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GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 Pearl 2007.Qxp:Pearl 2005 18.3.2008 11:18 Uhr Seite 2

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GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 Pearl 2007.Qxp:Pearl 2005 18.3.2008 11:18 Uhr Seite 2 Pearl_2007.qxp:Pearl_2005 18.3.2008 11:18 Uhr Seite 1 GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 Pearl_2007.qxp:Pearl_2005 18.3.2008 11:18 Uhr Seite 2 JAHRESBERICHT 2007 WERTENTWICKLUNG 2007 PERFORMANCE 2007 MITTELKURS- UND NAV-ENTWICKLUNG MID-MARKET PRICE AND NAV DEVELOPMENT 140% 130% 120% 110% 100% 90% 80% 70% 31.12.00 31.03.01 30.06.01 30.09.01 31.12.01 31.03.02 30.06.02 30.09.02 31.12.02 31.03.03 30.06.03 30.09.03 31.12.03 31.03.04 30.06.04 30.09.04 31.12.04 31.03.05 30.06.05 30.09.05 31.12.05 31.03.06 30.06.06 30.09.06 31.12.06 31.03.07 30.06.07 30.09.07 31.12.07 NAV – NAV NAV inkl. ausgeschüttetem und aufgelaufenem Zins – NAV incl. accrued and paid-out coupon Mittelkurs – Mid-market price 2 Pearl_2007.qxp:Pearl_2005 18.3.2008 11:18 Uhr Seite 3 ANNUAL REPORT 2007 Firmenprofil Company profile Pearl Holding Limited («Pearl») ist eine Private Equity- Pearl Holding Limited (“Pearl”) is a Guernsey-registered pri- Investmentgesellschaft mit Sitz in Guernsey. Die von der vate equity investment company. Pearl Holding’s convert- Pearl Holding emittierte Wandelanleihe eröffnet sowohl ible bond enables institutional and private investors to par- institutionellen als auch privaten Investoren die ticipate in a professionally managed, broadly diversified Möglichkeit, an einem professionell betreuten und breit portfolio of investments in private equity partnerships, list- diversifizierten Portfolio aus Beteiligungen an Private ed private equity vehicles and direct investments. Since Equity-Partnerships, börsennotierten Private Equity- inception in September 2000, EUR 660 million has been Gesellschaften und Direktinvestitionen zu partizipieren. Der raised in three closings. The redemption amount (108% of Gesamterlös der drei Emissionen seit September 2000 ist the nominal amount) of the bond as well as the annual EUR 660 Mio. Der Rückzahlungsbetrag (108% des Nominal- coupon of 2% are insured until maturity on 30 September betrages) bei Fälligkeit am 30. September 2014 sowie die 2014 under an arrangement with European International Zinszahlungen werden durch einen Versicherungsvertrag Reinsurance Company, a wholly-owned subsidiary of Swiss mit der European International Reinsurance Company, Re. The convertible bond, which is eligible for the invest- einer Tochtergesellschaft der Swiss Re, garantiert. Dieser ment of prime stock reserves in Germany, has been given Vertrag wurde von der Swiss Re rückversichert. Der an AA rating by Standard & Poor’s. sicherungsvermögens- und spezialfondsfähigen Wandelan- leihe wurde von Standard & Poor’s ein AA Rating vergeben. Kennzahlen 31.12.2007 31.12.2006 Key figures Geprüfter Innerer Wert (NAV) 124.45% 105.20% Audited Net Asset Value (NAV) Aufgelaufener und bezahlter Zins seit Emission 14.50% 12.50% Accrued and paid interest since inception Theoretischer NAV (mit aufgelaufenem und ausbezahltem Zins) 138.95% 117.70% Theoretical NAV (if no interest accrued and paid to date) Mittelkurs 103.75% 98.00% Mid-market price Discount zum NAV -16.63% -6.84% Discount to NAV Netto Liquidität EUR 126’809’816 EUR 129’998’324 Net liquidity Geprüfter Wert der Private Equity-Investitionen EUR 694’601’797 EUR 564’338’811 Audited value of private equity investments Nicht abgerufene Zahlungsversprechen EUR 352’317’439 EUR 363’182’525 Undrawn commitments Investitionsgrad 84.56% 81.28% Investment level Overcommitment 27.45% 33.58% 3 Pearl_2007.qxp:Pearl_2005 18.3.2008 11:18 Uhr Seite 4 JAHRESBERICHT 2007 INHALTSVERZEICHNIS TABLE OF CONTENTS Wertentwicklung 2007 Seite 2 Daten und Fakten Seite 6 Pearl Holding Limited Seite 7 Vorwort des Verwaltungsrates Seite 8 Vereinfachte Strukturdarstellung Seite 11 Bericht des Investment Managers Seite 13 Rückblick auf die Private Equity-Industrie 2007 Seite 14 Wertentwicklung des Pearl-Portfolios Seite 23 Investitionsverlauf Seite 25 Portfolio-Allokation Seite 29 Portfolio-Übersicht Seite 32 Neue Zahlungsversprechen Seite 37 Neue Direktinvestitionen Seite 42 Ausgewählte Investitionen der Partnerships Seite 44 Ausgewählte Realisierungen Seite 47 Ausblick auf das Jahr 2008 Seite 50 Ausblick 2008 für Pearl Seite 53 Finanzzahlen Seite 55 Bericht des Wirtschaftsprüfers Seite 58 Finanzzahlen Seite 59 Kurs- und Performance-Informationen Seite 80 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 aufgeführ- ten 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 Handlungen, die auf der Grundlage der zur Verfügung gestellten Informationen vorgenommen werden, ist ausgeschlossen. 