SHAREHOLDER UPDATES

EUROPEAN CAPITAL NEWS

European Capital has the following general parameters for new investments:

Investment size	We will hold up to €125 million per transaction
Company EBITDA	Target new investments with €3 to €25 million in EBITDA
Company enterprise value	Enterprise values of typical transaction from €50 to €500 We consider smaller investments as add-on acquisitions for existing portfolio companies We fund the mezzanine piece on larger transactions
Investment structure	Equity, mezzanine and senior debt
Industry focus	Industry generalists Focused on manufacturing, services and distribution companies No start-ups