EMPEA Industry StatisticsFundraising & Investment Analytics – 1H 2013Historical Statistics – Since 2003Performance Data – Q4 2012 (Members Only)

Data as of 30 June 2013. Published 29 July 2013.

Terms of Use: All material and underlying data contained within this presentation are the intellectual property of EMPEA. Any reference to the material must be properly cited with notation attributing EMPEA as the source.

Table of Contents

Fundraising & Investment Analytics – 1H 2013Summary………………………………………………………………………………………. 4

Fundraising – By Region (Members Only)…………………………………...... 5

Fundraising – Funds with Final Closes (Members Only)…………………. 6

Investment – By Region (Members Only)………………………………………. 7

Fundraising – Largest Funds by Final Close (Members Only)…………. 8

Fundraising – Largest Funds by Region (Members Only)……………….. 9

Investment – Largest Deals by Region (Members Only)………………..17

Historical Statistics – Since 2003Fundraising – By Region………………………………………………………………… 20

Investment – By Region…………………………………………………………………. 22

Private Equity Penetration – By Region…………………………………………. 24

Cambridge Performance Data – Q4 2012 (Members Only)

Pooled End-to-End Returns – By Region………………………………………… 26

Methodology…………………………………………………………………………………….31

© Emerging Markets Private Equity Association. Data as of 30 June 2013. Published 29 July 2013. 2

EMPEA Industry StatisticsFundraising & Investment Analytics – 1H 2013Historical Statistics – Since 2003Performance Data – Q4 2012 (Members Only)

Data as of 30 June 2013. Published 29 July 2013.

© Emerging Markets Private Equity Association 3

Summary (1H 2013)

EM PE Investment Volume by Quarter, 2009–1H 2013

EM PE Fundraising & Investment, 2009–1H2013 (US$B)

© Emerging Markets Private Equity Association. Data as of 30 June 2013. Published 29 July 2013. 4

2009 2010 2011 2012 1H 2013$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$23 $23

$39 $40

$11

$22

$29 $27$24

$9

Funds Raised Capital Invested

US$

Billi

ons

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22009 2010 2011 2012 2013

$0

$2

$4

$6

$8

$10

$12

0

50

100

150

200

250

3.9 4.4 5.1

8.6

3.9

8.9 8.1 7.9 8.56.3

7.4

4.6 4.9 5.87.2

5.8

3.2

6.3

139 141

191203 210

224200

222 217

243230

186

227 222209

161184 176

Deal value, US$B (LHS) No. of deals (RHS)

US$

Billi

ons N

o. of Deals

EMPEA Industry StatisticsFundraising & Investment Analytics – 1H 2013Historical Statistics – Since 2003Performance Data – Q4 2012 (Members Only)

Data as of 30 June 2013. Published 29 July 2013.

© Emerging Markets Private Equity Association. 5

Fundraising – By Region (Since 2003)

EM PE Fundraising by Region, 2003–1H 2013 (US$m)

© Emerging Markets Private Equity Association. Data as of 30 June 2013. Published 29 July 2013. 6

Region 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1H 2013Developed Asia (JANZ) 2,570 4,867 2,902 7,500 8,100 7,149 1,752 2,893 2,477 2,594 2,575

United States 52,071 95,443 150,975 224,144 303,193 266,886 148,218 77,767 117,251 133,911 80,820Western Europe 33,499 36,151 83,735 144,788 106,316 104,680 21,356 25,476 48,926 29,308 11,296

Emerging Asia (ex-JANZ) 2,200 2,800 15,446 19,386 28,668 39,660 15,938 14,206 26,251 25,502 6,944CEE & CIS 406 1,777 2,711 3,272 14,629 5,559 1,586 1,192 1,752 4,903 553

Latin America 417 714 1,272 2,656 4,419 4,461 2,248 5,608 8,441 4,211 2,491MENA 726 326 2,669 3,207 5,333 6,875 1,070 448 423 548 219

