1November 26, 2019

D E U T S C H E S E I G E N K A P I TA L F O R U M

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This material is for your general information only. The information in this material should neither be regarded as

an offer nor a solicitation to buy, sell or otherwise deal with any investment referred to herein and is not intended

for distribution to, or use by, any person in any country, including the United States, where the investment funds

and services referred to are not authorized or registered for distribution or in which the dissemination of

information on the funds or services is forbidden. None of the information, whether in part or full, shall be copied,

reproduced or redistributed in any form. This notice does not constitute a security prospectus. No guarantee,

warranty or representation, express or implied, is given as to the accuracy or completeness of the information

contained herein; and neither of the persons mentioned in this material, nor any other company or unit belonging

to the AURELIUS Group, nor any of its officers, directors or employees accept any liability or responsibility in

respect to the information or any recommendations expressed herein.

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C O N T E N T

Business model

Portfolio

Recent transactions

Case study Solidus Solutions

Case study Scandinavian Cosmetics

Financials 9M 2019

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B U S I N E S S M O D E L

Acquisition, operational development and disposal of companieswhich are in a special situation

… disputes amongshareholders

Succession issues

Obviousoptimisation potential

More than 100 company acquisitions and sales make AURELIUS a reliable partner forcorporate groups and selling families

Current portfolio of 22 companies , EUR 3.5 bn in sales, broad range of industries

Average return multiple of 8.5x cash invested

SPECIAL SITUATIONCorporate

spin-offs

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F R O M D E A L F L O W T O D E A L

Operations Team~ 80 in-house operational experts

Turnaround CEOs/Operating PartnersResponsible for overall restructuring effort

Supported by functional experts• Carve-out & stand-alone transition• Performance improvement / Business support• Process management• Sales & Marketing• Procurement & Supply Chain• Production & Operations• Finance• ICT• Digitalisation / e-commerce• Rebranding

TEAM

Too sick

Too healthy

#deals coming in

p.a.

500-700

Closer look

200-250

Offers

~100Due

Diligence

~50

Purchase

~4-7

Not in Europe

Too small

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S TAT U S P O R T F O L I O ( 1 0 . 2 0 1 9 )

Current level of maturity

Gro

wth

Impr

ovem

ent

Opt

imis

atio

n

Date of acquisition

Licensing business

Scholl Footwear

Europe

2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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T R A N S A C T I O N S 2 0 1 9 : F O U R P L A T F O R M I N V E S T M E N T S S O L D A N D T H R E E A C Q U I R E D

August 2019

AURELIUS Equity Opportunities

acquires

fromBT Group Plc

February 2019

AURELIUS Equity Opportunities

sells

toSeetec

April 2019

AURELIUS Equity Opportunities

sellsx

to the management

June 2019

AURELIUS Equity Opportunities

sellsx

to Centerbridge

Partners

August 2019**

AURELIUS Equity Opportunities

acquires

from

August 2019

AURELIUS Equity Opportunities

acquires

fromGrafton Group Plc

October 2019

AURELIUS Equity Opportunities

sells

toACCENT Equity

** Closing expected in Q1 2020

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AURELIUS

sells

to

CENTERBRIDGE PARTNERS L.P.

C A S E S T U D Y : L A R G E S T E X I T I N A U R E L I U S H I S T O R Y

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M A R K E T L E A D E R W I T H 1 5 0 Y R S H I S T O R Y

1867: Start of production using straw as raw material

1914: Majority of the mills located around Groningen (NL)

1955: Switch from straw to recovered paper

1970-80: Family biz sold to international packaging companies, restructuring

2005: Merger Smurfit & Kappa Packaging

2015: Dutch Solidboard and Graphicboard mills (as well as converters in NL, BE, UK) of Smurfit Kappa sold to AURELIUS

2016: Solidus acquires Abelan North (Fibor packaging, NL)

2018: Solidus expands to Southern Europe and into Coreboard by buying Abelan South

2018: Solidus acquires Northern Paper in the UK

June 2019: AURELIUS sells Solidus to CenterbridgePartners for EUR 330 m (Enterprise Value)

