Day 1 – Tuesday 22nd February 2005 Main Conference 0730 Registration & Coffee 0800 Chairman’s Opening Address: Derek Zissman, Partner, KPMG’s Group, KPMG LLP (UK) 0810 LP Perspectives: Does Being In A Top Quartile Fund Limit An LP's Ability To Maintain An Alignment Of Interests? David Larsen, Partner, KPMG's Private Equity Group, KPMG LLP (USA) 0830 INSIGHTS FROM A PRIVATE EQUITY GURU Three Decades of Investing – Thoughts On The Progression Of The Private Equity Industry Henry Kravis, Founding Partner, & CO. 0900 HEAD-TO-HEAD WITH THE INDUSTRY EXPERTS: Middle Aged Spread In Private Equity: Which Evolution Routes Should The Industry Take Now? Moderator: HAMILTON LANE Panellists: Nigel Doughty, CEO, DOUGHTY HANSON & CO Philip Yea, CEO, 3I GROUP PLC Douglas Karp, Managing Partner, TAILWIND CAPITAL 0945 SPECIAL GUEST PRESENTATION Lessons Of Leadership: Examining The Strengths & Weaknesses Of Different Styles Of Leadership & Predicting The Future As It Will Affect Both Business & Society William Hague LEADER OF THE BRITISH CONSERVATIVE PARTY 1997 – 2001 1045 Morning Coffee 1115 The Transformation of the Private Equity Industry: Successions & Spin-outs

1135 Examining The Private Equity Investment Cycle 1967-2004: Where Are We In The Current Cycle, And What Lessons Have We Learned That Can Be Applied To Future Investment Strategies? Brooks Zug, Senior Managing Director, HARBOURVEST PARTNERS 1200 Lessons From Israel Boaz Dinte & Erez Shachar, Co-Managing Partners, EVERGREEN VENTURE PARTNERS 1230 ELECTRONIC POLLING SESSION Respond To Industry Questions With Commentary From An Executive Panel: Chaired by: Jon Moulton, Managing Partner, ALCHEMY PARTNERS Panellists: Björn Savén, Chairman & Chief Executive, INDUSTRI KAPITAL Christopher Spray, Senior Partner, ATLAS VENTURE Sasha van de Water, Managing Director, KEYHAVEN CAPITAL PARTNERS Ray Maxwell, Managing Director, INVESCO ASSET MANAGEMENT 1315 Lunch Stream A Stream B Stream C Stream D Stream E LP Perspectives Latest Developments In Performance & Value Cutting Edge Management Return Expectations, Dealflow Chaired by: Creation Strategies & Fundraising SJ BERWIN Chaired by: Chaired by: Chaired by: Chaired by: Guy Fraser-Sampson Dr Stephan Hepp Kathleen Bacon Peter Vernon MOWBRAY CAPITAL SCM STRATEGIC CAPITAL HARBOURVEST PARTNERS MARSH MANAGEMENT 1445 Panel Discussion Examining The Future Of EXTENDED Q&A SESSION Maximising Chances Of An What Are The Current Return Venture Capital With The How Does Private Equity Really Optimal Realisation - Best Expectations Of LPs & How Boom/Bust Cycle Behind Us: Make Money? Practice Risk Management Realistic Are They? What Has Been Learned & How Chris Masterson “Lessons Of Leadership” Strategies For Executing A Moderated by: Can Investors Be Attracted Back CEO Clean And Successful Exit Serge Raicher, Partner, To The Asset Class? MONTAGU PRIVATE Andrew Hunt PANTHEON VENTURES Sir David Cooksey EQUITY Senior Vice- President Panellists: Chairman MARSH, PRIVATE EQUITY Susan Carter, President & ADVENT VENTURE William Hague AND M&A PRACTICE CEO, COMMONFUND PARTNERS LEADER OF THE BRITISH 1505 CAPITAL Examining The Reasons Behind CONSERVATIVE PARTY Assessing The Availabiity Of Thomas Puetter, CEO, Mediocre European VC Returns Performance Data & The 1997 – 2001 Funding For The Private Equity ALLIANZ CAPITAL Despite A Wealth Of European Limitations Of The Benchmark: Industry: What Does It Mean For PARTNERS Technology: What Does It Need The SCM 2004 Performance The Industry Today And Going William Gilmore, Investment To Get