Preqin Private Equity Benchmarks: Buyout Benchmark Report

As of 31st March 2014

alternative assets. intelligent data. Preqin Private Equity Benchmarks: Buyout Benchmark Report

As of 31st March 2014

Report Produced on 9th October 2014

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Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within the report or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication. Preqin Private Equity Benchmarks: Buyout Benchmark Report

As of 31st March 2014

Report Produced on 9th October 2014

Median Benchmark - Buyout All Regions - As of 31st March 2014 ...... p4. Median Benchmark - Buyout North America - As of 31st March 2014 ...... p6. Median Benchmark - Buyout Europe - As of 31st March 2014 ...... p8. Weighted Benchmark - Buyout All Regions - As of 31st March 2014 ...... p10. Pooled Benchmark - Buyout All Regions ...... p12. Horizon IRRs - As of 31st March 2014 ...... p14. List of Constituent Funds ...... p18.

Preqin Private Equity Benchmarks ® are calculated using performance information available from our online Performance Analyst database, the world’s most extensive, transparent database of private equity fund performance. Users of the online database have access to all of the underlying fund performance data used to calculate these benchmarks. With performance for over 7,100 private equity funds, the Performance Analyst online database is regularly updated and fully searchable. Further information can be found at www.preqin.com/pa.

All the performance ﬁgures used to generate the Preqin Private Equity Market Benchmarks are net position to investor – i.e. all commitments, contributions, distributions, remaining values and IRRs are all based on the net position for the institutional investor before tax but after the management fees and carry of the general partner.

The Preqin Buyout Market Benchmark is based on performance data for 991 buyout funds of vintages 1993 to 2014 as of 31st March 2014.

Preqin gathers fund returns information from a very wide and diverse range of sources, including public institutions via freedom of information legislations, published reports of a number of listed fund of funds vehicles and GP voluntary contributions. The sheer extent of the data sources that we now use provides many opportunities to crosscheck and verify data for an individual partnership from different sources, and increases our conﬁdence in the data.

A growing number of GPs have concluded that it is in their best interests to voluntarily share information on their partnerships: given that many prospective investors are seeing this information, it is better that they should have access to the most current and accurate figures possible. Even where data comes direct from the GP, however, our aim is still to show the net position for LPs, after management fees and carry. We are again very grateful to the significant number of GPs who now share data with us in this way; currently 1,000 GPs are contributing data on their funds. If you would like further details on contributing information on your firm please contact us at [email protected]. Q1 2014 Preqin Private Equity Benchmarks: Buyout Benchmark Report

Preqin Median Benchmarks: Buyout All Regions as of 31st March 2014

Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Called Dist Value Vintage Q1 Median Q3 Q1 Median Q3 Max Min Funds (%) (%) DPI (%) RVPI 2014 9 1.5 0.0 70.0 0.89 0.70 0.00 n/m n/m n/m n/m n/m 2013 39 13.9 0.0 95.0 1.00 0.97 0.86 n/m n/m n/m n/m n/m 2012 45 30.0 0.0 93.8 1.19 1.03 0.88 n/m n/m n/m n/m n/m 2011 45 51.3 3.5 101.3 1.24 1.11 0.98 13.8 10.3 4.7 50.0 -27.9 2010 37 65.4 16.3 101.1 1.50 1.27 1.10 21.8 15.5 8.0 44.5 -29.5 2009 31 79.7 35.5 107.0 1.72 1.46 1.23 24.4 16.7 8.9 36.0 -5.5 2008 64 87.5 47.6 92.9 1.73 1.47 1.22 20.8 13.0 7.7 44.1 -20.1 2007 93 92.3 56.9 83.9 1.64 1.46 1.27 16.1 10.9 7.8 43.0 -11.5 2006 79 94.0 65.9 80.3 1.78 1.49 1.20 14.2 8.3 4.3 35.0 -20.7 2005 81 97.7 99.2 44.0 1.79 1.51 1.23 15.1 10.9 6.7 76.9 -24.5 2004 36 95.8 161.5 31.5 2.31 1.92 1.64 29.4 17.8 10.9 79.8 -16.8 2003 33 100.0 157.1 18.3 2.60 1.82 1.49 32.9 20.8 9.9 56.0 -49.9 2002 29 97.0 169.0 11.6 2.21 1.87 1.31 33.6 21.3 11.1 72.0 -10.4 2001 31 97.8 204.0 2.2 2.83 2.15 1.69 41.3 28.3 13.1 64.4 -9.2 2000 69 97.8 182.9 0.2 2.39 1.92 1.60 26.5 19.2 11.3 41.6 -10.9 1999 46 98.4 151.4 0.0 1.90 1.54 0.91 17.0 10.1 4.0 35.7 -25.1 1998 56 99.1 149.8 0.0 1.94 1.54 1.21 18.0 9.4 1.8 31.9 -100.0 1997 50 100.0 163.7 0.0 2.15 1.64 1.10 18.8 10.6 2.6 84.0 -21.6 1996 31 97.6 180.1 0.0 2.41 1.80 0.87 22.5 13.1 -0.6 147.4 -19.6 1995 29 100.0 160.7 0.0 2.30 1.61 1.14 29.6 12.7 2.9 59.9 -19.9 1994 41 100.0 188.9 0.0 2.42 1.89 1.51 36.9 20.5 11.9 92.2 -22.6 1993 17 100.0 213.4 0.0 3.33 2.14 1.39 30.2 16.9 7.8 66.1 0.8

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout All Regions is calculated using data for 991 funds of vintages between 1993 and 2014 with performance as of 31st March 2014 and includes liquidated funds. Preqin holds performance data for 1,622 buyout funds. All returns are net of management fees, expenses and carry.

