Value Creation Approach

VALUE 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

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