INSIGHT OPPORTUNITY GROWTH

GLOBAL HIGHLIGHTS REVIEW 2015/16 CONTENTS INSIGHT

1 INTRODUCTION 2 MESSAGE FROM OUR PARTNERS OPPORTUNITY 4 THE YEAR IN REVIEW 14 SECTOR FOCUS: OVERVIEW 16 SECTOR FOCUS: BUSINESS & FINANCIAL SERVICES CASE STUDY: TransUnion 18 SECTOR FOCUS: HEALTHCARE GROWTH CASE STUDY: CARE Hospitals 20 SECTOR FOCUS: INDUSTRIAL CASE STUDY: Corialis 22 SECTOR FOCUS: RETAIL, CONSUMER & LEISURE CASE STUDY: Noosa 24 SECTOR FOCUS: TECHNOLOGY, MEDIA & TELECOM CASE STUDY: Allied 26 THE ADVENT TEAM 28 THE PARTNERSHIP 30 EMPLOYEE AND COMMUNITY ENGAGEMENT 32 ADVENT OFFICES

IMPORTANT NOTICE to predict as well as factors that are beyond any Advent All data supplied is as of March 31, 2016 unless otherwise Entity’s control. There will be no updates made to any stated. Figures with a $ are in US dollars. projections or forward-looking statements to reflect changes in the underlying assumptions, new information, future events Our success flows from a foundational ability to perceive NOT AN OFFER or other changes. Accordingly, existing and potential investors These materials are not an offer to sell any securities or a should not rely on projections or forward-looking statements potential. Tapping years of industry experience and a solicitation of an offer to buy any securities. Any offer or in making investment decisions. solicitation relating to the securities of one or more investment ACCURACY deep pool of sector-specific knowledge, we turn strategic funds (the “Advent Funds”) managed or advised by Advent These materials have not been audited or verified by any third International Corporation (“Advent International”) may only be INSIGHTS into business partnerships that catalyze growth party and are subject to change at any time without notice. made by delivery of a Private Placement Memorandum of such Certain information contained herein was based on or Advent Fund and only where permitted by law. and unlock value. obtained or derived from data published or prepared by other PAST PERFORMANCE parties, including, without limitation, personnel of Advent Past performance is not indicative of future performance, and Fund portfolio companies (“Third-Party Information”). While We’re not content with incremental gains. Instead, we there can be no assurance that the Advent Funds will achieve such sources are believed to be reliable, none of the Advent comparable results in the future. Entities or any of their respective directors, officers, search for those intersections of untapped markets and PROJECTIONS AND FUTURE PERFORMANCE employees, partners, shareholders or agents (each, an “Advent unrealized potential that create OPPORTUNITIES to add These materials may include information about prior Party”) assumes any responsibility for the accuracy of any performance and projections of anticipated future Third-Party Information. No Advent Party makes any value to our portfolio companies. performance or results of one or more Advent Funds representation or warranty, express or implied, as to the (including, without limitation, one or more investments made accuracy or completeness of any Third-Party Information or by the Advent Funds) and other forward-looking statements. any opinions contained herein. No Advent Party shall have any The result: a history of engaging and guiding businesses These projections and forward-looking statements are based liability to any recipient of these materials or any other person on expectations, beliefs, assumptions, estimates and relating to or resulting from the use of or reliance on any such to achieve sustained GROWTH – converting insights into projections about market conditions as well as the anticipated information contained herein or any errors therein or performance of certain investments (including, without omissions therefrom. strong results for our companies. limitation, certain investments in portfolio companies that THIRD-PARTY TRADE NAMES have been or are expected to be made by the Advent Funds). These materials may contain trade names, trademarks or The projections and forward-looking statements included service marks of other companies. Advent International does herein, or otherwise made orally or in writing from time to not intend the use or display of other parties’ trade names, time, are not guarantees of future performance and involve trademarks or service marks to imply a relationship with, or certain risks, uncertainties and assumptions that are difficult endorsement or sponsorship of, these other parties.

INSIGHT. OPPORTUNITY. GROWTH.

1 THE YEAR IN NUMBERS

ASSETS UNDER MANAGEMENT $29bn (as of December 31, 2015) MESSAGE FROM OUR PARTNERS INVESTED* $2.1bn

Welcome to our 2015/16 Global targeted sub-sectors where we have Highlights Review. accumulated deep experience and ** anticipate strong potential for growth. REALIZED We are proud to report sustained $4.9bn We will continue to actively evaluate double-digit earnings growth across investment opportunities with a focus our unrealized portfolio and the on our core sectors: business and completion of fundraising for our financial services; healthcare; REVENUE new global fund, GPE VIII. Taking GROWTH† industrial; retail, consumer and leisure; 12% advantage of strong capital markets, and technology, media and telecom. six of our portfolio companies completed IPOs, raising $6 billion, As always, we owe these results to of which $1.9 billion was realized by the hard work and commitment EARNINGS GROWTH† Advent. We celebrate Worldpay, of our colleagues, the strength of 9% TransUnion and CARE Hospitals in our collaborative culture and the particular as examples of our success effectiveness of our approach. And in partnering with management teams we remain grateful to our portfolio to build value and support the company management teams, * New and follow-on investments between January 1 and December 31, 2015. ** Full and partial realizations between January 1 and December 31, 2015. development of our portfolio operating partners, investors, † As of Dec. 31, 2015. Includes portfolio companies in GPE IV–VII, LAPEF II–V and ACEE companies. intermediaries and advisors for their III–ACEE IV. CAGR from date of entry metrics to 2015 / exit in deal currency, calculated partnership and steadfast support. by taking a cost-weighted average of the companies’ individual CAGRs. Excludes deals In 2015, our deal teams were able closed after Jan. 1, 2015. Actual outcomes and results may differ materially from what is expressed or forecasted in any projections contained herein. to find compelling opportunities in THE ADVENT PARTNERS, APRIL 2016

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2 3 Distribution International completed three acquisitions, adding 20 branches and approximately $150 million in sales.

