Forwart Group Financial Model v10.0

Forwart

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Switzerland · UAE · Global

Forwart

Forwart Group Investment Opportunity

Art Advisory & Development · Switzerland GmbH (Zug)

v10.0

The Opportunity

How It Works

Two Investment Components

Investor Returns

How We Compare

Representative Assets

Forwart Group Company Metrics

EBITDA Trajectory

Data Sources

Company Overview

Forwart Group Switzerland GmbH is a professional services platform incorporated in Canton Zug, specializing in cultural asset development and advisory. The company operates on a non-discretionary advisory model, providing structured due diligence, provenance research, and value development services to institutional and private clients managing art and cultural assets.

Revenue derives from three primary sources: development fees (DF) on sourcing and research, acquisition fees (AF) on transaction execution, and exit fees (EF) as a success fee on value creation. The corporate structure separates operational management (Forwart Group Company) from investment participation (FounderCo) to align incentives and optimize cash flow distribution.

Founding Team

Corporate Structure (4 Entities)

Forwart Group Switzerland GmbH Zug, CH • CIT 12%

Main Operating Entity — EU & Swiss Clients

Ownership: Investor 56% • FounderCo 36% • Employee Pool 8%
Revenue: DF (100%), AF (80%), EF (70%), Markup (100%) — for EU/CH mandates
Expenses: all OPEX, asset processing, introductor fees
Tax: Canton Zug CIT ~12% (cantonal + federal combined)
Substance: MD (A.) based in Zurich, board meetings in Zug quarterly

Forwart Group UAE Branch (Dubai) Dubai • 0% CIT

Non-EU Client Services — Tax Optimization Vehicle

Structure: Branch of Forwart Group Switzerland GmbH (same legal entity, same ownership)
Revenue: same fee structure — DF, AF, EF, Markup for non-EU/ME/Asia mandates
Tax: 0% CIT in free zone (revenue attributed to UAE branch)
Share of revenue: grows from ~20% Y1 to ~40% Y5 as ME/Asia client base develops

FounderCo Prescribed Company UAE DIFC • 0% CIT

Founder Participation Vehicle

Holds: 36% equity in Forwart Group Switzerland GmbH & UAE Branch
AF participation: 20% of Acquisition Fee revenue
EF participation: 30% of Exit Fee revenue
Founders: R. (Strategic Director, 34%) • A. (Chief Curator, 33%) • V. (BizDev, 33%)
Tax: 0% corporate tax in DIFC free zone • 0% dividend WHT

Investor SPVs Jurisdiction varies

Client Investment Vehicles

Primary SPV (Y1): €10M institutional anchor from Primary Investor
Secondary SPVs (Y2-Y5): follow-on mandates, growing capital base
Control: full ownership & decision rights with investor
Forwart Group role: non-discretionary advisory, earns DF + AF + EF per mandate

Investor Protections & Governance

Swiss Compliance & Governance

Nominee Director (Geschäftsführer): Professional nominee director with Swiss domicile (~CHF 12,000/yr). Satisfies GmbH requirement for at least one director with Swiss residency. All three founders operate through FounderCo (DIFC).

Domiciliation: Zug canton, CHF 2,500/yr via registered agent. Board meetings held physically in Zug quarterly.

Founder Structure: All founders are in FounderCo (DIFC Prescribed Company). No individual founder holds a direct position in Forwart Group GmbH — clean separation between advisory and operations.

Audit Exemption: GmbH with <10 FTE qualifies for simplified audit (opting-out with shareholder consent).

Value Creation Process

Source & Acquire

Identify undervalued assets, negotiate acquisition via SPV

Research & Document

Provenance, authentication, scholarly engagement

Develop Value

Exhibitions, publications, institutional recognition

Strategic Exit

Sell at premium through private or auction channels

Regulatory Positioning

✓ We Are

Professional services advisor on cultural assets

Portfolio manager for client-directed mandates

Operator of non-discretionary, data-driven research

Fee-earning service provider and equity participant

✗ We Are Not

Investment fund or fund manager (under MiFID)

Discretionary asset manager or broker-dealer

Art dealer or auction house (licensing not required)

Custody provider or depositary

Market Opportunity

Metric	Value	Notes
Global Art Market
UHNWI Count
Great Wealth Transfer
Art Advisory Market

Capital Deployment

5-year capital deployment plan. Y1 = Primary SPV, Y2-Y5 = additional SPV mandates.

