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2018 IK Investment Partners Communication on Progress COMMUNICATION on PROGRESS 20182017 2

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2018 IK Investment Partners Communication on Progress COMMUNICATION on PROGRESS 20182017 2 2018 IK Investment Partners Communication on Progress COMMUNICATION ON PROGRESS 20172018 2 03. Letter from our CEO/Insights 09. Responsible investment: how we do it 04. IK Investment Partners at a glance 10. Connecting the dots/Our values 05. 2018 Highlights/Our portfolio 11. Social commitment 06. High quality investor base 12. Environmental commitment 07. Definition of ESG 14. Governance 08. IK's ESG journey 15. Our extended commitment: IKARE IK INVESTMENT PARTNERS COMMUNICATION ON PROGRESS 2018 3 Letter from our CEO HAVING ACCUMULATED 30 YEARS’ experience in ensuring that responsible investing becomes the private equity market, we recognise that our philosophy and forms an integral part of strong environmental, social and governance our business across the value chain. (ESG) practices correlate positively with Becoming a signatory to the UN Global enhanced financial performance within IK, our Compact (UNGC) in 2014, has meant we take portfolio companies as well as enriching an active role in promoting responsible society more broadly. investment. We support the Ten Principles in Since IK's inception, we have made more the areas of Human Rights, Labour, than 120 investments across Europe. As an Environment and Anti-Corruption internally investor, we are fully aware of our responsibility and externally. towards our stakeholders. Thus, we are This is our fourth Communication on committed to the highest standards of Progress Report, which highlights our business conduct and behaviour, creating and commitment to transparency and managing sustainable value in the markets in accountability. This report allows us to which we invest. Professionalism, inform all our stakeholders of the significant accountability and integrity are IK’s work undertaken over the past year. We fundamental values, which have allowed us to recognise that we are on a journey. Notable successfully establish a strong reputation and progress has been made, but we are credibility with our stakeholders. committed to continue to deliver Christopher Masek For several years now, we have been improvement within IK and among our Chief Executive Officer, developing a holistic approach to ESG issues, portfolio companies. IK Investment Partners Insights ACROSS THE MARKETS in which IK operates, We established an ESG manual for our responsible investing is increasingly recognised portfolio companies, which offers management as not just a ‘nice to have’ but a must. Recent teams an overview of our approach to ESG surveys indicate that almost 80% of investors in factors and explains how and where they can private equity expect general partners to access support within IK. increase their focus on ESG considerations. For We have also developed ethical guidelines for some in our industry, this is a sea-change. At IK all our portfolio companies, detailing standards however, we have long understood that of ethical conduct and outlining our fundamental responsible investing is both the right way to do principles, based on the UNGC. business and the best way to do business. As part of our commitment to ethical During 2018, we took several important steps governance, allied with responsible investing, we to improve our approach to ESG. continue to publish a Modern Slavery Act Mikaela Murekian Alina Benyaminova First, we became a signatory to the UN Transparency Statement, declaring zero- Director Communications and ESG, ESG Coordinator, Principles for Responsible Investment (PRI) and tolerance towards modern slavery. IK Investment Partners IK Investment Partners published our first report. I am proud to say that We have strengthened our focus on climate we were awarded an A+ in the private equity change and carbon emissions this year. We section. monitor the carbon footprint of IK’s operations We have expanded our ESG team, which now more broadly, as we seek to continue to includes an ESG coordinator. managing climate change and raise awareness of We extended an ESG steering committee to the risks and opportunities associated with it. include both partners and non-partners from IK. IK remains committed to delivering The committee was formed in 2017 to provide sustainable value to all our stakeholders. As part support for our firm and the companies in which of that commitment, we intend to drive our ESG we invest. efforts still further in the years ahead. IK INVESTMENT PARTNERS COMMUNICATION ON PROGRESS 2018 4 IK Investment Partners at a glance >€9.5 billion of capital Leading raised Pan-European private equity firm 122 investments Building stronger and better businesses since 1989 Unique Northern Continental Active European footprint ownership 87 model