Prospectus supplement no. 1 pursuant to Section 16 (1) of the German Securities Prospectus Act ( Wertpapierprospektgesetz

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1 Prospectus supplement no. 1 pursuant to Section 16 (1) of the German Securities Prospectus Act (Wertpapierprospektgesetz) relating to the approved prospectus dated 17 September 2018 for the Public Offer of 6,250,000 newly issued ordinary bearer shares with no-par value (auf den Inhaber lautende Stückaktien) resulting from a capital increase against contribution in cash resolved by an extraordinary general shareholders' meeting of the Company held on 12 September 2018 and of 300,000 existing ordinary bearer shares with no-par value (auf den Inhaber lautende Stückaktien) from the holdings of the Selling Shareholder and of 982,500 existing ordinary bearer shares with no-par value (auf den Inhaber lautende Stückaktien) from the holdings of the Lending Shareholder in connection with a possible over-allotment as well as for the admission to trading on the regulated market segment (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with simultaneous admission to the sub-segment of the regulated market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) of up to 6,250,000 newly issued ordinary bearer shares with no-par value (auf den Inhaber lautende Stückaktien) resulting from a capital increase against contribution in cash resolved by an extraordinary general shareholders' meeting of the Company held on 12 September 2018 and 5,934,156 ordinary bearer shares with no-par value (auf den Inhaber lautende Stückaktien) (existing share capital), each such share with a notional value and a notional interest in the share capital of EUR 1.00 and full dividend rights from 1 January 2018 of GOVECS AG Munich, Germany Price Range: EUR EUR International Securities Identification Number (ISIN): DE000A2NB122 German Securities Identification Number (Wertpapierkennnummer, WKN): A2NB12 Ticker Symbol: GES Joint Global Coordinators and Joint Bookrunners Bankhaus Lampe COMMERZBANK Supplement dated 27 September 2018

2 This supplement no. 1 (the "Supplement") is supplemental to, and should be read in conjunction with, the approved prospectus dated 17 September 2018 (the "Prospectus") that is available on the Company's website ( The Supplement will be available at the same internet address. Terms defined in the Prospectus have the same meaning when used in the Supplement. Pursuant to Section 16 para. 3 of the German Securities Prospectus Act (Wertpapierprospektgesetz), investors who have already agreed to purchase the Company's shares before the Supplement is published shall have the right, exercisable within two working days after the publication of the Supplement, to withdraw their purchase orders if the new fact or incorrectness within the meaning of Section 16 para. 1 of the German Securities Prospectus Act (Wertpapierprospektgesetz) that required the publication of the Supplement occurred prior to the final completion of the public offering and the delivery of such shares. The withdrawal notice does not need to contain a statement of reasons and must be made in text form to the institution with which the investor has placed the order to purchase such shares. Instead of withdrawing their purchase orders, investors may also amend the purchase orders submitted prior to publication of the Supplement or place new limited or unlimited purchase orders.

3 Contents Table of contents Page Amendments to the section titled "I. Summary of the Prospectus" beginning on page S-1 of the Prospectus... 2 Amendments to the section titled "II. Zusammenfassung des Prospekts" beginning on page S-22 of the Prospectus... 3 Amendments to the section titled "3. The Offering" beginning on page 32 of the Prospectus... 4 Amendments to the section titled "16. Description of Share Capital and Related Information" beginning on page 114 of the Prospectus... 6 Amendments to the section titled "19. Underwriting" beginning on page 141 of the Prospectus... 7

4 On 27 September 2018, GOVECS AG (the "Company"), the Selling Shareholder and the Joint Global Coordinators, decided, agreed and announced by means of a public disclosure in accordance Art. 17 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014, on market abuse ("MAR") via various media distributed across the entire European Economic Area ("EEA") (Medienbündel) ("Public Disclosure") published by the Company on 27 September 2018: - to extend the Offer Period by six weeks until 8 November 2018 at 12:00 noon (CET) for retail investors and at 14:00 (CET) for institutional investors, As a result and due to the subsequent and related changes in the timetable, the Prospectus is supplemented and amended as follows. 1

