DATRON AG. Investor day supports our positive view. Buy (Buy) EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015

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1 BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) EUR (12.50 EUR ) Close 15/09/ EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price performance 52 week high EUR 52 week low 7.42 EUR Compared to SDAX YTD -6.8% 1 month 5.0% 12 months 2.7% Following a well-attended investor day at Datron s headquarters, we confirm our BUY recommendation for the stock with an unchanged PT of MEETING HIGHLIGHTS Management clearly confirmed its 2015 revenues target of m with an EBIT margin of 8-9%. Up to now, the management team does not see any negative impact from the global sector trend. We gained the impression that Datron is aiming to accelerate its R&D spending in H As a result, we assume that the cost base will increase by 0.4 m. This leads to our new EBIT forecast of 3.5 m (previously: 3.9 m) and a corresponding EBIT margin of 8.1% (previously: 9.1%). When reviewing the figures, one should keep in mind that the company uses the German Commercial Code (HGB) accounting method. Thus, R&D spending is booked as expenditures in the P&L. In 2014, Datron spent roughly 3.6 m on R&D (~10% of revenue). For 2015, we now assume a figure slightly above 4.0 m. We expect the company to achieve 10% organic revenue growth in the next few years. Moreover, this growth could be supported by a few smaller acquisitions. On the other hand, we would not be surprised if Datron were to make a small divestment. NEXT FIGURES DUE OUT IN EARLY NOVEMBE R The next event is the publication of the Q3 results in the first week of November. Share data EV (m EUR; 2015) 33.6 Market Cap (m EUR) 39.0 No. of shares (m) 4.0 Free float 27.5% BUY RATING REITERATE D Despite higher R&D expenses, we leave our forecast for 2016 unchanged and do not account for additional unit sales. In our view, the potential output provides upside to our numbers. Our peer group is trading at a 2016E PER of 15.4x (Datron: 11.2x). In addition, our DCF model confirms our price target of Next event Quarterly Results 06/11/2015 Change in model Sales EBIT EPS 2015e % -10.4% 2016e e Analyst Christoph Schlienkamp, Investmentanalyst DVFA Phone: +49 (0) See end of document for disclaimer. in m EUR e 2016e 2017e Sales EBIT EBIT margin 5.5% 7.9% 8.1% 10.7% 11.2% Net financial debt Free cash-flow EPS (in EUR) DPS (in EUR) Dividend yield 1.3% 1.7% 1.5% 2.1% 2.6% EV/Sales EV/EBIT Price Earnings ratio (P/E)

2 BANKHAUS LAMPE // 2 Key figures DATRON AG Income statement in m EUR e 2016e 2017e Sales Own work capitalised Total sales Material expenses Personnel expenses Unusual or infrequent items Other operating result EBITDA Depreciation EBITA Amortisation of goodwill Amortisation of intangible assets EBIT Financial result Income on ordinary activities Extraordinary income/loss EBT Taxes Net income from cont. operations Net income from discont. operations Minority interest Net income (adj.) No. of shares EPS e 2016e 2017e Gross margin 58.5% 54.6% 56.0% 57.0% 57.0% EBITDA margin 7.2% 9.7% 9.8% 12.1% 12.6% EBITA margin 5.5% 7.9% 8.1% 10.7% 11.2% EBIT margin 5.5% 7.9% 8.1% 10.7% 11.2% EBT margin 5.4% 7.9% 8.1% 10.7% 11.2% Net profit margin 3.7% 5.5% 5.7% 7.5% 7.9% Tax rate 30.5% 30.1% 30.0% 30.0% 30.0% Growth rates yoy e 2016e 2017e Sales 2.0% 13.9% 10.9% 10.0% 10.0% EBITDA -6.6% 52.0% 12.1% 36.7% 14.1% EBIT -11.6% 63.4% 14.8% 44.0% 16.0% EBT -19.5% 66.1% 14.9% 44.0% 16.0% Net income (adj.) -21.5% 67.0% 15.2% 44.0% 16.0% EPS -21.5% 67.0% 15.2% 44.0% 16.0%

