#1Introduction to ECM April 2018 ECM This presentation can only be provided to Professional Clients at their request. This material is personal to each recipient and may only be used by those persons to whom it has been handed out.#2IMPORTANT INFORMATION ECM CONFIDENTIALITY The contents of this document and all further materials supplied to you in respect of ECM Equity Capital Management GmbH (the "manager" or "ECM"), funds advised or managed by ECM and their portfolio companies, and all other matters relating thereto, are confidential and proprietary to ECM. Such information must not be disclosed, distributed, published, reproduced or otherwise communicated, in whole or in part. DISCLAIMER The information contained herein is provided for informational and discussion purposes only and is not, and may not be relied on in any manner as, legal, tax, or investment advice or as an offer to sell or a solicitation of an offer to buy an interest in any fund (the "Fund") managed or sponsored by ECM. A private offering of interests in the Fund will only be made pursuant to a confidential private placement memorandum (the "Offering Memorandum") and the Fund's subscription documents, which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with such offering. The information contained herein will be qualified in its entirety by reference to the Offering Memorandum, which contains additional information about the investment objective, terms and conditions of an investment in the Fund and also contains tax information and risk disclosures that are important to any investment decision regarding the Fund. No person has been authorized to make any statement concerning the Fund other than as set forth in the Offering Memorandum and any such statements, if made, may not be relied upon. Notwithstanding the foregoing, each investor and prospective investor (and each employee, representative, or other agent thereof) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Fund and its investments and all materials of any kind (including opinions or other tax analyses) that are provided to such investor or prospective investor relating to such tax treatment and tax structure, provided, however, that such disclosure shall not include the name (or other identifying information not relevant to the tax structure or tax treatment) of any person and shall not include information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws. An investment in the Fund will involve significant risks, including loss of the entire investment. The interests in the Fund will be illiquid, as there is no secondary market for interests in the Fund and none is expected to develop. There will be restrictions on transferring interests in the Fund, investments may be leveraged and the investment performance may be volatile. Before deciding to invest in the Fund, prospective investors should read the Offering Memorandum and pay particular attention to the risk factors contained in the Offering Memorandum. The fees and expenses charged in connection with an investment in the Fund may be higher than the fees and expenses of other investment alternatives and may offset profits. Investors should have the financial ability and willingness to accept the risk characteristics of the Fund's investments. Potential conflicts of interest may arise from the relationship between Credit Suisse Asset Management Limited and its affiliates ("Credit Suisse"), which is acting as the Fund's placement agent. Credit Suisse is not acting and will not act as a municipal advisor within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations promulgated thereunder ("Municipal Advisor Rule"). Any services, material, or information that Credit Suisse provides to a municipal entity or obligated person as defined by the Municipal Advisor Rule ("Covered Party") are provided on an arm's length basis and not as an advisor or fiduciary to the Covered Party. Covered Parties should consult with their own internal and external advisors before taking action with respect to any services, material, or information provided to them by Credit Suisse. Credit Suisse also will not solicit a Covered Party for direct or indirect compensation on behalf of an unaffiliated investment adviser for the purpose of obtaining or retaining an engagement for that investment adviser by the Covered Party to provide investment advisory services to or on behalf of the Covered Party. This document has not been approved or disapproved by the Securities and Exchange Commission or by the securities regulatory authority of any state or of any other jurisdiction, nor have any of the foregoing authorities passed upon or endorsed the merits, accuracy or adequacy of the information contained in this document. Any representation to the contrary is a criminal offense. The interests in the Fund have not been and will