EMPEA Industry Statistics Fundraising Investment Analytics

EMPEA Industry Statistics Fundraising & Investment Analytics – YTD 2011 Historical Statistics – Since 2002 Performance Data – Q 1 2011 Data as of 30 September 2011. Published 15 November 2011.

Table of Contents Fundraising & Investment Analytics – YTD 2011 Summary……………………………………………. 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 2002 Fundraising – By Region………………………………… 20 Investment – By Region…………………………………. 22 Private Equity Penetration – By Region……………………. 24 Performance Data – Q 1 2011 Pooled End-to-End Returns – By Region (Members Only)……………… 26 Methodology…………………………………………. 31 © Emerging Markets Private Equity Association. Data as of 30 September 2011. Published 15 November 2011. 2

EMPEA Industry Statistics Fundraising & Investment Analytics – YTD 2011 Historical Statistics – Since 2002 Performance Data – Q 1 2011 Data as of 30 September 2011. Published 15 November 2011. © Emerging Markets Private Equity Association 3

Summary (YTD 2011) EM PE Fundraising & Investment, 2007–YTD 2011 (US$B) $60 $67 $59 $53 $48 US$ Billions $50 18% 20% $40 $30 $23 $22 $23 % Global Total $70 EM PE Fundraising & Investment as a Percent of Global Total, 2007–YTD 2011 $32 $29 $22 $20 17% 14% 15% 10% 11% 13% 12% 9% 7% 5% $10 $0 0% 2007 2008 Funds Raised 2009 2010 YTD 2011 2007 2008 Capital Invested 2009 Funds Raised 2010 YTD 2011 Capital Invested EM PE Deal Volume by Quarter, 2008–YTD 2011 $18 $16 194 $14 190 182 $12 139 210 224 222 200 208 229 200 141 150 $10 $8 $6 13. 5 250 100 13. 2 10. 2 $4 11. 0 $2 8. 9 8. 6 3. 9 5. 1 4. 4 8. 1 7. 9 8. 4 3. 9 5. 8 7. 8 $0 50 No. of Deals US$ Billions 191 189 203 0 1 H 08 Q 2 08 Q 3 08 2008 Q 4 08 1 H 09 Q 2 09 Q 3 09 Q 4 09 2009 Deal value, US$B (LHS) 1 H 10 Q 2 10 Q 3 10 2010 Q 4 10 Q 1 11 Q 2 11 Q 3 11 2011 No. of deals (RHS) © Emerging Markets Private Equity Association. Data as of 30 September 2011. Published 15 November 2011. 4

EMPEA Industry Statistics Fundraising & Investment Analytics – YTD 2011 Historical Statistics – Since 2002 Performance Data – Q 1 2011 Data as of 30 September 2011. Published 15 November 2011. © Emerging Markets Private Equity Association. 5

Fundraising – By Region (YTD 2011) EM PE Fundraising Totals by Region, 2002–YTD 2011 (US$m) Region Developed Asia (JANZ) United States Western Europe Emerging Asia (ex-JANZ) CEE & CIS Lat. Am & Caribbean MENA Sub-Saharan Africa Multi-Region Emerging Markets Global Sources: 2002 2, 128 68, 200 28, 823 1, 093 530 407 1, 047 151 N/A 3, 228 102, 378 2003 2, 570 49, 300 33, 890 2, 200 406 417 726 741 116 4, 606 90, 366 2004 4, 867 94, 000 37, 510 2, 800 1, 777 714 326 340 618 6, 575 162, 142 2005 2, 902 162, 000 85, 030 15, 446 2, 711 1, 272 2, 669 791 3, 630 26, 519 336, 121 2006 7, 500 214, 000 148, 157 19, 386 3, 272 2, 656 3, 207 2, 092 2, 580 33, 193 499, 293 2007 8, 100 324, 000 119, 809 28, 668 14, 629 4, 419 5, 333 2, 034 4, 077 59, 160 617, 560 2008 7, 149 302, 000 113, 290 39, 660 5, 559 4, 461 6, 875 2, 241 7, 721 66, 517 617, 466 2009 1, 752 137, 000 25, 568 15, 938 1, 586 2, 248 1, 070 964 801 22, 607 243, 359 2010 2, 893 87, 000 24, 143 14, 206 1, 192 5, 608 448 1, 499 524 23, 478 210, 271 YTD 2011 521* 79, 000 37, 415* 23, 739 860 5, 725 353 1, 300 350 32, 327 188, 948 • Emerging Markets – EMPEA • Developed Asia (JANZ) – Asia Private Equity Review • United States – Pitch. Book • Western Europe – European Venture Capital Association • Global fundraising totals are calculated as follows: “Preqin’s global total” - “Preqin’s Asia/ROW total” + “Asia Private Equity Review’s Developing Asia (JANZ) fundraising total” + “EMPEA’s emerging markets fundraising total”. The Preqin "Global" and "Asia/ROW" statistics are not included in the table above to improve readability. © Emerging Markets Private Equity Association. Data as of 30 September 2011. Published 15 November 2011. *Est. - APER, EVCA Q 3 2011 data pending publication. 6

