1. Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved | www.dowjones.com Moderator: David M. Toll, managing editor, Private Equity Analyst, LBO Wire Experts: Wanching Ang, managing director, Allianz Private Equity Stefan Hepp, founding partner, CEO, SCM Strategic Management AG Philippe Poggioli, partner, Access Capital Partners Charles Soulignac, chairman, CEO, Fondinvest Stuart Waugh, managing director, TD Capital Where LPs Are Placing Their Bets In Europe, Around the World

2. Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved | www.dowjones.com Source: Private Equity Analyst Rise, Fall and Rise Again of U.S. Fund-raising ($M) $177,600 $84,700

3. Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved | www.dowjones.com Buyouts/Corporate Finance$17.9B +193% Venture Capital$4.9B +50% Mezzanine$.921B +11% Fund of Funds$2.5B -21% Other Private Equity$.150B -74% ------------------------------------------------------------------------------------ Total$26.4B +90% 2005 Sees Continued Rebound in U.S. Fund-raising Private Equity Analyst 2005 Projections: $70B LBO, $15B Venture

4. Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved | www.dowjones.com Biggest Concern LPs have with GP Behavior? 1)Not sticking to investment strategy 2)Raising too much money 3)Lack of communication after fund- raising is over 4)Lack of transparency, consistency in presenting return data Audience Poll

5. Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved | www.dowjones.com Where The Money Comes From Public pension funds 32.1% Funds of Funds/Advisors 12.1% Corporate Pensions 9.5% Endows/Founds 9.5% Banks/Financial Svs. 13.4% Wealthy Investors/GPS 10.6% Source: Private Equity Analyst, survey of U.S. GPs raising $28.3B ’03-’04

6. Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved | www.dowjones.com Most Important Factor For LPs When Making a Commitment? 1)Team 2)Track record 3)Investment strategy 4)Opportunity to pursue strategy 5)Partnership terms and conditions Audience Poll

7. Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved | www.dowjones.com LPs’ return target 10 points above bond returns French institutional investors’ demand: 4% to 5% above public equity as risk premium* * Source: BIPE/AFIC Study, October 2004 On 8/10 year holding:

8. Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved | www.dowjones.com European Buyout Funds by Size (in Euro) Formed 1980-2003 Net IRRs to Investors Investment Horizon Return as of 31 Dec 2003 12.2%12.7%9.6%All Buyouts NA3.8%4.0%1 Billion + 21.8%25.0%25.5%500-1,000 million 17.1%22.8%22.0%250-500 million 11.5%11.0%7.9%0-250 million 20 YR10 YR5 YRFund Size (Euros) Source: Investment Benchmark 2004 EVCA /Thomson Attractive European mid-market segment European Venture Funds by Size (in Euro) Formed 1980-2003 Net IRRs to Investors Investment Horizon Return as of 31 Dec 2003 7.2%8.3%2.3%All Venture 3.3%2.7%-2%250 million + 9.3%12.8%3.3%100-250 million 7.4%7.5%2.1%50-100 million 8%11.8%10.9%0-50 million 20 YR10 YR5 YRFund Size (Euros)

9. Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved | www.dowjones.com Source: Thomson Venture Economics March 2005 Key to achieve superior return:  Access to the best performing funds  Deep analysis and rigorous selection process 10.3 % 15.8 % 7.4 % 4.0 % Upper Quartile 23.1 %9.1 %All Private Equity 28.9 %11.4 %Buy-out 18.5 %8.2 %Expansion 0.3 % Pooled IRR 14.6 %Venture / Early Stage Top Quarter IRR Net Investor IRR as of 12/31/2004 Funds Formed 1980-2004 Manager Selection Is Critical

10. Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved | www.dowjones.com Expected Allocation of Funds Raised in 2004 Venture 6 % Expansion 19 % Buy-out 73 % Other 2 % Source : 2004 Survey of Pan-European Private Equity & Venture Capital Activity (Preliminary Data) / Thomson Venture Economics

11. Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved | www.dowjones.com Moderator: David M. Toll, managing editor, Private Equity Analyst, LBO Wire Experts: Wanching Ang, managing director, Allianz Private Equity Stefan Hepp, founding partner, CEO, SCM Strategic Management AG Philippe Poggioli, partner, Access Capital Partners Charles Soulignac, chairman, CEO, Fondinvest Stuart Waugh, managing director, TD Capital Where LPs Are Placing Their Bets In Europe, Around the World