1H 2013 Private Equity Exits Presentation Slide Deck

1. 1H 2013 Private Equity Exits Presentation Slide Deck Try the PitchBook Platform: Email: demo@pitchbook.com Phone: 1-877-267-5593 Consult the Research Team: Email: research@pitchbook.com Phone: 1-877-636-3496

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3. 2012 marked the third consecutive year of improved PE exit activity and was the best year ever for U.S. exit volume. Much of this can be attributed to the unprecedented exit activity that took place in 4Q.

4. There has Been Persistent Improvement in Exit Activity Since 2009U.S. PE Annual Exit Flow

5. Impending Tax Increases Led to the Most Active Quarter Ever for Exits in 4Q 2012U.S. PE Quarterly Exit Flow

6. Ratio of Deals to Exits Dropped Below 2xin 2012, Curtailing the Increase in Inventory of PE-Backed CompaniesU.S. Deals (excluding add-ons) vs. Exits

7. Exit Valuation Multiples Have Held Steady RecentlyMedian Valuation/EBITDA

8. A Growing Need for Liquidity Has Led More Investors to Pursue SBOs as an Exit StrategyExits by Type 290

9. The Proportion of Exits Accounted for by SBOs has Almost Doubled from 2009 to 2012Percent of Exits (#) by Type

10. The Median Time to Exit Has Crept Above 5 Years, Intensifying the Urgency for LiquidityMedian Time to Exit (years)

11. The Median Holding Period Has Been Creeping Up for All Exit TypesMedian Holding Period (years) by Exit Type

12. Sellers Through SBOs are Still Able to Realize Sizable Exits DealsMedian Exit Size ($M) by Exit Type

13. Corporate Acquisition Exit Details

14. Though Corporate Acquisitions have Increased Each Year Since 2009, They have Represented a Shrinking Proportion of ExitsCorporate Acquisitions by Year

15. The Distribution of Corporate Acquisitions by Industry Did Not Change Dramatically from 2011 to 2012Corporate Acquisitions by Industry

16. The Median Deal Size has Grown Significantly Since Its Nadir in 2009Median Corporate Acquisition Size ($M) by Year

17. Secondary Buyouts Exit Details

18. Private EquityFirms Have Increasingly Turned to Each Other For Deal and Exit SourcingSecondary Buyouts by Year

19. Secondary Buyouts are Most Popular in the Bedrock PE Industries: B2B and B2CSecondary Buyouts by Industry

20. Secondary Buyout Sizes Have Consistently Been Larger Than Corporate AcquisitionsMedian Secondary Buyout Size ($M) by Year

21. IPOs Exit Details

22. While Capital Raised Through IPOs was Down, 2012 Saw the Second Most PE-Backed IPOs Since 2007PE-Backed IPOs by Year

23. Energy and B2C Continued to Make-up the Lion’s Share of IPOsPE-Backed IPOs by Industry

24. While Capital Raised Through IPOs Fell in 2012, the Median Public Offering Size GrewMedian PE-Backed IPO Size ($M) by Year

25. Exits by Size and Type

26. The Core and Lower Middle Markets were the Sweet Spots for IPOs in 2012Percentage of Exits (#) by Size and Type

27. The Trend of Increasing Deal Sizes Continued in 2012Percentage of Exits (#) by Size

28. SBOs were the Preferred Exit Strategy for Three Industries: B2B, IT, and Materials & ResourcesPercentage of Exits (#) by Type and Industry

29. B2B and B2C Have Been Responsible for Nearly All of the Exit Growth Over the Last Three YearsExits (#) by Industry

30. The South and the Great Lakes Greatly Improved their Share of Exits from 2011Exits (#) by Region 2012

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