Value Creation Approach

DEAL SOURCING AND EXECUTION A rigorous and highly targeted approach Systematic coverage Snapshot of ECM internal CRM ECM Search Desro Home Companies Contacts Deals Advisor Involvements Bank Involvements Reports Dashboards Go to Dashboard List Coverage Dashboard Find a dashboard.. Contact Coverage Activities ECM by Calendar Year 800 600 3400 200 651 704 CY2013 CY2014 CY2015 CY2016 CY2017 Date Clone Refresh As of today at 121 Contacts not covered within 180 days Coverage Contacts by Contact Owner 21.35 31:76 XF 14 Galor Al Excha Max Thielemal Alexander Sc Chris Pesch Florian Thele Markus Bud Contact Florian K Christian ECM deal flow by type Percentage of opportunities 2017 Spin-off 10% Other 7%1 Secondaries 17% 0 Succession 66% ST 2 655 Record Count ― 7:27% E 58 12% ECM Systematic coverage of deep, established M&A and industry networks - - Over 250 firms, with c. 450 points of contact across the entire DACH region Reviewed approximately 70% of all PE deals in the ECM target universe in 20172 Focus on primary transactions: ~85% of ECM deal flow Predominantly ownership succession and corporate spin-off transactions Growing number of "partnership" opportunities Reputation and empathy are crucial success factors Owners and managers at times have critical attitudes towards financial buyers Often a focus on buyer reputation and long-standing relationships with intermediaries 75% of ECM investments have been weakly intermediated² - Target less efficient sales processes: small, local advisors; broken auctions / limited auctions, situations where reputation matters Highly selective, “conviction driven", rigorous execution - Approx. 150-200 annual investment opportunities Disciplined on acquisition valuation and moderate use of leverage - 6.3x3 average entry EV/EBITDA multiple - 3.0x³ average entry leverage multiple As of January 2018. For illustrative purposes only. (1) "Other" mainly comprised of insolvency-related and P2P deal flow. (2) Based on ECM's internal methodology, assumptions and views. (3) As of 30 September, 2017. The calculation of this multiple is based on ECM's internal methodology, assumptions and views. It excludes Casa Reha and Titus which were minority/growth equity investments. The weighted average purchase multiple across all GEP Funds' investments amounts to 7.2x EBITDA. The weighted average entry leverage multiple across all GEP Funds' investments amounts to 3.1x. Excludes Uroviva, which closed in December 2017, and Albrecht & Dill, which closed in February 2018. 8/21

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