LBO Model

Legend To be filed

Acquisition

Acquisition Metrics
EBITDA at Acquisition 5.0
Acquisition Multiple
Enterprise Value at Acquisition
Net Debt at Acquisition
Equity Value at Acquisition

Use of Funds Source of Funds

Equity 0.0 Equity 0.0 #DIV/0!
Acquisition Costs Of which Funds 0.0 #DIV/0!
Cash NewCo Of which Management #DIV/0!
Unitranche Debt
Total 0.0 Total 0.0
1.0 1.0

Post Acquisition Metrics

EBITDA at Acquisition 5.0
Net Debt Post Acquisition 0.0
Debt Leverage Post Acquisition 0.0x
Debt / Equity Ratio Post Acquisition #DIV/0!
Debt Cash Interests
Debt PIK Interests

Exit

Consolidated Financials
Actuals Actuals Forecast BP BP BP BP BP BP
Meuros 2013 2014 2015 2016 2017 2018 2019 2020 2021

01/04/2023 1
 Revenue
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBITDA OldCo
Additional Costs NewCo
EBITDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Financial Debt Newco
Cash Newco
Financial Debt OldCo
Cash Oldco
Net Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Debt Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Exit Waterfall Value Creation

Date of Exit 2020 Growth
EBITDA at Exit 0.0 Multiple Arbitrage
Exit Multiple Cash Generation
Enterprise Value at Exit Value Création 0.0
Net Debt at Exit 0.0 1.0
- of which Unitranche 0.0
Equity Value at Exit
Equity to Funds
Equity to Managers

Funds Cash Flows 2013 2014 2015 2016 2017 2018 2019 2020 2021 Multiple IRR

Managers Cash Flows 2013 2014 2015 2016 2017 2018 2019 2020 2021 Multiple IRR

Unitranche Cash Flows 2013 2014 2015 2016 2017 2018 2019 2020 2021 Multiple IRR

Exit Date Debt at Entry

0% 2016 2017 2018 2019 2020 2021 0% 0 5 10 15 20
6.0x 6.0x
6.5x 6.5x
7.0x 7.0x
7.5x 7.5x
Entry Multiple 8.0x Entry Multiple 8.0x
8.5x 8.5x
9.0x 9.0x
9.5x 9.5x

01/04/2023 2
 10.0x 10.0x
10.5x 10.5x

Exit Multiple EBITDA at Exit

0% 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x 0% 1 5 10 15 20
6.0x 6.0x
6.5x 6.5x
7.0x 7.0x
7.5x 7.5x
Entry Multiple 8.0x Entry Multiple 8.0x
8.5x 8.5x
9.0x 9.0x
9.5x 9.5x
10.0x 10.0x
10.5x 10.5x

OldCo

OLDCO INCOME STATEMENT

Actuals Actuals Forecast BP BP BP BP BP BP

Meuros 2013 2014 2015 2016 2017 2018 2019 2020 2021

Sales 40.0 45.0 50.0 55.0 60.0 65.0 70.0 75.0 80.0
Growth 12.5% 11.1% 10.0% 9.1% 8.3% 7.7% 7.1% 6.7%

COGS -12.0 -14.0 -15.0 -17.0 -19.0 -20.0 -22.0 -23.0 -24.0

Gross Margin 28.0 31.0 35.0 38.0 41.0 45.0 48.0 52.0 56.0
Gross Margin 70.0% 68.9% 70.0% 69.1% 68.3% 69.2% 68.6% 69.3% 70.0%

Fixed Costs -25.0 -27.0 -30.0 -32.5 -35.0 -38.0 -38.0 -40.0 -40.0

EBITDA 3.0 4.0 5.0 5.5 6.0 7.0 10.0 12.0 16.0
EBITDA Margin 7.5% 8.9% 10.0% 10.0% 10.0% 10.8% 14.3% 16.0% 20.0%

