Gerlin Participaties Coöperatief U.A.

Teslin Capital Management, founded in 1991, is a long-term investor focused on small- and midcaps in the Benelux and Germany. Teslin creates value by acquiring substantial interests in undervalued listed companies with attractive long-term perspectives. Through its own analyses, Teslin works together in a constructive manner with management teams to enhance value in corporate strategy, organizational structure, financial management, corporate governance and investor relations. Teslin manages a concentrated portfolio and often acts as the largest or the second largest shareholder.