Value Creation Approach

TRACK 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

View entire presentation