THE YEAR IN REVIEW

OPERATING HIGHLIGHTS Through 2015, our portfolio companies achieved NORTH AMERICA its proven strategy of establishing leading positions 2015 was another strong year for Advent amid an cumulative earnings and revenue growth of 9% and Stabilizing unemployment in the United States and in existing markets and expanding into new markets. economy marked by low interest rates, a more 12%1, respectively, on a cost-weighted average basis, low oil prices jumpstarted consumer spending and This transaction is expected to close in the second stringent regulatory environment and rising thanks to the ongoing implementation of value optimism, and the US economy achieved slow but quarter of 2016. valuations. We found ample opportunities to invest creation plans developed in close partnership with steady growth in 2015. During the year, Advent Portfolio company Distribution International (DI), in high-potential companies in our five key sectors management teams. completed one new investment and one follow-on the leading North American distributor and fabricator and across all of our operating regions, investing investment and funded three strategic acquisitions We continued to take advantage of strong debt of industrial insulation, completed three acquisitions $2.1 billion in 10 new companies and four strategic by existing portfolio companies, for a total regional markets to help our portfolio companies reduce in October and November 2015, purchasing E.J. acquisitions by existing portfolio companies. investment of more than $500 million. the cost of leverage, optimize capital structures Bartells, Selle Supply/PBI Supply As of December 31, 2015, our total assets under and improve financing terms. We raised $2.6 billion In April 2015, Advent acquired a majority stake in and Insulation Fabricators. These transactions add management were $29 billion, which does not in debt for five new investments, $11.3 billion in Genoa, a QoL Healthcare Company. Genoa is the 20 branches and approximately $150 million in sales include the $13 billion raised for GPE VIII. refinancing and repricing, and $320 million in leading specialty pharmacy operator in the US, to DI, which is now well positioned to benefit from Advent realized $4.9 billion in 2015, due in large part acquisition financing in 2015. focused primarily on serving the mental health significant petrochemical activity in the Gulf Coast to nine full and partial exits. Six portfolio companies community. It assists more than 300,000 patients In March 2016, we completed fundraising for and the commercial construction recovery completed initial public offerings, raising $6 billion in annually and operates over 285 pharmacies across Advent International GPE VIII, exceeding the Fund’s throughout North America. gross proceeds. The £2.5 billion offering by Worldpay 36 states and Washington, D.C. We are excited to $12 billion target and reaching the hard cap of Meanwhile, portfolio company MORSCO, a leading US was Europe’s largest-ever sponsor-backed IPO. support Genoa’s continued expansion of its unique $13 billion after six months in the market. GPE VIII distributor of commercial and residential plumbing, business model, which co-locates pharmacies within will pursue the same strategy as its predecessor heating and cooling equipment, acquired Murray mental health centers to break down barriers to funds, investing in buyouts, recapitalizations and Supply Company in September. The purchase adds medication access. growth equity transactions, primarily in Europe eight new branches in North Carolina and Virginia to $13bn and North America and selectively in other regions In March 2016, Advent agreed to acquire ATI Physical MORSCO’s network and positions the company to such as Asia and Latin America. Therapy, a leading outpatient provider in the US. We continue growing its presence in the southeastern US. believe that ATI is a high-quality operator with a raised for our eighth global Here are highlights of our 2015 and 2016 activities Three North American portfolio companies strong platform that enables it to be the primary private equity fund, GPE VIII to date, by region. completed IPOs in 2015. In May, Bojangles’ completed consolidator in a fragmented industry. Our value a public offering of 7.8 million shares. Since we creation plan focuses on supporting ATI in executing acquired Bojangles’ in 2011, the quick-service

1 As of Dec. 31, 2015. Includes portfolio companies in GPE IV–VII, LAPEF II–V and ACEE III–ACEE IV. CAGR from date of entry metrics to 2015 / exit in deal currency, calculated by taking a cost-weighted average of the companies’ individual CAGRs. Excludes deals closed after Jan. 1, 2015. Actual outcomes and results may differ materially from what is expressed or forecasted in any projections contained herein.

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4 5 2015 NEW ADD-ON 10 INVESTMENTS 4 ACQUISITIONS

Allied Alexandria Medical Ammeraal Beltech (CARE Hospitals) Crompton Greaves Consumer E.J. Bartells (Distribution Electricals Limited International) Faculdade da Serra Murray Supply (MORSCO) Gaúcha Group (FSG) Selle Supply / PBI Supply Fleury (Distribution International) Genoa, a QoL Healthcare Company Grupo Financierio Mifel ¤4.2bn Hypo Group Alpe Adria realized in Europe (HGAA) Istituto Centrale delle Banche Popolari Italiane (ICBPI) LifeMiles restaurant chain has opened more than 150 new EUROPE restaurants – bringing the total to more than Advent enjoyed a favorable exit environment in 660 – and increased profit per store by 44% and Europe last year, aided by the slow but continued revenue per store by 25% as of December 2015. recovery in the Eurozone. We sold five European Party City, the largest US retailer, designer, companies in 2015, and another three portfolio manufacturer and distributor of specialty party companies completed IPOs. In aggregate, Advent FULL PARTIAL EXITS / realized ¤4.2 billion in the region. 2015 6 EXITS 5 REALIZATIONS goods, offered 21.9 million shares in April. Advent acquired a stake in Party City in 2008, alongside We invested a total of over ¤740 million in European existing investors Berkshire Partners and Weston companies in 2015. In the industrial sector, we Presidio. After working with management and our acquired Ammeraal Beltech, a Netherlands-based Douglas Bojangles’ co-investors to grow the business successfully over manufacturer and distributor of conveyor belts for four years, we sold the company to Thomas H. Lee light industries, including high-growth markets such GFKL Devin Partners in July 2012, and reinvested in the new as e-commerce logistics and food processing. KAI DFS transaction. Since our reinvestment, Party City has We continue to work with Ammeraal’s management continued to thrive, with the number of company- team to enhance its operations and accelerate its Laboratorio LKM LifeMiles owned stores growing 19% from 600 to 712 at the growing international presence, particularly in Partner in Pet Food (PPF) Worldpay end of 2015, and the company’s total North American China and North America. retail network has grown to approximately 900 Regina Maria Advent also made two new investments in the stores. Additionally, from 2012 through 2015, revenue business and financial services sector, in Hypo Group has increased 21% and EBITDA has risen 26%. Alpe Adria (HGAA) and Istituto Centrale delle Banche Finally, TransUnion offered 34 million shares in June. Popolari Italiane (ICBPI). HGAA is a retail and (Our experience with TransUnion, a global provider corporate bank serving 1.15 million customers in five of credit information and analytics to businesses countries across southeastern Europe. In the coming and consumers, is described on page 17). year, our focus will be on revitalizing and growing Advent remains active on the Board of Directors HGAA’s offerings for retail and small to medium-sized of all three companies and is optimistic about the enterprises. ICBPI is a leading player in the Italian future growth prospects for these businesses. financial services market, with strong positions in

