Allgeier SE

Investor Presentation • Jan 1, 2020

Investor Update January 2020

Important Disclosure

THIS COMMUNICATION IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IS SUBJECT TO CHANGE. IT IS INDICATIVE, NOT BINDING AND WILL NOT BE UPDATED

This communication and information included therein has been prepared solely by ALLGEIER SE (the Company), has not been verified independently and is provided for information purposes only and should not be generally distributed directly or indirectly into or within the United States, Canada, Australia, Japan or the United Kingdom, or in any other jurisdiction where such distribution would be unlawful. Unless otherwise stated, the Company is the source of the information contained herein. For the purposes of this notice, the Presentation includes this document, its contents or any part of it and any related video or oral presentation, any question or answer session and any written or oral material discussed or distributed during the presentation meeting.

Presentations are by their nature abbreviated information and cannot substitute for narrative information. In addition, the information herein is preliminary and is not comprehensive. Consistent with its purpose, this Presentation does not include all information that is material to evaluate the strengths and weaknesses as well as risks and opportunities of the Company.

This communication may contain "forward-looking" information which may include, but is not limited to, projections, forecasts or estimates of cash flows, yields or return, scenario analyses and model illustrations. Any forward-looking information is based upon certain assumptions about future events or conditions and is intended only to illustrate hypothetical results under those assumptions (not all of which are specified herein or can be ascertained at this time).

The Company and its advisers and any of their respective affiliates, personally liable partners, directors, officers, employees, advisers or agents, shall accept no responsibility and have no liability to you or to any third parties, for the quality, accuracy, fairness, timeliness, continued availability or completeness of any data or calculations contained and/or referred to in this communication (or whether any information has been omitted from the Presentation) or any other information relating to the Company, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available nor for any special, direct, indirect, incidental or consequential loss or damage which may be sustained because of the use of the information contained and/or referred to in this communication or otherwise arising in connection with the information contained and/or referred to in this communication, provided that this exclusion of liability shall not exclude or limit any liability under any law or regulation applicable to the Company or its advisers that may not be excluded or restricted.

All information in this Presentation is current at the time of communication but may be subject to change in the future. The Company and its advisers disclaim any obligation to update or revise any statements, in particular forward-looking statements, to reflect future events or developments.

This Presentation does not constitute or form part of, and should not be construed as an offer or invitation or recommendation to, purchase or sell or subscribe for, or as any solicitation of any offer to purchase or subscribe for, any securities of the Company, in any jurisdiction. This Presentation is only directed at qualified investors in certain jurisdictions; in the member states of the European Economic Area, this presentation is directed only at persons who are "qualified investors" within the meaning of Directive 2003/71/EC, as amended. The shares of Allgeier SE are not registered, and will not be registered, pursuant to the regulations of the U.S. Securities Act of 1933 in its currently valid version, and may not be offered or sold in the United States except in certain transactions exempt from, or not subject to, the registration requirements of the Securities Act.

It should be noted that a final decision as to whether, when and the terms on which any offer of securities may or may not take place has not been taken by the Company.

3

Agenda

Allgeier at a glance Business Overview Financial Performance Summary & Outlook

Allgeier at a glance

Digitalization is questioning many things that have proven their worth in organizations of all sizes over a long period of time. Instead of predictable innovation cycles, disruptive changes take place that can devalue or even obsolete successful business strategies within only a few years.

Allgeier is guiding its customer through the challenges of digital transformation to ensure their future success. We are thinking breakthroughs for new digital business models, taking strategic priorities and executing fast and without fuss ground breaking projects to create agile and intelligent enterprise for the digital era.