not be registered under the Securities Act of 1933, as amended, or the securities laws of any of the states of the United States pursuant to an exemption from registration under Regulation D or Regulation S thereunder. In addition, the Fund will not be registered as an investment company under the Investment Company Act of 1940, as amended, in reliance on an exemption from the registration requirements thereunder. In considering any performance data contained herein, you should bear in mind that past performance is not indicative of future results, and there can be no assurance that the Fund will achieve comparable results or that will be met. You should also bear in mind that past or targeted portfolio characteristics are not indicative of future portfolio characteristics and there can be no assurance that a Fund will have comparable portfolio characteristics or that target portfolio characteristics will be achieved. In addition, there can be no assurance that unrealized investments will be realized at the valuations shown as actual realized returns will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions on which the valuations contained herein are based. The IRRs presented on a "Gross" basis do not reflect any management fees, carried interest, taxes and allocable expenses borne by investors, which in the aggregate may be substantial. Net IRRs are after management fees, carried interest, taxes and allocable expenses. All IRRS presented are annualized and calculated on the basis of monthly investment inflows and outflows. Nothing contained herein should be deemed to be a prediction or projection of future performance of the Fund. Prospective investors should make their own investigations and evaluations of the information contained herein. Each prospective investor should consult its own attorney, business adviser and tax adviser as to legal, business, tax and related matters concerning the information contained herein and such offering. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. Certain information contained in this presentation constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "target," "project," "estimate," "intend," "continue" or "believe," or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors in the Fund should not rely on these forward-looking statements in deciding whether to invest in such Fund. The information contained in this presentation has been obtained from sources outside of Credit Suisse. While such information is believed to be reliable for the purposes used herein, neither Credit Suisse, nor any of its affiliates or partners, members or employees, assume any responsibility for the accuracy of such information. Some of the information contained in this presentation has been obtained from sources outside of ECM. While such information is believed to be reliable for the purposes used herein, neither ECM, nor any of its affiliates or partners, members or employees, assume any responsibility for the accuracy of such information. 1/21#3EXECUTIVE SUMMARY High calibre, established investment platform Demonstrated, disciplined investment strategy Long-standing, strong track record³ ― Leading independent Frankfurt-based firm with its roots dating back to 1995 - • Focused on lower mid-market buyouts in Germany, Switzerland and Austria ("DACH") - Consistent strategy over 20+ years with focus on primary buyouts in the Mittelstand - ECM Control buyouts of established businesses with enterprise values typically ranging between €20-80m · Active ownership approach: "from Complexity to Clarity" - 47%¹ EBITDA increase on average across all portfolio companies - 23%² average multiple expansion upon exit, demonstrating significant value accretive transformation - Premium returns and top quartile performance sustained across multiple funds and market cycles Low volatility and low loss ratio (approx. 5% of historical invested capital) - 24 investments generated 2.8x Gross MoC, 33% Gross IRR, 2.0x Net MoC, 22% Net IRR - 19 investments are fully realised at 3.3x Gross MoC (1) As of 30 September, 2017. Source: ECM. Based on ECM's internal methodology, assumptions and views. Calculated using aggregated EBITDA for all investment at entry and exit. (2) As of 30 September, 2017. The calculation of this percentage is based on ECM's internal methodology, assumptions and views. The weighted average exit multiple across all realised GEP Funds' investments amounts to 8.4x EBITDA compared to 6.8x EBITDA at entry, i.e. +23.1%. (3) Data as of 30 September, 2017. No investors can attain similar returns by investing in any single fund. Investors are reminded that past performance is not indicative of future performance. See Important Information on page 1 and further detail on investment performance and information related to investment performance on pages 15 and 20. (4) Thomson One: Europe - Developed Buyouts as of Q3 2017 (latest available data). Based on net IRR (as of Q3 2017), Funds II, III and IV top-quartile, Fund I fourth quartile. 