Founder of Capitalmind Benelux in 1999 Advised on 100+ mid-market transactions, half of which being cross-border Background: Corporate Finance (ABN AMRO) Partner Advised on 50+ mid-market transactions Background: Corporate Finance (Rothschild) Partner Advised on 50+ mid-market transactions Background: Corporate Finance (Lazard) Partner Advised on 50+ mid-market transactions Background: Corporate Finance (ING) Partner Advised on 50+ mid-market transactions Background: Corporate Finance (BNP Paribas) Partner Advised on 50+

1. Corporate Presentation I Jan. 2015 I page 1Strictly private and confidential
European Mid-Market Corporate Finance Advisory
BENELUX | FRANCE | INTERNATIONAL
Paris – Lyon – ‘s-Hertogenbosch – Amsterdam

2. Corporate Presentation I Jan. 2015 I page 2Strictly private and confidential
WHAT WE DO
TEAM
SECTORS

3. Corporate Presentation I Jan. 2015 I page 3Strictly private and confidential
IN SHORT
Capitalmind is an independent European Corporate Finance Advisory firm focusing on the mid-market
 Business Sevices
 Consumer, incl. Food
 Industrials
 TMT
 Healthcare
5 main sectors with dedicated research
 Corporate Finance Advisory since 1999,
with a focus on mid-market deals up to
EUR 200 million
 European team strong of 30 experienced
professionals
 4 offices across Europe:
 France: Paris, Lyon
 The Netherlands: s-Hertogenbosch,
Amsterdam (Hilversum)
 Award winning; 150 deals completed
over the past 5 years
 Truly international access to worldwide
strategic and financial players through
Mergers Alliance: our award winning
corporate finance partnership totalizing
more than 350 professionals worldwide
Capitalmind is the successful merger of
two independent European Corporate
Finance firms (Capital Partner in France
and BlueMind in The Netherlands)
holding leading positions in the French
and the Benelux regions
A full range of Corporate Finance Services
Long term client satisfaction
Mid-market
up to
€200m
deal value
Advising all active players in the market
 Mid-market companies and
corporates
 Entrepreneurs &
management teams
 Investors (private equity,
family offices,
private investors)
 Merger & Acquisitions
 Corporate funding
(equity, debt)
 Advisory services
 Clients first !
 Pragmatic & decisive like
entrepreneurs
 We arrange best deal possible

4. Corporate Presentation I Jan. 2015 I page 4Strictly private and confidential
SERVICES WE PROVIDE
A comprehensive range of Corporate Finance Advisory Services for mid-market transactions, majority cross border
 Sell-side: company sales, spin-offs, carve-
outs, exits, divestments, succession
 Buy-side: company acquisition, Buy & Build
 MBO, MBI or combinations
 Merger, joint venture or other partnership
 Growth and MBO capital (private equity,
family offices, private investors)
 Debt financing (bank and other debts as well
as private placements)
 Valuations (Registered Valuators)
 Financial structuring and engineering
 Strategic financial advisory
Merger & Acquisitions Corporate funding Advisory services
Key differentiators
 Unique service focus: Independent corporate finance advisory services for mid-market only
 Very active track record: Successfully closing approx. 30 deals every year; satisfying our clients
 Top quality assurance: Ongoing development of sector expertise and truly international reach on a worldwide basis, which helps us frequently win
(international) beauty contests from 2-4 of our competitors
 Long term client satisfaction: Illustrated by our ability to assist demanding clients such as corporates and PE firms; about 50% repeat business

5. Corporate Presentation I Jan. 2015 I page 5Strictly private and confidential
CLIENTS WE ASSIST
Advising all key players active in the mid-market, many of them operating internationally
 Divesting (non core) businesses to strategic
or financial sponsors
 When needed, structuring challenging carve
outs, inter alia thanks to our unrivalled
experience of asset deals
 Monitoring external growth or Buy & Build
projects worldwide
 Debt advisory for mid-market companies
 Growth companies financing (equity and/or
debt)
 Disposal of businesses to strategic players
or financial investors
 Transmissions like successions supported
by financial sponsors (LBOs, MBOs, MBIs)
 Worldwide acquisition or Buy & Build
projects
 Sparring partner and Board Advisory
 Disposals of stakes to strategic players or
(secondary) investors
 Running acquisition or Buy & Build projects
for portfolio companies of investors
 MBOs: market leading position
 Equity and/or debt (re)structuring
 Strategic/financial advisory
Mid-market companies and corporates Entrepreneurs & Management Teams
Investors
(Private Equity, family offices, private investors)

