ENTERPRISE VALUE EBIT MULTIPLES

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1 ENTERPRISE VALUE EBIT MULTIPLES REFERENCE DATE: JULY 15, 2016 DISCLAIMER DATA ARE TAKEN FROM THOMSON REUTERS DATASTREAM AT TABLES HAVE BEEN CALCULATED BY THE CHAIR OF FINANCIAL MANAGEMENT AT HHL LEIPZIG GRADUATE SCHOOL OF MANAGEMENT (PROF. DR. BERNHARD SCHWETZLER). THE DATA HAVE BEEN CAREFULLY EXTRACTED AND CALCULATED; THOUGH NO LIABILITY CAN BE TAKEN FOR THE CORRECTNESS OF THE DATA. ALL RIGHTS ARE RESERVED BY THE AUTHORS. FINEXPERT MEMBERS ARE ALLOWED TO USE THE DATA ONLY WITHIN THE SCOPE OF THEIR MEMBERSHIP. INDIVIDUAL MEMBERS ARE NOT ALLOWED TO USE THE DATA FOR CORPORATE PURPOSES UNLESS THEY UPGRADE TO A CORPORATE MEMBERSHIP. CALCULATION FIRMS DISPLAYING NEGATIVE MULTIPLES HAVE BEEN EXCLUDED FROM THE CALCULATION OF THE AGGREGATED SECTOR MULTIPLES. SECTOR COMPOSITION HAS BEEN ADAPTED FROM THE OFFICIAL SECTOR ALLOCATION IN THE DEUTSCHE BÖRSE AG S PRIME STANDARD. CRITICAL SECTORS SUCH AS BANKS, FINANCIAL SERVICES AND INSURANCE HAVE BEEN COMPLETELY EXCLUDED FROM CALCULATING ENTERPRISE-VALUE-MULTIPLES. OUTLIER ELIMINATION FOR EV-BASED MULTIPLES BASED ON 5%-QUANTILE YIELDED UPPER LIMIT FOR EXCLUSION OF FOR THE TRAILING -MULTIPLE. BASED ON THIS EXCLUSION RULE 10 OUT OF 204 DATASETS FOR THE TRAILING -MULTIPLES WERE ELIMINATED.

2 AUTOMOBILES PROGRESS-WERK OBERKIRCH 17.3 GRAMMER 17.0 SCHAEFFLER 12.9 BMW 12.9 ELRINGKLINGER 12.4 DAIMLER 11.9 CONTINENTAL 9.4 LEONI 9.2 HELLA KGAA HUECK 9.0 SHW 8.7 EDAG ENGINEERING GROUP 8.4 PROGRESS-WERK OBERKIRCH GRAMMER SCHAEFFLER BMW ELRINGKLINGER DAIMLER CONTINENTAL LEONI HELLA KGAA HUECK SHW EDAG ENGINEERING GROUP MIN 8.4 GEOM MITTEL 11.4 MEDIAN 11.9 ARITHM MITTEL 11.7 MAX 17.3

3 BASIC RESOURCES SALZGITTER 29.7 SURTECO 12.5 C A T OIL 11.0 AURUBIS 10.9 SALZGITTER SURTECO C A T OIL AURUBIS MIN 10.9 GEOM MITTEL 14.5 MEDIAN 11.8 ARITHM MITTEL 16.0 MAX 29.7

4 FOOD & BEVERAGES SUEDZUCKER 25.0 SUEDZUCKER 25.0 MIN 25.0 GEOM MITTEL 25.0 MEDIAN 25.0 ARITHM MITTEL 25.0 MAX 25.0

5 CHEMICALS SYMRISE 25.2 SKW STAHL-METGIE. HLDG COVESTRO 20.0 BAYER 17.6 LANXESS 17.4 LINDE 15.7 WACKER CHEMIE 15.1 BASF 14.1 FUCHS PETROLUB 14.0 H & R 13.0 EVONIK INDUSTRIES 9.5 K + S 7.3 SYMRISE SKW STAHL-METGIE. HLDG. COVESTRO BAYER LANXESS LINDE WACKER CHEMIE BASF FUCHS PETROLUB H & R EVONIK INDUSTRIES K + S MIN 7.3 GEOM MITTEL 15.2 MEDIAN 15.4 ARITHM MITTEL 16.0 MAX 25.2

