Disclosure policy

We welcome the Guidelines for Disclosure and Transparency in Private Equity issued by the Guidelines Monitoring Group (the Walker Guidelines). The Guidelines make recommendations in three areas:

• disclosures by portfolio companies above certain size thresholds;
• disclosures by the private equity firms that manage investments in such companies; and
• recommendations for the BVCA, including greater collection and dissemination of industry-wide data.

EFS Consultants ("EFS") does not manage investments in any portfolio companies to which the Guidelines apply, so the disclosure requirements on us as a firm do not apply. However, we voluntarily seek to comply with the guidelines of the countries in which we operate wherever possible.

Additionally, we confirm that:

• appropriate arrangements are in place to deal with conflicts of interest, and EFS has no corporate advisory capability;
• reporting to investors is of the utmost importance to us, and we have regard to the EVCA reporting guidelines;
• valuations are prepared having regard to the IPEV valuation guidelines; and
• we comply fully with the BVCA's enhanced data collection programme.