3 BANKHAUS LAMPE // 3 DATRON AG Balance sheet Assets (in m EUR) e 2016e 2017e Fixed assets Property, plant and equipment Intangible assets Financial assets Other long-term assets Current assets Inventories Accounts receivable Other current assets Securities Cash Total assets Equity and liabilities in m EUR Shareholders equity Shareholders equity (before minority) Minorities Non-current liabilities Pension provisions Other provisions Long-term financial debt Other long-term debt Current liabilities Short-term debt Other accruals short-term Accounts payable Other liabilities Total equity and liabilities DATRON AG Balance sheet structure Assets e 2016e 2017e Fixed assets 20.0% 16.2% 17.7% 15.8% 16.9% Property, plant and equipment 17.2% 13.7% 15.4% 13.8% 15.1% Intangible assets 0.7% 0.5% 0.4% 0.4% 0.4% Current assets 79.8% 83.7% 82.2% 84.1% 83.0% Inventories 29.8% 34.6% 35.7% 35.2% 34.7% Accounts receivable 21.6% 20.8% 21.5% 21.2% 20.9% Cash 22.8% 23.1% 20.2% 23.5% 23.5% Equity and liabilities Shareholders equity 82.9% 82.1% 83.0% 84.1% 85.2% Non-current liabilities 7.2% 9.6% 9.0% 8.0% 7.2% Pension provisions 0.0% 0.0% 0.0% 0.0% 0.0% Long-term financial debt 0.0% 0.0% 0.0% 0.0% 0.0% Current liabilities 9.8% 8.1% 8.2% 7.9% 7.6% Short-term debt 0.0% 0.0% 0.0% 0.0% 0.0% Accounts payable 7.6% 6.2% 6.4% 6.3% 6.2%

4 BANKHAUS LAMPE // 4 DATRON AG Cash flow statement in m EUR e 2016e 2017e Net income (adj.) Depreciation Amortisation of goodwill & intangible assets Change of provisions Other Operating Cash-flow before changes in w/c Change in inventory Change in accounts receivable Change in accounts payable Change in other working capital positions Operating Cash-flow Capex, excluding maintenance Payments for acquisitions Financial investments Income from asset disposals Income from financial investments Cash-flow from investing activities Free cash-flow Capital measures Increase/decrease in debt position Purchase of own shares Other financing Cash-flow Dividend paid Cash-flow from financing activities Increase/ decrease in liquid assets Effects of exchange rate changes Cash at beginning of period Change in total cash and cash equivalents Cash at end of period

5 BANKHAUS LAMPE // 5 DATRON AG Ratios e 2016e 2017e Per Share Data EPS Book value per share Free Cash-flow per share Dividend per share Valuation ratios EV/Sales EV/EBITDA EV/EBIT Price Earnings ratio (P/E) Price to book (total equity) Dividend yield 1.3% 1.7% 1.5% 2.1% 2.6% Profitability ratios EBITDA margin 7.2% 9.7% 9.8% 12.1% 12.6% EBIT margin 5.5% 7.9% 8.1% 10.7% 11.2% Net return on sales 3.7% 5.5% 5.7% 7.5% 7.9% Return on capital employed (ROCE) 9.8% 14.8% 15.6% 19.8% 20.4% Productivity ratios Capital turnover 43.2% 42.5% 43.1% 42.1% 43.0% Operating leverage Sales per employee 167, , , , ,064 EBIT per employee 9,196 14,314 15,339 20,843 22,837 Number of employees (in thousands) Financial ratios Equity ratio 82.9% 82.1% 83.0% 84.1% 85.2% Net financial debt (in m EUR) Net debt / Equity -27.5% -28.1% -24.4% -27.9% -27.6% Interest cover Net debt / EBITDA Working Capital (in m EUR) Change Working Capital (in m EUR) WC /sales 29.6% 32.0% 32.0% 32.0% 32.0% Stocks in days of sales Trade debtors in days of sales Trade creditors in days of COGS/Material cost Cash conversion cycle Invest. (property/plant/equity) / Depreciation 68.9% 29.7% 203.6% 100.0% 230.8% Others Sales CAGR (last 3 years) 17.0% 6.0% 8.8% 11.6% 10.3% EBIT CAGR (last 3 years) -0.9% 0.0% 18.4% 39.3% 24.3% Net income CAGR (last 3 years) -2.8% -3.0% 14.8% 40.5% 24.4% Pay out ratio 31.9% 28.6% 24.8% 23.0% 24.8% Free cash-flow (in m EUR) Free cash flow yield 6.9% 3.1% 0.7% 5.7% 4.2%

