│ Fig.1: GDP - Annual growth rate ( %) Sweden Norway Denmark Finland 5 4 3 2 1 0 2013 2014 2015 2016 2017 2018 F 2019 F -1 -2 Fig.2: Total PE/VC Investments into Nordics 14 350 12 300 ) Bn 10 250 € 8 200 6 150 4 100 Count Deal Deal value ( value Deal 2 50 0 0 2013 2014 2015 2016 2017 Buyout (€ Bn) Venture Capital (€ Bn) Buyout # Venture Capital # Fig.3: Global M&A Activity in the Consumer Sector PE-sponsored M&As Venture Capital M&As Strategic M&As 600,000 500,000 400,000 300,000 200,000 100,000 0 2013 2014 2015 2016 2017 Fig.4: Implied EV/EBITDA, Corporate & PE-backed M&A deals Implied EV/EBITDA, Corporate Implied EV/EBITDA, PE-backed 25 20 15 10 5 0 2013 2014 2015 2016 2017 Fig.5: PE Activity in the Consumer Sector 120,000 3,000 100,000 2,500 80,000 2,000 60,000 1,500 40,000 1,000 Deal Counts Deal Total Capital Total 20,000 500 0 0 2013 2014 2015 2016 2017 Total PE Capital Inflows Total PE Deal Counts Fig.7: In the next 12 months I expect that, in my location, my firm will focus on… 100 80 60 40 Percentage (%) Percentage 20 0 Making new Managing existing Raising new funds Realisations investments portfolio Fig.8: Industries of Interest for Private Equity Firms Current 2018 Focus 50 40 30 20 Percentage (%) Percentage 10 0 Information Technology Energy Fig.9: If you are aiming to complete a fund raising in the next 12 months, please indicate the target amount in USD over $1 billion $500m - $1 billion $300-$500 million $50-$300 million under $50 million 0 20 40 60 Percentage (%) Fig.10: What exit strategies are you considering for any planned exits in the next 12 months Trade sale Secondary MBO IMO 0 20 40 60 80 Fig.11: PE-backed exit transactions globally Percentage (%) 500 3,000 400 2,500 2,000 300 1,500 200 1,000 100 500 0 0 2010 2011 2012 2013 2014 2015 2016 2017 Aggregate Deal Value ($bn) # of Deals Data Pack EMEA – Based Targets Number of Private Equity Entry Transactions by Region Number of Private Equity Exit Transactions by Region Q4 2016 vs. Q4 2017 Q4 2016 vs. Q4 2017 300 Africa 120 Africa 250 BeNeLux 100 BeNeLux France France 200 80 Germany Germany 150 Middle East 60 Middle East Nordics Nordics 100 40 RoE RoE 50 20 Southern Europe Southern Europe 0 United Kingdom 0 United Kingdom Q4 2016 Q4 2017 Q4 2016 Q4 2017 Aggregate Private Equity Entry Transaction Values by Aggregate Private Equity Exit Transaction Values by Region Region (€bn) (€bn) Q4 2016 vs. Q4 2017 Q4 2016 vs. Q4 2017 1 18 Africa 30 Africa 16 BeNeLux 25 BeNeLux 14 France France 12 20 Germany Germany 10 Middle East 15 Middle East 8 6 Nordics 10 Nordics 4 RoE RoE 5 2 Southern Europe Southern Europe 0 United Kingdom 0 United Kingdom Q4 2016 Q4 2017 Q4 2016 Q4 2017 1. The exit transaction aggregates and averages have been calculated after removing the following deals to avoid overestimating the trend on the back of a single deal: Anheuser-Busch InBev SA/NV (ENXTBR:ABI) completed the acquisition of SABMiller plc (LSE:SAB) from Altria Group Inc. (NYSE:MO), Kulczyk Investments S.A., Allan Gray Limited, Vontobel Asset Management AG, Santo Domingo Group and other shareholders for 103.3bn EUR. For illustrative purposes only. Source: S&P Global Market Intelligence. As of December 31, 2017. 17 Data Pack EMEA – Based Targets (continued) Average Entry Transaction Size by Region (€mn) Average Exit Transaction Size by Region (€mn) Q4 2016 vs. Q4 2017 Q4 2016 vs. Q4 2017 1 120 Africa Africa 1800 BeNeLux BeNeLux 100 1600 France 1400 France 80 Germany 1200 Germany 60 Middle East 1000 Middle East Nordics 800 Nordics 40 600 RoE RoE 20 400 Southern Europe 200 Southern Europe 0 United Kingdom 0 United Kingdom Q4 2016 Q4 2017 Q4 2016 Q4 2017 Number of Private Equity Entry Transactions by Industry Number of Private Equity Exit Transactions by Industry Q4 2016 vs. Q4 2017 Q4 2016 vs. Q4 2017 500 90 Consumer Discretionary Consumer Discretionary 450 Consumer Staples 80 Consumer Staples 400 Energy 70 Energy 350 Financials 60 Financials 300 Healthcare 50 Healthcare 250 Industrials 40 Industrials 200 Information Technology Information Technology 150 30 Materials Materials 100 20 Real Estate Real Estate 50 Telecommunication Services 10 Telecommunication Services 0 Utilities 0 Utilities Q4 2016 Q4 2017 Q4 2016 Q4 2017 1. The exit transaction aggregates and averages have been calculated after removing the following deals to avoid overestimating the trend on the back of a single deal: Anheuser-Busch InBev SA/NV (ENXTBR:ABI) completed the acquisition of SABMiller plc (LSE:SAB) from Altria Group Inc. (NYSE:MO), Kulczyk Investments S.A., Allan Gray Limited, Vontobel Asset Management AG, Santo Domingo Group and other shareholders for 103.3bn EUR. For illustrative purposes only. Source: S&P Global Market Intelligence. As of December 31, 2017. 