For your Investments in

Private Equity & Private Debt

Private

Equity

Private

Debt

BB Alternative Partners is an investment advisor for your Private Equity and Private Debt Investments.

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Strategy

Mezzanine Senior DebtVenture Growth Buy-out Distressed

Our services cover a rangefrom Venture to Senior Debt

Your private market assets can be

aligned to an effective strategy

extracting the real return potential

from the accepted risk.

Manager- and Fund-Selection

We deploy our extensive network and

our selection tools to identify the best

in class managers for your portfolio.

Investment-Process

Portfolio Management

The time consuming investment

process in private market assets will

be covered by our specialists

securing best terms and lowest fees.

To track performance and to secure

your rights we keep up transparency

and motivate managers to give their

best.

Investment target are always a closed end-fund in a GP-LP structure or co-investments

BB Alternative Partners has a team with institutional investor experience

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Experienced Team

Independence

Global Network

Proven Process and Tools

Experienced Partners

Close Cooperation

Alexander Bode and Sabine Bartsch – we managed the Private Market Portfolio of Gothaer Group for seven years;

We are independent of managers as we are not a Fund Manager or Investors ourselves;

Over the last seven years we have built an extensivenetwork in the global manager universe;

The strategic allocation and efficient selection of managers is optimised up to a high level of detail;

We have attracted experts with long standingexperience for our non-exec board;

Our close cooperation with optegra enables us to also offer tax and legal structuring as well as fund administration services;

We enhance the return potential of your Private Market investment decisions

…of Private Markets – which are inefficient, cluttered

and increasingly regulated;

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Dissolution of Complexity…

Enhancing PerformancePotential…

Cost-efficient Selection Process…

Avoidance of Fees…

One-Stop-Shop forPE Investments…

Amortisation of Expenses through…

…through an optimised manager or target selection

preparing for a profound investment decision;

…through a structured investment preparation, well proven processes and reliable analytical tools;

…by fewer investments into fund-of-funds and professional negotiation of fees;

…as we coordinate all different functions and tasks throughout the complete investment process for you;

…higher performance of just about 0.1 % additional

IRR (with a minimum commitment off 5 USDm);

We can provide separate, stand alone services or offer comprehensive projects, such as:

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Overview of the relevant managers and fund products for your specific targeted investment

Comparison of funds on the basis of criteria agreed with you in advance

Extensive Due Diligence of Funds and/or

Managers (in 3 different levels of detail)

Support in Negotiation of LPA and Side Letters

(Fees, Hurdle, reporting requirements, etc.)

Comprehensive Investment Management from

Screening to Closing

Market-Map

Fund Rating

Due Diligence

LPA / Side Letter

Management of theInvestment process

Sco

pe

of

Wo

rk

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Research proves that thorough Due Diligence is a key factor for successfully investing in Private Markets.

• A 2012 preqin analysis confirms that particularly those asset managers with

strong due diligence processes and tools in place show sustainable and

outstanding performance.

• The Median-IRR of those US pension funds known for their exceptionally

elaborate due diligence procedures outperform the median-IRR of Fund of

Funds by 6%.

• US university endowments are the spearhead in Private Equity investing and

thus invest up to 35% of their portfolio at an net IRR of >12 %.

• Showing a median-net IRR of 6,8% Fund of Funds do not generate satisfactory

and risk-adequate returns on capital employed.

Our analyzing tools are filed andhave proofed to be well focused.

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Due Diligence is the final stage of an iterative process that has let through only the best.

BB Alternative Partners As of 31.12.2011

Investment Track Record - Unrealized Value (According to GP's Reportings)

EUR

# Fund Name Vintage # of Inv.

Total

% of Inv.

Unrealized

Capital

Unrealized

NAV

Unrealized

Mult. of Cost

Unrealized

1 Fund I 2009 6 18% 21.880 99.880 4,6

2 Fund II 2013 3 81% 27.050 69.050 2,6

3 Fund III 0 0% - - -

4 Fund IV 0 0% - - -

5 Fund V 0 0% - - -

6 Fund VI 0 0% - - -

Total/Average 9 39% 48.930 168.930 4,2

* Investment Weighted Average

BB Alternative Partners As of 31.12.2011

Investment Track Record - Unrealized Value (BBAP's assessment)

EUR

# Fund Name Vintage # of Inv.

Total

% of Inv.