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6 7 Worldpay’s public offering was Europe’s largest-ever sponsor-backed IPO and the fourth-largest IPO in UK history.

payment services, interbank clearing and securities Germany’s top providers of receivables management services. We believe there are numerous opportunities services, to funds advised by Permira, in June. Under to transform the business from a non-core asset to a our ownership, investments in sales, operations, high-growth stand alone company. finance and IT helped GFKL increase average contract Three European portfolio companies launched public lengths from 1.5 to 2.5 years from 2013 to 2014 and offerings in 2015. Worldpay’s IPO, completed in boost revenue by 23% per annum between 2012 October, was Europe’s largest-ever sponsor-backed and 2014. IPO and the fourth-largest IPO in UK history. The In the retail, consumer and leisure sector, Advent Worldpay investment was born out of Advent’s exited two European companies last year. In April, extensive experience in payments and our recognition we sold private label pet food producer Partner in of the opportunity to carve out non-core assets from Pet Food (PPF) to Pamplona Capital Management. banks. During our ownership, we helped the company During our four years as owner, we helped PPF establish itself as a first-class, global, innovative expand its presence from 27 countries to more than payments technology company. 35 countries, optimize operations and increase market Worldpay has invested more than £1 billion with an share in the premium and super-premium categories. eye to long-term growth, including the development In August, we sold our majority stake in Douglas to of a state-of-the-art payments system, multiple CVC Capital Partners and one of the company’s strategic acquisitions and the recruitment of more founding families. Since acquiring Douglas in 2012, than 2,500 employees. We are still an investor in we supported its transformation from a diversified Worldpay, continue to serve on its Board of Directors conglomerate with businesses in perfumeries, jewelry, and are excited to remain a part of the company’s books, confectionery and apparel to Europe’s largest growth story. specialist retailer of selective beauty products. Other European companies completing public After the sale of a number of the non-core divisions, The objective of creating a great business that will offerings in 2015 include DFS, the UK’s leading retailer Advent helped the management team identify and of upholstered furniture, and Equiniti, a UK provider of complete several acquisitions in the core perfumery deliver great returns is a fantastic place to be as a CEO. complex administration and payment services to the business, including leading French perfumery public and private sectors. company Nocibé. Today, Douglas has a strong And if I look at how Advent has contributed to the Also in the business and financial services sector, international footprint, with operations in business, there’s no question on a whole host of fronts Advent sold GFKL Financial Services, one of 17 countries. that we’ve been supported and helped by them. Philip Jansen, CEO, Worldpay

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8 9 By the end of 2016, Advent anticipates that CARE Hospitals will have grown by nearly 90%, from 12 hospitals and 1,475 beds in seven cities in 2012 to 18 hospitals and approximately 2,800 beds in nine cities.

Advent made five new investments and two follow-on investments worth a total of more than $600 million in Latin American companies.

