2009 European Performance Figures

June 2010

Methodology for Performance Benchmarks



All calculations are done at the fund level by Thomson Reuters based on cash flows and NAVs reported by participating GPs



Returns are net of management fees and carried interest



Returns are calculated with cash flows in Euros for European figures



Cash flow database contains since its inception 1,375 European independent funds, representing €313bn of committed capital Definitions:

 Pooled IRR: IRR of a group of funds where their cash flows have been aggregated together before IRR calculation  Investment Horizon Return: IRR calculated with Net Asset Value at beginning of period as capital outflow, Net Asset Value at end of period, and actual cash flows in between 2

Annualised net pooled IRR

Annualised net pooled IRR from inception to 31-Dec-2009

European private equity funds formed 1980-2009

Stage No. of funds Pooled IRR Early-stage Development Balanced

All venture

Small buyout Mid buyout Large buyout Mega buyout

All buyout

Generalist

All private equity

Source: Thomson Reuters 418 196 164

778

289 66 51 52

458

139

1,375

-1.3

6.5

2.1

1.6

12.5

15.4

18.7

8.4

11.9

9.1

8.9

DPI 0.38

0.74

0.52

0.51

1.14

1.06

1.16

0.69

0.83

1.02

0.80

Multiples RVPI 0.57

0.54

0.57

0.56

0.40

0.48

0.38

0.52

0.49

0.39

0.48

TVPI 0.95

1.28

1.09

1.07

1.54

1.54

1.54

1.21

1.32

1.41

1.28

Multiples (as % of TVPI) DPI RVPI 40.0% 57.8% 60.0% 42.2% 47.7%

47.7%

74.0% 68.8% 75.3% 52.3%

52.3%

26.0% 31.2% 24.7% 57.0%

62.9%

72.3%

62.5%

43.0%

37.1%

27.7%

37.5%

3

Horizon IRRs by Stages

Investment Horizon Returns for period ending 31-Dec-2009

European private equity funds formed 1980-2009

Fund type

Early-stage Development Balanced

All venture Buyout

Generalist

All private equity

Source: Thomson Reuters

1-year

-2.6

11.5

-0.7

1.0

7.2

36.9

7.7

3-year

-4.7

0.7

-3.0

-3.1

-3.9

-5.2

-3.9

5-year

-0.8

3.3

1.5

0.8

8.3

7.2

6.5

10-year

-3.5

1.4

-1.4

-1.8

8.0

4.3

5.2

20-year

-1.3

6.9

2.1

1.6

11.4

9.3

8.9

4

Top-Quarter Performance

European top-quarter funds formed 1980-2009

Stage Sample size Top-quarter pooled IRR

Early-stage Development Balanced

All venture Buyout

Generalist

All private equity

104 49 41

196 116

35

345

12.0

18.0

13.5

13.6

30.2

22.9

21.8

*Overall upper quartile IRR

1.0

8.8

5.5

3.3

17.0

7.7

9.1

* Funds must equal or exceed this IRR to qualify as top-quarter funds.

Source: Thomson Reuters 5

Top-Half Performance

European top-half funds formed 1980-2009

Stage

Early-stage Development Balanced

All venture Buyout

Generalist

Sample size

209 96 80 390 229 68

Top-half pooled IRR

6.3

13.8

7.7

9.1

19.8

10.6

All private equity 688 14.1

**Overall median IRR

-3.8

-0.5

-0.9

-2.2

6.2

-0.1

-0.4

** Funds must meet or exceed this IRR to qualify as top-half funds.

Source: Thomson Reuters 6

Performance Ranking

Net IRR since inception per quarter

Percentile 100% Net IRR for upper, median, lower quartile 21.8

75% 5.8

50% -2.9

25% 0% -19.4

Net pooled IRR for the quarter 9.1

-0.4

-6.3

Source: Thomson Reuters 7

Top-Quarter Horizon IRRs

Annualised net pooled since inception and horizon IRR

European top-quarter funds formed 1980-2009

Stage

Early-stage Development Balanced

All venture Buyout

Generalist

All private equity

Source: Thomson Reuters

No. of funds

104 49 41

196 116

35

345 Pooled IRR

12.0

18.0

13.5

13.6

30.2

22.9

21.8

3-year

3.2

11.0

4.4

6.1

13.2

-3.2

5.7

5-year

8.6

15.5

5.0

9.5

32.7

41.1

26.5

10-year

8.3

14.1

4.1

9.2

22.5

26.9

17.9

8

Top-Half Horizon IRRs

Annualised net pooled since inception and horizon IRR

European top-half funds formed 1980-2009

Stage

Early-stage Development Balanced

All venture Buyout

Generalist

All private equity

Source: Thomson Reuters

No. of funds

209 96 80

390 229

68

688 Pooled IRR

6.3

13.8

7.7

9.1

19.8

10.6

14.1

3-year

-0.6

7.4

1.2

2.0

6.3

-5.8

3.1

5-year

4.0

10.5

7.2

6.5

24.4

10.0

16.8

10-year

2.8

9.8

3.1

4.4

15.5

6.1

11.5

9

Buyout Returns by Fund Sizes

Short-, medium-, and long-term returns reflected by net horizon IRRs to 31 December 2009

European Private Equity Funds formed 1980-2009

Fund size ($)

0-500m 500m-1bn 1bn+

All buyout No. of funds

355 51 52

458 Pooled IRR

13.6

18.7

8.4

11.9

1-year

5.3

-9.1

8.6

7.2

3-year

0.7

-0.2

-5.7

-3.9

5-year

8.0

7.8

8.5

8.3

10-year

7.4

8.8

8.1

8.0

These results refer to the fund size, not the deal size; while fund sizes are defined in USD, the returns are computed in EUR.