6. Corporate Presentation I Jan. 2015 I page 6Strictly private and confidential
OUR FOCUS: MID-MARKET CORPORATE FINANCE
Committed to build long-term relationships with our clients and relevant other players in the market
‘Clients first !’ Independent and senior advice Mid-market only Agile team and insights
Our ambition: 100% long term client satisfaction based on:
 We take responsibility for our
clients, irrespective of the
complexity and key issues of
their deals
 We constantly ‘go the extra mile’
to achieve the best deal possible
for our clients
 We manage M&A projects from
A to Z in order to enable clients’
teams to concentrate on daily
business and decision making
 We provide 100% independent
advice; our firm has been fully
owned, managed and founded
by ourselves in/since 1999
 As we are big enough to matter
and pragmatically small; we
always provide true senior
advice
 Driven by long-term client
satisfaction, we do not hesitate
to advise our clients not to do a
deal
 Since 1999 we have always
focused on the mid-market,
doing deals up to EUR 200
million
 In the mid-market space we
completed 150 deals the last 5
years
 At Capitalmind, we are strong
believers that mid-market
projects deserve the same
quality standards as large
corporate transactions.
 Our team members come from
different background, providing
the needed expertise for any
particular issue in a deal
 We invest time in sectors where
our clients are active by
publishing sector updates, M&A
overviews, etc.
 Via our Mergers Alliance
colleagues we get worldwide
access to local market insights
and M&A opportunities

7. Corporate Presentation I Jan. 2015 I page 7Strictly private and confidential
AWARD WINNING FIRM
Award winning corporate finance team, holding leading positions in France and Benelux
 Capitalmind is one of the very few
independent M&A firms with an active
track record throughout the Benelux and
France, including Belgium
 Founded only in 1999, Capitalmind has
grown significantly to become a financial
‘brand’ in the Benelux and France
 Over the years we have shown that we
can effortlessly compete with the big
names in the industry
 Each year – including in crises years - we
have managed to close approx. 30
transactions. This is relatively speaking a
very high number of transactions, as we
do this with a team of only some 25
people
…holding leading positions on its markets
Award winning corporate finance team…
League Table – Mid-market up to EUR100m - Jan 1 - Dec 31, 2014 (based on Thomson Reuters tables)
France BeneluxFrance-Benelux
# Firm France # Firm Benelux
1 Deloitte 54 1 BDO 46
2 Rothschild 41 2 Rabobank NV 39
3 Credit Agricole CIB 33 3 KPMG 31
4 Pw C 32 4 Pw C 26
5 KPMG 30 5 ABN AMRO Bank 23
6 Lazard 25 6 Ernst & Young LLP 17
7 Leonardo 23 6 ING 17
7 Societe Generale 23 8 Capitalmind 15
9 Ernst & Young LLP 22 8 IMAP 15
10 BNPParibas SA 20 10 Clairfield International 14
11 Capitalmind 18 11 Rothschild 13
11 Lincoln International 18 11 M&A International 13
11 Clairfield International 18 13 Baker Tilly International 12
# Firm Benelux France Total
1 Deloitte 9 54 63
2 KPMG 31 30 61
3 Pw C 26 32 58
4 Rothschild 13 41 54
5 BDO 46 0 46
6 Rabobank NV 39 0 39
6 Ernst & Young LLP 17 22 39
8 Capitalmind 15 18 33
8 Credit Agricole CIB 0 33 33
9 Leonardo & Co 9 23 32
9 Clairfield International 14 18 32
9 IMAP 15 17 32
12 Lazard 6 25 31

