Buy Current price EUR 36.90

Under-appreciated operating leverage; up to Buy Summary: After better-than-expected 2013 results and following a roadshow with management, we increase our EPS estimates by 11% and 16% for 2014/15E respectively, roll out valuation to 2015E and increase our DCF-based price target to EUR44. 20% upside potential, a dividend yield of above 5% and an 11x cash adjusted PER 2015E for 11% EPS CAGR 2013-16E point out to undemanding valuation and support our upgrade to Buy. Strong margin expansion in 2013: Leifheit reported weaker-thanguided top-line growth of 1% versus expectations at the lower end of 2-4% sales growth. However, reported EBIT has improved significantly with a 15% yoy increase to EUR14.9m and a 1ppt margin expansion to 6.8%. We note, however, that this includes FX losses and that recurring EBIT has increased by 30% with a 1.8ppt margin expansion. Gross margin expansion of 1.2ppt to 44.9% on the back of improved product mix and cost control as well as divestment of lowmargin Dr Oetker business all contributed to EBIT margin expansion in 2013. Short- and mid-term guidance: 2014 guidance is for stable sales and EBIT, with a 1-3% increase in Brand business and a slight decrease in the Volume division. However, management reiterated its guidance of EUR250m of sales and an 8% EBIT margin by 2016E. This implies a more than 6% sales CAGR 2014-16E, which is too ambitious in our view, while we expect the company to reach the targeted 8% EBIT margin earlier than guided (2014E: 7.9%). Operating leverage to drive further margin expansion: Over the last 3-4 years, the company has refocused on its core product range and has streamlined its cost base. Thus incremental sales are set to come with a 20% EBIT margin and be the key driver behind further margin expansion. Thus while we are below 2015E guidance of EUR250m of sales (our estimate: EUR242m), we expect a 9% EBIT margin (+1ppt ahead of guidance). Valuation: A strong balance sheet with 25% of market cap in net cash, a dividend yield approaching 6% and a 11x cash adjusted PER underlines attractive valuation. Y/E 31.12., EUR m 2010 2011 2012 2013 2014E 2015E 2016E Sales 211 222 224 221 222 231 242 EBITDA 17 21 21 24 24 26 28 EBIT 8 14 15 17 17 20 22 Net profit 16 12 9 10 11 13 14 Y/E net debt (net cash) -25-29 -33-48 -52-55 -57 EPS (reported) 3.44 2.55 1.97 2.15 2.26 2.69 2.97 EPS (recurring) 1.14 2.02 1.78 2.15 2.26 2.69 2.97 CPS 3.57 4.03 3.48 4.04 3.56 3.99 4.45 DPS 3.00 1.30 1.50 1.65 1.73 2.06 2.28 Gross margin 42.3% 43.0% 43.6% 44.9% 45.7% 46.1% 46.4% EBITDA margin 7.9% 9.5% 9.4% 10.7% 10.6% 11.1% 11.5% EBIT margin 4.0% 6.4% 6.5% 7.6% 7.9% 8.4% 9.0% Dividend yield 18.2% 6.6% 6.1% 4.6% 4.8% 5.7% 6.3% ROCE 5.5% 9.5% 9.4% 10.5% 10.7% 11.7% 14.7% EV/sales 0.9 0.8 0.9 0.8 0.8 0.7 0.7 EV/EBITDA 11.4 8.9 9.2 7.6 7.4 6.8 6.2 EV/EBIT 22.5 13.1 13.4 10.6 10.0 8.9 7.9 P/E 14.5 9.8 13.9 16.8 16.0 13.4 12.1 Cash flow RoEV 4.7% 6.4% 5.5% 6.8% 7.2% 8.1% 9.1% Source: Company data, Berenberg. Note 2012 includes terminated licence agreement with Dr Oetker, EBIT includes positive one-offs of EUR2.5m in 2011 and EUR 1.2m in 2012; EBIT before FX gain/losses Buy Current price EUR 36.90 Price target EUR 44.00 04/04/2014 XETRA Close Market cap EUR 171 m Reuters LEIG.DE Bloomberg LEI GY Changes made in this note Rating Buy (Hold) Price target EUR 44.00 (33.00) Chg 2014E 2015E 2016E old Δ% old Δ% old Δ% Sales 231-3.7 239-3.1 - - EBIT 15 17.2 17 16.3 - - EPS 2.03 11.0 2.32 15.9 - - Source: Berenberg estimates Share data Shares outstanding (m) 5 Enterprise value (EUR m) 176 Daily trading volume 2,191 Performance data High 52 weeks (EUR) 37 Low 52 weeks (EUR) 26 Relative performance to SXXP SDAX 1 month 0.5 % 2.0 % 3 months 9.2 % 7.5 % 12 months -11.9 % -15.4 % Key data Price/book value 1.8 Net gearing -53.6% CAGR sales 2013-2016 3.0% CAGR EPS 2013-2016 11.4% Business activities: A manufacturer of household products in four segments: Laundry Care (40% of sales), Cleaning (22%), Wellbeing (14%) and Kitchen Goods (24%) Non-institutional shareholders: Home Beteiligungen: 55.3% MKV Verwaltungs: 10.0% Joachim Loh: 6.6% Leifheit: 5.0% 7 April 2014 Anna Patrice, CFA Analyst +44 20 3207 7863 anna.patrice@berenberg.com 1

Roadshow feedback During our roadshow with management (CEO Thomas Radke and CFO Dr Claus- O Zacharias) investors focus was mainly on 1) the company s business model and its competitive positioning, 2) its growth profile and margin expansion, 3) the shareholder structure, and 4) the strong balance sheet and use of cash. Business model Leifheit operates with two divisions, Brand (80% of group sales) and Volume (20%). Following the disposals of the Bedroom Furnishing, Ladder and Bin businesses, and recently the termination by Leifheit of the Dr Oetker licence agreement, the company is now focused on its two primary brands Leifheit and Soehnle within the Brand division (the company growth driver). The Volume division is the cash cow. The Volume business stands out with high profitability (EBIT margins of 8.6% in 2012) ahead of the Brand business. The main reason for this is the very lean structure of the French subsidiaries (which are concentrated on key accounts in France and Spain) and thus the high market share and economies of scale, resulting in good profitability at this private label business. However, there is no growth potential in this business, as expansion outside the home market will lead to higher competition, require investments in capex and opex and therefore bring in lower returns. This thus remains the Leifheit cash cow, while the Brand division is the key growth driver. Leifheit operates in the niche markets of household care, which is characterised by high fragmentation at international level, significant penetration of private labels and client concentration. Leifheit stands out against this backdrop with its tight focus on the niche sub-segments of durable consumer goods, and, as a result, its ability to satisfy both the end-consumer and customer base (ie distribution channels), thanks to: brands that stand for quality and innovation the company has strong brand recognition in its home market, and engenders a high level of consumer satisfaction for high-quality (durable) and easy-to-use products, while outside the home market it leverages on its German origins which inspire a quality perception by consumers; leading market positions in Germany and Europe it is number one in laundry care and wellbeing, and number two in cleaning (number two in Germany and number four in Europe); an increasingly competitive cost structure it has an integrated business model with 50% production in-house, and thus offers flexibility to cope with end-consumer demand; this has been further strengthened since the new management team s arrival with improved efficiencies across key areas such as production, the supply chain and working capital management. This competitive quality is evident in Leifheit s returns (ROIC), which are better than those of its larger peers (Helen of Troy, Jarden) which are conglomerates with only part of their business in the same areas as Leifheit. Larger peers in the small domestic appliance sector (SEBS SA) have better returns, although we believe this is also sector-specific, with higher market growth, stronger brand appeal and company size all playing a role. However, with increasing sales and further 2