Unrealized

Capital

Unrealized

NAV

Unrealized

Mult. of Cost

Unrealized

1 Fund I 2009 6 18% 21.880 - -

2 Fund II 2013 3 81% 27.050 - -

3 Fund III 0 0 0% - - -

4 Fund IV 0 0 0% - - -

5 Fund V 0 0 0% - - -

Due Diligence Checklist

Data Analysing Tool

Due Diligence Report

Overview of our services offered along the overall investment process.

9* In cooperation with our experienced partner optegra

Fund Due Diligence

� Fund Due Diligence

� Manager Due Diligence

Fund Selection

� Fund Ratings

� Market review – manager landscapes

� Providing optimal legal structure*

Portfolio Management

� Controlling (Reporting, Fees, …)

Strategy Development

� Analysing diversification potential

� Deducing an optimal allocation

� Developing target risk/return profileClosing Management

� Negotiations with GPs regarding Fees

� Managing service providers involved

� Monitoring (Reg. contact, meeting attendance, execution of mandates, …)

Portfolio-Review

� Recommendation for reallocations

� Identification of diversification benefits

� Outlining portfolio‘s risk/return-potential

� Bookkeeping of Cash-flows und NAVs*

� Tax & Legal Due Diligence*

� Cash-flow-Forecasts and documentation

� Beauty Contests

� Signing Procedures

� Negotiating Co-Investments

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For reference checks on our work please feel freeto contact the following persons:

� Dr. Gerd Weidenfeld Gothaer Asset Management AG

Head of Capital Markets Tel: 0049 221 308 -34425

� Siegmar Thakur-Weigold Warburg

Partner Tel: 0041 44 205 9444

� Alan Weinfeld Goldpoint Capital Partners

Business Development Tel: 001 / 212 - 576 7699

� James Stuart-Smith Reliance Mutual Insurance (UCM)

CIO Tel: 001 / 212 - 576 7699

� Patrick Carsten Suchy HSBC Trinkaus & Burkhardt AG

Director Alternative Investments Tel: 0049 211 910 -4615

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Alexander Bode, CAIAAlexander Bode worked with A.T. Kearney in Düsseldorf for two yearsfocusing on restructuring projects and the development of marketstrategies for construction and adjacent industries.

Following this, Alexander managed corporate restructurings includingtaking over interim management functions and leading M&A transactionswith CMS in Berlin.

Your investment partners at BB Alternatives

At J.W. Ostendorf, a producer of paint and varnishes, he headed the Corporate Development teamand executed Europe-wide acquisition processes, following integration projects includingdedicated PMI-programmes, introduction of SAP as well as taking of management functions.

Beginning of 2007 Alexander, together with Sabine Fischer, took over the management of the

Private Equity portfolio of the Gothaer Group and managed direct investments as well as PrivateEquity fund investments. Besides the execution of numerous exits they furthermore developed an

overall strategy for the portfolio, a comprehensive reporting system as well as a detailed conceptand process for the fund and manager selection which was then implemented and is still followed

as a standard procedure. Alexander carefully selected new investments and helped adjust theportfolio to the specific risk-return profiles of the individual insurance companies within Gothaer

Group.

Alexander holds a masters degree in economics and engineering from the Technical University ofBerlin and is a Chartered Alternative Investment Analyst (CAIA) charterholder.

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Sabine Fischer, CFA

Sabine Fischer started her professional career as part of the Corporate

Development and Planning team of Rheinmetall AG in Düsseldorf.

In 2000 she transferred as Manager to the Transaction Advisory team of

Ernst & Young in Düsseldorf and focused on financial and commercial due

diligence projects for numerous clients in a broad range of industries.

In 2004 she moved to London for two years and worked for the M&A ECU

team of Ernst & Young and was in charge of various buy-side and sell-side

mandates.