5 Amendments to the section titled "I. Summary of the Prospectus" beginning on page S-1 of the Prospectus 1. In subsection "C.6 - Application for admission to trading on a regulated market and identity of regulated markets where the securities are to be traded" on page S-10 the two paragraphs are replaced with the following: The Company applied for admission of the New Shares and all of the existing Shares (entire current share capital) to trading on the regulated market segment (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and, simultaneously, to the sub-segment thereof with additional post-admission obligations (Prime Standard) on 17 September The admission of the Shares is expected to be granted on 12 November Trading of the Shares on the regulated market segment (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) is expected to commence on 13 November In subsection "E.3 - Description of the terms and conditions of the offer" on page S-15 the section Offer period is replaced with the following: The period during which investors may submit purchase orders for the Offer Shares began on 18 September 2018, and is expected to end on 8 November 2018 (the "Offer Period"). On the last day of the Offer Period, offers to purchase may be submitted (i) until 12:00 noon Central European Time ("CET") by retail investors and (ii) until 14:00 (CET) by institutional investors. Purchase orders from private investors must be expressed in full Euro amounts or increments of 25, 50 or 75 cents. Multiple purchase orders are permitted. They are freely revocable until the respective Offer Period expires. Revocation of purchase orders cannot occur after allocation of the Offer Shares. 3. In subsection "E.3 - Description of the terms and conditions of the offer" on pages S-15/S-16 the section "Offer Price" is replaced with the following: Once the Offer Period has expired, the offer price (the "Offer Price") and the final number of Offer Shares will be determined and established jointly by the Company, the Selling Shareholder and the Joint Global Coordinators using the order book prepared during the bookbuilding process. This is expected to take place on or about 8 November The final number of Offer Shares and the Offer Price are expected to be published on or about 8 November 2018 by means of a public disclosure in accordance Art. 17 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014, on market abuse ("MAR") via various media distributed across the entire European Economic Area ("EEA") (Medienbündel) ("Public Disclosure") and on the Company's website ( The final number of New Shares is expected to be published on or about 8 November 2018 by way of a Public Disclosure and on the Company's website ( 4. In subsection "E.3 - Description of the terms and conditions of the offer" on page S-16 the last sentence of the section "Amendments to the terms of the Offering" is replaced with the following: Under certain conditions, the Joint Global Coordinators may terminate the underwriting agreement, dated 17 September 2018 and as amended on 27 September 2018, among the Company, the Selling Shareholder (also in its capacity as Lending Shareholder) and the Joint Global Coordinators (the "Underwriting Agreement"), even after commencement of trading (Aufnahme des Handels) of the Shares on the regulated market segment (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and until the Offer Shares have been delivered in book-entry form in exchange for payment of the Offer Price and the customary securities commissions. 5. In subsection "E.3 - Description of the terms and conditions of the offer" on page S-16 the first 2

