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GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 GB P3 07.Qxp:GB P3 18.3.2008 16:15 Uhr Seite 2 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 1 GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 2 GESCHÄFTSBERICHT 2007 ÜBERBLICK 2007 OVERVIEW 2007 ENTWICKLUNG DES BÖRSENKURSES UND DES INNEREN WERTES 01.01.2007 BIS 31.12.2007 PRICE AND NAV DEVELOPMENT 01.01.2007 UNTIL 31.12.2007 1’600 1’500 1’400 1’300 EUR in 1’200 1’100 1’000 900 12.06 01.07 02.07 03.07 04.07 05.07 06.07 07.07 08.07 09.07 10.07 11.07 12.07 Innerer Wert pro Zertifikat / Net Asset Value (NAV) per certificate Preis / Price 2 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 3 ANNUAL REPORT 2007 Firmenprofil Company Profile Die Partners Group Private Equity Performance Holding Partners Group Private Equity Performance Holding Limited Limited («P3 Holding», «P3») ist eine nach dem Recht von (“P3 Holding”, “P3”) is a limited liability company, which was Guernsey gegründete Gesellschaft mit beschränkter Haftung incorporated under the laws of Guernsey and is domiciled in mit Sitz in St. Peter Port, Guernsey. Der Zweck der Gesell- St. Peter Port, Guernsey. The objective of the company is to schaft ist die Verwaltung und Betreuung eines Portfolios aus professionally manage a portfolio of investments in private Beteiligungen an Private Equity-Zielfonds, börsennotierten equity partnerships, listed private equity vehicles and direct Private Equity-Gesellschaften und Direktinvestitionen. P3 investments. P3 is supported in its activities by the Invest- wird in dieser Tätigkeit durch ihren Anlageberater Partners ment Advisor, Partners Group, which is a global alternative Group beraten. Partners Group ist ein globaler Manager asset management firm with over CHF 24 billion in private alternativer Anlagen mit einem verwalteten Vermögen von equity, private debt, private real estate, infrastructure and über CHF 24 Mrd. in den Bereichen Private Equity, Private hedge fund investment programs under management. Debt, Private Real Estate, Infrastruktur und Hedge Fonds. The P3 certificate was issued by the Dresdner Bank in 2000, Das durch die Dresdner Bank im Jahr 2000 emittierte Zer- and is coupled to the development of the private equity tifikat auf die P3 Holding ist an die Wertentwicklung des portfolio managed by P3. The certificate enables investors to durch die P3 Holding betreuten Private Equity-Portfolios participate in the return potential of the private equity gekoppelt. Es bietet Investoren die Möglichkeit, am Rendi- market. By virtue of its structure, the P3 certificate tepotenzial des Private Equity-Marktes zu partizipieren und overcomes the typical hurdles associated with investing in überwindet durch seine Struktur die mit Private Equity- private equity, i.e. high minimum investment amounts, Investitionen typischerweise verbundenen Hürden der difficulty accessing the best private equity partnerships and hohen Mindestanlagesummen, des schwierigen Zugangs zu lack of liquidity, and enables private investors to participate den besten Beteiligungsgesellschaften und der fehlenden in this attractive asset class. Since February 2003, the P3 Liquidität und eröffnet somit auch Privatinvestoren die Mög- certificate has been listed on the Stuttgart Stock Exchange lichkeit, in diese attraktive Anlageklasse zu investieren. Seit and can be traded daily. Februar 2003 ist das Zertifikat an der Börse Stuttgart notiert und börsentäglich handelbar. Übersicht Kennzahlen 31. Dezember 2007 31. Dezember 2006 Overview Key Figures 31 December 2007 31 December 2006 Geprüfter Innerer Wert (NAV) pro Zertifikat EUR 1’533.53 EUR 1’323.17 Audited Net Asset Value (NAV) per certificate Netto Liquidität EUR 40’537’987 EUR 63’372’138 Net Liquidity Wert der Private Equity-Investitionen EUR 487’546’821 EUR 384’824’728 Value of Private Equity Investments Nicht abgerufene Zahlungsversprechen EUR 346’846’976 EUR 313’693’272 Undrawn Commitments Investitionsgrad 93.86% 85.86% Investment Level Overcommitment 58.97% 55.85% Overcommitment Anzahl emittierter Zertifikate 338’721 338’721 Total number of issued certificates 3 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 4 GESCHÄFTSBERICHT 2007 INHALTSVERZEICHNIS Überblick 2007 Seite 2 Daten und Fakten Seite 6 Vorwort des Verwaltungsrates Seite 8 Bericht des Investment-Beraters Seite 11 Rückblick auf die Private Equity-Industrie 2007 Seite 12 Wertentwicklung des P3 Portfolios Seite 20 Investitionsaktivitäten Seite 24 Portfolio-Allokation Seite 28 Portfolio-Übersicht Seite 32 Neue Partnership Commitments Seite 38 Neue Direktinvestitionen Seite 43 Ausgewählte Investitionen der Partnerships Seite 46 Ausgewählte Realisierungen Seite 49 Ausblick auf das Jahr 2008 Seite 52 Das Zertifikat Seite 55 Vereinfachte Strukturdarstellung Seite 56 Entwicklung