EVCA Quarterly Activity Indicator Q Q August 2009 PEREP_Analytics TM

2 Methodology  Data collected via questionnaires and reliable public sources  Europe: for deals, it is defined by the location of the target; for fundraising it covers funds raised from Europe or raised from outside Europe but 100% targeted to 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)

3 Evolution of European private equity activity by amount Note:The percentage change mentioned on the right refers to the evolution of the current quarter versus the previous quarter Source:PEREP_Analytics Index – Q = % +18% -52%

4 Evolution activity flows Incremental amounts raised during quarter € billion Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

5 Funds raised – Quarterly evolution Note:The percentage change mentioned refers to the evolution of the current quarter versus the previous quarter Source:PEREP_Analytics Index – Q = 100 Figures are updated continuously and therefore subject to change

6 Funds raised by fund stage focus % of amount raised Source:PEREP_Analytics

7 Funds raised by fund stage focus Q Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

8 Fundraising – Profile Full amount raised for independent funds that reached final closings in 2007 Q1 2007Q2 2007Q3 2007Q FUND STAGE Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Early-stage Later stage Balanced1, All Venture1, Growth Buyouts3, , , ,275141,948 Mezzanine2,2461 1, Generalist1, , , , Total Independent Funds Raised 8, , , , Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

9 Fundraising – Profile Full amount raised for independent funds that reached final closings in 2008 Q1 2008Q2 2008Q3 2008Q FUND STAGE Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Early-stage Later stage Balanced All Venture Growth , , Buyouts9, ,231111,56614,676121,22313,798131,061 Mezzanine –00–- Generalist , – Total Independent Funds Raised 11, , , , Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

10 Fundraising – Profile Full amount raised for independent funds that reached final closings in 2009 Q1 2009Q FUND STAGE Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Early-stage Later stage–––56319 Balanced All Venture Growth841 ––– Buyouts5,82841,4571, Mezzanine––– Generalist–––––– Total Independent Funds Raised 6, , Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

11 Investments by amount – Quarterly evolution Note:The percentage change refers to the evolution of the current quarter versus the previous quarter Source:PEREP_Analytics Index – Q = Figures are updated continuously and therefore subject to change

12 European investments at €3.9 billion in Q (Equity value, amounts provided by PE firms only) € billion Source:PEREP_Analytics Note: Buyout figures include replacement capital and rescue/turnaround Figures are updated continuously and therefore subject to change

13 Investments by stage distribution % of amount Source:PEREP_Analytics

14 Investments by stage distribution % of number of companies financed Source:PEREP_Analytics

15 Buyouts split by size € billion Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

16 Buyouts split by size Number of companies Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

17 Industrial sectors Amount invested – All private equity € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

18 Industrial sectors Amount invested – Venture capital € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

19 Industrial sectors Amount invested – Buyout & growth € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

20 Industrial sectors Amount invested – All private equity € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

21 Industrial sectors Amount invested – Venture capital € millions Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

22 Industrial sectors Amount invested – Buyout & growth € millions Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

23 Industrial sectors Amount invested – All private equity € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

24 Industrial sectors Amount invested – Venture capital € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

25 Industrial sectors Amount invested – Buyout & growth € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

26 Divestments at cost – Evolution € billions Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

27 Divestments by amount – Quarterly evolution Note:The percentage change mentioned refers to the evolution of the current quarter versus the previous quarter Source:PEREP_Analytics Index – Q = Figures are updated continuously and therefore subject to change

28 Venture divestment at cost in 2007 % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

29 Buyout & growth divestment at cost in 2007 % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

30 Venture divestment at cost in 2008 % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

31 Buyout & growth divestment at cost in 2008 % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

32 Venture divestment at cost in Q1 - Q % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

33 Buyout & growth divestment at cost in Q1 - Q % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

34 European divestments by segment in Q Venture € 67 m Write-Off Sale of Quoted Equity Trade sale Secondary Q Top Exit routes (€ millions) € 34 m # companies divested Buyout & growth € 184 m € 132 m # companies divested Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

35 Conclusions In Q2 2009, fundraising increased to €3.2bn, 18% above the Q level. However, fundraising in H remains 86% lower than in H Investment value dropped to €3.9bn in Q2 2009, from €4.6bn in Q Amount invested in growth capital halved, venture decreased by 24%, while buyout went down by 14%. A total of 942 companies were financed in Q As a whole, investment value in H fell by 65% from the previous sixth month period, while the number of companies dropped by 21%. The amount divested at cost more than halved compared to Q (€912m), although the number of companies exited fell by only 15%. Trade sales remained the most used exit method in the venture segment, write-offs accounted for 27% of the amount divested in the buyout & growth segment. In H1 2009, divestments at cost decreased by 51% from the H level, while the number of companies divested dropped by 31%.

36 Contact: If you have any question on the data, please contact: Or