8. Corporate Presentation I Jan. 2015 I page 8Strictly private and confidential
INTERNATIONAL OFFICES
As shareholder and Board member of Mergers Alliance, Capitalmind has truly local access to the most important
western and emerging markets worldwide
Mergers Alliance – Award winning international corporate finance partnership
 Currently, 17 M&A advisory firms with over 36 offices worldwide, totalizing more than 350 professionals
in the most important western and emerging markets (including Europe, USA, BRIC, Asia, Latin
America, Turkey, etc.)
 All firms are independent and top 5 in their country/region, many award winning
 91 deals closed over the last twelve months, for a cumulated deal value of +$6bn
 Efficient partnership: one exclusive firm per country/region; international sector teams and research;
daily business contacts; two conferences a year; several joint transactions with our partners every year
League Table
Any European involvement < $500m Advisor Ranking
(Source: Information taken from Thomson Financial Tables 2014)
European Offices
Germany: Wiesbaden (Frankfurt/Main)
France: Paris, Lyon
The Netherlands: Hilversum (Amsterdam), s’Hertogenbosch
Italy: Milan, Padova, Bologna, Torino
Spain: Madrid, Barcelona, San Sebastian, Bilbao
UK: London, Birmingham, Nottingham
# Financial Advisor Ranking Value ($m) # of Deals
1 Rothschild 16 630 193
2 Goldman Sachs & Co 11 307 82
3 Lazard 10 499 106
4 Pricewaterhouse Coopers 9 501 310
5 JP Morgan 9 328 61
6 KPMG 8 515 281
7 Morgan Stanley 8 486 81
8 Deutsche Bank 7 810 60
9 BNP Paribas SA 7 697 77
10 Barclays 7 093 51
11 Bank of America Merrill Lynch 6 821 51
12 UBS 6 604 51
13 Citi 6 301 60
14 Mergers Alliance 6120 91
15 Ernst & Young LLP 5 723 187
16 Credit Suisse 5 614 54
17 Deloitte 5 316 166
18 BDO 2 236 189
19 Leonardo & Co 2 048 51
20 IMAP 1 165 117
21 M&A International 987 90
22 Global M&A 775 49
23 Grant Thornton 769 69
24 Lincoln International 763 62
25 Clairfield International 600 86
26 CFI 405 57
27 Baker Tilly International 226 49

9. Corporate Presentation I Jan. 2015 I page 9Strictly private and confidential
WHAT WE DO
TEAM
SECTORS

10. Corporate Presentation I Jan. 2015 I page 10Strictly private and confidential
SENIOR DEAL MAKERS
Experienced professionals
Founder of Capitalmind France in
1999
Advised on 100+ mid-market
transactions, half of which being
cross-border
Background: Private Equity
(Worms & Cie) and M&A (Arjo
Wiggins) in Paris and London
Michel Degryck
Managing Partner
Paris
Co-founder of Capitalmind
Benelux in 1999
Advised on 100+ mid-market
transactions, mostly international
Background: ING Bank/Barings
(Eastern Europe & China); Baker
& McKenzie (Amsterdam & Hong
Kong)
Board Member: Mergers Alliance
(350+ M&A professionals) 2009-
present; Dutch PE firm PPM
Stimulans 2003-2014
Bart Jonkman
Managing Partner
‘s-Hertogenbosch
Joined in 2007
Advised on 100+ transactions
worldwide, with enterprise value
from millions to billions of euros
Background: 30 years experience
as CFO, head of Strategy and
senior executive in Paris and
London
Jean-Pierre Brice
Managing Partner
Paris
Co-founder of Capitalmind
Benelux in 1999
Advised on 100+ mid-market
transactions, mostly international
Background: Independent
Venture Capitalist and ABN
AMRO (IPO’s and M&A of
technology companies, Global
Sector Director Tech Research)
Advisor and board member of Net
Media Europe, UNET and Bulbby
Ron Belt
Managing Partner
Hilversum (Amsterdam)
Co-founder of Capitalmind
Benelux in 1999
Advised on 100+ mid-market
transactions, mostly international
Background: ABN AMRO
(regional director of 3 Amsterdam;
branch offices)
Former Chairman Dutch
Corporate Finance Association
(200+ M&A professionals)
Guest lecturer Corporate Finance
at Tilburg University
Jan Willem Jonkman
Managing Partner
Hilversum (Amsterdam)
Co-Head of Business Service Co-Head of Business Services
Co-Head of Consumer (non-food)
Co-Head of Industrials Head of TMT Co-Head of Consumer (food)
 Business Service
 Consumer (food & drink)
 Industrial markets
 TMT
 TMT
 E-consumer
 Business Services
 Industrial markets with a strong
expertise in Paper & Packaging
 Food & Drink,
 Business Services,
 TMT
 Consumer (non food)
 Industrial Markets,
 Business Services
 Debt advisory