2/21#4FIRM HISTORY Consistent focus on DACH lower mid-market buyouts GEP 1- €80m - 1996 (liquidated) ECM GEP II - €125m - 1999 (liquidated) GEP III - €250m - 2006 (to be liquidated) GEP IV - €230m - 2012 (current) Investment Period: 1996-1999 Platform investments: 6 Add-ons: 6 Agg. Revenue growth: 52%1 Agg. EBITDA growth: 52%1 Status: Liquidated Vestas Investment Period: 1999-2005 Platform investments: 8 Add-ons: 4 Agg. Revenue growth: 9%1 Agg. EBITDA growth: 58%¹ Status: Liquidated PAALGROUP SPECTRO MAREDO ALUKON SYSTEM Investment Period: 2006-2012 Platform investments: 5 Add-ons: 2 Agg. Revenue growth: 4%1 Agg. EBITDA growth: 26%1 Status: Liquidation 2018 SODA SODAWERK STASSFURT IN ZIME EXPRESS LOGISTIK Investment Period: 2012-2018 Platform investments: 7 Add-ons: 4 Agg. Revenue growth: 26%¹ Agg. EBITDA growth: 43%1 Status: In investment phase BERGMANN LED NER MEDIFOX care management software MAP ARZT UND PATIENT MEDIZINTECHNIK FÜR CINE MEDIA FILM AG eismann Aktiengesellschaft Kühnle, Kopp & Kausch MAREDO polytan KADI CASA REHA Unternehmensgruppe titus AG M&J Fibretech als polycomp Kamps DERMATOLOGIKUM HAMBURG WIENERS+WIENERS Translation Adaptation Proofreading uroviva SPEZIALISTEN FÜR UROLOGIE ALBRECHT & DILL HAMBURG-EST 1960 Note: For illustrative purposes only. Data as of 28 February, 2018. Investors are reminded that past performance is not a reliable indicator of future results. See Important Information on page 1 and further detail on investment performance and information related to investment performance on pages 15 and 20. (1) Source: ECM. Based on ECM's internal methodology, assumptions and views. Based on aggregated revenues and EBITDA for all investments in the respective funds. Does not adjust for inorganic growth through add-on acquisitions. Data as of 30 September, 2017. Excludes Uroviva, which closed in December 2017, and Albrecht & Dill, which closed in February 2018. 3/21#5SUMMARY TRACK RECORD Premium returns across multiple economic cycles low volatility - - Top quartile performance sustained across multiple funds¹ 24 platform investments across four funds: 2.8x Gross MoC, 33% Gross IRR, 2.0x Net MoC, 22% Net IRR² 19 platforms are fully realised: 3.3x Gross MoC Low loss ratio (c. 5% of invested capital) GEP 13- €80m - 1996 (liquidated) GEP II - €125m - 1999 (liquidated) GEP III4 - €250m - 2006 (to be liquidated) 19% Gross IRR / 10% Net IRR 1.8x Gross MoC / 1.6x Net MoC 54% Gross IRR / 40% Net IRR 4.8x Gross MoC / 3.6x Net MoC In Єm 1.8x Gross MoC 63 116 Capital Invested Total Value In Єm 4.8x Gross MoC 91 442 Capital Invested Total Value ECM GEP IV - €230m - 2012 (current) 111% Gross IRR / 31% Net IRR 2.7x Gross MoC / 1.7x Net MoC 33% Gross IRR / 17% Net IRR 2.0x Gross MoC / 1.5x Net MoC 0.3x DPI In Єm 2.7x Gross MoC 251 94 Capital Invested Total Value In Єm 2.0x Gross MoC 124 246 Capital Invested Total Value Note: As of 30 September, 2017. Investors are reminded that past performance is not indicative of future performance. See Important Information on page 1 and further detail on investment performance and information related to investment performance on pages 15 and 20. (1) Thomson One: Europe - Developed Buyouts as of Q3 2017 (latest available data). Based on net IRR (as of Q3 2017), Funds II, III and IV top-quartile, Fund I fourth quartile. (2) Note that performance information is presented across multiple funds and an investor may not achieve comparable results by investing in any one fund. (3) Gross MoC and Gross IRR for GEP I adjusted to reflect Vestas transaction equates to 4.8x Gross MoC and 67.7% Gross IRR respectively. (4) One investment was realised for a gross IRR of 1,408% after a holding period of 6 months. 4/21#6INVESTMENT TEAM Highly experienced, motivated and dynamic team - 11 investment professionals, led by four partners with a 12-year average tenure - ECM Flat, partnership-oriented organisation which has successfully transitioned to the next generation and is well-positioned for success Axel Eichmeyer Managing Partner, Managing Director ECM since 1998 Audit, Restructuring, Financial Due Diligence and M&A, Price Waterhouse MA, Edinburgh University; Chartered Accountant Chris Peisch Founder, Managing Director President, ECM U.S. Inc. - Founder (1995) Morgan Stanley Private Equity; Investment Banking, Goldman Sachs; Lawyer, White & Case JD/MBA, Harvard University; MA, Oxford University; BA, Dartmouth College Florian Kähler Partner, Managing Director - ECM since 2009 Leveraged / Structured Finance, DB; Relationship / Credit Risk Management, DB Business Administration and Economics, University of Hannover and Cal Poly Pomona, L.A. Bernard De Backer Partner Alexander Schönborn Investment