1. The New Zealand P.E. Market “I’m looking for a hedge against my hedge funds”

2. The New Zealand P.E. Market “I’m looking for a hedge against my hedge funds”

3. Key Messages Established, growing and successful market Experienced managers – off-shore and on-shore Less risk than is perceived – diversification, advice New Zealand

4. Key Drivers To Industry Development 1.Accessible institutions - investors 2.Infrastructure - Advisors - Benign tax environment - Familiar legal environment 3.Portfolio diversification - Manager - Investee 4.Demonstrable success - Manager track record

5. Investors “I won’t be able to handle your account anymore, as it suddenly appears that you’re a small investor.”

6. The New Zealand Private Equity Industry Today: Investors Poor representation amongst the New Zealand superannuation funds: Liquidity, J curve, manager selection, no track record Retail: Relatively well developed – Hauraki I and II, Pohutukawa Source: Direct Capital

7. The New Zealand Private Equity Industry Today: Infrastructure but

8. Advisors “We’re expecting stocks to rally, but we don’t know which ones and when”

9. Advisors Onshore1 Offshore2 All 2005

10. Diversification I meant everything I said last night, especially the part about how diversifying your equity portfolio allows you to participate in growth potential

11. The New Zealand Private Equity Industry Today: Diversification

13. Track Record “Very impressive. I’d like to find five thousand more like you.”

14. The New Zealand Private Equity Industry Today: Track Record New Zealand mid market from inception to 31 March 2005 Source

15. Track Record – International Comparison

16. Summary Of Today There is a growing market There are experienced managers There is the ability to diversify There is today the infrastructure to support investors