In the healthcare sector, Advent completed the In February, Advent acquired a majority stake in institution partners and 34 co-branded credit and Crompton Greaves and will be listed on the National sale of Regina Maria, Romania’s fastest-growing Allied, the largest provider of mobile technology debit cards as of December 2015. Stock Exchange of India and Bombay Stock healthcare group, to Mid Europa Partners. In 2016, solutions in Brazil. (Our investment in Allied is In our existing Latin American portfolio, Advent and Exchange, after which Advent and its co-investor Advent also sold Casa Reha, a German private described in detail on page 25.) In May, Advent the management team of specialty pharmaceutical will make an open offer for additional shares of the nursing home group, to Korian as well as its stake in acquired Faculdade da Serra Gaúcha (FSG), a company Grupo Biotoscana decided to pursue the business. We expect Crompton to thrive as a Priory Group, the UK’s leading independent provider leading private education company in the south acquisition of another Advent portfolio company, stand-alone company, based on its strong market of integrated behavioral healthcare, specialist of Brazil, from its founding partners. The deal Laboratorio LKM. The transaction creates the first position and excellent brand recognition in a broad education and social care, to Acadia Healthcare represents our second investment in the country’s biopharmaceutical company in Latin America with range of products, from fans and lighting to Company. Acadia operates psychiatric hospitals, higher education sector, following our acquisition a truly pan-regional presence. The combined household appliances. The business has grown at a treatment centers and outpatient clinics in the US. of Kroton Educacional, the largest private education company will have operations in 10 countries and compound annual rate of 16% over the past six years, During our ownership period, we merged Priory with company in Latin America, in 2009. We were a strong portfolio of specialty and critical care and we see multiple opportunities to increase another Advent portfolio company, Craegmoor, and attracted by FSG’s strong reputation for academic pharmaceuticals. margins and market share. completed five additional acquisitions. Revenue excellence and look forward to building its footprint In February 2016, Advent acquired a minority stake increased by more than 20% between 2011 and In December, Advent sold Aerodom, a Dominican through geographic expansion, new student growth in QuEST Global Services, a Singapore-based global September 2015. and strategic acquisitions. Republic airport operator, to Vinci Airports. Aerodom operates and manages six of the nine airports in engineering solutions provider, with more than 7,500 In the industrial sector, we sold our majority holding Also in Brazil, we acquired a minority stake in Fleury the Dominican Republic, the most visited tourist employees across nine countries, including India. We in KAI Group, a leading player in the European S.A., the country’s second-largest medical diagnostic destination in the Caribbean. During Advent’s believe that our global network and experience in the ceramics market, to Mohawk Industries. We acquired services provider. Fleury serves patients at 150 investment, Aerodom constructed 17 new hangars, industrial, healthcare and retail sectors will help open KAI Group in 2007, attracted by its strong potential diagnostic centers, administering more than 58 completed the remodeling of Aerodom’s two up new opportunities for QuEST, and we’re looking for regional expansion. Revenue grew nearly 60% million tests in 2015. We are eager to support the busiest terminals and increased EBITDA by 75%. forward to supporting the company as it expands its during our ownership, and by May 2015, KAI was company as it invests in innovation, expands its This transaction closed in 2016. customer base and continues to scale its operations. outperforming competitors in both volume growth business-to-business portfolio and pursues potential In January 2016, we sold our stake in CARE and margins. acquisitions. ASIA In Asia, Advent made two new investments and Hospitals, now the largest multi-specialty hospital LATIN AMERICA Our other investments in Latin America in 2015 were completed one exit in 2015 and the first quarter group in South and Central India, to the Abraaj Across Latin America, the difficult economic Grupo Financiero Mifel, a Mexican bank specializing of 2016. We continued to support existing portfolio Group, a Dubai-based private equity firm. When the environment, weakening currencies and declining in the mass-affluent retail segment, and LifeMiles, companies on their value creation initiatives. company’s new projects come fully on stream, the stock market values allowed us to secure better the frequent flyer program for Avianca Airlines. Our CARE network will have grown by nearly 90%, from entry valuations, invest in leading companies with investment in Mifel – a scarce asset with outstanding In July, Advent and a co-investor acquired a stake 12 hospitals and 1,475 beds in seven cities in 2012 to robust business models and continue to build our credit underwriting opportunities in Mexico’s thriving in Crompton Greaves Consumer Electricals Limited 18 hospitals and approximately 2,800 beds in nine presence in countries like Brazil. In total, we made banking system – is the latest addition to our strong (CGCEL) as a part of a multi-step carve-out of the cities expected by the end of 2016. (The case study five new investments and two follow-on investments financial services portfolio. We are similarly excited consumer products business from India’s Crompton on page 19 summarizes our experience with CARE.) worth a total of more than $600 million in Latin about LifeMiles, which has more than six million Greaves Limited. CGCEL has been demerged from American companies. members, over 200 commercial partners, 71 financial

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10 11 We look forward to doing what we do best: leveraging insights, identifying opportunities to add value and delivering growth.

Advent’s Shanghai team remains focused on LOOKING FORWARD sourcing investments in three target sectors – If the first quarter of 2016 is any indication, the chemicals, healthcare and education – while coming year looks promising for Advent and our monitoring the market for opportunities in our other portfolio companies. We continue to see attractive areas of expertise, such as retail and financial opportunities across our target sectors and services. The Shanghai office has also proved an geographies, and believe that Advent’s long- invaluable partner for Advent deal teams and established sector focus, global network and portfolio companies across the globe, providing significant operational expertise provide clear support to vet investment opportunities and design competitive advantages throughout the investment strategies for Advent portfolio companies interested process and position us strongly for another in expanding into China and other parts of Asia. successful year. With the completion of fundraising for our new fund, GPE VIII, and numerous Notably, the Shanghai team’s collaboration with investments, acquisitions and realizations on the Advent’s North American team on The Coffee Bean horizon, we look forward to doing what we do best: & Tea Leaf (CBTL), a premium coffee and tea retailer, leveraging insights, identifying opportunities to add has supported key franchisees’ growth in Asia. value and delivering growth. Assisted by the Shanghai office, CBTL confirmed two new franchise partners in China and Japan in 2015, which will double the company’s global footprint and add 900 stores in the region. Another Asian investment, Singapore-based after- school enrichment provider The Learning Lab, introduced several value creation initiatives last year. Advent has truly been great to work with. They know how The company, which Advent acquired in 2014, strengthened its management team, expanded from to consolidate a market and create successful exits, but three centers to eight, added a new grade level and began providing studies in Chinese in 2015. As a culturally, there’s a really good fi t as well. They understand result, new enrollments increased 21% in the fourth our needs, they understand what we’re trying to do and quarter of 2015. they’re actively trying to help us achieve those goals. Michael Van Marle, CEO, GTM Holdings

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12 13 WE FOCUS ON FIVE SECTORS CURRENT PORTFOLIO BY GEOGRAPHY BY NUMBER OF PORTFOLIO COMPANIES WE KNOW WELL 5% ASIA-PACIFIC 29% BUSINESS & FINANCIAL SERVICES NORTH AMERICA 36% EUROPE 29% HEALTHCARE LATIN AMERICA

CURRENT PORTFOLIO BY SECTOR BY NUMBER OF PORTFOLIO COMPANIES INDUSTRIAL 12% HEALTHCARE

RETAIL, CONSUMER & LEISURE 29% RETAIL, 12% CONSUMER TECHNOLOGY, & LEISURE MEDIA & TELECOM TECHNOLOGY, MEDIA & TELECOM 19% BUSINESS & 28% FINANCIAL SERVICES INDUSTRIAL We have been investing in each of these sectors for an average of 25 years and have made at least 35 and in most cases over 60 investments in each sector worldwide.

