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  • 0 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    The journey from Zero to IPO

    Right team, right story, right price, right timing and readiness are key to your IPO success

    Save time and costs, and achieve greater transaction certainty by adopting a structured approach to preparing your IPO

    Venture Capital Meeting, Frankfurt

    June 2015

  • 1 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Agenda

    IPO as strategic option

    Global IPO environment

    IPO value journey

    IPO readiness assessment

    Transformation from private to public

    Right team and project management

    Investors demands and success factors

    Workshop to assess IPO readiness

    IPO diagnostics to identify gaps

    IPO readiness result report to close gaps

    Multi track options

    IPO pros and cons

    IPO motivation and challenges

    Global IPO activity

    Sector appetite of investors

    Regional IPO sentiment

    The rewards of an IPO can be monumental. The keys are correct preparation, experienced guidance and effective execution. At EY, we know what it takes to get ready for an IPO and the guidance needed to address the priorities and mitigate the risks.

    Dr. Martin Steinbach, EMEIA IPO Leader, EY

    IPO destination Investors view

    IPO destination compass

    Options: London, Frankfurt, NY,

  • 2 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Managing expectations from Zero to IPO What your team can expect in the IPO journey

    89

    83

    22

    11

    Source: EY

    15

    29

    60

    of IPO candidates start preparation 12-24 months before IPO Preparation % of IPOs decided to go abroad Destination % of IPOs were Exits from Private Equity or Venture Capital Source % of IPOs are successful in the first attempt Chance % of failed IPOs tried it again and succeeded finally in the second attempt Risk % of IPOs taking place in the fourth quarter Timing % Of IPOs are finally placed and priced in or above the initial bookbuilding range Pricing % IP

    O 1

    01

  • 3 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Capital Agenda and IPO as strategic option

  • 4 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Founders strategic options overview Choice of multi-track options (exiting/financing)

    Refinancing Exit Bonds & Hybrids Shares

    Single, dual or multi-track strategies

    Public: Capital market

    Cold IPO

    Carve out IPO

    Reverse IPO

    Listing > IPO

    Classic IPO IPO derivatives

    Mezzanine

    Other

    Other

    Private: Banking and M&A market

    Banking loans Private equity

    Other Other

    Strategic buyer

    Bond

    Refinancing Exit Bonds & hybrids Shares

    Company situation

  • 5 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Exit routes of Private Equity IPO as exit route is at record level

    Strategic sales are sales to corporations (i.e., M&A) while secondary sales are sales to other PE firms. *1Q15* shows IPOs that have been priced by 17 March.

    1EMEA refers to Europe, Middle East and African exchanges. India is included within Asia-Pacific.

    187

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    126

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    4

    4 19

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    70

    16

    0 200 400 600 800

    2004

    2005

    2006

    2007

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    1Q15*

    Strategic sales Secondary sales IPOs

    EMEA1 PE exits by deal volume (2004-1Q15*) IPOs as % of PE exits

    13.8%

    12.8%

    7.6%

    1.6%

    2.7%

    5.3%

    1.6%

    1.1%

    9.8%

    10.9%

    9.9%

    11.6%

  • 6 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Company: Google Inc. Industry: Internet Located: US Founded: 1998 IPO: 2004

    Company: Facebook Inc. Industry: Social network Located: US Founded: 2004 IPO: 2012

    124 % market cap. performance since IPO 1470 % market cap. performance since IPO

    IPO Today Today IPO

    Source: investors.google.com, www.finanzen.net, * 15.04.2015 Source: investor.facebook.com, www.finanzen.net * 15.04.2015

    66.000

    46.039

    29.321

    21.795

    10.604

    3.189

    2014

    2012

    2010

    2008

    2006

    2004

    12.466

    5.089

    1.974

    272

    2014

    2012

    2010

    2008

    From Zero to IPO in the US Case studies

    6 years from Zero to IPO

    8 years from Zero to IPO

    Revenue Mio. $ Revenue Mio. $ total market capitalization in billion $ total market capitalization in billion $

    23

    361

    104

    233

  • 7 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Company: SAP SE Industry: Software Located: Germany Founded: 1972 IPO: 1988

    Company: Zalando SE Industry: E-commerce Located: Germany Founded: 2008 IPO: 2014

    20 % market cap. performance since IPO

    Today IPO

    Source: corporate.zalando.de www.finanzen.net * 15.04.2015

    Source::www.investor-verlag.de, www.finanzen.net

    IPO Today

    2.214

    1.762

    1.158

    509

    2014

    2013

    2012

    2011

    17.560

    12.464

    8.513

    6.625

    2014

    2010

    2005

    2000

    12 years from Zero to IPO

    6 years from Zero to IPO

    From Zero to IPO in Germany Case studies

    Revenue Mio. Revenue Mio.