6 sentence of the section "Delivery and Payment" is replaced with the following: The delivery of the Offer Shares against payment of the Offer Price and customary securities commissions (Effektenprovisionen) payable to the depositary banks is expected to take place on 14 November In subsection "E.5 - Lock-up agreement: the parties involved; and indication of the period of the lock up" on pages S-18/S-19 the first paragraph is replaced with the following: Under the Underwriting Agreement, the Company agreed with the Joint Global Coordinators that it will not, during a period ending six months after the first day of trading of the Shares on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) (which is currently expected to take place on 13 November 2018), without the prior written consent of the Joint Global Coordinators (which consent shall not be unreasonably withheld or delayed): announce or effect an increase of the share capital of the Company out of authorised capital; or submit a proposal for a capital increase to any meeting of the shareholders for resolution; or announce to issue, effect or submit a proposal for the issuance of any securities convertible into shares of the Company, with option rights for shares of the Company; enter into a transaction or perform any action economically similar to those described above. Amendments to the section titled "II. Zusammenfassung des Prospekts" beginning on page S-22 of the Prospectus 7. In subsection "C.6 - Antrag auf Zulassung zum Handel an einem geregelten Markt und Nennung der geregelten Märkte, an denen die Wertpapiere gehandelt werden sollen" on page S-32 the two paragraphs are replaced with the following: Die Gesellschaft hat die Zulassung der Neuen Aktien sowie aller anderen bereits bestehenden Aktien (gesamtes gegenwärtiges Grundkapital) am regulierten Markt der Frankfurter Wertpapierbörse mit gleichzeitiger Zulassung zum Teilbereich des regulierten Marktes mit weiteren Zulassungsfolgepflichten (Prime Standard) der Frankfurter Wertpapierbörse am 17. September 2018 beantragt. Der Zulassungsbeschluss für die Aktien wird voraussichtlich am 12. November 2018 erteilt werden. Der Handel mit den Aktien im regulierten Marktsegment der Frankfurter Wertpapierbörse wird voraussichtlich am 13. November 2018 beginnen 8. In subsection "E.3 - Beschreibung der Angebotskonditionen" on page S-38 the section "Angebotszeitraum" is replaced with the following: Der Zeitraum, in dem Anleger ihre Kaufangebote für die Angebotsaktien abgeben können, begann am 18. September 2018 und endet voraussichtlich am 8. November 2018 (der "Angebotszeitraum"). Am letzten Tag des Angebotszeitraums können Kaufangebote (i) von Privatanlegern bis 12:00 Uhr (Mitteleuropäische Zeit) ("MEZ") und (ii) von institutionellen Anlegern bis 14:00 Uhr MEZ abgegeben werden. Kaufangebote von privaten Investoren müssen auf volle Eurobeträge oder Nachkommabeträge von 25, 50 oder 75 Cents lauten. Mehrere Kaufangebote sind zulässig. Sie sind bis zum Ablauf des Angebotszeitraums frei widerruflich. Nach der Zuteilung der Angebotsaktien ist ein Widerruf des Kaufangebots ausgeschlossen. 9. In subsection "E.3 - Beschreibung der Angebotskonditionen" on page S-38 the section "Angebotspreis" is replaced with the following: 3

7 Sobald der Angebotszeitraum beendet ist, werden der Angebotspreis (der "Angebotspreis") und die endgültige Anzahl der Angebotsaktien von der Gesellschaft, dem Verkaufenden Aktionär und den Joint Global Coordinators unter Zuhilfenahme des Orderbuchs, das während des Bookbuilding-Verfahrens erstellt wurde, festgelegt und bestimmt werden. Dies wird voraussichtlich am oder um den 8. November 2018 erfolgen. Die endgültige Zahl der Angebotsaktien und der Angebotspreis werden voraussichtlich am oder um den 8. November 2018 in Form einer Ad-hoc Mitteilung gem. Artikel 17 der Verordnung (EU) Nr. 596/2014 des Europäischen Parlaments und des Rates vom 16. April 2014 über Marktmissbrauch ("MAR") in verschiedenen Medien über den gesamten Europäischen Wirtschafsraum ("EWR) (Medienbündel) ("Ad-hoc-Mitteilung") sowie auf der Internetseite der Gesellschaft ( veröffentlicht. Die endgültige Anzahl der Neuen Aktien wird voraussichtlich am oder um den 8. November 2018 in Form einer Ad-hoc-Mitteilung sowie auf der Webseite der Gesellschaft ( veröffentlicht. 10. In subsection "E.3 - Beschreibung der Angebotskonditionen" on pages S-38/S-39 the last sentence of the section "Änderungen der Angebotsbedingungen" is replaced with the following: Unter bestimmten Bedingungen können die Joint Global Coordinators vom Übernahmevertrag, der zwischen der Gesellschaft und dem Verkaufenden Aktionär (auch in seiner Funktion als Verleihender Aktionär) und den Joint Global Coordinators am 17. September 2018 geschlossen und am 27. September 2018 abgeändert wurde (der "Übernahmevertrag"), zurücktreten, selbst nach Aufnahme des Handels der Aktien der Gesellschaft im regulierten Markt der Frankfurter Wertpapierbörse und bis zu dem Zeitpunkt, in dem die buchmäßige Lieferung der Angebotsaktien im Austausch gegen Zahlung des Angebotspreises sowie der handelsüblichen Effektenprovisionen erfolgt ist. 11. In subsection "E.3 - Beschreibung der Angebotskonditionen" on page S-39 the first sentence of the section "Lieferung und Zahlung" is replaced with the following: Die Angebotsaktien werden gegen Zahlung des Angebotspreises und Zahlung der marktüblichen Effektenprovisionen an die Depotbanken voraussichtlich am 14. November 2018 geliefert. 12. In subsection "E.5 - Lock-up-Vereinbarung: Beteiligte Parteien und Lock-up-Frist" on pages S- 41/S-42 the first paragraph is replaced with the following: Im Rahmen des Übernahmevertrags hat sich die Gesellschaft mit den Joint Global Coordinators geeinigt, dass sie innerhalb eines Zeitraums endend sechs Monate nach dem Tag, an dem die Aktien zum ersten Mal an der Frankfurter Wertpapierbörse gehandelt werden (was voraussichtlich am 13. November 2018 stattfindet) ohne vorherige schriftliche Zustimmung der Joint Global Coordinators (die nicht unangemessen verweigert oder verzögert werden darf) nicht: eine Erhöhung des Grundkapitals der Gesellschaft aus genehmigtem Kapital anzukündigen oder durchzuführen; oder einer Hauptversammlung einen Vorschlag für eine Kapitalerhöhung zur Beschlussfassung vorzulegen; oder die Ausgabe, Durchführung oder Einreichung eines Vorschlags zur Ausgabe von in Aktien der Gesellschaft wandelbaren Wertpapieren mit Optionsrechten auf Aktien der Gesellschaft anzukündigen; eine Transaktion einzugehen oder eine Handlung durchzuführen, die der oben beschriebenen wirtschaftlich ähnlich ist. Amendments to the section titled "3. The Offering" beginning on page 32 of the Prospectus 13. In subsection "Offer Period" on page 32 the paragraph is replaced with the following: 4