Buyout All Regions - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st March 2014

200 175 150 125

% 100 75 50 25 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin Performance Analyst

Buyout All Regions - Median Net IRRs and Quartile Boundaries by Vintage as of 31st March 2014

45 40 35 30 25 20 15 10 5

Net IRR since Inception (%) 0 -5 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout North America as of 31st March 2014

Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Vintage Called Dist Value Funds Q1 Median Q3 Q1 Median Q3 Max Min (%) (%) DPI (%) RVPI 2014 6 2.6 0.0 41.9 n/a 0.42 n/a n/m n/m n/m n/m n/m 2013 24 14.0 0.0 89.3 1.04 0.98 0.86 n/m n/m n/m n/m n/m 2012 23 35.2 1.4 93.8 1.32 1.06 0.95 n/m n/m n/m n/m n/m 2011 22 51.4 3.7 111.2 1.27 1.15 1.07 16.6 11.1 7.1 50.0 -12.3 2010 20 59.8 20.8 103.5 1.59 1.35 1.12 23.4 17.2 8.0 41.7 -7.6 2009 15 79.7 39.8 99.1 1.78 1.46 1.33 28.2 19.7 13.0 36.0 0.8 2008 33 86.5 59.7 92.0 1.89 1.56 1.25 24.0 17.5 9.4 44.1 -20.1 2007 49 92.4 63.6 88.9 1.76 1.48 1.33 17.7 11.5 7.9 30.1 -10.6 2006 39 94.6 70.2 83.3 1.73 1.52 1.27 14.2 9.7 5.5 35.0 -20.7 2005 45 96.4 88.2 51.7 1.84 1.51 1.27 13.8 10.4 5.4 58.5 -24.5 2004 18 97.0 128.0 39.0 2.03 1.77 1.45 18.2 13.2 8.8 28.1 -16.8 2003 18 102.5 124.9 20.7 2.33 1.63 1.32 26.7 14.3 7.2 39.5 -49.9 2002 15 99.5 107.0 18.3 2.07 1.53 1.07 25.5 18.4 4.3 35.4 -10.4 2001 14 98.9 193.0 6.9 2.81 2.09 1.65 31.2 22.2 13.1 41.1 -9.2 2000 44 97.9 182.9 6.0 2.31 1.92 1.60 22.0 13.9 10.9 41.6 -7.7 1999 24 98.4 154.1 1.7 2.00 1.56 0.99 15.9 10.1 -1.6 29.8 -25.1 1998 34 99.5 136.4 0.0 1.75 1.37 0.89 14.4 6.5 -2.5 24.3 -33.1 1997 30 100.0 158.3 0.0 2.04 1.59 1.08 14.8 10.7 1.6 33.6 -21.6 1996 19 97.6 180.1 0.0 2.41 1.80 0.78 27.2 11.0 -4.4 147.4 -19.6 1995 17 100.0 160.7 0.0 2.30 1.61 1.21 29.1 12.7 5.1 59.9 -8.6 1994 29 100.0 186.7 0.0 2.25 1.87 1.49 33.6 19.0 11.0 92.2 -22.6 1993 14 100.0 230.0 0.0 3.45 2.30 1.48 44.5 20.6 9.0 66.1 2.7

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout North America is calculated using data for 561 funds of vintages between 1992 and 2013 with performance as of 31st December 2013 and includes liquidated funds. Preqin holds performance data for 955 North American buyout funds. All returns are net of management fees, expenses and carry.

Buyout North America - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st March 2014

200 175 150 125

% 100 75 50 25 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin Performance Analyst

Buyout North America - Median Net IRRs and Quartile Boundaries by Vintage as of 31st March 2014

0 Net IRR since Inception (%) -5 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -10 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout Europe as of 31st March 2014

Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Vintage Called Dist Value Funds Q1 Median Q3 Q1 Median Q3 Max Min (%) (%) DPI (%) RVPI 2013 8 13.2 0.0 90.8 0.98 0.92 0.86 n/m n/m n/m n/m n/m 2012 16 29.2 0.0 100.0 1.08 1.02 0.85 n/m n/m n/m n/m n/m 2011 14 48.1 3.5 97.1 1.24 1.09 0.91 n/a 8.4 n/a 14.0 -3.9 2010 9 66.0 2.0 101.0 1.40 1.19 0.74 n/a 12.8 n/a 24.9 -29.5 2009 12 78.5 27.5 107.4 1.52 1.31 1.16 18.6 14.9 6.3 24.0 -5.5 2008 22 87.3 27.6 100.0 1.62 1.33 1.13 16.9 11.4 4.8 23.0 -7.6 2007 30 91.9 46.4 75.7 1.52 1.39 1.05 12.6 8.4 4.8 43.0 -11.5 2006 30 92.7 59.2 69.5 1.81 1.35 1.06 12.6 8.0 2.6 29.0 -9.0 2005 23 98.9 93.8 43.0 1.97 1.36 1.13 21.2 12.7 5.5 76.9 -0.2 2004 10 96.0 163.7 33.7 3.11 2.12 1.65 52.7 27.0 14.4 79.8 9.7 2003 14 99.5 196.0 14.4 2.65 2.30 1.60 42.3 30.0 17.7 56.0 0.3 2002 14 95.2 184.3 4.4 2.74 2.00 1.68 51.3 30.6 18.4 72.0 12.3 2001 14 97.1 201.2 4.0 3.10 2.15 1.60 44.1 29.1 10.9 46.9 7.3 2000 17 99.0 201.6 0.0 2.53 2.02 1.54 30.9 25.2 15.0 33.2 -5.7 1999 17 97.1 150.0 0.0 1.82 1.53 1.07 18.2 12.4 6.2 35.7 -14.1 1998 14 96.8 182.7 0.0 2.21 1.83 1.55 18.9 14.9 8.7 31.3 -3.2 1997 18 100.0 168.9 0.0 2.33 1.70 1.12 24.0 10.6 3.0 84.0 -2.0 1996 9 96.8 180.4 0.0 2.37 1.80 1.14 n/a 17.2 n/a 22.9 -2.9 1995 9 100.0 173.0 0.0 2.77 1.73 0.81 n/a 17.0 n/a 55.4 -19.9 1994 11 100.0 210.0 0.0 3.79 2.22 1.69 55.6 30.5 11.9 58.0 10.1 1992 5 100.0 206.1 0.0 n/a 2.06 n/a n/a 22.4 n/a 41.0 11.0

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Buyout Europe is calculated using data for 316 funds of vintages between 1992 and 2013 with performance as of 31st March 2014 and includes liquidated funds. Preqin holds performance data for 617 European buyout funds. All returns are net of management fees, expenses and carry.