Depreciation -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5

01/04/2023 3
 EBIT 2.5 3.5 4.5 5.0 5.5 6.5 9.5 11.5 15.5
EBIT Margin 6.3% 7.8% 9.0% 9.1% 9.2% 10.0% 13.6% 15.3% 19.4%

Interest Expense -0.1 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 -0.3 -0.3 Short Term Loan Interest 2%
Interest Income 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 Cash in Bank Interest 1%
Income Tax -0.8 -1.1 -1.4 -1.6 -1.8 -2.1 -3.1 -3.7 -5.0 Tax Rate 33%
Net Result 1.6 2.3 2.9 3.3 3.6 4.2 6.2 7.6 10.2
Net Margin 4.0% 5.0% 5.9% 5.9% 6.0% 6.5% 8.9% 10.1% 12.8%

OLDCO BALANCE SHEET

Actuals Actuals Forecast BP BP BP BP BP BP

Meuros 2013 2014 2015 2016 2017 2018 2019 2020 2021

Cash & Cash Equivalents 1.0 3.3 6.2 6.2 6.2 6.2 6.2 6.2 6.2
Accounts Receivables 6.0 6.8 7.5 8.3 9.0 9.8 10.5 11.3 12.0 % of Turnover as Client Accounts 15%
Inventories 3.6 4.2 4.5 5.1 5.7 6.0 6.6 6.9 7.2 % of COGS as Stocks 30%
Other Current Assets 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5
Current Assets 12.1 15.7 19.7 21.0 22.4 23.4 24.8 25.8 26.9

Net Tangible Fixed Assets 4.0 4.0 4.0 3.5 3.0 2.5 2.0 1.5 1.0
Net Intangible Fixed Assets 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Net Fixed Assets 6.0 6.0 6.0 5.5 5.0 4.5 4.0 3.5 3.0
TOTAL ASSETS 18.1 21.7 25.7 26.5 27.4 27.9 28.8 29.3 29.9

Accounts Payable 1.8 2.1 2.3 2.6 2.9 3.0 3.3 3.5 3.6 % of COGS as Supplier Account 15%
Other Current Liabilities 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Short Term Loans (Working Capital Financing) 7.0 8.1 9.0 10.0 11.1 12.0 13.0 13.9 14.8
Liabilities 9.8 11.2 12.2 13.6 14.9 16.0 17.3 18.4 19.4

Share Capital 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Reserves 4.7 6.3 8.6 11.5 14.8 18.4 22.6 28.8 36.4
Net Earnings 1.6 2.3 2.9 3.3 3.6 4.2 6.2 7.6 10.2
Total Equity 8.3 10.6 13.5 16.8 20.4 24.6 30.8 38.4 48.7
TOTAL LIABILITIES & EQUITY 18.1 21.7 25.7 30.3 35.3 40.6 48.1 56.8 68.1
Balance Check 1.0 1.0 1.0 0.0 0.0 0.0 0.0 0.0 0.0

01/04/2023 4
 Trade Working Capital 7.8 8.9 9.8 10.8 11.9 12.8 13.8 14.7 15.6
Other Working Capital 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
Total Working Capital 8.3 9.4 10.3 11.3 12.4 13.3 14.3 15.2 16.1

Net Debt 6.0 4.8 2.8 3.8 4.9 5.8 6.8 7.7 8.6

OLDCO CASH FLOW STATEMENT

Actuals Actuals Forecast BP BP BP BP BP BP
Meuros 2013 2014 2015 2016 2017 2018 2019 2020 2021
Net Earnings 1.6 2.3 2.9
Depreciation 0.5 0.5 0.5
Change in Working Capital -1.0 -1.1 -0.9
Cash Flow from Operating Activities 1.1 1.7 2.5 0.0 0.0 0.0 0.0 0.0 0.0

