1. EVCA Quarterly Activity Indicator Q1 2007 - Q2 2009 August 2009 PEREP_Analytics TM

2. 2 Methodology  Data collected via questionnaires and reliable public sources  Europe: for deals, it is defined by the location of the target; for fundraising it covers funds raised from Europe or raised from outside Europe but 100% targeted to Europe  Fundraising: only formal closings included with committed amount  Investments: only equity value captured, debt also IF provided by PE funds (bank leverage excluded)  Divestments: measured at amount at cost divested (not proceeds)

3. 3 Evolution of European private equity activity by amount Note:The percentage change mentioned on the right refers to the evolution of the current quarter versus the previous quarter Source:PEREP_Analytics Index – Q1 2007 = 100 -16% +18% -52% 200720082009

4. 4 Evolution activity flows Incremental amounts raised during quarter € billion Source:PEREP_Analytics Figures are updated continuously and therefore subject to change 200720082009

5. 5 Funds raised – Quarterly evolution Note:The percentage change mentioned refers to the evolution of the current quarter versus the previous quarter Source:PEREP_Analytics Index – Q1 2007 = 100 Figures are updated continuously and therefore subject to change 200720082009

6. 6 Funds raised by fund stage focus % of amount raised Source:PEREP_Analytics 200720082009

7. 7 Funds raised by fund stage focus Q2 2009 Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

8. 8 Fundraising – Profile Full amount raised for independent funds that reached final closings in 2007 Q1 2007Q2 2007Q3 2007Q4 2007 FUND STAGE Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Early-stage35631192735554094102251384 Later stage521 000000161 Balanced1,0225204423760761 276646 All Venture1,4309159696125848551785431054 Growth181 879329326021308283276 Buyouts3,844942714,6331881310,7902151427,275141,948 Mezzanine2,2461 1,47034901711 3251 Generalist1,43562391,546151031,10025501,5957228 Total Independent Funds Raised 8,9722634519,2245137712,8063141330,56635873 Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

9. 9 Fundraising – Profile Full amount raised for independent funds that reached final closings in 2008 Q1 2008Q2 2008Q3 2008Q4 2008 FUND STAGE Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Early-stage202450408945446589206369 Later stage5585112616581 105253 Balanced200210022537570323647972 All Venture960118763913495749649591468 Growth78632621,11433711,12142802872144 Buyouts9,2471851417,231111,56614,676121,22313,798131,061 Mezzanine1582792611 00–00–- Generalist25421271,168716700–9454236 Total Independent Funds Raised 11,4053631720,4133558316,3712565515,98933485 Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

10. 10 Fundraising – Profile Full amount raised for independent funds that reached final closings in 2009 Q1 2009Q2 2009 FUND STAGE Amount (€m)# funds Avg. Fund size Amount (€m)# funds Avg. Fund size Early-stage121261135434 Later stage–––56319 Balanced17544459512 All Venture2966492501221 Growth841 ––– Buyouts5,82841,4571,6464412 Mezzanine–––174287 Generalist–––––– Total Independent Funds Raised 6,208115642,07018115 Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

11. 11 Investments by amount – Quarterly evolution Note:The percentage change refers to the evolution of the current quarter versus the previous quarter Source:PEREP_Analytics Index – Q1 2007 = 100 200720082009 Figures are updated continuously and therefore subject to change

12. 12 European investments at €3.9 billion in Q2 2009 (Equity value, amounts provided by PE firms only) € billion Source:PEREP_Analytics Note: Buyout figures include replacement capital and rescue/turnaround Figures are updated continuously and therefore subject to change 200720082009

13. 13 Investments by stage distribution % of amount Source:PEREP_Analytics 200720082009

14. 14 Investments by stage distribution % of number of companies financed Source:PEREP_Analytics 200720082009

15. 15 Buyouts split by size € billion Source:PEREP_Analytics Figures are updated continuously and therefore subject to change 200720082009

16. 16 Buyouts split by size Number of companies Source:PEREP_Analytics Figures are updated continuously and therefore subject to change 200720082009

17. 17 Industrial sectors Amount invested – All private equity € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

18. 18 Industrial sectors Amount invested – Venture capital € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

19. 19 Industrial sectors Amount invested – Buyout & growth € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

20. 20 Industrial sectors Amount invested – All private equity € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

21. 21 Industrial sectors Amount invested – Venture capital € millions Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

22. 22 Industrial sectors Amount invested – Buyout & growth € millions Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

23. 23 Industrial sectors Amount invested – All private equity € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

24. 24 Industrial sectors Amount invested – Venture capital € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

25. 25 Industrial sectors Amount invested – Buyout & growth € million Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

26. 26 Divestments at cost – Evolution € billions Source:PEREP_Analytics Figures are updated continuously and therefore subject to change 200720082009

27. 27 Divestments by amount – Quarterly evolution Note:The percentage change mentioned refers to the evolution of the current quarter versus the previous quarter Source:PEREP_Analytics Index – Q1 2007 = 100 200720082009 Figures are updated continuously and therefore subject to change

28. 28 Venture divestment at cost in 2007 % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

29. 29 Buyout & growth divestment at cost in 2007 % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

30. 30 Venture divestment at cost in 2008 % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

31. 31 Buyout & growth divestment at cost in 2008 % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

32. 32 Venture divestment at cost in Q1 - Q2 2009 % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

33. 33 Buyout & growth divestment at cost in Q1 - Q2 2009 % of amount Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

34. 34 European divestments by segment in Q2 2009 Venture € 67 m Write-Off Sale of Quoted Equity Trade sale Secondary Q2 2009 Top Exit routes (€ millions) € 34 m # companies divested 22 49 9 Buyout & growth € 184 m € 132 m # companies divested 14 19 3 Source:PEREP_Analytics Figures are updated continuously and therefore subject to change

35. 35 Conclusions In Q2 2009, fundraising increased to €3.2bn, 18% above the Q1 2009 level. However, fundraising in H1 2009 remains 86% lower than in H2 2008. Investment value dropped to €3.9bn in Q2 2009, from €4.6bn in Q1 2009. Amount invested in growth capital halved, venture decreased by 24%, while buyout went down by 14%. A total of 942 companies were financed in Q2 2009. As a whole, investment value in H1 2009 fell by 65% from the previous sixth month period, while the number of companies dropped by 21%. The amount divested at cost more than halved compared to Q1 2009 (€912m), although the number of companies exited fell by only 15%. Trade sales remained the most used exit method in the venture segment, write-offs accounted for 27% of the amount divested in the buyout & growth segment. In H1 2009, divestments at cost decreased by 51% from the H2 2008 level, while the number of companies divested dropped by 31%. www.perepanalytics.eu

36. 36 Contact: If you have any question on the data, please contact: research@evca.eu Or info@perepanalytics.eu