Buyout Europe - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st March 2014

275 250 225 200 175 150 % 125 100 75 50 25 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin Performance Analyst

Buyout Europe - Median Net IRRs and Quartile Boundaries by Vintage as of 31st March 2014

10 Net IRR since Inception (%)

0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: Buyout All Regions as of 31st March 2014

Weighted Fund IRR Max/Min (%) No. of Vintage Dist (%) Value (%) Funds Called (%) Multiple (X) IRR (%) Max Min DPI RVPI 2014 9 2.5 0.0 44.9 0.45 n/m n/m n/m 2013 39 11.7 3.0 89.8 0.93 n/m n/m n/m 2012 45 30.2 4.1 101.3 1.05 n/m n/m n/m 2011 45 50.3 11.3 104.2 1.16 11.6 50.0 -27.9 2010 37 64.4 21.6 110.2 1.32 16.0 44.5 -29.5 2009 31 81.1 47.2 104.9 1.52 18.4 36.0 -5.5 2008 64 89.6 56.0 93.7 1.50 14.7 44.1 -20.1 2007 93 92.4 54.9 82.3 1.37 9.1 43.0 -11.5 2006 79 97.8 66.4 74.9 1.41 6.9 35.0 -20.7 2005 81 95.1 118.4 57.1 1.76 14.2 76.9 -24.5 2004 36 86.7 142.4 16.1 1.59 12.7 79.8 -16.8 2003 33 101.0 176.5 8.6 1.85 16.9 56.0 -49.9 2002 29 97.0 182.9 18.2 2.01 29.2 72.0 -10.4 2001 31 96.8 217.2 9.4 2.27 28.3 64.4 -9.2 2000 69 83.5 180.4 6.2 1.87 18.2 41.6 -10.9 1999 46 98.5 126.4 2.3 1.29 5.0 35.7 -25.1 1998 56 97.1 149.4 1.2 1.52 5.8 31.9 -100.0 1997 50 103.0 156.7 0.6 1.57 10.0 84.0 -21.6 1996 31 93.5 161.4 6.5 1.68 12.4 147.4 -19.6 1995 29 99.1 179.3 0.0 1.79 17.2 59.9 -19.9 1994 41 96.9 206.5 0.6 2.07 31.9 92.2 -22.6 1993 17 99.9 257.7 0.0 2.58 24.7 66.1 0.8 1992 21 99.1 186.9 0.0 1.87 25.2 60.6 -49.9 1991 10 100.2 327.4 0.0 3.27 35.5 54.7 -0.5

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: All Regions Buyout is calculated using data for 1,022 funds of vintages between 1991 and 2014 with performance as of 31st March 2014 and includes liquidated funds. Preqin holds performance data for 1,622 buyout funds. All returns are net of management fees, expenses and carry.

Buyout All Regions - Weighted IRRs by Vintage as of 31st March 2014

Weighted Net IRR since Inception (%) Weighted 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Source: Preqin Performance Analyst

Buyout All Regions - Weighted Multiples by Vintage as of 31st March 2014

3.0

2.5

2.0

1.5

1.0 Weighted Multiple (X) Weighted 0.5

0.0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Source: Preqin Performance Analyst

Preqin Pooled Benchmarks: Buyout All Regions

No. of Funds Weighted Fund Pooled Fund Vintage (Pooled) Called (%) Dist (%) DPI Value (%) RVPI Multiple (X) IRR (%) 2014 8 3.2 0.0 54.1 0.54 n/m 2013 36 13.9 2.3 92.9 0.95 n/m 2012 48 34.1 5.2 103.3 1.08 n/m 2011 44 50.4 10.7 105.6 1.16 12.0 2010 36 57.1 11.4 96.0 1.07 12.2 2009 32 81.1 44.8 101.9 1.47 15.4 2008 59 89.9 51.6 90.9 1.43 14.4 2007 69 91.1 50.4 80.3 1.31 9.3 2006 59 98.4 69.6 70.8 1.41 5.6 2005 54 95.6 113.7 56.8 1.71 10.6 2004 29 88.3 134.4 25.4 1.61 16.1 2003 15 96.5 180.3 10.7 1.91 20.6 2002 22 102.9 170.2 21.5 1.93 24.9 2001 19 95.7 213.8 9.0 2.23 28.9 2000 38 85.8 181.2 7.0 1.89 18.3 1999 27 97.8 140.8 2.5 1.44 11.5 1998 42 97.1 138.3 2.1 1.42 7.5 1997 22 102.0 151.7 0.8 1.52 8.1 1996 19 97.1 153.4 4.7 1.58 7.3 1995 12 99.8 177.0 0.0 1.77 13.6 1994 16 97.0 205.3 0.6 2.06 23.5 1993 8 99.6 255.2 0.0 2.55 22.9 1992 7 106.6 192.7 0.0 1.93 15.8 1990 6 97.5 266.2 0.0 2.66 16.0

Source: Preqin Performance Analyst

Preqin Pooled Benchmarks: Buyout All Regions is calculated using cash ﬂ ow data for 727 buyout funds of vintages between 1990 and 2014. Preqin holds cash ﬂ ow data for more than 2,300 private equity funds. All returns are net of management fees, expenses and carry.

Buyout All Regions - Pooled IRRs by Vintage

5 Pooled IRR since Inception (%)

0 1990 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 31st March 2014

Horizon All Private Equity Buyout Venture Capital Fund of Funds Mezzanine Distressed PE 1 Year to Mar 2014 18.1 17.8 27.0 15.4 9.5 16.1 3 Years to Mar 2014 13.1 14.3 12.7 10.2 8.2 9.9 5 Years to Mar 2014 14.7 17.4 10.9 12.1 6.4 15.1 10 Years to Mar 2014 17.3 22.4 6.8 10.0 17.5 28.6

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 31st March 2014

Horizon IRR (%) 10

0 1 Year to Mar 2014 3 Years to Mar 2014 5 Years to Mar 2014 10 Years to Mar 2014

All Buyout Venture Fund of Funds Mezzanine Distressed PE

Source: Preqin Performance Analyst

Rolling One-Year Horizon IRRs by Fund Type

All Buyout Venture Capital Fund of Funds Mezzanine Real Estate 1 Year to Dec 2000 10.1 3.6 38.1 -1.3 14.0 11.4 1 Year to Dec 2001 -2.7 -3.2 -34.3 -5.2 13.8 7.8 1 Year to Dec 2002 -9.1 -4.0 -31.6 -23.2 -2.1 6.7 1 Year to Dec 2003 17.5 24.3 -6.0 -15.1 6.8 14.9 1 Year to Dec 2004 25.0 30.3 7.1 7.5 20.4 19.8 1 Year to Dec 2005 27.0 29.7 4.5 16.9 13.6 60.8 1 Year to Dec 2006 29.1 32.3 15.8 17.9 31.7 42.6 1 Year to Dec 2007 26.0 30.7 21.3 23.2 18.8 13.5 1 Year to Dec 2008 -27.6 -31.0 -16.2 -12.0 4.0 -39.9 1 Year to Dec 2009 13.8 16.7 5.0 0.2 2.3 -25.3 1 Year to Dec 2010 18.8 22.6 10.9 13.3 8.6 4.7 1 Year to Dec 2011 9.2 8.4 8.4 7.8 15.7 14.6 1 Year to Dec 2012 12.9 15.1 7.0 8.7 10.0 6.5 1 Year to Dec 2013 18.0 19.2 19.7 13.1 10.4 17.9 1 Year to Mar 2014 18.1 17.8 27 15.4 9.5 19.4