Director Florian Thelenberg ECM since 2018 Private Equity, ADIA; Private Equity, Parish Capital; Private Equity, BancBoston Capital MSc. and Ph.D. in Electronics and Electrical Engineering; MBA, Columbia University - - ECM since 2011 M&A, Commerzbank Business Administration, University of Würzburg; LL.M. corp. restruc., University of Heidelberg Investment Director - ECM since 2012 Investment Banking, Merrill Lynch Business Administration, European Business School Marius Buxkämper Investment Manager - ECM since 2013 Leveraged / Structured Finance Deutsche Bank Business Administration, Frankfurt School of - Finance & Management Tobias Fuchs Investment Manager - ECM since 2014 Investment Banking, Goldman Sachs; Private Equity, Auctus Capital Partners Business Administration, ESB Reutlingen, and Northeastern University, Boston Max Thielemann Investment Manager ECM since 2014 M&A/Debt Advisory, Macquarie Capital; M&A, RBS Business Administration, WWU Münster Christoph Demers Investment Associate ECM since 2017 Investment Banking, Goldman Sachs Business Administration, WHU - Otto Beisheim School of Management; University of Michigan Benedikt Müller Investment Associate ECM since 2017 Investment Banking, Macquarie Capital BSc, LMU München; MSc, London School of Economics (LSE) As of 15 January, 2018. The individuals mentioned above only conduct regulated activities in the jurisdiction(s) where they are properly license, where relevant. 5/21#7DACH ECONOMIES IN EUROPEAN CONTEXT 4.83 Real GDP (2016A, $tn)1 3.77 2.81 2.73 2.08 43% 1.63 1.47 1.46 ECM Public debt-to-GDP (2016A, %)² 133% 96% 97% 89% 76% 68% 65% DACH Germany France UK Italy Nordics Benelux Spain Nordics DACH Germany Benelux UK France Spain Italy 69,728 Number of companies with 50-250 employees (2015)³ 57,918 28,167 19,472 18,700 14,830 14,723 12,927 0.7% 0.6% Private Equity Investments as % of GDP in 20164 0.4% 0.3% 0.2% 0.2% 0.2% 0.2% DACH Germany UK France Italy Spain Nordics Benelux France UK Nordics Benelux Italy Spain Germany DACH (1) Source: Global Insight as of 15 September 2017. (2) Source: CIA - The World Factbook. (3) Source: Eurostat as of 22 December 2017. (4) Source: Invest Europe: 2016 European Private Equity Activity. 6/21#8ECM STRATEGY Focus on primary investments in the DACH lower mid-market ECM - Majority or control minority buyouts Transaction type - Established businesses with solid fundamentals - Target ownership succession, corporate spin-offs and "partnership deals" often involving complexity in the transaction or asset - Preference for weakly intermediated transactions - Size Geography - Sector For illustrative purposes only. - Typical enterprise values of €20-80m Typical equity tickets of €10-40m Germany, Austria, Switzerland (DACH) Generalist Experience in Industrials, Business Services, Consumer (Food), Healthcare, TMT Complexity Value Creation Solid Fundamentals Weakly Intermediated 7/21#9DEAL SOURCING AND EXECUTION A rigorous and highly targeted approach Systematic coverage Snapshot of ECM internal CRM ECM Search Desro Home Companies Contacts Deals Advisor Involvements Bank Involvements Reports Dashboards Go to Dashboard List Coverage Dashboard Find a dashboard.. Contact Coverage Activities ECM by Calendar Year 800 600 3400 200 651 704 CY2013 CY2014 CY2015 CY2016 CY2017 Date Clone Refresh As of today at 121 Contacts not covered within 180 days Coverage Contacts by Contact Owner 21.35 31:76 XF 14 Galor Al Excha Max Thielemal Alexander Sc Chris Pesch Florian Thele Markus Bud Contact Florian K Christian ECM deal flow by type Percentage of opportunities 2017 Spin-off 10% Other 7%1 Secondaries 17% 0 Succession 66% ST 2 655 Record Count ― 7:27% E 58 12% ECM Systematic coverage of deep, established M&A and industry networks - - Over 250 firms, with c. 450 points of contact across the entire DACH region Reviewed approximately 70% of all PE deals in the ECM target universe in 20172 Focus on primary transactions: ~85% of ECM deal flow Predominantly ownership succession and corporate spin-off transactions Growing number of "partnership" opportunities Reputation and empathy are crucial success factors Owners and managers at times have critical attitudes towards financial buyers Often a focus on buyer reputation and long-standing relationships with intermediaries 75% of ECM investments have been weakly intermediated² - Target less efficient sales processes: small, local advisors; broken auctions / limited auctions, situations where reputation matters Highly selective, “conviction driven", rigorous execution - Approx. 