6 CONSTRUCTION BRAAS MONIER BLDG. GR SERV 14.0 HEIDELBERGCEMENT 11.0 BAUER 10.2 HOCHTIEF 9.8 BRAAS MONIER BLDG. GR SERV HEIDELBERGCEMENT BAUER HOCHTIEF MIN 9.8 GEOM MITTEL 11.1 MEDIAN 10.6 ARITHM MITTEL 11.2 MAX 14.0

7 CONSUMER AHLERS 45.8 PUMA 28.7 ADIDAS 25.3 BORUSSIA DORTMUND 24.5 BEIERSDORF 20.2 TOM TAILOR HOLDING 17.7 HENKEL 17.0 A S CREATION 15.0 WESTAG & GETALIT 14.5 CEWE COLOR HOLDING 13.5 VILLEROY & BOCH 12.7 LEIFHEIT 12.4 EINHELL GERMANY 9.9 ADLER MODEMARKTE 9.6 BOSS (HUGO) 8.3 GERRY WEBER INTL. 7.8 AHLERS PUMA ADIDAS BORUSSIA DORTMUND BEIERSDORF TOM TAILOR HOLDING HENKEL A S CREATION WESTAG & GETALIT CEWE COLOR HOLDING VILLEROY & BOCH LEIFHEIT EINHELL GERMANY ADLER MODEMARKTE BOSS (HUGO) GERRY WEBER INTL MIN 7.8 GEOM MITTEL 15.7 MEDIAN 14.8 ARITHM MITTEL 17.7 MAX 45.8

8 INDUSTRIAL SMA SOLAR TECH PNE WIND 29.8 GEA GROUP 29.6 VOSSLOH 28.3 RATIONAL 27.2 BAYWA 26.5 STABILUS 23.7 THYSSENKRUPP 23.7 KOENIG & BAUER 23.0 SMT SCHARF 22.0 OSRAM LICHT 19.7 MTU AERO ENGINES HLDG BASLER 18.5 NORDEX 17.6 HEIDELBERGER DRUCKMASCHIN 17.2 KION GROUP 17.2 GFK 15.7 KWS SAAT 15.3 NORMA GROUP 14.5 BRENNTAG 14.2 MASTERFLEX 14.2 JENOPTIK 14.0 JUNGHEINRICH PFS WASHTEC 13.7 SOFTING 13.6 RHEINMETALL 13.6 SIEMENS 13.2 KRONES 13.2 PFEIFFER VACUUM TECH BILFINGER BERGER 12.7 DMG MORI 12.6 WACKER NEUSON 12.3 MBB 12.2 ROFIN-SINAR TECHS AIRBUS GROUP 11.9 TECHNOTRANS 11.5 SCHALTBAU HOLDING 11.4 INDUS HOLDING 11.3 VERBIO VER. BIOENERGIE 10.7 GESCO 10.3 MAX AUTOMATION 10.1 FRANCOTYP-POSTALIA HLDG. 9.6 AMADEUS FIRE 9.5 VISCOM 9.5 DR HOENLE 9.3 DUERR 8.9 CENTROTEC SUST. 8.7 SAF-HOLLAND 7.2 CROPENERGIES 7.0 SMA SOLAR TECH. PNE WIND GEA GROUP VOSSLOH RATIONAL BAYWA STABILUS THYSSENKRUPP KOENIG & BAUER SMT SCHARF OSRAM LICHT MTU AERO ENGINES HLDG. BASLER NORDEX HEIDELBERGER DRUCKMASCHINEN KION GROUP GFK KWS SAAT NORMA GROUP BRENNTAG MASTERFLEX JENOPTIK JUNGHEINRICH PFS. WASHTEC SOFTING RHEINMETALL SIEMENS KRONES PFEIFFER VACUUM TECH. BILFINGER BERGER DMG MORI WACKER NEUSON MBB ROFIN-SINAR TECHS. AIRBUS GROUP TECHNOTRANS SCHALTBAU HOLDING INDUS HOLDING VERBIO VER. BIOENERGIE GESCO MAX AUTOMATION FRANCOTYP-POSTALIA HLDG. AMADEUS FIRE VISCOM DR HOENLE DUERR CENTROTEC SUST. SAF-HOLLAND CROPENERGIES MIN 7.0 GEOM MITTEL 14.5 MEDIAN 13.6 ARITHM MITTEL 15.7 MAX 36.3

