10% 5% 0% 1- FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Source: Company filings Cash EBITDA margin Adj. op. margin utsche Bank Research- European Equity Focus -January 2018 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL 3r:: DB-SDNY-0086821 SDNY_GM_00233005 EFTA01385535