2009 European Performance Figures

1. June 2010 2009 European Performance Figures

2. Methodology for Performance Benchmarks • All calculations are done at the fund levelby Thomson Reuters based on cash flows and NAVs reported by participating GPs • Returns are net of management fees and carried interest • Returns are calculated with cash flows in Euros for European figures • Cash flow database contains since its inception 1,375European independent funds, representing €313bn of committed capital • Definitions: • Pooled IRR: IRR of a group of funds where their cash flows have been aggregated together before IRR calculation • Investment Horizon Return: IRR calculated with Net Asset Value at beginning of period as capital outflow, Net Asset Value at end of period, and actual cash flows in between

3. Annualised net pooled IRR Annualised net pooled IRR from inception to 31-Dec-2009 Source: Thomson Reuters

4. Horizon IRRs by Stages Investment Horizon Returns for period ending 31-Dec-2009 Source: Thomson Reuters

5. Top-Quarter Performance * Funds must equal or exceed this IRR to qualify as top-quarter funds. Source: Thomson Reuters

6. Top-Half Performance ** Funds must meet or exceed this IRR to qualify as top-half funds. Source: Thomson Reuters

7. Performance Ranking Net IRR since inception per quarter Source: Thomson Reuters

8. Top-Quarter Horizon IRRs Annualised net pooled since inception and horizon IRR Source: Thomson Reuters

9. Top-Half Horizon IRRs Annualised net pooled since inception and horizon IRR Source: Thomson Reuters

10. Buyout Returns by Fund Sizes Short-, medium-, and long-term returns reflected by net horizon IRRs to 31 December 2009 These results refer to the fund size, not the deal size; while fund sizes are defined in USD, the returns are computed in EUR. Source: Thomson Reuters

11. Venture Returns by Fund Sizes Short-, medium-, and long-term returns reflected by net horizon IRRs to 31 December 2009 These results refer to the fund size, not the deal size; while fund sizes are defined in USD, the returns are computed in EUR. Source: Thomson Reuters

12. Performance by Vintage Years Annualised net pooled IRR by vintage years as of 31-Dec-2009 Source: Thomson Reuters

13. European 5-Year Rolling IRRs +8.3% +7.2% +0.8% Source: Thomson Reuters

14. 5-Year Rolling IRRs by Regions +5.3% +8.3% +0.8% +4.3% Source: Thomson Reuters

15. European Venture 3-,5-,10-Year Rolling IRRs +0.8% -1.8% -3.1% Source: EVCA/Thomson Reuters

16. European Buyouts 3-,5-,10-Year Rolling IRRs +8.3% +8.0% -3.9% Source: EVCA/Thomson Reuters

17. European Private Equity 3-,5-,10-Year Rolling IRRs +6.5% +5.2% -3.9% Source: EVCA/Thomson Reuters

18. Comparators Annualised net pooled IRR from inception to 31-12-2009 Source: Thomson Reuters

19. Comparators Annualised net pooled IRRs from inception to 31-12-2009 +9.8% +8.9% +6.9% +0.9% *Comparators are Internal Rates of Return (IRR). IRRs for public market indices are calculated by investing the equivalent cash flows that were invested in private equity into the public market index. Then an equivalent IRR is calculated for each index. Calculations based on methodology proposed by J Coller and published by A Long and C Nickles. Source: Thomson Reuters

20. Conclusions • Stable long-term return for private equity at 8.9% • Top-quarter private equity funds return 21.8% • Five-year returns remain strong at 6.5% • While three-year returns are impacted by the economic crisis, one-year returns are back into positive territory at 7.7% • Regional rankings remain unchanged (five-year horizon IRRs): European buyouts (8.3%), US buyouts (5.3%), US venture (4.3%) and European venture (0.8%) • The since-inception private equity net IRR outperformed the equity returns achieved by the public equity comparators (HSBC Small Company Index at 6.9% and Morgan Stanley Euro Index at 0.9%), and was slightly behind the return of JP Morgan Euro Bonds Index at 9.8%