Value Creation Approach

SUMMARY TRACK RECORD Premium returns across multiple economic cycles low volatility - - Top quartile performance sustained across multiple funds¹ 24 platform investments across four funds: 2.8x Gross MoC, 33% Gross IRR, 2.0x Net MoC, 22% Net IRR² 19 platforms are fully realised: 3.3x Gross MoC Low loss ratio (c. 5% of invested capital) GEP 13- €80m - 1996 (liquidated) GEP II - €125m - 1999 (liquidated) GEP III4 - €250m - 2006 (to be liquidated) 19% Gross IRR / 10% Net IRR 1.8x Gross MoC / 1.6x Net MoC 54% Gross IRR / 40% Net IRR 4.8x Gross MoC / 3.6x Net MoC In Єm 1.8x Gross MoC 63 116 Capital Invested Total Value In Єm 4.8x Gross MoC 91 442 Capital Invested Total Value ECM GEP IV - €230m - 2012 (current) 111% Gross IRR / 31% Net IRR 2.7x Gross MoC / 1.7x Net MoC 33% Gross IRR / 17% Net IRR 2.0x Gross MoC / 1.5x Net MoC 0.3x DPI In Єm 2.7x Gross MoC 251 94 Capital Invested Total Value In Єm 2.0x Gross MoC 124 246 Capital Invested Total Value Note: As of 30 September, 2017. 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. (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. (2) Note that performance information is presented across multiple funds and an investor may not achieve comparable results by investing in any one fund. (3) 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. (4) One investment was realised for a gross IRR of 1,408% after a holding period of 6 months. 4/21

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