tep-up in organic growth... 5,000 4,500 - 4,000 - 3.500 - 3.000 2,500 2,000 - 1,500 • 1,000 - 500 - 0 woo Revenue, EUR m (Ihs) ▪ r6) Source: Deutsc• he Bank. company data .1) # eP fiSfo% % YoY organic (rhs) I 14% 12% 10% 8% 6% 4% 2% 0% ... but the valuation does not reflect this 20