Performance Benchmarks 2007 European Private Equity Conducted by Thomson Reuters on behalf of EVCA

Methodology for Performance Benchmarks  All calculations are done at the fund level by Thomson Reuters based on cash flows and NAVs reported by participating LPs and GPs  Returns are net of management fees and carried interest  Returns are calculated with cash flows in Euros  Cash flow database contains altogether 1,223 European funds  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 as capital outflow at beginning of period, Net Asset Value at end of period, and actual cash flows in between

Background  More difficult market conditions for GPs in the last year  Leverage  Refinancing options  Pressure to invest  IPO market  Deal pipeline quality  Increased importance of reporting, benchmarking and analytics

Investment Benchmarks Database European Sample Growth Report YearNumber of Funds in the Sample Committed € Bn , , , Source: Thomson Reuters on behalf of EVCA

Net pooled IRRs since inception Stage No. of funds Pooled IRRMultiples (as % of TVPI) DPIRVPITVPIDPIRVPI Early Stage %57.7% Development %47.3% Balanced %48.4% All Venture %50.8% Buyouts %39.2% Generalist %29.0% All Private Equity1, %39.7% Source: Thomson Reuters on behalf of EVCA Annualised net pooled IRRs since inception to (Funds formed )

Mid-to Long-Term Venture IRR Remains In Positive Territory European Venture 3-,5-,10-Year Rolling IRRs Source: Thomson Reuters on behalf of EVCA

Mid-to Long-Term IRRs Show Strong Momentum for Buyout Funds European Buyouts 3-,5-,10-Year Rolling IRRs Source: Thomson Reuters on behalf of EVCA

VC and BO Funds in Europe and USA 5-Year Rolling IRRs Returns calculated with cash flows in USD Source: Thomson Reuters on behalf of EVCA EuropeUSA

Top Quarter European Funds return 23.5% Funds Formed StagePooled IRR Upper Quartile Pooled Top Quarter IRR Early-Stage Development Balanced Venture Buyout Generalist All private equity rd quarter 4th quarter 11.0% Net IRR Percentile 2nd quarter 357.2% Pooled top quarter 23.5% Source: Thomson Reuters on behalf of EVCA

Top Half European Funds return 15.4% Funds Formed StagePooled IRR MedianPooled Upper Half IRR Early-Stage Development Balanced Venture Buyout Generalist All private equity Lower half 0.0% Net IRR Percentile Pooled upper half 15.4% 357.2% Source: Thomson Reuters on behalf of EVCA

Indicators Show Good Average Performance for Europe Stage3 YR5 YR10 YR20 YR Early-Stage Development Balanced Venture Buyout Generalist All private equity Source: Thomson Reuters on behalf of EVCA European Private Equity Funds Formed Investment Horizon IRR (%) for period ending 31-Dec-2007

European Venture Funds by Size Formed Stage3 YR5 YR10 YRPooled IRR $0-50 mn $ mn $ mn $250 mn All venture Source: Thomson Reuters on behalf of EVCA Net IRRs to Investors Investment Horizon IRR (%) for period ending 31-Dec-2007 These results refer to the fund size, not the deal size. While funds are expressed in $, the IRRs are computed in €.

European Buyout Funds by Size Formed Stage3 YR5 YR10 YRPooled IRR $0-250 mn $ mn $ bn $1 bn All buyout Source: Thomson Reuters on behalf of EVCA Net IRRs to Investors Investment Horizon IRR (%) for period ending 31-Dec-2007 These results refer to the fund size, not the deal size. While funds are expressed in $, the IRRs are computed in €.

European Performance by Vintage Year Groups Net IRRs to Investors Grouped By Vintage Years From Inception to 31-Dec-2007 Stage IRRDPIIRRDPIIRRDPIIRRDPIIRRDPI Venture Buyout All private equity Source: Thomson Reuters on behalf of EVCA

Private Equity Returns vs. Public Market Indices Stage European Private Equity Return Morgan Stanley Euro Index HSBC Small Company index JP Morgan Euro Bonds Early Stage Development Balanced All Venture Buyouts Generalist All Private Equity Comparators: annualised net pooled IRRs since inception to Source: Thomson Reuters on behalf of EVCA

Private Equity and Public Market Comparators Since Inception IRR for *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 on behalf of EVCA

Conclusion  Long-term performance  Stays constant at around 12.0% net IRR, with top quarter pooled IRR of 23.5%  Medium-term performance  3-year IRR remains very strong for buyouts at 22.3% and decreases slightly to 3.9% for venture funds  5-year rolling IRR continues its upward movement for both venture and buyout funds  Comparators with public markets  PE returns outperformed Morgan Stanley Euro Index and the JP Morgan Euro Bonds and were surpassed only by HSBC Small Company Index.  Buyout funds outperformed all public market comparators.