Silicon Valley VC Analysis Forward? Director – Private Equity, Returns? Dr Stephan Hepp Philippe M Costeletos SCOTTISH WIDOWS Charles Irving CEO Partner & Managing Director INVESTMENT Managing Partner SCM STRATEGIC CAPITAL TEXAS PACIFIC GROUP PARTNERSHIP POND VENTURES MANAGEMENT Dominic Slade, Partner, ALCHEMY PARTNERS 1525 What Strategies Should LPs Use Examining The Consequences Private Equity Portfolio Panel Discussion Is Private Equity An Asset Class, To Successfully Identify The Of Misinterpretation Of VC Management: Examining The How Important Is Management And If So, Is It Becoming So Top Performing Private Equity Returns By The LP Community. “Myth” That Partnership Picking To The Success Of A Private Efficient That The Best Returns Houses? How Should European VC Is The Only Important Driver Of Equity Firm? Are Behind Us? Steven Costabile Returns Be Compared To Performance Moderated by: Kelly de Ponte Partner Quoted Markets, Buyout, And Urs Wietlisbach Kathleen Bacon, MD, Partner AIG GLOBAL US VC? Partner & Co-Chairman HARBOURVEST PARTNERS PROBITAS PARTNERS INVESTMENT GROUP Guy Fraser-Sampson PARTNERS GROUP (UK) LTD Managing Partner Panellists: MOWBRAY CAPITAL Nigel McConnell, MD, ELECTRA PARTNERS EUROPE 1545 The US Perspective On Today's David Blitzer, Examining Historical US VC Fundraising Environment: THE GREAT DIVIDE: The Investigative Senior Managing Director, Returns: Does The Future Best Practices for Funds In The Over The Coming Years There Path To Value Creation THE BLACKSTONE LookAny Different? How can Market Will Emerge In Europe A Small Maxim Worcester GROUP LPs Get Historical Returns In Number Of Early Stage Managing Director, Amaury-Daniel de Seze, Today’s Environment? Technology VC's Generating CR Deutschland Chairman & CEO, Steve Bird SUPER RETURNS. CONTROL RISKS PAI PARTNERS General Partner Jim Martin GROUP Marc Boheim, FOCUS VENTURES Managing Partner Executive Director, ADD PARTNERS GOLDMAN SACHS ASSET MANAGEMENT INT’L 1605 Afternoon Tea 1635 The Secondary Market: Early Stage Venture - Whole The Impacts Of The Country Versus Global Funds : Where To Now? New Game Or More Of The Topic TBC, Globalisation Of Technology On How Is The Recent Flood Of Pan James Pitt Same? Examining The Current Tony Malin Venture Capital And Early-Stage European Funds Into Local Managing Director Deal Environment, Fund Sizes & CEO Companies Markets Affecting AXA PRIVATE EQUITY Investment Environment STAR CAPITAL PARTNERS Erel Margalit Country Funds? David Ward Founder & Managing Parter Pierre Rispoli Partner JVP Managing Director MTI PARTNERS SIPAREX GROUP 1655 Hands-On Or Hands-Off: Predicting The Long Term Does Geography Matter? How To Create Value In Panel Discussion Adding Value Avoiding Legal Implications Of The Downsizing Weighing Up The Pros & Cons Portfolio Companies Fundraising In 2005: Control? Of US Venture Capital Funds: Of Local Versus Global Teams Bjorn Hoi Jensen "The Wall of Money” Marco Franzini What Effect Will It Have On Fabio Sattin Partner & Head Moderated by: Partner, Milan Future Access For LPs? Chairman and Founding PartneR EQT PARTNERS GmbH Terence Tehranian, SIMMONS & SIMMONS Tim Cruttenden PRIVATE EQUITY Manging Partner, Director, Fund Investments, PARTNERS GMT COMMUNICATIONS VENCAP PARTNERS INTERNATIONAL PLC Panellists: Paul Denning, 1715 Examining New Horizons In Panel Discussion Panel Discussion Chief Executive Officer, Portfolio Construction & The Big Debate: Does The US Examining The Pros & Cons Of Portfolio Management & DENNING & CO LLC Manager Selection