Value Creation Approach

INVESTMENT 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

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