operating margin in % Leifheit AG efficiency improvements, Leifheit targets margin expansion from the current 6% to 8% in the mid-term (our estimate: 9%); ROIC should also be enhanced to meet the level of its peers in the SDA segment. ROIC: Leifheit versus peers 16% 4.0 6.5 9.0 11.5 14.0 16.5 ROIC (%) 14% 12% 10% Helen of Troy SEB Leifheit target 8% Jarden Leifheit 6% WMF 4% Villeroy& Boch 2% 0% 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x capital turnover Source: Berenberg estimates, Bloomberg, Leifheit, Note: ROIC before tax Growth profile and margin expansion Focus on sales growth acceleration set to lead to a 3% sales CAGR 2013-16E Leifheit operates in mature countries, with western Europe accounting for more than 80% of group sales as of 2013, of which Germany accounts for 42% of group sales and an even higher share of Brand division sales at 50%. The charts below illustrate the split of the Brand division the key growth driver for the future by categories and regions. Management is likely to focus on further expansion of the core categories cleaning and laundry care in which it has a dominant market position. In terms of geographical expansion, the main focus will be on the DACH region (Germany, Austria, Switzerland) as well as specific European countries (the Netherlands, Belgium, France, Spain/Portugal, Italy, the Czech Republic and Slovakia, Poland, Scandinavia, Russia (only the major cities) and Turkey (starting in 2014)). Brand division sales split by regions, 2013 Brand division sales split by category, 2013 Eastern Europe 10% Rest 5% Wellbeing 17% Cleaning 31% Germany 50% Kitchen 10% Central Europe 35% Laundry Care 42% Source: Leifheit 3

New CEO Thomas Radke, who joined the company at the beginning of 2014, has the required experience 1 to support the sales growth targets, in our view, and his appointment marks a positive change in the management board following the departure in May 2013 of the previous CEO, Georg Thaller. Improving top-line growth towards management s targets of 3-5% per year is set to be supported by the following. Further penetration of the distribution channels in DACH, as even in Germany the company still has white spots, according to management (an improving presence at OBI and Edeka, among others), as well as a further focus on PoS (point of sales): The Project PoS Excellence targeted at PoS was presented at Ambiante Fair in February 2013 and has attracted much interest from the company s trade partners, with more than 100 test projects requested since. As the company has extensive experience in the laundry and cleaning segment and the scales segment, it offers support to retailers, helping them organise the space allocated in the shop to the products in this segment and increase sales density. As such, the company benefits from holding a prime position on stores shelves, while retailers benefit from the premiumisation trend and thus increased sales density. Management states that there was an average increase of 50% in these retail presentation areas of more than 70 installed PoS and it plans to open 50 more PoS in shops in 2014. Increased penetration and listing in core countries outside Germany: ie the Netherlands, Belgium, France, Spain/Portugal, Italy, the Czech Republic and Slovakia, Poland, Scandinavia, Russia (only in the major cities) and Turkey). Changing sales, marketing structure, focus on R&D: The company is aiming for a stricter focus on the consumer, via market research, and using this to inspire new product launches; increased collaboration with external R&D partners is aimed at improving innovation and, it is hoped, will lead to one new blockbuster product every other year. The window vacuum cleaner[pls confirm] is a good example of this approach work with an external partner has led to a innovative product with annualised sales approaching 5% of group turnover since its launch in spring 2013. Changes at mid-management level are ongoing to support the implementation of the company s new structure and culture, with a focus on more efficient sales-accounts-driven growth to further penetrate existing core markets. We believe that new initiatives are set to support management s indications of 3-5% sales growth, and further support is set to come from the improving macro environment and consumer sentiment. That said, 2014E is likely to be a transitional year; while most of the measures will be implemented, results will only be evident after a time lag, most likely from 2015E onwards. 1 Thomas Radke has held management positions in marketing, sales and general management at Carl Zeiss Vision, Procter & Gamble/Wella, Effern/Mars and at Henkel in Spain, China and Germany, and most recently Herlitz AG and Pelikan Holding AG 4

Cost optimisation and operating leverage support margin expansion 9% EBIT and 11% EPS CAGR 2013-16E: Margin improvement is the main growth driver of EPS growth, but it will be diluted slightly by an increasing tax rate from 23% in 2013 to 30% by 2016E. The gross margin is expected to[pls confirm/clarify: who expects this?] improve by c40bp pa for[in?] 2013-2016E, following a 270bp improvement over 2007-2012. We expect the gross margin to be supported by: a) a high level of innovation, with 30% of sales coming from new products. These new products should allow cost inflation to be passed on to consumers and enable the company to improve margins with an increasing share of more sophisticated/premium products; b) further cost optimisation measures, including an increasing share of inhouse production of ironing boards; c) a change in pricing policy in the international markets, with the company moving away from the cost-plus strategy and thus increasing the value of the products. Limited/normal investment results in an EBIT margin improvement to 9%, following a more than 1.5ppt expansion in 2013 to 7.7%: Following investments in production plant optimisation in 2012, the company could now generate total sales of up to EUR280m, or 20% additional capacity. The increasing share of automated production at the Czech factory implies limited personnel cost inflation in future. Expansion in emerging markets is predominantly carried out by partners, and thus also implies little required investment. So the cost base remains mostly constant, apart from marketing expenses and the share of distribution expenses, which will grow in line with sales. Therefore, roughly half of operating expenses after COGS are fixed costs and provide operating leverage. Thus additional sales come with roughly 20% EBIT margin compared to group 7.6% EBIT margin as of FY 2013 as illustrated in the chart below. Solid operating leverage with 20% EBIT margin from incremental sales 10.0 7.5 5.5 5.0 2.5 0.0 10.0 4.5 1.5 3.0 1.0 2.0 Source: Leifheit 5

