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Company PresentationAcquario Partners | January 2022

30/06/2021

2

Agenda

COMPANY PRESENTATION

2 Our Services

3 Project Setup

4 Next Steps

1 Who We Are

We support small-, mid-, and large-cap Private Equity firms in their decisions along the

investment cycle at a unique price-performance

ratio.

We combine expertise, skills, and perspectives

from different disciplines to develop excellent, creative, and holistic

solutions to our clients’ most critical challenges.

We provide access to the brightest minds from

leading universities across Europe and thereby offer

a distinct perspective towards Private Equity.

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Acquario advises general partners within the Private Equity market in their decision-making processes with a team that gained pertinent experience

1 | WHO WE ARE

Our Clients

Acquario Partners provides Private Equity firms with real insights into

markets and companies to make the right deals happen

Our Expertise Our Team

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Experienced leadership team that turns insights from leading Private Equity firms, investment banks, and consultancies into value-adding services

1 | WHO WE ARE

Selected Experience

Management Team

Timor Domin

Co-Founder & Managing Partner

Responsibilities:

Legal | Finance | IT

Contact:

timor.domin@acquario-partners.com +49 152 02411642

Selected Work Experience:

Nova SBE | LSE | University of Mannheim |National Sun Yat-Sen University

Jonas Kurth

Co-Founder & Managing Partner

Responsibilities:

Project Acquisition | Business Development | Recruiting

Contact:

jonas.kurth@acquario-partners.com +49 157 53676841

Selected Work Experience:

Nova SBE | University of Applied Science Europe |Pace University

• Waterland Private Equity – Private Equity

• Paragon Partners – Private Equity

• M.M. Warburg – Investment Banking

• Ernst & Young – Transaction Advisory Services

• Deutsche Lufthansa – Business Development

• AUCTUS Capital Partners – Private Equity

• Oaklins – Investment Banking

• Dr. Wieselhuber & Partner – Turnaround & Restructuring

• Network Corporate Finance – Investment Banking

• Allianz Inhouse Consulting – Management Consulting

Unique price-performance ratioSignificantly lower prices as compared to traditional consultancies and a price for performance contract

Premium pricingHeavy infrastructure requires a significant advisory fee

Market rumorHiring a traditional consultancy often initiates some market rumor

Full anonymityStudent-status enables acting without initiatingmarket rumor

Private EquityExclusive focus on Private Equity from small to large cap

Various industriesLacking PE-focus can lead to focus on irrelevant aspects

Full Private Equity investment cycleSupport throughout all relevant process steps

Support from investment step onwardsVery few consultancies offer explicit deal sourcing support

Focus

Coverage

Fee structure

Anonymity

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A sole Private Equity focus with a unique price-performance ratio distinguishes Acquario from traditional consultancies

1 | WHO WE ARE

6

Acquario offers consulting services supporting throughout the full Private Equity investment cycle from deal origination to value creation

2 | OUR SERVICES

Deal Origination

Initial Assessment

Deal Structuring

Due DiligenceContract

Negotiation100-Day Plan

Portfolio Management

• Market analyses and individual evaluations

• Long-lists/pipeline building

• Company profiles

• Target identification

• Investment thesis development

• IC paper development

Pre-process Process Post-acquisition

• Synergy potential

• Peer benchmarking

• Restructuring options

• Strategic market positioning

• Valuation (CCA, CTA, LBO, DCF, APV, etc.)

• Value creation opportunities

• Set up deal team

• Calculation and set up of sources and uses

• Capital call execution

• Negotiation with banks and management team

• Debt scheduling

• Assessment of advisors’ involvement

Acquario Acquario PE firm

• Commercial Due Diligence

• Identification of key focus areas

• Valuation adjustment

• Refining of IC paper for a final investment recommendation

• Purchase price agreement

• Closing conditions

• Warranty, indemnity, and undertaking clauses

• Terms and conditions of the seller’s liability

• Further obligations of the parties, e.g., do-not-compete clause

Acquario PE firm

• Business plan creation

• Re- and outsourcing

• Operative strategy implementation

• Assurance of managements’ involvement

• Goal definition

• Monitoring setup

• Performance review

Acquario

• Documentation and monitoring against business plan and market

• Value creation plan and opportunity assessment

• Add-on acquisition screening (national and international)

• Tailored consulting services

Acquario

Selected previously executed projects

Undisclosed Portugal-based

PE firm

Target researchMarket researchMarket research Market research

Undisclosed Luxembourg-based

PE firm

Structured interviews

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Deep-dive: Exemplary market research scope to support a proactive deal origination and provide a steady deal pipeline for Private Equity firms