8 The period during which investors may submit purchase orders for the Offer Shares began on 18 September 2018, and is expected to end on 8 November 2018 (the "Offer Period"). On the last day of the Offer Period, offers to purchase may be submitted (i) until 12:00 noon Central European Time ("CET") by retail investors and (ii) until 14:00 (CET) by institutional investors. Purchase orders from private investors must be expressed in full Euro amounts or increments of 25, 50 or 75 cents. Multiple purchase orders are permitted. They are freely revocable until the respective Offer Period expires. Revocation of purchase orders cannot occur after allocation of the Offer Shares. 14. In subsection "Changes of terms of the Offering" on pages 32/33 the first sentence of the second paragraph is replaced with the following: Under certain conditions, the Joint Global Coordinators may terminate the Underwriting Agreement, dated 17 September 2018 and as amended on 27 September 2018, among the Company, the Selling Shareholder (also in its capacity as Lending Shareholder) and the Joint Global Coordinators, even after commencement of trading (Aufnahme des Handels) of the Shares on the regulated market segment (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse). 15. In subsection "Determination of the Offer Price and the final number of Offer Shares to be placed, Allotment" on page 33 the second sentence of the paragraph is replaced with the following: This is expected to take place on or about 8 November In subsection "Publication of the Offer Price and the final number of Offer Shares" on page 33 the first sentence of the paragraph is replaced with the following: The final number of New Shares is expected to be published on 8 November 2018 by way of a Public Disclosure and on the Company's website ( 17. In subsection 3.3 "Expected Timetable for the Offering" on pages 33/34 the table is replaced with the following: 17 September Approval of the Prospectus by the BaFin. Publication of the approved Prospectus on the Company's website ( Notification of the approved Prospectus to the Luxembourg Commission for the Supervision of the Financial Sector (Commission de Surveillance du Sector Financier "CSSF"). Application for admission of the Shares to trading on the regulated market segment (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and, simultaneously, to the sub-segment thereof with additional post-admission obligations (Prime Standard). 18 September Commencement of the Offer Period. 8 November End of the Offer Period at 12:00 noon (CET) for retail investors and at 14:00 (CET) for institutional investors. Determination of the Offer Price and number of Offer Shares to be placed. Publication of the Offer Price and number of New Shares, Sale Shares and Over-Allotment Shares by way of a Public Disclosure and on the Company's website ( 5