We expect accelerating sales growth from 2015E onwards and as a result increasing operating leverage and 50-60bp EBIT margin expansion pa in 2015-16E. Thus our estimates are below company guidance for 2016E of EUR250m in sales (our estimate: EUR242m), but ahead on EBIT with a 9% EBIT margin versus the targeted 8% margin, and 9% ahead of implied EBIT of EUR20m by 2016E (our estimate: EUR21.7m by 2016E). Leifheit, main P&L lines, 2009-2016E Source: Company data, Berenberg estimates Shareholder structure 2009 2010 2011 2012 2013 2014E 2015E 2016E 2013-16 Sales 206.8 210.9 222.1 217.4 219.5 222.4 231.3 241.6 3.2% yoy 2.0% 5.3% -2.1% 1.2% 1.3% 4.0% 4.4% Gross profit 87.3 89.3 95.4 97.8 99.2 101.7 106.6 112.0 4.1% yoy 2.3% 6.9% 2.4% 1.5% 2.5% 4.8% 5.1% as % of sales 42.2% 42.3% 43.0% 45.0% 45.2% 45.7% 46.1% 46.4% bps change 13 63 200 22 52 38 27 Distribution costs 65.0 66.3 67.4 69.2 65.4 66.7 69.1 71.9 yoy 2.1% 1.6% 2.7% -5.4% 2.0% 3.6% 4.0% as % of sales 31.4% 31.5% 30.3% 31.8% 29.8% 30.0% 29.9% 29.8% incl. Marketing 12.4 13.1 14.2 15.0 14.0 15.0 15.7 16.5 G&A 13.1 11.4 13.3 14.3 13.6 13.9 14.1 14.4 yoy -13.4% 16.7% 7.7% -4.9% 2.0% 2.0% 2.0% as % of sales 6.3% 5.4% 6.0% 6.6% 6.2% 6.2% 6.1% 6.0% Other op. income/ expenses -1.6 0.6 3.6 3.8 0.6 0.6 0.6 0.6 yoy -136.7% 524.2% 4.2% -84.5% 1.3% 4.0% 4.4% as % of sales -0.8% 0.3% 1.6% 1.7% 0.3% 0.3% 0.3% 0.3% EBIT recurring 3.9 8.4 11.8 13.3 16.9 17.5 19.5 21.7 8.8% yoy 116.7% 40.1% 12.6% 26.9% 3.5% 11.8% 11.2% as % of sales 1.9% 4.0% 5.3% 6.1% 7.7% 7.9% 8.4% 9.0% bps change 212 132 80 156 16 59 54 FX gain/ losses -0.8 0.3-0.4-0.3-2.0 0.0 0.0 0.0 EBIT reported 3.1 8.7 13.9 14.2 14.9 17.5 19.5 21.7 yoy 179.3% 59.5% 1.7% 15.1% 17.0% 11.8% 11.2% as % of sales 1.5% 4.1% 6.3% 6.5% 6.8% 7.9% 8.4% 9.0% bps change 263 213 24 28 105 59 54 Net financial result -2.0-2.1-1.5-2.0-1.6-1.5-1.5-1.5 EBT 4.6 16.9 12.3 12.2 13.3 14.9 18.0 20.2 Taxes 1.4 0.6 0.2 2.8 3.1 4.2 5.2 6.1 Tax rate 32% 3% 1% 23% 23% 28% 29% 30% Net profit 3.1 16.3 12.1 9.4 10.2 10.7 12.8 14.1 11.4% yoy 424.0% -26.0% -22.6% 21.3% 4.9% 19.1% 10.6% CAGR EPS 0.66 3.44 2.55 1.97 2.15 2.26 2.69 2.97 11.4% Leifheit has a limited liquidity with a 2,000-share average trading volume (100-day average). While last year there were expectations about a potential sale to a strategic investor or placement of the Home Beteiligungen and MKV Verwaltung stakes (55% and 10% respectively), these never materialised. For the time being, management has no visibility on possible changes in shareholder structure and does not comment on these. 6

Shareholder structure Source: Bloomberg Leifheit, 5% Free float, 23% Joachim Loh, 7% MKV Verwaltungs, 10% Home Beteiligungen, 55% Strong balance sheet and use of cash Leifheit stands out with net cash balance sheet: Its EUR48m net cash position accounts for 26% of the current market cap. The company has a generous dividend policy and a c.75% dividend pay-out. Moreover, as Leifheit has carried out significant capex investment in the past and has 20% spare capacity, there is little need to invest in the near to mid-term. Thus the company is set to generate more than EUR10m of free cash flow pa with a more than 6% FCF yield. We expect a stable dividend pay-out and an increasing dividend, with a dividend yield approaching 6% by 2016E. However, management is now focusing on growth and this implies both organic and external opportunities. Following the restructuring, cost optimisation and portfolio streamlining over the last five years, the company is in a position now to search more vigorously for possible M&A targets. Its focus is on Leifheit core areas: laundry and cleaning categories, a strong trademark that will enable market entries or market expansion in the company s targeted markets (Germany and neighbouring countries). The charts below demonstrate the market share split in cleaning and laundry care in and outside of Germany and indicate that while some M&A is likely in the cleaning category both in and outside Germany, in laundry care this appears possible only outside Germany. Cleaning category: market share in Germany Leifheit 9% Vileda 12% Cleaning category: market share in Europe ex- Germany Private labels 32% Leifheit 6% Vileda 20% Private labels 50% Others 15% Spontex 7% Swiffer 7% Others 22% Spontex 8% Swiffer 12% Source: Company data Laundry care category: market share in Germany Laundry care category: market share in Europe ex-germany 7

Private labels 30% Leifheit 47% Private labels 45% Leifheit 18% Vileda 5% Others 15% Source: Company data Gimi 4% Vileda 4% Gimi 12% Others 20% Limited information was given by management regarding how much the company is willing to pay. Given that it is not interested in restructuring cases and is looking for a strong brand, EV/EBIT multiples up to 13x can be expected, although we note that in the past Leifheit paid 9.5x EV/EBIT for a 16% EBIT margin business when it acquired its stake in Herby Industrie in 2008. 8

Changes Leifheit AG Estimates and valuation Following worse-than-expected sales but a much better-than-anticipated FY 2013 EBIT margin thanks to gross margin expansion as well as cost optimisation, we increase our 2014-15E EBIT by 17% and 16% respectively, although we reduce our sales assumptions. We slightly increase the tax rate by 1-2ppt in 2014-15E and thus our EPS increase is at 11% for 2014E and 16% for 2015E, slightly below the EBIT increase for these respective years. New versus old estimates, 2013-2015E Change of estimates Source: Berenberg estimates Following the change in estimates, we are 8% ahead of consensus EPS for 2014E and 7% ahead for 2015E, although we are more or less in line with consensus 2016E estimates. That said, there are only two brokers following the stock and thus consensus is not representative in our view. Consensus versus Berenberg estimates Source: Berenberg estimates Valuation 2013 2014 2015 old new Δ old new Δ old new Δ Sales 223 221-0.8% 231 222-3.7% 239 231-3.1% EBIT 13 17 29.8% 15 17 17.2% 17 20 16.3% EPS 1.73 2.15 24.4% 2.03 2.26 11.0% 2.32 2.69 15.9% FY Berenberg Last fiscal year Current Y Next fiscal year Next fiscal year +1 Sales 221 222 231 242 yoy 0.7% 4.0% 4.4% EBIT 17 17 20 22 yoy 3.5% 11.8% 11.2% as % of sales 7.6% 7.9% 8.4% 9.0% Net income 10 11 13 14 EPS 2.15 2.26 2.69 2.97 yoy 4.9% 19.1% 10.6% Consensus Last fiscal year Current Y Next fiscal year Next fiscal year +1 Sales 221 223 233 245 yoy 0.9% 4.3% 5.4% EBIT 17 16 18 22 yoy -7.9% 18.3% 17.4% as % of sales 7.6% 7.0% 7.9% 8.8% Net income 10 10 12 14 EPS 2.15 2.10 2.52 2.93 yoy -2.7% 20.0% 16.5% Diff. vs. consensus Last fiscal year Current Y Next fiscal year Next fiscal year +1 Sales -0.3% -0.5% -1.4% EBIT 12.3% 6.2% 0.5% Net income 7.8% 6.9% 1.6% EPS 7.8% 7.0% 1.5% We roll over valuation to 2015E and our CFRoEV-based price target increases to EUR44.0 also due to increased estimates. The 20% upside potential underpins our Buy recommendation. 9