Venture Capital Model Work In Investing With Brand Names Operational Skills Are Patricia Cloherty, Clive Norton Europe? Versus Emerging Managers: Essential. Leverage & Chairman & CEO, Co-Head Europe/Asia, Private Moderated by: What Are The Benefits & The Arbitrage Are Not Enough! DELTA PRIVATE EQUITY Equity Group Guy Fraser-Sampson Challenges Of Each Approach? Philip Buscombe, CEO, PARTNERS GOLDMAN SACHS ASSET Managing Partner Moderated by: WEST PRIVATE EQUITY Anders Stroemblad, MANAGEMENT INT’L MOWBRAY CAPITAL Claus Stenbaek, MD, (Panellists tbc) Head of Alternative Investments, Panellists: KEYHAVEN CAPITAL SECOND SWEDISH George Coelho, General PARTNERS NATIONAL Partner, Panellists: Ad van den Ouweland, BENCHMARK CAPITAL Brian Wade, Managing Partners, Denis Lucquin, Director of Private Equity, ROBECO Managing Partner, VIRGINIA RETIREMENT SOFINNOVA PARTNERS SYSTEM Erel Margalit, Maurice Simons, Founder & Managing Partner, Portfolio Manager, Private JVP Equity, SPF BEHEER BV Richard Bowman, Co-Founder & Managing Partner, CAPSTONE VENTURES IPEL

1755 Networking Champagne Roundtables - 1840 1900 Evening Networking Drinks Party, – hosted by KPMG & UBS INVESTMENT BANK 2030 at the Union Halle, Hanuauer Landstarasse 196a, Frankfurt

rd Day 2 - Wednesday 23 February 2005 Main Conference 0800 Registration & Coffee 0830 Chairman’s Welcome: Derek Zissman, Partner, KPMG’s Private Equity Group, KPMG LLP (UK) 0840 Innovative Funding Strategies for Asset Rich Businesses: The Convergence of Acquisition and Real Estate Finance Rob Day, Partner, SJ BERWIN 0900 INSIGHTS FROM AN INDUSTRY GURU Examining The Convergence Of Private Equity & Hedge Funds: What Will Increased Competition For Deals & Talent Mean For The Industry & Which Model Will Prevail? David Rubenstein, Founder & Managing Director, 0930 EXECUTIVE PANEL DISCUSSION What Portfolio Strategies Should Private Equity Investors Be Adopting? Should They Be Following The Fund, The Firm Brand Or The Manager? Moderator: Jonny Maxwell, Chief Executive, Private Equity, STANDARD LIFE INVESTMENTS (PRIVATE EQUITY) Panellists: Sandra Robertson, Head of Alternative Assets, THE WELLCOME TRUST JonCarlo Mark, Portfolio Manager, Alternative Investment Management Team, CalPERS John Singer, Managing Director, ADVENT INTERNATIONAL Harald Mix, Founding Partner, ALTOR EQUITY PARTNERS Hanspeter Bader, Managing Director, UNIGESTION 1015 Morning Coffee 1045 Chairman: James Moore, Executive Director, Private Equity Funds Group,Head of International Distribution, UBS INVESTMENT BANK 1050 Integrity Or Investigative Due Diligence - The Importance Of Developing A Systematic And Robust Due Diligence Process As A Tool For Quality Investment Decisions Stephen Ball, Managing Director, International General Counsel, KROLL 1110 INSIGHTS FROM AN INDUSTRY GURU The Strength Of Large Growth Buyout Investing In The US Thomas H. Lee, Chairman, THOMAS H. LEE PARTNERS 1135 The Ability Of The Mega Buyout Market To Provide Sustainability Of Quality Dealflow John Studzinski, Chief Executive – Corporate, & Markets, HSBC 1200 PERSPECTIVES FROM EUROPE’S MOST INSPIRATIONAL THINKER How To Make It In The World Of Karaoke Capitalism: Opening Your Mind & Re-Writing The Rules To Achieve Management For Mankind Kjell Nordström, Assistant Professor, Institute of International Business (IIB), STOCKHOLM SCHOOL OF ECONOMICS 1300 Lunch, hosted by EVERGREEN VENTURE PARTNERS Stream A Stream B Stream C Stream D Stream E LP Perspectives Industry Changes In Buyouts Latest Developments In Future Of The Mid Market