Anne Hutton Equity Funds Team, EBRD EBRD Portfolio of Private Equity Funds in Central and Eastern Europe and the CIS Anne Hutton Equity Funds Team, EBRD

EBRD in Private Equity Funds EBRD’s portfolio of funds: over 15 years of investing in the asset class 125 funds (34% liquidated) 81 fund managers EUR 2.68 billion in commitments (USD 3.26 billion) to funds with capital of EUR 13.54 billion (USD 17.01 billion) 1,116 underlying investments, up to 70% exited. Largest PE Fund investment program dedicated to the region* Note: EBRD tracked portfolio only to end December 2009, excludes real estate funds * Russia, CIS and CSE, Turkey

Fund Raising vs Investments 23% 31% 62% 54% 24% 40% 22% 49% 27% 13% 30% 9% 14% 500 1,000 1,500 2,000 2,500 3,000 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 0% 10% 20% 50% 60% 70% Commitments Raised by Year Annual Investments EBRD Commitments as % of total Commitments EUR Millions Note: EBRD tracked portfolio only to December 2009, CSE and CIS

Investor by Type – Trends 14.30% 15.70% 13.30% 29.37% 49.93% 16.44% 8.62% 3.14% 17.98% 31.22% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1992-2008 2009 Banks and Insurance Corporate Investors Fund of Funds IFI and Govt Pension Funds Others Note: CIS and CSE. Includes EBRD (in IFI/Govt), excludes Property Funds

EBRD Net Horizon Returns: All Funds   Returns as at December 31 2009 One Year Three Years Five Ten Since Inception USD EBRD Private Equity Portfolio* 6.4% 5.2% 25.0% 16.9% 12.3% Cambridge Emerging Markets Venture Capital & Private Equity Index** 8.3% 3.5% 20.6% 15.0% N/A EUR 3.6% 2.4% 27.4% 11.8% 9.7% EVCA, All Private Equity** 7.7% -3.9% 6.5% 8.9% Source: Cambridge Associates, EVCA/Thomson Reuters, Bloomberg and EBRD * EBRD tracked portfolio pooled end-to-end return, net of fees, expenses, donor grants and carried interest. Excludes property funds, and includes liquidated partnerships. ** Pooled end-to-end return, net of fees, expenses, and carried interest. “The "Since Inception" figure represents the net pooled IRR since inception for funds formed between 1980 and 2009.

Gross Snapshot: All Funds >1,100 companies, up to 70% exited EUR Millions EUR 3,851m EUR 3,906m EUR 986m EUR 2,870m EUR 6,406m EUR 382m 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Fully Realised (Including WO) Partially Realised Unrealised Investments at Cost EUR 7,103m Total Value EUR 11,298m Overall 1.59x 17.4% FR 2.23x 20.5% PR 2.6x 23.3% UR 1.01x 0.62% Note: Excluding underlying investments of funds in which the EBRD sold on its interest.

Gross Snapshot: Agribusiness 218 companies, 80% exited Note: Since inception, to end 2009

Exits by Sub-Sectors: Agribusiness By Investment Cost By Exit Proceeds Note: since inception to end 2009

Money Multiples and Holding Period: Agribusiness EUR Millions * primary sub-sectors Note: Average Holding Period and TVPI calculation includes only fully realised deals Note: Preliminary data to end 2009

Type of Equity Funds: EBRD Portfolio Standard private equity funds regional or country focussed generalist or sector specific Donor funding – channelled through: TC e.g. EBRD managed accounts. Equity windows e.g. EU EBRD Equity SME Finance programme Equity windows e.g. GEFF structure Central body e.g. SEAF Insured vehicle / wraparound guarantee Debt supported – OPIC

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