150-200 annual investment opportunities Disciplined on acquisition valuation and moderate use of leverage - 6.3x3 average entry EV/EBITDA multiple - 3.0x³ average entry leverage multiple As of January 2018. For illustrative purposes only. (1) "Other" mainly comprised of insolvency-related and P2P deal flow. (2) Based on ECM's internal methodology, assumptions and views. (3) As of 30 September, 2017. The calculation of this multiple is based on ECM's internal methodology, assumptions and views. It excludes Casa Reha and Titus which were minority/growth equity investments. The weighted average purchase multiple across all GEP Funds' investments amounts to 7.2x EBITDA. The weighted average entry leverage multiple across all GEP Funds' investments amounts to 3.1x. Excludes Uroviva, which closed in December 2017, and Albrecht & Dill, which closed in February 2018. 8/21#10VALUE CREATION APPROACH Professionalisation and growth are key value drivers Aggregate growth in Revenues and EBITDA1 In Єm +18% 2,052 2,413 187 +47% ECM Focus on professionalisation and growth, often including buy-and-build strategies 16 add-on acquisitions to date Aggregate growth across all investments - 18% increase in revenues1 47% increase in EBITDA¹ 23%² multiple expansion realised at exit, which ECM believes evidences business transformation due to active ownership - 274 Revenues at Entry Revenues at Exit/Current EBITDA at Entry EBITDA at Exit/Current ECM value creation toolbox Management & Governance Sales Growth Operating Efficiency Strategy & B/S Optimisation Management & Organisation Incentives & Assessment Board Oversight & Governance Sales Organisation Purchasing Corporate Strategy Product & Service Portfolio Production M&A Workflow & Customers Asset Optimisation Logistics Framework for active ownership Partnership with management model Significant shareholding by management Leverage ECM toolbox to address complexity Maximising value at exit ― Pursuing diverse exit routes and creating tension in competitive sale process ― 9 Secondaries, 8 Strategic Sales³, 2 IPOs Reporting & Financial Planning Pricing Administration Financing Structure As of 30 September, 2017. (1) Source: ECM. Based on ECM's internal methodology, assumptions and views. Calculated using aggregated Revenues and EBITDA for all investments at entry and exit/current. Excludes Uroviva, which closed in December 2017, and Albrecht & Dill, which closed in February 2018. (2) The calculation of this percentage is based on ECM's internal methodology, assumptions and views. The weighted average exit multiple across all realised GEP Funds' investments amounts to 8.4x EBITDA compared to 6.8x EBITDA at entry, i.e. +23.1%. (3) Strategic Sales includes the sale of Titus shares at nominal value to the founder. 9/21#11INVESTMENT SUMMARY Bergmann Automotive - GEP IV BERGMANN BERGMANN ECM Location: Website Sector: Investment Period: Barsinghausen, Germany www.bergmann-auto.de Industrials Mar-2013-today Cash Investment: €11.8m GEP IV Ownership at Entry: 79.9% Business Description - Leading global manufacturer of cast-iron cylinder liners used in aluminum engine blocks for passenger cars Investment Type Primary (ownership succession) Origination - Weakly intermediated limited auction process - Early exclusivity obtained by ECM Significant complexity (transaction and asset) Investment Thesis - - Strong niche player in growing market segment Sustainable competitive advantages Significant value creation potential High visibility and downside protection The examples have been selected to illustrate the types of investments which may be entered into by the Fund. They are not indicative of future performance and do not represent a complete history of the ECM's investment activities but rather only illustrate and expand upon certain themes, processes and strategies that ECM believes to be characteristic of its investment approach. 10/21#12INVESTMENT SUMMARY Dermatologikum - GEP IV ATORIS DERMATOLOGIKUM HAMBURG DERMATOLOGIKUM HAMBURG ECM Location: Website Sector: Investment Period: Cash Investment: GEP IV Ownership at Entry: Hamburg, Germany www.dermatologikum.de Healthcare Oct-2016-today €23.4m 86.4% Business Description - Leading medical practice and day clinic with focus on dermatology, vascular surgery and laboratory services Investment Type - Primary (ownership succession) Buy-and-build Origination - Structured sale process by large cap M&A unit of UniCredit ECM as partner of choice for seller due to personal fit and shared vision for value creation Investment Thesis - Non-cyclical and growing end-markets - Strong competitive advantages Highly diversified customer base (~100k treatments p.a. incl. laboratory samples) - Attractive organic growth potential - Expansion through new openings and/or add-ons The examples have been selected to illustrate the types of investments which may be entered into by the Fund. They are not indicative of future performance and do not represent a complete history of the ECM's investment activities but rather only illustrate and expand upon certain themes, processes and strategies that ECM believes to be characteristic of its investment approach. 