Primary SPV (Y1)

Y2 Capital

Y3 Capital

Y4 Capital

Y5 Capital

Avg Asset Price

Total 5-Year Deployment —

Portfolio Strategy & Uplift

Target Portfolio Uplift 35%

Segment Allocation

Impressionist & Modern

25%

Post-War

35%

Contemporary

30%

Emerging Markets

10%

Portfolio Total100%

Hold Periods (months)

Impressionist

months

Post-War

months

Contemporary

months

Emerging

months

Mix

Fee Structure & Distribution

Tiered fees auto-adjust by asset price. DF/AF vary by band; EF fixed at 20% of net uplift. DF credited at exit.

Exit Fee (of uplift)

DF Credit Rate

FounderCo AF Share (%)

FounderCo EF Share (%)

Asset Band	DF Rate	AF Rate	EF Rate

Corporate Structure & Tax

Swiss GmbH (Canton Zug) + UAE Branch (Dubai). Blended CIT optimized via revenue split.

Swiss CIT

UAE Revenue Y1 (%)

UAE Revenue Y5 (%)

Blended CIT—

Equity: Investor

Equity: Founders

Equity: Pool

Equity Total100%

Operating Expenses

Year 1 base costs. 3-founder art advisory, no office. Annual inflation: 2.5%.

Fixed Annual

Founder Salaries (total)

Salary Decline Rate

Legal — Art Law

Travel & Entertainment

Technology & AI

Data & Market Intelligence

Marketing & Events

Accounting & Audit

Meeting Rooms & Admin

Insurance E&O, D&O

Compliance & Regulatory

Total Fixed + Founders (Y1)—

Variable (Per-Asset)

DD Cost Y1-Y2

DD Cost from Y3

Dev Cost/yr Y1-Y2

Dev Cost/yr from Y3

Introductor Fee

Introductor Usage

Markup Rate

Valuation & Setup

EBITDA Multiple (Y5 exit)

Setup Costs

5-Year Capital Deployment & Portfolio Build

Year	New Capital (€)	New Assets	Cum Assets	Active Assets	Cum AUM (€)	Exit Rate (%)	Exits	Exit Value (€)

AUM Growth Trajectory

Portfolio Composition by Segment

Revenue Forecast by Type

Year	AF (€)	DF (€)	EF Gross (€)	DF Credit (€)	EF Net (€)	Markup (€)	Total Revenue (€)

Fee Distribution: Forwart Group Company vs FounderCo

Year	Forwart Group AF	Founder AF	DF (Forwart Group)	Forwart Group EF	Founder EF	Markup

Revenue by Source

Composition of Total Revenue

Setup Costs (Year 1 One-Time)

Item	Cost (€)	Category	Justification & Source

Fixed OPEX by Year

Expense Category	Y1 (€)	Y2 (€)	Y3 (€)	Y4 (€)	Y5 (€)	5Y Total (€)

OPEX Justification & Sources

Category	Monthly (€)	Annual (€)	Justification & Source

Variable OPEX by Year

Cost Type	Y1 (€)	Y2 (€)	Y3 (€)	Y4 (€)	Y5 (€)	5Y Total (€)

Total OPEX Summary

Expense Type	Y1 (€)	Y2 (€)	Y3 (€)	Y4 (€)	Y5 (€)	5Y Total (€)

OPEX Trend Analysis

OPEX as % of Revenue

Per-Asset Economics

Per-SPV Economics

Revenue per Asset Waterfall

Cost Breakdown per Asset

5-Year P&L Statement

Metric	Y1 (€)	Y2 (€)	Y3 (€)	Y4 (€)	Y5 (€)	Total (€)

EBITDA Waterfall to Net Income

Margin Evolution

FounderCo (UAE DIFC) — Prescribed Company

FounderCo holds 36% equity in Forwart Group Switzerland GmbH. Receives 20% of AF and 30% of EF as founder participation.

Year	AF Share (20%)	EF Share (30%)	Total FounderCo	Per Founder (avg)

Investment Structure

Return Attribution

Return Component	Value (€)	% of Total

Key Return Metrics

Return Attribution by Component

Cumulative Cashflow Timeline

Sensitivity Analysis: Tornado Chart

Interpretation: The tornado chart shows the sensitivity of Y5 EBITDA to percentage changes in key input variables. Variables with the longest bars have the greatest impact on operating profitability.

MOIC Matrix: Uplift % x EBITDA Multiple

Two-Way Sensitivity: Uplift % x Capital Scale

Investor Net MOIC: Uplift % x Hold Period

Reading this matrix: Each cell shows the investor's net MOIC after all fees (AF, DF, EF, selling costs) for a given uplift and hold period. This is what the investor actually receives.

Confidential — For Authorized Recipients Only | Forwart Group Financial Model v10.0 | Signed NDA