18 Data Pack EMEA – Based Targets (continued) Aggregate Private Equity Entry Transaction Values by Aggregate Private Equity Exit Transaction Values by Industry (€bn) Industry (€bn) Q4 2016 vs. Q4 2017 Q4 2016 vs. Q4 August 2017 1 18 25 Consumer Discretionary Consumer Discretionary 16 Consumer Staples Consumer Staples 20 14 Energy Energy 12 Financials Financials 15 10 Healthcare Healthcare 8 Industrials Industrials 10 6 Information Technology Information Technology Materials Materials 4 5 Real Estate 2 Real Estate Telecommunication Services 0 0 Telecommunication Services Utilities Q4 2016 Q4 2017 Q4 2016 Q4 2017 Utilities Average Entry Transaction Size by Industry Average Exit Transaction Size by Industry (€mn) (€mn) Q4 2016 vs. Q4 2017 Q4 2016 vs. Q4 2017 2 Consumer Discretionary 1000 1200 Consumer Discretionary Consumer Staples 1000 Consumer Staples 800 Energy Energy Financials 800 Financials 600 Healthcare Healthcare 600 Industrials Industrials 400 Information Technology 400 Information Technology Materials Materials 200 Real Estate 200 Real Estate Telecommunication Services 0 0 Telecommunication Services Q4 2016 Q4 2017 Utilities Q4 2016 Q4 2017 Utilities 1. The exit transaction aggregates and averages have been calculated after removing the following deals to avoid overestimating the trend on the back of a single deal: Anheuser-Busch InBev SA/NV (ENXTBR:ABI) completed the acquisition of SABMiller plc (LSE:SAB) from Altria Group Inc. (NYSE:MO), Kulczyk Investments S.A., Allan Gray Limited, Vontobel Asset Management AG, Santo Domingo Group and other shareholders for 103.3bn EUR. 2. John Wood Group plc (LSE:WG) acquired Amec Foster Wheeler plc (LSE:AMFW) from Artisan Partners Limited Partnership for 4.2bn EUR For illustrative purposes only. Source: S&P Global Market Intelligence. As of December 31, 2017. 19 Data Pack EMEA – Based GPs Number of Private Equity Entry Transactions by Region Number of Private Equity Exit Transactions by Region Q4 2016 vs. Q4 2017 Q4 2016 vs. Q4 2017 250 Africa 90 Africa Asia 80 Asia 200 BeNeLux 70 BeNeLux France France 60 150 Germany Germany Indian Sub-Continent 50 Indian Sub-Continent Latin America 40 Latin America 100 Middle East Middle East 30 Nordics Nordics 50 North America 20 North America RoE 10 RoE Southern Europe Southern Europe 0 0 United Kingdom United Kingdom Q4 2016 Q4 2017 Q4 2016 Q4 2017 Aggregate Private Equity Entry Transaction Values by Aggregate Private Equity Exit Transaction Values by Region Region (€bn) (€bn) Q4 2016 vs. Q4 2017 Q4 2016 vs. Q4 2017 1 12 18 Africa Africa Asia 16 Asia 10 BeNeLux 14 BeNeLux France 8 France 12 Germany Germany 10 Indian Sub-Continent 6 Indian Sub-Continent Latin America 8 Latin America Middle East 4 Middle East 6 Nordics Nordics 4 North America 2 North America RoE 2 RoE Southern Europe 0 Southern Europe 0 United Kingdom United Kingdom Q4 2016 Q4 2017 Q4 2016 Q4 2017 1. The exit transaction aggregates and averages have been calculated after removing the following deals to avoid overestimating the trend on the back of a single deal: Anheuser-Busch InBev SA/NV (ENXTBR:ABI) completed the acquisition of SABMiller plc (LSE:SAB) from Altria Group Inc. (NYSE:MO), Kulczyk Investments S.A., Allan Gray Limited, Vontobel Asset Management AG, Santo Domingo Group and other shareholders for 103.3bn EUR. For illustrative purposes only. Source: S&P Global Market Intelligence. As of December 31, 2017. 20 Data Pack EMEA – Based GPs (continued) Average Entry Transaction Size by Region Average Exit Transaction Size by Region (€mn) (€mn) Q4 2016 vs. Q4 2017 Q4 2016 vs. Q4 2017 1 900 Africa 1800 Africa 800 Asia 1600 Asia BeNeLux BeNeLux 700 France 1400 France 600 Germany 1200 Germany 500 Indian Sub-Continent 1000 Indian Sub-Continent 400 Latin America 800 Latin America Middle East Middle East 300 600 Nordics Nordics 200 North America 400 North America 100 RoE 200 RoE 0 Southern Europe 0 Southern Europe United Kingdom Q4 2016 Q4 2017 United Kingdom Q4 2016 Q4 2017 Number of Private Equity Entry Transactions by Industry Number of Private Equity Exit Transactions by Industry Q4 2016 vs. Q4 2017 Q4 2016 vs. Q4 2017 600 100 Consumer Discretionary 90 Consumer Discretionary 500 Consumer Staples 80 Consumer Staples Energy 70 Energy 400 Financials Financials 60 Healthcare Healthcare 300 50 Industrials Industrials 40 200 Information Technology Information Technology Materials 30 Materials 20 100 Real Estate Real Estate Telecommunication Services 10 Telecommunication Services 0 Utilities 0 Utilities Q4 2016 Q4 2017 Q4 2016 Q4 2017 1. The exit transaction aggregates and averages have been calculated after removing the following deals to avoid overestimating the trend on the back of a single deal: Anheuser-Busch InBev SA/NV (ENXTBR:ABI) completed the acquisition of SABMiller plc (LSE:SAB) from Altria Group Inc.