Value Creation Approach

INVESTMENT SUMMARY Dermatologikum - GEP IV ATORIS DERMATOLOGIKUM HAMBURG DERMATOLOGIKUM HAMBURG ECM Location: Website Sector: Investment Period: Cash Investment: GEP IV Ownership at Entry: Hamburg, Germany www.dermatologikum.de Healthcare Oct-2016-today €23.4m 86.4% Business Description - Leading medical practice and day clinic with focus on dermatology, vascular surgery and laboratory services Investment Type - Primary (ownership succession) Buy-and-build Origination - Structured sale process by large cap M&A unit of UniCredit ECM as partner of choice for seller due to personal fit and shared vision for value creation Investment Thesis - Non-cyclical and growing end-markets - Strong competitive advantages Highly diversified customer base (~100k treatments p.a. incl. laboratory samples) - Attractive organic growth potential - Expansion through new openings and/or add-ons 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. 11/21

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