CFRoEV valuation Leifheit AG Fair value = (cash flow return / hurdle rate) = (adj. EBIT after taxes / hurdle rate) Business year end: 31.12 2014 2015 2016 EBIT 17.5 19.5 21.7 + Depreciation of fixed assets 5.0 5.0 5.0 + Amortisation / Impairment of goodwill 0.0 0.0 0.0 + Amortisation of intangible assets 1.1 1.1 1.1 - Maintenance capex 4.6 4.6 4.6 = Adjusted EBIT 19.0 21.1 23.3 - Taxes (normalised tax rate) 5.7 6.3 7.0 - Minorities 0.0 0.0 0.0 = Adjusted cash flow after tax 13.3 14.7 16.3 Hurdle rate 7.7% 7.7% 7.7% = Fair EV 173 191 211 - Net debt (cash) -52.3-54.5-56.6 - Pension provisions 56.4 56.4 57.2 + Accumulated dividends outstanding 8.2 18.0 10.8 = Fair market capitalization 178 209 223 Number of shares (million) 4.75 4.75 4.75 Fair value per share (EUR) 37.5 44.0 46.9 Current value per share 36.6 36.6 36.6 premium (-) / discount (+) in % 2% 20% 28% Source: Berenberg estimates DCF yields fair value of EUR44 per share and further supports our Buy rating. Our DCF model is based on the following assumptions: a 2.5% terminal growth rate; a final EBIT margin of 8.5%, as incremental sales comes with 20% EBIT margin and thus set to support margin expansion beyond 8% EBIT margin targeted in the mid-term target; a 9% WACC based on a 6% risk premium, a 3% risk-free rate and a 1.0 beta. WACC looks high, but this is due to a cash-positive balance sheet. These assumptions are not aggressive, in our view, as the terminal value accounts for 57% of the total value. 10

Beta WACC Leifheit AG DCF method DCF model Leifheit (EURm) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Operating profit (NOPAT) 12.6 13.9 15.2 15.8 16.3 16.6 17.0 17.4 17.7 18.3 Change working capital 0.9-2.3-2.7-2.8-2.9-2.7-2.8-2.9-2.6-2.7 Depreciation 6.2 6.1 6.1 6.2 6.3 6.3 6.4 6.5 6.5 7.0 Investments 6.2 6.2 6.6 6.6 6.7 6.8 6.9 6.9 6.9 7.0 Net cash flow 13.5 11.5 12.9 13.4 13.7 14.4 14.7 15.0 15.7 16.5 260.9 Present value 12.7 9.9 10.2 9.7 9.1 8.8 8.2 7.7 8.0 7.2 122.9 WACC 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 10.0% DCF per share derived from WACC derived from Terminal value Long-term growth rate 2.5% Total present value 214 Interest costs, pre-tax 6.0% thereof terminal value: 57% Tax rate 28.0% Net debt at year start -48 Interest costs, after taxes 4.3% Investments, minorities & others -55 Required ROE 9.0% Equity value 208 Risk premium 6.0% No. of outstanding shares 4.8 Risk-free (10y. bond) 3.0% Discounted cash flow per share 43.7 Beta 1.0 Fair value per share in EUR Source: Berenberg estimates Sensitivity analysis DCF Long-term growth rate 1.5% 2.0% 2.5% 3.0% 3.5% 1.2 10.2% 34 36 37 38 40 1.1 9.6% 37 38 40 42 44 1.0 9.0% 40 42 44 46 49 0.9 8.4% 44 46 48 51 55 0.8 7.8% 48 51 54 58 62 Strong balance sheet, with 25% of market cap in cash We would like to highlight the company s very strong balance sheet, with EUR48m of net cash as of 2013. We expect this to increase to EUR55m by FY 2016E, or c30% of the market cap. This leads to: a) an attractive dividend yield of 5%; and b) inflated multiples versus peers. Shareholder-friendly dividend policy The company follows a shareholder-friendly dividend policy, with a more than 50% dividend pay-out in the past and a bonus dividend payment following the disposal of non-core activities. With 1) a cash-positive balance sheet (EUR48m as of 2013), 2) limited capex investments looking forward (capacity at the Czech plant was already increased by 20% in 2012) and 3) solid cash flow generation, the dividend policy looks sustainable. Multiples adjusted for cash look more reasonable The company trades at a discount to the peer group on EV/EBITDA multiples of 25%, but at a 25% premium on PER. However, if we adjust PER for cash, Leifheit is trading at a 10% discount to its peers. On the one hand, to some extent the discount is justified given the company s market cap size, free float and liquidity. On the other, Leifheit stands out with the best returns of its peer group: ie, ROIC of 13% versus the peer average of less than 9%, a strong balance sheet and a solid 11% EPS CAGR 2013-16E. 11