1) Continuing operations according to IFRS, FY 2017: adjusted figures according to IFRS 15 2) Compound Annual Growth Rate

Allgeier is expanding quickly with continuous double-digit growth rates and business spreading across 28 countries worldwide

High growth in sales 1 687 m€ 211 m€ CAGR² +14% 2009 2018 +20% +15%

Allgeier at a glance

Allgeier is broadly positioned across regions, customers and industries

Impressive track record of more than 13 strategic acquisitions over the recent 8 years to deepen the technology footprint

Strategically focused on IT megatrends such as AI, Machine Learning, Big Data, IoT, Cloud Services & Next-Gen User Experience in attractive industries

Portfolio of best-in-class technology companies that unite to adapt quickly and easily to customers digital transformation needs

Global outreach across 28 countries to secure customer proximity, agility in delivery and leverage cost efficiencies with regional footprint Driving technology to further deepen cuttingedge skills to maintain market leadership

Partnering with and trusted by a solid base DAX and Fortune 500 companies as well as mid-sized industry leaders.

Proven successful M&A track record and further accelerating growth by value-adding acquisitions in strategic Group segments

Value Proposition

10

Business Overview

ENTERPRISE SERVICES

Strategy and process consulting to full implementation, as well as managed services in the context of application management, hosting and cloud services. Scalable, and adaptable software solutions for all industry requirements.

TECHNOLOGY

Tailor made software development and technology services for digital disruption to challengers and industry leaders. Combining design, digital solutions and data to outperform the competition.

EXPERTS

Professional Workforce Solutions delivering personnel services and project solutions for digitalization. One-stop shop offering the ideal combination of flexible personnel and project services.

Highly specialized teams providing cutting-edge technology solutions and services creating competitive advantage for clients

% of gross profit

1

1) Split among the three core segments, state as of June 30, 2019 (H1 2019)

Business Segments

Technology

Tailor-made software development and technology services for digital disruption to

challengers and industry leaders Application Development & Management Big Data Analytics/DevOps Blockchain Digital Commerce/Portals Digital Transformation, Improvement UX/Experience Design Software Engineering & Lifecycle Quality Engineering/Testing IoT/Wearables & Mobility Application Services Cloud Customer Communication Management Security & Compliance Innovation Toolkit

Solution Portfolio

57 locations in 27 countries 1

More than 5,500 software developers & UX designers 1

Flexible blended shoring at development sites in EU, India, China & Vietnam

Revenue ¹ ≈ EUR 300m Adj. EBITDA¹ (margin) ≈ EUR 34m (11.5%) 61 % of revenues outside of Germany

Global specialist for digitalization of mission-critical business processes and disruptive technology services

Consulting Services ERP BPM & ECM Security & Compliance Infrastructure, Cloud Migration Team Efficiency, Communication Extended Relationship Management

Managed Services

Application Services Cloud Infrastructure Governance & Orchestration Cruise IT

Data Warehouse

Product Solutions Housekeeping Cockpit, ComplianceNow®, Metasonic® Suite, TMaxSoft Suite, Julia MailOffice®, iTrade®, Syntona logic®

Global SAP Partner

≈ 1,000 consultants in EU¹

Microsoft Gold Partner

Enterprise Services

Strategy and process consulting to full implementation, as well as managed services in the context of application management, hosting and cloud services

Revenue ¹ ≈ EUR 120m Adj. EBITDA¹ (margin) ≈ EUR 11m (9.8%) 40% recurring revenues

Sophisticated SAP & Microsoft consulting and services

Contracting

Placement of freelance experts under a service contract

Project Services

Managed services, fixed price projects and consulting services

Temporary Placement

Placement of permanent experts in the context of temporary employment

Permanent Placement

Professional search in the context of

recruitment

12 locations 1 for just in time expert services

100,000+ professionals 1 in IT experts pool

3,000+ IT & Engineering experts 1

Experts

Professional Workforce Solutions delivering personnel services and project solutions for digitalization

Workforce Solutions

Revenue ¹ ≈ EUR 280m Adj. EBITDA¹ (margin) ≈ EUR 5m (1.7%)

Market leading one-stop-shop business for professional workforce solutions and personnel services for digitalization

Allgeier has a broad customer base: 68% of sales in FY 2018 months with 100 clients 1

