1. Anne Hutton Equity Funds Team, EBRD
EBRD Portfolio of Private Equity Funds in Central and Eastern Europe
and the CIS
Anne Hutton
Equity Funds Team, EBRD

2. EBRD in Private Equity Funds
EBRD’s portfolio of funds: over 15 years of investing in the asset class
125 funds (34% liquidated)
81 fund managers
EUR 2.68 billion in commitments (USD 3.26 billion) to funds with capital of EUR billion (USD billion)
1,116 underlying investments, up to 70% exited.
Largest PE Fund investment program dedicated to the region*
Note: EBRD tracked portfolio only to end December 2009, excludes real estate funds
* Russia, CIS and CSE, Turkey

3. Fund Raising vs Investments
23%
31%
62%
54%
24%
40%
22%
49%
27%
13%
30% 9%
14%
500
1,000
1,500
2,000
2,500
3,000
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009 0%
10%
20%
50%
60%
70%
Commitments Raised by Year
Annual Investments
EBRD Commitments as % of total Commitments
EUR Millions
Note: EBRD tracked portfolio only to December 2009, CSE and CIS

4. Investor by Type – Trends
14.30%
15.70%
13.30%
29.37%
49.93%
16.44%
8.62%
3.14%
17.98%
31.22% 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009
Banks and Insurance
Corporate Investors
Fund of Funds
IFI and Govt
Pension Funds
Others
Note: CIS and CSE. Includes EBRD (in IFI/Govt), excludes Property Funds

5. EBRD Net Horizon Returns: All Funds
Returns as at
December
One
Year
Three
Years
Five
Ten
Since
Inception
USD
EBRD Private Equity Portfolio*
6.4%
5.2%
25.0%
16.9%
12.3%
Cambridge Emerging Markets Venture Capital & Private Equity Index**
8.3%
3.5%
20.6%
15.0%
N/A
EUR
3.6%
2.4%
27.4%
11.8%
9.7%
EVCA, All Private Equity**
7.7%
-3.9%
6.5%
8.9%
Source: Cambridge Associates, EVCA/Thomson Reuters, Bloomberg and EBRD
* EBRD tracked portfolio pooled end-to-end return, net of fees, expenses, donor grants and carried interest. Excludes property funds, and includes liquidated partnerships.
** Pooled end-to-end return, net of fees, expenses, and carried interest. “The "Since Inception" figure represents the net pooled IRR since inception for funds formed between 1980 and 2009.

6. Gross Snapshot: All Funds
>1,100 companies, up to 70% exited
EUR Millions
EUR 3,851m
EUR 3,906m
EUR 986m
EUR 2,870m
EUR 6,406m
EUR 382m
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Fully Realised (Including WO)
Partially Realised
Unrealised
Investments at Cost
EUR 7,103m
Total Value
EUR 11,298m
Overall 1.59x 17.4%
FR 2.23x 20.5%
PR 2.6x 23.3%
UR 1.01x 0.62%
Note: Excluding underlying investments of funds in which the EBRD sold on its interest.

7. Gross Snapshot: Agribusiness
218 companies, 80% exited
Note: Since inception, to end 2009

8. Exits by Sub-Sectors: Agribusiness
By Investment Cost
By Exit Proceeds
Note: since inception to end 2009

9. Money Multiples and Holding Period: Agribusiness
EUR Millions
* primary sub-sectors
Note: Average Holding Period and TVPI calculation includes only fully realised deals
Note: Preliminary data to end 2009

10. Type of Equity Funds: EBRD Portfolio
Standard private equity funds
regional or country focussed
generalist or sector specific
Donor funding – channelled through:
TC e.g. EBRD managed accounts.
Equity windows e.g. EU EBRD Equity SME Finance programme
Equity windows e.g. GEFF structure
Central body e.g. SEAF
Insured vehicle / wraparound guarantee
Debt supported – OPIC

11. Copyright 2009 EBRD. All rights reserved
This material is for the recipient’s private information. No part of this document may be reproduced or transmitted in any form or by any means, including photocopying and recording, without the written permission of the Bank. Such written permission must also be obtained before any part of this publication is stored in a retrieval system of any nature. While the information contained herein was compiled by the EBRD, we do not guarantee its accuracy or completeness. We accept no liability in relation to use of this information. Copyright 2009 European Bank for Reconstruction and Development. All rights reserved.