Peer group comparison Name Market cap EV Source: Datastream EV/Sales EV/EBITDA PER FY1 FY2 FY3 FY1 FY2 FY3 FY1 FY2 FY3 SEB 3,182 3,531 0.8 0.8 0.8 7.5 6.9 6.3 15.5 13.5 12.3 JARDEN 7,882 11,253 1.4 1.3 1.3 9.8 9.1 8.6 15.1 13.5 12.3 HELEN OF TROY 2,219 2,219 1.7 1.7 11.7 10.6 19.6 14.9 13.6 MCBRIDE 174 258 0.3 0.3 5.4 4.9 12.4 10.2 VILLEROY & BOCH 171 230 0.3 0.3 0.3 3.0 2.9 2.7 12.6 11.2 10.0 DE LONGHI 2,395 2,406 1.4 1.3 1.2 9.4 8.4 7.6 18.3 15.5 13.2 Median 1.1 1.0 1.0 8.5 7.7 7.0 15.3 13.5 12.3 Average 1.0 0.9 0.9 7.8 7.1 6.3 15.6 13.1 12.3 LEIFHEIT 187.5 184.0 0.8 0.8 0.8 8.4 7.3 5.7 18.1 15.3 12.8 Premium/ Discount -27% -25% -23% -1% -5% -18% 18% 13% 4% Name Sales EBITDA margin EBIT margin 3Y CAGR ROIC FY1 FY2 FY3 FY1 FY2 FY3 FY1 FY2 FY3 Sales EPS SEB 4,228 4,436 4,618 11.1% 11.5% 12.1% 8.3% 8.8% 9.0% 3.5% 8.2% 9.4% JARDEN 8,126 8,435 14.2% 14.7% 11.9% 12.5% 6.3% 32.7% 6.9% HELEN OF TROY 1,316 1,337 14.4% 15.7% 11.3% 12.9% 2.0% 3.1% 10.5% MCBRIDE 773 789 809 6.1% 6.6% 6.9% 3.0% 3.5% 3.8% 2.0% 0.0% 5.0% VILLEROY & BOCH 773 804 834 9.9% 9.9% 10.4% 6.4% 6.3% 6.7% 3.8% 29.5% 7.6% DE LONGHI 1,739 1,879 2,020 14.7% 15.2% 15.6% 12.1% 12.6% 13.3% 7.4% 15.5% 13.0% Median 12.6% 13.1% 11.2% 9.8% 10.6% 7.8% 3.7% 11.9% 8.5% Average 11.7% 12.3% 11.2% 8.8% 9.4% 8.2% 4.2% 14.8% 8.7% LEIFHEIT 226 235 245 9.7% 10.7% 13.1% 6.8% 7.6% 8.8% 1.4% 10.6% 12.7% Premium/ Discount -23% -18% 17% -31% -28% 13% -62% -11% 49% 12

Financials Profit and loss account Year-end December (EUR m) 2010 2011 2012 2013 2014E 2015E 2016E Sales 211 222 224 221 222 231 242 Cost of sales 122 127 126 122 121 125 130 Gross profit 89 95 98 99 102 107 112 Sales and marketing 66 67 69 65 67 69 72 General and administration 11 13 14 14 14 14 14 Research and development 4 4 4 4 4 4 5 Other operating income 2 4 4 1 1 1 1 Other operating expenses 1 1 0 1 1 1 1 Unusual or infrequent items 0 0 0 0 0 0 0 EBITDA 17 21 21 24 24 26 28 Depreciation 6 5 5 6 5 5 5 EBITA 11 16 16 18 19 21 23 Amortisation of goodwill 0 0 0 0 0 0 0 Amortisation of intangible assets 2 1 1 1 1 1 1 Impairment charges 0 0 0 0 0 0 0 EBIT 8 14 15 17 17 20 22 Interest income 1 1 1 0 1 1 1 Interest expenses 3 2 3 2 2 2 2 Other financial result 0-1 0-2 -1 0 0 Financial result -2-2 -2-4 -3-2 -2 Income on ordinary activities before taxes 6 12 12 13 15 18 20 Extraordinary income/loss 0 0 0 0 0 0 0 EBT 6 12 12 13 15 18 20 Taxes 1 0 3 3 4 5 6 Net income from continuing operations 5 12 9 10 11 13 14 Income from discontinued operations (net of tax) 11 0 0 0 0 0 0 Net income 16 12 9 10 11 13 14 Minority interest 0 0 0 0 0 0 0 Net income (net of minority interest) 16 12 9 10 11 13 14 Source: Company data, Berenberg estimates 13

Balance sheet Year-end December (EUR m) 2010 2011 2012 2013 2014E 2015E 2016E Intangible assets 20 20 19 18 18 18 18 Property, plant and equipment 36 35 39 35 35 35 36 Financial assets 20 10 3 1 1 1 1 Fixed Assets 76 66 62 55 55 55 56 Inventories 39 38 39 34 34 35 36 Accounts receivable 46 46 52 47 47 49 51 Other current assets 60 57 60 54 54 56 59 Liquid assets 26 30 34 51 55 57 59 Deferred taxes 5 8 11 10 10 9 7 Other accruals 0 0 0 0 0 0 0 Current Assets 131 133 144 148 152 157 161 TOTAL 207 199 206 204 207 212 216 Shareholders' equity 101 99 93 95 98 101 58 Minority interest 0 0 0 0 0 0 0 Long-term debt 17 17 17 17 17 17 17 Pensions provisions 44 45 56 56 56 56 57 Other provisions 16 12 9 10 11 13 14 Non-current liabilities 101 99 93 95 98 101 58 Short-term debt 0 0 0 0 0 0 0 Accounts payable 25 20 19 13 15 15 16 Advance payments 0 0 0 0 0 0 0 Other liabilities 28 27 26 26 26 27 27 Deferred taxes 2 2 2 2 2 2 46 Other accruals 0 0 0 0 0 0 0 Current liabilities 56 50 47 43 45 46 91 TOTAL 207 199 206 204 207 212 216 Source: Company data, Berenberg estimates 14

Cash flow statement EUR m 2010 2011 2012 2013 2014E 2015E 2016E Net profit/loss 7 12 9 10 11 13 14 Depreciation of fixed assets 6 5 5 6 5 5 5 Amortisation of goodwill 0 0 0 0 0 0 0 Amortisation of intangible assets 3 1 1 1 1 1 1 Other 1 0 1 2 0 0 1 Cash flow from operations before changes in w/c 17 19 17 19 17 19 21 Change in inventory 0-1 -1 6 0-1 -1 Change in accounts receivable -7-1 -5 5 0-2 -2 Change in accounts payable 2-4 -1-7 1 1 1 Change in other working capital positions 0 0 0 0 0 0 0 Change in working capital -5-6 -8 4 1-2 -3 Cash flow from operating activities 12 13 8 23 18 17 18 Maintenance capex 4 4 3 4 4 4 4 Cash flow from operating activities after maintenance 8 9 5 19 14 13 14 Capex, excluding maintenance 2 2 7 0 3 3 3 Payments for acquisitions 6 0 0 0 0 0 0 Financial investments 0 0 0-2 0 0 0 Income from asset disposals 9 10 12 2 0 0 0 Cash flow from investing activities -3 5 2 0-6 -6-7 Cash flow before financing 9 18 11 23 12 10 12 Increase/decrease in debt position 0 0 0 0 0 0 0 Purchase of own shares 0 0 0 0 0 0 0 Capital measures 0 0 0 0 0 0 0 Dividends paid 14 14 6 7 8 8 10 Others -2 0 0 0 0 0 0 Effects of exchange rate changes on cash 0 0 0 1 0 0 0 Cash flow from financing activities -16-14 -6-7 -8-8 -10 Increase/decrease in liquid assets -6 3 4 17 4 2 2 Liquid assets at end of period 26 30 34 51 55 57 59 Source: Company data, Berenberg estimates 15

