T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N The Finnish Venture Capital Association Private Equity in Finland 2009

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Methodology

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N The following preliminary statistics describing the Finnish private equity industry are based on information received from PEREP_Analytics - private equity database –A fully functional, centralised non-commercial pan-European private equity database –With its own staff, internal resources and webportal –Information is collected via an online survey and complemented with public sources of information Figures are updated continuously and are therefore subject to change Methodology

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N The following national private equity associations are participating in PEREP_Analytics: Methodology APCRI (Portugal) AVCO (Austria) BVA (Belgium) BVK (Germany) CVCA (the Czech Republic) CVCA (Kroatia) DVCA (Denmark) EstVCA (Estonia) EVCA (Europe) FVCA (Finland) HVCA (Hungary) IVCA (Ireland) NVCA (Norway) NVP (the Netherlands) PPEA (Poland) SECA (Switzerland) SEEPEA (South Eastern Europe) SLOVCA (Slovakia) SVCA (Sweden)

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Investments are aggregated via two methods – industry statistics and market statistics Industry statistics –By country of private equity firm –Investments and divestments made by Finnish private equity firms to Finland and abroad Market statistics –By the location of the portfolio company –Investments and divestments to Finnish portfolio companies made by domestic and foreign private equity firms Methodology

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Stage definitions (investment tables) Methodology Seed Start-upStart-up, Other early stage Later stage ventureLater stage venture, Bridge financing Growth Rescue/Turnaround Replacement CapitalSecondary purchase/Replacement capital, Refinancing bank debt Buyouts Management buyout (MBO), Management buyin (MBI), Public to Private, Other PIPE, Other leveraged buyout

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Statistics - Private Equity in Finland

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Independent Funds Raised 1996 – 2009 Source: PEREP Analytics, FVCA Note: Independent Funds Raised = Total Funds Raised – Realised Capital Gains – Amount Raised by Captives

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Total Investments 1996 – 2009 (industry) Source: PEREP Analytics, FVCA Industry statistics = by country of private equity firm

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Investments 1996 – 2009 (industry) Source: PEREP Analytics, FVCA Industry statistics = by country of private equity firm Before2008: Venture = Seed, Start-up, Expansion, Rescue/Turnaround, Buyout= Replacement capital, Buyouts Year 2008 and 2009: Venture = Seed, Start-up, Later stage venture, Buyout = Rescue/Turnaround, Replacement capital, Growth, Buyouts

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Quarterly Investments Q1/2006 – Q4/2009 (industry) Source: PEREP Analytics, FVCA Industry statistics = by country of private equity firm Before2008: Venture = Seed, Start-up, Expansion, Rescue/Turnaround, Buyout= Replacement capital, Buyouts Year 2008 and 2009: Venture = Seed, Start-up, Later stage venture, Buyout = Rescue/Turnaround, Replacement capital, Growth, Buyouts

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Investment Amounts by Investment Stage 2009 (industry) Source: PEREP Analytics, FVCA Industry statistics = by country of private equity firm

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Number of Investments by Investment Stage 2009 (industry) Source: PEREP Analytics, FVCA Industry statistics = by country of private equity firm

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Distribution of Investment Amounts by Investor Type 2009 (industry) Source: PEREP Analytics, FVCA Industry statistics = by country of private equity firm

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Sectoral Distribution of Investments 2009 (industry) Source: PEREP Analytics, FVCA Industry statistics = by country of private equity firm Other = Financial Services, Real Estate, Agriculture, Unknown

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Divestments at Cost 1996 – 2009 (industry) Source: PEREP Analytics, FVCA Industry statistics = by country of private equity firm

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Divestments at Cost by Method 2009 (industry) Source: PEREP Analytics, FVCA Industry statistics = by country of private equity firm

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Investments 2008 – 2009 (market) Source: PEREP Analytics, FVCA Market statistics = by country of portfolio company Venture = Seed, Start-up, Later stage venture Buyout = Growth, Buyout, Rescue/Turnaround, Replacement capital

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Quarterly Investments Q1/2008 – Q4/2009 (market) Source: PEREP Analytics, FVCA Venture = Seed, Start-up, Later stage venture Buyout = Growth, Buyout, Rescue/Turnaround, Replacement capital Market statistics = by country of portfolio company

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Investment Amounts by Investment Stage 2009 (market) Source: PEREP Analytics, FVCA Market statistics = by country of portfolio company

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Number of Investments by Investment Stage 2009 (market) Source: PEREP Analytics, FVCA Market statistics = by country of portfolio company

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Sectoral Distribution of Investments 2009 (market) Source: PEREP Analytics, FVCA Market statistics = by country of portfolio company Other = Financial Services, Real Estate, Agriculture, Unknown

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Divestments at Cost 2008 – 2009 (market) Source: PEREP Analytics, FVCA Market statistics = by country of portfolio company

T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N Capital Under Management and Active Portfolio of the Finnish Private Equity Firms 2009 Source: PEREP Analytics, FVCA Capital Under Management5,3 Mrd. € Active Portfolio2,5 Mrd. €