SECTOR FOCUS SECTOR FOCUS

14 15 TRANSUNION Provides credit and analytical solutions to over 65,000 businesses worldwide Active in 30+ countries across four continents Approximately $1.5 billion of revenues in 2015

APPLYING EXPERIENCE BUSINESS & FINANCIAL SERVICES FROM AN ADJACENT INDUSTRY “Advent has the ability to facilitate highly In 2012, Advent was eager to enter the credit complex business transformations, as well information space, after guiding Worldpay and Vantiv as the global network to jumpstart a multi- through technology overhauls and acquisitions in faceted M&A strategy. Both have been the payment processing industry. We believed that instrumental in strengthening TransUnion’s TransUnion – a leading global provider of credit position in the rapidly growing credit information with a database covering more than one information and risk management B2B & information services SUB-SECTOR billion consumers – would be able to leverage our industries.” Jim Peck, CEO of TransUnion FOCUS Back-office administration & services relevant experience and benefit from a capital infusion Financial institution carve-outs to pursue organic and inorganic growth strategies. Since our investment, TransUnion has pursued several Payment processing TransUnion’s management team, meanwhile, strategic acquisitions in order to expand beyond its appreciated Advent’s long-term strategic focus traditional customer base in financial services into and history of success in payment processing. They adjacent markets such as insurance, healthcare and believed that our experience with Worldpay and fraud and identity management. In addition, the Vantiv’s complex technology and acquisition strategies company tapped Advent’s global resources and EXPERIENCE years investments countries 25 69 23 would generate valuable insights as they explored relationships to support acquisitions in India (where similar opportunities in the credit information space. credit penetration is projected to grow by 30% over In April 2012, Advent invested alongside Goldman the next five years), Brazil, Colombia, Africa and Central Sachs Capital Partners in a joint buyout of the America. Together, these acquisitions helped fuel CURRENT Alianza Fiduciaria LA LifeMiles LA company from Madison Dearborn Partners and the approximately 19% growth in international revenues PORTFOLIO Pritzker family business interests. in 2015 (on a constant-currency basis). Equiniti Group (LSE: EQN) EU Grupo Financiero Mifel LA LISTING GROWTH FUELED BY TECH TRANSFORMATION Advent also played a key role in driving improvements in sales force effectiveness. During our collaboration, Hypo Group Alpe Adria Nets EU AND ACQUISITIONS TransUnion has introduced a holistic approach to AG (HGAA) EU Led by its new CEO, Jim Peck, and supported by Tinsa EU Advent’s industry and functional experts, TransUnion’s increasing market share with a range of initiatives. Istituto Centrale delle Banche management team pursued a growth strategy focused As a result, the average size of closed deals is up 150% Popolari Italiane (ICBPI) EU TransUnion (NYSE: TRU) NA on expanding into new vertical and geographic markets and the average size of deals in the pipeline has grown and developing new product solutions. But the first 50%, translating into meaningful revenue growth. InverCap Holdings LA Worldpay (LSE: WPG) EU challenge was to execute a complex technology These strategic initiatives led to a June 2015 IPO of platform overhaul, with an eye to reducing the 34 million shares at $22.50 per share, with Advent company’s reliance on mainframes and strengthening retaining about a 40% stake. The stock has performed its big data and analytics capabilities. This IT well since the IPO, trading approximately 23% higher transformation enabled TransUnion to cut costs than its offering price as of March 2016. TransUnion’s by many millions of dollars and launch more than overall performance remains strong since Advent’s As of March 31, 2016 AP Asia-Pacific EU Europe LA Latin America NA North America a dozen new solutions, including CreditVision, a involvement, with revenues and EBITDA growing by longitudinal view of credit behavior, and ClearIQ, about 18% on a constant-currency basis in 2015. a financial analysis tool for hospitals.

SECTOR CASE STUDY SECTOR FOCUS 17 16 CARE HOSPITALS Largest multi-specialty hospital chain in South and Central India Ranks among India’s top 5 hospital chains, with 16 facilities in 9 cities 1,300+ acute care beds added or planned under Advent’s ownership

India’s healthcare infrastructure remains relatively such as gastroenterology, general surgery, orthopedics HEALTHCARE underdeveloped, despite rapid progress in other areas. and urology to provide comprehensive patient care. As of December 2015, the country had less than one In addition, the group implemented a procurement hospital bed per 1,000 people compared with the program that resulted in significant cost savings. global average of 2.7, which translates into an annual Expanding bed capacity: To address demand and shortfall of more than 50,000 beds. And, because bring quality healthcare to more people, CARE has most of India’s hospital capacity is concentrated in debottlenecked and increased capacity at some of the major cities, many communities lack modern SUB-SECTOR Healthcare services & IT its hospitals, built new facilities and acquired hospitals medical facilities. in current and adjacent markets. For example, a new Pharmaceuticals, life sciences & medical devices FOCUS In 2012, Advent acquired a majority stake in CARE outpatient facility in Hyderabad, the largest stand- Hospitals with a vision of creating a regional market alone outpatient healthcare center in India, has leader in acute care services. We were impressed by significantly extended the range of services on offer CARE’s strong footprint in South/Central India’s to the local population. smaller cities and believed we could successfully When the new projects come fully on stream, likely by EXPERIENCE years investments countries 25 36 14 support its ambitious expansion plans based the end of 2016, the CARE network will have grown on our global experience in the healthcare sector. by nearly 90%, from 12 hospitals and 1,475 beds in By coupling CARE’s clinical excellence and compassion seven cities in 2012 to 18 hospitals and approximately with our operational expertise, we saw an opportunity 2,800 beds in nine cities. CURRENT American Heart of Poland EU to help build and transform the business while maintaining CARE’s strong commitment to social PORTFOLIO ATI Physical Therapy* NA “ When we considered Advent as our partner, welfare. LISTING we looked for three things: alignment with Biotoscana LA CREATING VALUE our founding philosophy, principles and Over the past four years, CARE’s talented founder-led vision; the value they could add in terms of Cotiviti (Connolly / iHealth) NA management team has worked closely with Advent their experience and expertise; and their to implement a value creation plan centered on three Fleury (IBOV: FLRY3) LA ability to sustain and support us in long- key areas: term institution building.” Genoa, a QoL Healthcare Company NA Adding professional management: To enable the Dr. Krishna Reddy, co-founder and vice-chairman of founders and doctors to concentrate on the clinical CARE Hospitals Mediq EU aspects of the business, CARE has enhanced its management team by bringing in a professional POISED FOR CONTINUED GROWTH CEO and adding specialized talent across functions In January 2016, with CARE strongly positioned to and hospitals. capitalize on opportunities in India’s expanding *New investment; Improving operations: Focusing on its two largest healthcare market, Advent agreed to sell its holding to close pending. hospitals, CARE has upgraded facilities and invested The Abraaj Group, a Dubai-based private equity fund. As of March 31, 2016 AP Asia-Pacific EU Europe LA Latin America NA North America in marketing to increase awareness of its enhanced During Advent’s ownership, CARE’s operating revenue capabilities and expand the patient base. Across its and EBITDA increased by 61% and 73%, respectively. broader network, CARE has added specialty services