Source: Preqin Performance Analyst

Rolling One-Year Horizon IRRs by Fund Type

Horizon IRR (%) -20

-40

-60 1 Year2014to Mar 1 Year2000to Dec 1 Year2001to Dec 1 Year2002to Dec 1 Year2003to Dec 1 Year2004to Dec 1 Year2005to Dec 1 Year2006to Dec 1 Year2007to Dec 1 Year2008to Dec 1 Year2009to Dec 1 Year2010to Dec 1 Year2011to Dec 1 Year2012to Dec 1 Year2013to Dec All Buyout Venture Fund of Funds Mezzanine Real Estate

Source: Preqin Performance Analyst

Rolling Three-Year Horizon IRRs by Fund Type

All Buyout Venture Capital Fund of Funds Mezzanine Real Estate 3 Years to Dec 2000 14.9 11.7 62.4 21.9 16.8 3.2 3 Years to Dec 2001 10.6 4.0 87.3 8.9 12.2 7.3 3 Years to Dec 2002 -4.9 -4.9 -17.6 -13.1 1.2 7.4 3 Years to Dec 2003 4.3 6.0 -19.0 -10.6 5.4 8.6 3 Years to Dec 2004 10.2 15.8 -8.5 -4.5 7.2 12.5 3 Years to Dec 2005 23.0 27.8 3.0 8.3 12.6 23.4 3 Years to Dec 2006 26.2 30.4 8.6 20.3 19.0 38.0 3 Years to Dec 2007 30.2 34.4 14.3 23.5 21.1 36.9 3 Years to Dec 2008 11.3 14.1 5.4 7.0 26.5 0.0 3 Years to Dec 2009 0.3 0.2 0.3 1.3 6.5 -18.3 3 Years to Dec 2010 0.8 0.9 -0.7 0.8 3.4 -12.2 3 Years to Dec 2011 13.9 15.7 7.0 8.0 9.3 -2.6 3 Years to Dec 2012 13.3 15.3 8.9 10.4 10.0 6.4 3 Years to Dec 2013 13.9 14.8 11.7 10.6 12.6 12.9 3 Years to Mar 2014 13.1 14.3 12.7 10.2 8.2 14.4

Source: Preqin Performance Analyst

Rolling Three-Year Horizon IRRs by Fund Type 100 80 60 40 20 0 Horizon IRR (%) -20 -40 3 YearstoMar 2014 3 Years to Dec 2000 3 Years to Dec 2001 3 Years to Dec 2002 3 Years to Dec 2003 3 Years to Dec 2004 3 Years to Dec 2005 3 Years to Dec 2006 3 Years to Dec 2007 3 Years to Dec 2008 3 Years to Dec 2009 3 YearstoDec 2010 3 Years to Dec 2011 3 Years to Dec 2012 3 Years to Dec 2013

All Buyout Venture Fund of Funds Mezzanine Real Estate

Source: Preqin Performance Analyst

Performance Analyst is the most comprehensive, detailed source of private equity performance data available today. Preqin’s team of analysts collect and monitor data from a number of different sources, including from GPs themselves, in order to provide the most comprehensive private equity performance data available. All of our performance data conforms to the same standardized metrics, with all data representing net-to-LP returns. We currently hold transparent net-to-LP performance data for over 7,100 private equity funds of all types and geographic focus. In terms of aggregate value, this represents around 70% of all capital ever raised. This high level of coverage enables us to produce the most meaningful benchmarking and comparative tools available in the industry.

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• View performance data online: for private equity funds worldwide. Compare individual funds against each other and the appropriate benchmarks. • Compare funds of all types: venture, buyout, mezzanine, distressed, special situations, real estate, natural resources, fund of funds, secondary. • Assess key performance data for each fund: size, vintage, type, called-up, distributed, unrealised value, multiple, IRR. • View historic performance for over 36,000 data points to assess how performance data has changed overtime (Premium access required). • Keep current with developments: with monthly updates you always have access to the latest data. • View cash fl ow graphs for over 2,500 funds: assess how quickly funds have called and distributed capital and what their net cash fl ow position is. • Select, compare and analyze funds according to your criteria: by type, size, vintage year etc. • Assess each fi rm’s long-term track record: quartile performance over several fund generations. • Median, pool, weighted and average Benchmarks: view fully transparent market benchmarks by fund type and region focus. Benchmarks data is available for called-up, distribution, value and top, median and bottom quartile IRRs and multiples. View details of constituent funds behind the benchmarks. • Top Performing GPs: view a list of fi rms that have consistently had funds ranked in the 1st and 2nd quartiles. • Unlimited Excel downloads for further analysis (Premium access required). • Create a tailored peer group of funds for comparative purposes.

