9M EARNINGS CALL PRESENTATION · IMS PharmaScope, 2017, Sempora market study, 2017, Euromonitor (as of 3 April 2017), online penetration calculated by dividing the internet retailing

COMPANY PRESENTATION.

STEFAN FELTENS, CEO EIGENKAPITALFORUM FRANKFURTNOVEMBER 27, 2019

INTRODUCTIONUPDATE ON FINANCIAL

PERFORMANCE BACKUP

TODAY’S AGENDA.

3

SHOP APOTHEKE EUROPE IN A NUTSHELL.

COMBINING OTC, BPC & RX

OFFERINGS.

LEADERSHIP POSITION IN EUROPE.

8 COUNTRIES.

4.5 MILLION ACTIVE CUSTOMERS.

> 1,200 EMPLOYEES.

≥ 700 M € REVENUE FORECAST 2019.

SERVING THE WHOLE FAMILY.

4

OUR SERVICES TODAY.

OFFERING A WORLD OF HEALTH TO THE WHOLE FAMILY.

UNIQUEPORTFOLIO.

8 COUNTRY-SPECIFIC

PORTFOLIOS.

PHARMA-CEUTICAL COUNSELLING.

PHARMACEUTICAL SAFETY.

INTER-ACTIONCHECKS.

PATIENT CARE PROGRAMMES.

SMART FOR 5 INDICATIONS.

LOYALTY PROGRAMME.

REDPOINTS IN

5 COUNTRIES.

SAME-DAY DELIVERY.

LEADINGPHARMACY APP.

APPLE STORE

NO. 2 DOWNLOADED

IN MEDICAL CATEGORY.

5 LANGUAGES.

2019 SUCCESFUL

LAUNCH.

5

ONE COUNTRY.

2014

2019

EIGHT COUNTRIES.*

* Spain Exit in Dec. 2019.

OUR EUROPEAN FOOTPRINT TODAY.

BENEFITTING FROM THE WIDEST PRESENCE IN THE INDUSTRY.

RIGOROUSLY REVIEWING CAPITAL ALLOCATIONS AND PROSPECTS OF EACH MARKET.

6

OUR TRACK-RECORD.

GROWING ORGANICALLY AND WITH SELECTIVE STRATEGIC ACQUISITIONS.

Venlo

0

100

200

300

400

500

600

700

800

2010 2012 2014 2016 2017 2018 2019

NET SALES*IN EUR m

Acquisition of Webshop System Provider

Acquisition of nu3 (DE)

Start of European roll-out

Launch of Austrian webshop

Launch of French webshop

IPO Frankfurt Stock Exchange

Acquisition of FARMALINE

2010 2013 2014 2015 2016 2018

Spin-off from a local pharmacy

Strong investment in online leadership in Germany

2019*

Acquisition of EAV (DE)

*Forecast

7

Huge Addressable European Market €180bn(1) … … with Online Market Penetration still close to zero.

OUR ADVANTAGE.

LOW ONLINE MARKET PENETRATION AND CONVENIENCE WILL DRIVEEUROPEAN ONLINE PHARMACY GROWTH.

Rx; €130bn

OTC; €35bn

Functional Food; €15bn

€180bn

~2%

~25%

~40%

Continental EuropeanMedications

US Medications Other European marketsMusic, films & booksSource: Sempora, Euromonitor, Iqvia, equity research. Note: (1) Sempora 2017. OTC is defined as non-prescription medication. BPC consist of

Beauty and Personal Care Products. Rx is defined as prescription medication. Functional food is defined as food delivering additional and / or enhanced benefits over basic nutritional value. Excluding UK and certain small EU countries; countries included are: Germany, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Portugal, Czech Republic, Hungary, Sweden, Bulgaria, Denmark, Slovakia, Norway, Austria. (2) IMS PharmaScope, 2017, Sempora market study, 2017, Euromonitor (as of 3 April 2017), online penetration calculated by dividing the internet retailing market size across Europe by the total market size for each vertical, DE and US 2015, other European markets including France, Germany, Italy, Spain, United Kingdom, Switzerland, 2016.