SECTOR FOCUS SECTOR CASE STUDY

18 19 CORIALIS Leading European manufacturer of aluminum profile systems for windows and doors Revenues increasing by more than 25% year-on-year in fast-growth markets Differentiated, vertically integrated business model allowing for industry-leading margins

Advent’s long experience in the European building INDUSTRIAL materials sector includes our investment in HT “ Advent has been a valuable partner in Troplast, a German manufacturer of PVC profiles pursuing growth opportunities, both for windows and doors. In the years following that organically and through potential M&A investment, we observed aluminum’s progressive activities across Europe. The results so far gain in share over other materials thanks to its greater have been impressive, and we see even design flexibility, improved thermal efficiency and more opportunities on the horizon.” superior lifetime value. Johan Verstrepen, CEO of Corialis SUB-SECTOR Building products & distribution RECOGNIZING A LEADER POISED FOR EXPANSION FOCUS Capital goods This insight led us in 2014 to Corialis, a leading HARNESSING REGIONAL GROWTH DRIVERS Chemicals & materials pan-European manufacturer of aluminum systems In partnership with Advent, Corialis doubled capital Energy headquartered in Belgium. The business had a solid expenditures in 2014 and 2015. These investments in growth record across economic cycles, with annual state-of-the-art equipment increased capacity in core organic sales growth topping 7% over the preceding markets by 50% in 2015 and enabled Corialis to win decade. The company’s vertically integrated share, particularly in the UK, where it now controls EXPERIENCE production set-up delivers industry-leading margins over 40% of the residential aluminum market. The 25 years 65 investments 24 countries and superior customer service levels. Corialis holds top-line results are already apparent: in 2015, revenues top-three market positions in fast-growing markets increased by 37% in the UK and by 27% in Poland, such as the United Kingdom and Poland, as well as compared with 2014. in more mature markets such as Belgium and France. Corialis has pursued several M&A opportunities, CURRENT Allnex EU MAXAM EU Notably, it holds a #1 position in the UK, where taking advantage of Advent’s global and regional PORTFOLIO Ammeraal Beltech EU Mondo Minerals EU nascent residential aluminum penetration increased reach. The company plans to add at least one LISTING 50% from 2009 to 2013. BOS Solutions NA MORSCO NA additional manufacturing hub to its footprint in the Given these strengths, Advent saw an opportunity Corialis EU NCS Multistage NA coming years. It also has launched commercial to apply our expertise, network and resources to help operations in the Balkans and South Africa as part Distribution International NA OCENSA LA Corialis further accelerate its growth. Our strategy of its path to further internationalization. GTM Holdings LA RGL Reservoir Management NA aimed at reinforcing the company’s leadership With the value creation plan under way, Corialis position by stepping up investments in fast-growing H.C. Starck EU Terminal de Contêineres de is achieving strong organic growth: total revenues markets and by rolling out its integrated model into Paranaguá (TCP) LA increased 16% from 2014 to 2015, while EBITDA Latin American Airport new markets. Holdings LA TES Vsetin EU grew 6%. This momentum has consolidated Corialis’ In choosing Advent as its growth partner, Corialis position as a European market leader. CEO Johan Verstrepen cited the firm’s extensive sector expertise, strong local teams and European M&A reach. In October 2014, Advent acquired a majority stake in Corialis in a buyout from Sagard As of March 31, 2016 AP Asia-Pacific EU Europe LA Latin America NA North America Private Equity Partners and Ergon Capital Partners.

SECTOR FOCUS SECTOR CASE STUDY

20 21 NOOSA Colorado-based manufacturer of premium yoghurt National awareness and distribution roughly doubled in 2015 Over 40% revenue increase from 2014 to 2015

