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AURELIUS GROWTH CAPITALCorporate Presentation

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PROFIL (I)

AURELIUS Group is a pan-European asset manager with offices in Munich, London, Stockholm, and Madrid.Over the last ten years, AURELIUS has grown from a local turnaround investor to an international multi-assetmanager investing in a wide range of sectors and across the capital structure.

AURELIUS Equity Opportunities is the listed investment arm with a focus on turnaround and special situationsas well as mid-market transactions.

The non-profit AURELIUS Refugee Initiative e.V. is an extensive program that provides aid for refugees andhelps them pursue a path to a better life.

AURELIUS Growth Capital is a holding company with a long-term investment strategy that invests inmedium-sized companies with good market positioning.

As part of the AURELIUS group, AURELIUS Growth Capital focuses on small and medium-sizedsuccession solutions as well as on the transfer of business assets of larger medium-sized companies andgroups (spin-offs).

In addition to capital for investment and growth, we support the management of the companies acquiredthrough extensive entrepreneurial experience and help to implement growth initiatives and realiseoperational potential.

AURELIUS Growth Capital is funded by entrepreneurial families in Germany, Austria and Switzerland.Contrasting with classic financial investors, AURELIUS Growth Capital’s investment strategy issustainable and long-term, and is not bound by the life of an investment fund.

AURELIUS GROUP

AURELIUS Growth Capital

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Profil (II)

AURELIUS Growth Capital

Medium-sized succession solutions

Organic Growth + "Buy & Build" + Growth financing

Buy-out Growth

Revenue EUR 5-50m

EBITDA Margin >10%

Enterprise Value EUR 5-50m

Equity Value (Sweet Spot) EUR 10m

Group Spin-Offs & Carve-Outs

Increase in revenue and earnings through strategic and operational support

Revenue EUR 10-35m

EBITDA MarginTemporarily

negative

Enterprise Value EUR 0-20m

Equity Value (Sweet Spot) EUR 5m

Geography Germany, Austria,Switzerland Geography Pan-European

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Securing the family’s succession through owner's buy-out" ("OBO") or taking over a company withexisting management (management buy-outs / "MBO") or new management (management buy-in/ "MBI").

Through our extensive network we have access to a large number of experienced managers whocan provide additional support to the existing management if necessary.

Investment Cases

Succession plan

SPIN–OFF / CARVE-OUT

Growth Financing

Deployment of different financing options as a means to achieve growth targets, all whilstmaintaining independence from external investors (e.g. via equity injections).

Acquisition of subsidiaries, business units of larger medium-sized companies or conglomerates.These spin-offs allow the management to fully develop and discover the potential of each companyindependently and free of internal group restrictions.

Aurelius Growth Capital has extensive experience in the field of acquiring subsidiaries of well-known companies and for the transformation of these units into independent medium-sizedcompanies (e.g. by setting up a stand-alone corporate structure while maintaining long-termdelivery and service relationships with the former parent company).

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Corporate Teamwork

Within the AURELIUS Group we have conducted a large number of transactions anddeveloped portfolio companies in various industries, thus having direct access tooperational experts in the fields of IT, organisation, finance, sales, HR, procurement andstrategy.

In the preparation and implementation of projects within the company we see ourselves notonly as an investor, but also as entrepreneurially experienced, competent and as anindependent sparring partner that comprehensively supports the management.

Organic Growth: management support in market potential analyses as well as thedevelopment and implementation of strategies for market entry.

Internationalisation: support for the internationalisation of the business, as well as marketentry at the local level.

Acquisitions/add-ons: add-on acquisitions form an integral part of the growth strategy andare increasingly important for the horizontal and/or vertical expansion of the businessmodel. As a strong financial partner we help enable an expedited consolidation of the localmarket through our initiatives.