    21.150 % market cap. performance since IPO

    total market capitalization in billion

    0,4

    85

    total market capitalization in billion

    5

    6

  • 8 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Time-consuming due to new tasks: board member at road shows and investor relations tasks

    Total IPO floatation project costs

    Add-on costs associated with the ongoing requirements as listed company

    New investors with voting rights

    Greater transparency

    Pressure to deliver on your promises

    Valuation issues compared to other options

    Loss of entrepreneurial control, influence and power

    Corporate governance duties

    Limiting freedom to act

    Loss of privacy

    Pros and Cons of an IPO General perspectives about the IPO option

    Cons

    Better access to capital markets to raise money through equity and bond offerings

    Flexibility to trade shares with high liquidity and daily valuation

    Greater attention, better brand recognition and prestige with consumers

    The shares as new liquid M&A currency

    Higher valuations than private enterprises possible, since greater disclosure of information reduces uncertainty regarding performance

    Potential to diversify wealth on shareholder side

    Enhanced ability to attract, retain and reward valued employees through share option plans

    Opportunity to bond and incentivize key people with long-term incentive plans

    Pros

    ?

  • 9 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Current market environment

  • 10 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    IPO market sentiment Important correlations for the C-Suite cockpit

    Source: Dealogic, Thomson Financial, Deutsche Brse, EY

    + Volatility slow

    down IPO activity

    Valuation feeds IPO activity

    FTSE 100 (UK) S&P 500 /NASDAQ 100 i.e. DAX 30 (Germany)

    +- 12.200

    2005 2015

    2005 2015

    VSTOXX (Eurozone) VIX (S&P 500) i.e. VDAX (Germany)

    < 20

    Market trends Big Picture and IPO sentiment effects

    Decreasing oil price reduces costs for many business and feeds earnings growth and consumer spending

    USD/EUR currency rate feeds investments from USD pockets in the Eurozone

    ECB provides lots of liquidity/no policy shift expected short term and sustainable low interest rate environ-ment feeds equity invests/backs high valuation levels

    Elections in Greece, UK, Portugal, Spain on radar

    Recent threats increased volatility

    58

    $

    13

    1 $

    18

    0 $

    26

    7 $

    29

    5 $

    96

    $

    11

    3 $

    28

    5 $

    17

    0 $

    12

    9 $

    14

    7 $

    25

    9 $

    38

    $

    812

    1.520

    1.552 1.796

    2.014

    769 577

    1.393

    1.225

    837 896

    1.232

    252

    0

    500

    1.000

    1.500

    2.000

    2.500

    0

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    Nu

    mb

    er

    of

    IPO

    s

    Cap

    ital

    rais

    ed

    (U

    S$

    b)

    2003 2014 I Q1 2015

    + +

    +- -

    + +

    +

    - -

    -

  • 11 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Global IPO activity Open IPO windows

    1Percentage change from 2010 to 2011 2Percentage change from 2011 to 2012 3Percentage change from 2012 to 2013

    2012 2013 2014 Q1 15 YTD

    Number of deals 839 ( 33%2) 895 (7%3) 1241 (38.7%4) 252

    Capital raised $128.6b ( 24%2) $171.1b (33%3) $259.2b (51.5%4) $38.2b

    Average deal size $153.3m $191.1m $208.9m $151.8m

    PE-backed IPOs 107 deals, $19.4b 185 deals, $58.3b 211 deals, $109.9b 30 deals, $10.5b

    VC-backed IPOs 92 deals, $23.2b 129 deals, $14.1b 159 deals, $22.8b 17 deals, $2.1b

    Top 5 sectors (number of deals)

    Materials (143) Industrials (135) Technology (115) Energy (63) Consumer staples (58)

    Industrials (117) Technology (115) Real estate (100) Health care (100) Financials (92)

    Health care (198) Technology (169) Industrials (146) Consumer products (111) Materials (106)

    Industrials (45) Health care (38) Technology (35) Materials (26) Consumer products (22)

