WEST COAST DATA ROUND UP

Matthew TooleBuyouts WestNovember 18, 2008

Worldwide M&A Activity down 37% - Private Equity-backed M&A declines 75% over 2007

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Private Equity M&A as % of Total M&A

US M&A Activity down nearly 40%; Private Equity-backed M&A declines 85% over 2007

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Private Equity M&A as % of Total M&A

West Coast Buyout Investments up 18% over 2007;Number of West Coast Buyout Investments Decline

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Buyout Investments by West Coast Firms ($bil)

Number of Deals

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Volume: 1/1/2008-11/17/2008 Volume: 1/1/2007-11/17/2007

Private Equity Slump is a Global Phenomenon

-59%

-81%

-4% -51% -72%

Measured decline in mid-market buyouts; less reliant on global debt financing

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Lo-$500 $500m-$1b $1b-$5b $5b-Hi

Global Buyout Investments by Sector

Worldw ide Buyouts by Industry

21.6

14.4

119.5

8.9

6.3

5.8

5.3

4.8

4.3 3.6

4.5

Financials Energy and Power

High Technology Consumer Products and Services

Industrials MaterialsMedia and Entertainment Healthcare

Telecommunications Consumer Staples

Real Estate Retail

Global M&A - Buyouts Impact

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Buyout Volume ($bil)

*Data through 9/30/2008

PE Activity was a Key Driver of the M&A Market and Investment Banking Fees

Imputed Fee Estimates by Freeman & Co

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M&A Exit

Equity Exit

Portfolio Activity

Buyout Financing

Buyout

Fees paid by Financial Sponsors

Global Retraction in Credit Markets Slows Buyout Activity; HY Activity down 80% over 2007

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High Yield Bonds ($mil) Number of Deals

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Leveraged Loans ($bil) Number of Deals

*Data through 9/30/2008

Frozen Exit Markets for Venture and Buyouts

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Venture-backed IPO Buyout-backed IPO

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Venture-backed M&A Buyout-backed M&A

US Initial Public Offerings US Mergers & Acquisitions

Global Private Equity Fundraising

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1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008*

Venture Fundraising ($bil) Buyout Fundraising ($bil)

*Data through 9/30/2008

West Coast Buyout Fundraising Down 38% from 2007 levels; Number of Funds on Par with Year-Ago

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Funds Raised by West Coast Buyout Firms ($bil) Number of Funds

* net of management fees and carried interest

• All calculations are done at the fund level* by Thomson Reuters based on cash flows and NAVs reported by participating LPs and GPs

• Cash flow database contains 1800+ US private equity funds (480+ buyout funds)

• Pooled IRR: IRR of a group of funds where their cash flows have been aggregated together before IRR calculation

• Investment Horizon Return: IRR calculated with Net Asset Value as capital outflow at beginning of period, Net Asset Value at end of period, and actual cash flow in between

Definitions:

Performance Methodology

US Performance Benchmarks

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

Early/Seed VC 2.10 4.90 5.00 32.90 21.40 Balanced VC 2.50 10.80 11.90 14.40 14.70 Later Stage VC 15.30 12.40 11.10 8.50 14.50 All Venture 5.10 8.50 8.80 16.60 16.90 Small Buyouts (8.40) 5.20 8.90 4.70 12.60 Med Buyouts 15.10 11.60 12.80 7.40 11.80 Large Buyouts 27.40 8.30 13.50 6.70 12.00 Mega Buyouts (1.90) 11.10 14.50 7.80 11.30 All Buyouts 0.40 10.50 13.90 7.40 11.60 Mezzanine 12.50 5.40 5.20 5.80 8.10 Buyouts and Other PE 0.80 11.40 13.70 7.80 11.40 All Priv Equity 1.60 10.60 12.30 9.50 13.30

*Data through 6/30/2008

US Private Equity Performance Index

-10

-5

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1 yr 3yr 5yr 10yr 20yr

All Venture All Buyouts NASDAQ S&P 500

*Data through 6/30/2008