Growth rates yoy (%) 2010 2011 2012 2013 2014E 2015E 2016E Sales 2.0 % 5.3 % 0.9 % -1.5 % 0.7 % 4.0 % 4.4 % Organic 2.0 % 5.3 % 0.9 % 4.2 % 1.3 % 4.0 % 4.4 % External 0.0 % 0.0 % 0.0 % -5.7 % -0.6 % 0.0 % 0.0 % EBITDA 28.4 % 26.7 % 0.2 % 12.0 % -0.3 % 8.7 % 8.5 % EBIT 69.2 % 47.5 % 0.9 % 14.1 % 2.3 % 11.1 % 10.5 % Net income 426.2 % -26.1 % -22.4 % 9.3 % 4.9 % 19.1 % 10.5 % EPS reported 424.0 % -26.0 % -22.6 % 9.3 % 4.9 % 19.1 % 10.6 % EPS recurring n.a. 77.5 % -12.0 % 21.3 % 4.9 % 19.1 % 10.6 % Source: Company data, Berenberg estimates Regional sales Regional Sales (EUR m) 2010 2011 2012 2013 2014E 2015E 2016E Domestic 89 97 93 93 92 95 98 Rest of Europe 108 111 113 115 118 123 130 NAFTA 0 0 0 0 0 0 0 Asia Pacific 0 0 0 0 0 0 0 Rest of World 14 14 12 11 12 13 14 TTL 211 222 217 220 222 231 242 Regional sales shares Domestic 42.2% 43.5% 42.6% 42.4% 41.5% 41.0% 40.5% Rest of Europe 51.1% 50.0% 51.9% 52.5% 52.9% 53.3% 53.7% NAFTA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Asia Pacific 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Rest of world 6.7% 6.5% 5.5% 5.1% 5.6% 5.7% 5.8% TTL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Source: Company data, Berenberg estimates 16

Ratios Ratios 2010 2011 2012 2013 2014E 2015E 2016E Asset utilisation efficiency Capital employed turnover 1.4 1.5 1.4 1.4 1.3 1.4 1.9 Operating assets turnover 2.2 2.2 2.0 2.2 2.2 2.2 2.3 Plant turnover 5.9 6.3 5.8 6.2 6.3 6.5 6.8 Inventory turnover (sales/inventory) 5.4 5.8 5.7 6.6 6.6 6.7 6.8 Operational efficiency Operating return 17.4% 21.3% 19.1% 23.2% 23.3% 24.8% 26.1% Total operating costs / sales 38.3% 36.5% 37.1% 37.3% 37.9% 37.6% 37.4% Sales per employee 185.5 204.7 206.6 203.6 205.0 213.2 222.6 EBITDA per employee 14.7 19.5 19.5 21.8 21.8 23.7 25.7 EBIT margin 4.0% 6.4% 6.5% 7.6% 7.9% 8.4% 9.0% Return on capital EBIT/ Y/E capital employed 5.6% 9.6% 9.1% 10.4% 10.6% 11.6% 17.0% EBIT / avg. capital employed 5.5% 9.5% 9.4% 10.5% 10.7% 11.7% 14.7% EBITDA/ Y/E capital employed 11.0% 14.1% 13.3% 14.6% 14.3% 15.3% 21.9% EBITDA / avg. capital employed 10.9% 14.0% 13.7% 14.7% 14.4% 15.4% 18.8% Return on equity Net profit / Y/E equity 16.1% 12.2% 10.1% 10.8% 11.0% 12.7% 24.2% Recurring net profit / Y/E equity 5.3% 9.7% 9.1% 10.8% 11.0% 12.7% 24.2% Net profit / avg. equity 16.2% 12.1% 9.8% 10.9% 11.2% 12.9% 17.8% Recurring net profit / avg. equity 5.3% 9.6% 8.8% 10.9% 11.2% 12.9% 17.8% Security Net debt (if net cash=0) -25-29 -33-48 -52-55 -57 Debt / equity 0.9% 0.6% 0.4% 2.6% 2.5% 2.5% 4.2% Net gearing -25.1% -29.3% -36.0% -51.2% -53.6% -54.2% -96.8% Interest cover 3 6 6 8 8 9 10 EBITDA / interest paid 6 9 8 11 11 12 13 Altman's z-score 4.9 5.1 5.1 5.1 5.1 5.1 4.9 Dividend payout ratio 87% 51% 76% 77% 77% 77% 77% Liquidity Current ratio 2.3 2.7 3.0 3.4 3.4 3.4 1.8 Acid test ratio 1.6 1.9 2.2 2.6 2.6 2.6 1.4 Free cash flow 0.4 0.6-0.2 1.9 1.1 0.8 0.8 Funds management Avg. working capital / sales 34.0% 27.9% 30.3% 31.4% 29.8% 29.0% 28.8% Cash flow / sales 3.8% 5.1% 4.7% 5.6% 5.7% 6.1% 6.5% Free cash flow/sales 2.7% 3.3% -0.7% 8.8% 5.2% 4.5% 4.9% Inventory processing period (days) 118 111 114 101 101 101 101 Receivables collection period (days) 79 76 84 77 77 77 77 Payables payment period (days) 74 59 55 40 44 45 45 Cash conversion cycle (days) 123 127 143 138 134 134 133 Trade creditors / trade debtors 54.4% 44.5% 37.0% 28.9% 31.1% 31.1% 31.1% Other Interest received / avg. cash 2.4% 3.0% 1.8% 1.1% 1.1% 1.1% 1.1% Interest paid / avg. debt 570% 321% 524% 145% 85% 85% 86% Capex / dep'n 72.2% 82.2% 146.5% 18.2% 100.5% 101.2% 106.6% Cost per employee 38 39 39 39 40 40 41 Capex / sales 3.0% 2.5% 4.3% 0.6% 2.8% 2.7% 2.7% Maint. capex / sales 2.8% 2.3% 2.7% 2.8% 2.5% 2.4% 2.3% Cash flow 8 11 11 12 13 14 16 Cash ROCE 5.2% 7.5% 6.9% 7.6% 7.7% 8.5% 10.6% Free cash flow yield 7.3% 7.7% -1.3% 11.3% 6.8% 6.1% 6.9% Source: Company data, Berenberg estimates 17