11. Corporate Presentation I Jan. 2015 I page 11Strictly private and confidential
SENIOR DEAL MAKERS
Experienced professionals
Joined in 2013
Advised on 50+ mid-market
transactions
Background: Partner at M&A
Boutique in the South of The
Netherlands 2004-2013;
Management positions at Arcadis
Water and Environment
Industries; Dutch Ministry of
Infrastructure Civil Engineering
Wim van ACHT
Partner
‘s-Hertogenbosch
Joined in 2010
Advised 100+ mid-market groups
Background: Senior Partner at
Arthur Andersen, then Ernst &
Young. 35 years as a statutory
auditor and chartered accountant.
Extensive experience in M&A
related advisory services:
acquisition, due diligence,
fairness opinions, IPOs,
divestitures, etc.
Patrick Atzel
Senior Advisor
Paris
Joined in 2001
Advised on 50+ mid-market
transactions, including many
cross-border transactions
Background: Financial auditor at
KPMG (with a focus on small &
mid cap companies and group
subsidiaries)
Jean-Arthur Dattée
Partner
Paris
Joined in 2003
Advised on 50+ mid-market
transactions, half of which were
cross-border
Background: Financial auditor at
Ernst & Young Entrepreneurs
(Audit team dedicated to Small &
Mid-market companies).
Nicolas Balon
Partner
Paris
Joined in 2013
Advised on 30+ deals in France
and abroad, mainly covering
retail, sport and leisure
businesses
Background: Auditor at Arthur
Andersen, M&A Director Genairgy
(family office of Decathlon’s
founding family), Head of M&A at
Decathlon Group
Alexandre Ebin
Partner
Paris
Co-Head of Industrials Head of Healthcare Co-Head of Consumer
 Industrial markets
 Business Services
 Consumer (retail, food & drink)  TMT
 Healthcare
 Business Services
 Industrial markets
 Business Services
 Consumer (retail, leisure,
sporting goods)
 Business Services

12. Corporate Presentation I Jan. 2015 I page 12Strictly private and confidential
TEAM
Paris (France) Hilversum-Amsterdam (The Netherlands)
Lyon (France) ‘s-Hertogenbosch (The Netherlands)
 Independence
 Client focused and commitment
 Quality and professional
 Smart and pragmatic solutions
 Straight-forward advice
Our values
Highly experienced and committed European team, strong of 30 professionals
30 experienced professionals,
located across 4 offices in Europe

13. Corporate Presentation I Jan. 2015 I page 13Strictly private and confidential
WHAT WE DO
TEAM
SECTORS

14. Corporate Presentation I Jan. 2015 I page 14Strictly private and confidential
SECTORS
At Capitalmind, we are strong believers that the best way to build long term client relationships is to develop an in-
depth knowledge of their industry and environment
 Our team invests valuable time in digging into
sectors. Over the years we have built a solid
track-record in 4 main sectors in which our sector
teams perform dedicated research. We are also
in the process of building expertise in Healthcare.
 Recent publications in this respect include:
‒ Industrials: The European Packaging
Industry; Fabulous 40 Industrial Markets
‒ Business Services: The Global Nuclear
Industry, Business Process Outsourcing,
Testing Inspection & Certification Industry,
‒ Consumer: Fabulous 40 Food & Drink;
Sporting goods, Travel retail,
‒ TMT: Email marketing; E-commerce
 Our senior bankers are all developing sector
expertise on an ongoing basis to constantly
improve quality of advice
Rich track record and expertise… … supported by dedicated research
Developing expertise in …