Fundraising – By Select Markets (YTD 2011) EM PE Fundraising Totals by Select Markets, 2002–YTD 2011 (US$m) Region Brazil China India Russia/CIS South Africa 2002 270 105 142 100 151 2003 230 213 236 175 741 2004 480 311 706 200 340 2005 158 2, 243 2, 741 1, 254 348 2006 2, 098 4, 279 2, 884 222 1, 190 2007 2, 510 3, 890 4, 569 1, 790 546 2008 3, 589 14, 461 7, 710 880 218 2009 401 6, 617 3, 999 455 N/A 2010 1, 078 7, 509 3, 268 75 423 YTD 2011 4, 465 12, 855 2, 883 60 110 Note: Totals only refer to country-dedicated vehicles and do not include allocation limits or targets within global or regional vehicles. © Emerging Markets Private Equity Association. Data as of 30 September 2011. Published 15 November 2011. 7

Investment – By Region (YTD 2011) EM PE Investment Totals by Region, 2002–YTD 2011 (US$m) Region Developed Asia (JANZ) United States Western Europe Emerging Asia (ex-JANZ) CEE & CIS Lat. Am & Caribbean MENA Sub-Saharan Africa Emerging Markets Global Sources: 2002 8, 869 39, 000 28, 928 250 377 710 132 530 1, 999 78, 795 2003 13, 072 83, 000 36, 526 4, 528 676 822 291 651 6, 968 139, 567 2004 7, 483 126, 000 50, 332 4, 316 986 609 137 1, 154 7, 202 191, 016 2005 4, 892 173, 000 55, 779 7, 692 842 1, 015 524 1, 723 11, 796 245, 467 2006 26, 907 301, 000 93, 934 22, 468 4, 903 4, 264 1, 751 1, 292 34, 678 456, 519 2007 10, 971 595, 000 104, 366 30, 370 8, 345 7, 545 3, 526 3, 362 53, 148 763, 485 2008 16, 432 215, 000 74, 763 28, 270 6, 344 6, 962 3, 370 2, 889 47, 834 354, 030 2009 4, 469 60, 000 33, 316 13, 867 3, 323 1, 318 2, 215 1, 383 22, 104 119, 888 2010 9, 749 148, 000 54, 638 18, 308 2, 398 6, 648 793 631 28, 778 241, 165 YTD 2011 12, 465* 100, 000 37, 892* 15, 752 2, 853 2, 081 363 483 21, 532 171, 889 • Emerging Markets – EMPEA • Developed Asia (JANZ) – Asia Private Equity Review • United States – Pitch. Book • Western Europe – European Venture Capital Association • Global investment totals are the sum of the four regions listed above. © Emerging Markets Private Equity Association. Data as of 30 September 2011. Published 15 November 2011. *Est. - APER, EVCA Q 3 2011 data pending publication. 8