    Top 5 sectors (capital raised)

    Technology ($23.1b) Industrials ($20.2b) Financial ($19.4b) Real estate ($12.5b) Energy ($12.1b)

    Financials ($28.6b) Real estate ($27.0b) Energy ($22.0b) Industrials ($18.9b) Health care ($12.4b)

    Technology ($50.6b) Financials ($43.2b) Energy ($31.4b) Real estate ($27.2b) Health care ($22.6b)

    Industrials ($10.5b) Energy ($5.1b) Telecommunications ($4.1b) Financials ($3.7b) Consumer products ($2.8b)

    Data for Q3'14 YTD* is based on priced IPOs as of 20 September and expected IPOs by end of September; data is up to 20 September 2014, 5:00 a.m UK time.

  • 12 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    EMEIA IPO highlights Sector appetite and performance

    EMEIA financial sponsor-backed IPO

    activity (2007- 1Q 2015*)

    IPO pricing and performance: 1Q15* IPOs

    Annual EMEIA IPO activity

    (2007- 1 Q 2015*)

    $126 $36 $14 $48 $33 $16 $34 $75 $17

    823

    310

    112

    354 353

    209 240

    365

    67

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    2007

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    1Q

    15*

    Num

    ber

    of

    IPO

    s

    Capit

    al ra

    ised (

    US$b)

    Capital raised (US$b)

    $22 $3 $2 $11 $4 $3 $17 $36 $9

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    37 30

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    1Q

    15*

    Num

    ber

    of

    IPO

    s

    Capit

    al ra

    ised (

    US$b)

    Capital raised (US$b)

    Sectors Number of deals Proceeds (US$m)

    Industrials 11 7,644.6

    Consumer staples 8 212.5

    Health care 8 181.4

    Consumer products 7 1,549.2

    Financials 7 946.1

    Materials 7 258.0

    Media and entertainment 6 648.5

    Technology 6 632.5

    Retail 3 1,767.2

    Energy 2 512.3

    Telecommunications 1 2,459.3

    Real estate 1 2.4

    Grand Total 67 16,813.9

    Measures 1Q15* IPOs

    % of IPOs priced within or above initial pricing range 97.7%

    EMEIA main markets IPOs first-day average return +10.2%

    EMEIA main markets IPO % change of offer price vs.

    17 March +20.8%

    EMEIA main markets IPO median post-IPO market cap US$412.5m

    FTSE 100 2015 YTD returns +3.6%

    DAX 2015 YTD returns +24.1%

    CAC 2015 YTD returns +18.5%

  • 13 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    The IPO value journey

  • 14 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    What is the typical roadmap of an IPO from the companies perspective?

    Internal preparation IPO design, concept and placement with external team Day-one readiness

    1218 months prior to IPO

    Evaluate IPO as strategic funding in an IPO readiness assessment workshop, IPO diagnostics and an IPO readiness result report

    Set up resources and an internal IPO team

    Start to build capital market infrastructures and/or make structural adjustments to achieve IPO readiness

    Prepare group systems, new functions, tax optimization at company and shareholder level

    IPO team selection (bank, lawyers, auditors, investor relations) by means of a beauty contest

    Set timetable, start due diligence and prepare offering concept and prospectus

    Fine tune business plan, fact book, presentation materials for analysts, the press and investors

    Fine tune the equity story and valuation perceptions based on investor feedback

    Active investor relations and ongoing road shows based on the IR calendar

    Management of investor expectations by way of efficient forecasting and use of issue proceeds according to the plan

    Ongoing transparent external reporting

    Awareness of disclosures such as ad hoc, directors dealings, corporate governance and operate general meetings

    Offering prospectus, and approval by regulators and securities admission to the stock exchange

    Press conference and launch the investor road show internationally

    Bookbuilding, order book analysis and determination of the issue price and allocation

    First price on the stock exchange with an IPO ceremony and a high level of media attention

    312 months prior to IPO Post-IPO

    7

    IPO considerations and planning IPO execution IPO realization IPO

  • 15 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Note: respondents were asked to select their top three factors. % represents % of respondents that chose the particular factor as one of their top three choices.

    What are the top 5 success factors for an IPO in the view of investors?

