHTIEF AG EUR % 147.2% 2, , , , % 8.5% -10.7% 18.7% 5.2% 0.0% nm 4.8x 8.8x 16.1% STEICO SE EUR % 197.1% % 7.3% 15.7% 11.5% 16.4% 2.3% 1.8x 19.6x 7.6x 11.7% Wacker Neuson SE EUR % 171.8% , , % 5.5% -1.7% 16.7% 13.2% 2.4% 1.2x 17.2x 11.1x 6.9% Min % -1.9% -52.0% 9.2% 3.5% 0.0% 1.2x 1.9x 2.8x -5.1% Max 10, , % 8.5% 37.4% 66.3% 16.4% 2.4% 4.3x 26.2x 11.1x 16.1% Median , % 5.5% -1.7% 16.7% 7.1% 1.6% 1.5x 12.5x 6.6x 6.9% 2, , % 4.5% -3.3% 21.5% 9.0% 1.6% 2.1x 12.2x 6.8x 6.8% Peer Group Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA A.S. Création Tapeten AG 0.5x 0.5x 0.4x 0.4x 5.7x 6.5x 4.7x 4.4x 14.6x 20.5x 1 8.6x 10.7x 19.8x 12.0x 10.7x 0.8x BAUER AG 0.8x 0.8x 0.7x 0.7x 9.3x 6.4x 6.2x 5.7x 22.4x 14.3x 12.8x 11.3x 32.0x 15.5x 12.5x 10.4x 0.8x Bilfinger SE 0.2x 0.3x 0.3x 0.3x 21.4x 7.8x 5.7x 4.7x nm 19.9x 10.3x 7.8x 5.6x nm 38.0x 18.7x 1.0x Einhell Germany AG 0.6x 0.5x 0.5x 0.5x 10.4x 9.3x 8.3x 7.7x 13.0x 11.4x 9.8x 8.9x 25.3x 15.9x 13.4x 12.1x 1.4x HOCHTIEF AG 0.5x 0.5x 0.5x 0.4x 13.7x 9.2x 8.6x 8.2x 21.6x 12.7x 12.1x 11.1x 32.2x 24.4x 22.1x 2 3.9x STEICO SE 1.5x 1.4x 1.3x 1.2x 1 8.5x 7.8x 7.2x 18.8x 15.2x 13.7x 12.3x 21.5x 18.7x 16.4x 15.0x 2.2x Wacker Neuson SE 1.2x 1.2x 1.1x 1.1x 12.0x 8.9x 8.1x 7.5x 20.9x 14.4x 12.7x 11.5x 25.6x 19.3x 16.5x 14.1x 1.3x Min 0.2x 0.3x 0.3x 0.3x 5.7x 6.4x 4.7x 4.4x 13.0x 11.4x 9.8x 7.8x 5.6x 15.5x 12.0x 10.4x 0.8x Max 1.5x 1.4x 1.3x 1.2x 21.4x 9.3x 8.6x 8.2x 22.4x 20.5x 13.7x 12.3x 32.2x 24.4x 38.0x 2 3.9x Median 0.6x 0.5x 0.5x 0.5x 10.4x 8.5x 7.8x 7.2x 19.9x 14.4x 12.1x 11.1x 25.3x 19.0x 16.4x 14.1x 1.3x 0.8x 0.7x 0.7x 0.7x 11.8x 8.1x 7.1x 6.5x 18.6x 15.5x 11.6x 10.2x 21.8x 18.9x 18.7x 14.4x 1.6x P / B Note: For multiple and ratio definitions, please refer to appendix 20

21 Construction Products / Services - Historic Multiples 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x EV / Sales 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x EV / EBITDA 25.0x EV / EBIT 35.0x P / E x 1 5.0x x x 1 5.0x 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 21

22 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e Adler Modemärkte AG EUR % 128.9% % 1.3% -23.2% 23.4% 5.3% 2.7% 0.8x 3.9x 4.6x 5.1% Ahlers AG EUR % 103.8% % 1.7% -10.8% 16.5% 4.3% 2.5% 1.9x 9.4x 18.6x 2.8% CEWE Stiftung & Co. KGaA EUR % 116.3% % 3.0% 8.3% 6.8% 14.8% 0.0% nm nm 5.8x 16.8% Fielmann AG EUR % 116.7% , , % 4.9% 6.1% 6.5% 21.1% 2.5% nm nm 25.9x 24.1% Gerry Weber International AG EUR % 102.0% % 0.6% -17.1% 12.2% 8.3% 2.0% 2.4x 11.5x 7.1x 2.6% Gigaset AG EUR % 247.9% % 1.7% nm 36.0% 12.3% 4.2% nm 15.6x 5.5x na Hawesko Holding AG EUR % 134.0% % 5.2% 10.2% 5.9% 7.7% 3.0% 0.5x 72.4x 16.0x 22.2% Hornbach Holding AG & Co. KGaA EUR % 127.2% , , % 4.1% 2.5% 6.4% 6.4% 2.2% 1.4x 8.8x 6.7x 5.8% Hugo Boss AG EUR % 133.4% , , % 2.5% -5.8% 6.2% 18.2% 3.4% 0.2x nm 11.4x 26.1% Leifheit AG EUR % 128.6% % 4.3% 6.1% 8.9% 11.6% 0.2% nm nm 15.1x 13.7% LUDWIG BECK AG EUR % 105.0% % 6.6% -13.0% 10.8% 5.8% 1.6% 3.1x 8.4x 18.1x 3.6% METRO AG EUR % 118.7% , , , % 2.2% -4.7% 7.0% 4.3% 0.0% nm 8.2x 9.1x -26.0% PUMA SE EUR % 170.2% , , % 9.9% 17.5% 30.1% 6.8% 2.7% nm 13.9x 38.3x 6.9% Südzucker AG EUR % 102.3% 1, , , % 4.1% -13.9% 8.6% 10.9% 0.0% 0.5x 22.8x 6.2x 5.2% Tom Tailor Holding AG EUR % 256.1% % 0.2% 57.2% -26.4% 7.6% 0.6% 2.8x 19.1x 8.8x 0.4% Villeroy & Boch AG EUR % 151.5% % 3.2% 10.8% 10.8% 9.3% 0.2% nm 21.4x 6.6x 19.1% Min % 0.2% -23.2% -26.4% 4.3% 0.0% 0.2x 3.9x 4.6x -26.0% Max 9, , % 9.9% 57.2% 36.0% 21.1% 4.2% 3.1x 72.4x 38.3x 26.1% Median % 3.1% 2.5% 8.7% 8.0% 2.1% 1.4x 12.7x 8.9x 5.8% 2, , % 3.5% 2.0% 10.6% 9.7% 1.7% 1.5x 17.9x 12.7x 8.6% Note: For multiple and ratio definitions, please refer to appendix 22

23 Consumer Products / Services (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA Adler Modemärkte AG 0.2x 0.2x 0.2x 0.2x 6.7x 4.3x 3.9x 3.6x 29.4x 9.8x 8.3x 7.3x nm 23.9x 15.3x 13.4x 1.2x Ahlers AG 0.5x 0.5x 0.4x 0.4x 13.4x 10.6x 9.5x 8.5x 36.9x 21.9x 17.9x 14.8x 38.1x 29.7x 23.5x 19.0x 0.8x CEWE Stiftung & Co. KGaA 0.8x 0.8x 0.8x 0.8x 6.0x 5.5x 5.2x 4.9x 9.3x 9.6x 9.0x 8.4x 17.7x 15.5x 14.5x 13.5x 2.6x Fielmann AG 4.0x 3.8x 3.6x 3.5x 19.1x 18.2x 17.0x 15.8x 22.2x 21.2x 19.7x 18.4x 34.1x 32.5x 30.2x 27.7x 7.8x Gerry Weber International AG 0.7x 0.7x 0.7x 0.7x 8.7x 8.8x 7.1x 6.1x 26.1x 25.0x 14.7x 12.2x nm 41.1x 17.2x 14.2x 1.1x Gigaset AG 0.3x 0.3x 0.3x 0.3x 4.3x 2.3x 1.9x 1.7x 7.6x 4.0x 2.8x 2.3x 24.2x na na na 6.7x Hawesko Holding AG 1.0x 1.0x 0.9x 0.9x 13.2x 12.6x 11.8x 11.1x 15.3x 15.9x 14.7x 13.7x 24.9x 23.3x 21.6x 2 5.2x Hornbach Holding AG & Co. KGaA 0.5x 0.4x 0.4x 0.4x 7.6x 6.9x 6.6x 6.3x 12.3x 11.2x 10.5x 9.9x 14.5x 14.1x 12.9x 11.9x 0.8x Hugo Boss AG 1.6x 1.6x 1.6x 1.5x 9.5x 8.8x 8.4x 7.9x 12.6x 13.3x 12.3x 11.4x 22.0x 17.5x 16.0x 14.9x 4.6x Leifheit AG 1.1x 1.1x 1.0x 1.0x 10.2x 9.3x 8.5x 7.9x 13.4x 11.7x 11.0x 10.4x 22.7x 22.5x 20.2x 18.7x 3.1x LUDWIG BECK AG 0.9x 0.8x 0.8x 0.8x 14.6x 13.6x 11.8x 10.7x 23.7x 22.5x 18.3x 15.3x 37.5x 39.6x 25.8x 21.2x 1.4x METRO AG 0.1x 0.1x 0.1x 0.1x 3.4x 3.0x 2.8x 2.7x 5.5x 4.8x 4.6x 4.5x 38.6x 13.7x 12.5x 11.9x -3.5x PUMA SE 1.3x 1.2x 1.1x 1.0x 25.9x 17.2x 13.8x 11.8x 38.1x 23.3x 17.8x 14.8x 80.4x 41.5x 30.3x 24.9x 2.9x Südzucker AG 0.8x 0.7x 0.7x 0.7x 8.0x 6.5x 6.4x 6.2x 14.3x 10.8x 10.5x 9.9x 17.5x 14.7x 14.2x 12.6x 0.8x Tom Tailor Holding AG 0.5x 0.5x 0.5x 0.5x 1.9x 7.0x 5.5x 4.9x 2.4x 23.9x 9.9x 9.4x nm nm 13.2x 10.8x 2.0x Villeroy & Boch AG 0.6x 0.6x 0.5x 0.5x 7.4x 6.0x 5.6x 5.4x 12.8x 9.4x 8.5x 8.2x 17.6x 16.2x 14.4x 13.7x 3.1x Min 0.1x 0.1x 0.1x 0.1x 1.9x 2.3x 1.9x 1.7x 2.4x 4.0x 2.8x 2.3x 14.5x 13.7x 12.5x 10.8x -3.5x Max 4.0x 3.8x 3.6x 3.5x 25.9x 18.2x 17.0x 15.8x 38.1x 25.0x 19.7x 18.4x 80.4x 41.5x 30.3x 27.7x 7.8x Median 0.8x 0.7x 0.7x 0.7x 8.3x 7.9x 6.9x 6.3x 13.9x 12.5x 10.8x 10.1x 24.2x 22.9x 16.0x 14.2x 2.3x 0.9x 0.9x 0.9x 0.8x 1 8.8x 7.9x 7.2x 17.6x 14.9x 11.9x 10.7x x 18.8x 16.5x 2.5x Note: For multiple and ratio definitions, please refer to appendix 23

