1. PitchBook’s 2012 1Q PE Presentation Deck Request a demonstration or training: Email: demo@pitchbook.comdemo@pitchbook.com Phone: 1-877-267-5593 For additional analysis or slides: Email: research@pitchbook.comresearch@pitchbook.com Phone: 1-877-636-3496 Winter 2012

2. About the PitchBook Platform

3. U.S. Private equity deal flow held steady in 2011, but it was a tale of two halves...

4. 2011 PE Investment Well Above 2009 Lows Number of Deals Closed (red line) and Total Capital Invested by Year (blue bars)

5. 1H 2011 Was the Best Start to a Year Since 2008, But Momentum Slowed in the Summer and Fall Number of Deals Closed and Total Capital Invested by Quarter

6. B2B and B2C Deal Flow Increased in 2011 Percentage of Deal Volume (count) by Industry

7. However, Capital Investment Continue to Shift Towards IT, Healthcare & Energy Percentage of Deal Volume (capital) by Industry

8. Deals Above $1B Accounted for 55% of the Capital Invested During 2011 as Large Deals Began to Remerge Percentage of Deal Volume (capital) by Deal Size Range

9. Driven in part by a $425 billion PE capital overhang and increased bidding competition from corporates, deal medians and multiples nearly reached pre-crisis highs during 2011.

10. Buyout Multiples Finish 2011 Close to 2008’s High Water Mark EBITDA Multiples of Buyout Transactions

11. Median Buyout Size Hits New Record Median Capital Invested in U.S. PE Transactions

12. Higher Multiples and a Stricter Debt Market Combined to Hold Down Leverage in the Middle Market Percentage of Debt Used in Buyouts

14. Links for PitchBook Deal Flow Charts PitchBook users can click the links below to load the corresponding chart directly into the PitchBook Platform for further customization Slide 3 – PE deal flow by year Click to customize chart in PitchBook Slide 5 – PE deal flow by quarter Click to customize chart in PitchBook Slide 6 – PE deal flow (count) by industry by year Click to customize chart in PitchBook Slide 7 – PE deal flow (capital) by industry by year Click to customize chart in PitchBook Slide 9 – PE deal flow (capital) by size bucket Click to customize chart in PitchBook How to view in PitchBook: 1) Right click on the link 2) click ‘open hyperlink’ 3) Log-in to PitchBook

15. Exit trends continued in a positive direction during 2011. Look for exits to remain a big story in U.S. private equity during the next year.

16. Private Equity Investors Exited $108B of Investments in 2011 through 420 Exits Deals Quarterly PE Exits by Corporate Acquisition, IPO and Secondary Sale

17. Corporate Acquisitions Account for 60% of Exits and Hit a Record Median Deal Size of $240 Million in 2011 Median Exit Size ($M)

18. The reason exits continue to be a big story for private equity is the current record portfolio company inventory totaling 5,952, 72% of which have been held for 3+ years.

19. PE Exits Will Likely Stay Strong in 2012 with 4,300 Portfolio Companies in the Exit Window Waiting to be Sold Number of U.S. Private Equity Company Inventory by Deal Year

20. The Result of this Inventory Buildup has been an Increase in Holding Length Median Time from Buyout to Exit

21. Links for PitchBook Exit Flow Charts PitchBook users can use the links below to load the corresponding chart directly into the PitchBook Platform for further customization Slide 16 – PE Median Exit Size Click to customize chart in PitchBook Slide 17 – PE Exits (count) Click to customize chart in PitchBook How to view in PitchBook: 1) Right click on the link 2) click ‘open hyperlink’ 3) Log-in to PitchBook

22. The other big story for private equity is the current $425 billion capital overhang, $100 billion of which is nearing the end of its investment horizon.

23. PE Investors Sitting on $425B of Dry Powder Capital Overhang of US PE Investors by Vintage Year

24. The Company Inventory and Capital Overhang Continue to Weigh Down Fundraising Number of Funds Closed and Total Capital Raised by Year

25. Fundraising Remains Fairly Flat Since Financial Crisis Number of Funds Closed and Total Capital Raised by Quarter

26. Middle-Market Funds Continue to Dominate What Fundraising There is. Percentage of U.S. P.E. Funds (count) by Fund Size

27. The good news is that despite the dampened fundraising environment, trends are moving in the right direction.

28. New GPs are Entering the Private Equity Industry Number of Funds Closed by Year

29. Funds are Closing Faster Average Time to Close U.S. PE Funds

30. Average 2011 Vintage Fund 13% Larger than 2010 Average Fund Size ($M)

31. Why is fundraising improving? It all comes down to returns, which are still very strong for private equity.

32. Private Equity Returns Have Climbed Back to Pre-Crisis Levels U.S. PE 1-Year Median Rolling Horizon IRR

33. Links for PitchBook Fundraising Charts PitchBook users can click the links below to load the corresponding chart directly into the PitchBook Platform for further customization Slide 24 – PE fundraising by year Click to customize chart in PitchBook Slide 25 – PE fundraising by quarter Click to customize chart in PitchBook Slide 26 – PE fundraising (count) by size bucket Click to customize chart in PitchBook How to view in PitchBook: 1) Right click on the link 2) click ‘open hyperlink’ 3) Log-in to PitchBook

34. Additional Charts

35. The Midwest Leads PE Deal Flow with 360 Deals Percentage of Deal Volume (count) by Region Source:PitchBook

36. B2B and B2C Account for 54% of PE Deal Activity Percentage of Deal Volume (count) by Industry

37. Deals Under $250M Account for 75% of Deal Flow Percentage of Deal Volume (count) by Deal Size Range

38. Add-ons % Climbs for the 6 th Straight Year Add-on Deals as Percentage of Buyout Deals

39. Exit Strategies Stay Consistent with Long Term Averages Percentage of P.E. Exit Volume (count) by Exit Type

40. Funds Under $1B Account for 39% of U.S. PE Fundraising Percentage of U.S. P.E. Funds (capital) by Fund Size

41. Links for PitchBook Additional Charts PitchBook users can use the links below to load the corresponding chart directly into the PitchBook Platform for further customization Slide 35 – PE deal flow (count) by region Click to customize chart in PitchBook Slide 36 – PE deal flow (count) by industry Click to customize chart in PitchBook Slide 37 – PE deal flow (count) by size bucket Click to customize chart in PitchBook Slide 39 – PE Exits % (count) Click to customize chart in PitchBook Slide 40 – PE fundraising (capital) by size bucket Click to customize chart in PitchBook How to view in PitchBook: 1) Right click on the link 2) click ‘open hyperlink’ 3) Log-in to PitchBook