1. 1H 2013 Private Equity Exits Presentation Slide Deck Try the PitchBook Platform: Email: demo@pitchbook.comdemo@pitchbook.com Phone: 1-877-267-5593 Consult the Research Team: Email: research@pitchbook.comresearch@pitchbook.com Phone: 1-877-636-3496

2. Source:PitchBook The PitchBook Platform REQUEST A DEMO: demo@pitchbook.com demo@pitchbook.com 1-877-267-5593

3. Source:PitchBook 2012 marked the third consecutive year of improved PE exit activity and was the best year ever for U.S. exit volume. Much of this can be attributed to the unprecedented exit activity that took place in 4Q.

4. Source:PitchBook There has Been Persistent Improvement in Exit Activity Since 2009 U.S. PE Annual Exit Flow

5. Source:PitchBook Impending Tax Increases Led to the Most Active Quarter Ever for Exits in 4Q 2012 U.S. PE Quarterly Exit Flow

6. Source:PitchBook Ratio of Deals to Exits Dropped Below 2x in 2012, Curtailing the Increase in Inventory of PE-Backed Companies U.S. Deals (excluding add-ons) vs. Exits

7. Source:PitchBook Exit Valuation Multiples Have Held Steady Recently Median Valuation/EBITDA

8. Source:PitchBook A Growing Need for Liquidity Has Led More Investors to Pursue SBOs as an Exit Strategy Exits by Type 290

9. Source:PitchBook The Proportion of Exits Accounted for by SBOs has Almost Doubled from 2009 to 2012 Percent of Exits (#) by Type

10. Source:PitchBook The Median Time to Exit Has Crept Above 5 Years, Intensifying the Urgency for Liquidity Median Time to Exit (years)

11. Source:PitchBook The Median Holding Period Has Been Creeping Up for All Exit Types Median Holding Period (years) by Exit Type

12. Source:PitchBook Sellers Through SBOs are Still Able to Realize Sizable Exits Deals Median Exit Size ($M) by Exit Type

13. Corporate Acquisition Exit Details

14. Source:PitchBook Though Corporate Acquisitions have Increased Each Year Since 2009, They have Represented a Shrinking Proportion of Exits Corporate Acquisitions by Year

15. Source:PitchBook The Distribution of Corporate Acquisitions by Industry Did Not Change Dramatically from 2011 to 2012 Corporate Acquisitions by Industry

16. Source:PitchBook The Median Deal Size has Grown Significantly Since Its Nadir in 2009 Median Corporate Acquisition Size ($M) by Year

17. Secondary Buyouts Exit Details

18. Source:PitchBook Private Equity Firms Have Increasingly Turned to Each Other For Deal and Exit Sourcing Secondary Buyouts by Year

19. Source:PitchBook Secondary Buyouts are Most Popular in the Bedrock PE Industries: B2B and B2C Secondary Buyouts by Industry

20. Source:PitchBook Secondary Buyout Sizes Have Consistently Been Larger Than Corporate Acquisitions Median Secondary Buyout Size ($M) by Year

21. IPOs Exit Details

22. Source:PitchBook While Capital Raised Through IPOs was Down, 2012 Saw the Second Most PE-Backed IPOs Since 2007 PE-Backed IPOs by Year

23. Source:PitchBook Energy and B2C Continued to Make-up the Lion’s Share of IPOs PE-Backed IPOs by Industry

24. Source:PitchBook While Capital Raised Through IPOs Fell in 2012, the Median Public Offering Size Grew Median PE-Backed IPO Size ($M) by Year

25. Exits by Size and Type

26. Source:PitchBook The Core and Lower Middle Markets were the Sweet Spots for IPOs in 2012 Percentage of Exits (#) by Size and Type

27. Source:PitchBook The Trend of Increasing Deal Sizes Continued in 2012 Percentage of Exits (#) by Size

28. Source:PitchBook SBOs were the Preferred Exit Strategy for Three Industries: B2B, IT, and Materials & Resources Percentage of Exits (#) by Type and Industry

29. Source:PitchBook B2B and B2C Have Been Responsible for Nearly All of the Exit Growth Over the Last Three Years Exits (#) by Industry

30. Source:PitchBook The South and the Great Lakes Greatly Improved their Share of Exits from 2011 Exits (#) by Region 2012

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