des Börsenkurses im Jahr 2007 Seite 58 Finanzzahlen Seite 85 Bericht des Rechnungsprüfers Seite 88 Finanzzahlen Seite 89 Dieses Dokument ist nicht als Anlagewerbung oder Verkaufsprospekt gedacht und stellt weder eine Offerte noch den Versuch der Aufforderung zur Offertenstellung für das hier beschriebene Produkt dar. Dieser Bericht wurde unter Verwendung von Finanzdaten erstellt, die den Büchern und sonstigen Aufzeichnungen des Unternehmens per Berichtsdatum entnommen wurden. Die im Bericht der Vermögensverwaltungsgesellschaft im Einzelnen aufge- führten Grafiken und Zahlen wurden nicht geprüft. In diesem Bericht wird die bisherige Performance beschrieben, die nicht unbedingt ein Indikator für künftige Ergebnisse sein muss. Die Haftung des Unternehmens für Handlun- gen, die auf der Grundlage der zur Verfügung gestellten Informationen vorgenommen werden, ist ausgeschlossen. 4 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 5 ANNUAL REPORT 2007 TABLE OF CONTENTS Overview 2007 Page 2 Facts and Figures Page 7 Statement of the Board of Directors Page 8 Investment Manager’s Report Page 11 Page 12 NAV Development of the P3 Portfolio Page 20 Investment Activity Page 24 Portfolio Allocation Page 28 Portfolio Overview Page 32 New Commitments to Partnerships Page 38 New Direct Investments Page 43 Selected Investments by Partnerships Page 46 Selected Portfolio Realizations Page 49 Outlook for 2008 Page 52 The Certificate Page 55 Simplified Structural Overview Page 56 Share Price Development in 2007 Page 58 Financial Figures Page 61 Statement of the Auditors Page 64 Financial Figures Page 65 This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the product described herein. This report was prepared using financial information contained in the company’s books and records as of the reporting date. The charts and figures detailed in the Investment Manager’s Report have not been audited or IFRS adjusted. This report describes past performance, which may not be indicative of future results. The company does not accept any liability for actions taken on the basis of the information provided. 5 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 6 GESCHÄFTSBERICHT 2007 DATEN UND FAKTEN P3 Holding Private Equity-Portfolio Portfolio der Partners Group Private Equity Performance Holding Limited (P3 Holding) Investment-Berater Partners Group Währung EUR Fälligkeit 31. Dezember 2030 Die Emittentin besitzt alle zehn Jahre die Verlängerungs- möglichkeit für weitere zehn Jahre Management Fee 1.5% p.a. (auf Private Equity-Anlagen und ausstehende Investitionszusagen) Performance Fee 15% p.a. bei Überschreiten einer 5%-Anlagerendite p.a. (Performance Fee wird nur auf die überschüssige Anlage- rendite fällig) Berichterstattung Monatsbericht Quartalsbericht Jahresbericht P3 Zertifikat Emittentin der Dresdner Bank AG P3 Zertifikate Emissionsvolumen EUR 342 Mio. Börsennotierung Seit 17. Februar 2003 im Freiverkehr der Börse Stuttgart Mindestinvestition Ein Zertifikat zum Börsenpreis Preisinformation Internet: www.boerse-stuttgart.de Bloomberg: 173499 GR <Equity> Kündigungsrecht des Erstmals am Endes des Jahres 2010, danach alle fünf Anlegers Jahre (laut Seite 28 des Verkaufsprospektes; § 5 der Zertifikatsbedingungen) Wertpapierkennnummern Deutschland 173499 Schweiz 1.080.147 ISIN-Nummer DE0001734994 Detaillierte Informationen können dem Verkaufsprospekt vom 4. April 2000 entnommen werden. Der Prospekt ist auf der Website www.zertifikate.dresdner.com verfügbar. 6 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 7 ANNUAL REPORT 2007 FACTS AND FIGURES P3 Holding Private Equity Portfolio Portfolio of Partners Group Private Equity Performance Holding Limited (P3 Holding) Investment Advisor Partners Group Currency EUR Maturity 31 December 2030 The issuer has the right to extend the maturity of the certificate every ten years for ten years Management Fee 1.5% p.a. (on private equity investments plus undrawn commitments) Performance Fee 15% p.a. over a hurdle of 5% per annum Reporting Monthly Report Quarterly Report Annual Report The P3 Certificate Issuer of the Dresdner Bank AG P3 Certificates Issue Size EUR 342 million Listing Listed on the Stuttgart Stock Exchange since 17 February 2003 Minimum Investment One certificate at the price stated by the Stuttgart Stock Exchange Price Information Internet: www.boerse-stuttgart.de Bloomberg: 173499 GR <Equity> Put Rights of the Investor At the end of year 2010 for the first time and every 5 years thereafter (please see page 28 of the prospectus; § 5 of the Investment Principles) Security Numbers Germany 173499 Switzerland 1.080.147 ISIN number DE0001734994 For more detailed information, please see the offering prospectus of 4 April 2000, which is available on the internet at www.zertifikate.dresdner.com.
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