1. PRIVATE EQUITY PERFORMANCE BENCHMARKS FVCA SPRING SEMINAR, RUKA, FINLAND DAVID BERNARD 23 APRIL 2009

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4. 4 THOMSON REUTERS’ PRIVATE EQUITY PERFORMANCE DATABASE Maintained by Thomson Reuters (formerly known as Thomson Venture Economics) since 1988, online since 1991 Available online in Thomson ONE and VentureXpert, where you can define your own performance sample (by country, vintage, size, focus, etc.) 1971 US funds formed 1969-2008, in partnership with NVCA 1310 European funds formed 1979-2008, in partnership with EVCA 191 Canadian funds formed 1981-2008, in partnership with CVCA 140 Asia-Pacific funds formed 1980-2008 82 funds of funds Thomson Reuters has long-standing relationships with national and regional Private Equity and Venture Capital Associations worldwide

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6. 6 SOURCES ~50% from GPs upon request from LPs who contract our benchmarking services ~50% from GPs who need data for their own benchmarking and fund raising needs Since we get data from LPs in addition to GPs there is not a consistent or significant self reporting bias We calculate IRR ourselves (we do not use self-reported IRRs) based on the underlying cashflows, and we verify against general partner financial reports to LPs We treat confidentiality very carefully – all data reported is strictly anonymous

7. 7 PRINCIPAL MEASURES Cumulative IRR Since Inception Cumulative Realisation Multiples Time Weighted Return Investment Horizon Return Monthly Cash Flows Public Market Comparables – Index method

8. 8 EUROPEAN PRIVATE EQUITY CUMULATIVE IRR BY VINTAGE YEAR AS OF 31-DEC-08 Source: Thomson Reuters / EVCA J-curve effect?

9. 9 US PRIVATE EQUITY CUMULATIVE IRR BY VINTAGE YEAR AS OF 31-DEC-08 Source: Thomson Reuters / NVCA

10. 10 EUROPEAN PRIVATE EQUITY FUNDS FORMED 1980-2008 NET RETURNS SINCE INCEPTION AS OF 31-DEC-2008 StageNumberPooled IRRAverage DPIIRR Standard Deviation Early Stage346-1.2%0.4223.1% Balanced2013.3%0.5128.6% Development2198.7%0.8329.2% All Venture Funds7613.1%0.5426.6% Buy-outs 0-$250m*26312.3%1.1627.7% Buy-outs $250m-$500m6317.9%1.2426.8% Buy-outs $500m-$1bn4818.2%1.1927.9% Buy-outs $1bn+5010.3%0.7224.8% All Buy-Out Funds42513.6%0.8827.4% Generalist1209.1%1.0218.9% All Private Equity Funds131010.0%0.8526.7% Source: Thomson Reuters / EVCA * fund size

11. 11 US PRIVATE EQUITY FUNDS FORMED 1969-2008 NET RETURNS SINCE INCEPTION AS OF 31-DEC-2008 StageNumberPooled IRRAverage DPIStandard Deviation Seed Capital689.3%0.9833.7% Early Stage53619.7%1.1460.1% Balanced45613.6%1.1724.5% Later Stage20613.3%1.1726.9% All Venture Funds126615.3%1.1543.9% Buy-outs 0-$250m*18215.5%1.3222.2% Buy-outs $250m-$500m11617.1%1.2420.7% Buy-outs $500m-$1bn9811.8%1.0518.7% Buy-outs $1bn+1389.3%0.7122.5% All Buy-Out Funds53411.2%0.8321.7% Generalist389.4%0.6319.9% Mezzanine728.0%0.859.8% All Private Equity Funds197112.6%0.9137.3% Source: Thomson Reuters / NVCA * fund size