    Source: Right team, right story, right price, Investor survey , EY, 2013

    Non-financial

    Management

    Quality of corporate strategy

    Market positioning

    Corporate governance

    Financial

    Desired financing structure

    Forecast growth in earnings

    Planned revenue growth

    Expected return on equity

    Specific to the project

    Use of IPO proceeds

    Offer structure and lock-ups

    Index participation

    Positioning of industrial group

    2.0%

    6.5%

    8.5%

    28,9%

    35,4%

    56,9%

    64,6%

    90,7%

    0% 20% 40% 60% 80% 100%

    Listing venue selection

    Reputation of the banking syndicate

    Size of the transaction

    Readiness to provide transparency and good corporategovernance

    Right timing

    Confidence in management

    Compelling equity story

    Attractive pricing

    % of respondents

    N=246

    What are the key IPO success factors for investors?

  • 16 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Internal and external IPO teams IPO project management is key

    The most important piece of advice I would give to a CEO embarking on the IPO process is to have a strong team that you can rely on.

    Ron Edgerton, SigmaTel

    Typically involved

    Mandatory involvement

    Consulted on a case-by-case basis

    HR

    IR

    CFO

    CEO

    COO

    Share- holders

    Supervisory board

    Coordination of the parties

    Typical patterns of companies whose IPO was successful

    They see the IPO as a transformation process and not as a point of completion or mere financial event

    At least one year before the IPO, they begin preparing to operate like a listed company

    They outperform their competitors in the key performance figures before, during and after the IPO

  • 17 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Pre-IPO pitfalls Right price, team, story, timing and IPO readiness are key

    What are the key concerns for IPO candidates?

    4%

    29%

    30%

    40%

    43%

    56%

    85%

    0% 20% 40% 60% 80% 100%

    % of respondents

    Overpricing of stock at IPO

    Issue not having the management

    Listing at a too early a stage in a companys life cycle

    Listing not conducted at the right time

    Incomplete infrastructure preparations pre-IPO

    Not enough preparation for investor communications and meetings

    Other please specify

    Pre-IPO radar

    screen

    Source: Right team, right story, right price, Investor survey , EY, 2013

  • 18 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    IPO destination

    Investor survey results

  • 19 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Is your home market also the capital market relevant for your initial public offering?

    53% 47%

    0%

    20%

    40%

    60%

    80%

    100%

    Yes No

    % o

    f re

    spo

    nd

    en

    ts

    Response N=247

    More than half of investors view choice of exchange as an important part of the investment decision

    2.4%

    22%

    23%

    28%

    29%

    40%

    56%

    63%

    0% 20% 40% 60% 80% 100%

    % of respondents

    N=123

    Exchange venue is important as it is an indicator of investment liquidity, confidence in the regulatory environment and corporate governance standards

    Why is the IPO exchange venue important for your investment decision?

    Note: respondents were asked to select their top three reasons. % represents number of respondents that chose the particular reason as one of their top three choices.

    Is the IPO exchange venue important for your investment decision?

    Source: Right team, right story, right price, Institutional Investor survey, EY, 2013

    Liquidity is available for investment and / or divestment

    Confidence in the regulatory environment

    Corporate governance standards

    Own investment rules restrictions

    Connectivity and accessibility to the exchange

    Availability of indices that track sector performance and act as benchmarks

    Well known peers are trading at the same venue

    Derivatives exist to hedge and arbitrage

  • 20 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Is your home market also the capital market relevant for your initial public offering?

    4%

    15%

    35%

    41%

    47%

    60%

    72%

    0% 20% 40% 60% 80% 100%

    Other please specify

    Language issues

    Cultural issues

    Unsure about company's mid- to long-term commitment tostay and deliver

    No physical presence of management at listingdestination/country

    Lack of compelling reasons for cross-border listing

    Corporate governance complaints

    % of respondents

    N=220

    What are the main issues faced by companies conducting a cross-border IPO?

    Note: respondents were asked to select their top three issues. % represents number of respondents that chose the particular issue as one of their top three choices. Source: Right team, right story, right price, Institutional Investor survey, EY, 2013

    44,4%

    47,8%

    48,6%

    50,0%

    53,4%

    57,1%

    57,9%

    60,0%

    83,3%

    55,6%

    52,2%

    51,4%

    50,0%

    46,6%

    42,9%

    42,1%

    40,0%

    16,7%

    0% 20% 40% 60% 80% 100%

    Bank

    Mutual fund

    Hedge fund

    Sovereign wealth fund

    Asset manager

    Other

    Pension fund

    Insurance

    Private Equity

    % of respondents

    Yes No

    Is the IPO exchange venue important for your investment decision?