As of 2014, the US yoghurt market had been growing company into a national growth story. In November RETAIL, CONSUMER & LEISURE at a healthy 7% rate over the previous five years, 2014, Advent invested in a growth buyout with part of a strong movement toward high-protein Noosa’s founders, who remained in top leadership and natural snacks. Although three manufacturers positions. dominated the US market, Noosa, a maker of To prepare the company for expansion, Advent Australian-inspired yoghurt with a distinct, indulgent helped Noosa recruit eight executives with proven taste, had achieved impressive results in its Colorado experience managing high-growth firms in the base. SUB-SECTOR Retail packaged food industry. As its new CEO, Noosa Noosa was founded by Koel Thomae, an Australian selected Frank Higgins, a former executive at Nestle FOCUS Consumer products expatriate, and Rob Graves, a fourth-generation USA who helped quadruple revenues for PowerBar, Restaurants/leisure Colorado dairy farmer. In just four years under their a sports nutrition product. Bill Johnson, former CEO leadership, Noosa had achieved triple-digit growth, of Heinz, and Brad Alford, former CEO of Nestle USA, increased revenues to roughly $70 million and was joined the board to advise the company on strategy completing a project to triple production capacity. and branding. The management team now includes EXPERIENCE 25 years 67 investments 20 countries People who tried Noosa’s products became loyal leaders with experience from Kellogg, Nestle, Dannon, consumers, and half of them became strong brand Unilever and other top brands. promoters. Favorable consumer affinity was RAPID RESULTS AND MORE TO COME particularly notable in Colorado, where the company Since our investment, Noosa has launched its first CURRENT Bojangles’ (Nasdaq: BOJA) NA International Meal Company had built a significant presence. Yet its nationwide national marketing campaign, targeting seven key (IBOV: MEAL3) LA brand awareness reached only 9% and many major PORTFOLIO Cataratas do Iguaçu LA yoghurt markets with a mix of out-of-home, radio retailers did not carry its products, indicating ample The Learning Lab AP and online advertising. As a result, brand awareness LISTING Charlotte Russe NA room for growth. has increased from 9% to 29% nationally and to lululemon athletica The Coffee Bean & Tea Leaf NA BUILDING A PLATFORM FOR NATIONAL GROWTH 76% in the Denver market. (Nasdaq: LULU) NA Crompton Greaves Consumer Advent saw a company with a great product and Noosa has also expanded its store presence by Noosa Yoghurt NA Electricals Limited AP visionary founders, and an opportunity to help winning new retailers and increasing shelf space in Party City (NYSE: PRTY) NA replicate their success in Colorado across the Devin EU existing customers. With our assistance, it has built country. Thomae and Graves believed Advent’s Quero-Quero LA out its sales force, entered key retailers like Publix DFS Furniture (LSE: DFS) EU network of industry experts and long history in the and introduced a new four-ounce four pack that is Restoque/Dudalina Faculdade da Serra Gaúcha retail and consumer space could help propel the now sold at over 5,000 locations. These efforts have (IBOV: LLIS3) LA Group (FSG) LA grown national distribution all-commodity value (total Serta Simmons Bedding NA “ Advent has taken our company to the Gayosso LA sales among retailers carrying Noosa) from 38% to next level by giving us the strategic insights 51%, and increased SKUs per store from 5.2 to 6.9. and additional resources to connect with In a category where few companies exceed 10% new customers across the nation, while growth, Noosa grew sales by more than 40% in 2015, staying true to our roots with a distinctive, topping $100 million. Given the untapped market As of March 31, 2016 AP Asia-Pacific EU Europe LA Latin America NA North America high-quality product.” potential, we believe that Noosa will sustain its solid Koel Thomae, co-founder of Noosa growth pace.

SECTOR FOCUS SECTOR CASE STUDY

22 23 ALLIED Largest independent distributor of mobile phones and portable devices in Brazil, supplying over 15,000 points of sale in all 27 states Provides marketing and supply chain management solutions to nearly 2,200 customers Distribution growing at over 25% per year

INSIGHT INTO A SHIFTING MARKET Radomysler, who continue to serve as CEO and COO TECHNOLOGY, MEDIA & TELECOM With smartphone use projected to nearly triple respectively. We invested in the company because between 2013 and 2018, Brazil is in the midst of a we recognized that Allied had strong fundamentals telecom transformation that has swept through in a market poised for growth, and felt that our deep other developed countries. As smartphone demand pool of regional and sector knowledge could rises, distributors and retail outlets are becoming catalyze an even faster growth trajectory. increasingly important telecom players, controlling OPPORTUNITIES TO FACILITATE GROWTH nearly 60% of the handset market, up from just Information & tech-enabled services Allied’s management team has worked with Advent SUB-SECTOR 40% in 2011. to realize its vision for a stronger, more diversified FOCUS Media company by expanding into new business areas and Software “Advent’s top-tier sector knowledge and implementing functional best practices. Through Telecommunications ability to solve complex functional our partnership, Allied has strengthened its retail challenges provide critical support in presence, both online and through bricks-and-mortar helping us diversify our business, strengthen stores, and improved its distribution operations. our operations and establish a position as This strategy is already generating results. Drawn EXPERIENCE 25 years 73 investments 24 countries a regional market leader.” by Allied’s logistical expertise, Oi, Brazil’s fourth- Ricardo Radomysler, CEO of Allied S.A. largest wireless carrier, recently outsourced all distribution operations to Allied, while TIM, another major carrier, awarded Allied a contract to operate Allied S.A.’s leading share of the distribution market its online stores. CURRENT Allied LA (52% as of December 2015) and growing retail PORTFOLIO presence put the company in an ideal position to On the operations side, our collaboration has helped KMD EU LISTING benefit from this transformation. Advent’s technology Allied launch more than 20 initiatives to reduce costs and strengthen processes in areas like pricing, sales Oberthur Technologies EU expertise and experience in Latin America were well known to Allied’s founders, who looked to us as a and procurement. For example, addressing supply P2 Energy Solutions NA potential partner to execute a growth strategy that chain inefficiencies produced a 4% margin included opening new stores, improving internal improvement, while adjusting the retail sales force QuEST Global AP processes and searching out M&A opportunities. helped contain costs and improve sales incentives. UNIT4 EU We believed we could leverage our regional and With these and other reforms in place, Allied operational capabilities to help meet Allied’s increased sales by 12% in 2015 over the previous year WSiP EU expansion goals – for new business areas, new – even as the market declined by more than 14%. distribution categories and new geographies, such This brought Allied’s share of the overall retail market as Colombia, Chile and Peru. to close to 10%, putting the company well on track In February 2015, Advent acquired a majority stake toward its long-term goal of becoming the largest in Allied through a buyout from One Equity Partners distributor of technology products in Latin America. As of March 31, 2016 AP Asia-Pacific EU Europe LA Latin America NA North America and the founders, brothers Ricardo and Marcelo

SECTOR FOCUS SECTOR CASE STUDY

24 25 THE ADVENT TEAM OFFICES 11

COUNTRIES 10

Advent has one of the world’s largest and most experienced private equity teams. Worldwide, we employ more than 360 people – including CONTINENTS over 170 investment professionals. Our partners have, on 4 average, 17 years of private equity experience and an average tenure of 14 years. These individuals, based in 10 countries, represent over EMPLOYEES + 30 nationalities. We draw on their diverse market insights 360 and relationships to inform our investment strategies and support our portfolio companies.