9 MEDIA AD PEPPER MEDIA INTL SCOUT STROEER 31.7 PROSIEBEN SAT 1 PF CTS EVENTIM 15.7 AXEL SPRINGER 13.6 BASTEI LUEBBE 10.2 RTL GROUP 10.1 HIGHLIGHT COMMS. 9.5 CONSTANTIN MEDIEN 8.3 AD PEPPER MEDIA INTL. SCOUT24 STROEER PROSIEBEN SAT 1 PF. CTS EVENTIM AXEL SPRINGER BASTEI LUEBBE RTL GROUP HIGHLIGHT COMMS. CONSTANTIN MEDIEN MIN 8.3 GEOM MITTEL 17.6 MEDIAN 14.6 ARITHM MITTEL 24.1 MAX 91.3

10 PHARMACEUTICALS & HEALTHCARE MORPHOSYS 40.9 QIAGEN 34.8 MERCK KGAA 31.0 SARTORIUS 29.5 EVOTEC 28.1 CARL ZEISS MEDITEC 27.8 DRAEGERWERK PREF STRATEC BIOMEDICAL 20.2 STADA ARZNEIMITTEL 18.0 GERRESHEIMER 16.8 FRESENIUS MED.CARE 14.6 RHOEN-KLINIKUM 14.4 MEDICLIN 13.9 GERATHERM MEDICAL 12.5 FRESENIUS 12.2 VITA 34 INTL. 8.2 ECKERT & ZIEGLER 5.8 MORPHOSYS QIAGEN MERCK KGAA SARTORIUS EVOTEC CARL ZEISS MEDITEC DRAEGERWERK PREF. STRATEC BIOMEDICAL STADA ARZNEIMITTEL GERRESHEIMER FRESENIUS MED.CARE RHOEN-KLINIKUM MEDICLIN GERATHERM MEDICAL FRESENIUS VITA 34 INTL. ECKERT & ZIEGLER MIN 5.8 GEOM MITTEL 18.3 MEDIAN 18.0 ARITHM MITTEL 20.7 MAX 40.9

11 RETAIL ZOOPLUS 67.6 ZALANDO 59.7 DELTICOM 34.0 FIELMANN 22.1 METRO 22.1 ARTNET 19.8 HAWESKO HOLDING 18.3 HORNBACH HOLDING 17.5 TAKKT 11.5 HORNBACH-BAUMARKT 10.9 ZEAL NETWORK 8.7 LUDWIG BECK 8.3 ZOOPLUS ZALANDO DELTICOM FIELMANN METRO ARTNET HAWESKO HOLDING HORNBACH HOLDING TAKKT HORNBACH-BAUMARKT ZEAL NETWORK LUDWIG BECK MIN 8.3 GEOM MITTEL 19.9 MEDIAN 19.0 ARITHM MITTEL 25.1 MAX 67.6