  • 21 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Which listing zone, stock exchange and segment are most likely to maximize business value?

    Maximizing business value and required purchase incentives

    Speed of the exit process

    Investors perception of PE backed IPOs

    Availability and entrance as exit routes

    Private equity

    Level of burden - regulatory requirements

    Corporate Governance

    Liability, compensation and remuneration

    Prestige and reputation of IPO market

    Management

    Level of burden in regulatory requirements

    Corporate Governance

    IPO to solve successor issues

    Families options to keep influence

    Family owner

    Level of burden in regulatory requirements

    Corporate Governance

    Further growth and sector expertise

    Keep flexibility to innovate

    Founder

  • 22 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    IPO readiness assessment

  • 23 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Good preparation starts early in IPO value journey How? In a first step with an IPO readiness assessment

    Are

    yo

    u re

    ad

    y fo

    r IPO

    ?

    Wh

    at

    is y

    ou

    r ca

    pit

    al ra

    isin

    g g

    oa

    l?

    Execute on business strategy

    Achieve operational excellence

    Maximize company value

    Mitigate risk

    IPO transformation

    Organizational change

    Leadership and management readiness

    Transparency

    Ownership structure/control

    World-class financial organization

    Delivering on promises

    Stakeholders motivation

    Strong management team

    Experienced transaction advisors

    Complexity of capital markets

    Increased regulatory oversight

    Corporate governance

    Risk management

    Limitations on service providers

    Where is your company in its lifecycle?

    What is the companys growth potential?

    Is the companys business model predictable and sustainable?

  • 24 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    What are goals of an IPO readiness assessment? Your objectives and value for your team

    Objectives and benefits of IPO candidates

    Define an IPO base case as an important information for the assessment

    Identify the IPO readiness gaps and assess the efforts required to get ready

    Train the key people on IPO best practices and regulatory requirements

    Prioritize the gaps in an IPO roadmap

    Perceived values of an IPO readiness assessment

    Save costs having transparency how to get IPO ready It helps owners and managers in an efficient one or two day assessment to map out what is needed prior to an offering with regards to organizational changes required in one integrated approach

    Save time getting insights in IPO best practices IPO readiness helps decide which options best fit your business strategies and objectives, delivers an IPO base case, builds the roadmap getting IPO ready

    Raise transaction certainty in unpredictable IPO markets The right team, right story, right timing and pricing - we from EY see every IPO as transformational, occurring over time in a structured way that maximizes transaction value an important step in the life cycle of the entrepreneurial businesses we serve

    Before everything else,

    getting ready is the secret of success.

    Henry Ford, American Industrialist

    Investor and CEO/CFOs surveys

    Examples

    Best practices

    IPO benchmarking

  • 25 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    What are important areas of IPO readiness? Tailor-made scope with an holistic EY approach

    7. Leadership

    C-suite

    Board of directors

    Remuneration

    1. Strategy

    IPO value journey

    IPO destination

    Issue concept

    8. Timeline

    IPO windows

    Plan B options

    Process/Resources

    2. Structures

    Issuing company

    Group structure

    Maintaining influence

    3. Taxes

    Company level

    Shareholder level

    Transaction level

    4. Financials

    External reporting

    Forecasting

    Prospectus

    5. Systems

    Internal controls

    Enterprise risk

    Compliance mgmt.

    6. Functions

    Investor relations

    Compliance officer

    Committees

    Possible IPO readiness assessment

    modules

    We offer and recommend to assess all IPO readiness modules displayed as they are interlinked and interdependent

    You also can define the IPO readiness modules you want to assess

  • 26 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    What is the process to assess IPO readiness? Four step approach of EY

    We hold IPO readiness assessment workshop interviews based on agreed IPO readiness assessment modules and provide deep insights with the workshop document

    Based on the results from the findings of this IPO readiness assessment workshop, EY develops an initial target structure in line with your objectives

    We analyze gaps of current infrastructure using IPO diagnostics to get the IPO ready target status

    These results are displayed and used to develop the work plan through to the multi-track option/IPO in the IPO readiness result report

  • 27 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Why EY

  • 28 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Why EY? If you want to be a market leader, work with one

    Global No 1 in IPO since 16 years EY is number one (audit share) for helping high-growth companies to list publically. With

    30 years of IPO experience we know what it takes to be ready for an IPO and the guidance needed to address the priorities and mitigate the risks based on international credentials.