2 | OUR SERVICES

Content CDs1 Results

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Market description, size, growth and segmentation• Definition of the market at hand and assessment of the market size to be targeted; market segmentation• Evaluation of past and projected growth figures of the overall market and sub-segments

Market and macro trends• Description of underlying growth drivers of the market and current developments• Analysis of long-term potential for a successful exit of a potential investment

Competition and fragmentation• Definition of the main market players with their USPs and creation of a market map by conclusive criteria• Matching of the market players’ market shares over the past years to gather market fragmentation

Note: (1) Consultant days à 10 hours

Margins and profitability• Validation of a market entry opportunity by leveraging financial market KPIs• Assessment of return potential through deep-dive into cash generation potential (can include long list)

Value chain assessment• Mapping of the typical value creation steps of a respective market’s business model• Allows to compare the attractiveness of different verticals to identify the most promising one

Bargaining power of customers/suppliers• Evaluation of the dependence and resulting cluster risk of certain stakeholders• Analysis of forward- and backward-integration potential or risk

Investment rationale/growth potential• Consideration of up- and downsides of investments and definition of a general thesis and investment strategy• In-depth analysis of overall potential for growth to maximize value creation

Exit opportunities• Identification and description of potential buyers (e.g., corporates, financial sponsors, IPO)• Assessment of M&A and ECM dynamics in the market, incl. comparable prior exits and economic developments

Key due diligence items• Identification of the most relevant items to perform a DD on, e.g., commercial, legal, financial • Minimization of downsides of an investment and deployment of resources in an effective way

Conclusion and recommendations• Summarization of the qualitative and quantitative key findings of the market analysis• Advising on crucial factors for a successful investment in the segment at hand

✓ Theoretical and practical market definition✓ Market segmentation✓ Market size and growth1.5✓ Growth drivers✓ Market trends✓ Long-term outlook1.0✓ Main competitors with USPs✓ Market map✓ Market shares of main players2.0✓ Average market KPIs✓ Cash generation potential✓ Long-list2.0

✓ Porter’s Five Forces analysis✓ USP analysis1.0✓ SWOT analysis✓ Investment thesis✓ Value creation levers2.0✓ Candidate list✓ Comparable transaction analysis✓ Exit ways2.0✓ List of items to perform DD on0.5✓ Key findings✓ Recommended actions2.0

✓ Value chain map✓ Deep-dive in most attractive value steps1.5

Content

Optional

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Deep-dive: Exemplary target research scope to support a proactive deal origination and provide a steady deal pipeline for Private Equity firms

2 | OUR SERVICES

CDs1 Results

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Alignment with PE firm on market-focus• Definition of a certain market to focus on• Alternatively, broad market scan by a respective fund’s criteria without in-depth market research

Affirmation of market attractiveness• Focused check-up on key market metrics according to selected criteria of a fund• Concise market description, e.g., definition, growth, margins, rationale

Long-list creation (~100-200 candidates)• Market scan to define potential candidates according to pre-defined criteria• Close coordination with investment team on the fit of identified candidates

Note: (1) Consultant days à 10 hours

Short-list creation (~30 candidates)• Narrowing down of long-list based on client feedback according to ranking logic (A-, B-, and C-candidates)• Assortment of short-list candidates jointly with the client for maximum efficiency in the analysis

Identification of general company information (~10 A-candidates)• Creation of one-pager containing key information such as business model, sector, ownership, financials, etc.• Incorporation of feedback on one-pagers after a bundled email-dispatch of the candidates to the client

Quantitative analysis (1 candidate)• Processing of financials of resulting companies (P&L-, EV-equity-, KPI-, and ratio-analysis)• Preparation of financial statements according to pre-defined criteria in alignment with the client

Company valuation (1 candidate)• Valuation of targets using, e.g., a comparable company and comparable transaction analysis, DCF and LBO model• Comparison of targets and identification of favorable acquisition opportunities

Qualitative company analysis (1 candidate)• Deep-dive into the business model, history, ownership structure, subindustry, business plan, investment thesis, etc.• Summarization of the most important information

Development of targeted recommendations for action (1 candidate)• Educated advice on how to reach out to certain targets; preparation of company contacts and approach documents• Extensive presentation of the results including recommendations for action on which targets to address