11/21#13GEP V TERMS ECM The following information is presented as a general summary of certain key terms of the Fund and is qualified in its entirety by the Fund's limited partnership agreement ("Partnership Agreement"). Capital terms below have the same meaning as those terms defined in the Partnership Agreement. To the extent that any of the terms of this summary conflicts with those in the Partnership Agreement, the terms of the Partnership Agreement shall prevail. Hard Cap Team Commitment Investment Period Term €325 million (excluding GP commitment of €6.5 million) 2% of total commitments with the ability to increase this at a later date by up to another 2% Five years Ten years with two one-year extensions Management Fees Preferred Return 2% management fees payable to ECM (plus 19% VAT payable to German State) 8% Carried Interest 20% Clawback Yes Key Persons Fee Offset 2 of 4 (Chris Peisch, Axel Eichmeyer, Florian Kähler, Bernard De Backer) 100% 12/21#14CONCLUSION - Established independent firm with experienced team - Strong track record through several economic cycles - Consistent focus on primary transactions in DACH lower mid-market - Disciplined investment philosophy -Ability to address complexity - Active ownership approach ECM 13/21#15APPENDIX ECM 14/21#16DETAILED TRACK RECORD GEP I-IV as of 30 September, 2017 ECM (in €m) Total Capital Invested' Total Realised Proceeds" Gross Unrealised Total Net Gross Net Value" ValueN Multiple IRRVI Multiple IRRVII DPIX of Cost of Cost VIII Realised GEP ľa 63.4 115.6 0.0 115.6 1.8x 18.8% GEP II 91.2 442.3 0.0 442.3 4.8x 53.7% GEP III 94.0 251.0 0.0 251.0 2.7x 110.7% Unrealised and Partially Realised GEP IV 124.3 43.3 202.8 246.1 2.0x 32.6% Total GEP I 63.4 115.6 0.0 115.6 1.8x 18.8% 9.7% 1.6x 1.6x GEP II 91.2 442.3 0.0 442.3 4.8x 53.7% 40.1% 3.6x 3.6x GEP III 94.0 251.0 0.0 251.0 2.7x 110.7% 30.5% 1.7x 1.7x GEP IV 124.3 43.3 202.8 246.1 2.0x 32.6% 17.3% 1.5x 0.3x Total 372.9 852.1 202.8 1,054.9 2.8x 32.8% 22.1% 2.0x 1.6x As of 28 February 2018, Fund IV has invested €165.8 million across 7 platform investments and is 87.5% drawn including fees and expenses - Note: As of 30 September, 2017. For illustrative purposes only. Future investments will most likely materially differ from the opportunities presented. Investors are reminded that past performance is not indicative of future performance. See Important Information on page 1 and further information related to investment performance on page 20. Excludes Uroviva, which closed in December 2017, and Albrecht & Dill, which closed in February 2018. (1) Thomson One: Europe Developed Buyouts as of Q3 2017 (latest available data). Based on net IRR (as of Q3 2017), Funds II, III and IV top- quartile, Fund I fourth quartile. (a) Gross MoC and Gross IRR for GEP I adjusted to reflect Vestas transaction equates to 4.8x Gross MoC and 67.7% Gross IRR respectively. (b) One investment was realised for a Gross IRR of 1,408% after a holding period of 6 months. (c) Note that performance information is presented across multiple funds and an investor may not achieve comparable results by investing in any one fund. Please see Footnotes to Investment Performance on page 20 for Roman Numeral footnotes. 15/21#17ESG ECM firmly committed to the importance and implementation of ESG At the level of ECM - ESG policy - Externally-led training sessions for entire team - Integration in the investment process At the level of GEP IV — - - External ESG reviews of portfolio companies: - Bergmann Automotive - MediFox - Leitner ― W+W/APO - - Dermatologikum - Uroviva - ESG case study on Bergmann Automotive -Inclusion in portfolio company board meetings Status H1 2018 H2 2018 As of December 31, 2017. Note: Investors are reminded that past performance is not a reliable indicator of future results. ECM 16/21#18INVESTMENT SUMMARY INTIME - GEP III IN TIME EXPRESS LOGISTIK IN TIME INIME IN ZIME IN TIME ECM EXPRESS LOGISTIK ZIM Location: Website Sector: Investment Period: Hannover, Germany www.intime.de Business Services Jun-2007-Sep-2011 €20.0m Cash Investment: GEP III Ownership at entry 83.5% Business Description - Logistics service company providing time-critical point-to-point delivery of industrial products Investment Type Primary Origination - Private company with owner succession management issues ECM obtained exclusivity early in a limited auction process conducted by a small M&A boutique Investment Thesis Market leader with nationwide coverage in an attractive niche market - Scalable "asset light" business model with strong cash flow - Proprietary software and scale operations providing cost advantage Fragmented market with potential for further growth, both organic and through add-on acquisitions The examples have been selected to illustrate the types of investments which may be entered into by the Fund. They are not indicative of future performance and do not represent a complete history of the ECM's investment activities but rather only illustrate and expand upon certain themes, processes and strategies that ECM believes to be characteristic of its investment approach. 