Evolution Of The Secondary Chaired by: Chaired by: Venture Capital Chaired by: Market Eduardo Bugnone John Barber Chaired by: Michael Hoffman Chaired by: ARGOS SODITIC HELIX ASSOCIATES Spencer Tall PALAMON CAPITAL SJ BERWIN ALLEGIS CAPITAL PARTNERS 1430 Panel Discussion Examining Recent Changes In Silicon Valley Circa 2005: How Examining The Future Of The Examining The Evolution Of Examining Key Areas Of The European Financial Sponsor To Take Advantage European Mid Market: The Secondary Market From A Investor Interest Within VC & Market Of The Coming Increasing Competition But Niche Sub Category To A Private Equity: Where Does The Jeff Mc Dermott, Joint Head of Capital Shortage Expanding Opportunities Robust & Balanced Process: Focus Currently Lie? European Investment Banking, Alan Salzman Michael Hoffman Where Is It Going Next In Moderated by: Member of the USB Investment Managing Partner & Co-founder Co-Founder & Managing Terms Of Growth? Mounir Guen, Founder & CEO, Bank Board VANTAGEPOINT VENTURE Partner Marleen Groen, CEO MVISION PRIVATE EQUITY UBS INVESTMENT BANK PARTNERS PALAMON CAPITAL GREENPARK CAPITAL ADVISERS PARTNERS 1450 Panellists: Panel Discussion Panel Discussion Panel Discussion Panel Discussion Peter Gale, Managing Director, How Will The Increased Flight Succeeding In European VC The European Middle Market: Examining How The Maturing Gartmore Private Equity, Amongst LPs To Brand Name Circa 2005: Why Europe Is The The View From The Other Side Secondaries Market Is GARTMORE INVESTMENT Funds Affect Industry New China Of The Atlantic Addressing Its Major MANAGEMENT Consolidation & Globalisation, Moderated by: Moderated by: Challenges: Views From A Gordon Hargraves, Partner, Succession Plans, & Raising First Alan Salzman, Managing Michael Hoffmann, President & Representative Panel Of Rho FUND INVESTORS Time Funds? Partner and Co-Founder, Partner, Experienced Secondaries Hanneke Smits, Head of Moderated by: VANTAGEPOINT VENTURE PROBITAS PARTNERS Players Who Have All Chosen European & Asian Investments, John Barber, Director, HELIX PARTNERS Panellists: A Very Different Strategic ADAMS STREET PARTNERS ASSOCIATES Panellists: Nicole Belytschko, Investment Approach Dana Haimoff, Portfolio Panellists: Stefan Ingeborn, Managing Officer, Moderated by: Manager, JPMORGAN Peter McKellar, Investment Director, COMPREHENSIVE Marleen Groen, CEO FLEMING ASSET Director, STANDARD LIFE INNOVATIONSKAPITAL FINANCIAL MANAGEMENT GREENPARK CAPITAL MANAGEMENT INVESTMENTS (PRIVATE Rolf Dienst, Founding Partner, Martin Day, Vice President, Panellists: EQUITY) WELLINGTON PARTNERS OMERS CAPITAL Sebastian Junoy, Co- 1510 How Can Meet Andrew Joy, Partner, CINVEN Bryan Wood, Founding Partner, PARTNERS Founder, HEADWAY The Objectives & Requirement s David Rogers, Senior Vice ALTA BERKELEY Hugh Lenon, Managing CAPITAL Of LPs? Understanding What President, Private Equity Group, Paul Harvey, Partner, ABBEY Partner, Michael Granoff, CEO, Type Of Exposure They Seek & OMERS ROAD VENTURES PHOENIX EQUITY POMONA CAPITAL What They Look For In Terms Hugh Richards, Co-Founder, PARTNERS Peter Wilson, Managing Of Performance EXPONENT PRIVATE Director, HARBOURVEST Sanjay Mistry EQUITY PARTNERS Investment Consultant Russell Steenberg, MD, Olaf Neubert, MERCER INVESTMENT MLIM PRIVATE EQUITY Managing Partner, CONSULTING PARTNERS HEDGES CAPITAL, INC

1530 Topic TBC Examining The Challenges Of Alfred Eckert Secondasry Deals In The Chairman & CEO German Market GSC PARTNERS John Hammond, Partner, CMS HASCHE SIGLE 1550 Afternoon Tea Stream A Stream B Stream C Stream D Stream E