Capex -0.5 -0.5 -0.5

Cash Flow from Investing Activities -0.5 -0.5 -0.5 0.0 0.0 0.0 0.0 0.0 0.0

Change in Loan Principal 0.4 1.1 0.9

Cash Flow from Financing Activities 0.4 1.1 0.9 0.0 0.0 0.0 0.0 0.0 0.0

Cash Flow Before Dividends 1.0 2.3 2.9 0.0 0.0 0.0 0.0 0.0 0.0

Dividends % of Cash Flow Distributed as Dividends 80%

Net Change in Cash 1.0 2.3 2.9 0.0 0.0 0.0 0.0 0.0 0.0

Cash Position begining of year 0.0 1.0 3.3 6.2 6.2 6.2 6.2 6.2 6.2
Cash Position end of year 1.0 3.3 6.2 6.2 6.2 6.2 6.2 6.2 6.2
Check with Balance Sheet 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Check that Bank Account not Negative 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

NewCo

NEWCO INCOME STATEMENT

Actuals Actuals Forecast BP BP BP BP BP BP

Meuros 2013 2014 2015 2016 2017 2018 2019 2020 2021

01/04/2023 5
 Revenue
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

COGS

Gross Margin 0.0 0.0 0.0 0.0 0.0 0.0

Gross Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Fixed Costs

EBITDA 0.0 0.0 0.0 0.0 0.0 0.0

EBITDA Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Depreciation

EBIT 0.0 0.0 0.0 0.0 0.0 0.0

EBIT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Interests
PIK Interests
Interest Income Cash in Bank Interest 1%
Tax Base 0.0 0.0 0.0 0.0 0.0 0.0 Tax quote on Intra-Group Dividends 5%
Income Tax 0.0 0.0 0.0 0.0 0.0 0.0 Tax Rate 33%
Tax Shield 0.0 0.0 0.0 0.0 0.0 0.0
Net Result 0.0 0.0 0.0 0.0 0.0 0.0
Net Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

NEWCO BALANCE SHEET

Actuals Actuals Forecast BP BP BP BP BP BP

Meuros 2013 2014 2015 2016 2017 2018 2019 2020 2021

Cash & Cash Equivalents

Accounts Receivables
Inventories
Other Current Assets
Current Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Tangible Fixed Assets

Net Intangible Fixed Assets
Net Fixed Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0
TOTAL ASSETS 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Accounts Payable
Other Current Liabilities

01/04/2023 6
 Unitranche Debt
Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Share Capital
Reserves
Net Earnings
Total Equity 0.0 0.0 0.0 0.0 0.0 0.0 0.0
TOTAL LIABILITIES & EQUITY 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Balance Check 1.0 1.0 1.0 1.0 1.0 1.0 1.0

Trade Working Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Working Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Working Capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net Debt

NEWCO CASH FLOW STATEMENT

Actuals Actuals Forecast BP BP BP BP BP BP
Meuros 2013 2014 2015 2016 2017 2018 2019 2020 2021
Net Earnings
Depreciation
PIK Interests
Change in Working Capital
Cash Flow from Operating Activities 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Acquisition Costs
Shares Acquisition
Cash Flow from Investing Activities 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Increase in Capital
Change in Loan Principal
Cash Flow from Financing Activities 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash Flow Before Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Dividends

Net Change in Cash 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Cash Position begining of year 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash Position end of year 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Check with Balance Sheet 1.0 1.0 1.0 1.0 1.0 1.0
Check that Bank Account not Negative 0.0 0.0 0.0 0.0 0.0 0.0

01/04/2023 7
 Acquisition Costs Amortization Tables
Actuals Actuals Forecast BP BP BP BP BP BP
Meuros 2013 2014 2015 2016 2017 2018 2019 2020 2021
Net Acquisition Cost Begining of Year 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 Acquisition Cost Depreciation Time 5
Net Acquisition Costs End of Year 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Unitranche Debt Schedule

Actuals Actuals Forecast BP BP BP BP BP BP
Meuros 2013 2014 2015 2016 2017 2018 2019 2020 2021
Principal Begining of Year
Cash Interests Cash Interests 0%
PIK Interests PIK Interests 0%
Principal End of Year 0.0

01/04/2023 8
01/04/2023 9
 25

01/04/2023 10
 25

01/04/2023 11
01/04/2023 12