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List of Constituent Funds

1818 Fund II Ares Corporate Opportunities Fund III CapStreet II CVC European Equity Partners III Francisco Partners 1995 Riverside Capital Appreciation Ares Corporate Opportunities Fund IV CapStreet III CVC European Equity Partners IV Francisco Partners II Fund Arsenal Capital Partners Capvis Equity I Tandem Fund Francisco Partners III 1998 Riverside Capital Appreciation Arsenal Capital Partners II Caravela CVC European Equity Partners V Freddo Holdings Fund Arsenal Capital Partners III Carlyle Europe Partners CVC European Equity Partners VI Fremont Partners II 2003 Riverside Capital Appreciation Asia Direct Carlyle Japan Partners II Cypress Merchant Banking Partners II Fremont Partners III Fund Asian Corporate Finance Fund Carlyle Partners VI Deutsche European Partners IV Friedman Fleischer & Lowe Capital 2008 Riverside Capital Appreciation Astorg II Carlyle US Equity Opportunity Fund DGPA Capital Partners II Fund V Audax Private Equity Fund Carrick Capital Partners Diamond Castle Partners IV Friedman Fleischer & Lowe Capital 2012 Riverside Capital Appreciation Audax Private Equity Fund II Castle Harlan Australian Mezzanine Direct Capital III Partners III Fund VI Audax Private Equity Fund III Partners I USA Direct Capital IV Frontenac IX Private Capital 3i 94 LMBO Plan Audax Private Equity Fund IV Castle Harlan Australian Mezzanine DKB Emerging Europe Frontenac VI 3i Europe Partners III August Equity Partners I Partners II Worldwide DLJ Merchant Banking Partners III Frontenac VII 3i Europe Partners IV August Equity Partners II Castle Harlan III Doughty Hanson & Co II Frontenac VIII 3i Europe Partners V August Equity Partners III Castle Harlan Partners IV Doughty Hanson & Co IV Frontenac X Private Capital 3i Japan Buyouts Fund Aurora Equity Partners Castle Harlan V Doughty Hanson & Co V FS Equity Partners III 3i UK Investment Partners Aurora Equity Partners II Catterton Partners III DRC II FSN Capital I 3i UK Investment Partners II Aurora Equity Partners III Catterton Partners VI-B Duke Street Capital IV FSN Capital II A&M Capital Fund I Avista Capital Partners CBPE Capital Fund VII Duke Street Capital V FSN Capital III ABRY V Avista Capital Partners II CBPE Capital Fund VI Duke Street Capital VI FSN Capital IV ABRY VI Avista Capital Partners III CBPE Capital Fund VIII ECI 5 Furman Selz Investors ACA ICT I AXA Expansion I CCMP Capital Investors II ECI 6 GEAM International Private Equity Accel - KKR Company AXA Expansion II CCMP Capital Investors III ECI 7 Fund Accel-KKR Capital Partners IV AXA Expansion III CEA Capital Partners USA ECI 8 GEAM International Private Equity Accent Equity 2003 AXA LBO Fund I Centerview Partners I ECI 9 Fund II Accent Equity 2008 AXA LBO Fund II Centre Investors III & Affi liates EdgeStone Capital Equity Fund II GED Sur Accent Equity 2012 AXA LBO Fund III Centre Investors IV & Affi liates EdgeStone Capital Equity Fund III GEM Benelux ACON Equity Partners III AXA LBO Fund IV Centre Investors V & Affi liates Egeria Private Equity Fund II GEM Benelux II ACON Latin America Opportunities AXA LBO Fund V Century Park Capital Partners Egeria Private Equity Fund III Generation Capital Partners Fund Axcel II Century Park Capital Partners II Elevation Partners GenNx360 Capital Partners ACON Latin America Opportunities Axcel III CGW Southeast Partners III Elysian Capital I GF Capital Private Equity Fund Fund IV Axcel IndustriInvestor CGW Southeast Partners IV Emerging Europe Growth Fund II GI Partners II Actera Partners Axcel IV CHAMP Buyout II Endeavour Capital Fund III GI Partners III Actera Partners II Bain Capital Fund IV CHAMP Buyout III Endeavour Capital Fund IV GI Partners IV ACTIV investments Fund Bain Capital Fund V CHAMP I Endeavour Capital Fund V Gilbert Global Equity Partners Advent Atlantic & Pacifi c III Bain Capital Fund VI CHAMP Ventures Investments Trust Endeavour Capital Fund VI Gilde Buyout Fund I Advent Central & Eastern Europe IV Baird Capital Partners Europe Fund VII Energy Recapitalization & Gilde Buyout Fund II Advent Global Private Equity II Baird Capital Partners Europe Fund II Chandos Fund Restructuring Fund Gilde Buyout Fund III Advent Global Private Equity IV Baird Capital Partners II Change Capital Fund II Enhanced Equity Fund Gilde Buyout Fund IV Advent Global Private Equity IV-A Baird Capital Partners III Change Capital Funds Enhanced Equity Fund II Glencoe Capital Michigan Advent Global Private Equity V Baird Capital Partners IV Charlesbank Equity Partners IV Eos Capital Partners III Opportunities Fund Advent Global Private Equity VI Baird Capital Partners V Charlesbank Equity Partners V Eos Capital Partners IV Glencoe Capital Partners I - Pledge Advent Global Private Equity VII Baker Communications Charlesbank Equity Partners VI EQT Danmark Fund Advent Latin American Fund III Bancroft Eastern Europe Fund Charlesbank Equity Partners VII EQT Finland Glencoe Capital Partners II Advent Latin American Fund IV Baring Vostok Private Equity Fund IV Chart Capital Partners II EQT Greater China II Glencoe Capital Partners III Advent Latin American Fund V Baring Vostok Private Equity Fund V Charterhouse Capital Partners IX EQT I Global Energy Capital Advent VII Bastion Capital Fund I Charterhouse Capital Partners V EQT II Golder Thoma Cressey Rauner IV AEA 1997 Investment Program BC European Cap IX Charterhouse Capital Partners VI EQT III Golder Thoma Cressey Rauner IX Affi nity Asia Pacifi c Fund II BC European Cap V Charterhouse Capital Partners VII EQT IV Golder Thoma Cressey Rauner V Affi nity Asia Pacifi c Fund III BC European Cap VI Charterhouse Capital Partners VIII EQT V Golder Thoma Cressey Rauner VI Affi nity Asia Pacifi c Fund