Sub-Saharan Africa 741 340 791 2,092 2,034 2,241 964 1,499 1,332 1,448 100Multi-Region 116 618 3,630 2,580 4,077 7,721 801 524 350 3,726 492

Emerging Markets 4,606 6,575 26,519 33,193 59,160 66,517 22,607 23,478 38,549 40,338 10,800Global 92,746 143,036 264,132 409,625 476,769 445,232 193,933 129,614 207,202 206,151 105,490

Sources:• Emerging Markets – EMPEA• Developed Asia (JANZ) – Asia Private Equity Review• United States – PitchBook• Western Europe – European Venture Capital Association

• Global fundraising totals are the sum of the four regions listed above.

Fundraising – By Select Markets (Since 2003)

EM PE Fundraising by Select Markets, 2003–1H 2013 (US$m)

Note: Country-specific fundraising totals only capture single-country funds, not country allocations or targets from regional or global funds. Country-specific fundraising totals are included in the regional totals on the previous slide.

© Emerging Markets Private Equity Association. Data as of 30 June 2013. Published 29 July 2013. 7

Region 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1H 2013Brazil 230 480 158 2,098 2,510 3,589 401 1,078 7,079 2,617 758China 213 311 2,243 4,279 3,890 14,461 6,617 7,509 16,616 10,825 2,579India 236 706 2,741 2,884 4,569 7,710 3,999 3,268 2,737 2,084 477

Russia 175 200 1,254 222 1,790 880 455 75 135 357 126

Investment – By Region (Since 2003)

EM PE Investment by Region, 2003–1H 2013 (US$m)

© Emerging Markets Private Equity Association. Data as of 30 June 2013. Published 29 July 2013. 8

Region 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1H 2013Developed Asia (JANZ) 13,072 7,483 4,892 26,907 10,971 16,432 4,469 9,749 14,752 8,009 2,500

United States 62,963 90,959 123,598 179,773 313,725 161,277 71,735 137,240 154,231 134,383 63,299Western Europe 35,838 49,723 55,059 91,471 101,104 71,434 29,809 53,593 55,482 47,984 15,228

Emerging Asia (ex-JANZ) 4,528 4,316 7,692 22,468 30,370 28,270 13,867 18,308 18,714 13,947 7,044CEE & CIS 676 986 842 4,903 8,345 6,344 3,323 2,398 3,480 2,093 218

Latin America 822 609 1,015 4,264 7,545 6,962 1,318 6,648 3,245 4,959 1,218MENA 291 137 524 1,751 3,526 3,370 2,215 793 385 1,554 168

Sub-Saharan Africa 651 1,154 1,723 1,292 3,362 2,889 1,383 631 1,059 1,162 850Emerging Markets 6,968 7,202 11,796 34,678 53,148 47,834 22,104 28,778 26,884 23,714 9,497

Global 118,842 155,367 195,345 332,829 478,949 296,977 128,117 229,360 251,349 214,090 90,524

Sources:• Emerging Markets – EMPEA• Developed Asia (JANZ) – Asia Private Equity Review• United States – PitchBook • Western Europe – European Private Equity and Venture Capital Association

• Global investment totals are the sum of the four regions listed above.

Investment – By Select Markets (Since 2003)

EM PE Investment by Select Markets, 2003–1H 2013 (US$m)

© Emerging Markets Private Equity Association. Data as of 30 June 2013. Published 29 July 2013. 9

Region 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1H 2013Brazil 321 120 474 1,342 5,285 3,020 989 4,604 2,461 4,384 689China 1,667 1,389 2,991 8,200 9,458 8,994 6,288 9,190 10,529 7,104 3,278India 456 1,272 1,377 5,687 9,905 7,483 4,011 6,222 6,172 2,676 1,739

Russia 113 240 240 402 805 2,647 217 1,516 1,579 1,239 65

Private Equity Penetration (2011–2012)

Global Private Equity Penetration, 2011–2012

© Emerging Markets Private Equity Association. Data as of 31 December 2012. Published 29 July 2013. 10

Sources: • Emerging Markets – EMPEA• United Kingdom – Centre for Management Buy-Out Research• United States – PitchBook • Israel – Israel Venture Capital Research Center• Japan – Asia Private Equity Review

• All GDP data – International Monetary Fund

Methodology: Annual private equity investment divided by annual gross domestic product.