Beginning of 2007 Sabine, together with Alexander Bode, took over the management of the Private

Equity portfolio of the Gothaer Group and managed direct investments as well as Private Equity

fund investments. Besides the execution of numerous exits they furthermore developed an overall

strategy for the portfolio, a comprehensive reporting system as well as a detailed concept and process

for the fund and manager selection which was then implemented and is still followed as a standard

procedure. Carefully selected new investments and helped adjust the portfolio to the specific risk-

return profiles of the individual insurance companies within Gothaer Group.

Sabine holds a masters degree in economics and business administration from the Heinrich-Heine-

University of Düsseldorf and is a Chartered Financial Analyst (CFA) charterholder.

Your investment partners at BB Alternatives

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In cooperation with…

optegra Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft

• optegra:hhkl is a mid market Advisory Group active globally with more than 100 professionals at the two Company sites in Cologne and Munich.

• Being a full-service-provider for closed-end funds, structured financings andspecialised investment vehicles, the Company supports Private Equity funds andinvestors in company transactions, tax structurings as well as fund administration.

• Active in the Private Equity space for more than 10 years, optegra:hhkl todaymanages more than 50 Private Equity Accounts including over 250 Investee fundsand a total commitment of about 1.9 bn Euro .

• Cross-border projects are executed through the Company’s global network in Europe, USA, Japan, India as well as a subsidiary in Luxembourg.

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Supported by experienced partners

(Non-Exec Board)

William McCoy has a longstanding experience within the global

Private Equity universe, in a direct investing function as well as aninitiator of fund of fund programs.He has participated in the

formation and development of numerous investment managemententities. William started his professional career at Rosecliff Inc., a U.S.-

Mid Market LBO investment manager. Following this he co-foundedPalladin Capital Group, LLC, a company also active in the direct

investment space of the U.S.-Mid Market.

In the coming years he became Co-Head and Managing Director of Partners Group, CEO of

Capital Dynamics in New York and Managing Director of Dresdner Kleinworth Wasserstein inLondon.After his long standing activity in global fund management and investment

companies William co-founded First Avenue Partners, LLP (UK), an alternative investmentbank that specialized in both agency and principal activities in the Private Equity market,

together with three other partners. Most recently, William founded One Rock Partners, LLP ,aUS based investment firm that focuses in strategic and capital investment advisory, as well as

direct investment opportunities. Thereby leveraging his extensive experience andextraordinary world-wide network for the benefit of managers and investors alike.In addition

to his activities, William acts as an active board member for numerous mid market companiesand charitable organizations and foundations. Furthermore, he has been a lecturer at the New

York City University as well as at Fontainebleau.

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Dr. Jochen Fabritius

Dr. Fabritius has been appointed COO of XELLA Group,Duisburg in 2014. Before that he was working for McKinsey &

Company Inc. since 1999 and was a Partner in the Frankfurtoffice. Leading the European Manufacturing Practice, he

concentrates on projects with a strong operational focus inconsumer-oriented and the basic-materials industries.

Supported by experienced partners(Non-Exec Board)

Since 2004 he has built McKinsey‘s Asia House in Frankfurt, acting as an Asian bridgehead in

Europe, and has led the Asia House as Office manager until 2009. Dr. Fabritius holds a masterdegree in Economics and Engineering and has obtained his PhD at the Technical University of

Berlin

• Evaluation of M&A opportunities and market

entry-strategies for cement, aggregates and ready-mix

• Optimization of the procurement processes of an international retailer

• Development and execution of an efficiency

improvement program of a service company in the textile industry

• Efficiency improvement projects in the

production, supply chain and distribution of an international producer of construction materials

• Restructuring program for a European utility

• Supply chain optimization for a global construction chemicals producer

Some recent projects include:

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We are looking forward to support you!

Sabine Fischer, CFA

Alexander Bode, CAIA

BB Alternatives GmbHUniversitätsstraße 7150931 KölnFon +49 (0)221 800 508 915Mobil +49 (0)178 645 19 89sabine.fischer@bb-alternatives.comwww.bb-alternatives.com

BB Alternatives GmbHUniversitätsstraße 7150931 KölnFon +49 (0)221 800 508 916Mobil +49 (0)178 645 19 89alexander.bode@bb-alternatives.comwww.bb-alternatives.com