Contacts: Investment Banking EQUITY RESEARCH E-mail: firstname.lastname@berenberg.com; Internet www.berenberg.com AEROSPACE & DEFENCE DIVERSIFIED FINANCIALS METALS Andrew Gollan +44 20 3207 7891 Pras Jeyanandhan +44 20 3207 7899 Bjoern Lippe +44 20 3207 7845 Ben Slingsby +44 20 3465 2626 AUTOMOTIVES MID CAP GENERAL Adam Hull +44 20 3465 2749 FOOD MANUFACTURING Robert Chantry +44 20 3207 7861 Paul Kratz +44 20 3465 2678 Fintan Ryan +44 20 3465 2748 Gunnar Cohrs +44 20 3207 7894 James Targett +44 20 3207 7873 Sam England +44 20 3465 2687 BANKS Benjamin May +44 20 3465 2667 Nick Anderson +44 20 3207 7838 FOOD RETAIL Anna Patrice +44 20 3207 7863 James Chappell +44 20 3207 7844 Andrew Steele +44 20 3207 7926 Stanislaus von Thurn und Taxis +44 20 3465 2631 Andrew Lowe +44 20 3465 2743 Eoin Mullany +44 20 3207 7854 GENERAL RETAIL & LUXURY GOODS OIL & GAS Eleni Papoula +44 20 3465 2741 Bassel Choughari +44 20 3465 2675 Asad Farid +44 20 3207 7932 Michelle Wilson +44 20 3465 2663 John Guy +44 20 3465 2674 Jaideep Pandya +44 20 3207 7890 Bethany Hocking +44 20 3207 7925 BEVERAGES Zuzanna Pusz +44 20 3207 7812 REAL ESTATE Philip Morrisey +44 20 3207 7892 Kai Klose +44 20 3207 7888 HEALTHCARE Estelle Weingrod +44 20 3207 7931 BUSINESS SERVICES, LEISURE & TRANSPORT Scott Bardo +44 20 3207 7869 Najet El Kassir +44 20 3207 7836 Alistair Campbell +44 20 3207 7876 TECHNOLOGY Stuart Gordon +44 20 3207 7858 Charles Cooper +44 20 3465 2637 Adnaan Ahmad +44 20 3207 7851 Simon Mezzanotte +44 20 3207 7917 Graham Doyle +44 20 3465 2634 Daud Khan +44 20 3465 2638 Matthew O'Keeffe +44 20 3207 7895 Tom Jones +44 20 3207 7877 Ali Farid Khwaja +44 20 3207 7852 Josh Puddle +44 20 3207 7881 Louise Pearson +44 20 3465 2747 Tammy Qiu +44 20 3465 2673 Arash Roshan Zamir +44 20 3465 2636 HOUSEHOLD & PERSONAL CARE TELECOMMUNICATIONS CAPITAL GOODS Bassel Choughari +44 20 3465 2675 Wassil El Hebil +44 20 3207 7862 Benjamin Glaeser +44 20 3207 7918 James Targett +44 20 3207 7873 Usman Ghazi +44 20 3207 7824 William Mackie +44 20 3207 7837 Laura Janssens +44 20 3465 2639 Margaret Paxton +44 20 3207 7934 INSURANCE Paul Marsch +44 20 3207 7857 Alexander Virgo +44 20 3207 7856 Tom Carstairs +44 20 3207 7823 Barry Zeitoune +44 20 3207 7859 Felix Wienen +44 20 3207 7915 Peter Eliot +44 20 3207 7880 Kai Mueller +44 20 3465 2681 TOBACCO CHEMICALS Matthew Preston +44 20 3207 7913 Erik Bloomquist +44 20 3207 7870 John Klein +44 20 3207 7930 Sami Taipalus +44 20 3207 7866 Kate Kalashnikova +44 20 3465 2665 Evgenia Molotova +44 20 3465 2664 Jaideep Pandya +44 20 3207 7890 MEDIA UTILITIES Robert Berg +44 20 3465 2680 Andrew Fisher +44 20 3207 7937 CONSTRUCTION Emma Coulby +44 20 3207 7821 Mehul Mahatma +44 20 3465 2698 Barnaby Benedict +44 20 3465 2669 Laura Janssens +44 20 3465 2639 Oliver Salvesen +44 20 3207 7818 Chris Moore +44 20 3465 2737 Sarah Simon +44 20 3207 7830 Lawson Steele +44 20 3207 7887 Robert Muir +44 20 3207 7860 Michael Watts +44 20 3207 7928 ECONOMICS Holger Schmieding +44 20 3207 7889 Christian Schulz +44 20 3207 7878 Robert Wood +44 20 3207 7822 EQUITY SALES E-mail: firstname.lastname@berenberg.com; Internet www.berenberg.com SPECIALIST SALES SALES SALES BANKS & DIVERSIFIED FINANCIALS LONDON SCANDINAVIA Iro Papadopoulou +44 20 3207 7924 John von Berenberg-Consbruch +44 20 3207 7805 Ronald Bernette +44 20 3207 7828 Toby Flaux +44 20 3465 2745 Marco Weiss +49 40 350 60 719 CONSUMER Karl Hancock +44 20 3207 7803 Rupert Trotter +44 20 3207 7815 Sean Heath +44 20 3465 2742 ZURICH James Hipkiss +44 20 3465 2620 Andrea Ferrari +41 44 283 2020 HEALTHCARE David Hogg +44 20 3465 2628 Stephan Hofer +41 44 283 2029 Frazer Hall +44 20 3207 7875 Zubin Hubner +44 20 3207 7885 Carsten Kinder +41 44 283 2024 Ben Hutton +44 20 3207 7804 Gianni Lavigna +41 44 283 2038 INDUSTRIALS James Matthews +44 20 3207 7807 James Nettleton +41 44 283 2026 Chris Armstrong +44 20 3207 7809 David Mortlock +44 20 3207 7850 Benjamin Stillfried +41 44 283 2033 Jina Zachrisson +44 20 3207 7879 Peter Nichols +44 20 3207 7810 Richard Payman +44 20 3207 7825 SALES TRADING INSURANCE George Smibert +44 20 3207 7911 HAMBURG Trevor Moss +44 20 3207 7893 Anita Surana +44 20 3207 7855 Paul Dontenwill +49 40 350 60 563 Paul Walker +44 20 3465 2632 Sebastian Grünberg +49 40 350 60 763 MEDIA & TELECOMMUNICATIONS Alexander Woodgate +44 20 3465 2625 Alexander Heinz +49 40 350 60 359 Julia Thannheiser +44 20 3465 2676 Marc Hosthausen +49 40 350 60 761 BENELUX Gregor Labahn +49 40 350 60 571 TECHNOLOGY Miel Bakker +33 1 5844 9505 Chris McKeand +49 40 350 60 798 Jean Beaubois +44 20 3207 7835 Susette Mantzel +49 40 350 60 694 Fin Schaffer +49 40 350 60 596 Alexander Wace +44 20 3465 2670 Lars Schwartau +49 40 350 60 450 UTILITIES Marvin Schweden +49 40 350 60 576 Benita Barretto +44 20 3207 7829 FRANKFURT Tim Storm +49 40 350 60 415 Michael Brauburger +49 69 91 30 90 741 Philipp Wiechmann +49 40 350 60 346 CRM Nina Buechs +49 69 91 30 90 735 Laura Cooper +44 20 3207 7806 André Grosskurth +49 69 91 30 90 734 LONDON Greg Swallow +44 20 3207 7833 Joerg Wenzel +49 69 91 30 90 743 Mike Berry +44 20 3465 2755 Stewart Cook +44 20 3465 2752 INVESTOR ACCESS PARIS Simon Messman +44 20 3465 2754 Matthew Chawner +44 20 3207 7847 Miel Bakker +33 1 5844 9505 Paul Somers +44 20 3465 2753 Jennie Jiricny +44 20 3207 7886 Dalila Farigoule +33 1 5844 9510 Clémence La Clavière-Peyraud +33 1 5844 9521 PARIS EVENTS Olivier Thibert +33 1 5844 9512 Sylvain Granjoux +33 1 5844 9509 Charlotte Kilby +44 20 3207 7832 Bertrand Tissier +33 1 5844 9507 Natalie Meech +44 20 3207 7831 Charlotte Reeves +44 20 3465 2671 ELECTRONIC TRADING Sarah Weyman +44 20 3207 7801 SOVEREIGN WEALTH FUNDS Matthias Führer +49 40 350 60 597 Hannah Whitehead +44 20 3207 7922 Max von Doetinchem +44 20 3207 7826 Julian Winter +49 40 350 60 463 US SALES E-mail: firstname.lastname@berenberg-us.com; Internet www.berenberg.com BERENBERG CAPITAL MARKETS LLC Member FINRA & SIPC Colin Andrade +1 617 292 8230 Kelleigh Faldi +1 617 292 8288 Kieran O'Sullivan +1 617 292 8292 Cathal Carroll +1 646 445 7206 Shawna Giust +1 646 445 7216 Jonathan Saxon +1 646 445 7202 Burr Clark +1 617 292 8282 Andrew Holder +1 617 292 8222 Julie Doherty +1 617 292 8228 Emily Mouret +1 646 445 7204 18