IV Beacon Group III - Focus Value Fund Chicago Growth Partners EQT VI Golder Thoma Cressey Rauner VII AG Private Equity Partners III Beecken Petty O’Keefe II Chicago Growth Partners II Equistone European Fund IV Golder Thoma Cressey Rauner VIII Aheim Unternehmer-Fonds I Beecken Petty O’Keefe III Chisholm Partners IV Equistone Partners Europe Fund Golder Thoma Cressey Rauner X AIG Indian Sectoral Equity Beecken Petty O’Keefe IV CHS Private Equity V Equistone Partners Europe Fund II Goldner Hawn Marathon Fund IV Alpha Private Equity Fund Behrman Capital III Ciclad 2 Equistone Partners Europe Fund III Goldner Hawn Marathon Fund V Alpha Private Equity Fund 2 Berkshire Fund IV Ciclad 4 Equity Partners Fund No.3 Goode Consumer Fund I Alpha Private Equity Fund 3 Berkshire Fund V Ciclad 5 EquiVest I Gordon & Morris Investment Alpha Private Equity Fund 4 Berkshire Fund VI CID Capital Opportunity Fund EquiVest II Partnership Alpine Investors IV Berkshire Fund VII CID Capital Opportunity Fund II Erhvervsinvest II Gores Capital Partners Altor 2003 Fund Berkshire Fund VIII Cinven I Erhvervsinvest III Gores Capital Partners II Altor Fund II Bertram Growth Equity Partners I Cinven II Ethos Private Equity Fund IV Gores Capital Partners III Altor Fund III Bestport Fund Cinven III Eureka I GP Capital Partners Altra Investments Fund 1 BG Media Investors Cinven IV Eureka II Graham Partners Investments II Altra Private Equity Fund I Birch Hill Equity Partners III Cinven V Eureka III Granville Private Equity Fund VI Altra Private Equity Fund II Birch Hill Equity Partners IV Clayton Dubilier & Rice IX Euroknights III Graphite Private Equity Partnership American Industrial Partners Fund II Blackstone Capital Partners II Clayton Dubilier & Rice VI Euroknights IV Green Equity Investors II American Securities Partners Blackstone Capital Partners III Clayton Dubilier & Rice VII Euroknights V Green Equity Investors III American Securities Partners II Blackstone Capital Partners IV Clayton Dubilier & Rice VIII Euroknights VI Green Equity Investors IV American Securities Partners III Blackstone Capital Partners V Clessidra Capital Partners Evercore Capital Partners Green Equity Investors V American Securities Partners VI Blackstone Capital Partners VI Clessidra Capital Partners II Evercore Capital Partners II Green Equity Investors VI AMP Business Development Fund Blackstone Communications Partners I Close Brothers Growth Capital Fund I Evergreen Pacifi c Partners II Greenstone Partners Private Capital AMP Pencarrow Fund Blue Sage Capital Fund I Close Brothers Growth Capital Fund II Excellere Partners I Fund I AP Cayman Partners II Blue Sea Capital Fund I Code Hennessy & Simmons II Excellere Partners II Greenwich Street Capital Partners Apax Europe V Boston Ventures VI Code Hennessy & Simmons III Exponent Private Equity Partners Gresham III Fund Apax Europe VI Bowmark Capital Partners III Code Hennessy & Simmons IV Exponent Private Equity Partners II Gresham IV Fund Apax Europe VII Bowmark Capital Partners IV Compass Partners European Equity Exxel Capital Partners 5.5 Grey Mountain Partners II Apax France VII Brazos Equity Fund III Conseco Capital Partners II Exxel Capital Partners VI Gridiron Capital Fund II Apax France VIII Brentwood Associates Buyout II Consilium Private Equity Fund Fenno Skandia Fund II Growth Capital Partners Fund III Apax US VII Brera Capital Partners Corinthian Capital I Fenway Partners Capital Fund II GrowthGate Capital Corporation Apax VIII Bridgepoint Europe I Corpfi n Capital I FIMI Opportunity Fund I Gryphon Partners 3.5 Apollo Investment Fund III Bridgepoint Europe III Cortec Group Fund II FIMI Opportunity Fund II Gryphon Partners I Apollo Investment Fund IV Bridgepoint Europe IV Cortec Group Fund III FIMI Opportunity Fund III Gryphon Partners II Apollo Investment Fund V Brockway Moran & Partners Cortec Group Fund IV FIMI Opportunity Fund IV Gryphon Partners III Apollo Investment Fund VI Bruckmann Rosser Sherrill & Co Court Square Capital Partners II FIMI Opportunity Fund V Gryphon Partners III-C Annex Fund Apollo Investment Fund VII Brynwood Partners V Court Square Capital Partners III Ford Financial Fund II GS Capital Partners 2000 Apollo Investment Fund VIII Butler France Private Equity II Credit Suisse First Boston Eq Partners Forstmann Little Debt & Equity Buyout GS Capital Partners II Aquiline Financial Services Fund Calera Capital IV Credit Suisse First Boston Intl Equity VI GS Capital Partners V Aquiline Financial Services Fund II California Community Financial Crescent Capital Partners II Forstmann Little Debt & Equity Buyout GS Capital Partners VI Archer Capital Fund I Institutions Fund Crescent Capital Partners III VII Halder Investments IV Archer Capital Fund II Calvert Street Capital Partners III Crescent Capital Partners IV Forstmann Little Equity V Halder-Gimv Germany Fund Archer Capital Fund III Calvert Street Fund I Crestview Partners Forstmann Little Equity VI Halifax Capital Partners II Archer Capital Fund IV Calvert Street Fund II Crestview Partners II Fortress Investment Fund IV Halyard Capital Fund Archer Capital Fund V Candover 1994 CVC Asia Fund I Fortress Investment Fund V Halyard Capital Fund II Archer Capital Growth Fund 1 Candover 1997 CVC Capital Partners Asia Pacifi c II Fourth Causeway Development Hamilton Robinson Capital Partners II Archer Capital Growth Fund 2 CapMan Buyout IX CVC Capital Partners Asia Pacifi c III Capital Fund Hampshire Equity Partners II Ares Corporate Opportunities Fund CapMan Buyout VIII CVC European Equity Partners I Fox Paine Capital Fund Hancock Park Capital II Ares Corporate Opportunities Fund II CapMan Equity VII B CVC European Equity Partners II Fox Paine Capital Fund II Hancock Park Capital III