✓ Market to be focused on✓ Criteria to incorporate0.5 ✓ Key market metrics✓ Confirmation or discarding of market0.5✓ Information to incorporate in long- and short-list✓ In-detail company criteria defined by the client✓ Long-list2.0✓ Candidate ranking✓ Comments on long-list candidates✓ Short-list0.5✓ 10 one-pagers2.0✓ Standardized financial statements✓ Financial statement analysis1.0

✓ CCA and CTA✓ DCF-analysis✓ LBO-analysis3.0

✓ Key qualitative highlights✓ Complete public information book with quantitative

and qualitative aspects included1.5

✓ Prepared documents to reach out to potential targets’ shareholders1.0

Optional

Assessment of value creation levers (1 candidate)• Determination of a suitable and value-maximizing investment strategies for each identified target• Evaluation of synergy potentials among existing portfolio and targets

✓ Key findings✓ Recommended actions1.0

Project Leader

• To apply for within Acquario

• Project management/ leadership experience (in- and external)

• Selection takes place per project by experience regarding project content and sector to be evaluated

• Task focus: steering the project towards the most value-creating outcomes for clients

(Senior) Consultant

• Student at a leading university

• Strong interest in PE

• Independent way of working

• Team-player with outstanding analytical and communication skills

• Fluent in German and English

• Experience in the field of PE, IB, consulting, VC, or business development

• Task focus: executing operative project to-do’s (e.g., market analyses, long-and short-list creation, company profile creation) in an efficient and team-oriented manner

A team structure is formed based on individual project needs to ensure a vibrant working environment, yielding efficient and effective results

3 | PROJECT SETUP

Project goal definition

In-depth understanding of the client’s needs in the prospective time frame including a definition of all relevant criteria

Explicit discussion between the project leaders on which steps to take in order to meet and exceed expected results

Definition of a time-bound project plan including phases and milestones to ensure trackable outcomes

Development of a written document that outlines targeted outcomes of the project (signed by project leaders)

Note: (1) Exemplary project

Deal origination1

Team setup

Evaluation of requirements and resulting roles to staff for an optimal execution of the challenge ahead

Posting of project vacancies in the internal staffing channel to draw the consultants' attention to upcoming projects

Assessment of applications based on experiences, motivation, and overall fit to the respective role

Staffing of consultants on the roles available

Quality circles

Steady evaluation of project results in accordance with the project plan, respective phases, and set milestones

Rotating check-up by a pre-defined plan for improvement of current results

Interactive discussions between members to achieve the project goal in the most value-creating way possible

Guidance with final decision-making in cases of split opinions by the responsible project leader

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A pre-defined and streamlined project timeline serves as the basis for efficiently managing the project in a result-driven and trackable way

3 | PROJECT SETUP

Process Step1 Week 1 Week 2 Week 2 Week 4 Week 6 Week 9 Week 10Week 3 Week 11Week 5 Week 7 Week 8 Week 12

Result DeliveryProject ExecutionProject Setup

Final Presentation

Project Work

Kick-off Session

Introduction1

NDA signing2

Definition of Scope3

Business Contracts4

Team Setup / NDAs5

6

8

9

Project Phase AA

Project Phase BB

Project Phase CC

Feedback session10

Kick-off

Interim Presentation 1

Interim Presentation 2

7 Initial assessment

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Note: (1) Exemplary project

Important next steps to go in order to set up the project with a well-suited team in a resource-efficient and timely manner

4 | NEXT STEPS

TodayIntroduction

Acquario Partners

PE firmDecision to hire

Acquario

1 weekClient-signing

of NDA

2 weeksInternal job

posting

AcquarioFormation of team

3 weeksSigning ofcontracts

4 weeksKick-off session

with team

1.5 weeksProject scope

definition

3.5 weeksTeam-signing

of NDAs

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Experience, flexibility, and dedication represent the key traits of Acquario and ensure successful, tailor-made advice for demanding Private Equity clients

4 | NEXT STEPS

Why choose

us?

Tailormade advisory servicesto focus on the special needs of Private Equity clients

Flexibilityto deliver results when they are required thanks to multiple ways of utilization

Always hands-on and well-connectedto ensure deep research with mobilization of selected top-talents from leading business schools around the world

Relevant toolkitto deliver what is needed gained from leading institutions within Private Equity, Investment Banking, and Consulting

Large geographical coverageto combine market insights from every angle and with a high degree of detail

Your contact

Jonas Kurth

Co-Founder & Managing Partner

P: +49 157 5367 6841E: jonas.kurth@acquario-partners.com

www.acquario-partners.com

Acquario PartnersRoenner Weg 30d24146 Kiel