1. Economics and Business Exchange Supported by Deloitte.

2. Future Trends in Private Equity Jim Sloane, Deloitte

3. We believe that private equity’s greatest growth is yet to come
Apax Partners, April 2006

4. We believe that private equity’s greatest growth is yet to come
Risks
Stimuli
Debt Market
Interest rates
Corporate collapse
Economies slow down
Exit values plunge
Overpriced assets
Low interest rates
Stable regulatory environment
Liberal policies towards
Private enterprise
Entrepreneurship
New markets
Delisting
Strong debt market
We believe that private equity’s greatest growth is yet to come
Apax Partners, April 2006

7. Fund Sizes 8/9 funds in excess of $8 billion Blackstone - $15 billion
Permira - $12 billion
3 or 4 year duration
No issues raising funds

8. We believe that private equity’s greatest growth is yet to come
Apax Partners, April 2006
Barbarian at the gates
Disposals
Financial Engineering & Arbitrage
Active Ownership (Jack Welch Lou Gerstner
Lord Hollick
Vivek Paul Millard Drexler)

9. Barbarian at the gates
Disposals
Financial Engineering & Arbitrage
Active Ownership
Public companies delisting
Ownership
Power to restructure
New management
Reward
Leverage full debt capacity
Talent flow
Increasing financial scale
FTSE 100 companies as targets

10. ACTIVE OWNERSHIP Club deals Management Teams Maturity of the business
Scale
Opportunity
Strategic Buyers
Returns from going private
Owners as supervisors and managers

11. Strategy, Vision, Mission
Opportunistic V.
Growth
Capital already invested
Exploit new opportunities
Agents for change
Buy, Build, Improve, Grow
Low hanging fruit taken

12. Implications Increasingly important part of the economy
Stimulus for growth?
Private ownership delivers more?
Risk of tackling operational issues
Succession planning
Continual flow of M&A activity (all sizes)

14. Economics and Business Exchange Supported by Deloitte.