Case Study | 2 § Bayer plan to dispose of its agrochemical plant in Norwich, UK, as part of outsourcing strategy § Reason for divestment: - Plant does not meet minimum size and capacity utilization criteria - Products produced (herbicides) not core business § But: Secure future product supply from Norwich plant Situation at acquisition in 2012 Carve-out of single Bayer plant imposing several challenges ... ! Cluster risk Single customer Bayer ! Incomplete business Company infrastructure missing ! Cost Center No profit center mindset ! New pension plan Separation from Bayer pension plan required ! Asset Deal Adverse one-time tax effect ! Carve-out Complex carve-out from parent | 3 AURELIUS advantage ... which AURELIUS is well positioned to accommodate

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