exits Multiple Fund Defining and Venture Strategies delivering philanthropy transformational activities with agendas IKARE IK INVESTMENT PARTNERS COMMUNICATION ON PROGRESS 2018 5 2018 Highlights 17% of women 15 at Partner and IK nationalities Director levels IK workforce 44% female 56% male 546 training hours (total) UN PRI Score A+ Our portfolio 2018 >24,000 3 35 employees exits portfolio companies 9 new Portfolio investments activity in 113 countries 5 €3.19 bn year average combined turnover holding period IK INVESTMENT PARTNERS COMMUNICATION ON PROGRESS 2018 6 IK VIII Fund and IK Small Cap II Fund High quality investor base > 60 €2.4bn 26% INVESTORS FUND COMMITMENTS UN PRI SIGNATORIES EXAMPLES OF OUR ULTIMATE STAKEHOLDERS GP 4% RoW 7% Asset Managers 17% North America 38% Bank / Insurance 19% Fund of Funds 21% Europe 55% Pension Funds 39% Canadian teachers British pensioners New York police and fire officers Social security beneficiaries in Kuwait IK INVESTMENT PARTNERS COMMUNICATION ON PROGRESS 2018 7 Definition of ESG Climate change Labour rights and labour conditions Regulation Pollution and contamination of land, air and water Health and safety Anti-bribery and corruption measures Eco-efficiency and resource efficiency Treatment of customers and communities Business ethics Waste management Human rights Transparency and accountability Natural resource scarcity Diversity Board composition and independence Biodiversity Supply chain management Shareholder rights Data privacy and cyber security IK INVESTMENT PARTNERS COMMUNICATION ON PROGRESS 2018 8 IK's ESG journey Engaging in RI has been an integral part of IK’s culture since the firm was founded. For the past 10 years, we have been developing a more structured approach to help us create sustainable value. 2016 2012 – IK Code of Ethics adopted – First independent ESG review for an IK portfolio company commissioned – IK RI Policy formally adopted – Formal integration of ESG criteria into IK's 2014 investment process – IK becomes a signatory of the UN Global Compact 2007 – Integration of the ESG –First structured review of IK matters into the IK Annual portfolio companies' ESG Investor Meeting awareness and approach 2 0 11 2017 – ESG manager appointed – IK ESG Steering 2 0 15 Committee established – E&S Assessment tool – First "Communication on implemented progress" (COP) report 2 0 13 – ESG Manual developed published – IK RI questionnaire adopted to strengthen ESG – Audit & ESG committee – ESG risk screening tool developed process governance structure – IK's Carbon Footprint established measured for the first time IK INVESTMENT PARTNERS COMMUNICATION ON PROGRESS 2018 9 Making the most of ESG opportunities in 2018 ESG Manual for Portfolio Companies First UN PRI Report Speaker at the Nordic Sustainable Finance Conference Supported in Stockholm industry-wide initiative Contributed to the PRI Private Equity Guidance on ESG ESG panellist Monitoring, Reporting and speaker at Dialogues guidance document Almedalen 2018 in Stockholm Ethical Guidelines for Portfolio Companies Responsible Climate Change Investment Training for all IK Forum (PRI-PEI) partners and in London investment staff ESG panellist speaker at the FundForum International in Berlin ESG team expansion IK INVESTMENT PARTNERS COMMUNICATION ON PROGRESS 2018 10 Responsible investment: how we do it AT IK, RESPONSIBLE investing lies at the heart of who we are and what we do. We moment we consider a potential investment to the point at which we divest. acknowledge that ESG issues can affect the performance of our portfolio With the help of the ''IK Way toolkit'', ESG is embedded into every stage of the companies. Therefore, IK ensures a structured approach to investment from the investment process. Pre Investment 1. We screen all potential investments against a well-defined Responsible Investment (RI) policy, in place since 2012. 2. We scope additional due diligence on ESG-related concerns with external consultants, when deemed appropriate. 3. We advise the Investment Committee on the potential investment and present a detailed assessment of financial and non-financial information. 95% ESG This includes an ESG risk screening and summary of identified ESG assessment factors. included in investment 4. Depending on the materiality of the ESG risks identified, IK develops committee corrective actions in the post-acquisition Full Potential Plan. memandum* Active Ownership 5. We commission an independent ESG review, which identifies ESG risks and opportunities of material character, company's ability to manage ESG and 100% part of makes high level recommendations, from quick wins, through to strategic portfolio actions, with the aim of protecting and creating shareholder value. companies for 6. The ESG review report is presented to the Board of Directors of the portfolio which an company in question. independent ESG review has been
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