Value Creation Approach

INVESTMENT SUMMARY WIENERS+WIENERS (W+W) / Apostroph Group (APO) - GEP IV WIENERS+WIENERS Translation Adaptation Proofreading APOSTROPH GROUP ECM WIENERS+WIENERS Translation Adaptation Proofreading APOSTROPH GROUP "Now we have the salad!" APOSTROPH transcript Übersetzungen AG Location: Website Sector: Investment Period: Legal: Ahrensburg, Germany; 1 office in GER, 4 offices in CH www.wienersundwieners.de / www.apostrophgroup.ch Business Services Jun-2016-today €39.7m (€31.8m) Cash Investment1: GEP IV Ownership at Entry: 95.4% Business Description DACH premium market leader in translation and proofreading services of demanding texts Investment Type - Buy-and-build Origination - W+W: Strong senior ECM relationship to M&A advisor APO: Transaction sourced via W+W supervisory board member Achieved early on preferred position in both processes Investment Thesis Low risk profile - Strong competitive advantages Favorable market environment - Attractive growth opportunities 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. (1) Refers to platform investment in W+W and follow-on investment in APO. The total cash investment included a bridge loan provided by GEP IV of €7.9m, which was refinanced by debt in Oct-16 (incl. interest accrued). Remaining cash investment: €31.8m. 18/21

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