2007 European Private Equity Activity Survey PEREP_Analytics™

Methodology  Data collected via survey questionnaires and reliable public sources (coverage rate by number of players: 60%)  Europe:for deals, it is defined either by the location of PE firm or of target as referenced in the source; for fundraising it covers funds managed from Europe or 100% targetedto Europe;  Fundraising:only formal closings included with committed amount;  Investments:only equity value captured, debt also IF provided by PE funds (bank leverage excluded);  Divestments:measured at amount at cost divested (not proceeds);  Sources:PEREP_Analytics for 2007 figures, Thomson Financial/PwC for previous years data.

Evolution Activity Flows Source: PEREP_Analytics for 2007 figures Europe = location of PE firm

2007 Fundraising – Profile Incremental amount raised for each 2007 closing Source: PEREP_Analytics for 2007 figures

2007 Fundraising – Profile F ull amount raised at final 2007 closings FUND STAGE Amount (mil €)Nr fundsAvrg Fund size Early-stage Development 2, Balanced 1, All Venture 5, Buyouts 53, Of which > €1 bn 40,486113,680.5 Mezzanine 3, Generalist 4, Independent Funds 67, SPECIALISED FUNDSAmount (mil €)Nr funds Energy and Environ.5955 ICT 1,1839 Life sciences10906 Source: PEREP_Analytics

2007 Fundraising – Profile F ull amount raised at final 2007 closings Source: PEREP_Analytics

Typology of LPs behind the 2007 fundraising Source: PEREP_Analytics for 2007 figures

21.3%  North America 26.4%  12.2%  Austral Asia 9.3%  14.3%  Location of LPs behind 2007 Fundraising 5.5%  Rest of World 0.9%  5.8 % 4.3% 

European investments at €68.3 Billion (Equity only from private equity funds) Source: PEREP_Analytics for 2007 figures

Investments by stage of financing 10,3186,16067,80068,500Total in numbers (€ mil) 100.0% Total in % 34.6% 35.6% 1.8% 28.0% 18.6% 7.9% 1.0% 0.5% 2007 % By number inv 32.5% 41.1% 3.6% 22.8% 18.4% 3.7% 0.4% 2006 % -61% -16% +11% +1% +27% +103% -31% 07/06 Growth Rate Amt 10.5%4.1%Early stage 15.4%12.9%Expansion 5.2%5.7%Replacement capital 68.9%77.3%All buyouts 6.8%6.7%Small 25.9%32.5%Mid - market buyouts 10.2%20.4%Large buyouts 26.1%17.7%Mega buyouts 2006 % 2007 % By amount invINVESTMENTS BY STAGE Source: PEREP_Analytics for 2007 figures

Stage Distribution of Investments Amount Invested Source: PEREP_Analytics for 2007 figures

Stage Distribution of Investments Number of Investments Source: PEREP_Analytics for 2007 figures

Industrial Sectors Amount Invested – All Private Equity Source: PEREP_Analytics for 2007 figures

Industrial Sectors % of Amount Invested in 2007 – by Segment Source: PEREP_Analytics

€23.3 Billion European Divestment at Cost All Private Equity Source: PEREP_Analytics for 2007 figures

2007 European Divestments by Segment Trade Sale Repayment of principal loans Sale to another PE house Venture Buyouts € 1.4 bn€ 6.2 bn € 0.6 bn € 4.0 bn € 0.5 bn€ 3.7 bn # of div 2007 Top Exit routes: Source: PEREP_Analytics

Industrial Sectors % of Amount Divested in 2007 – by Segment Source: PEREP_Analytics

Divestments by Exit Type By amount inv.By number of div % 2006 % 2007 % 2006 % Trade Sale IPO Sale of Quoted Equity Write-Off Repayment of silent partnership Repayment of Principal Loans Secondary Sale to Financial Institution Sale to Management (MBO) Other Total Divestment in Year100.0 Source: PEREP_Analytics for 2007 figures

Conclusions  Despite record fundraising in 2006 and difficult market conditions in second half of 2007, appetite of investors towards the asset class remains undeterred as reflected by the 2007 fundraising figures;  What drives private equity deal making is mid-market buyouts by amount invested and expansion deals by number of investments;  Venture backed companies are exited mainly by trade sale, while buyout backed companies are sold mainly to other private equity firms. Main sectors divested are life sciences for venture- backed companies and business and industrial products for buyout backed companies in