2009 European Performance Figures June 2010

2 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

3 Annualised net pooled IRR European private equity funds formed StageNo. of fundsPooled IRRMultiplesMultiples (as % of TVPI) DPIRVPITVPIDPIRVPI Early-stage %60.0% Development %42.2% Balanced %52.3% All venture %52.3% Small buyout %26.0% Mid buyout %31.2% Large buyout %24.7% Mega buyout %43.0% All buyout %37.1% Generalist %27.7% All private equity1, %37.5% Source: Thomson Reuters Annualised net pooled IRR from inception to 31-Dec-2009

4 Horizon IRRs by Stages European private equity funds formed Fund type1-year3-year5-year10-year20-year Early-stage Development Balanced All venture Buyout Generalist All private equity Source: Thomson Reuters Investment Horizon Returns for period ending 31-Dec-2009

5 Top-Quarter Performance European top-quarter funds formed StageSample size Top-quarter pooled IRR *Overall upper quartile IRR Early-stage Development Balanced All venture Buyout Generalist All private equity * Funds must equal or exceed this IRR to qualify as top-quarter funds. Source: Thomson Reuters

6 Top-Half Performance European top-half funds formed StageSample size Top-half pooled IRR **Overall median IRR Early-stage Development Balanced All venture Buyout Generalist All private equity ** Funds must meet or exceed this IRR to qualify as top-half funds. Source: Thomson Reuters

7 Performance Ranking Source: Thomson Reuters Net IRR since inception per quarter

8 Top-Quarter Horizon IRRs European top-quarter funds formed StageNo. of funds Pooled IRR 3-year5-year10-year Early-stage Development Balanced All venture Buyout Generalist All private equity Source: Thomson Reuters Annualised net pooled since inception and horizon IRR

9 Top-Half Horizon IRRs European top-half funds formed StageNo. of funds Pooled IRR 3-year5-year10-year Early-stage Development Balanced All venture Buyout Generalist All private equity Source: Thomson Reuters Annualised net pooled since inception and horizon IRR

10 Buyout Returns by Fund Sizes Source: Thomson Reuters Short-, medium-, and long-term returns reflected by net horizon IRRs to 31 December 2009 These results refer to the fund size, not the deal size; while fund sizes are defined in USD, the returns are computed in EUR. European Private Equity Funds formed Fund size ($) No. of funds Pooled IRR 1-year3-year5-year10-year 0-500m m-1bn bn All buyout

11 Venture Returns by Fund Sizes European Private Equity Funds formed Fund size ($) No. of funds Pooled IRR 1-year3-year5-year10-year 0-50m m-100m m All venture Source: Thomson Reuters Short-, medium-, and long-term returns reflected by net horizon IRRs to 31 December 2009 These results refer to the fund size, not the deal size; while fund sizes are defined in USD, the returns are computed in EUR.

12 Performance by Vintage Years Funds formed : Fund sizeIRRDPIIRRDPIIRRDPIIRRDPIIRRDPIIRRDPI Venture Buyout Generalist All private equity Source: Thomson Reuters Annualised net pooled IRR by vintage years as of 31-Dec-2009

13 European 5-Year Rolling IRRs Source: Thomson Reuters +7.2% +0.8% +8.3%

14 5-Year Rolling IRRs by Regions +0.8% +8.3% +4.3% +5.3% Source: Thomson Reuters

15 European Venture 3-,5-,10-Year Rolling IRRs Source: EVCA/Thomson Reuters -1.8% -3.1% +0.8%

16 European Buyouts 3-,5-,10-Year Rolling IRRs Source: EVCA/Thomson Reuters +8.0% -3.9% +8.3%

17 European Private Equity 3-,5-,10-Year Rolling IRRs Source: EVCA/Thomson Reuters +5.2% -3.9% +6.5%

18 Comparators StageEuropean Private Equity Return JP Morgan Euro Bonds HSBC Small Company index Morgan Stanley Euro Index Early-stage Development Balanced All venture Buyout Generalist All private equity Source: Thomson Reuters Annualised net pooled IRR from inception to

19 Comparators +9.8% +0.9% +8.9% +6.9% *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. Annualised net pooled IRRs from inception to Source: Thomson Reuters

20 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%