24 Consumer Products / Services - Historic Multiples 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x EV / Sales 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x EV / EBITDA EV / EBIT x 16.0x 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x 35.0x x x 1 5.0x P / E 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 24

25 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e Aixtron SE EUR % 205.2% % 8.6% nm nm -4.0% 1.7% nm nm nm -6.0% Aumann AG EUR % 123.4% % 28.1% 12.1% 46.6% 14.4% 2.7% nm 14.2x 51.7x 19.8% Basler AG EUR % 276.0% % 19.9% 9.7% 35.3% 21.3% 0.0% 18.3x 25.9x 31.5% Dr. Hönle AG EUR % 144.5% % 7.9% 11.8% nm 18.5% 0.0% 0.4x 40.2x 23.4x 17.8% Francotyp-Postalia Holding AG EUR % 158.7% % 3.1% 7.8% 12.9% 13.4% 1.5% 0.3x 17.6x 4.4x 15.4% LPKF Laser & Electronics AG EUR % 161.8% % 8.0% -49.5% 91.3% 12.0% 0.0% 2.9x 4.0x 36.8x 6.0% Manz AG EUR % 117.7% % 21.1% nm nm 7.5% 0.0% nm nm 5.5% MTU Aero Engines AG EUR % 155.1% , , % 7.3% 7.9% 12.4% 13.1% 0.0% nm 44.8x 17.7x 20.3% PVA TePla AG EUR % 134.3% % 3.3% nm -1.4% 6.5% 0.0% 0.5x 7.4x nm 4.6% Singulus Technologies AG EUR % 282.3% % 35.7% nm nm 5.8% 2.4% nm nm 5.5x 24.6% SLM Solutions Group AG EUR % 169.6% % 37.1% nm nm 12.9% 4.9% nm nm nm 6.5% Suss MicroTec AG EUR % 192.5% % 3.2% nm 13.5% 11.2% 0.0% nm 24.8x nm 8.0% Viscom AG EUR % 161.2% % 10.5% 14.3% 15.2% 15.6% 2.2% nm nm x 15.2% Min % 3.1% -49.5% -1.4% -4.0% 0.0% 4.0x 4.4x -6.0% Max 6, , % 37.1% 14.3% 91.3% 21.3% 4.9% 2.9x 44.8x x 31.5% Median % 8.6% 9.7% 14.3% 12.9% 0.0% 0.3x 18.0x 24.7x 15.2% % 14.9% 2.0% 28.2% 11.4% 1.2% 0.7x 21.4x 240.2x 13.0% Note: For multiple and ratio definitions, please refer to appendix 25

26 Hightech / Advanced Machinery (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA Aixtron SE 2.5x 2.3x 2.1x 2.0x nm nm 26.5x 19.2x nm nm nm 27.5x nm nm nm 48.0x 1.9x Aumann AG 4.9x 3.7x 2.9x 2.3x nm 25.8x 18.6x 13.8x 48.0x 28.1x 20.4x 15.2x 64.9x 44.8x 32.2x 23.7x 8.9x Basler AG 4.3x 2.8x 2.8x 2.5x 30.5x 13.1x 13.5x 12.3x 36.5x 17.2x 18.2x 16.7x 52.4x 23.9x 26.3x 23.5x 7.5x Dr. Hönle AG 2.0x 1.8x 1.7x 1.6x 13.2x 9.8x 9.0x na 16.2x 11.5x 10.4x 9.6x 22.8x 16.2x 14.6x na 2.9x Francotyp-Postalia Holding AG 0.5x 0.5x 0.5x 0.4x 5.0x 3.7x 3.4x 3.5x 13.6x 11.3x 8.4x 8.2x 16.6x 16.6x 12.0x 11.1x 2.5x LPKF Laser & Electronics AG 2.6x 2.2x 2.1x 2.0x nm 18.5x 11.6x 10.5x nm nm 19.9x 16.9x nm 64.1x 21.7x 23.5x 3.8x Manz AG 1.1x 0.7x 0.7x 0.6x nm 9.7x 6.5x 5.4x nm 18.0x 9.6x 7.7x nm 25.2x 13.3x 10.1x 1.4x MTU Aero Engines AG 1.3x 1.2x 1.1x 1.0x 10.5x 8.8x 8.0x 7.4x 13.1x 11.3x 10.2x 9.5x 20.3x 19.0x 16.9x 15.6x 3.8x PVA TePla AG 0.8x 0.7x 0.7x 0.7x 8.9x 11.4x 9.8x 9.3x 13.9x 21.0x 16.3x 13.9x 21.3x 32.8x 24.4x 17.3x 1.5x Singulus Technologies AG 1.1x 0.5x 0.4x 0.4x nm 9.3x 4.9x 4.8x nm 15.5x 6.1x 6.2x 4.1x 24.6x 9.0x 8.8x 6.1x SLM Solutions Group AG 8.0x 5.8x 4.1x 3.1x nm nm 25.5x 17.8x nm nm 33.2x 24.2x nm nm 49.6x 33.9x 7.6x Suss MicroTec AG 1.0x 1.0x 0.9x 0.9x 1 8.5x 7.5x 6.8x 13.1x 10.7x 9.4x 8.3x 39.3x 20.5x 16.0x 15.1x 1.6x Viscom AG 2.0x 1.8x 1.7x 1.5x 14.3x 11.8x 10.6x 9.4x 15.1x 13.4x 12.0x 10.6x 23.6x 20.4x 17.9x 15.7x 3.1x Min 0.5x 0.5x 0.4x 0.4x 5.0x 3.7x 3.4x 3.5x 13.1x 10.7x 6.1x 6.2x 4.1x 16.2x 9.0x 8.8x 1.4x Max 8.0x 5.8x 4.1x 3.1x 30.5x 25.8x 26.5x 19.2x 48.0x 28.1x 33.2x 27.5x 64.9x 64.1x 49.6x 48.0x 8.9x Median 2.0x 1.8x 1.7x 1.5x 10.5x 9.8x 9.8x 9.4x 14.5x 14.4x 11.2x 10.6x 22.8x 23.9x 17.4x 16.5x 3.1x 2.5x 1.9x 1.7x 1.5x 13.2x 11.9x 11.9x x 15.8x 14.5x 13.4x 29.5x 28.0x 21.2x 20.5x 4.1x Note: For multiple and ratio definitions, please refer to appendix 26

27 Hightech / Advanced Machinery - Historic Multiples 3.5x EV / Sales 18.0x EV / EBITDA 3.0x 2.5x 16.0x 14.0x 12.0x 2.0x 1 1.5x 8.0x 1.0x 0.5x 6.0x 4.0x 2.0x EV / EBIT x 16.0x 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x P / E 35.0x x x 1 5.0x 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 27

28 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e Amadeus FiRe AG EUR % 136.8% % 3.4% 8.8% 3.8% 17.7% 0.0% nm 51.3x 19.9x 38.1% GfK SE EUR % 177.1% , , % 1.5% -11.2% 15.3% 15.4% 2.2% 1.3x 11.3x 11.7x 14.8% Klöckner & Co SE EUR % 103.8% , % 3.6% 18.3% 11.3% 3.6% 2.5% 2.1x 5.9x 12.7x 5.5% KROMI Logistik AG EUR % 117.5% % 6.6% -9.5% nm 4.5% 0.0% 4.3x 5.5x nm 6.0% Muehlhan AG EUR % 183.1% % 1.5% 10.4% 2.1% 6.0% 2.0% 1.1x 8.5x 5.9x 4.1% TAKKT AG EUR % 130.9% , , % 4.0% 5.1% 7.5% 14.0% 2.2% 0.9x 20.7x 12.2x 15.5% Min % 1.5% -11.2% 2.1% 3.6% 0.0% 0.9x 5.5x 5.9x 4.1% Max 1, , % 6.6% 18.3% 15.3% 17.7% 2.5% 4.3x 51.3x 19.9x 38.1% Median % 3.5% 6.9% 7.5% 10.0% 2.1% 1.3x 9.9x 12.2x 10.4% % 3.4% 3.6% 8.0% 10.2% 1.5% 2.0x 17.2x 12.5x 14.0% Peer Group Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA Amadeus FiRe AG 2.1x 2.0x 1.9x 1.9x 11.6x 11.2x 10.8x 10.4x 11.8x 11.6x 11.1x 10.7x 21.0x 20.8x 19.7x 19.0x 7.9x GfK SE 1.4x 1.4x 1.3x 1.3x 12.7x 8.9x 8.3x 8.3x 17.2x 11.1x 10.1x 9.8x nm 21.4x 18.3x 18.5x 3.2x Klöckner & Co SE 0.2x 0.2x 0.2x 0.2x 8.6x 6.3x 6.6x 6.2x 17.2x 10.8x 11.8x 10.6x 25.0x 14.2x 15.5x 13.5x 0.8x KROMI Logistik AG 1.0x 0.9x 0.9x 0.8x 37.9x 20.5x 17.8x na nm 27.3x 23.6x 19.6x 37.8x 37.9x 31.4x na 2.3x Muehlhan AG 0.3x 0.3x 0.3x 0.3x 5.2x 5.0x 5.0x 4.9x 9.5x 9.8x 9.7x 9.4x 28.5x 20.1x 19.5x 18.2x 0.8x TAKKT AG 1.4x 1.4x 1.3x 1.3x 10.6x 9.7x 9.1x 8.5x 12.7x 11.8x 10.9x 10.3x 15.7x 16.6x 15.1x 14.1x 2.6x Min 0.2x 0.2x 0.2x 0.2x 5.2x 5.0x 5.0x 4.9x 9.5x 9.8x 9.7x 9.4x 15.7x 14.2x 15.1x 13.5x 0.8x Max 2.1x 2.0x 1.9x 1.9x 37.9x 20.5x 17.8x 10.4x 17.2x 27.3x 23.6x 19.6x 37.8x 37.9x 31.4x 19.0x 7.9x Median 1.2x 1.1x 1.1x 1.0x 11.1x 9.3x 8.7x 8.3x 12.7x 11.4x 11.0x 10.5x 25.0x 20.5x 18.9x 18.2x 2.4x 1.1x 1.0x 1.0x 1.0x 14.4x 10.3x 9.6x 7.7x 13.7x 13.7x 12.9x 11.7x 25.6x 21.8x 19.9x 16.7x 2.9x P / B Note: For multiple and ratio definitions, please refer to appendix 28