Online Market Share(2)

8

INDIVIDUAL HEALTHCARE IS LARGELY INDEPENDENT OF ECONOMIC CYCLES.

DESPITE A CERTAIN SEASONALITY, INDIVIDUALS USE TO HAVE AN INDISPENSABLE NEED FOR DRUGS AND FEEL-GOOD-PRODUCTS.

HEALTH IS NOT SUBJECT TO FASHION BUT IT IS A FUNCTION OF AGE.

HIGH CUSTOMER LOYALTY + COMPETITIVE CUSTOMER LIFE TIME > 40 YEARS.

CROSS-SELLING POTENTIAL AT RELATIVELY LOW AVERAGE PRODUCT PRICES (LOW INHIBITION THRESHOLD).

HIGH BASKET VALUE. SMALLEST PRODUCT SIZES, LOW COST PACKAGE HANDLING (WEIGHT, SIZE).

MARGINAL RETURN RATE < 1 %.

OUR ADVANTAGE.

NO OTHER BUSINESS IS AS SUITABLE FOR E-COMMERCE AS THE PHARMACY SECTOR.

9

OUR COMPETIVE ADVANTAGE.

RUNNING RELEVANT DIGITAL TECHNOLOGY INHOUSE.

IT & ONLINE EXPERTS:INHOUSE

2014

IT & ONLINE EXPERTS:INHOUSE

2019

~50EXPERTS

• Our technology platform enables us to quickly respond to thelatest developments in e-commerce.

• The platform’s underlying service architecture means we canrapidly deploy new features to further improve the customerexperience.

• It ensures the fast and secure connectivity of partner systemsand external solutions to our systems.

− Easier and therefore faster maintenancethrough smaller code base.

− Simplified development through modular technology.

− Better and faster results by working in smallerautonomous teams that develop, deploy andimprove their respective services independently.

~280EXPERTS

ADVANTAGE

Improving customer experience based on ourstate-of-the-art technology platform is a key competitiveadvantage of our business model.

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MUCH LOWER HANDLING COST, PAPERLESS WORKFLOW.

• No mailing cost, no handling of envelopes, no scanning.• No manual corrections, easier cash collection procedures with health insurance companies.

HIGHER BASKET VALUE, HIGHER RETENTION RATE, INCREMENTAL MARGIN – ALL LEAD TO HIGHER CUSTOMER LIFETIME VALUE.

FASTER DELIVERY AS E-SCRIPTS ORDERS ARE TRANSMITTED ELECTRONICALLY.

INCREASED CUSTOMER LOYALTY.

LOWER CUSTOMER ACQUISITION COSTS: Increased convenience from a customer perspective will lead to higer conversions.

OUR PERSPECTIVE.

E-SCRIPTS TO BOOST SALES GROWTH AND PROFITABILITY.

In June 2019, the GSAV (law for secure supply ofmedicines) passed both Germany’s lower house ofparliament (Bundestag) and the upper house (Bundesrat).

Several pilot studies are already running, technical implementation will follow. E-scripts planned for 2020.

11

OUR STRATEGY.

BEST PREPARED FOR E-SCRIPTS.

INCREASE AWARENESS WITH ONE BRAND STRATEGY.

• Acquisition of Europa Apotheek as RX specialist.• Integration of “SMART patient care programme“ into the SHOP APOTHEKE brand. • Integration of Europa Apotheek into shop-apotheke.com – one brand.

CREATE CUSTOMER BENEFITS.

• Same Day Delivery Service for future acute medicine offering.• Partnerships with clear RX customer benefits and scale.

ACCESS TO E-PRESCRIPTIONS.• Inhouse API development for digital workflow.• Active colloboration with relevant organizations.

BUSINESS

TECHNOLOGY

REACH

12

• Groundbreaking for ~ 40,000 sqm took place on June 14, 2019.

• Distance from current site just 1km.

• 42 docks to speed up delivery.

• Further automation of pharmacy operations to significantly reduce cost per parcel.

• Established Microsoft Dynamcis ERP plus JDA Warehouse Management System for a smooth transition phase.