12 SOFTWARE NEMETSCHEK 35.0 INVISION SOFTWARE 33.3 XING 32.9 SNP SCHNNEUR.& PTN COMPUGROUP MEDICAL 31.2 USU SOFTWARE 27.1 NEXUS 25.6 SINNERSCHRADER 25.1 WIRECARD 23.3 SAP 22.0 PSI 20.1 ATOSS SOFTWARE 18.4 ISRA VISION 17.1 UNITED INTERNET 17.0 SECUNET SCTY.NET CANCOM 15.7 SYZYGY 15.7 RIB SOFTWARE 15.6 FABASOFT 15.2 BECHTLE 14.6 GFT TECHNOLOGIES 14.6 MSG LIFE 14.4 ALL FOR ONE STEEB 13.9 SOFTWARE 12.5 CENIT 11.3 IVU TRAFFIC TECHS MEVIS MEDICAL SLTN. 6.0 NEMETSCHEK INVISION SOFTWARE XING SNP SCHNNEUR.& PTN. COMPUGROUP MEDICAL USU SOFTWARE NEXUS SINNERSCHRADER WIRECARD SAP PSI ATOSS SOFTWARE ISRA VISION UNITED INTERNET SECUNET SCTY.NET. CANCOM SYZYGY RIB SOFTWARE FABASOFT BECHTLE GFT TECHNOLOGIES MSG LIFE ALL FOR ONE STEEB SOFTWARE CENIT IVU TRAFFIC TECHS. MEVIS MEDICAL SLTN MIN 6.0 GEOM MITTEL 18.3 MEDIAN 17.0 ARITHM MITTEL 19.9 MAX 35.0

13 TECHNOLOGY INTICA SYSTEMS 51.8 KONTRON 32.2 INFINEON TECHS PARAGON 21.6 SUESS MICROTEC 18.8 FORTEC ELEKTRONIK 16.5 S&T 16.3 INIT 14.7 OHB 13.4 DATA MODUL 11.6 ADVA OPTICAL NETWG ELMOS SEMICON. 7.1 DIALOG SEMICON. 6.8 INTICA SYSTEMS KONTRON INFINEON TECHS. PARAGON SUESS MICROTEC FORTEC ELEKTRONIK S&T INIT OHB DATA MODUL ADVA OPTICAL NETWG. ELMOS SEMICON. DIALOG SEMICON MIN 6.8 GEOM MITTEL 16.3 MEDIAN 16.3 ARITHM MITTEL 19.1 MAX 51.8

14 TELECOMMUNICATION 3U HOLDING 63.2 DRILLISCH 27.3 DEUTSCHE TELEKOM 17.6 FREENET 12.2 ECOTEL COMM U HOLDING DRILLISCH DEUTSCHE TELEKOM FREENET ECOTEL COMM MIN 7.2 GEOM MITTEL 19.3 MEDIAN 17.6 ARITHM MITTEL 25.5 MAX 63.2

15 TRANSPORTATION & LOGISTICS VTG 20.5 DEUTSCHE POST 17.7 SIXT 15.6 FRAPORT 13.0 HAMBURGER HAFEN UND LOGIS 11.9 LOGWIN 11.1 SIXT LEASING 9.0 DEUTSCHE LUFTHANSA 6.9 VTG DEUTSCHE POST SIXT FRAPORT HAMBURGER HAFEN UND LOGISTIK LOGWIN SIXT LEASING DEUTSCHE LUFTHANSA MIN 6.9 GEOM MITTEL 12.5 MEDIAN 12.5 ARITHM MITTEL 13.2 MAX 20.5

16 UTILITIES RWE 53.4 CAPITAL STAGE 24.7 CHORUS CLEAN ENERGY 21.0 MVV ENERGIE 14.5 RWE CAPITAL STAGE CHORUS CLEAN ENERGY MVV ENERGIE MIN 14.5 GEOM MITTEL 25.2 MEDIAN 22.9 ARITHM MITTEL 28.4 MAX 53.4

17 DAX30 RWE 53.4 MERCK KGAA 31.0 INFINEON TECHS ADIDAS 25.3 THYSSENKRUPP 23.7 SAP 22.0 BEIERSDORF 20.2 DEUTSCHE POST 17.7 BAYER 17.6 DEUTSCHE TELEKOM 17.6 PROSIEBEN SAT 1 PF LINDE 15.7 FRESENIUS MED.CARE 14.6 BASF 14.1 SIEMENS 13.2 BMW 12.9 FRESENIUS 12.2 DAIMLER 11.9 HEIDELBERGCEMENT 11.0 CONTINENTAL 9.4 DEUTSCHE LUFTHANSA 6.9 RWE MERCK KGAA INFINEON TECHS. ADIDAS THYSSENKRUPP SAP BEIERSDORF DEUTSCHE POST BAYER DEUTSCHE TELEKOM PROSIEBEN SAT 1 PF. LINDE FRESENIUS MED.CARE BASF SIEMENS BMW FRESENIUS DAIMLER HEIDELBERGCEMENT CONTINENTAL DEUTSCHE LUFTHANSA MIN 6.9 GEOM MITTEL 16.9 MEDIAN 16.5 ARITHM MITTEL 18.8 MAX 53.4