Growth Support

SPARRING PARTNER FOR OPERATIONS

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AURELIUS GROUP‘S PREVIOUS TRANSACTIONS

SINCE 2005, THE AURELIUS GROUP HAS ACQUIRED MORE THAN 80 BUSINESSES…

…such as:

B+P Scaffolding

Local market-leadingspecialist in Berlin forerecting scaffolding, aswell as providing servicesto construction sites andhelping streamlineconstruction logistics

Revenue: circa € 18 Mio.EBITDA Margin1: >20%

August 2014

AURELIUS Groupacquired

from

Managing Director/Founder

April 2014

AURELIUS Groupacquired

AKAD University

from

AKAD University

Pioneer in the rapidlygrowing ‘DistanceEducation’ market whichshows a high level ofsynergy potential withthe ‘Studienkreis’ Group

Revenue: circa € 13 Mio.EBITDA Margin1: 18%

STRALFORS

Provider ofcommunications solutionsfor e-commerce customersand B2C companies

Revenue: circa € 33 Mio.EBITDA Margin: positive

July 2016

AURELIUS Groupacquired

Poland and the UK

from

Airplane-Equipment &Services

Service provider forairplaine manufacturers,airline interior decoratorsand major airlines

August 2016

AURELIUS Growth Capitalacquired

Airplane-Equipment & Services

from

Managing Director/Founder

Revenue: circa. € 13 Mio.EBITDA Margin: positive

BSB Construction andSpecialist Scaffolding

Leading scaffoldingbuilder focusing onmonument restorationand preservation. Thestrategic acquisition ofBSB allows B+P to extendits product offering andgeographical reach

Revenue: circa €11.1 Mio.EBITDA Margin: >10%

August 2016

strategically acquired

from

Managing Director/Founder

1 2016

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Benefits to Seller and Management

FLEXIBILITY, EXPERTISE AND ENGAGEMENT

To entrepreneurs who wish to sell either a part or the entirety of their holdings in acompany, we offer flexible and individually structured solutions and participationmodels in order to maintain the value of the company and offer support to enablegrowth over many years.

In the context of a management buy-out or management buy-in we offer theexisting management the opportunity to actively participate in the future success ofthe business. Thus, we benefit from the management’s many years of experienceand expertise in return for our networking prowess and our financial strength.

We offer our extensive experience as a solution in complex situations. We supportthe seller in the individual spin-off steps, allowing the management to concentratetheir efforts on the day-to-day business. Throughout the transaction process weoffer a high level of security, speed and professionalism.

ENTREPRENEURS

MANAGEMENT

THE BUSINESS

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Government70%

GeneralContractors

30%

- Federal Offices- Senate Administrations- District Offices- Public Authorities

Scaffolding70%

PLUS-Services30%

CASE STUDY: B+P GERÜSTBAU GMBH (I)

BUSINESS PROFILE

DECISION GUIDING CRITERIA

CLIENTS

AREAS OF EXPERTISE B P is the market leader in scaffolding and site services in Berlin and has boasted

an impressive track record in their 35 years of expertise

Expert for demanding large-scale projects, primarily in the public sector (almost100% of the major projects in the last few years), as well as for hundreds ofsmaller construction projects every year

"One-stop service" strategy: B+P assumes small activities / services such asproviding building sites with power and safety measures, thus reducingcomplexity for general contractors

116 Employees

Majority takeover by the AURELIUS Group in autumn 2014. The seller is stillactive as the sole managing director and is significantly involved in thecompany

Succession arrangement signals continuity to staff and clients

Looking for an experienced partner to help promote growth

Asset Diversification

Main criterion: ‚Personal Fit‘

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6,7 7,1 6,5 8,8 10,416,1 16,9 18,2 19,2

1,06,1

13,112,8 1,3 0,0

6,78,1

12,6

21,9 23,2

17,4 16,9 18,2 19,2

2008 2009 2010 2011 2012 2013 2014 2015 2016EMain business Berlin Brandenburg International

CASE STUDY: B+P GERÜSTBAU GMBH (II)

NUMBER OF SITES SERVICED ANNUALLY

Sustainable and continuous increases in sales and earnings. 2010-2012 stronglyinfluenced by large BBI project (Berlin Brandenburg International)

Development continued even in the business year 2015

With a 60% market share in Berlin, the potential for growth in the domestic market islimited. Besides looking for a suitable successor, the aim for geographical diversificationresulted in two major pillars of growth being defined:

Acquisition of smaller competitors in interesting cities and their subsequent expansionmodelled on B+P’s successful business strategy

Takeover of the major competitor BSB (see next slide)

Promoting growth by opening locations in attractive regions, e.g. currently the openingof a location in Hamburg

Additionally, selective optimisation of operational processes

EXAMPLE PROJECT

336 347 327404 382

476 443531

2008 2009 2010 2011 2012 2013 2014 2015

mEUR

REVENUE PERFORMANCE 2008-2016

76% 78%65%

62% 62%

57% 61% 60% 60%

Gross Profit Margin

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CASE STUDY: BSB BAU- UND SPEZIALGERÜSTBAU GMBH (I)

BUSINESS PROFILE

Specialist: BSB is a leading provider of special scaffolding servicesneeded in complex renovation and preservation projects

Innovation: BSB’s individual solutions and pioneering approachhave seen the company assume a leading role in the preservationsector, focusing particularly on monument restoration works

Additional services: in addition to the construction andmaintenance of scaffolding, BSB also provides engineering andplanning services and leases out powered access equipment

76 employees, with sites in West and East Germany

Majority takeover by B+P Gerüstbau in the summer of 2016 in thecontext of a succession arrangement / also presents a strategicacquisition for B+P in August 2016

46,6%

26,0%

11,1%

8,4% 4,6%

2,1%

1,2%

7,9%

State Construction OfficesMunicipalitiesChurches/ParishesHospitalsStiftung Preußische S&GFraport AGCommercial/Residential

DIVERSIFIED CUSTOMER BASE

NATIONWIDE REACH

DEAL CRITERIA FOR THE SELLERS

Involving the sellers via a succession arrangement that seessellers assume a consulting role, allowing the company to developits potential while retaining grown and proven structures

Handing over to a veteran industry expert with an appreciationof past achievements and a clear plan for continued success

Strategic partnerships with competitors to help set the course forlong-term market penetration with the goal of becoming thenumber one player nationwide

AURELIUS expertise in the scaffolding business: strengtheningBSB’s market position with B+P as a role model

30,4%

16,8%14,4%

11,1%

27,3% Hesse/Rhineland-Palatinate

North Rhine-Westphalia

Berlin Region

Bavaria

Various

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8,611,3 11,1 10,0

2013 2014 2015 2016E

Total Output

75% 71% 69% 71%

Gross Profit Margin

mEUR

CASE STUDY: BSB BAU- UND SPEZIALGERÜSTBAU GMBH (II)

CHANGE IN REVENUE BSB 2013-2016E

Strategic acquisitions of smaller competitors are a part of B+P’s expansion strategy.

Geographical fit: BSB is particularly reputable in Western/Southern Germany whileB+P focuses its activities on the Berlin region. Acquiring BSB complements B+P’sstrategy to increase its reach in an effort to penetrate the overall German market.

Developing core competencies in the infrastructure & bridge renovation segments.

Synergies in purchase and management (planning services, tendering, etc.)

EXAMPLE PROJECTS

NeuschwansteinCastle

Munich City Hall Göltzschtal Bridge

Battle of the NationsMonument Leipzig

Theatiner ChurchMunich

HQ Location Project Focus

STRATEGIC REASONING FOR ANACQUISITION BY B+P

The ultimate goal is to become the marketleader in Germany. To this aim, the acquisitionof smaller competitors will be complementedby expanding the combined group’s businessactivities both geographically and in terms ofits product offering.

The AURELIUS Group’s financial strengthpaired with an extensive network of industryexperts will support the management of B+Pand BSB on its path to market leadership.

BSB‘s German Activities

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AURELIUS Wachstumskapital SE & Co. KG

Matthias L. SchneckManaging Partner

Telefon +49 89 544799-11Telefax +49 89 544799-55Mobile +49 170 962 8100Email: matthias.schneck@aureliusinvest.com

www.aureliusinvest.com

Contact

Office MunichUnterer Anger 380331 MünchenGermany

Office GrünwaldLudwig-Ganghofer-Straße 682031 GrünwaldGermany

AURELIUS Growth Investments S.à r.l.2-4, rue du Château d’Eau3364 LeudelangeLuxembourg