29 Industrial / Business Services - Historic Multiples 1.4x EV / Sales 14.0x EV / EBITDA 1.2x 12.0x 1.0x 1 0.8x 8.0x 0.6x 6.0x 0.4x 4.0x 0.2x 2.0x EV / EBIT P / E 25.0x x x 25.0x x 5.0x 1 5.0x 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 29

30 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e DMG Mori AG EUR % 121.7% , , % 1.3% -5.6% 20.7% 9.0% 0.0% nm 18.9x 31.3x 5.8% Dürr AG EUR % 164.7% , , % 1.8% 13.1% 6.7% 10.4% 0.3% nm 13.0x 15.9x 22.9% GEA Group AG EUR % 112.3% , , , % 3.6% -2.7% 23.8% 13.6% 1.4% nm 18.9x 42.7x 11.5% Heidelberger Druckmaschinen AG EUR % 131.0% % 3.1% -2.6% 21.5% 7.2% 1.2% 1.4x 2.2x 7.5x 12.0% Isra Vision AG EUR % 210.0% % 10.5% 12.8% nm 29.6% 0.8% 0.2x 65.2x 21.2x 12.4% Jungheinrich AG EUR % 132.2% 1, , , % 7.1% 11.5% 6.0% 15.4% 1.5% 2.2x 63.8x 22.9x 15.6% KION GROUP AG EUR % 162.2% 4, , , % 16.1% 11.1% 19.5% 15.1% 0.5% 3.5x 8.8x 19.1x 12.5% Koenig & Bauer AG EUR % 145.6% % 4.2% 17.6% 22.2% 8.8% 0.0% nm 18.1x 44.6x 20.1% Krones AG EUR % 125.5% , , % 4.5% 10.7% 10.1% 9.8% 1.5% nm nm 16.5x 14.0% KUKA AG EUR % 150.2% , , % 7.7% 15.4% 14.0% 8.4% 3.1% nm 22.2x nm 14.2% SMT Scharf AG EUR % 120.2% % 8.4% -20.1% 20.6% 7.5% 1.8% nm 28.9x 213.2x 5.7% Technotrans AG EUR % 231.9% % 14.1% 22.6% 20.9% 10.5% 2.7% 0.1x 18.1x 26.7x 16.2% Washtec AG EUR % 225.2% % 6.7% 25.0% 10.0% 15.0% 2.1% nm nm 22.7x 37.7% Min % 1.3% -20.1% 6.0% 7.2% 0.0% 0.1x 2.2x 7.5x 5.7% Max 7, , % 16.1% 25.0% 23.8% 29.6% 3.1% 3.5x 65.2x 213.2x 37.7% Median 3, , % 6.7% 11.5% 20.0% 10.4% 1.4% 1.4x 18.9x 22.8x 14.0% 2, , % 6.9% 8.4% 16.3% 12.3% 1.3% 1.5x 25.3x 40.4x 15.4% Note: For multiple and ratio definitions, please refer to appendix 30

31 Industrial Machinery (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA DMG Mori AG 1.6x 1.6x 1.5x 1.5x 23.8x 17.4x 13.8x 13.5x 37.3x 25.6x 18.2x 18.3x 86.6x 55.4x 28.4x na 3.2x Dürr AG 0.9x 0.9x 0.9x 0.9x 10.2x 9.0x 8.8x 8.4x 13.2x 11.3x 10.9x 10.2x 19.9x 17.8x 18.0x 16.7x 4.1x GEA Group AG 1.3x 1.3x 1.3x 1.2x 15.3x 9.6x 8.6x 8.1x 20.5x 11.2x 1 9.3x 24.4x x 15.4x 2.3x Heidelberger Druckmaschinen AG 0.4x 0.4x 0.4x 0.4x 8.0x 5.2x 4.8x 4.5x 14.4x 8.7x 7.7x 6.8x 27.5x 16.9x 11.8x 9.7x 2.0x Isra Vision AG 5.0x 4.5x 4.1x 3.7x 24.7x 15.3x 13.7x na 26.9x 22.0x 19.4x 17.1x 36.4x 31.9x 28.1x na 3.9x Jungheinrich AG 1.4x 1.3x 1.2x 1.2x 9.3x 8.5x 8.5x 7.8x 19.5x 17.0x 15.6x 14.6x 21.1x 18.8x 17.2x 15.9x 2.9x KION GROUP AG 2.2x 1.5x 1.5x 1.4x 14.3x 10.2x 9.1x 8.4x 31.2x 15.7x 13.9x 12.7x 32.2x 24.6x 18.1x 15.6x 3.1x Koenig & Bauer AG 0.7x 0.7x 0.7x 0.6x 11.2x 7.6x 6.8x 6.2x 17.9x 10.3x 8.8x 7.8x 11.9x 14.2x 12.5x 11.0x 2.8x Krones AG 0.9x 0.8x 0.8x 0.8x 9.9x 8.4x 7.9x 7.4x 12.9x 11.8x 10.9x x 17.9x 16.5x 15.1x 2.5x KUKA AG 1.4x 1.3x 1.2x 1.2x 18.3x 15.8x 13.9x 12.3x 25.9x 21.8x 18.9x 16.1x 49.3x 34.7x 28.9x 25.0x 4.9x SMT Scharf AG 1.2x 1.1x 1.0x 0.9x 10.9x 14.7x 7.8x 6.2x 14.6x 21.3x 11.5x 8.7x 27.2x 22.2x 15.9x 13.4x 1.3x Technotrans AG 1.7x 1.3x 1.2x 1.2x 18.3x 12.5x 11.3x 10.4x 25.4x 16.9x 14.2x 12.8x 36.0x 24.6x 21.0x 18.5x 4.0x Washtec AG 2.4x 2.2x 2.1x 2.0x 17.2x 14.4x 13.6x 12.9x 20.5x 17.5x 16.2x 15.1x 29.6x 25.0x 22.9x 21.3x 9.4x Min 0.4x 0.4x 0.4x 0.4x 8.0x 5.2x 4.8x 4.5x 12.9x 8.7x 7.7x 6.8x 11.9x 14.2x 11.8x 9.7x 1.3x Max 5.0x 4.5x 4.1x 3.7x 24.7x 17.4x 13.9x 13.5x 37.3x 25.6x 19.4x 18.3x 86.6x 55.4x 28.9x 25.0x 9.4x Median 1.4x 1.3x 1.2x 1.2x 14.3x 10.2x 8.8x 8.2x 20.5x 16.9x 13.9x 12.7x 27.5x 22.2x 18.0x 15.6x 3.1x 1.6x 1.5x 1.4x 1.3x 14.7x 11.4x 9.9x 8.8x 21.6x 16.2x 13.6x 12.3x 32.4x 24.9x 19.7x 16.1x 3.6x Note: For multiple and ratio definitions, please refer to appendix 31

32 Industrial Machinery - Historic Multiples 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x EV / Sales 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x EV / EBITDA EV / EBIT x 16.0x 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x P / E 35.0x x x 1 5.0x 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 32

33 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e Aurubis AG EUR % 170.6% , , % 5.7% nm 5.7% 4.1% 2.1% 0.1x 16.3x 14.3x 11.6% BayWa AG EUR % 106.0% 2, , , % 2.9% -3.9% 26.9% 2.0% 4.1% 7.7x 2.7x 5.2x 7.3% Brenntag AG EUR % 121.9% 2, , , % 5.4% 5.4% 6.6% 7.5% 2.1% 1.9x 9.4x 14.6x 13.2% Covestro AG EUR % 165.3% 1, , , % 5.9% 23.4% 9.4% 19.1% 0.0% 0.5x 33.7x 7.2x 26.3% Evonik Industries AG EUR % 109.0% 3, , , , % 7.3% 10.8% 7.3% 16.1% 0.9% 1.0x 9.1x 7.4x 10.5% Fuchs Petrolub SE EUR % 130.4% , , % 4.5% 6.5% 6.0% 18.1% 0.0% nm nm 19.2x 21.1% H&R GmbH & Co. KGaA EUR % 102.4% % 4.3% 50.4% 2.2% 9.6% 0.0% 0.5x 8.7x 5.9x 10.6% KWS Saat SE EUR % 127.9% , , % 5.4% 5.6% 2.8% 16.9% 1.4% 0.6x na 16.3x 11.5% SGL Carbon SE EUR % 139.9% , , % 7.6% -12.5% 33.2% 9.4% 2.1% 5.9x 1.3x nm -10.1% Siltronic AG EUR % 541.3% , , % 12.8% 32.7% 29.2% 24.7% 1.6% nm 50.8x 19.4x 26.6% Symrise AG EUR % 114.8% 1, , , % 5.3% 19.8% 7.1% 21.6% 2.7% 2.2x 14.5x 23.8x 16.4% Wacker Chemie AG EUR % 134.5% 1, , , % -0.7% 20.9% -0.6% 19.1% 1.3% 0.8x 21.4x 6.4x 24.9% Min % -0.7% -12.5% -0.6% 2.0% 0.0% 0.1x 1.3x 5.2x -10.1% Max 13, , % 12.8% 50.4% 33.2% 24.7% 4.1% 7.7x 50.8x 23.8x 26.6% Median 3, , % 5.4% 10.8% 6.8% 16.5% 1.5% 0.9x 11.9x 14.3x 12.4% 5, , % 5.5% 14.5% 11.3% 14.0% 1.5% 2.1x 16.8x 12.7x 14.2% Note: For multiple and ratio definitions, please refer to appendix 33