OUR NEW LOGISTICS HEADQUARTERS.

MEETING FUTURE CAPACITY NEEDS. REDUCING COSTS PER PARCEL.

Future operations can process up to 35 million parcels per year facilitating future e-script sales growth to take us to the next level of EUR 2 billion annual sales.

13

SHOP APOTHEKE EUROPE TODAY.

CREATING THE LEADING EUROPEAN ONLINE PHARMACY.

Source: Euromonitor, Sempora Research. Note: 1) Continental Europe excludes the UK and certain small EU countries; countries included are: Germany, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Portugal, Czech Republic, Hungary, Sweden, Bulgaria,

Denmark, Slovakia, Norway, Austria. Apparel and electronics TAM for 2014. 2) Sempora 2017. Sum of OTC, BPC, Rx, Functional Food. OTC is defined as non-prescription medication. BPC consist of Beauty and Personal Care Products. Rx is defined as prescription medication.

Functional food is defined as food delivering additional and / or enhanced benefits over basic nutritional value.

APPAREL

€ 182 billion

ELECTRONICS

€ 105 billion

PHARMA

€ 180 billion(2)

NO SIGNIFICANT OFFLINE BRAND IN CONTINENTAL EUROPE

LEADING ONLINE BRAND

LEADING OFFLINE BRAND

CONTINENTAL EUROPEAN TAM(1)

14

Today

PURE RETAILER

ONLINE PHARMACY.

Future

HEALTH-FOCUSSED

PLATTFORM PLAYER.

OUR VISION: BUILDING THE FUTURE OF HEALTHCARE.

15

ENHANCED VALUE PROPOSITION.

BETTER AVAILABILITY.

FASTER DELIVERY.*

BROADER PORTFOLIO.

NEXT STEP.

MARKETPLACE TO BE LAUNCHED IN 2020.

* INCLUDING SAME-DAY

We will expand our business from a pure online pharmacy retailer to a health-focused platform player.

16

MULTIDIMENSIONAL

GROWTH OPPORTUNITY

Additional market penetration in

existing and new markets

Increase and enhance product offering

Roll-out of marketplace solution

Expansion of Patient Care Programmes

UNIQUE PLATFORM &

TRUSTED BRAND

> 4.5m active customers, up to 60k daily

shipments and >90m site visits p.a.

Shop Apotheke ranked #1 online

pharmacy by Webshop Awards

Huge SKU portfolio and superior service offering

Best online brand awareness

E-SCRIPT CATALYST

Introduction of digital prescriptions

in Germany expected in 2020

Precedent countries show surge to

c.10% online penetration after e-script introduction

HIGHLY SKILLED

MANAGEMENT

Dynamic and entrepreneurial

Long-standing and visionary management

team – 2 of 4 board members are founders

Proven track record of delivering

organic sales growth > 25%

AMAZING METRICS

Fastest growing online

pharmacy in continental Europe

Outstanding CLV – customer lifetime

potential of > 40yrs

High repeat orders and no returns

Attractive basket size – €72

MASSIVE MARKET

OPPORTUNITY

€180bn addressable market

Low online penetration – c.2%

High barriers to entry

Strong market position of Shop Apotheke

1

6

32

54

INVESTMENT CASE.

INVESTING IN HEALTHY GROWTH.

INTRODUCTIONUPDATE ON FINANCIAL

PERFORMANCE BACKUP

TODAY’S AGENDA.

18

HIGHLIGHTS.

9-MONTHS 2019.

Strong growth momentum continues:Consolidated revenues up +31% to EUR 509.2 million (28% organic growth).

Gross profit outpaced sales growth: +1.1% to 19.6%.

Strong cash position: EUR 148.9 million as of Sep 30, 2019.

Brand integration successfully completed:The Europa Apotheek customers migrated to shop-apotheke.com.

New distribution centre:Increase of shipping capacity to 35 million parcels per year.

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Group revenues | YTD (in EUR million)

Group revenues | Q3 (in EUR million)

# Active customers(in million)

KEY FINANCIALS.

IMPRESSIVE ORGANIC TOPLINE GROWTH.