Investment – By Region (YTD 2011) EM PE Investment Totals by Select Markets, 2002–YTD 2011 (US$m) Region Brazil China India Russia/CIS South Africa 2002 261 126 40 127 407 2003 321 1, 667 456 113 651 2004 120 1, 389 1, 272 240 1, 154 2005 474 2, 991 1, 377 240 774 2006 1, 342 8, 200 5, 687 402 895 2007 5, 285 9, 458 9, 905 805 3, 362 © Emerging Markets Private Equity Association. Data as of 30 September 2011. Published 15 November 2011. 2008 3, 020 8, 994 7, 483 2, 647 2, 019 2009 989 6, 288 4, 011 217 748 2010 4, 604 9, 190 6, 222 1, 516 47 YTD 2011 1, 685 8, 576 5, 668 1, 328 35 9

Private Equity Penetration (2009– 2010) Global Private Equity Penetration, 2009– 2010 1. 20 1. 13 PE Investment/GDP (%) 1. 00 0. 90 0. 80 2009 0. 57 0. 60 0. 63 2010 0. 44 0. 43 0. 40 0. 34 0. 32 0. 23 0. 20 0. 13 0. 16 0. 00 Sources: United Kingdom United States Israel India Brazil 0. 02 China 0. 16 0. 10 Russia 0. 08 0. 01 Poland 0. 26 0. 21 0. 06 SSA 0. 06 South Korea 0. 06 0. 11 0. 04 Japan 0. 04 MENA 0. 08 0. 01 Mexico 0. 01 South Africa 0. 01 Turkey • Emerging markets – EMPEA • United Kingdom – Centre for Management Buy-Out Research • United States – Pitch. Book • 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. © Emerging Markets Private Equity Association. Data as of 31 December 2010. Published 15 November 2011. 10

Methodology The statistics presented in this report are drawn from EMPEA’s proprietary database of funds and are based on data from press releases and trade publications as well as communications with industry participants and regional and local 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 in the totals. 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, i. e. , 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 fundraising 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: • Asia: all Asia, excluding funds whose primary mandate is investments in Japan, Australia or New Zealand. • Latin America and Caribbean: Central and South America and the Caribbean region (excluding Puerto Rico). • Central & Eastern Europe (CEE) and Commonwealth of Independent States (CIS): European Union accession countries, Turkey, the Baltics and Balkans, as well as CIS countries, including Russia. • Middle East and North Africa (MENA): Gulf Cooperation Council (GCC), Afghanistan, Iraq, Jordan, Lebanon, Pakistan, Palestinian Territories, Syria and Yemen, as well as Algeria, Egypt, Libya, Morocco, Sudan and Tunisia. • Sub-Saharan Africa: all Africa, excluding funds whose primary mandate is investments in North Africa (Algeria, Egypt, Libya, Morocco, Sudan and Tunisia). 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 (i. e. , equity investments in infrastructure-related industries). Infrastructure investments that fit the conventional model are not included (i. e. , greenfield projects and/or project finance). 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. For any questions, and to request the underlying constituent fundraising and investment data, contact research@empea. net or +1. 202. 333. 8171 ext. 240. Disclaimer: This information is intended to provide an indication of industry activity based on 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. © Emerging Markets Private Equity Association. 11

About EMPEA The Emerging Markets Private Equity Association (EMPEA) is an independent, global membership association whose mission is to catalyze private equity and venture capital investment in the emerging markets of Africa, Asia, Europe, Latin America and the Middle East. EMPEA’s 290+ members 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. Sarah E. Alexander President and CEO Kyoko Terada Senior Manager, Member Services Carlos Perry Chief Operating Officer Shannon Stroud Director, Programs and Events Jennifer Choi VP, Industry and External Affairs Emily Sandhaus Manager, Programs and Events Nadiya Satyamurthy Director, Research Holly Freedman Director, Marketing and Communications Mike Casey Senior Associate, Research Meaghan Bixby Manager, Digital Communications Ted Hickey Senior Analyst, Research Carolyn Kolb Business Analyst Emily Stromquist Senior Analyst, Research Aisha Richardson Executive Assistant, Office Manager Neeraj Borle Analyst, Research Hong Kong Office Ruby Poon Regional Manager – Asia © Emerging Markets Private Equity Association. 1077 30 th Street NW • Suite 100 • Washington, DC 20007 USA Phone: +1. 202. 333. 8171 • Fax: +1. 202. 333. 3162 • Web: empea. net 12