In 2015, we continued to strengthen our operational and NATIONALITIES + functional capabilities by hiring more than 50 new employees. 30 We also added nine high-profile former senior executives to our independent operating partner program. INVESTMENT + PROFESSIONALS 170

THE ADVENT TEAM THE ADVENT TEAM

26 27 THE PARTNERSHIP

A shared vision and a strong spirit of partnership drive Advent’s success around the world. Advent’s 48 partners work as one team to set a winning course for the fi rm and to bring the best of our capabilities to each of our investments. This collaborative approach imbues everything we do as a fi rm and extends to our relationships with portfolio company management teams, operating partners and other stakeholders. In 2015 we promoted four colleagues to managing director: Kevin Feinblum, Christian Stoffel, Eric Wei and John Woyton. Please join us in welcoming these talented individuals to our leadership team.

Tom Allen Gurinder Grewal Wilson Rosa Ronald Ayles Stephen Hoffmeister Mauricio Salgar Johanna Barr Ralf Huep Holger Schnoes Humphrey Battcock Shweta Jalan Ranjan Sen James Brocklebank Jan Janshen Eileen Sivolella Peter Brooke Richard Kane Luis Solórzano Jaime Carvajal Urquijo Andrew Li Georg Stratenwerth Jefferson Case John Maldonado Christian Stoffel Cédric Chateau Mario Malta Steve Tadler Steven Collins David McKenna Bob Taylor Andy Dawson Chris Mruck Fred Wakeman Filippo de Vecchi David Mussafer Robert Weaver Juan Díaz-Laviada Michael Ogrinz Eric Wei Chris Egan Jeff Paduch Jim Westra Patrice Etlin Enrique Pani John Woyton Kevin Feinblum Chris Pike Juan Pablo Zucchini

THE PARTNERSHIP THE PARTNERSHIP

28 29 A WINNING COMBINATION: ADVENT AND PARTNERS IN HEALTH Global nonprofit dedicated to improving healthcare systems in underserved communities Over $1 million raised for PIH by Advent since 2011

EMPLOYEE AND COMMUNITY ENGAGEMENT

After the earthquake that devastated Haiti’s healthcare system in 2010, PIH rose to meet the challenge, “ Reach the Beach is a great way to continue becoming a major provider of medical education and our support of Partners In Health while patient care. Moving well beyond its original vision for a enhancing teamwork and relationship building across the global Advent network.” We are committed to engaging with the communities Given our team-based culture and our focus on small, rural hospital, PIH today is the largest in which we operate, and to supporting our results, it’s only fitting that we chose a 200-mile, nongovernment health care provider in Haiti. And it has Steven Collins, Managing Director, Advent International employees in doing the same. nonstop, overnight endurance team relay as a expanded its impact to Lesotho, Liberia, Malawi, means of engaging our entire firm in supporting Mexico, Peru, Russia, Rwanda, Sierra Leone and the Our ability to attract and retain the best talent is a ENDURING LOCAL IMPACT a great cause: Partners In Health (PIH). Navajo Nation. critical part of Advent’s success. And to do that we In 2011, Team Advent’s donations were used to ORCHESTRATING A GLOBAL EFFORT must offer an environment that promotes personal Our long-term relationship with PIH, which is purchase equipment for a 205,000-square-foot, Since 2011, Advent has raised over $1 million for PIH. As growth and employee engagement. Our strong focus dedicated to improving healthcare systems in 300-bed PIH teaching hospital in Mirebalais, Haiti, a catalyst for this fundraising, every two years the firm on teamwork begins with respect and appreciation underserved communities around the world, is which now serves up to 500 patients a day. In 2013, fields a global team to participate in a major for our employees as individuals and extends to our profiled on the facing page. our funds went to constructing a new maternity support of those causes about which our people are competitive event. Planning for the most recent “Reach When considering new philanthropic pathways, ward at PIH’s district hospital in the Neno district passionate. We are a firm which appreciates the the Beach” race, from the White Mountains to the Advent found a natural fit in the work of of Malawi and to revitalizing PIH’s rural health clinics responsibility to give back to the communities in seacoast of New Hampshire, started nine months in Partners In Health (PIH), whose inspiring story in Mexico’s Chiapas region. which we operate. advance, with groups of Advent employees from all resonated with our values. In PIH’s journey, we offices focused on logistics, fundraising, training, travel Given Advent’s office in Mexico City, we chose to Our team members regularly come together to recognized an organization that, like Advent, has and other work streams. The aim is to raise as much direct our donations to Chiapas again in 2015. To contribute time and resources to benefit nonprofit a global reach rooted in individuals’ dedication money as possible for PIH while having fun and date, Advent’s support in Chiapas has enabled PIH organizations, charities and other philanthropic to serving their local communities. And, like engendering a team spirit across the firm. and its local affiliate to staff and equip neglected initiatives. In addition, we collaborate as a firm, across Advent, PIH thrives on collaboration and shared public clinics; provide training and on-site mentorship Reach the Beach is a grueling challenge: the 12 relay regions and offices, to support Advent-sponsored responsibility. to physicians; train and manage a corps of paid teams fielded by Advent completed the 200-mile organizations and charities. community health workers; and focus on preventing, course in an average of 30 hours, with each runner diagnosing and treating debilitating diseases. completing about 16.5 miles. But participants know “ The significant benefits of our efforts with that their efforts have a truly lasting impact, powering We expect that initiatives like these will intensify in PIH have heightened awareness of substantial improvements in the quality and the coming years. Recognizing the benefits of our philanthropic causes throughout the firm. accessibility of healthcare in needy communities. partnership with PIH, more teams are looking for More teams are looking for ways to channel Team Advent included our own employees as well ways to channel our global resources and our proven the resources of our global network into as representatives from our portfolio companies, focus on results to addressing unmet needs around the needs of overlooked communities.” law firms, investment banks and consultants. the world. Ben Scotto, Vice President of Finance, Advent International

EMPLOYEE AND COMMUNITY ENGAGEMENT EMPLOYEE AND COMMUNITY ENGAGEMENT

30 31 ADVENT OFFICES

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ADVENT OFFICES

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