ADVERTISEMENTTHE NORTH EAST HAS ALL THEINGREDIENTS TO BE ONE OF THE MOSTPRODUCTIVE PLACES IN THE UKWHEN the UK voted forBrexit just over a year ago,price, there are reasonsfor confidence. I don'twere forced to stop andthink. The possible mechanicsand impact of exit fromthe EU have loom large inevery boardroom since, Inthe North East, howeveroptimistic, but I dobelieve the North East isin a better position thanit has been for manymonths.midst of our own crisistackling the challenges of a and Goldman Sachsplummeting oil price. Ia pointed to SMEs as thelucky enough to be a director most significant driverthe British Business Bank,ofwe have invested from BGF's growth in an economyAberdeen office, and wee The study found thatcertainly had plenty to chew businesses that engageover in recent weeks andmonthsThe oil price has set thedirection of travel for theNorth East economy and and that access to capital is ado for a long time to come criticalMike Sson is heed of BGFs Abendeen officeOn the innovation side,more than £1.3Aberdeen continues to bebillion in investments toentrepreneurial businessesand productivity growthas a hot bed ofrecogntechnology development,whatever happens to theoilfields on our doorstepI'm a fan of the Oil and GasTechnology Centre. It is easyenabler for companiesA downturn doesn't just hit who have these ambitions. giving us future relevance e've come of age duringone of the most dramaticdownturns in oil and gass sector- ask heNorth East ticks everythe oil and gas askany taxi driver or hotelier in box. Our entrepreneurialAberdeen about the knock ecosystem is strong. Weprices ever experienced: yethave a global reputation forThere is a track record ofpeople growing and selling csful in the automotive now surpassed E100 million.our commitment to the NorthEast remains strong and ourinvestment in the region hasto be cynical, but similarprojects have been veryannual Offshore Europeand the acrospace industries, In addition to BGFs growthand anecdotal evidence from capital, there are six privatebusinesses. The businessgathering of the industry,environment is ambitiousand the mood is one ofcautious optimism. Some say of third party equitythe oil price will be 'lowerfor longer or even 'lower for Our business community hasever. North American shale is an international outlook.plentiful and will expand to of BGFs thirteen investeefill any gap left by OPECI disagree. I don't believe a from our Aberdeen office,cyclical industry will suddenly I believe there are onlystop being cyclical, andour portfolio is very positive.The same is true in otherequity funds with a presencein the city, and four corporateventure funds. We haveand, on the whole, acceptingsectors. The Bio-TherapeuticHub, and the Agri-Innovationearly stage incubators andHub, are part of the Citydeal, albeit a step behind.the banks have a variety ofways of supporting smallOur recent investment inEntier gives us an insight intothe great strength, qualityand diversity of the food anddrink industry in Scotland.companies that we managecertainly here for the rightpropositions.The North East has all theingredients to be one of themost productive places inUK, How we mix them alltogether to make a thrivingin the UK than overseasglobal economic growth l Two of those are providing BGF has cast its own voteovertake shale and the oilprice will creep up.Despite the uncertainty ofBrexit and the fluctuatingil Duncan and Toddservices in Scotland-foodwaste recycling firm KeenanRecycling and optician chainof confidence. We wereborn at a time of majorchanges in the financialtogether toe mix them all thecconomyclimate and have nowdimate and he fwww.bgf.co.uk BGF teamInvested in Growth

Date: 14 September 2017

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ADVERTISEMENT THE NORTH EAST HAS ALL THE INGREDIENTS TO BE ONE OF THE MOST PRODUCTIVE PLACES IN THE UK WHEN the UK voted for Brexit just over a year ago, price, there are reasons for confidence. I don't were forced to stop and think. The possible mechanics and impact of exit from the EU have loom large in every boardroom since, In the North East, however optimistic, but I do believe the North East is in a better position than it has been for many months. midst of our own crisis tackling the challenges of a and Goldman Sachs plummeting oil price. Ia pointed to SMEs as the lucky enough to be a director most significant driver the British Business Bank, of we have invested from BGF's growth in an economy Aberdeen office, and wee The study found that certainly had plenty to chew businesses that engage over in recent weeks and months The oil price has set the direction of travel for the North East economy and and that access to capital is a do for a long time to come critical Mike Sson is heed of BGFs Abendeen office On the innovation side, more than £1.3 Aberdeen continues to be billion in investments to entrepreneurial businesses and productivity growth as a hot bed of recogn technology development, whatever happens to the oilfields on our doorstep I'm a fan of the Oil and Gas Technology Centre. It is easy enabler for companies A downturn doesn't just hit who have these ambitions. giving us future relevance e've come of age during one of the most dramatic downturns in oil and gas s sector- ask heNorth East ticks every the oil and gas ask any taxi driver or hotelier in box. Our entrepreneurial Aberdeen about the knock ecosystem is strong. We prices ever experienced: yet have a global reputation for There is a track record of people growing and selling csful in the automotive now surpassed E100 million. our commitment to the North East remains strong and our investment in the region has to be cynical, but similar projects have been very annual Offshore Europe and the acrospace industries, In addition to BGFs growth and anecdotal evidence from capital, there are six private businesses. The business gathering of the industry,environment is ambitious and the mood is one of cautious optimism. Some say of third party equity the oil price will be 'lower for longer or even 'lower for Our business community has ever. North American shale is an international outlook. plentiful and will expand to of BGFs thirteen investee fill any gap left by OPEC I disagree. I don't believe a from our Aberdeen office, cyclical industry will suddenly I believe there are only stop being cyclical, and our portfolio is very positive. The same is true in other equity funds with a presence in the city, and four corporate venture funds. We have and, on the whole, accepting sectors. The Bio-Therapeutic Hub, and the Agri-Innovation early stage incubators and Hub, are part of the City deal, albeit a step behind. the banks have a variety of ways of supporting small Our recent investment in Entier gives us an insight into the great strength, quality and diversity of the food and drink industry in Scotland. companies that we manage certainly here for the right propositions. The North East has all the ingredients to be one of the most productive places in UK, How we mix them all together to make a thriving in the UK than overseas global economic growth l Two of those are providing BGF has cast its own vote overtake shale and the oil price will creep up. Despite the uncertainty of Brexit and the fluctuatingil Duncan and Todd services in Scotland-food waste recycling firm Keenan Recycling and optician chain of confidence. We were born at a time of major changes in the financial together toe mix them all the cconomy climate and have now dimate and he f www.bgf.co.uk BGF team Invested in Growth