Eileen XieDecember 2005

Global Private Equity

T H O M S O N F I N A N C I A L

T H O M S O N F I N A N C I A L

Thomson Venture Economics – Performance database

Maintained by Thomson Venture Economics since 1969

•1740 US Funds formed 1969-2005•950 European/UK Funds 1980-2005•187 Other Intl Funds formed 1980-2005

Information Requirements

•Firm & Fund Information•Portfolio company investment•Transaction detail•Cashflows -- capital calls, distributions, net asset values

Provide industry-standard products for use in benchmarking, commitments, asset allocation and due diligence

T H O M S O N F I N A N C I A L

Private Equity Net Returns to Investors*From Inception to June 30, 2005

Stage No. PooledUpper Quart

Med DPI RVPI TVPI

Early/Seed VC 469 20.8 16.4 2.5 1.28 0.53 1.81Balanced VC 422 13.9 15.9 5.5 1.05 0.52 1.57Later Stage VC 179 13.8 14.7 4.8 1.10 0.41 1.51Total US Venture 1135 16.0 15.9 4.3 1.14 0.50 1.64Development VC 168 8.5 8.2 0.2 0.76 0.71 1.47Early VC 254 0.0 2.5 -3.4 0.40 0.59 1.00Balanced VC 145 8.0 10.8 0.0 0.66 0.61 1.27Total European Venture 567 5.9 6.5 -0.5 0.60 0.63 1.22

Small Buyouts 172 24.8 18.5 8.1 1.33 0.43 1.76Medium Buyouts 104 17.4 18.6 7.9 1.10 0.41 1.51Large Buyouts 83 14.4 16.4 5.8 0.94 0.60 1.54Mega Buyouts 104 11.1 18.1 7.3 0.75 0.62 1.37Total US Buyouts 463 13.9 18.5 7.6 0.86 0.58 1.44Small Buyouts 219 11.4 16.5 7.3 0.95 0.51 1.45Medium Buyouts 38 17.8 22.6 8.8 1.20 0.50 1.71Large Buyouts 28 20.8 20.1 6.3 1.13 0.53 1.66Mega Buyouts 26 6.6 12.6 5.4 0.44 0.76 1.20Total European Buyouts 311 12.4 17.2 7.2 0.75 0.64 1.39

Total Asia Private Equity 18 9.1 10.9 -1.2 0.61 0.87 1.48

V

C

BUYOUTS

*US Funds formed 1969-2005European Funds formed 1980-2005Asian Funds formed 1992-2001

Source: Thomson Venture Economics/NVCA/EVCA

T H O M S O N F I N A N C I A L

Asian, US and European Private Equity Cumulative IRR Since Inception by Calendar Year(Inception to June 30, 2005)*

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Q12005

Q22005

Calendar Year

Ne

t IR

R S

inc

e In

ce

pti

on

(p

ct)

EUROPE

US

*US Funds formed 1969-2005European Funds formed 1980-2005Asian Funds formed 1992-2001

Asia

T H O M S O N F I N A N C I A L

Venture Economics Private Equity Performance Index (PEPI)Pooled IRR net to investors as of June 30, 2005All funds formed 1969-2005

Fund Type 1 Yr 3 Yr 5 Yr 10 Yr 20 Yr

Early/Seed Stage VC 2.1 -2.4 -10.5 48.8 20.2Balanced VC 11.7 7.6 -2.6 18.0 13.7Later Stage VC 8.8 3.2 -6.8 14.1 13.8All Venture 7.8 3.0 -6.3 25.8 16.0Small Buyouts 51.3 8.1 2.4 8.5 25.7Med Buyouts 29.3 6.4 -1.2 10.6 18.4Large Buyouts 21.4 12.9 3.0 10.9 14.7Mega Buyouts 26.9 11.1 3.6 8.1 11.0All Buyouts 26.9 11.0 2.9 9.0 13.8

All Private Equity 20.4 8.2 0.1 12.7 13.8

Source: Thomson Venture Economics/NVCA

T H O M S O N F I N A N C I A L

US Venture FundsAnnualized Net Cumulative IRR by Vintage YearAs of June 30, 2005

-40

-20

0

20

40

60

80

100

1969

-75

1976

-79

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

An

nu

aliz

ed

Cu

mu

lati

ve

IRR

Source: Thomson Venture Economics/NVCA

T H O M S O N F I N A N C I A L

U.S. Venture CapitalSince Inception Realization Multiples (DPI/RVPI) by Vintage Year As of June 30, 2005

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

1969-75 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004

Tim

es

inv

es

ted

Ca

pit

al

RVPI

DPI

Source: Thomson Venture Economics/NVCA

T H O M S O N F I N A N C I A L

US, China Venture Capital Industry Comparison

1998 2004 2000 2004 US US China China

No of Firms/Funds

617/1,087

1,059/1,949 6/7 13/17

Professionals 6345 10,471 16 51

Total Cap Mgt $88.6B $260.1B $300 M

$900 M

Avg Firm Size $144.2M $233.7M $55.1 M $72 M

Avg Fund Size $57.8M $91.7M $47.2 M $55.1 M

First time funds

57 44 2 3

Largest Fund $5,000M $1,545.5M $100 M $300 M

T H O M S O N F I N A N C I A L

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2000 2001 2002 2003 2004 Q1-Q3 2005

Ann

ual C

omm

itted

Cap

ital (

US

D $

M)

North AmericaEuropeAsia/Australia

Global VC Fundraising Capital Raised by VC Funds; 2000-Q3 2005

Source: Thomson Venture Economics/NVCA

T H O M S O N F I N A N C I A L

Global Venture Investment Activity2000-Q3 2005

0

20

40

60

80

100

120

20002001200220032004 Q1-Q3

2005

(USD $Bil)

North America

Europe

Asia

Source: PricewaterhouseCoopers/Thomson Venture Economics/National Venture CapitalAssociation MoneyTree™ Survey

T H O M S O N F I N A N C I A L

US Firms Investments by Nation2000 vs. Q1-Q3 2005

Americas84%

Europe7%

Asia/Australia9%

Asia/Australia Europe Americas Africa

Source: PricewaterhouseCoopers/Thomson Venture Economics/National Venture CapitalAssociation MoneyTree™ Survey

Americas89%

Europe7%

Asia/Australia4%

Asia/Australia Europe Americas Africa

T H O M S O N F I N A N C I A L

US Firms Investments Into Asia/Australia by Dollars Invested

2000 vs. Q1-Q3 2005

Source: PricewaterhouseCoopers/Thomson Venture Economics/National Venture CapitalAssociation MoneyTree™ Survey

Other Asia61%

Australia6%

Singapore6%

Hong Kong21%

China6%

China Singapore Australia Hong Kong Other Asia

Australia8%

Other Asia18%

Hong Kong7%

Singapore50%

China17%

China Singapore Australia Hong Kong Other Asia

T H O M S O N F I N A N C I A L

US Firms Investments Into Asia/Australia by Number of Deals 2000 vs. Q1-Q3 2005

Source: PricewaterhouseCoopers/Thomson Venture Economics/National Venture CapitalAssociation MoneyTree™ Survey

Other Asia72%

Australia10%

Singapore6%

Hong Kong21%

China5%

China Singapore Australia Hong Kong Other Asia

Australia16%

Other Asia51%

Hong Kong7%

Singapore3%

China29%

China Singapore Australia Hong Kong Other Asia

T H O M S O N F I N A N C I A L

• Conclusion & discussion