9 9 November Application for registration of the implementation of the IPO Capital Increase in the Commercial Register (Handelsregister). 12 November Registration of the implementation of the IPO Capital Increase in the Commercial Register (Handelsregister). Approval of admission to the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and publication of the approval of admission on the Frankfurt Stock Exchange's website ( 13 November First day of trading in the Company's shares on the Frankfurt Stock Exchange. 14 November Book-entry delivery of the Offer Shares against payment of the Offer Price and customary securities commissions to the depositary banks (settlement and closing). 18. In subsection "Delivery and Settlement of the Offer Shares" on page 34 the first sentence of paragraph is replaced with the following: The delivery of the Offer Shares against payment of the Offer Price and customary securities commissions payable to the depositary banks is expected to take place on 14 November In subsection 3.7 "Lock-up Agreement, Limitations on Disposal " on page 36 the first paragraph is replaced with the following: Under the Underwriting Agreement, the Company agreed with the Joint Global Coordinators that it will not, during a period ending six months after the first day of trading of the Shares on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) (which is currently expected to take place on 13 November 2018), without the prior written consent of the Joint Global Coordinators (which consent shall not be unreasonably withheld or delayed): announce or effect an increase of the share capital of the Company out of authorised capital; or submit a proposal for a capital increase to any meeting of the shareholders for resolution; or announce to issue, effect or submit a proposal for the issuance of any securities convertible into shares of the Company, with option rights for shares of the Company; enter into a transaction or perform any action economically similar to those described above. 20. In subsection 3.8 "Admission to the Frankfurt Stock Exchange and Commencement of Trading" on page 37 the paragraph is replaced with the following: The Company applied for admission of the Shares to trading on the regulated market segment (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and, simultaneously, to the sub-segment thereof with additional post-admission obligations (Prime Standard) on 17 September The listing approval (Zulassungsbeschluss) for the Shares is expected to be granted on 12 November Trading in the Shares on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) is expected to commence on 13 November Amendments to the section titled "16. Description of Share Capital and Related Information" beginning on page 114 of the Prospectus 21. In subsection "Development of the Share Capital" on page 114 the sixth paragraph is replaced with the following: 6

10 The extraordinary shareholders' meeting dated 12 September 2018 resolved on the increase of the Company's share capital from EUR 5,934, by up to EUR 7,000, to up to EUR 12,943, and with the exclusion of the subscription rights of the shareholders for the purposes of the Offering. The consummation of the capital increase from EUR 5,934, by up to EUR 6,250, to up to EUR 12,184, is expected to be registered in the commercial register (Handelsregister) of the local court (Amtsgericht) Munich on or about 12 November Amendments to the section titled "19. Underwriting" beginning on page 141 of the Prospectus 22. In subsection 19.1 "General" on page 141 the first, second and fourth paragraphs are replaced by the following: On 17 September 2018 and as amended on 27 September 2018, the Company, the Selling Shareholder (also in its capacity as Lending Shareholder) and the Joint Global Coordinators entered into the Underwriting Agreement relating to the offer and sale of the Offer Shares in connection with the Offering. The Offering consists of public offerings in Germany and Luxembourg and private placements of the Offer Shares in certain jurisdictions outside Germany and Luxembourg. The Offer Shares will not be offered in the United States or to US persons. Outside the United States, the Offer Shares will be offered in "offshore transactions" within the meaning of, and in reliance on Regulation S under the Securities Act. The Offer Period commenced on 18 September 2018 and is expected to end on 8 November The Offer Price for each Offer Share is expected to be determined jointly by the Company, the Selling Shareholder and the Joint Global Coordinators on or about 8 November 2018 on the basis of an order book prepared during the bookbuilding process. 23. In subsection 19.2 "Underwriting Agreement" on page 141 the first sentence of the first paragraph is replaced by the following: In the Underwriting Agreement, the Joint Global Coordinators acting as settlement agent agreed to subscribe for the 6,250,000 New Shares at the lowest issue price on or about 9 November 2018, and the Joint Global Coordinators agreed to acquire the Offer Shares with a view to offering them to investors in this Offering subject to certain conditions. 7