34 Industrial Materials (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA Aurubis AG 0.3x 0.3x 0.3x 0.3x 7.3x 6.9x 6.6x 6.2x 10.6x 9.8x 9.3x 8.4x 13.7x 12.2x 13.1x 11.5x 1.4x BayWa AG 0.3x 0.2x 0.2x 0.2x 22.4x 11.9x 11.4x 11.0x nm 19.2x 18.2x 16.6x 34.6x 13.3x 13.0x 11.0x 1.0x Brenntag AG 0.9x 0.8x 0.8x 0.8x 12.0x 11.0x 10.4x 9.9x 14.9x 13.6x 12.8x 12.0x 21.7x 19.4x 17.9x 16.9x 2.6x Covestro AG 1.2x 1.0x 1.0x 1.0x 7.6x 5.5x 6.0x 5.8x 11.9x 7.4x 8.4x 8.2x 16.1x 10.3x 11.3x 10.6x 2.7x Evonik Industries AG 1.2x 1.1x 1.0x 1.0x 7.3x 6.6x 6.2x 5.9x 11.1x 10.3x 9.4x 9.0x 15.5x 16.0x 13.8x 13.1x 1.7x Fuchs Petrolub SE 2.7x 2.5x 2.4x 2.3x 15.1x 13.9x 13.3x 12.7x 17.1x 15.8x 15.1x 14.4x 24.0x 23.0x 22.0x 21.1x 4.9x H&R GmbH & Co. KGaA 0.6x 0.5x 0.5x 0.5x 5.4x 5.6x 5.3x 5.1x 8.0x 8.5x 8.1x 7.5x 11.5x 12.6x 11.9x 10.8x 1.3x KWS Saat SE 2.2x 2.1x 2.0x 1.9x 12.3x 12.4x 12.1x 11.3x 16.0x 17.7x 16.8x 15.7x 19.7x 22.2x 20.8x 18.6x 2.6x SGL Carbon SE 2.4x 2.2x 2.0x 1.9x 35.1x 23.2x 17.5x 14.9x nm nm 38.8x 25.4x nm nm 99.0x 39.4x 3.8x Siltronic AG 2.2x 1.8x 1.6x 1.5x 12.0x 7.2x 5.8x 5.6x 40.6x 12.0x 8.5x 8.2x nm 17.8x 12.3x 12.0x 4.7x Symrise AG 3.3x 3.2x 3.0x 2.8x 15.7x 14.6x 13.6x 12.8x 23.2x 21.3x 19.4x 17.9x 31.9x 28.3x 25.4x 22.8x 4.6x Wacker Chemie AG 1.0x 1.1x 1.1x 1.0x 5.3x 5.9x 5.7x 5.4x 18.2x 16.3x 13.0x 11.2x 26.3x 5.9x 19.3x 15.7x 1.5x Min 0.3x 0.2x 0.2x 0.2x 5.3x 5.5x 5.3x 5.1x 8.0x 7.4x 8.1x 7.5x 11.5x 5.9x 11.3x 10.6x 1.0x Max 3.3x 3.2x 3.0x 2.8x 35.1x 23.2x 17.5x 14.9x 40.6x 21.3x 38.8x 25.4x 34.6x 28.3x 99.0x 39.4x 4.9x Median 1.2x 1.1x 1.1x 1.0x 12.0x 9.1x 8.5x 8.0x 15.5x 13.6x 12.9x 11.6x 20.7x 16.0x 15.9x 14.4x 2.6x 1.5x 1.4x 1.3x 1.3x 13.1x 10.4x 9.5x 8.9x 17.2x 13.8x 14.8x 12.9x 21.5x 16.5x 23.3x 17.0x 2.7x Note: For multiple and ratio definitions, please refer to appendix 34

35 Industrial Materials - Historic Multiples 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x EV / Sales 16.0x 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x EV / EBITDA 25.0x x 1 5.0x EV / EBIT 45.0x x x x 1 5.0x P / E 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 35

36 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e CENTROTEC Sustainable AG EUR % 148.6% % 3.5% 3.1% 13.3% 10.4% 1.1% nm 16.1x 8.2x 9.4% Gesco AG EUR % 113.2% % 2.8% -0.7% 6.1% 10.4% 0.0% 1.7x 18.2x 6.5x 6.5% K+S AG EUR % 141.1% 2, , , % 9.6% -14.5% 25.0% 18.6% 0.8% 3.2x 11.3x 9.6x 4.2% LANXESS AG EUR % 175.5% 2, , , , % 4.3% 10.2% 10.1% 13.3% 0.2% 0.3x 12.0x 8.8x 7.0% Masterflex SE EUR % 131.0% % 6.5% -1.5% 17.2% 14.5% 2.1% 2.2x 6.1x 11.8x 12.3% Nabaltec AG EUR % 142.9% % 5.9% 3.9% 14.3% 15.7% 0.0% 1.9x 6.9x 5.8x 12.3% Nanogate AG EUR % 179.0% % 20.6% 28.9% 35.9% 11.4% 2.9% 1.4x 5.0x 21.5x 3.4% NORMA Group SE EUR % 128.6% , , % 5.6% 11.0% 7.9% 20.6% 1.9% 2.0x 13.3x 9.7x 17.3% OSRAM Licht AG EUR % 161.7% , , % 9.9% 14.6% 15.0% 16.3% 1.7% nm 40.2x 26.8x 9.6% Pfeiffer Vacuum Technology AG EUR % 156.7% , , % 6.8% 7.3% 11.1% 19.8% 0.8% nm nm 19.4x 17.5% R. Stahl AG EUR % 109.6% % 3.4% -25.8% 33.0% 6.9% 0.0% 1.0x 11.5x 18.3x 1.4% RATIONAL AG EUR % 117.7% , , % 9.7% 8.7% 10.6% 29.1% 3.4% nm nm 41.1x 32.6% Salzgitter AG EUR % 157.8% , , % 4.1% 56.1% 26.6% 6.7% 0.0% 0.3x 7.4x 6.7x 4.9% Schaltbau Holding AG EUR % 151.2% % 2.7% -55.2% 122.9% 5.8% 0.0% 4.8x 0.6x 9.3x 5.7% Surteco SE EUR % 121.9% % 2.1% 18.4% 5.4% 12.3% 3.5% 1.3x 8.6x 6.3x 7.1% va-q-tec AG EUR % 156.1% % 33.3% 63.5% 80.2% 23.7% 2.0% nm 4.3x nm 3.5% Vossloh AG EUR % 106.1% , % 8.5% -4.0% 19.2% 10.1% 3.2% 1.8x 7.2x 13.6x 5.8% Westag & Getalit AG EUR % 143.2% % 2.1% 1.0% 5.8% 8.9% 0.0% nm nm 7.4x 6.9% Min % 2.1% -55.2% 5.4% 5.8% 0.0% 0.3x 0.6x 5.8x 1.4% Max 6, , % 33.3% 63.5% 122.9% 29.1% 3.5% 4.8x 40.2x 41.1x 32.6% Median % 5.8% 5.6% 14.6% 12.8% 0.9% 1.8x 8.6x 9.6x 7.0% 1, , % 7.9% 6.9% 25.5% 14.1% 1.3% 1.8x 11.2x 13.6x 9.3% Note: For multiple and ratio definitions, please refer to appendix 36

37 Industrial Products (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA CENTROTEC Sustainable AG 0.6x 0.6x 0.6x 0.5x 7.0x 5.5x 5.2x 4.8x 10.8x 9.6x 8.5x 7.8x 16.0x 15.0x 13.1x 11.9x 1.4x Gesco AG 0.8x 0.7x 0.7x 0.7x 8.3x 7.2x 6.9x 7.0x 14.9x 13.5x 11.7x 11.3x 20.9x 19.1x 15.9x na 1.2x K+S AG 1.9x 1.7x 1.5x 1.5x 12.1x 9.1x 7.0x 6.2x 25.0x 19.6x 12.5x 10.6x 24.7x 22.3x 12.8x 10.9x 0.9x LANXESS AG 1.0x 0.8x 0.8x 0.9x 7.9x 6.0x 5.9x 5.9x 15.5x 10.7x 1 9.4x 31.6x 22.6x 16.0x 13.2x 1.6x Masterflex SE 1.4x 1.3x 1.3x 1.2x 12.0x 9.1x 8.1x 7.4x 17.9x 13.0x 11.5x 10.3x 25.5x 17.1x 14.3x 12.7x 2.1x Nabaltec AG 1.3x 1.2x 1.2x 1.1x 9.2x 7.9x 6.8x 6.1x 17.5x 13.2x 11.1x 9.4x 29.2x 21.1x 15.1x 12.1x 2.6x Nanogate AG 2.3x 1.6x 1.4x 1.3x 23.5x 14.0x 11.0x 9.4x nm 37.8x 27.6x 19.8x 93.0x nm 61.3x 37.2x 3.5x NORMA Group SE 2.1x 1.9x 1.8x 1.7x 10.8x 9.3x 9.1x 8.6x 14.5x 11.9x 11.3x 11.0x 19.1x 16.5x 15.6x 14.5x 2.9x OSRAM Licht AG 1.6x 1.5x 1.4x 1.2x 9.8x 9.1x 7.7x 6.5x 14.6x 14.1x 12.4x 10.5x 43.9x 29.2x 19.3x 15.8x 2.8x Pfeiffer Vacuum Technology AG 2.4x 2.1x 2.1x 2.0x 13.0x 10.7x 10.2x 9.5x 16.8x 13.1x 12.4x 11.4x 26.2x 21.1x 20.4x 18.5x 3.7x R. Stahl AG 0.8x 0.8x 0.7x 0.7x 15.3x 11.0x 7.9x 6.5x nm 37.5x 15.6x 11.4x 48.3x nm 24.3x 17.0x 2.1x RATIONAL AG 8.2x 7.4x 6.8x 6.2x 28.2x 25.6x 22.8x 20.9x 29.8x 27.4x 24.3x 22.1x 41.7x 37.7x 33.7x 30.8x 12.3x Salzgitter AG 0.3x 0.2x 0.2x 0.2x 6.6x 3.5x 3.4x 3.3x nm 8.6x 7.7x 7.3x 35.7x 13.6x 12.4x 11.3x 0.7x Schaltbau Holding AG 0.8x 0.8x 0.8x 0.8x nm 13.7x 11.3x 9.7x nm 24.9x 18.3x 14.8x nm 39.2x 23.1x 17.0x 2.2x Surteco SE 0.7x 0.7x 0.7x 0.7x 6.3x 5.8x 5.5x 5.4x 11.1x 11.0x 8.7x 7.9x 15.4x 14.7x 10.6x 9.6x 1.0x va-q-tec AG 6.0x 4.8x 3.4x 2.5x nm 20.1x 12.1x 7.8x nm nm 28.4x 14.0x nm nm 49.0x 23.6x 4.8x Vossloh AG 1.2x 1.1x 1.0x 0.9x 14.3x 10.7x 9.2x 8.5x 22.7x 17.8x 14.1x 12.6x nm 27.6x 21.7x 18.6x 1.6x Westag & Getalit AG 0.5x 0.5x 0.5x 0.5x 6.3x 5.6x 5.4x 5.3x 12.7x 10.9x 10.6x 10.6x 18.0x 18.1x 17.6x 17.6x 1.2x Min 0.3x 0.2x 0.2x 0.2x 6.3x 3.5x 3.4x 3.3x 10.8x 8.6x 7.7x 7.3x 15.4x 13.6x 10.6x 9.6x 0.7x Max 8.2x 7.4x 6.8x 6.2x 28.2x 25.6x 22.8x 20.9x 29.8x 37.8x 28.4x 22.1x 93.0x 39.2x 61.3x 37.2x 12.3x Median 1.2x 1.2x 1.1x 1.0x 10.3x 9.1x 7.8x 6.7x 15.5x 13.2x 12.1x 10.8x 26.2x 21.1x 16.8x 15.8x 2.1x 1.9x 1.7x 1.5x 1.4x 11.9x 10.2x 8.6x 7.7x 17.2x 17.3x 14.3x 11.8x 32.6x 22.3x 22.0x 17.2x 2.7x Note: For multiple and ratio definitions, please refer to appendix 37

