INVESTMENT PHILOSOPHY

Our 4 Key Principles are as follows:

1. Partnership for Value Creation
We seek to develop a long lasting, trusting, principal-to-principal partnership with each management team, where our experience is valued and can be contributed as required in order to achieve strategic objectives.

We structure transactions to align interests in order to maximise wealth for all shareholders.

2. Active Investment Management
We have an active approach to providing assistance to management teams and founders to improve the performance of the business through:

a) Strengthening the senior management team and mitigating key-person risk;

b) Disciplined selection and execution of growth opportunities;

c) The "corporatisation" of businesses that are often relatively unsophisticated in their processes and financial management;

d) Implementation of plans to improve operational efficiencies; and

e) Financial restructuring and growth through bolt-on acquisitions.

3. Integrity
We believe that open communication is a key factor in successful deal negotiations. We seek to be forthright in our views on a potential investment and its progress within our assessment process.

We will work together as partners with the management team, founders and the Board in an investee company to achieve common goals and objectives.

4. Responsiveness
We know that the investment lead time is a vital consideration for companies seeking funding, so we aim to make the process from deal identification to acceptance or decline as rapid as possible. We are an owner managed firm, with a flat management structure. If the proposal suits our portfolio we can move quickly to get the deal done.