3M 2018 report – MCS Groupe

• Attributable Cash EBITDA

Means our Cash EBITDA for a given period after subtracting distributions to co-investors for their participation in our consolidated SPVs.

• Attributable ERC

Refers to Gross ERC after taking into account the pro rata share of such collections that will be attributable to co-investors pursuant to contractual arrangements with such co-investors in SPVs.

• BC Partners

Refers to BC Partners LLP.

• Cash EBITDA

Means our total Cash Revenue for the period, after subtracting professional fees and services, personnel costs and committed costs.

• Cash Revenue

Means our Gross Collections for a period after adding the revenue generated from our third-party servicing business.

• Committed costs

Expenses related to headquarters (including rent) and IT costs are recorded in this line item.

• Company

Means MCS et Associés SAS, a French société par actions simplifiée having its registered office at 256 bis, rue des Pyrénées, 75020 Paris, France and registered in France under sole identification number 334 537 206 R.C.S. Paris.

• FCTs

Means fonds commun de titrisation, which are investment funds contractually organized under French law for the purposes of holding debt portfolios.

• Group, MCS, we, our and us

Collectively, the Parent and its direct and indirect subsidiaries including the SPVs that are consolidated into the Parent’s consolidated financial statements.

• Gross Collections

Refer to the cash proceeds received from the debtors related to the debt portfolios that the Group or its SPVs purchased, before allocation of the pro rata share of Gross Collections attributable to co-investors (if any). Gross Collections are presented prior to factoring any legal fees or other collection activity costs.

• Gross ERC

Refers to our estimated remaining collections on our purchased debt portfolios, which represents the expected gross cash proceeds over, as applicable, an 84- or 120-month period from our purchased debt portfolios, assuming no additional purchases are made and on an undiscounted basis before taking into account the pro rata share of such collections that will be attributable to co-investors.

• Issuer

Means Louvre Bidco SAS, a French société par actions simplifiée à associé unique having its registered office at 256 bis, rue des Pyrénées 75020 Paris, France and registered in France under sole identification number 829 775 600 R.C.S. Paris.

• Professional fees and services

This line item consists of external legal and other accessory costs (such as fees paid to bailiffs and notaries) incurred on both a routine and extraordinary basis to support Gross Collections.

• SPV

Means special purpose vehicle, and as used herein shall include FCTs.