Structural Trends for PE firms Public-to-Private Exit Activity Fund-raising New Pipeline Deal count down 11% Assets sold in 2013 prices rise. Up by 9% First-time asset sales Up by 21% Fundraising bifurcated. Go broader, deeper Deal activity high Minority stakes Activities DELL Heinz GP’s extra equity. Sell shares of public companies Few reach the target. PE funds > Public Equity Markets Blackstone (Crocs) Attract Diversity Outcomes Groundwork Trends Acquisitions /Exits Management PE w/ DHR Internship Sources Private Equity Practice Group Presentation

IT Security/Netowkr Management Restaurant Chains Golden Gate Capital pursuing Red Lobster and T.G.I. Friday's IT Security/Netowkr Management Tolt Solutions, backed by Clearlake Capital Group, acquires Unity Managed Network Services division of iPass. Financial Firms Friends Life Group sells its wealth management arm to The Blackstone Group. Groundwork Trends Acquisitions /Exits Management PE w/ DHR Internship Sources Private Equity Practice Group Presentation

Smaller is Bigger Now Trends Jeffrey Mayer, who heads up Deutsche Bank's Corporate Banking & Securities for North America, is reportedly leaving his position to join Cerberus Capital Management. Groundwork Trends Acquisitions /Exits Management PE w/ DHR Internship Sources Private Equity Practice Group Presentation