1. Private Equity Trends 1Q 2012 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

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3. Private Equity Deal Flow

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

5. Source:PitchBook 2011: The Year of Two Halves Number of Deals Closed and Total Capital Invested by Quarter

6. Source:PitchBook Midwest Led PE Deal Flow with 360 Deals Percentage of Deal Volume (count) by Region

7. Source:PitchBook B2B and B2C Dominate PE Deal Activity Percentage of Deal Volume (count) by Industry

8. Source:PitchBook B2B and B2C Deal Flow Increased in 2011 Percentage of Deal Volume (count) by Industry

9. Source:PitchBook Capital Investment Continued Shift to IT, Healthcare & Energy Percentage of Deal Volume (capital) by Industry

10. Source:PitchBook Deals Under $250M Accounted for 75% of Deal Flow Percentage of Deal Volume (count) by Deal Size Range

11. Source:PitchBook Large Deals Attracted More Capital Investment Percentage of Deal Volume (capital) by Deal Size Range

12. Source:PitchBook Add-ons Continue to Sweeten Deals Add-on Deals as Percentage of Buyout Deals

13. Source:PitchBook Median Buyout Size Hit New Record Median Capital Invested in U.S. PE Transactions

14. Source:PitchBook Still Low Leverage in the Middle Market Percentage of Debt Used in Buyouts

15. Source:PitchBook Buyout Multiples Finished Close to 2008 High EBITDA Multiples of Buyout Transactions

16. Private Equity Exits

17. Source:PitchBook Private Equity Exits on Par with 2010 Annual PE Exits by Corporate Acquisition, IPO and Secondary Sale

18. Source:PitchBook Exit Strategies Consistent with Long Term Averages Percentage of P.E. Exit Volume (count) by Exit Type

19. Source:PitchBook Private Equity Investors Exited $108B of Investments Quarterly PE Exits by Corporate Acquisition, IPO and Secondary Sale

20. Source:PitchBook Corporate Acquisitions Dominated Exits Median Exit Size ($M)

21. Source:PitchBook PE Exits Likely to Stay Strong in 2012 Number of U.S. Private Equity Company Inventory by Deal Year

22. Source:PitchBook Inventory Buildup Resulted in Increased Holding Length Median Time from Buyout to Exit

23. Private Equity Fundraising

24. Source:PitchBook Company Inventory & Capital Overhang Stall Fundraising Number of Funds Closed and Total Capital Raised by Year

25. Source:PitchBook Fundraising Remained Flat Number of Funds Closed and Total Capital Raised by Quart er

26. Source:PitchBook Funds Under $1B Accounted for 39% of U.S. PE Fundraising Percentage of U.S. P.E. Funds (capital) by Fund Size

27. Source:PitchBook Middle Market Funds Dominate Fundraising Percentage of U.S. P.E. Funds (count) by Fund Size

28. Source:PitchBook PE Investors Sitting on $425B of Dry Powder Capital Overhang of US PE Investors by Vintage Year

29. Source:PitchBook New GPs are Entering the Private Equity Industry Number of Funds Closed by Year

30. Source:PitchBook Funds are Closing Faster Average Time to Close U.S. PE Funds

31. Source:PitchBook Average 2011 Vintage Fund 13% Larger than 2010 Average Fund Size ($M)

32. Greater Private Equity Performance

33. Source:PitchBook PE Led in Average IRR For 7 Consecutive Vintages Average Fund IRR by Vintage Year and Fund Type

34. Source:PitchBook Fund Performances Bounced Back Median 1-Year Rolling Horizon IRR by Fund Type

35. Source:PitchBook Private Equity Outperforming in the Long Run Horizon IRR – Private Equity, Venture Capital and Public Index

36. Private Equity Performance

37. Source:PitchBook Larger Funds Lead Returns Across Vintages Private Equity Average Fund IRR by Vintage Year

38. Source:PitchBook Larger Funds Recently Yielded Higher Returns Private Equity Horizon IRR by Fund Size

39. Source:PitchBook Recent PE Funds Hit Positive IRR in 2010 Median IRR by Years Since First Investment

40. Source:PitchBook LPs Waiting for Distribution for 2003 & Younger Funds Average Private Equity Return Multiples by Vintage Year

41. Source:PitchBook Dramatic Quartile Differences Private Equity IRR Quartiles by Vintage Year 3 rd Quartile 2 nd Quartile Top Quartile Bottom Quartile Source:PitchBook

42. Matured Funds Called 92% of Committed Capital Private Equity Capital Call

43. Venture Capital Performance

44. Source:PitchBook Mid-Sized VC Funds Showed Growth Trend Venture Capital Average Fund IRR by Vintage Year

45. Source:PitchBook $150M-$250M Funds Generated 2 nd Highest Returns Venture Capital Horizon IRR by Fund Size

46. Source:PitchBook Economy Impacted Returns More than Fund Age Median IRR by Years Since First Investment

47. Source:PitchBook TVPI Shows Improvement, DPI Remains Low Average Venture Capital Return Multiples by Vintage Year

48. Source:PitchBook VC Funds in Upper Quartiles Show Positive Returns Venture Capital IRR Quartiles by Vintage 3 rd Quartile 2 nd Quartile Top Quartile Bottom Quartile

49. Source:PitchBook High % of Committed Capital for New Investments Venture Capital Call

50. Fund of Funds Performance

51. Source:PitchBook Fund of Funds Delivered Returns Across Vintages Fund of Funds IRR Quartiles by Vintage 3 rd Quartile 2 nd Quartile Top Quartile Bottom Quartile

52. Source:PitchBook Fund of Funds Slower to Distribute Capital Average Fund of Funds Return Multiples by Vintage Year

53. Mezzanine Performance

54. Source:PitchBook Strong and Consistent Performance Across Vintages Mezzanine IRR Quartiles by Vintage 3 rd Quartile 2 nd Quartile Top Quartile Bottom Quartile

55. Source:PitchBook Mezzanine Funds Fastest in Distribution of Capital Average Mezzanine Return Multiples by Vintage Year

56. Real Estate Performance

57. Source:PitchBook Top Quartiles Show Slow Recovery Real Estate IRR Quartiles by Vintage 3 rd Quartile 2 nd Quartile Top Quartile Bottom Quartile

58. Source:PitchBook 2004 – 2008 Funds Still Recovering Average Real Estate Return Multiples by Vintage Year

59. Non-U.S. Investor Performance

60. Source:PitchBook PE Vintages Under 2004 Perform Closely to U.S. Counterparts Average Non-U.S. PE Return Multiples by Vintage Year

61. Source:PitchBook VC 2001-2004 Vintages Perform Better than U.S. Counterparts Average Non-U.S. VC Return Multiples by Vintage Year

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