38 Industrial Products - Historic Multiples 1.8x 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x EV / Sales 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x EV / EBITDA x 16.0x 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x EV / EBIT 35.0x x x 1 5.0x P / E 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 38

39 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e Bet-At-Home.com AG EUR % 218.0% % 6.0% 27.2% 14.5% 30.4% 0.0% nm na 29.5x 31.7% Delticom AG EUR % 108.7% % 8.0% -18.6% 23.7% 2.6% 0.0% 0.8x 18.6x 9.9x 9.7% elumeo SE EUR % 143.0% % 4.7% nm nm 1.2% 0.9% 15.0x nm nm -8.1% Lotto24 AG EUR % 209.4% % 18.7% nm nm 3.7% 2.1% nm nm nm 2.9% Rocket Internet SE EUR % 126.4% , , , % 49.0% nm nm -14.6% 3.3% nm nm nm -4.3% Scout24 AG EUR % 113.2% , ,068.5 nm 8.3% nm 16.7% 51.7% 0.0% 2.4x 4.3x 22.4x 11.8% Ströer SE & Co. KGaA EUR % 152.3% , , % 9.5% 30.2% 20.4% 25.3% 0.3% 1.5x 22.2x 12.3x 15.0% Syzygy AG EUR % 115.4% % 8.7% 28.7% 19.3% 11.9% 0.6% nm nm 24.8x 9.8% windeln.de SE EUR % 126.3% % 15.8% nm nm -11.9% 0.0% nm nm nm -48.1% Wirecard AG EUR % 147.1% , , , % 24.1% 36.0% 27.7% 29.7% 10.5% nm 22.2x 23.3x 16.5% XING AG EUR % 143.3% , , % 17.7% 27.6% 27.5% 33.0% 0.0% nm nm 26.3x 37.7% Zalando SE EUR % 171.4% , , , % 21.4% nm 33.1% 7.1% 1.8% nm 18.9x 36.2x 12.1% ZEAL Network SE EUR % 107.9% % 15.7% -3.5% 45.7% 17.6% 2.5% nm 66.9x 6.6x 13.1% zooplus AG EUR % 150.5% , , % 21.5% 53.3% 30.8% 2.0% 1.3% nm 91.3x 98.4x 12.6% Min % 4.7% -18.6% 14.5% -14.6% 0.0% 0.8x 4.3x 6.6x -48.1% Max 9, , % 49.0% 53.3% 45.7% 51.7% 10.5% 15.0x 91.3x 98.4x 37.7% Median 1, % 15.8% 28.1% 25.6% 9.5% 0.8% 2.0x 22.2x 24.1x 11.9% 2, , % 16.4% 22.6% 25.9% 13.5% 1.7% 4.9x 34.9x 29.0x 8.0% Note: For multiple and ratio definitions, please refer to appendix 39

40 Internet Products / Services (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA Bet-At-Home.com AG 6.1x 6.2x 5.5x 5.1x 23.5x 20.3x 17.7x 15.6x 24.2x 20.9x 18.2x 16.0x 28.8x 24.9x 22.2x 19.2x 7.9x Delticom AG 0.3x 0.3x 0.3x 0.3x 18.1x 12.5x 10.8x 9.5x 31.1x 24.1x 19.6x 14.9x 41.7x 34.7x 26.9x 18.9x 3.4x elumeo SE 0.8x 0.8x 0.8x 0.7x nm nm 16.3x 12.4x nm nm nm 20.1x nm nm 27.2x 43.3x 1.3x Lotto24 AG 9.9x 8.2x 6.8x 5.9x nm nm nm 25.8x nm nm nm 29.1x nm nm 67.4x 35.8x 10.9x Rocket Internet SE 36.3x 14.9x 11.1x 11.0x nm nm nm 38.7x nm nm nm 42.3x nm nm nm 36.1x 0.8x Scout24 AG 9.0x 8.5x 7.7x 7.0x 20.4x 16.4x 14.5x 12.9x 28.9x 17.7x 15.8x 14.2x 51.6x 29.0x 23.9x 19.6x 3.4x Ströer SE & Co. KGaA 3.0x 2.7x 2.5x 2.3x 15.2x 10.6x 9.6x 8.7x 34.1x 17.7x 17.0x 14.0x 41.3x 29.1x 24.1x 20.3x 4.4x Syzygy AG 2.0x 1.9x 1.7x 1.6x 21.8x 15.8x 14.0x 12.8x 31.2x 20.4x 17.5x 15.1x 29.7x 29.6x 26.9x 24.7x 2.9x windeln.de SE 0.2x 0.2x 0.2x 0.1x nm nm nm nm nm nm nm nm nm nm nm nm 1.3x Wirecard AG 5.8x 4.6x 3.7x 3.0x 21.0x 15.4x 12.3x 10.1x 26.3x 19.5x 15.2x 12.1x 25.8x 27.4x 21.3x 16.8x 4.5x XING AG 8.5x 7.1x 6.0x 5.2x 30.2x 21.5x 17.7x 14.6x 33.3x 27.3x 22.0x 17.9x 55.6x 46.4x 35.8x 28.4x 17.5x Zalando SE 2.4x 2.0x 1.6x 1.3x 39.3x 27.6x 21.3x 16.7x 44.7x 34.7x 26.5x 20.4x 82.1x 57.7x 43.5x 32.8x 7.0x ZEAL Network SE 1.0x 0.8x 0.7x 0.6x 7.1x 4.6x 2.5x 2.3x 7.5x 5.8x 2.7x 2.4x 8.6x 17.4x 7.8x 7.1x 2.3x zooplus AG 1.2x 1.0x 0.8x 0.7x nm nm 35.3x 26.9x nm nm 38.1x 28.8x nm 89.2x 61.1x 45.5x 11.3x Min 0.2x 0.2x 0.2x 0.1x 7.1x 4.6x 2.5x 2.3x 7.5x 5.8x 2.7x 2.4x 8.6x 17.4x 7.8x 7.1x 0.8x Max 36.3x 14.9x 11.1x 11.0x 39.3x 27.6x 35.3x 38.7x 44.7x 34.7x 38.1x 42.3x 82.1x 89.2x 67.4x 45.5x 17.5x Median 2.7x 2.3x 2.1x 1.9x 21.0x 15.8x 14.5x 12.9x 31.1x 20.4x 17.9x 16.0x 41.3x 29.3x 26.9x 24.7x 3.9x 6.2x 4.2x 3.5x 3.2x 21.8x 16.1x 15.7x 15.9x 29.0x 20.9x 19.3x 19.0x 40.6x 38.5x 32.3x 26.8x 5.6x Note: For multiple and ratio definitions, please refer to appendix 40

41 Internet Products / Services - Historic Multiples EV / Sales 4.5x 4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x EV / EBITDA 25.0x x 1 5.0x EV / EBIT P / E 35.0x x x x 1 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 41

42 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e All for One Steeb AG EUR % 124.5% % 8.4% 14.7% 10.2% 9.8% 0.9% 0.2x 27.1x 25.2x 22.2% Allgeier SE EUR % 135.2% % 10.2% 3.5% 12.2% 5.6% 4.7% 1.3x 9.0x 22.1x 6.0% Bechtle AG EUR % 132.5% , , % 7.7% 14.8% 10.1% 5.7% 2.4% nm 67.3x 44.4x 16.3% Cancom SE EUR % 135.1% % 7.1% 31.8% 15.7% 7.5% 1.6% 0.1x 21.2x 18.0x 13.9% CENIT AG EUR % 122.8% % 10.1% 10.2% 10.7% 9.6% 0.0% nm nm 19.6x 18.7% Diebold Nixdorf AG EUR % 139.9% , , % 3.1% -8.7% 21.2% 8.5% 1.4% 0.1x 19.1x 34.6x 23.0% GFT Technologies SE EUR % 114.2% % 8.6% 39.1% 9.5% 10.9% 0.0% 1.2x 24.9x 24.2x 21.0% INTERSHOP Communications AG EUR % 159.6% % 10.3% nm nm 8.0% 1.6% nm nm nm na InVision AG EUR % 128.5% % 41.0% 23.9% 38.5% 13.7% 0.6% nm 97.0x 16.3x 8.0% KPS AG EUR % 180.1% % 12.2% 17.5% 16.2% 16.3% 0.0% nm nm na 33.7% PSI Software AG EUR % 131.2% % 5.0% 25.0% 16.1% 9.9% 3.6% nm 12.0x 16.5x 13.0% secunet Security Networks AG EUR % 362.1% % 12.1% 48.7% 19.8% 16.1% 0.0% nm nm 29.0x 27.3% SinnerSchrader AG EUR % 290.5% % 10.8% 46.3% nm 9.2% 0.0% nm nm 57.5x 19.6% Min % 3.1% -8.7% 9.5% 5.6% 0.0% 0.1x 9.0x 16.3x 6.0% Max 2, , % 41.0% 48.7% 38.5% 16.3% 4.7% 1.3x 97.0x 57.5x 33.7% Median % 10.1% 20.7% 15.7% 9.6% 0.9% 0.2x 23.0x 24.2x 19.1% % 11.3% 22.2% 16.4% 10.1% 1.3% 0.6x 34.7x 27.9x 18.6% Note: For multiple and ratio definitions, please refer to appendix 42

