Value Creation Approach

EXECUTIVE 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

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