18 TECDAX30 MORPHOSYS 40.9 SMA SOLAR TECH NEMETSCHEK 35.0 QIAGEN 34.8 XING 32.9 COMPUGROUP MEDICAL 31.2 EVOTEC 28.1 CARL ZEISS MEDITEC 27.8 DRILLISCH 27.3 WIRECARD 23.3 DRAEGERWERK PREF STRATEC BIOMEDICAL 20.2 SUESS MICROTEC 18.8 NORDEX 17.6 UNITED INTERNET 17.0 CANCOM 15.7 RIB SOFTWARE 15.6 BECHTLE 14.6 GFT TECHNOLOGIES 14.6 JENOPTIK 14.0 PFEIFFER VACUUM TECH SOFTWARE 12.5 FREENET 12.2 ADVA OPTICAL NETWG DIALOG SEMICON. 6.8 MORPHOSYS SMA SOLAR TECH. NEMETSCHEK QIAGEN XING COMPUGROUP MEDICAL EVOTEC CARL ZEISS MEDITEC DRILLISCH WIRECARD DRAEGERWERK PREF. STRATEC BIOMEDICAL SUESS MICROTEC NORDEX UNITED INTERNET CANCOM RIB SOFTWARE BECHTLE GFT TECHNOLOGIES JENOPTIK PFEIFFER VACUUM TECH. SOFTWARE FREENET ADVA OPTICAL NETWG. DIALOG SEMICON MIN 6.8 GEOM MITTEL 19.7 MEDIAN 18.8 ARITHM MITTEL 21.7 MAX 40.9

19 MDAX50 ZALANDO 59.7 STROEER 31.7 SALZGITTER 29.7 GEA GROUP 29.6 SYMRISE 25.2 SUEDZUCKER 25.0 FIELMANN 22.1 METRO 22.1 COVESTRO 20.0 OSRAM LICHT 19.7 MTU AERO ENGINES HLDG STADA ARZNEIMITTEL 18.0 LANXESS 17.4 KION GROUP 17.2 GERRESHEIMER 16.8 CTS EVENTIM 15.7 WACKER CHEMIE 15.1 NORMA GROUP 14.5 RHOEN-KLINIKUM 14.4 BRENNTAG 14.2 JUNGHEINRICH PFS RHEINMETALL 13.6 AXEL SPRINGER 13.6 KRONES 13.2 FRAPORT 13.0 BILFINGER BERGER 12.7 DMG MORI 12.6 AIRBUS GROUP 11.9 AURUBIS 10.9 RTL GROUP 10.1 HOCHTIEF 9.8 EVONIK INDUSTRIES 9.5 LEONI 9.2 HELLA KGAA HUECK 9.0 DUERR 8.9 BOSS (HUGO) 8.3 K + S 7.3 ZALANDO STROEER SALZGITTER GEA GROUP SYMRISE SUEDZUCKER FIELMANN METRO COVESTRO OSRAM LICHT MTU AERO ENGINES HLDG. STADA ARZNEIMITTEL LANXESS KION GROUP GERRESHEIMER CTS EVENTIM WACKER CHEMIE NORMA GROUP RHOEN-KLINIKUM BRENNTAG JUNGHEINRICH PFS. RHEINMETALL AXEL SPRINGER KRONES FRAPORT BILFINGER BERGER DMG MORI AIRBUS GROUP AURUBIS RTL GROUP HOCHTIEF EVONIK INDUSTRIES LEONI HELLA KGAA HUECK DUERR BOSS (HUGO) K + S MIN 7.3 GEOM MITTEL 15.4 MEDIAN 14.4 ARITHM MITTEL 17.1 MAX 59.7

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