Methodology

This report provides an overview of trends in fundraising and investment among private equity funds investing in the emerging markets of Africa, Asia, Europe, Latin America and the Middle East. The statistics presented here are drawn from EMPEA’s database of funds and investments, FundLink™, and are based on data from press releases and trade publications, as well as communications with industry participants and regional and country-focused venture capital associations.

Fundraising totals reported herein reflect only official closes (first, second and/or final) as reported in public sources and by the firms themselves. Capital commitments accruing prior to or between official closes are not included. Investment totals included in the report reflect total equity amounts for transactions in which financial details have been reported. For both fundraising and investment data, amounts have been confirmed wherever possible through information provided by the fund managers themselves.

The statistics in this report are based on the “market” approach—EMPEA categorizes activity based on the countries or regions in which fund managers intend to invest (in the case of fundraising) or the country headquarters of the investee company (in the case of investments). In the case of global funds, only those funds investing primarily in emerging markets are included in the totals (e.g., pan-Asia funds with a significant portion of capital intended for investment in China and India). Country-dedicated fundraising analytics reflect only those funds with a single-country strategy or mandate. Target allocations to individual markets within a broader global or regional fund are not attributed to single-country fundraising totals.

Regions in this report are defined as:

• Emerging Asia: all Asia, excluding funds whose primary investment focus is Japan, Australia and/or New Zealand.

• Latin America : Central and South America and the Caribbean region (excluding Puerto Rico).

• Central & Eastern Europe (CEE) & Commonwealth of Independent States (CIS): European Union accession countries, Turkey, the Baltics and Balkans, as well as Commonwealth of Independent States (CIS) countries, including Russia.

• Middle East & North Africa (MENA): Gulf Cooperation Council (GCC), Afghanistan, Iran, Iraq, Jordan, Lebanon, Pakistan, Palestinian Territories, Syria and Yemen, as well as North Africa (Algeria, Egypt, Libya, Morocco, Sudan and Tunisia).

• Sub-Saharan Africa: all Africa, excluding funds whose primary investment focus is North Africa.

Statistics in this publication exclude real estate funds and funds of funds. Infrastructure funds managed by private equity firms and making private equity-style investments are included in this analysis (e.g., equity investments in infrastructure-related industries). Infrastructure investments that fit the conventional model (e.g., greenfield projects and/or project finance) are not included. Secondary investments are also excluded from investment totals because they do not represent an incremental increase in private equity capital in emerging markets, but they are included in exhibits for reference.

© Emerging Markets Private Equity Association. 11

For any questions, and to request the underlying constituent fundraising and investment data, contact research@empea.net or +1.202.333.8171 ext. 224.

Disclaimer: This information is intended to provide an indication of industry activity based on the best information available from public and proprietary sources. EMPEA has taken measures to validate the information presented herein but cannot guarantee the ultimate accuracy or completeness of the data provided. EMPEA is not responsible for any decision made or action taken based on information drawn from this report.

About EMPEA

© Emerging Markets Private Equity Association. 12

The Emerging Markets Private Equity Association (EMPEA) is an independent, global membership association whose mission is to catalyze the development of private equity and venture capital industries in emerging markets. EMPEA’s 300+ member firms share the belief that private equity can provide superior returns to investors, while creating significant value for companies, economies and communities in emerging economies. Our members, representing nearly 60 countries and more than US$1 trillion in assets under management, include the leading institutional investors and private equity and venture capital fund managers across developing and developed markets. EMPEA leverages an unparalleled global industry network to deliver authoritative intelligence, promote best practices, and provide unique networking opportunities, giving our members a competitive edge for raising funds, making good investments and managing exits to achieve superior returns.

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