17/21#19INVESTMENT SUMMARY WIENERS+WIENERS (W+W) / Apostroph Group (APO) - GEP IV WIENERS+WIENERS Translation Adaptation Proofreading APOSTROPH GROUP ECM WIENERS+WIENERS Translation Adaptation Proofreading APOSTROPH GROUP "Now we have the salad!" APOSTROPH transcript Übersetzungen AG Location: Website Sector: Investment Period: Legal: Ahrensburg, Germany; 1 office in GER, 4 offices in CH www.wienersundwieners.de / www.apostrophgroup.ch Business Services Jun-2016-today €39.7m (€31.8m) Cash Investment1: GEP IV Ownership at Entry: 95.4% Business Description DACH premium market leader in translation and proofreading services of demanding texts Investment Type - Buy-and-build Origination - W+W: Strong senior ECM relationship to M&A advisor APO: Transaction sourced via W+W supervisory board member Achieved early on preferred position in both processes Investment Thesis Low risk profile - Strong competitive advantages Favorable market environment - Attractive growth opportunities The examples have been selected to illustrate the types of investments which may be entered into by the Fund. They are not indicative of future performance and do not represent a complete history of the ECM's investment activities but rather only illustrate and expand upon certain themes, processes and strategies that ECM believes to be characteristic of its investment approach. (1) Refers to platform investment in W+W and follow-on investment in APO. The total cash investment included a bridge loan provided by GEP IV of €7.9m, which was refinanced by debt in Oct-16 (incl. interest accrued). Remaining cash investment: €31.8m. 18/21#20INVESTMENT SUMMARY Uroviva -GEP IV uroviva SPEZIALISTEN FÜR UROLOGIE Location: Website Sector: Investment Period: Cash Investment: GEP IV Ownership at Entry: 69.0% uroviva E CM ECM SPEZIALISTEN FÜR UROLOGIE た Bülach, Switzerland www.uroviva.ch Healthcare Dec-17 - today €20.4m Business Description - Integrated Swiss network of eight out-patient practices and one in-patient clinic specialised in urology Investment Type Primary (ownership succession) - Buy-and-build Origination Limited auction process by Swiss M&A boutique. Bidders were pre-qualified based on prior experience in healthcare - Developed strong relationship with founders early-on. Existing GEP IV investment in Dermatologikum important reference case Investment Thesis - Leading market position and strong competitive advantages - Non-cyclical, favorable market environment Highly diversified customer base Established buy-and-build platform Attractive growth opportunities The examples have been selected to illustrate the types of investments which may be entered into by the Fund. They are not indicative of future performance and do not represent a complete history of the ECM's investment activities but rather only illustrate and expand upon certain themes, processes and strategies that ECM believes to be characteristic of its investment approach. 19/21#21TRACK RECORD – FOOTNOTES ECM Unless otherwise stated, the performance information presented herein is as of 30 September, 2017. Date of Initial Investment is assumed to be the date of financial close and has been sourced from ECM. Actual Realised Proceeds will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition(s), any related transaction costs and the timing and manner of sale, all of which may differ materially from the assumptions on which the valuations contained herein are based. I: Total Capital Invested refers to the total capital invested in an Investment and has been sourced and constructed from internal ECM transaction records. Transaction expenses are captured and included in the Total Capital Invested. II: Total Realised Proceeds represents the sum of gross proceeds generated from disposals and distributions of securities, cash dividends and interest, in each case prior to payment of management fees, carried interest and other expenses which, in the aggregate, may be substantial. III: Unrealised Value for Unrealised Investments reflects fair value estimates by ECM as of 30 September, 2017, with reference to the International Private Equity Valuation ("IPEV") guidelines. Unquoted Unrealised Investments held for less than nine months are typically held at cost, unless there is a material deviation in performance compared to investment case or a material change in relevant multiples. Unquoted investments that have been held for more than nine months are valued using a market based approach and typically a secondary methodology as a cross check. There can be no assurance that the values derived from the application of such valuation