ANNUAL REPORT 2020 INVESTOR UPDATE CALL

15 April 2021

This document is being presented solely for informational purposes and should not be treated as giving investment advice. It is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. All and any evaluations or assessments stated herein represent our personal opinions. We advise you that some of the information is based on statements by third persons, and that no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or opinions contained herein.

This presentation contains certain forward-looking statements relating to the business, financial performance and results of Brockhaus Capital Management AG and its subsidiaries (collectively the "BCM Group") and/ or the industries in which BCM Group operates. Forward looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of BCM-Group or cited from third party sources, are solely opinions and forecasts which are uncertain and subject to risks. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in general economic conditions, in particular economic conditions in the markets in which BCM Group operates, changes affecting interest rate levels, changes in competition levels, changes in laws and regulations, environmental damages, the potential impact of legal proceedings and actions and BCM Group's ability to achieve synergies from acquisitions. In general, the potential impact of COVID-19 on BCM's business is uncertain and will, among others, depend on the further development of the pandemic and other developments worldwide such as the (re-)implementation and duration of national and regional lock-down measures or the development of leading international economies in light of the pandemic. BCM Group does not guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update the statements in this presentation to reflect subsequent events. The forward-looking statements in this presentation are made only as of the date hereof. Neither the delivery of this presentation nor any further discussions of BCM Group with any of the recipients thereof shall, under any circumstances, create any implication that there has been no change in the affairs of BCM Group since such date. Consequently, BCM Group does not undertake any obligation to review, update or confirm recipients' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation.

Neither Brockhaus Capital Management AG nor any other person shall assume any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or the statements contained herein as to unverified third person statements, any statements of future expectations and other forward-looking statements, or the fairness, accuracy, completeness or correctness of statements contained herein, or otherwise arising in connection with this presentation.

Group KPIs

Revenue declined by only -5.0% compared to (pro forma) record year 2019
- o Q4 with record quarterly revenue of € 17.7 million after COVID-impacted Q2 and Q3
- o Taking into account acquisitions, revenue growth of +211.5% vs 2019 (non-pro forma basis)
Gross profit margin of c. 75%
Adj. EBITDA margin of c. 24%
- o Q4 with 30% margin significantly above first three quarters of 2020 due to strong revenue level
Free cash flow of € 9.4 million (before taxes and costs of the initial stock market listing)

Update from our subsidiaries

Strong R&D activities with new product innovations at both Palas and IHSE
Continued internationalization as key pillar of BCM's strategy:
- o Palas: China and Hong Kong established; USA to follow
- o IHSE: South Korea established; China to follow

Deal flow

▪ Continued strong deal pipeline and due diligence activity

	Reportable segments
	Environmental Technologies		Security Technologies		Central Functions and consolidation		Total
€ thousand	2020	2019	2020	2019	2020	2019	2020	2019
Revenue	18,114	13,835	33,543	40,455	(76)	–	51,581	54,290
Revenue growth	30.9%		(17.1%)				(5.0%)
Gross profit	13,874	10,875	24,680	28,995	–	–	38,555	39,870
Gross profit margin	76.6%	78.6%	73.6%	71.6%			74.7%	73.4%
Adjusted EBITDA	6,283	4,999	11,778	14,164	(5,793)	(2,997)	12,270	16,166
Adjusted EBITDA margin	34.7%	36.1%	35.1%	35.0%			23.8%	29.8%

Total cash and cash equivalents of € 123.5 million as per end of December 2020

AQ Guard PMFT

Advanced compact analyzer for determination of indoor air quality
Displays all relevant air quality measurement factors such as fine dust, NO2, NO, O3, SO2 and CO
Can be upgraded with the Air Hygiene Professional Package to evaluate the infection risk indoors
Designed by Porsche Design

System for respiratory mask testing
Current standards (EN 149) do not test for virus permeability
PMFT can detect and measure particles in the size of viruses and provides an exact analysis of mask efficiency for filtering out virus-sized particles
Ideally suited for production control and certification testing
Can also model US-standard ASTM via additional software option

Resp-Aer Meter

Respiratory aerosol meter
Realtime analysis of particles in exhaled air in the size range of viruses (such as COVID-19 or influenza)
Identification of potentially infectious persons (so called "super spreaders")
Pilot customers include airports, professional sports teams and hospitals
Scientific studies are currently underway

Successful expansion to China / Hong Kong

China identified as one, if not the biggest market for air quality globally
Registration of Palas Asia Ltd. in Hong Kong on May 28, 2020
Opening of Palas Instruments (Shanghai) Ltd. on July 1, 2020
Successful build-up of the local team to a total of 7 people
Selected developments:
- o Very promising order intake already generated in 2020
- o Certification processes for Palas' fine dust monitors (PM10 and PM2.5) are progressing positively

Part of the team of Palas Instruments (Shanghai) Ltd.

Envisaged expansion to the USA

Planned expansion to USA in line with the approach successfully applied to China/Hong Kong
Aim to increase local market share with an own subsidiary, as the market is currently only served via sales partners and OEMs
Envisioned implementation throughout 2021

Project ALFRIED - Driving innovation

ALFRIED is a program for automated and connected driving in logistics

Control and optimization of heterogeneous traffic of the future with traditional and autonomous traffic participants, including public transport
The project is funded by German Federal Ministry of Transport and Digital Infrastructure and undertaken at an institutional test site in Friedrichshafen, Germany

Contribution of IHSE

As experts for mission critical data transmission, IHSE is leading the smart city control center workstream for the project
The task is to develop a concept for a control center that will be implemented and evaluated within the framework of the innovation laboratory
A particular challenge is the integration of masses of incoming data from a wide range of sources and the development of a corresponding cyber security policy
In addition, special equipment is being developed for this purpose in accordance with the so-called KRITIS criteria for critical infrastructure

"[…] The smart city control center will demonstrate the potential for autonomous driving in real traffic and how control centers can be secured against cyberattacks. […] The findings from the ALFRIED project will help us to develop solutions for smart city control centers that are specifically tailored to the requirements of future heterogeneous traffic."

Dr. Enno Littmann – CEO of IHSE

Successful expansion to South Korea Envisaged expansion to China

In addition to its Singapore hub, continued expansion across Asia with the successful opening of a sales office in Seoul
The sales office is expected to deliver improved service and support to Korean customers and strengthen the IHSE brand in the Korean market
The new office is headed by the previous IHSE sales manager responsible for the Korean market

Establishment of an own subsidiary in Guangzhou currently ongoing
- o Registration documents have been submitted to the Chinese authorities
- o Experienced Managing Director was hired from one of IHSE's local sales partners
Aim is to further strengthen the footprint of IHSE in China as one of their most important geographies
Additionally, the local office shall enable IHSE to become less affected by travel-barriers, as seen during the COVID pandemic