Dutch mill locations Established

Bad Nieuweschans 1888

Oude Pekela 1901

Hoogkerk 1914

Coevorden 1927

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S O L I D LY B A S E D O N T H R E E P I L L A R S

# 1 player worldwide21% market share

#1 luxury/ specialties,# 2 book/ stationary ~ 15% market share

# 1 Iberian Peninsula, #4/5 Europe

~ 10% market share

Solidboard Graphicboard Coreboard

ProductsMills

(End-) customers

Markets & European

share

Turnover

Sheets & Reels (400-1,300g/m2) (Cutted) Reels (150-500g/m2)

Appli-cations/Conver-

ting

(Cut-to-size) Sheets (400-2,600g/m2)

► Secondary packaging► Meat/ poultry, fish, …

► Book covers, luxury, …► Food plates (fish, bakery)

► Edges & tubes ► Packaging board

Das Bild kann nicht angezeigt werden.

56% xx% xx% 21%23%xx% 56%

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E U R O P E A N S I T E S A N D S A L E S O F F I C E S

Solidus is the european market leader in SolidboardTotal: 15 sites, 1,160 FTEs, 480kto board production, 243kto converting volume

Atelier des Landes, F

Converting

10 FTEs, 4kto

Bad Nieuweschans, NL

Mill (Solid)

159 FTEs, 132kto

Corby, UK

Converting

86 FTEs, 32kto

Groningen, NL

Mill (Graphic)

110 FTEs, 77kto

Oude Pekela (HQ), NL

Converting

112 FTEs, 48kto

Videcart, E

Converting

110 FTEs, 50kto

Coevorden, NL

Mill (Solid)

106 FTEs, 97kto

Zutphen, NL

Converting

79 FTEs, 40kto

Porto, Portugal

Converting (Core)

15kto, 40 FTEs

SolidboardConverter

Since 06/16Since 06/16

Since 02/18Since 02/18

Since 02/18Since 02/18

+ South America+ South America

Sales Office

Oude Pekela, NL

Mill (Graphic)

106 FTEs, 56kto

San Andres, E

Mill (Core)

140FTE, 120kto

Since 02/18Since 02/18

Since 02/18Since 02/18

CoreboardMill

GraphicboardMill

CoreboardConverter

SolidboardMill

Hoogstraten, BE

Converting

114 FTEs, 56kto

NPB, UK

Converting

30 FTEs, 17kto

Since 01/19Since 01/19

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A C Q U I S I T I O N R A T I O N A L E : A T Y P I C A LA U R E L I U S M I D - M A R K E T D E A L

Situation: “Unloved Child”Opportunity

Market environment

Non-core asset of a big multinational

“No” management attention “No” Capex allocated Champion in its market

Two separate “silos” – mills and converting

Room for efficiency improvements

Resolve Capex backlog

Revenues: ~ EUR 240 m EBIT barely breaking

even

Stable with some positive trends Room for further consolidation Potential for expansion & product innovations

Initial Deal-Metrics

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R E A L I G N M E N T B Y A U R E L I U S

ClosingApr/15

Post-Closing activities► Build-up stand-alone structures

► Re-Branding to Solidus

► IT-Infrastructure

Further Growth by M&A

Restructuring► Implementation of shared service centres

► Early retirement program

► Reduction of fixed costs

Efficiency improvements & Growth initiatives► Conduction of around 60 efficiency improvement projects

► Implementation of a profit improvement investment program

► Fostering sales and sustainable product development initiatives

2015 2016 2017 2018

1

2

3

4

2019

InvestmentDecisionDec/14

► Acquisition of Fibor Packaging (30.6.16) and integration

► Acquisition of Abelan South (31.1.18)

► Acquisition of Northern Paper (31.8.2018)

► Numerous possible targets with significant synergy potential

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S O L I D U S T O D A Y : A H I G H LY P R O F I T A B L ES T A N D A L O N E B U S I N E S S

1) PI = Profit Improvement

12.5

EBITDA2015

Sales PI-Capex1)

Add-ons

EBITDA2018-2019

EBITDA2021-2022

PI-Pro-jects1)

Sales PI-Capex1)

Add-ons

PI-Pro-jects1)