12. 12 IRR SINCE INCEPTION AND MULTIPLES Sample size Pooled IRR since inceptionUpper quartile Pooled DPI Pooled RVPI Pooled TVPI All funds Venture funds Buyout funds Finnish funds1279.4%-5.0%24.0%10.5%0.850.461.32 Nordic funds22012.7%-0.7%27.5%9.3%0.800.621.42 European funds131010.0%3.1%13.6%9.8%0.850.491.34 US funds197112.6%15.3%11.2%14.8%0.910.511.42 Source: Thomson Reuters Note: Data is continuously updated and is therefore subject to change. Nordic includes Norway, Sweden, Finland and Denmark. Calculation in € for European funds, in US$ for US funds, as of 31/12/2008

13. 13 EUROPEAN PRIVATE EQUITY FUNDS FORMED 1980-2008 NET INVESTMENT HORIZON RETURN AS OF 31-DEC-2008 1-year3-year5-year10-year20-year Early Stage-16.2%-2.2%-0.4%-2.6%-1.2% Balanced-19.2%1.6%2.6%0.6%3.3% Development Stage-17.9%0.3%4.2%4.1%8.9% All Venture Funds-18.9%-0.2%2.0%0.3%3.1% Buy-outs 0-$250m*-23.6%5.4%8.2%9.4%12.3% Buy-outs $250m-$500m-19.7%10.2%15.5%18.7%16.7% Buy-outs $500m-$1bn-15.8%11.6%11.5%19.7%18.2% Buy-outs $1bn+-31.3%3.9%13.1%10.4%10.3% All Buy-Out Funds-30.0%5.7%12.4% 13.5% Generalist-9.5%5.5%7.9%8.0%9.2% All Private Equity-28.8%4.3%9.3%8.7%10.0% Source: Thomson Reuters / EVCA * fund size

14. 14 US PRIVATE EQUITY FUNDS FORMED 1969-2008 NET INVESTMENT HORIZON RETURN AS OF 31-DEC-2008 1-year3-year5-year10-year20-year Seed/Early Stage-20.6%1.7%3.7%36.0%21.8% Balanced-26.9%4.6%8.4%13.5%14.5% Later Stage-6.8%9.5%8.7%7.5%14.5% All Venture Funds-20.9%4.2%6.4%15.5%17.0% Buy-outs 0-$250m*-11.0%2.6%7.5%4.6%12.2% Buy-outs $250m-$500m-20.6%7.4%11.3%7.9%11.3% Buy-outs $500m-$1bn-9.6%5.3%10.9%6.6%10.9% Buy-outs $1bn+-24.9%1.1%7.6%5.5%8.7% Buy-Out Funds-23.9%2.2%8.4%5.9%9.8% Mezzanine6.6%3.5%4.2%4.8%7.5% All Private Equity-23.6%3.4%7.9% 11.9% Source: Thomson Reuters / NVCA * fund size

15. 15 INVESTMENT HORIZON PERFORMANCE Source: Thomson Reuters Note: Data is continuously updated and is therefore subject to change. Nordic includes Norway, Sweden, Finland and Denmark. Calculation in € for European funds, in US$ for US funds, as of 31/12/2008 1-year3-year5-year10-year20-year Finnish funds -18.1%9.4%14.1%9.7%9.4% Finnish venture funds (71 funds, €1.6bn) -23.8%-3.6%-2.2%-5.5%-5.0% Finnish buyout funds (36 funds, €2.8bn) -13.2%15.1%21.6%26.4%24.0% Nordic funds -24.6%10.0%9.5%13.6%12.7% European funds -28.8%4.3%9.3%8.7%10.0% US funds -23.6%3.4%7.9% 11.9%

16. 16 PRIVATE EQUITY AND PUBLIC MARKET COMPARATORS *Comparators are Internal Rates of Return (IRR). IRRs for public market indices are calculated by investing the equivalent cash flows that were invested in private equity into the public market index. Then an equivalent IRR is calculated for each index. Source: Thomson Reuters Net Pooled IRR Since Inception to the End of Each Year

17. 17 FOR MORE INFORMATION David Bernard Vice-President – Investment Banking & Private Equity david.bernard@thomsonreuters.com +33 6 87 97 87 81 Rosette Tyers Private Equity Research Manager - EMEA rosette.tyers@thomsonreuters.com +44 20 7542 9066 Data contributions & surveys