Source: Thomson Reuters 10

Venture Returns by Fund Sizes

Short-, medium-, and long-term returns reflected by net horizon IRRs to 31 December 2009

European Private Equity Funds formed 1980-2009

Fund size ($)

0-50m 50m-100m 100m+

All venture No. of funds

474 143 161

778 Pooled IRR

4.8

0.2

0.5

1.6

1-year

0.0

3.3

0.9

1.0

3-year

-3.2

-3.2

-3.0

-3.1

5-year

2.0

-0.3

0.7

0.8

10-year

1.0

-2.5

-2.6

-1.8

These results refer to the fund size, not the deal size; while fund sizes are defined in USD, the returns are computed in EUR.

Source: Thomson Reuters 11

Performance by Vintage Years

Annualised net pooled IRR by vintage years as of 31-Dec-2009

Funds formed :

Fund size

Venture Buyout Generalist

All private equity 1980-1984 IRR DPI 1985-1989 IRR DPI 1990-1994 IRR DPI 1995-1999 IRR DPI 2000-2004 IRR DPI 2005-2009 IRR DPI

6.3

9.2

7.7

6.8

1.64

1.88

1.78

1.69

8.3

13.6

7.2

8.6

1.55

1.65

1.06

1.20

11.8

18.6

10.4

16.7

1.50

2.04

1.37

1.88

1.6

12.3

11.2

9.9

0.62

1.35

1.10

1.19

-3.6

18.1

22.7

12.6

0.27

1.20

1.26

1.02

-1.2

-9.0

0.5

-7.7

0.07

0.11

0.07

0.11

Source: Thomson Reuters 12

European 5-Year Rolling IRRs

30 20 10

+8.3% +7.2% +0.8%

0 -10 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Venture Buyout Generalist

Source: Thomson Reuters 13

5-Year Rolling IRRs by Regions

Europe USA 50 40 30 50 40 30 20 10 0 -10 19 93 19 94 19 95 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 Venture Buyout

Source: Thomson Reuters

20

+8.3%

10

+0.8%

0 -10 19 93 19 94 19 95 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 Venture Buyout

+5.3% +4.3% 14

European Venture 3-,5-,10-Year Rolling IRRs

30 25 20 15 10 5 -5 0

+0.8%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

-1.8% -3.1%

-10 -15 3-Year IRR 5-Year IRR 10-Year IRR

Source: EVCA/Thomson Reuters 15

European Buyouts 3-,5-,10-Year Rolling IRRs

35 30 25 20 15 10

+8.3%

5

+8.0%

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -5

-3.9%

-10 -15 3-Year IRR 5-Year IRR 10-Year IRR

Source: EVCA/Thomson Reuters 16

European Private Equity 3-,5-,10-Year Rolling IRRs

30 25 20 15 10

+6.5%

5

+5.2%

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -5

-3.9%

-10 -15 3-Year IRR 5-Year IRR 10-Year IRR

Source: EVCA/Thomson Reuters 17

Comparators

Annualised net pooled IRR from inception to 31-12-2009 Stage

Early-stage Development Balanced

All venture Buyout

Generalist

All private equity European Private Equity Return

-1.3

6.5

2.1

1.6

11.9

9.1

8.9

JP Morgan Euro Bonds

9.6

9.5

8.6

9.5

10.2

9.9

9.8

Source: Thomson Reuters

HSBC Small Company index

6.4

Morgan Stanley Euro Index

-0.3

8.1

4.4

6.0

6.7

1.4

3.0

7.2

6.7

6.9

-0.7

5.6

0.9

18

Comparators

Annualised net pooled IRRs from inception to 31-12-2009 20 15 10

+9.8% +8.9% +6.9%

5 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

+0.9%

-5 Morgan Stanley Euro Equity HSBC Small Company Equity JP Morgan Euro Bonds European Private Equity

*Comparators are Internal Rates of Return (IRR). IRRs for public market indices are calculated by investing the equivalent cash flows that were invested in private equity into the public market index. Then an equivalent IRR is calculated for each index. Calculations based on methodology proposed by J Coller and published by A Long and C Nickles.

Source: Thomson Reuters 19

Conclusions

§

Stable long-term return for private equity at 8.9%

§

Top-quarter private equity funds return 21.8%

§

Five-year returns remain strong at 6.5%

§

While three-year returns are impacted by the economic crisis, one-year returns are back into positive territory at 7.7%

§

Regional rankings remain unchanged (five-year horizon IRRs): European buyouts (8.3%), US buyouts (5.3%), US venture (4.3%) and European venture (0.8%)

§

The since-inception private equity net IRR outperformed the equity returns achieved by the public equity comparators (HSBC Small Company Index at 6.9% and Morgan Stanley Euro Index at 0.9%), and was slightly behind the return of JP Morgan Euro Bonds Index at 9.8%

20