Please note that the use of this research report is subject to the conditions and restrictions set forth in the General investment-related disclosures and the Legal disclaimer at the end of this document. For analyst certification and remarks regarding foreign investors and country-specific disclosures, please refer to the respective paragraph at the end of this document. Disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz WpHG) Company Leifheit AG Disclosures no disclosures (1) Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as the Bank ) and/or its affiliate(s) was Lead Manager or Co-Lead Manager over the previous 12 months of a public offering of this company. (2) The Bank acts as Designated Sponsor for this company. (3) Over the previous 12 months, the Bank and/or its affiliate(s) has effected an agreement with this company for investment banking services or received compensation or a promise to pay from this company for investment banking services. (4) The Bank and/or its affiliate(s) holds 5% or more of the share capital of this company. (5) The Bank holds a trading position in shares of this company. Historical price target and rating changes for Leifheit AG in the last 12 months (full coverage) Date Price target - EUR Rating Initiation of coverage 11 April 13 33.00 Hold 11 April 13 07 April 14 44.00 Buy Berenberg distribution of ratings and in proportion to investment banking services Buy 41.74 % 53.33 % Sell 15.63 % 3.33 % Hold 42.63 % 43.33 % Valuation basis/rating key The recommendations for companies analysed by Berenberg s Equity Research department are made on an absolute basis for which the following three-step rating key is applicable: Buy: Sell: Sustainable upside potential of more than 15% to the current share price within 12 months; Sustainable downside potential of more than 15% to the current share price within 12 months; Hold: Upside/downside potential regarding the current share price limited; no immediate catalyst visible. NB: During periods of high market, sector, or stock volatility, or in special situations, the recommendation system criteria may be breached temporarily. Competent supervisory authority Bundesanstalt für Finanzdienstleistungsaufsicht -BaFin- (Federal Financial Supervisory Authority), Graurheindorfer Straße 108, 53117 Bonn and Marie-Curie-Str. 24-28, 60439 Frankfurt am Main, Germany. 19

General investment-related disclosures Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as the Bank ) has made every effort to carefully research all information contained in this financial analysis. The information on which the financial analysis is based has been obtained from sources which we believe to be reliable such as, for example, Thomson Reuters, Bloomberg and the relevant specialised press as well as the company which is the subject of this financial analysis. Only that part of the research note is made available to the issuer (who is the subject of this analysis) which is necessary to properly reconcile with the facts. Should this result in considerable changes a reference is made in the research note. Opinions expressed in this financial analysis are our current opinions as of the issuing date indicated on this document. The companies analysed by the Bank are divided into two groups: those under full coverage (regular updates provided); and those under screening coverage (updates provided as and when required at irregular intervals). The functional job title of the person/s responsible for the recommendations contained in this report is Equity Research Analyst unless otherwise stated on the cover. The following internet link provides further remarks on our financial analyses: http://www.berenberg.de/research.html?&l=1&no_cache=1 Legal disclaimer This document has been prepared by Joh. Berenberg, Gossler & Co. KG (hereinafter referred to as the Bank ). This document does not claim completeness regarding all the information on the stocks, stock markets or developments referred to in it. On no account should the document be regarded as a substitute for the recipient procuring information for himself/herself or exercising his/her own judgements. The document has been produced for information purposes for institutional clients or market professionals. Private customers, into whose possession this document comes, should discuss possible investment decisions with their customer service officer as differing views and opinions may exist with regard to the stocks referred to in this document. This document is not a solicitation or an offer to buy or sell the mentioned stock. The document may include certain descriptions, statements, estimates, and conclusions underlining potential market and company development. These reflect assumptions, which may turn out to be incorrect. The Bank and/or its employees accept no liability whatsoever for any direct or consequential loss or damages of any kind arising out of the use of this document or any part of its content. The Bank and/or its employees may hold, buy or sell positions in any securities mentioned in this document, derivatives thereon or related financial products. The Bank and/or its employees may underwrite issues for any securities mentioned in this document, derivatives thereon or related financial products or seek to perform capital market or underwriting services. Analyst certification I, Anna Patrice, CFA, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of the subject securities or issuers discussed herein. In addition, I hereby certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this research report, nor is it tied to any specific investment banking transaction performed by the Bank or its affiliates. Remarks regarding foreign investors The preparation of this document is subject to regulation by German law. The distribution of this document in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. 20

United Kingdom This document is meant exclusively for institutional investors and market professionals, but not for private customers. It is not for distribution to or the use of private investors or private customers. United States of America This document has been prepared exclusively by the Bank. Although Berenberg Capital Markets LLC, an affiliate of the Bank and registered US broker-dealer, distributes this document to certain customers, Berenberg Capital Markets LLC does not provide input into its contents, nor does this document constitute research of Berenberg Capital Markets LLC. In addition, this document is meant exclusively for institutional investors and market professionals, but not for private customers. It is not for distribution to or the use of private investors or private customers. This document is classified as objective for the purposes of FINRA rules. Please contact Berenberg Capital Markets LLC (+1 617.292.8200), if you require additional information. Third-party research disclosures Company Leifheit AG Disclosures no disclosures (1) Berenberg Capital Markets LLC owned 1% or more of the outstanding shares of any class of the subject company by the end of the prior month.* (2) Over the previous 12 months, Berenberg Capital Markets LLC has managed or co-managed any public offering for the subject company.* (3) Berenberg Capital Markets LLC is making a market in the subject securities at the time of the report. (4) Berenberg Capital Markets LLC received compensation for investment banking services in the past 12 months, or expects to receive such compensation in the next 3 months.* (5) There is another potential conflict of interest of the analyst or Berenberg Capital Markets LLC, of which the analyst knows or has reason to know at the time of publication of this research report. * For disclosures regarding affiliates of Berenberg Capital Markets LLC please refer to the Disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz WpHG) section above. Copyright The Bank reserves all the rights in this document. No part of the document or its content may be rewritten, copied, photocopied or duplicated in any form by any means or redistributed without the Bank s prior written consent. May 2013 Joh. Berenberg, Gossler & Co. KG 21