methodologies will be ultimately realised. The actual realised returns will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposal, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations contained herein are based. IV: Total Value is the sum of Total Realised Proceeds and Unrealised Value. V: Gross Multiple of Cost or MoC is calculated as the ratio of (i) Total Value to (ii) Invested Capital. Gross MoC for Fund I adjusted to include 1994 Vestas transaction (reflecting full economics to investors based on original cost) equates to 4.8x. VI: Gross IRRs are calculated based on daily or monthly cash inflows and outflows from portfolio companies. Gross IRRS for Unrealised Investments with a remaining interest have been calculated by assuming that the remaining interest has been sold as of 30 September 2017, at the Unrealised Value shown. Gross IRRs and Gross MoCs are before fund expenses, management fees, and carried interest, which in the aggregate may be substantial and would reduce returns. Gross IRR for GEP I adjusted to reflect Vestas transaction (reflecting full economics to investors based on original cost) equates to 67.7% Gross IRR. VII: Net IRRs are calculated based on daily or monthly cash inflows and outflows between the Predecessor Funds and its limited partners and the net asset value of the Predecessor Funds at 30 September 2017. The ultimate Net IRR may vary from the presented Net IRR. In applying valuation techniques, ECM exercises significant judgment. Net IRRS as of 30 September, 2017. Net IRR is after deduction of all costs including management fee, paid carried interest and notional carried interest (being carried interest that would be payable if the fund was fully realised on the reporting date at the estimated fair values stated), if any. For Fund II and Fund III, Net IRRs reflect the performance of the main funds, i.e. excluding KfW-sponsored co-investment vehicles GEP II Coinvest and GEP III Coinvest. Historically, no credit lines have been used. VIII: Net MoC of the Predecessor Funds is calculated by dividing (i) the sum of all distributions to investors plus net asset value by (ii) total contributions since inception. For Fund II and Fund III, Net MoCs reflect performance of the main funds, i.e. excluding KfW-sponsored co-investment vehicles GEP II Coinvest and GEP III Coinvest. Historically, there has been no recycling of proceeds. IX: DPI is calculated by dividing the sum of all distributions to investors by total contributions since inception of the Predecessor Funds. For Fund II and Fund III, DPIs reflect performance of the main funds, i.e. excluding KfW-sponsored co-investment vehicles GEP II Coinvest and GEP III Coinvest. Notes to Benchmarking Information Recipients should note that any published benchmarks or similar groupings have inherent limitations and qualifications, such as limited sample size, imperfect access to information and other considerations. References to private equity benchmarks and quartiles are based on applicable indices and dates as set out on the relevant pages. Compared against the Thomson One: Europe - Developed Buyouts as of Q3 2017 benchmarks (latest available data). Top quartile refers to top quartile by Net IRR. Benchmark comparisons are made to other funds of the same vintage year within the benchmark. There can be no assurance that the benchmark includes all investment funds of the applicable vintage year that are actually in operation or existence. Based on data from 11 funds in the 1996 vintage, 17 funds in the 1999 vintage, 24 funds in the 2006 vintage and 10 funds in the 2012 vintage for Thomson One. The investment strategy, use of leverage and other features of the investment programmes of such funds may differ from those of the Predecessor Funds. Compilation of statistics requires a number of assumptions and judgments, and ECM relies on the information provided by the relevant benchmark provider without independent verification. There may be other studies or rankings by firms other than the relevant benchmark provider where any of the Predecessor Funds would rank higher or lower than as described in this Memorandum and there can be no assurance that the Predecessor Funds would rank in a particular quartile if categories were formulated by the relevant benchmark provider differently. There can be no assurance that the ranking of any of the Predecessor Funds as set out in this document will continue for future periods. In light of the foregoing, a comparison to the relevant benchmark provider's performance data may be of limited value and, accordingly, recipients should discount the relevance of such information. 20/21#22CONTACT DETAILS ECM ECM ECM Equity Capital Management GmbH Taunusanlage 18 60325 Frankfurt am Main Germany Phone: +49 (69) 97102-0 Fax: Email: Internet: +49 (69) 97102-24 [email protected] www.ecm-pe.de 21/21