Value Creation Approach

INVESTMENT SUMMARY Bergmann Automotive - GEP IV BERGMANN BERGMANN ECM Location: Website Sector: Investment Period: Barsinghausen, Germany www.bergmann-auto.de Industrials Mar-2013-today Cash Investment: €11.8m GEP IV Ownership at Entry: 79.9% Business Description - Leading global manufacturer of cast-iron cylinder liners used in aluminum engine blocks for passenger cars Investment Type Primary (ownership succession) Origination - Weakly intermediated limited auction process - Early exclusivity obtained by ECM Significant complexity (transaction and asset) Investment Thesis - - Strong niche player in growing market segment Sustainable competitive advantages Significant value creation potential High visibility and downside protection 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. 10/21

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