388.4

509.2

30SEP2018 30SEP2019 30SEP2018 30SEP2019 30SEP2018 30SEP2019

131.3

170.93.2

4.5

+30% +41%+31%

+28%

Total

Organic

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KPIs.

OUR CUSTOMERS ARE HIGHLY ENGAGED.

OF ALL ORDERS ARE FROM EXISTING CUSTOMERS.

~80%

ON AVERAGE PER ORDER WITH EUR 66.48 SHOPPING BASKET (9M/2018: EUR 73.60).

~5PRODUCTS

VIRTUALLY NO RETURNS.

<1%

NPS-SCORE.~70

Germany

SUCCESSFUL LOYALTY PROGRAM WITH HIGHLY ENGAGED CUSTOMERS AND HIGHER BASKETS.

21

Web traffic(in million)

Source: SHOP APOTHEKE EUROPE.

KPIs.

CONTINUOUSLY GROWING WEB TRAFFIC YEAR-BY-YEAR.

Share of mobile visits(in %)

2017

22

Number of orders(in ‘000)

KPIs.

CONTINUOUSLY GETTING REPEAT ORDERS.

Share of repeat orders(in %)

Average basket size(in €)

2017Source: SHOP APOTHEKE EUROPE.

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KEY FINANCIALS.

CONTINUOUS ORGANIC GROWTH.

(in EUR million) YTD Q3

2018 2019 Delta* 2018 2019 Delta*

Revenues 388.5 509.2 31% 131.3 170.9 30%

Gross profit 71.8 99.7 39% 25.4 32.3 27%

Selling & distribution costs – 68.6 – 96.7 (41%) – 22.8 – 29.7 (30%)

Segment EBITDA 3.2 3.0 (6%) 2.6 2.7 6%

Administrative costs – 13.4 – 17.3 (30%) – 5.3 – 6.0 (13%)

EBITDA – 10.2 – 14.4 (41%) – 2.7 – 3.3 (20%)

EBITDA adjusted – 7.2 – 11.7 (62%) – 0.2 – 2.1 (99%)

% of Revenues – 1.9 – 2.3 – 0.2 – 1.2

* Favorable variances without parentheses; unfavorable variances with parentheses.

Q3YTD

24

KEY FINANCIALS.

SEGMENT EBITDA.

30SEP2018 30SEP2019 30SEP2018 30SEP2019

DACH

INTERNATIONAL

(in EUR million)

(in EUR million)

YTD Q3

7.8 8.0

4.8 4.2

– 3.1– 4.7

– 0.7 – 1.3

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Q1/2019

KEY FINANCIALS.

Q2 & Q3 WITH MAJOR IMPROVEMENTS ON OUR WAY TO EBITDA BREAK-EVEN.

Q2/2019 Q3/2019

Adjusted EBITDA(in EUR million)

–2,1

0,2

–9,8

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Additional EUR 110 millionto fund growth.

• E-script opportunity,

• Online penetration increase,

• New business models.

31DEC2018* 30SEP2019*

KEY FINANCIALS.

STRONG CASH POSITION TO LEVERAGE THE E-SCRIPTS OPPORTUNITY.

58.8

148.9

(in EUR million)

* Including cash, short-term securities and credit facility.

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LOOKING FORWARD.

FY 2019 AND BEYOND.

EBITDA break-even in 2020 and long-term target profitability of at least 6% EBIT confirmed.

Sales in 2019 estimated at around EUR 700 million (+ 30%), paving the way for future growth.

Narrowing of earnings forecast: adjusted EBITDA margin in 2019 expected between – 2.0% and – 2.3% (2018: – 2.2%).

INTRODUCTIONUPDATE ON FINANCIAL

PERFORMANCE BACKUP

TODAY’S AGENDA.

29

CONSOLIDATED SEGMENT FINANCIALS.

30

CONSOLIDATED SEGMENT FINANCIALS.

31

UNAUDITED CONSOLIDATED STATEMENTOF PROFIT AND LOSS.

32

CONSOLIDATED BALANCE SHEET.

33

CONSOLIDATED CASH FLOW STATEMENT.