6 BANKHAUS LAMPE // 6 Disclaimer Analyst declaration The relevant research analysts, as named on the front cover of this research report, certify that (a) all of the views expressed in this research report accurately reflect their personal views about the securities and companies mentioned in this research report; and (b) that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views expressed by them in this research report. Rating system Shares are rated based upon analyst forecasts with regard to the performance of the share during a period of twelve months. The rating Buy within this general concept means that the share s forecast performance is at least 10%. Hold means a price movement in a bandwidth of -10% to 10%. Sell means that the share s forecast performance is less than -10%. Explanation of valuation Unless shown otherwise, the stated upside targets are based upon either a discounted cash-flow pricing or upon a comparison of the performance ratios of companies that the respective analyst considers to be comparable, or upon a combination of these two analyses. Analysts modify the result of this fundamental assessment to incorporate the potential trend in market sentiment. Overview of changes in our recommendations/price targets in the previous twelve months for: DATRON AG (DAR GY), Close (15/09/2015): 9.75 EUR, Analyst: Christoph Schlienkamp (Investmentanalyst DVFA). Date of publication Price at recommendation Rating Price target 11/03/ EUR Buy EUR 19/01/ EUR Buy EUR The distribution of recommendations in our investments universe is currently as follows (date: 01/07/2015) Rating Basis: all analysed companies Basis: companies with investment banking relationships Buy 52.1% 75.0% Hold 37.9% 25.0% Sell 10.0% 0.0% Under Review 0.0% 0.0%

7 BANKHAUS LAMPE // 7 Prevention and dealing with conflicts of interest The measures taken by Bankhaus Lampe KG within the framework of its management of conflicts of interest in order to prevent and handle conflicts of interest are based, among other things, on the functional separation of sensitive business units, the establishment of confidentiality units by setting up information barriers, the establishment of organisational regulations regarding the treatment of confidential and sensitive information both inside and outside the confidentiality units and the monitoring and limitation of private securities transactions conducted by employees working in sensitive areas of Bankhaus Lampe KG. Conflicts of interest that cannot be avoided despite the measures taken are disclosed. Compliance with the internal and organisational provisions to prevent and handle conflicts of interest is monitored by the independent Compliance unit. Conflict of interest Disclosures of potential conflicts of interest relating to Bankhaus Lampe KG, its affiliates and subsidiaries in the followin g companies named in this research report are valid as of the end of the month prior to the publication of this report (updating this information may take up to ten days after the month comes to an end). Potential conflicts of interests may exist in the following companies named in this research report. Company Disclosure DATRON AG 5 5. Bankhaus Lampe KG or an affiliated company attends to the company s financial instruments by placing buy or sell orders (e.g. as market maker or designated sponsor). Responsible regulatory authority: Federal Financial Supervisory Authority Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Marie-Curie-Str , D Frankfurt