43 IT Services (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA All for One Steeb AG 1.2x 1.1x 1.0x 0.9x 11.6x 10.8x 9.8x 8.7x 16.9x 15.6x 13.8x 12.0x 24.0x 22.5x 19.9x na 5.0x Allgeier SE 0.5x 0.5x 0.4x 0.4x 8.7x 8.0x 7.0x 6.1x 14.5x 13.0x 10.9x 8.6x 45.8x 29.1x 23.0x 16.9x 1.7x Bechtle AG 0.7x 0.7x 0.6x 0.6x 13.7x 12.0x 11.1x 10.3x 16.0x 14.1x 12.8x 11.8x 22.9x 20.2x 18.5x 17.0x 3.3x Cancom SE 0.9x 0.8x 0.7x 0.7x 12.7x 10.6x 9.1x 8.2x 17.4x 14.2x 11.6x 10.1x 26.1x 21.5x 17.5x 15.3x 3.0x CENIT AG 1.1x 0.9x 0.8x 0.8x 10.2x 9.8x 8.4x 7.5x 11.6x 11.9x 10.1x 9.0x 22.0x 22.8x 19.3x 16.0x 4.3x Diebold Nixdorf AG 0.9x 0.8x 0.8x 0.8x 15.1x 9.9x 8.6x 8.5x 24.6x 11.6x 11.2x 11.2x 26.3x 21.1x 15.8x 15.8x 4.9x GFT Technologies SE 1.3x 1.2x 1.1x 1.0x 11.0x 10.8x 9.5x 8.4x 13.9x 14.2x 12.0x 10.3x 19.7x 18.7x 15.5x 13.2x 3.9x INTERSHOP Communications AG 1.3x 1.1x 1.0x 0.9x nm 14.1x 11.7x 9.5x nm nm 30.3x 20.5x nm na na na 3.3x InVision AG 6.0x 5.1x 3.1x 2.1x 19.1x 37.1x 12.3x 7.2x 22.8x nm 14.0x 8.2x 33.2x 85.8x 17.8x 9.4x 6.9x KPS AG 3.7x 3.3x 2.9x 2.6x 23.5x 20.1x 17.1x 14.9x 24.5x 20.7x 17.7x 15.3x 29.2x 24.6x 21.6x na 8.3x PSI Software AG 1.0x 1.0x 0.9x 0.9x 12.0x 9.7x 8.7x 7.6x 16.3x 12.8x 11.2x 9.7x 25.7x 22.2x 19.6x 16.7x 2.9x secunet Security Networks AG 4.8x 4.2x 3.8x 3.4x 36.8x 26.4x 24.0x 21.4x 40.6x 29.7x 27.1x 24.2x 65.4x 47.1x 43.0x 38.6x 12.8x SinnerSchrader AG 2.9x 2.5x 2.3x 2.1x 25.6x 27.5x 17.7x na 29.4x 33.4x 20.2x 17.8x 41.2x 51.1x 31.3x 27.6x 1 Min 0.5x 0.5x 0.4x 0.4x 8.7x 8.0x 7.0x 6.1x 11.6x 11.6x 10.1x 8.2x 19.7x 18.7x 15.5x 9.4x 1.7x Max 6.0x 5.1x 3.8x 3.4x 36.8x 37.1x 24.0x 21.4x 40.6x 33.4x 30.3x 24.2x 65.4x 85.8x 43.0x 38.6x 12.8x Median 1.2x 1.1x 1.0x 0.9x 13.2x 10.8x 9.8x 8.4x 17.1x 14.2x 12.8x 11.2x 26.2x 22.6x 19.4x 16.3x 4.3x 2.0x 1.8x 1.5x 1.3x 16.7x 15.9x 11.9x 9.9x 20.7x 17.4x 15.6x 13.0x 31.8x 32.2x 21.9x 18.6x 5.4x Note: For multiple and ratio definitions, please refer to appendix 43

44 IT Services - Historic Multiples 1.8x 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x EV / Sales 18.0x 16.0x 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x EV / EBITDA 25.0x x 1 5.0x EV / EBIT 45.0x x x x 1 5.0x P / E 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 44

45 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e Axel Springer SE EUR % 134.1% 1, , , % 3.9% 9.8% 11.0% 18.6% 1.3% 1.6x 25.0x 16.0x 8.6% Bastei Lübbe AG EUR % 106.6% % 9.2% -17.3% 30.8% 11.0% 0.0% 3.6x na 13.0% Constantin Medien AG EUR % 119.9% % -3.4% 15.8% nm 0.0% 0.0% na 4.8x 1.5x 5.9% CTS Eventim AG & Co. KGaA EUR % 147.6% , , % 8.9% 10.8% 15.0% 22.7% 0.3% nm 44.4x 24.2x 28.0% DEAG Deutsche Entertainment AG EUR % 119.6% % 7.8% -41.4% 118.3% 4.2% 0.9% nm 1.2x nm 16.8% Min % -3.4% -41.4% 11.0% 0.0% 0.0% 1.2x 1.5x 5.9% Max 5, , % 9.2% 15.8% 118.3% 22.7% 1.3% 1.6x 44.4x 24.2x 28.0% Median % 7.8% 9.8% 22.9% 11.0% 0.3% 0.8x 4.8x 16.0x 13.0% 1, , % 5.3% -4.5% 43.8% 11.3% 0.5% 0.8x 15.8x 13.9x 14.5% Peer Group Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA Axel Springer SE 2.2x 2.1x 2.0x 1.9x 13.3x 11.2x 10.3x 9.7x 23.1x 15.6x 13.9x 12.9x 13.4x 24.6x 21.5x 19.5x 2.1x Bastei Lübbe AG 0.5x 0.5x 0.4x 0.4x 7.9x 4.1x 3.5x 3.5x 11.3x 5.4x 4.4x 4.5x 8.2x 10.3x 7.9x 9.1x 1.3x Constantin Medien AG 0.4x 0.6x 0.5x 0.5x 6.2x na na na 7.2x 10.9x 7.2x 6.0x 23.2x 33.1x 11.0x 8.5x 2.0x CTS Eventim AG & Co. KGaA 3.9x 3.4x 3.2x 3.0x 19.0x 15.1x 13.6x 12.5x 20.8x 17.5x 15.7x 14.4x 39.3x 32.2x 29.7x 26.8x 9.0x DEAG Deutsche Entertainment AG 0.2x 0.2x 0.2x 0.2x 32.1x 5.5x 3.9x 3.1x nm 7.4x 4.8x 3.6x nm 28.7x 12.1x 8.4x 4.8x Min 0.2x 0.2x 0.2x 0.2x 6.2x 4.1x 3.5x 3.1x 7.2x 5.4x 4.4x 3.6x 8.2x 10.3x 7.9x 8.4x 1.3x Max 3.9x 3.4x 3.2x 3.0x 32.1x 15.1x 13.6x 12.5x 23.1x 17.5x 15.7x 14.4x 39.3x 33.1x 29.7x 26.8x 9.0x Median 0.5x 0.6x 0.5x 0.5x 13.3x 8.3x 7.1x 6.6x 16.1x 10.9x 7.2x 6.0x 18.3x 28.7x 12.1x 9.1x 2.1x 1.5x 1.4x 1.3x 1.2x 15.7x 9.0x 7.8x 7.2x 15.6x 11.3x 9.2x 8.3x 21.0x 25.8x 16.4x 14.5x 3.9x P / B Note: For multiple and ratio definitions, please refer to appendix 45

46 Media & Entertainment - Historic Multiples EV / Sales 1.8x 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x EV / EBITDA 16.0x 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x EV / EBIT P / E 25.0x x x 1 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 Pharma & Healthcare 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e AAP Implantate AG EUR % 140.9% % 49.1% nm nm 5.8% 0.3% nm nm nm -0.4% Biotest AG EUR % 186.0% , % 3.3% 1.0% 3.9% 13.4% 1.7% 4.1x 7.3x 16.8x -2.0% Carl Zeiss Meditec AG EUR % 148.3% , , % 7.7% 6.7% 12.6% 17.3% 3.8% nm 83.9x na 10.1% Dragerwerk AG & Co. KGaA EUR % 152.6% , , % 2.5% -7.7% 12.7% 9.6% 1.5% nm 14.0x 6.3x 9.6% Eckert & Ziegler AG EUR % 182.3% % 2.3% 2.9% 9.4% 19.6% 0.0% nm 16.3x 9.3x 10.3% Geratherm Medical AG EUR % 116.6% % nm 27.2% nm 17.5% 1.4% nm 7.1x 83.0x 10.9% Gerresheimer AG EUR % 110.7% , , % 3.7% 8.1% 5.2% 22.6% 1.2% 2.5x 8.9x 12.8x 14.3% MEDICLIN AG EUR % 111.3% % 3.3% 24.6% 14.7% 7.2% 1.3% 0.6x 15.3x 9.2x 9.2% Rhön-Klinikum AG EUR % 110.9% , , % -0.1% -25.3% 5.4% 8.7% 1.5% nm 3.1x 15.6x 3.1% STADA Arzneimittel AG EUR % 149.4% 1, , , % 5.8% 1.0% 10.8% 19.2% 0.0% 2.4x 7.2x 11.5x 15.7% STRATEC Biomedical AG EUR % 140.0% % 12.0% 10.0% 20.4% 20.6% 7.4% nm 31.8x 42.3x 15.4% Min % -0.1% -25.3% 3.9% 5.8% 0.0% 0.6x 3.1x 6.3x -2.0% Max 4, , % 49.1% 27.2% 20.4% 22.6% 7.4% 4.1x 83.9x 83.0x 15.7% Median , % 3.5% 4.8% 10.8% 17.3% 1.4% 2.5x 11.5x 12.8x 10.1% 1, , % 9.0% 4.8% 10.6% 14.7% 1.8% 2.4x 19.5x 23.0x 8.7% Peer Group Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA AAP Implantate AG 1.7x 0.6x 0.5x 0.5x nm 10.1x na na nm nm nm 25.4x 3.0x nm na na 0.8x Biotest AG 2.3x 2.3x 2.1x 2.1x 15.2x 17.3x 13.0x 13.5x 20.8x nm 21.8x 23.0x nm nm 39.2x 42.5x 2.9x Carl Zeiss Meditec AG 3.7x 3.4x 3.2x 3.0x 23.8x 19.9x 18.4x 16.7x 26.1x 22.5x 20.6x 18.6x 36.1x 32.1x 30.2x 27.0x 3.2x Dragerwerk AG & Co. KGaA 0.6x 0.5x 0.5x 0.5x 6.9x 5.7x 5.3x 4.8x 11.0x 9.0x 8.0x 7.1x 17.4x 14.6x 13.3x 11.5x 1.4x Eckert & Ziegler AG 1.2x 1.2x 1.1x 1.1x 7.1x 6.1x 5.7x 5.5x 11.2x 8.9x 8.1x 7.8x 19.4x 15.8x 14.4x 13.7x 1.6x Geratherm Medical AG 2.5x 2.3x 2.1x na 16.2x 12.9x 11.5x na 24.5x 16.8x 14.6x na 29.4x 27.5x 26.9x na 3.0x Gerresheimer AG 2.2x 2.2x 2.1x 2.0x 10.1x 9.6x 9.1x 8.7x 17.2x 15.8x 14.6x 13.7x 18.3x 19.6x 17.8x 16.2x 2.8x MEDICLIN AG 0.5x 0.5x 0.5x 0.5x 9.1x 6.8x 6.4x 6.0x 22.1x 12.6x 11.5x 10.7x 16.5x 16.5x 14.7x 13.6x 1.5x Rhön-Klinikum AG 1.1x 1.2x 1.1x 1.1x 12.5x 13.7x 11.7x 10.7x 26.1x 31.7x 24.0x 20.7x 30.1x 49.4x 33.0x 27.4x 1.5x STADA Arzneimittel AG 2.3x 2.2x 2.1x 2.0x 13.3x 11.4x 10.6x 9.8x 19.4x 16.7x 15.3x 14.2x 44.8x 22.0x 19.4x 18.0x 3.4x STRATEC Biomedical AG 3.5x 3.0x 2.8x 2.5x x 12.9x 11.5x 27.3x 20.3x 17.0x 14.8x 35.2x 30.2x 24.5x 21.0x 4.7x Min 0.5x 0.5x 0.5x 0.5x 6.9x 5.7x 5.3x 4.8x 11.0x 8.9x 8.0x 7.1x 3.0x 14.6x 13.3x 11.5x 0.8x Max 3.7x 3.4x 3.2x 3.0x 23.8x 19.9x 18.4x 16.7x 27.3x 31.7x 24.0x 25.4x 44.8x 49.4x 39.2x 42.5x 4.7x Median 2.2x 2.2x 2.1x 1.5x 12.9x 11.4x 11.0x 9.8x 21.5x 16.7x 15.0x 14.5x 24.4x 22.0x 21.9x 18.0x 2.8x 2.0x 1.8x 1.7x 1.5x 13.4x 11.6x 10.4x 9.7x 20.6x 17.1x 15.6x 15.6x 25.0x 25.3x 23.3x 21.2x 2.5x P / B Note: For multiple and ratio definitions, please refer to appendix 47