    Our global presence in each capital market and the external network to important capital market intermediaries, regulators and exchanges and the interdisciplinary team with market specific expertise facilitate cross border IPOs and overseas listings.

    IPO leaders network: We are serving clients with expertise globally having access to a deep pool of knowledge and experience to help anticipate the risks and navigate through the challenges of life as a public company.

    Audit market share

    IPOs 2014 (# of IPOs)

    IPOs Worldwide

    2009 2014

    IPOs Worldwide

    2004 2014

    EY 1 1 1

    Deloitte 2 2 2

    PwC 4 3 3

    KPMG 3 4 4

    Source: Dealogic, EY Research

    Leading as auditor of listed tech companies TecDAX 30% market share

    NASDAQ 100: 37% market share

    Global Forbes 2000 Technology companies: 33% market share

    Around the world EY helps more companies go public than any other Big Four firm

    Of the 1,226 IPOs which raised US$259.1b globally in CY2014 EY audits 233 companies that raised

    $62.1b altogether

    EY serves 448 companies (37% of global IPOs) that raised $157.7b altogether (61% of global capital raised)

  • 29 Confidential All Rights Reserved The journey from Zero to IPO June 2015

    Team CVs Dr. Martin Steinbach

    Credentials from international projects:

    Martin was involved in the following selected dual track /IPO transactions amongst others: LEG, Zalando, Rocket Internet, Braas Monier, Orion Black Carbons

    Preparation of IPOs of Small, Mid and Large Caps

    IPO readiness and destination assessments in process (please see anonymized tombstones)

    IPO advisory and project management

    Multi track EXIT/IPO approaches

    Capital Market Coaching of listed companies

    Emerging Market IPOs from China, CIS/Russia and India

    Investor Targeting (Road shows) and Campaign Management

    Investor Relations effectiveness

    Strategic Peer and Industry Group positioning

    Advisor of exchanges in primary markets strategies across EMEIA

    Dr. Martin Steinbach has spent twenty years in the Corporate Finance field. He held different management positions in the Investment Banking (Head, GZ Bank AG), Private Equity (General Manager, GZ Capital), the IT industry (Head of Corporate Finance and IR, entory AG) and Securities Exchange (Head of Issuer and Investor Markets, Deutsche Brse AG) sector. His area of expertise includes IPOs and SPOs, M&A transactions, Investor Relations and Private Equity deals. His unique professional background brings together experience from the investor, issuer, banking, advisor and from a leading securities exchange point of view. In April 2011 he joined EY responsible for IPO and listing services in Germany, Switzerland and Austria. Since 2012 he is IPO leader for Europe, Middle east, India and Africa.

    Qualification and broad practical experience:

    Following an apprenticeship at GZ-Bank AG he has a degree in banking, graduated as Master of Business Administration (Diplom Kaufmann) and holds a Ph.D. (Dr. rer. pol.) from the Johann Wolfgang Goethe-University, Frankfurt/Main.

    His practical experience is also founded on memberships in supervisory boards of listed and non listed companies, advisory committees of Banks and investment committees of Private Equity firms.

    He has published various articles and contributions to books about stock markets, IPOs, Investor Relations and REITs and is a frequent speaker on international seminars.

    Well known exchange expert:

    From 2002-2011 Martin was Executive Director, Head of Issuer & Investor Markets of Deutsche Brse AG

    Responsible for sales, marketing and product development in the IPO and listing business and campaign management towards Retail and Institutional Investors.

    Introduction of new IPO markets (Segmentation: Entry, General and Prime Standard) and new asset classes (Launch of SPACs und REITs)

    He led the internationalizing of the IPO platform of Deutsche Brse and has experience in Emerging Markets working across China, Russia/CIS and India.

    Dr. Martin Steinbach Executive Director Head of IPO and Listing Services Germany Switzerland Austria IPO Leader Europe, Middle East, India and Africa Financial Accounting Advisory Services

    Ernst & Young GmbH Wirtschaftsprfungsgesellschaft Mergenthalerallee 3-5 65760 Eschborn Germany Phone +49 6196 996 11574 Fax +49 181 3943 11574 Mobile +49 160 939 11574 [email protected]

  • 30 Confidential All Rights Reserved The journey from Zero to IPO June 2015

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