4 Pearl_2007.qxp:Pearl_2005 18.3.2008 11:18 Uhr Seite 5 ANNUAL REPORT 2007 Performance 2007 Page 2 Facts and Figures Page 6 Pearl Holding Limited Page 7 Statement of the Board of Directors Page 8 Simplified Structural Overview Page 11 Investment Manager’s Report Page 13 Review on the Private Equity Industry in 2007 Page 14 Performance of the Pearl Portfolio Page 23 Investment Activity Page 25 Portfolio Allocation Page 29 Portfolio Overview Page 32 New Commitments to Partnerships Page 37 New Direct Investments Page 42 Selected Investments by Partnerships Page 44 Selected Portfolio Realizations Page 47 Outlook for 2008 Page 50 Outlook for 2008 for Pearl Page 53 Financial Figures Page 55 Auditor’s Statement Page 58 Financial Figures Page 59 Price and Performance Information Page 80 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 de- tailed in the Investment Manager’s Report have not been audited. 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 Pearl_2007.qxp:Pearl_2005 18.3.2008 11:19 Uhr Seite 6 JAHRESBERICHT 2007 DATEN UND FAKTEN FACTS AND FIGURES Pearl-Wandelanleihe Pearl Convertible Bond Emittent Pearl Holding Limited, Guernsey Issuer Pearl Holding Limited, Guernsey Kapitalschutz Kapitalgarantie auf den Nominal- Capital Protection The principal amount of the bond wert bei Fälligkeit durch Pearl is protected at maturity under Holding Limited und European insurance arrangements by Pearl International Reinsurance Holding Limited and European Company, rückversichert durch International Reinsurance Swiss Re Company, and reinsured by Swiss Re Erstemission 29. September 2000 Launch Date 29 September 2000 Emissionsvolumen EUR 660 Mio. Issue Size EUR 660 million Kupon 2% p.a. zahlbar jeweils Coupon 2% p.a. on 30 September am 30. September, of each year, bis 30. September 2014 until 30 September 2014 Fälligkeit 30. September 2014 Maturity 30 September 2014 Rückzahlung 108% Redemption 108% Anfänglicher EUR 100 Initial Conversion Price EUR 100 Wandelpreis Wandlungsfrist 1. Oktober 2012 bis Conversion Period 1 October 2012 until 31. August 2014 31 August 2014 Rating AA Rating von Standard & Poor’s Rating AA rating by Standard & Poor’s Status Sicherungsvermögens- und Status Fulfills stringent investment regu- spezialfondsfähig lations for German investors Börse Notierung an der Börse in Stock Exchange Listed on Luxembourg Stock Luxemburg Exchange Kennnummern Schweiz 1.140.571 Security Numbers Switzerland 1.140.571 Deutschland 558.527 Germany 558.527 ISIN XS0117871698 ISIN XS0117871698 Settlement Euroclear/Clearstream Settlement Euroclear/Clearstream Pearl Holding Limited Pearl Holding Limited Gebühren Management-Gebühr: 1.5% p.a. Fees Management Fee: 1.5% p.a. Versicherungsprämie: 1.8% p.a. Insurance Fee: 1.8% p.a. Berichte Monatsbericht Reporting Monthly Report Quartalsbericht Quarterly Report Jahresbericht Annual Report 6 Pearl_2007.qxp:Pearl_2005 18.3.2008 11:19 Uhr Seite 7 ANNUAL REPORT 2007 PEARL HOLDING LIMITED 7 Pearl_2007.qxp:Pearl_2005 18.3.2008 11:19 Uhr Seite 8 PEARL HOLDING LIMITED VORWORT DES VERWALTUNGSRATES STATEMENT OF THE BOARD OF DIRECTORS Sehr geehrte Investoren Dear Valued Investors Nachdem 2007 im ersten Halbjahr vielversprechend begann, After a promising start to the first half of the year - begin- entwickelte es sich ausgehend von der Subprime-Krise in den ning with the subprime crisis in the US, which evolved into USA, die sich zu einer globalen Kreditkrise entfaltete, zu a global credit crisis - 2007 turned into one of the most einem der schwierigsten Jahre der letzten Dekade. Dies spie- difficult years of the past decade. This was particularly gelte sich besonders an den Aktienmärkten wider, die zeit- reflected in the equity markets, which sustained larger weise grössere Verluste hinnehmen mussten als nach den losses at times than after the New York attacks in 2001. It Anschlägen in New York in 2001. Letztendlich führte dies zu has ultimately led to fears that a material recession could der allgemeinen Befürchtung, die USA könne in eine nachhal- be on the cards for the US. Contrary to these fears, the tige Rezession verfallen. Entgegen dieser Befürchtungen prä- macroeconomic
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