Intertrust NV

Harbor Spring Capital seeks to achieve long-term capital appreciation through investments in the global securities markets. Assets of the funds are invested primarily in long and short positions in publicly-traded equities, but from time to time may also be invested in fixed-income products, hybrid securities, derivatives, private securities and other financial instruments. The funds' investment strategy is based on fundamental analysis of companies, securities and financial instruments, emphasizing a rigorous, systematic, creative and proprietary research process. Harbor Spring attempts to identify investment opportunities in which securities prices diverge from intrinsic value. The funds may have substantial investments in the technology industry, the media industry and the telecommunications industry. They may be relatively concentrated, engage in short selling and invest in small- to mid-cap companies.

PAM is an active investor which manages portfolios invested primarily in equity with the bulk of their investments in European securities. They focus on mid- to small-caps, but have no market-cap restrictions, also investing in larger companies.The firm holds focused portfolios with a long-term outlook. Their investment philosophy includes the use of long-only and long/short equity strategies; however PAM rarely uses short positions. The fund manager may employ gearing to enhance market exposure.

Lucerne Capital Management is a value equity manager that specializes in bottom-up stock selection with a focus on the European markets. The firm employs a deep value investment approach and concentrates on generating longer term annualized returns with less emphasis on managing monthly volatility. They seek to invest in companies with superior management teams, strong market positions, flexible cost and cash flow structures, high free cash generations and appealing valuations.The Lucerne Capital Master Fund LP, and the two feeder funds, The Lucerne Capital Fund LP and the The Lucerne Capital Offshore Fund Ltd., are invested in the \"Lucerne Capital Strategy\" which invests primarily in international equity securities, both long and short, of issuers mostly in the developed European markets.The Lucerne Capital Nordic Master Fund Ltd., and the two feeder funds, The Lucerne Nordic Fund LP and and The Lucerne Nordic Offshore Fund, Ltd., are invested in the \"Lucerne Nordic Strategy\" which invests in listed European equity securities in a broad range of market-capitalization profiles focusing primarily, but not exclusively, on the issuers of the Nordic region.The The Lucerne Capital Special Opportunity Fund Ltd. is invested in the \"Lucerne Concentrated Strategy\" which is a concentrated and leveraged portfolio focused on the value opportunities in small- and mid-cap companies located or domiciled primarily in the continental Europe. The strategy is mostly long-oriented but may also engage in short opportunities.The Lucerne Focus I Fund LP pursues a high-conviction, long-term investment opportunity in the securities of an identified company with the goal of maximizing concentration and exposure to that investments in accordance with the Fund's investment objectives parameters.

Blackstone invests in companies located globally. The firm participates in buyout, growth and later stage capital requirements.

Waterland is an active private equity investor. They support medium-sized firms in terms of finance, strategy and operations. They seek to enable their portfolio firms to achieve growth both organically and through acquisitions. They focus on entrepreneurial firms with revenue levels from €10 to €150 million.Waterland utilizes a consolidation strategy and seeks markets displaying consistent growth, sufficient size and sustainable profitability, with fragmentation and consolidation indicators. Sectors undergoing change due to trends such as outsourcing and efficiency, an ageing population and leisure and luxury are also specific targets. Waterland has invested in diverse businesses such as IT services, adventure travel, childcare, dental laboratories, mobility aids, sports and fitness centers, nursing homes and financial services.Waterland operates through a range of private equity transactions such as providing expansion capital for accelerated growth, MBOs and divestments. Their buy-and-build strategy provides an initial platform for further scalable expansion. They target primary investments in portfolio firms located in Germany, Belgium and The Netherlands. Subsequent strategic growth investments are then built on in any geographic region.