Percentage of sales	2018
Biggest single client	3.7%
Three biggest clients	10.4%
25 biggest clients	40.5%
100 biggest clients	68.5%

Allgeier Group Management Board Members

Hubert Rohrer Management Board

Bremen, Germany

Manas Fuloria, PhD Management Board

Delhi, India

Dr. Marcus Goedsche Management Board

Munich, Germany

Carl Georg Duerschmidt CEO, Management Board

Munich, Germany

With Allgeier since 2001 Board Member since 2003

With Allgeier since 2007 Board Member since 2008

With Allgeier since 2011 Board Member since 2014

With Allgeier since 1986 Board Member since 2013

Financial Performance

• CAGR² 2015 2018: 16%
• Planning for FY 2019:
  • Sales growth 15 – 20 %
  • EBITDA margin 6.5 – 7 %

Allgeier is growing at double-digit rates

1) Continuing operations according to IFRS, FY 2017: adjusted figures according to IFRS 15 2) Compound Annual Growth Rate

Financial Performance

Allgeier continuously improves added value and shows continuous growth in earnings

Gross Profit¹ (on quarterly basis) in EUR m

1) EBITDA before effects that are classified as extraordinary or relating to other periods in accounting terms, continuing operations according to IFRS, FY 2017: adjusted figures according to IFRS 15; FY 2018/2019: according to IFRS 16

Adjusted EBITDA¹ (on quarterly basis) in EUR m

Segment Technology sustains significant growth in sales and earnings

1) EBITDA before effects that are classified as extraordinary or relating to other periods in accounting terms, continuing operations according to IFRS, FY 2017: adjusted figures according to IFRS 15; FY 2018/2019: according to IFRS 16 2) Compound Annual Growth Rate

22

Segment Enterprise Services shows strong revenue and earnings growth driven by SAP business

1) EBITDA before effects that are classified as extraordinary or relating to other periods in accounting terms, continuing operations according to IFRS, FY 2017: adjusted figures according to IFRS 15; FY 2018/2019: according to IFRS 16 2) Compound Annual Growth Rate

23

Segment Experts has achieved a positive turnaround and is back on track for further growth

1) EBITDA before effects that are classified as extraordinary or relating to other periods in accounting terms, continuing operations according to IFRS, FY 2017: adjusted figures according to IFRS 15; FY 2018/2019: according to IFRS 16 2) Compound Annual Growth Rate

4,8

Summary & Outlook

Allgeier Group is overall performing well, core segments show continuous growth

• and sustained good performance
• Restructuring and efficiency enhancement of Experts segment will be completed successfully, positive turnaround in Q3/2019 achieved, further positive contributions in 2020
• New value-adding acquisition opportunities to bolster growth are constantly under review
• Announced strategic split into two corporate units can unleash additional shareholder value

Outlook: Allgeier is on track for further growth

Allgeier's management intends to reorganize its company portfolio with a subsequent spin-off and listing of the software engineering and consulting business (Nagarro, iQuest, Objectiva, SAP) Such step allows more focus and specialization of each unit with a consistent and attractive story It helps to focus on well-defined, consistent corporate cultures and to create a higher attractiveness in employer branding Listed shares can be used as currency for equity-based incentives and to achieve a clear alignment of incentive systems to exploit synergies Increased management focus for both parts of Allgeier after split Financial performance will appear more clearly without dilution by Allgeier's current portfolio mix Investor base can develop over time due to different business models and equity stories Management believes that spin-off will unlock significant shareholder value in the future as the new unit will have a clearly defined global peer group Adequate share price of the technology unit will be supportive for further acquisitions

Spin-off and independent listing of global technology and software development business

26

Let's talk.

Postal address

Einsteinstrasse 172 – Blue Tower I D-81677 Munich Phone: +49 89 998421-0

Contact

Dr. Marcus Goedsche mgoedsche@allgeier.com Web Follow us on LinkedIn

www.allgeier.com/en/investor-relations