8 BANKHAUS LAMPE // 8 Declaration of liability The information in this study is based on public sources which the author(s) believe(s) to be reliable. Nevertheless, neither Bankhaus Lampe KG, nor its affiliated companies, nor the legal representatives, supervisory board members and employees of these companies can assume any guarantee for the correctness, completeness and accuracy of the information. All opinions and evaluations expressed in this study only reflect the current opinions and evaluations of the author(s), which do not necessarily correspond to the opinions and evaluations of other spheres of business of Bankhaus Lampe KG or its affiliated companies. All opinions and evaluations can be changed at any time without prior notice. They may differ from view s set out in other documents, including research, published by Bankhaus Lampe KG. This study is directed to institutional investors with registered offices in the European Union as well as in Switzerland, Liechtenstein and the United States of America, to whom the Bank has deliberately made it available. Its contents are for information purposes only and are not to be regarded as an offer or invitation to buy or sell financial instruments. Private investors who come to know the contents of this study should, before making a concrete investment decision, consult the investment adviser of their bank on whether any recommendation for a certain investment decision contained in this study is suitable for them in view of their investment objectives and financial conditions. The adviser may not share the views contained herein on the financial instruments and their issuers. The completion and publication of this study is subject to the law of the Federal Republic of Germany. Its publication in oth er jurisdictions may be restricted by applicable laws or other legal regulations. Persons with residence outside the Federal Republic of Germany who come into possession of this study must inform themselves about any applicable restrictions that they are obligated to observe. They are recommended to contact the authorities of their country that are responsible for the monitoring of financial instruments and of markets in which financial instruments are traded, in order to find out whether there are any restrictions on acquisition regarding the financial instruments this study refers to. This study may neither be reprinted, in whole or in part, nor transferred into an information system, nor stored in any way whatsoever, be it electronically, mechanically, via photocopy, or by any other means, except with the prior written approval of Bankhaus Lampe KG. Additional information for clients in the United Kingdom Publications in the United Kingdom are distributed by Lampe Capital UK (Services) Limited, 2 Savile Row, London W1S 3PA, United Kingdom and this report is only directed at persons who are investment professionals under Article 19 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 and the investment or investment activity to which this report relates is only available to and will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely upon the contents of this report. Additional information for clients in the United States This research report has been prepared and approved by Bankhaus Lampe KG ("BHL"), a full-service bank in Germany. BHL is not a registered broker/dealer in the United States and therefore is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided in the United States for distribution solely to "major U.S. institutional investors" in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended. Any recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so on ly through International KBR Finance LLC, IKBR ( IKBR ). IKBR may be contacted in writing or by phone: International KBR Finance LLC, IKBR, 712 Fifth Aven ue, 28th floor, New York, NY 10019, U.S. phone: IKBR is not an affiliate of BHL. Under no circumstances should any recipient effect any transaction to buy or sell securities or related financial instruments through BHL. Bankhaus Lampe KG, Jägerhofstraße 10, D Düsseldorf is responsible for this study. Further information may be obtained from Bankhaus Lampe KG. 17 September 2015

9 BANKHAUS LAMPE // 9 Contacts HEAD OF CAPITAL MARKETS & ADVISORY Ute Gerbaulet + 49 (0) HEAD OF EQUITY Ralf Menzel + 49 (0) VIA INTERNATIONAL KBR FINANCE LLC CHAPERONE OF BANKHAUS LAMPE KG IN THE US EQUITY SALES CONTINENTAL EUROPE Ulrich Klingmüller + 49 (0) EQUITY SALES IN GB Yusuf Bilgic + 44 (0) EQUITY SALES IN US Jörg Hagenbuch EQUITY SALES TRADING CONTINENTAL EUROPE Nils Carstens + 49 (0) EQUITY SALES TRADING IN GB Chris Ford + 44 (0) EQUITY SALES TRADING IN US Kim Last Bankhaus Lampe Research Jägerhofstraße 10 D Düsseldorf + 49 (0) (0)

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