1. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick Students to Start-ups The Les Kilpatrick Entrepreneurial Skills Workshop Series Private Equity Trends Jeremy Holland Principal, Vintage Fund Management

2. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick Executive Summary US EV/EBITDA Multiples Average Purchase Price by Transaction Type Median Acquisition P/E Multiple by Transaction Size Equity P/E Ratio vs. Number of Deal Announcements 2008 Private Equity US Middle Market M&A Activity by Buyer Type Private Equity – History Prototypical Deal Capital Structure Average Equity Contribution Credit Markets Commentary Valuation Issues and Problems

3. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick U.S. EV/EBITDA Valuation Multiples

4. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick Average Purchase Price by Transaction Type

5. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick Median Acquisition P/E Multiple by Transaction Size

6. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick Equity P/E Ratio vs. Number of Deal Announcements

7. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick 2008 Private Equity

8. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick U.S. Middle Market M&A Activity by Buyer Type

9. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick Private Equity - History

10. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick Prototypical Deal Capital Structure

11. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick Average Equity Contribution

12. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick Credit Markets Commentary

13. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick Valuation Issues and Problems

14. Students to Start-ups Entrepreneurial Skills Workshop Series The Les Kilpatrick Vintage Fund Management Contact Information Jeremy R. Holland Principal Vintage Fund Management, LLC 11611 San Vicente Blvd, 10 th Floor Los Angeles, CA 90049 310-979-9090 jholland@vintagecapitalgroup.com