Beowolff Capital Welcomes the Support of artnet’s Management Board and Supervisory Board for its Takeover and Delisting Offer

Press Release

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM ANY OTHER JURISDICTION WHERE TO DO SO WOULD VIOLATE THE LAWS OF SUCH JURISDICTION

Beowolff Capital Welcomes the Support of artnet’s Management Board and Supervisory Board
for its Takeover and Delisting Offer

• Management Board and Supervisory Board of artnet today published their reasoned opinion in support of the takeover and delisting offer
• Beowolff Capital appreciates the constructive engagement with artnet’s leadership and welcomes their support
• Beowolff Capital remains committed to supporting artnet’s long-term development in a private ownership setting
• Artnet shareholders can tender their shares into the offer until August 5, 2025 for €11.25 per artnet share

London, U.K. – July 22, 2025: Leonardo Art Holdings GmbH (“Leonardo Art Holdings”), an investment vehicle advised by Beowolff Capital Management Ltd. (together “Beowolff Capital”), welcomes the reasoned opinion (“begründete Stellungnahme”) issued by the Management Board and Supervisory Board of artnet AG (“artnet”) in the context of Beowolff Capital’s ongoing voluntary public takeover and delisting offer (the “Offer”) for artnet.

In their statement, the Management Board and Supervisory Board of artnet recommend that shareholders accept the offer of €11.25 per artnet share (the “Offer Price”), citing the convincing strategic rationale of transitioning artnet into a privately held company with a stable long-term shareholder as well as the financial attractiveness of the Offer including the significant and attractive premium for shareholders. The Boards further noted the potential for artnet to focus on its development and competitiveness in a private ownership setting without the short-term pressures and costs of being listed on a public exchange.

Beowolff Capital appreciates the constructive engagement with artnet’s leadership and welcomes their clear endorsement of the Offer. It values the trust that Management Board and Supervisory Board of artnet have placed in the Offer and thereby in Beowolff Capital’s vision for the company. Beowolff Capital remains committed to supporting artnet’s long-term growth and leadership in the global digital art market.

The Offer provides artnet shareholders with the opportunity for immediate value crystallization, representing a c. 97% premium to the undisturbed XETRA closing price of artnet shares on March 3, 2025. The acceptance period runs until August 5, 2025, followed by an additional acceptance period, with the delisting from the Frankfurt Stock Exchange expected to become effective on August 22, 2025.

Beowolff Capital has already secured a stake of more than 89% in artnet through share purchases and binding agreements with shareholders.

The offer document and other information relating to the Offer are published on the following website: www.leonardo-offer.com.

Advisors

Beowolff Capital is advised by ParkView Partners as exclusive financial advisor and Kirkland & Ellis as legal advisor on this transaction.

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About the Beowolff Capital team

Andrew Wolff is the Chief Executive Officer of Beowolff Capital. He has been a private market investor for 30 years in the United States, Europe, and Asia. He spent the bulk of his career at Goldman Sachs, where he was most recently the Global Co-Head of the Merchant Banking Division and the Global Co-Head of the Corporate Equity Investing business. Andrew also served as the Co-CIO of Goldman Sachs’ flagship private equity funds. He was named partner in 2006. Andrew earned a B.A. in Philosophy from Yale University, and a J.D. and M.B.A. from Harvard Law and Business Schools.

Jan Petzel is the Chief Investment Officer of Beowolff Capital, with 27 years of experience investing in and building businesses across Europe, the United States, and Asia. He started his career at McKinsey & Company, helping clients drive cross-border integrations, organizational transformations, and sales growth. In 2003, Jan joined Goldman Sachs’ Merchant Banking Division, rising to Managing Director in 2011 and later leading Private Credit for Germany and Northern Europe. Since leaving Goldman Sachs, he has invested his own and third-party capital into the clean tech and fintech sectors. Jan holds a Master of Engineering from ETH Zurich, was a visiting scholar at MIT, and earned his M.B.A. at Harvard Business School.

To find out more, visit: www.beowolff.com.

Contact

For media inquiries, please email: leonardo-offer@brunswickgroup.com.

Important notice

This press release is neither an offer to purchase nor a solicitation of an offer to sell shares in artnet AG. The Offer itself as well as its provisions and other regulations concerning the Offer are set out in the Offer Document approved for publication by BaFin. Shareholders of artnet AG are advised to thoroughly read the Offer Document and all other relevant documents regarding the offer upon their availability as they contain important information. The Offer is solely subject to the laws of the Federal Republic of Germany and certain applicable provisions of securities law of the United States of America. Any agreement that is entered into as a result of accepting the Offer will be exclusively governed by the laws of the Federal Republic of Germany and is to be interpreted in accordance with such laws.