1620 Comparing The Return Successful Strategies For Panel Discussion How To Control The Danger Of Examining Latest Expectations Of Newcomer LPs Entering The European Private Comparing & Contrasting The Today's Performance Attracting Developments In The Portfolio To Experienced Investors Equity Market: Building Local Status & Direction Of Venture An Abundance Of Capital That Of Direct Private Equity Kathryn Stokel Teams In Key Continental Capital In Europe, US & Israel Will Drive Up Asset Prices And Secondaries Market Managing Director Markets Moderated by: Erode Future Performance David Wachter ABBOTT CAPITAL Marco Mantica, Managing Spencer Tall, MD, Peter Brooks Managing Director & Co- MANAGEMENT Director, VESTAR CAPITAL ALLEGIS CAPITAL Managing Partners Founder PARTNERS ITALIA SGR Panellists: SOVEREIGN CAPITAL W CAPITAL PARTNERS 1640 Panel Discussion Q&A SESSION Ernice Richardson, CEO, Examining The Growing Interest Panel Discussion Examining Alignments Of MTI PARTNERS From US LBO Examining The Opportunities Interest Between Client & Boaz Dinte, Funds In European Going Forward In The Provider: What Are The Current “Karaoke Capitalism” Co-Managing Partner, Mid-Market Deals Secondaries Market: Focusing Level Of Satisfaction In LP / GP EVERGREEN PARTNERS Brian M. McCall On New Liquidity Routes, Relations? Markus Strelow, Partner, Partner Structuring, & Intermediary Moderated by: MAYER,BROWN,ROWE & DECHERT Activity Amanda D’Amico, Kjell Nordström MAW LLP Moderated by: Managing Partner, Assistant Professor, Scott Myers, Founder & 1700 ACANTHUS ADVISERS Institute of International Why You Have To Be In Israel: A Closer Look At The Smaller Managing Director, Panellists:Colin Maltby, Business (IIB) A Look At The Most Vibrant End Of COGENT PARTNERS Head of Investments, STOCKHOLM SCHOOL OF Source Of Technology Start-ups, The Mid-Market: Panellists: Oliver Gardey, BP INVESTMENT ECONOMICS Its Risks and Opportunity Is This The Next Hot Spot? Partner, ADAMS STREET MANAGEMENT LIMITED Neil Cohen Guy Semmens PARTNERS Jos van Gisbergen, General Partner Partner Julian Mash, CEO, Director Alternative Investments, ISRAEL SEED PARTNERS ARGOS SODITIC VISION CAPITAL MN SERVICES Christophe Florin, Javier Loizaga, Executive Managing Director, Partner, MERCAPITAL AXA PRIVATE EQUITY Piers Dennison, Investor Relations Director, CANDOVER 1720 Close of Day 2, followed by Networking Drinks 1800 – 1930

th Day 3 – Thursday 24 February 2005 Main Conference 0800 Registration & Coffee 0835 Chairman’s Welcome: Richard Allsopp, Managing Director, Global Head of Private Equity Funds Group,UBS INVESTMENT BANK 0845 Successfully Selecting Next Generation Top Tier Managers: Why Is It Important, What Are The Challenges & How Can They Be Overcome? Ian Armitage, CEO, HgCapital 0910 Will Private Equity Always Outperform Public Equities? Sir Ronald Cohen, Executive Chairman, WORLDWIDE LLP 0935 EXECUTIVE PANEL DISCUSSION How Will The Expansion Of Private Equity Firms Change The Pioneering Culture & Individuality Of The Industry & To What Extent Will This Affect Returns? Moderator: Jon Moulton, Managing Partner, ALCHEMY PARTNERS Panellists: David Rubenstein, Founder & Managing Director, THE CARLYLE GROUP Stephen Schwarzman, President, CEO and Co-Founder, Jonathan Russell, Executive Director, 3i GROUP PLC 1020 Morning Coffee 1050 Addressing Changing Sources Of Value In Private Equity: What Are The Drivers Of Value In The Next Decade & How Will This Impact On Returns? Guy Hands, CEO, TERRA