Harbert Australian Private Equity JLL Partners Fund III Monument Capital Partners II Polish Enterprise Fund IV SU Turkish Private Equity Fund JLL Partners Fund IV Morgan Grenfell Equity Partners II Polish Enterprise Fund V Opportunities I Harbert Private Equity Fund II JLL Partners Fund V Morgan Stanley Capital Partners III Polish Enterprise Fund VI Symphony Technology Group III Harbinger Private Equity Fund I JLL Partners Fund VI Morgan Stanley Global Emerging Polish Enterprise Fund VII Syntegra Capital Fund I Harbour Group Investment III Joseph Littlejohn & Levy Fund II Markets Private Inv Portobello Capital Fund I Syntegra Capital Fund II HarbourVest International II Direct JP Morgan Partners Global Investors Morgan Stanley Private Equity Asia Portobello Capital Fund II Syntegra Capital Fund III HarbourVest International III Direct Kairos Partners Private Equity Fund Fund II Primary Capital I TA / Advent VIII HarbourVest International V Direct KCPS Buyout Fund I Morgan Stanley Private Equity Asia Primary Capital II TA IX HarbourVest Partners IV Direct Kelso Investment Associates V Fund III Primary Capital III TA X Harren Investors I Kelso Investment Associates VI Morgan Stanley Private Equity Asia Private Equity Partners Fund IV TA XI Harren Investors II Kelso Investment Associates VII Fund IV ProA Capital Iberian Buyout Fund I Tailwind Capital Partners Harvest Partners III Kelso Investment Associates VIII MSouth Equity Partners Procuritas Capital Investors III Tailwind Capital Partners II Harvest Partners IV Kings Park Capital I MSouth Equity Partners II Procuritas Capital Investors IV TCW Shared Opportunities Fund III Harvest Partners V Kirtland Capital Partners MTS Health Investors II Procuritas Capital Investors V TCW Shared Opportunity Fund V Harvest Partners VI KKR Fund 1993 MTS Health Investors III Progress-Lovell Minnick Ventures TDR Capital Healthcare Equity Partners KKR Fund 1996 Murray Johnstone Private Acquisition Progressio Investimenti I TDR Capital II Heartland Industrial Partners Knox Fund I I Progressio Investimenti II Terra Firma Capital Partners I Hellman & Friedman III Knox Investment Partners Fund III Murray Johnstone Private Acquisition Prospect Poland Fund Terra Firma Capital Partners III Hellman & Friedman IV Kohlberg Investors II II Providence Equity Partners III Terra Firma Special Opportunities Hellman & Friedman V Kohlberg Investors III MUST 3 Providence Equity Partners V Fund I Hellman & Friedman VI Kohlberg Investors IV MUST 4 Providence Equity Partners VI Texas Growth Fund - 1995 Trust Hellman & Friedman VII Kohlberg Investors V Nautic Partners V Providence Equity Partners VII Texas Growth Fund II - 1998 Trust Heritage Fund I Kohlberg Investors VI Nautic Partners VI Prudential Private Equity III Texas Pacifi c Group Partners Heritage Fund II Kohlberg Investors VII Navis Asia Fund I and II Quad Partners III The Argentina Private Equity Fund II Heritage Fund III KRG Capital Fund I Navis Asia Fund V Quadrangle Capital Partners The Resolute Fund II Herkules Private Equity Fund I KRG Capital Fund II New England Growth Fund II Quadrangle Capital Partners II Thoma Bravo Fund IX Herkules Private Equity Fund II KRG Capital Fund III New Mountain Partners II Quadrant Capital Fund II Thoma Bravo Fund X Herkules Private Equity Fund III KRG Capital Fund IV New Mountain Partners III Quadrant Capital Fund III Thoma Bravo Special Opportunities HEV III KSL Capital Partners II Newbridge Asia II Quadrant Private Equity No 1 Fund I HgCapital 5 KSL Capital Partners III Next Capital Quadrant Private Equity No. 3 Thoma Cressey Fund VI HgCapital 6 KSL Capital Partners Supplemental II Next Capital II Quadrant Private Equity No.2 Thoma Cressey Fund VII HgCapital 7 Lake Capital Partners NG Capital Partners I Quartus Capital Partners I Thoma Cressey Fund VIII Hickory Lake Capital Partners II NG Capital Partners II Rasmala Buyout Fund Thomas H Lee III Hicks, Muse, Tate & Furst Equity Latin America PE Growth Fund II NiXEN I Relativity Fund Thomas H Lee IV Fund II Latin American Capital II NiXEN II Reliant Equity Partners Thomas H Lee V Hicks, Muse, Tate & Furst Equity Lehman Brothers Merchant Banking Nordic Capital Fund III Reservoir Capital Partners (Cayman) Thomas H Lee VI Fund III II Nordic Capital Fund IV RFE Investment Partners V Thompson Street Capital Partners II Hicks, Muse, Tate & Furst Europe Levine Leichtman Capital Partners Nordic Capital Fund V RFE Investment Partners VI Thompson Street Capital Partners III Fund I Levine Leichtman Capital Partners III Nordic Capital Fund VI Rhone Capital Fund II Ticonderoga KI HIG Capital Partners V Levine Leichtman Capital Partners IV Nordic Capital Fund VII Rhone Partners III Tokumei-Kumiai AF2 HIG European Capital Partners II Levine Leichtman Capital Partners V Nordic Capital Fund VIII Rhone Partners IV TowerBrook Investors High Road Capital Partners II Levmark Capital Nordic Private Equity Partners II Ridgemont Equity Partners Fund I TowerBrook Investors II Highcrest Partners Fund LGV 1 Private Equity Fund Northstar Equity Partners II Ripplewood Partners TowerBrook Investors III HitecVision Private Equity III LGV 1999 Unquoted Private Equity Northstar Equity Partners III Riverside Central Europe Fund TowerBrook Investors IV HitecVision Private Equity VI Fund Novo Tellus PE Fund 1 Riverside Partners IV TPG Partners II HM Capital Sector Performance LGV 2 Private Equity Fund Oak Hill Capital Partners II Riverside Partners V Trident Fund I Fund LGV 3 Private Equity Fund Oak Hill Capital Partners III RJD Private Equity Fund II Trident Private Equity Fund I HMTF Equity Fund V LGV 4 Private Equity Fund Oaktree Power Opportunities Fund III RLH Investors I Trident Private Equity Fund II Hony Capital Fund IV LGV 5 Private Equity Fund OCM/GFI Power Opportunities Fund RLH Investors II Trident Private Equity Fund III Hony Capital Fund V LHV Capital I OCM/GFI Power Opportunities RLH Investors III Trilantic Capital Partners III Horizon Capital Partners IA Liberty Partners Pool I Fund II Roark Capital Partners III Trilantic Capital Partners IV HSBC Private Equity European Liberty Partners Pool IV Odyssey Investment Partners Royal London Private Equity Fund Triton Fund III HSBC Private Equity Partnership Lightyear Fund III Fund IV RRJ Capital Master Fund II Triton Fund IV Scheme Lincolnshire Equity Fund I Olympus Growth Fund II Seaport Capital Partners II Triumph California Huntsman Gay Capital Partners Lincolnshire Equity Fund IV Olympus Growth Fund IV Seaport Capital Partners III Triumph Capital Investors II I&FI II Linden Capital Partners Olympus Growth Fund V Seaport Capital Partners IV Triumph Connecticut ICV Partners II Linden Capital