Equity Funds Portfolio Update

Data as of December 2013

About EBRD Equity Funds Team

2

The Equity Funds Team (EFT) currently manages more than €2.3bn in carrying value and unfunded commitments and

maintains relationships with more than 60 general partners across Central & South Eastern Europe (CSEE), Russia, the

Commonwealth of Independent States (CIS), Central Asia and the Southern and Eastern Mediterranean (SEMED) in pursuit

of investments that will outperform public benchmarks while delivering on the Bank’s Transition Impact Objectives.

106 Funds in EFT Portfolio

61 Active GP Relationships

€1.4 billion Carrying Value of Portfolio

400+ Underlying Companies Financed

12.7% Return in 2013

9.5% Since Inception IRR

2013 Signings (Commitment):

21 Concordia – €30m

3TS CEE Fund III – $30m

Almaz Capital Fund II – $50m

Baltcap PEF III – €20m

Capital North Africa Venture Fund – €20m

CapMan Russia II Fund – $50m

Da Vinci Private Equity Fund II – $30m

Earlybird Digital East Fund – $35m

Mediterrania Capital Fund II – €20m

Mid Europa Fund IV – €80m

EBRD Regions

3

Commitment and Disbursement by Vintage

16 October, 2014 4

0

50

100

150

200

250

300

350

400

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

EU

R M

illi

on

s

Committed

Disbursed

NB: Vintage does not necessarily correspond to year of signing

16 October, 2014 5

Net Financial Performance to December 2013

Net Snapshot of All Funds by Life Stage

6

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Disbursed EUR 2.7 bn Total Value EUR 3.8 bn

EU

R M

illio

ns

Liquidated Near Liquidation Harvesting Investing

Overall

TVPI: 1.4x

Investing

TVPI: 1.1x

Harvesting

TVPI: 1.7x

Near

Liquidation

TVPI: 1.6x

Liquidated

TVPI: 1.5x

Long term value growth has driven portfolio performance

Equity Funds EUR Net Horizon IRRs by

Horizon

7

-10%

-5%

0%

5%

10%

15%

20%

25%

22Y 21Y 20Y 19Y 18Y 17Y 16Y 15Y 14Y 13Y 12Y 11Y 10Y 9Y 8Y 7Y 6Y 5Y 4Y 3Y 2Y 1Y

EFT Horizon IRR MSCI Emerging Market MSCI Eastern Europe

The EBRD private equity portfolio has outperformed public benchmarks over the long term

Performance of Portfolio over the last 12 Months

8

0

200

400

600

800

1,000

1,200

1,400

1,600

EU

R M

illio

ns

2012 FV

EUR 1,342m

2013 FV

EUR 1,356m

New

Investment

EUR 180m

Returned

Capital

EUR 329m Capital

Gains

(Losses)

EUR 164m

The EBRD EFT portfolio returned 12.7% in 2013

Active Funds: Investment Profiles

9

Buyout 16%

Growth / Expansion

70%

Other 13%

Seed / Start-up 1%

Strategy

(by disbursed

capital)

0-50m

50-100m

100-150m

150-250m

250-350m

350m+

Fund Size

(EUR by number

of funds)

Follow-On 61%

Virgin 39%

Type of manager

(by disbursed

capital) CEE/SEE 59%

Russia/CIS 40%

SEMED 1%

Geography

(by disbursed

capital)

Underlying Company Performance

10

Gross Snapshot of All Investees

11

0

5,000

10,000

15,000

20,000

25,000

Investment Cost EUR 11.2 bn Investment Value EUR 18.2 bn

EU

R M

illio

ns

Unrealised Partly Realised Fully Realised

Unrealised

TVPI: 1.2x

Overall

TVPI: 1.7x

Fully

Realised

TVPI: 2.0x

Partially

Realised

TVPI: 4.2x

Gross Underlying Company Vintage Profile

17 October, 2014 12

0

20

40

60

80

100

120

140

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Nu

mb

er

of

Inv

este

es

Investee Vintage

Exited Investees

Active Investees

Investment Cost of Active Investees by Country Current Investees Only

16 October, 2014 13

0

100

200

300

400

500

600

700

EU

R M

illio

ns

1,131 2,368

Exit Performance by Country Exited Investments, including written-off investments

16 October, 2014 14

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

TV

PI

Investment Cost of Active Investees by Sector Current Investees Only

16 October, 2014 15

0

200

400

600

800

1,000

1,200

EU

R M

illio

ns

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

TV

PI

Underlying Investment Gross Performance by Sector Exited Investments, including written-off investments

16 October, 2014 16

17

Limited Partners in EBRD Supported Funds

LPs by Type - trend

18

16% 16% 16%

13%

21% 18%

40% 23% 35%

4%

4%

2%

15%

16%

10%

11%

14% 11%

2% 6% 7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1992-2000 2001-2008 2009-2013

Sovereign Wealth Funds

Pension Funds

Banks & Insurance

Corporate Investors

IFIs & Government Agencies

Other*

Fund of Funds

*Other includes: Private Individuals, Trusts, Endowments, GP commitments

Origin of LPs

19

64% 60%

64%

7% 16%

17%

30% 24%

19%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1992-2003* 2004-2008 2009-2013

USA

Other

Europe

*Adds to 101% due to rounding; actual total 100%

LP Commitments & IFIs Share by Vintage Year

20

0

500

1000

1500

2000

2500

3000

3500

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

EU

R M

illio

ns

EBRD Other IFIs Other Investors

EBRD Database

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Best available sample of PE performance in Central and South Eastern Europe (CSEE), Russia and CIS

Tracks all “gross” investments made by a basket of EBRD invested funds as well as “net” returns to EBRD (“tracked portfolio”)

Measured in both EUR and USD

Obligatory reporting by fund managers, analysed by EBRD

Reflects comprehensive performance

No “survivor bias” resulting from only best fund managers reporting

EBRD Region

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CSEE Countries – Albania, Bosnia & Herzegovina, Bulgaria, Croatia, Czech

Republic*, Estonia, FYR Macedonia, Hungary, Latvia, Lithuania, Kosovo,

Poland, Montenegro, Romania, Slovak Republic, Serbia, Slovenia, Turkey.

CIS Countries – Armenia**, Azerbaijan, Belarus, Georgia, Kazakhstan,

Kyrgyz Republic, Moldova, Russian Federation, Tajikistan**, Turkmenistan,

Uzbekistan**, Ukraine and Mongolia

SEMED Countries – Egypt, Morocco, Tunisia, Jordan

* Czech Republic ceased to be a country of operation in 2007 but some funds remain exposed to investees in the country.

**There are no fund sub-investments in these countries as of December 31 2013.

Copyright 2014 EBRD. All rights reserved

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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 the use of this

information. Copyright 2014 European Bank for Reconstruction and Development. All

rights reserved.