48 Pharma & Healthcare - Historic Multiples EV / Sales 2.0x 1.8x 1.6x 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x EV / EBITDA 16.0x 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x 25.0x x 1 5.0x EV / EBIT x x x 1 5.0x P / E 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 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e CropEnergies AG EUR % 217.5% % 7.7% 12.8% 3.2% 14.1% 0.0% 0.1x 29.3x 11.2x 12.2% Daldrup & Söhne AG EUR % 108.4% % 20.0% nm nm 11.6% 1.6% 1.8x nm 11.5x na EnviTec Biogas AG EUR % 115.8% % nm 25.2% nm na 0.8% na 7.9x 6.0x na Nordex SE EUR % 105.0% , , % -0.2% 48.4% 4.3% 8.1% 1.5% 0.6x 7.0x 7.2x 6.3% PNE Wind AG EUR % 131.9% % -3.9% 28.9% -29.8% 11.2% 1.7% nm 9.4x 3.0x 1.2% SMA Solar Technology AG EUR % 126.9% % -2.9% 225.4% -4.4% 9.3% 0.7% nm 35.3x 6.4x 1.0% VERBIO Vereinigte BioEnergie AG EUR % 219.8% % nm 59.4% nm 12.1% 0.0% nm 57.7x 11.8x 15.8% Min % -3.9% 12.8% -29.8% 8.1% 0.0% 0.1x 7.0x 3.0x 1.0% Max 1, , % 20.0% 225.4% 4.3% 14.1% 1.7% 1.8x 57.7x 11.8x 15.8% Median % -0.2% 38.6% -0.6% 11.4% 0.8% 0.6x 19.3x 7.2x 6.3% % 4.2% 66.7% -6.7% 11.1% 0.9% 0.8x 24.4x 8.2x 7.3% Peer Group Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA CropEnergies AG 1.2x 1.0x 0.9x 0.9x 7.7x 7.0x 6.8x 7.0x 11.4x 10.6x 10.4x 10.8x 17.3x 16.2x 17.3x 16.6x 2.0x Daldrup & Söhne AG 1.6x 1.3x 1.1x 0.9x nm 11.2x 10.4x 8.8x nm 32.8x 22.5x 11.8x nm na na na 0.9x EnviTec Biogas AG 1.1x na na na 8.2x na na na 37.2x na na na 47.9x na na na 0.8x Nordex SE 0.4x 0.4x 0.4x 0.4x 4.9x 4.6x 4.5x 4.3x 7.1x 9.9x 9.1x 8.3x 10.9x 17.5x 14.1x 12.8x 1.1x PNE Wind AG 0.7x 1.2x 1.0x 0.7x 1.6x 11.1x 6.4x 4.5x 1.8x 16.1x 9.1x 6.0x 2.8x 69.6x 16.8x 12.2x 0.9x SMA Solar Technology AG 0.5x 0.6x 0.6x 0.6x 4.0x 6.5x 5.6x 4.6x 5.9x 42.2x 14.2x 8.9x 30.8x nm 41.7x 25.9x 1.5x VERBIO Vereinigte BioEnergie AG 0.8x 0.7x na na 6.8x 6.0x na na 9.4x 8.0x na na 11.7x 13.7x na na 2.2x Min 0.4x 0.4x 0.4x 0.4x 1.6x 4.6x 4.5x 4.3x 1.8x 8.0x 9.1x 6.0x 2.8x 13.7x 14.1x 12.2x 0.8x Max 1.6x 1.3x 1.1x 0.9x 8.2x 11.2x 10.4x 8.8x 37.2x 42.2x 22.5x 11.8x 47.9x 69.6x 41.7x 25.9x 2.2x Median 0.8x 0.9x 0.9x 0.7x 5.9x 6.7x 6.4x 4.6x 8.3x 13.3x 10.4x 8.9x 14.5x 16.9x 17.1x 14.7x 1.1x 0.9x 0.9x 0.8x 0.7x 5.5x 7.7x 6.7x 5.8x 12.1x 19.9x 13.1x 9.2x 20.2x 29.2x 22.5x 16.9x 1.3x P / B Note: For multiple and ratio definitions, please refer to appendix 49

50 Renewable Products / Services - Historic Multiples 1.8x EV / Sales 18.0x EV / EBITDA 1.6x 16.0x 1.4x 14.0x 1.2x 12.0x 1.0x 1 0.8x 8.0x 0.6x 6.0x 0.4x 4.0x 0.2x 2.0x EV / EBIT P / E 35.0x 45.0x x 35.0x x 15.0x x 15.0x 1 5.0x 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 50

51 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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e ATOSS Software AG EUR % 138.9% % 11.7% 16.0% 12.4% 28.9% 0.0% nm nm 22.7x 59.8% CompuGroup Medical Societas Europaea EUR % 139.8% , , % 8.4% 10.8% 18.5% 23.8% 1.8% 2.0x 12.4x 36.3x 31.4% GK Software AG EUR % 227.8% % 12.3% 67.0% 42.2% 13.2% 0.0% nm 10.4x 47.5x 16.0% IVU Traffic Technologies AG EUR % 155.2% % nm -15.4% nm 10.6% 1.0% nm 17.0x 27.1x 10.0% Mensch und Maschine Software SE EUR % 170.7% % 7.2% 61.2% 21.2% 10.8% 0.6% 0.9x 19.1x 21.2x 21.4% MeVis Medical Solutions AG EUR % 136.2% % -15.5% 14.4% nm 39.8% 1.0% nm na 30.1x 12.6% Nemetschek SE EUR % 140.4% , , % 14.9% 24.0% 24.1% 26.3% 1.6% nm 69.4x 31.8x 26.4% Nexus AG EUR % 164.1% % 6.3% 41.3% 12.3% 20.9% 1.5% nm nm 24.4x 10.7% SNP Schneider-Neureither & Partner AG EUR % 146.0% % 18.6% nm 28.3% 10.8% 0.0% nm 6.1x 294.4x 12.4% Software AG EUR % 840.9% , , % 3.2% 1.9% 6.8% 32.2% na nm 31.2x 14.4x 12.9% USU Software AG EUR % 147.6% % 16.6% 25.4% 20.4% 13.8% 1.9% nm nm 55.1x 13.6% Min % -15.5% -15.4% 6.8% 10.6% 0.0% 0.9x 6.1x 14.4x 10.0% Max 2, , % 18.6% 67.0% 42.2% 39.8% 1.9% 2.0x 69.4x 294.4x 59.8% Median % 10.0% 20.0% 20.4% 20.9% 1.0% 1.5x 17.0x 30.1x 13.6% % 8.4% 24.7% 20.7% 21.0% 0.9% 1.5x 23.7x 55.0x 20.7% Peer Group Valuation Analysis Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA ATOSS Software AG 5.2x 4.7x 4.2x 3.8x 18.5x 16.3x 14.6x 13.0x 19.3x 17.2x 15.3x 13.7x x 24.6x 21.9x 16.5x CompuGroup Medical Societas Europaea 4.9x 4.3x 3.5x 3.8x 25.6x 17.9x 13.5x 15.4x 33.0x 23.9x 16.7x 18.9x 55.1x 33.6x 23.1x 26.5x 10.6x GK Software AG 2.2x 1.9x 1.7x 1.6x 25.8x 14.5x 10.5x 9.0x nm 23.1x 14.5x 11.8x 62.2x 35.0x 21.6x 17.3x 5.6x IVU Traffic Technologies AG 1.0x 1.0x na na 20.5x 9.1x na na 42.3x 12.0x na na nm 18.5x na na 1.9x Mensch und Maschine Software SE 2.0x 1.9x 1.7x 1.6x 21.6x 18.0x 14.7x 12.2x 26.3x 21.0x 17.1x 14.5x 47.2x 33.7x 27.2x 22.4x 7.2x MeVis Medical Solutions AG 2.2x 2.4x 2.9x 3.7x 5.2x 6.0x 8.9x na 5.6x 8.6x 14.7x nm 12.9x 14.7x 24.6x na 1.9x Nemetschek SE 7.4x 6.2x 5.5x 4.9x 34.5x 23.8x 20.5x 18.0x 36.9x 29.8x 25.0x 21.4x 53.5x 44.5x 36.8x 31.3x 11.7x Nexus AG 3.3x 3.2x 3.0x 2.8x 15.9x 15.3x 13.4x 11.2x 19.8x 24.6x 20.6x 16.0x x 31.5x 28.2x 4.1x SNP Schneider-Neureither & Partner AG 2.2x 1.8x 1.5x 1.3x 22.5x 16.3x 12.6x 10.7x 28.5x x 12.6x 46.8x 33.2x 24.8x 20.4x 4.1x Software AG 3.3x 3.1x 3.1x 3.0x 11.0x 9.7x 9.7x 9.1x 13.1x 10.1x 9.8x 9.4x 20.9x 18.9x 17.3x 16.0x 2.4x USU Software AG 3.5x 2.8x 2.5x 2.2x 24.8x 20.6x 15.6x 14.2x 30.8x 24.9x 18.5x 14.9x 41.9x 32.9x 23.7x 19.9x 4.5x Min 1.0x 1.0x 1.5x 1.3x 5.2x 6.0x 8.9x 9.0x 5.6x 8.6x 9.8x 9.4x 12.9x 14.7x 17.3x 16.0x 1.9x Max 7.4x 6.2x 5.5x 4.9x 34.5x 23.8x 20.5x 18.0x 42.3x 29.8x 25.0x 21.4x 62.2x 44.5x 36.8x 31.3x 16.5x Median 3.3x 2.8x 2.9x 2.9x 21.6x 16.3x 13.5x 12.2x 27.4x 21.0x 16.0x 14.5x 47.0x 33.2x 24.6x 21.9x 4.5x 3.4x 3.0x 3.0x 2.9x 20.5x 15.2x 13.4x 12.5x 25.5x 19.6x 16.7x 14.8x 42.0x 30.1x 25.5x 22.7x 6.4x P / B Note: For multiple and ratio definitions, please refer to appendix 51

