2005 Annual European Private Equity Statistics Gemma Postlethwaite Vice President, Thomson Financial

Confirming a new record in 2005 € billion 2005 European Private Equity Survey Conducted by Thomson Financial and PricewaterhouseCoopers on behalf of EVCA 2

UK and US LPs have committed a much larger amount to European private equity € billion Note:US amount of € 17bn comprises fundraising from US LPs to European funds; same reasoning for Asia with €4bn European Private Equity Survey Conducted by Thomson Financial and PricewaterhouseCoopers on behalf of EVCA

Buyout and venture investments are both increasing 2005 European Private Equity Survey Conducted by Thomson Financial and PricewaterhouseCoopers on behalf of EVCA 4

The market is growing for buyouts of all sizes 2005 European Private Equity Survey Conducted by Thomson Financial and PricewaterhouseCoopers on behalf of EVCA Legend:Small < €15 m equity Mid-market €15m<x<€150m equity Large €150m<x<€300m equity Mega >€300m equity 5

Exit prospects look healthy Source: Thomson Financial and PricewaterhouseCoopers for the EVCA Survey Divestments – Breakdown at cost by type M&A Activity, Europe* IPO Activity, Europe* Source: Thomson Financial *Public and private deals 6

Growth in private equity has also established the industry as a key focus for investment bankers Source: Thomson Financial / Freeman & Co Fees Paid by PE Firms as a % of Investment Banking Fees Investment Banking Fees Paid by PE Firms in Europe 7 $m

Methodology - Performance Survey  Performance benchmarks calculated net of all fees  Calculated directly based on cash flows and net asset values provided by GPs and LPs  Data goes back to 1979 for Europe, 1969 for the US  Covers on average over 58.1% of capital under management in the industry for each vintage year  Industry-standard benchmarks are widely used for fundraising, portfolio monitoring and asset allocation Source: Thomson Financial 8

European Private Equity Funds Formed Net Returns to Investors From Inception to 31 Dec 2005 Source: Thomson Financial 9 Pooled IRR Upper Quartile DPIRVPITVPIStage Early Stage Development Balanced All Venture Buyouts Generalist All Private Equity No , Top Quarter IRR * *The top quarter IRR is the pooled return of funds above the upper quartile

European Private Equity Funds Formed Net Investment Horizon Returns as of 31 Dec 2005 Source: Thomson Financial Returns calculated with cash flows in euros for European funds, in US$ for US funds Stage1 YR3 YR5 YR10 YR20 YR Early Stage Development Balanced All Venture Buyouts Generalist All Private Equity US Venture US Buyouts US All Private Equity

Public Market Comparators *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. Since Inception Returns to 31 Dec 2005 StageEuropean 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 Source: Thomson Financial

Evolution of Private Equity and Public Market Comparators 10-year Rolling IRR for Source: Thomson Financial 12

Summary Fundraising more than double reaching a €72 billion record:  80% of funds expected to be allocated to buyouts Investments reached a record at €47 billion, a 27% increase compared to 2004:  Buyouts represent 68% by amount invested  Venture investments + 23% over 2004 figure, representing 27% by amount  and 75% by number of investments in 2005 Divestments at cost up 52% at €30 billion, a record level as well:  Write-offs decrease at around 5% of total amount divested  Repayment of loans became the first exit route in 2005, followed by the “classical” trade sales Performance confirming preliminary figures:  Solid short-term returns show continuous recovery since the 2002 inflection point  Increased distributions, with realisations above last valuations  Strong performance compared to other asset classes, with low correlation 13

Contact the Thomson Research Specialists: Investments, divestments, fundraising: Margherita Del Bianco Cashflows for performance: Cornelia Andersson How to contribute data? 14