15. Corporate Presentation I Jan. 2015 I page 15Strictly private and confidential
SECTORS
Business Services
Services provided by specialized
firms to B2B clients, like
outsourcing (BPO), engineering,
maintenance, testing (TIC),
marketing, advice, staffing
Description
Head of practice
Michel
DEGRYCK
Example landmark deals
Sell-side; Carve out
sold its electrical
transformers’ oil testing
laboratory to
Buy-side
acquired
from
Bart
JONKMAN
Sell-side
sold
to
merged with
Merger
sold to
Sell-side
acquired
Buy-side
sold to Swiss PE firm
and integrated with
Sell-side
raises €121M debts
Debt financing
through a sponsorless
MBO supported by
sold its minority stake in
and
MBO
acquired
Acquisition

16. Corporate Presentation I Jan. 2015 I page 16Strictly private and confidential
SECTORS
Consumer, incl. Food & Drink and Leisure
Head of practice
Example landmark deals
Jan Willem
JONKMAN
Sell-side
was sold to
with
MBO
MBO of
sold to
Sell-side
sold to
Sell-side
Alexandre
EBIN
Founders/Man. of
Sell-side
sold a part of their shares to
the co-shareholder/financier
of the company
Buy-side
acquired
from
Consumer goods, services &
retail divided into essentials (e.g.
food & beverages, household
supplies, sportswear) and non-
essentials (e.g. durables,
apparels, leisure, media)
Description
sold to
Sell-sideFundraising
completed a fund raising
underwritten by
Acquisition
with the support of
acquired facilities of
and
Fundraising
underwritten by
Growth capital
FOODNON-FOODNON-FOODNON-FOOD

17. Corporate Presentation I Jan. 2015 I page 17Strictly private and confidential
SECTORS
Industrials
Head of practice
Jean-Pierre
BRICE
Example landmark deals
Wim
van ACHT
Sell-side; Carve out
sold its alkyd resins
business to
Sell-side; Carve out
sold its mixer operations to
Sell-side
sold its Swiss operations
to
Sell-side; Carve out
acquired
sold
to its management backed
by
acquired PN ROTOR from
Buy-side
sold to
Sell-side
sold to management,
financed by
MBO
sold to
Sell-side
Acquired
Czech Republic based
Univa
Buy-side
Production of engineered
products including paper &
packaging, electronics,
machinery, equipment,
construction, shipping, climate
control, plastics, etc.
Description
Disposal
sold
to

18. Corporate Presentation I Jan. 2015 I page 18Strictly private and confidential
SECTORS
TMT
Head of practice
Example landmark deals
Ron
BELT Sell-side
sold its minority stake
to
Sell-side; Carve out
sold its French “Systems
Integration” activity to
Debt advisory
Capitalmind assisted the
main shareholder of
in the financing of the
acquisition of the minority
stake held by
Sell-side
was sold to
sold to
Sell-side
merged with
Merger
Ongoing strategic /
financial advice
Debt advisory
sold to
Sell-side
Sold to
Sell-side
Jean-Arthur
DATTEE
Technology
Media
Telecommunications
Description
Minority stake taken
by
Minority stake investment

19. Corporate Presentation I Jan. 2015 I page 19Strictly private and confidential
SECTORS
Healthcare
Head of practice
Example landmark deals
Jean-Arthur
DATTEE
Sell-side
sold
to
Growth capital
series A fundraising
Sell-side
sold its Greek subsidiary
Management Advisory
was taken over by
with the support of
Growth capital
series A fundraising
Growth capital
series A fundraising
with
MBO
MBO of
MBO
MBO of
with
Medical equipment, medical
supplies, and healthcare services,
including IT
Description
Disposal; carve out
sold its biosecurity &
nutrition products for
livestock farmers
operations to
invests in
together with
LBO

20. Corporate Presentation I Jan. 2015 I page 20Strictly private and confidential
Award winning international corporate finance advice
Paris
62, rue la Boétie
75008 Paris
France
‘s-Hertogenbosch
Europalaan 6
5232 BC ‘s-Hertogenbosch
The Netherlands
Hilversum (Amsterdam)
Vreelandseweg 7
1216 CG Hilversum
The Netherlands
Lyon
10, place des Célestins
69002 Lyon
France
Germany
India
Italy
Japan
Mexico
Poland
Russia
Singapore
South Africa
Spain
Sweden
Thailand
Turkey
UK
USA
Australia
Benelux
Brazil
Canada
China
Columbia
France