► Secular growth

► Substitution

► Sustainability

► Targeting strategy

Sales

► “Restructuring”

► Cost cutting

► Purchasing initiatives

► Efficiency increase

PI Projects

► Further automation

► Capacity expansion

► Yield increase

► Energy efficiency

PI Capex

► 3 Add-ons done

► Filled pipeline

► Proven platform

Add-ons

Acqui-sition Run-rate Road

ahead

in EUR m

EBITDA more than quadrupled since

acquisition

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S A L E O F S O L I D U S I S T H E L A R G E S T E X I T I N A U R E L I U S H I S T O R Y

June 2019

AURELIUS Groupsells

to

Centerbridge Partners

Buyer

Funds managed by Centerbridge Partners, L.P.

Transaction overview

Purchase price (EV): EUR 330 million

Multiple on money invested: 16.7x

Earnings impact: approx. EUR 100 million

Participation dividend: EUR 1.50 per share

16

SEKm

Enterprise Value EUR 57 m

Money multiple

Exit 2019

~193x

S C A N C O C A S E S T U D Y : S U C C E S S F U L T R A N S F O R M A T I O N I N T O A L E A D I N G N O R D I C B R A N D

Market-leading independent distributor for high-quality cosmetics and perfumes in Scandinavia – representing >100 brands across the Nordics

History as a distributor dating back to 1927 in Norway, with the Swedish branch founded in 1984

The outcome

No clear focus on the business and steered with inappropriate fast movingconsumer goods (“FMCG”) metrics

“Rough diamond” mixed under a mass market FMCG distributor (Valora Trade)

Two national distributors looking at each other as competitors, not using synergies and geographical cooperation

Cutting edge in profitable growing luxury cosmetics market

The opportunities

Complete realignment by Aurelius: Carve-out from Valora, separation from FMCG and establishment of pan-Nordic structures

Organic growth and profit enhancement:Category expansion into new products and offerings of fast-growing brands and establishment of presence in Denmark coupled with increased focus on Finland

Add-on acquisitions and synergy extractionAcquired Alf Sörensen and Solis international cosmetics –complementary brand portfolio, expansion opportunities and strengthened market share

The initiatives

Aurelius generates nearly ~193x return from Scandinavian Cosmetics sale

Entry 2016

8711.052

181

2015 2018

76

127

51

2015 2018

Revenue

EBITDA

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K E Y F I G U R E S 9 M O N T H S 2 0 1 9

(in EUR m) 1/1 –9/30/2018

1/1 –9/30/2019

Total consolidated revenues 2,791.7 2,720.4

Consolidated revenues (annualized) 1,2 3,402.7 3,427.2

EBITDA of the combined Group 37.4 187.4

- of which gains on bargain purchases 12.8 15.4

- of which restructuring and non-recurring expenses -57.7 -61.0

- of which gains on exits 2.6 98.4

Consolidated operating EBITDA 79.7 134.6

12/31/2018 09/30/2019

Cash and cash equivalents 290.8 311.8

Equity ratio ³ (in %) 25.0 19.5

1) The prior-year consolidated statement of comprehensive income was adjusted for comparison purposes according to the provisions set forth under IFRS 5.2) From continued operations.3) Including non-controlling interests.

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T H A N K Y O U F O R Y O U R AT T E N T I O N

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A P P E N D I X : F I N A N C I A L C A L E N D A R / R E S E A R C H

FINANCIAL CALENDAR

October 29, 2019

November 25-27, 2019

December 5, 2019

March 31, 2020

May 12, 2020

June 18, 2020

August 13, 2020

November 12, 2020

RESEARCH

Baader/Helvea

Berenberg

Commerzbank

Hauck Aufhäuser

Press release Q3 2019

Eigenkapitalforum, Frankfurt, Germany

Berenberg European Conference, Pennyhill, UK

Annual Report 2019

Press release Q1 2020

Annual General Meeting

Half-year Report 2020

Press release Q3 2020

EUR 54.20/buy (September 26, 2019)

EUR 73.00/buy (September 20, 2019)

EUR 48.00/buy (October 7, 2019)

EUR 75.00/buy (October 10, 2019)