FIRMA CAPITAL PARTNERS 1115 SPECIAL GUEST SPEAKER: ECONOMIC OVERVIEW Analysis Of The Global Economy: Could The Good Days For Private Equity Be Coming To An End As Higher Interest Rates, Higher Oil Prices, Higher Inflation & Higher Taxes Point Towards Slower Economic Growth? Marvin Zonis, POLITICAL ECONOMIST, AUTHORITY ON POLITICAL RISK & LEADERSHIP IN THE NEW ECONOMY Professor, UNIVERSITY OF CHICAGO 1215 EXECUTIVE PANEL DISCUSSION Pension Liabilities- Facing Up To Realities: Are Pension Funds The Industry’s Greatest Friends Or Enemies? Moderator: Carol Kennedy, Senior Partner, PANTHEON Panellists: David Gamble, Consultant, (Former Chief Executive), BRITISH AIRWAYS PENSION INVESTMENT MANAGEMENT LTD) Veronica Eng, Partner, PERMIRA Keith Sansom, Chairman, CHEM POLYMER GROUP LTD 1300 Lunch Stream A Stream B Stream C Stream D Growing Opportuniteis In Emerging Future Models For Success In Private Examining New Developments In Special Guest Q&A Sessions Markets Equity & VC Private Equity Chaired by: Chaired by: Chaired by: Chaired by: Eric Warner Jean Salata Sajan Thomas Melissa Ma MERCER BARING P EQ ASIA THOMAS CAPITAL GROUP HELLMAN & FRIEDMAN 1430 Emerging Markets: What Is Different This EXTENDED SESSION Time Around? Is There Really Money To An LP Perspective On Trends Successfully Accessing The Capital Be Made & What Is The Best Way To In The European Buyout Scene Markets - Broadening The Appeal Of “What To Expect In The Private Equity Invest? Jan Faber Private Equity Business Over The Next Year” Jean Salata Private Equity Fund Investments Andrew Williams Chairman & Founder BREGAL INVESTMENTS CEO Stephen Schwarzman BARING PRIVATE EQUITY ASIA SVG ADVISERS LTD President, CEO & Co-Founder THE BLACKSTONE GROUP 1450 Panel Discussion Examining The Importance Of Sustaining Private Equity And Hedge Funds – How Will China Live Up To Vision & Innovation In Managing Your And Why Are The Expectations? Assessing The Business – What Are The Future Models Lines Blurring? For Success In An Increasingly Melissa Ma, Director Improvement In GDP Growth & Institutionalised Marketplace? HELLMAN & FRIEDMAN LLC 1510 Corporate Governance Regulations: Moderated by: New Business Models For Investors: Q&A SESSION Is Now The Time To Invest? Craig Donaldson, Director, Client Backing Individuals Rather Than Brands Moderated by: Services, HgCAPITAL Philippe von Stauffenberg, Max Burger-Calderon, Equity Partner, Panellists: STAUFFENBERG CAPITAL “Analysis Of The APAX PARTNERS Steven Vicinelli, Co-Head of Private PARTNERS LLP Global Economy” Panellists: Equity, THE INVESTMENT FUND Martin Haemmig, Professor, FOR FOUNDATIONS Thomas R. Dorr, Executive Director, Global Venture Capital & MORGAN STANLEY Marvin Zonis, POLITICAL Entrepreneurship, ALTERNATIVE INVESTMENT ECONOMIST, CeTIM PARTNERS Professor, UNIVERSITY OF Olivier Glauser, Director China, Wayne Harber, Managing Director, CHICAGO QUALCOMM VENTURES HAMILTON LANE Eric Li, Founder & Managing Partner, CHENGWEI VENTURES John-Paul Ho, Managing Partner, CRIMSON 1530 Bringing LPs Back To China What Are The Characteristics Of A Fund Rebecca Xu That Will Drive Success Investment Officer In The Future? INTERNATIONAL FINANCE CORPORATION Moderated by: Sajan Thomas, President, 1550 Examining The Private Equity THOMAS CAPITAL GROUP Opportunity In Central and Eastern Panellists: Europe Lindsay Lee, Chief Investment Officer, Dr Joseph Schull HRJ CAPITAL Managing Director David Lindstrom, METLIFE An Hanham, BURRILL & CO Bob Roeper, Managing Partner, VIMAC VENTURES 1610 Close of Conference