52 Software - Historic Multiples 3.0x EV / Sales 25.0x EV / EBITDA 2.5x 2.0x 1.5x 1.0x 0.5x x 1 5.0x EV / EBIT x x 1 5.0x P / E x x x x 1 5.0x 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 52

53 Technology (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 Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e ADVA Optical Networking SE EUR % 133.2% % 9.8% 24.8% 52.6% 14.5% 1.8% nm 75.4x 7.3x 13.7% Clere AG EUR na na % 158.8% nm nm 58.9% 0.0% nm na nm 0.1% DATA MODUL AG EUR % 183.8% % 10.4% 35.4% 17.4% 9.7% 0.0% nm nm 43.3x 18.3% ELMOS Semiconductor AG EUR % 186.7% % 6.8% 15.4% 9.1% 21.2% 3.2% nm 18.7x 11.5x 8.0% euromicron AG EUR % 155.4% % 4.5% -10.3% 39.5% 3.9% 1.5% 6.6x 1.4x nm -1.0% First Sensor AG EUR % 158.7% % 4.1% 20.1% 5.4% 11.5% 1.1% 1.6x 10.1x 8.3x 6.1% Fortec Elektronik AG EUR % 125.9% % nm 35.4% nm na 0.0% na 68.9x 18.7x na init innovation in traffic systems SE EUR % 110.1% % 9.1% -22.4% 27.4% 10.0% 3.5% 1.5x 18.7x 10.8x 5.7% Jenoptik AG EUR % 165.4% , , % 6.9% 10.1% 9.2% 14.3% 1.5% nm 22.5x 13.2x 12.9% Kontron AG EUR % 140.8% % 3.8% nm nm 4.8% 0.0% nm nm 3.2x -2.4% Mühlbauer Holding AG & Co. KGaA EUR % 123.9% % nm 32.7% nm na 1.9% nm nm 11.4x na OHB SE EUR % 151.6% % 6.9% 9.0% 13.7% 7.6% 3.1% 1.3x 13.9x 6.3x 12.6% Min % 3.8% -22.4% 5.4% 3.9% 0.0% 1.3x 1.4x 3.2x -2.4% Max 1, , % 158.8% 35.4% 52.6% 58.9% 3.5% 6.6x 75.4x 43.3x 18.3% Median % 6.9% 17.7% 15.6% 10.8% 1.5% 1.5x 18.7x 11.1x 7.1% % 22.1% 15.0% 21.8% 15.6% 1.5% 2.7x 28.7x 13.4x 7.4% Note: For multiple and ratio definitions, please refer to appendix 53

54 Technology (2/2) Valuation Analysis Peer Group Enterprise Value Equity Value EV / Sales EV / EBITDA EV / EBIT P / E P / B 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA ADVA Optical Networking SE 0.8x 0.7x 0.6x 0.6x 13.0x 4.8x 4.2x 3.6x 21.9x 10.9x 8.2x 6.5x 20.8x 13.3x 1 8.0x 1.8x Clere AG nm nm nm nm 1.7x nm nm nm 1.6x nm nm nm 12.2x nm 96.3x na 0.7x DATA MODUL AG 1.3x 1.2x 1.1x 1.0x 16.2x 12.0x 10.9x x 13.3x 11.9x 11.0x 26.7x 20.3x 18.1x 16.7x 3.7x ELMOS Semiconductor AG 1.6x 1.5x 1.4x 1.4x 8.0x 7.1x 6.5x 6.1x 16.1x 14.0x 12.2x 10.9x 24.2x 20.7x 17.7x 15.8x 1.7x euromicron AG 0.5x 0.4x 0.4x 0.4x 19.3x 11.4x 8.4x 7.1x nm 37.1x 16.6x 12.2x nm nm 20.8x 11.1x 0.8x First Sensor AG 1.1x 1.1x 1.0x 0.9x 8.7x 9.5x 8.1x 7.4x 16.2x 20.7x 15.2x 13.1x 23.3x 27.9x x 1.7x Fortec Elektronik AG 0.7x na na na 11.4x na na na 11.2x na na na 15.3x na na na 2.1x init innovation in traffic systems SE 1.5x 1.3x 1.2x 1.1x 15.9x 13.4x 10.2x 7.7x 26.4x 24.4x 14.6x 11.1x 16.5x 33.4x 21.2x 14.6x 1.9x Jenoptik AG 1.9x 1.7x 1.6x 1.5x 13.7x 12.2x 11.4x 10.5x 19.3x 17.0x 15.4x 14.1x 22.9x 21.1x 19.4x 17.6x 2.7x Kontron AG 0.4x 0.5x 0.4x 0.4x nm 9.4x 4.9x 3.9x nm nm 13.2x 8.5x nm nm 43.0x 19.0x 1.4x Mühlbauer Holding AG & Co. KGaA 1.8x na na na 9.1x na na na 12.4x na na na 15.8x na na na 3.8x OHB SE 0.8x 0.7x 0.7x 0.6x 11.6x 9.3x 8.5x 7.9x 13.6x 12.2x 11.1x 10.2x 20.8x 19.1x 17.0x 15.6x 2.4x Min 0.4x 0.4x 0.4x 0.4x 1.7x 4.8x 4.2x 3.6x 1.6x 10.9x 8.2x 6.5x 12.2x 13.3x 1 8.0x 0.7x Max 1.9x 1.7x 1.6x 1.5x 19.3x 13.4x 11.4x 10.5x 26.4x 37.1x 16.6x 14.1x 26.7x 33.4x 96.3x 19.0x 3.8x Median 1.1x 1.1x 1.0x 0.9x 11.6x 9.5x 8.4x 7.4x 16.2x 15.5x 13.2x 11.0x 20.8x 20.7x 19.7x 15.8x 1.9x 1.1x 1.0x 0.9x 0.9x 11.7x 9.9x 8.1x 7.1x 15.6x 18.7x 13.2x 10.8x 19.8x 22.2x 28.4x 15.0x 2.1x Note: For multiple and ratio definitions, please refer to appendix 54

55 Technology - Historic Multiples 1.4x 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x EV / Sales 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x EV / EBITDA 25.0x x 1 5.0x EV / EBIT 45.0x x x x 1 5.0x P / E 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 Transportation & Logistics General Information Ratio Analysis Share Price in % of Financial Cash & Leverage Interest Price/ Market Cap Enterprise EBITDA Dividend Sales CAGR EBITDA CAGR RoE Share 52 Week 52 Week 52 Week Debt Equiv. Value Margin Yield Ratio Cover OCFPS Peer Group Curr Price high low high low ( m) ( m) ( m) ( m) '13a-'16a '16a-'19e '13a-'16a '16a-'19e 2017e LFYA 2017e 2016a 2017e 2017e Aves One AG EUR % 121.5% % nm nm nm na 0.0% na 0.9x 3.9x na Fraport AG EUR % 164.4% 3, , , , % 6.9% 3.2% 12.3% 34.2% 3.1% 2.8x 5.8x 12.2x 7.9% Hamburger Hafen und Logistik AG EUR % 147.4% , , % 1.6% 3.3% 3.2% 23.3% 2.2% 0.8x 11.8x 5.9x 10.9% Hapag-Lloyd AG EUR % 160.0% 4, , , % 13.0% 25.9% 35.0% 10.1% na 3.7x 3.0x 9.9x 6.6% Sixt SE EUR % 124.1% 2, , , % 6.9% 17.8% 46.0% 30.9% na 2.6x 8.5x nm 13.4% VTG AG EUR % 142.1% 1, , % 3.4% 23.2% 5.0% 35.1% na 4.6x 4.8x 3.0x 7.0% Min % 1.6% 3.2% 3.2% 10.1% 0.0% 0.8x 0.9x 3.0x 6.6% Max 7, , % 13.0% 25.9% 46.0% 35.1% 3.1% 4.6x 11.8x 12.2x 13.4% Median 1, , % 6.9% 17.8% 12.3% 30.9% 2.2% 2.8x 5.3x 5.9x 7.9% 2, , % 6.4% 14.7% 20.3% 26.7% 1.8% 2.9x 5.8x 7.0x 9.2% Peer Group Valuation Analysis Enterprise Value EV / Sales EV / EBITDA EV / EBIT Equity Value P / E 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e 2016a 2017e 2018e 2019e LFQA Aves One AG 17.4x na na na 37.4x na na na nm na na na nm na na na 2.2x Fraport AG 3.9x 3.5x 3.3x 3.1x 12.5x 10.1x 9.3x 8.8x 21.2x 16.1x 14.7x 13.7x 19.0x 23.0x 20.5x 18.9x 1.8x Hamburger Hafen und Logistik AG 1.4x 1.4x 1.4x 1.3x 6.2x 6.0x 5.9x 5.6x 10.6x 11.0x 10.6x x 21.1x 20.4x 18.9x 2.3x Hapag-Lloyd AG 1.0x 0.8x 0.7x 0.7x 13.3x 7.8x 5.7x 5.4x nm 18.0x 11.3x 9.7x nm 12.7x 9.7x 7.5x 0.8x Sixt SE 1.9x 1.8x 1.6x 1.5x 15.5x 5.7x 5.3x 5.0x 16.4x 16.6x 15.5x 14.4x 16.4x 15.7x 14.5x 13.5x 2.1x VTG AG 2.6x 2.6x 2.5x 2.4x 8.1x 7.3x 6.7x 7.0x 19.4x 16.0x 14.3x 13.4x 17.1x 18.1x 15.2x 13.6x 1.3x Min 1.0x 0.8x 0.7x 0.7x 6.2x 5.7x 5.3x 5.0x 10.6x 11.0x 10.6x 9.7x 16.4x 12.7x 9.7x 7.5x 0.8x Max 17.4x 3.5x 3.3x 3.1x 37.4x 10.1x 9.3x 8.8x 21.2x 18.0x 15.5x 14.4x 19.0x 23.0x 20.5x 18.9x 2.3x Median 2.3x 1.8x 1.6x 1.5x 12.9x 7.3x 5.9x 5.6x 17.9x 16.1x 14.3x 13.4x 18.1x 18.1x 15.2x 13.6x 2.0x 4.7x 2.0x 1.9x 1.8x 15.5x 7.4x 6.6x 6.4x 16.9x 15.5x 13.3x 12.3x 17.9x 18.1x 16.1x 14.5x 1.7x P / B Note: For multiple and ratio definitions, please refer to appendix 56

57 Transportation & Logistics - Historic Multiples 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x EV / Sales 14.0x 12.0x 1 8.0x 6.0x 4.0x 2.0x EV / EBITDA 25.0x x 1 5.0x EV / EBIT 35.0x x x 1 5.0x P / E 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 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 58

59 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) 59

60 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 60

61 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 Vice President P: +49 (89) M: +49 (174) mathias.schott@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 (Tel.: +49 (89) ; E: mathias.schott@fcf.de). If you do not wish to receive the FCF Valuation Monitor in the future please send us an e- mail with the subject FCF Valuation Monitor Termination. 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

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