Partners II Onex Partners Searchlight I Trivest Fund II IK VII Fund Lindsay Goldberg - Fund I Onex Partners II SEAVI Advent Equity IV Trumpet Investors ILP I Lindsay Goldberg - Fund II Onex Partners III SEAVI Advent Equity V TSG Capital Fund II ILP Investment Vehicle Lindsay Goldberg - Fund III Pacifi c Equity Partners Fund I Segulah I TSG Capital Fund III Imperial Capital Acquisition Fund II Linsalata Capital Partners Fund VI Pacifi c Equity Partners Fund II Segulah II Turkish Private Equity Fund II Imperial Capital Acquisition Fund III - Linsalata Capital Partners III Pacifi c Equity Partners Fund III Segulah III Turkish Private Equity Fund III High Net Worth Lion Capital Fund III Pacifi c Equity Partners Fund IV Segulah IV Union Park Capital I Imperial Capital Acquisition Fund Littlejohn Fund III Pacifi c Equity Partners Seidler Equity Partners IV Unitas Asia Opportunity Fund III - Institutional Littlejohn Fund IV Supplementary Fund II Sentinel Capital Partners IV Unitas Opportunity Fund II Imperial Capital Acquisition Fund IV LNK Partners II PAG Asia I SG Hambros Private Equity Fund V Unitas Opportunity Fund III Imperial Capital Acquisition Fund V Lombard Nogales Radio Partners PAI Europe III Short Vincent Partners II US Equity Partners I India Value Fund I Lone Star CRA Fund PAI Europe IV Short Vincent Partners III V4C Eastern Europe II India Value Fund II Lone Star New Markets Fund PAI Europe V Silver Lake Partners Vaaka Partners Buyout I India Value Fund III Lone Star Opportunities Fund V PAI LBO Fund Silver Lake Partners II Vaaka Partners Buyout II India Value Fund IV Longreach Capital Partners 1 Palatine Private Equity II Silver Lake Partners III Valor Equity Partners Fund I Industri Kapital 1994 Fund Lovell Minnick Equity Partners Palladium Equity Partners II and Silver Lake Partners IV Valor Equity Partners Fund II Industri Kapital 1997 Fund Lovell Minnick Equity Partners II Affi liates Silver Lake Sumeru VDCapital Industri Kapital 2000 Fund Lovell Minnick Equity Partners III Palladium Equity Partners III Sinergia con Imprenditori Veritas Capital Fund Industri Kapital 2004 Fund Lunar Capital Partners II Palladium Equity Partners IV Solera Capital I Veritas Capital Fund II Industri Kapital 2007 Fund Lunar Capital Partners III Parthenon Investors Sorenson Capital Veritas Capital Fund III Industrial Growth Partners Madison Dearborn Capital Partners I Parthenon Investors II Sorenson Capital Partners II Veritas Capital Fund IV Industrial Opportunity Partners I Madison Dearborn Capital Partners II Parthenon Investors III South America Growth Fund Vestar Capital Partners II Infl exion 2003 Buyout Fund Madison Dearborn Capital Partners Parthenon Investors IV South Eastern Europe Fund Vestar Capital Partners III Infl exion 2006 Buyout Fund III Partners Group Direct Investments Southeast Europe Equity Fund II Vestar Capital Partners IV Infl exion 2010 Buyout Fund Madison Dearborn Capital Partners 2006 Southern Cross Latin America Vestar Capital Partners V ING Equity Partners IV Patria Brazilian Private Equity Fund II Vestar Capital Partners VI Innova/3 Madison Dearborn Capital Partners Fund III Southern Cross Latin America Vestor Partners Innova/4 V Pechel Industries I Fund III Victoria South American Partners I Innova/5 Madison Dearborn Capital Partners Pencarrow IV Fund Southern Cross Latin America Victoria South American Partners II Innova/98 VI Performance Direct Investments I Fund IV Vista Equity Fund II Insight Equity I Magnum Capital Permira Europe I Southern Cross Latin America Vista Equity Fund III Insight Equity II Main Capital Partners II Permira Europe II Private Equity Fund Vista Equity Partners Fund IV Inter-Risco II Main Capital Partners III Permira Europe III Southvest Fund V Vista Foundation Fund I Intervale Capital Fund I Mainsail Partners II Permira France II Southwest Opportunity Partners Vista Foundation Fund II Intervale Capital Fund II Markstone Capital Partners Permira Italy II Spectrum Equity Investors Vitruvian Investment Partnership I Inverness / Phoenix Partners MBK Partners II Permira IV Spectrum Equity Investors II VS&A Communications Partners III Inverness Partners II MBK Partners III Permira UK III Spectrum Equity Investors IV VSS Communications Partners IV INVESCO East Europe Frontiers MBO Fund No.1 Perseus 2000 Expansion Fund Spire Capital Partners II Wand Equity Portfolio II Fund McCown De Leeuw III Perseus Market Opportunity Fund Spire Capital Partners III Wand/Acordia Investments Investcorp Technology Partners III MCM Capital II Perseus Partners VII Sports Capital Partners Waterland Private Equity Fund I Irving Place Capital Partners II Mid Europa Fund III Persistence Capital Partners I Steadfast Capital I Waterland Private Equity Fund II Irving Place Capital Partners III MidOcean Partners Persistence Capital Partners II Steadfast Capital II Waterland Private Equity Fund III ISIS II MidOcean Partners Fund III PHD Equity Partners Fund No. I Steadfast Capital III Waterland Private Equity Fund IV ISIS III Milestone 2007 Phildrew Ventures Fifth Fund Sterling Capital Partners III Waterland Private Equity Fund V ISIS IV MMV Private Equity Fund Phoenix Equity Partners II Sterling Capital Partners IV Waud Capital Partners III ISIS V Monitor Clipper I Phoenix Equity Partners III Sterling Group Partners I Wellspring Capital Partners II Italian Private Equity Fund II Monitor Clipper IA Platinum Equity Capital Partners Sterling Group Partners II Wellspring Capital Partners III Italian Private Equity Fund III Monitor Clipper Partners II Fund II Sterling Group Partners III Wellspring Capital Partners IV JAFCO MBO 1 Monitor Clipper Partners III Polaris II STIC M&A Fund I Wellspring Capital Partners V JAFCO MBO 2 Montagu III Polaris III Stonington Capital Appreciation 1994 Welsh Carson Anderson & Stowe IX JC Flowers II Montagu IV Polish Enterprise Fund Stratus Capital Partners Welsh Carson Anderson & Stowe VI

Welsh Carson Anderson & Stowe VII Welsh Carson Anderson & Stowe VIII Welsh Carson Anderson & Stowe X Welsh Carson Anderson & Stowe XI Whippoorwill Vega Partners III Whitney IV Whitney VI Whitney VII Wicks Capital Partners IV William E Simon & Sons II Willis Stein & Partners Willis Stein & Partners II Wind Point Partners III Wind Point Partners IV Wind Point Partners V Wind Point Partners VI Wind Point Partners VII Windjammer Senior Equity Fund III Windward Capital Partners II Wingate Partners II Wingate Partners III Wingate Partners IV Wingate Partners V Wynnchurch Capital Partners I Wynnchurch Capital Partners II Wynnchurch Capital Partners III Xenon V Yucaipa American Alliance Fund I Yucaipa American Alliance Fund II Zeus Private Equity Fund I ZM Capital