1. Thunderbird School of Global Management: Global Private Equity Investing Conference Media Panel Overview Glendale, Arizona, April 4, 2008

2. Copyright © 20081 Aggregate Fundraising Has Been Rebounding Commitments to Communications/Media Funds, 1990 - 2007, in MN USD Source: VentureXpert Other US Venture Capital EU Venture Capital US Buyout EU Buyout

3. Copyright © 20082 Aggregate Investing Has Become More Consistent Investments in Communications/Media Companies, 1990 - 2007, in MN USD Source: VentureXpert Univision USD 13.5 BN Other US Venture Capital EU Venture Capital US Buyout EU Buyout

4. Copyright © 20083 Venture Investing in Particular Has Been Consistent … USEU Other Healthcare Business/Consumer/Retail Information Technology Media/Content/Info. Communications/Networks Venture Capital Investments by Industry, Q1 2001 - Q3 2007, in MN USD Source: Dow Jones VentureOne, Ernst & Young

5. Copyright © 20084 … While Buyout Investing Has Been More Opportunistic USEU Healthcare Non-High Tech/Industrial Information Technology Media/Content/Info. Communications/Networks Buyout Investments by Industry, Q1 2001 - Q4 2007, in MN USD Source: VentureXpert

6. Copyright © 20085 Source: Datastream, VentureXpert Performance Has Shown Material Volatility Differences … Volatility per annum Average return per annum Comm./Media VC EU Comm./Media BO EU All BO EU All BO US MSCI Europe S&P 500 Nasdaq All VC EU All VC US Comm./Media BO US Comm./Media VC US 0% 5% 10% 15% 20% 0%5%10%15%20%25%30% Continuous Quarterly Returns (Time Weighted Performance), Pooled Cash Flows and Net Asset Values, 2000 - September 30, 2007

7. Copyright © 20086 Source: Datastream, VentureXpert Comm./Media VC EU Comm./Media BO EU All BO EU All BO US MSCI Europe S&P 500Nasdaq All VC EU All VC US Comm./Media BO US Comm./Media VC US Volatility per annum … Until the Bubble Is Excluded Volatility per annum Average return per annum Continuous Quarterly Returns (Time Weighted Performance), Pooled Cash Flows and Net Asset Values, 2000 - September 30, 2007

8. Copyright © 20087 Source: VSS Communications Industry Forecast 2007 Economic Sectors Ranked by Size and Growth Media Industry Is One of Largest Segments of US Economy Source: Veronis Suhler Stevenson, VSS Communications Industry Forecast 2007 Media is projected to remain the 4th largest economic sector in 2011 and become the 3rd fastest growing in the next five years Media will represent 7.1% share of the economy in 2011, up from 6.7% in 2006

9. Copyright © 20088 1.31 1.87 2.60 3.03 3.73 5.16 5.22 5.98 6.31 7.65 7.59 8.18 12.96 13.92 14.68 1.83 1.23 2.56 4.65 3.64 3.93 3.43 2.47 6.45 7.00 10.85 5.22 8.32 13.72 10.25 Newspaper Publishing Yellow Pages Consumer Magazines Broadcast Television Consumer Books Entertainment Media Broadcast & Satellite Radio Business-to-Business Media Direct Marketing Professional & Business Information Svcs Cable, Satellite & RBOC Television Svcs Educational & Training Media & Svcs Out-of-Home Media Branded Entertainment Pure-Play Internet & Mobile Services 2001 – 2006 CAGR % SEGMENTCHG in Trend Green = Percent change greater than half GDP Red = Percent change less than half GDP Media Industry Segments Ranked by Five-Year Growth Source: Veronis Suhler Stevenson 2006 – 2011 CAGR %

10. Contact In the United States of America von Braun & Schreiber Private Equity Partners (US) LLC 19570 Trails End Terrace Jupiter, FL 33458 USA Tel: +1 (561) 744 - 5321 Fax: +1 (561) 744 - 5335 Email: tjr@twyckenham.net Timothy J. Reynolds – Partner In Germany von Braun & Schreiber Private Equity Partners GmbH Promenadeplatz 12 D - 80333 Munich Germany Tel: +49 (0) 89 - 28 69 52 0 Fax: +49 (0) 89 - 28 69 52 10 Email: Private.Equity@braunschreiber.com Emmeram von Braun – Partner Gottfried Schreiber – Partner