Value Creation Approach

DETAILED 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

View entire presentation