Portfolio Revaluation Analysis
PORTFOLIO REVALUATION
($ and shares in millions except per share data) No.
Portfolio Companies
Valuation
Share Price (1) (2)
Total O/S Shares
Total Equity
Discount for Illiquidity
Own. %
$14.5
85.6
$1,242.8
0.0%
16.0%
Comp. EV / EBITDA
Implied EV
Net Debt
Implied Equity
Discount for Illiquidity
Own. %
$494.2 709.0 950.1 1,321.3 2,051.7 6,882.0 858.2 761.0 921.5 423.7 1,561.3 537.3
($96.0) 551.1 378.0 400.0 1,362.0 8,152.0 508.5 1,087.7 295.0 571.3 953.6 525.7
$590.2 157.9 572.1 921.3 689.7 (1,270.0) 349.7 (326.7) 626.5 (147.6) 607.7 11.5 -
30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
27.6% 75.6% 59.8% 18.7% 29.6% 10.0% 46.0% 97.8% 30.0% 29.6% 95.0% 93.1%
Unrealized Investments P 1 Total Unrealized Portfolio
Unrealized
Realized
$31.9 $31.9
$295.0 $295.0
Unrealized Investments A 1 B 2 C 3 D 4 E 5 F 6 G 7 H 8 I 9 J 10 K 11 L 12
$132.0 109.3 137.0 188.0 358.2 1,277.0 167.5 202.2 162.0 68.7 175.5 92.9
Cost
Multiple
$300.0 $300.0
1.1x 1.1x
Revaluation
Unrealized
Realized
Total Value
Cost
Multiple
$198.8 $198.8
$31.9 $31.9
$230.7 $230.7
$300.0 $300.0
0.8x 0.8x
3.7x 6.5x 6.9x 7.0x 5.7x 5.4x 5.1x 3.8x 5.7x 6.2x 8.9x 5.8x
Total Unrealized Portfolio
Valuation
Unrealized
Realized
Total Value
Revaluation Cost
Multiple
Unrealized
Realized
Total Value
Cost
Multiple
$405.0 213.6 459.6 325.0 800.0 470.0 454.8 506.3 445.0 446.5 751.8 420.7
$86.6 35.9 53.5 20.2 4.0
$491.6 213.6 495.5 378.5 800.0 470.0 454.8 506.3 465.2 446.5 751.8 424.7
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
3.9x 1.2x 1.7x 1.1x 2.3x 1.2x 2.3x 1.0x 1.0x 1.1x 1.1x 1.1x
$114.0 83.5 239.5 120.9 142.9 112.6 131.6 404.1 7.5
$86.6 35.9 53.5 20.2 4.0
$200.6 83.5 275.4 174.4 142.9 112.6 151.7 404.1 11.5
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
1.6x 0.4x 0.9x 0.5x 0.4x 0.6x 0.3x 0.6x 0.0x
$5,698.3
$200.2
$5,898.5
$4,323.9
1.4x
$1,356.7
$200.2
$1,556.9
$4,323.9
0.4x
Realized
Total Value
Cost
Multiple
$405.0 213.6 459.6 325.0 800.0 470.0 454.8 506.3 445.0 446.5 751.8 420.7
$86.6 35.9 53.5 20.2 4.0
$491.6 213.6 495.5 378.5 800.0 470.0 454.8 506.3 465.2 446.5 751.8 424.7
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
3.9x 1.2x 1.7x 1.1x 2.3x 1.2x 2.3x 1.0x 1.0x 1.1x 1.1x 1.1x
$177.1 275.9 98.6 68.0 1,306.5 163.5 53.8 -
$86.6 35.9 53.5 20.2 4.0
$263.8 275.9 134.5 121.5 1,306.5 163.5 74.0 4.0
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
2.1x 1.5x 0.5x 0.3x 3.8x 0.8x 0.2x 0.0x
$5,698.3
$200.2
$5,898.5
$4,323.9
1.4x
$2,143.5
$200.2
$2,343.7
$4,323.9
0.5x
EX
($ in millions)
EBITDA
$326.9 $326.9
TR
PRIVATE COMPANIES COMPARABLE PUBLIC COMPANIES REVALUATION (EV / EBITDA MULTIPLE)
Portfolio Companies
Total Value
A
(1) Source: Bloomberg (11/21/2008) (2) Converted from Euro; 1 EURO = 1.25188 USD as of November 21, 2008
No.
CT
PUBLIC COMPANIES
($ in millions)
Portfolio Companies
Unrealized Investments A 1 B 2 C 3 D 4 E 5 F 6 G 7 H 8 I 9 J 10 K 11 L 12 Total Unrealized Portfolio
Revenues
$244.0 428.2 533.0 409.0 3,161.0 5,058.0 797.3 541.6 253.0 200.1 717.6 566.8
Comp. EV/ Revenues 3.4x 2.5x 1.2x 2.2x 2.4x 0.9x 1.3x 0.3x 2.2x 1.4x 0.6x 0.6x
Implied EV
Net Debt
Implied Equity
Discount for Illiquidity
Own. %
$820.9 1,072.6 613.6 918.3 7,667.6 4,646.8 1,016.2 175.4 551.2 275.3 401.0 362.5
($96.0) 551.1 378.0 400.0 1,362.0 8,152.0 508.5 1,087.7 295.0 571.3 953.6 525.7
$916.9 521.4 235.6 518.3 6,305.6 (3,505.2) 507.7 (912.3) 256.2 (296.0) (552.6) (163.2)
30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
27.6% 75.6% 59.8% 18.7% 29.6% 10.0% 46.0% 97.8% 30.0% 29.6% 95.0% 93.1%
SA M
No.
PL E
COMPARABLE PUBLIC COMPANIES REVALUATION (EV / REVENUES MULTIPLE) Valuation Unrealized
Revaluation Unrealized
Realized
Total Value
Cost
Multiple
INDUSTRY MULTIPLES REVALUATION (EV / EBITDA MULTIPLE) ($ in millions)
$132.0 109.3 137.0 188.0 358.2 1,277.0 167.5 202.2 162.0 68.7 175.5 92.9
Comp. EV/ EBITDA 6.5x 12.2x 6.5x 6.5x 6.5x 6.5x 12.2x 6.5x 6.5x 12.2x 6.5x 8.5x
Implied EV
$858.9 1,335.5 891.4 1,223.3 2,330.7 8,309.0 2,046.6 1,315.7 1,054.1 839.8 1,141.9 788.4
Net Debt
($96.0) 551.1 378.0 400.0 1,362.0 8,152.0 508.5 1,087.7 295.0 571.3 953.6 525.7
Implied Equity
$954.9 784.4 513.4 823.3 968.7 157.0 1,538.1 228.0 759.1 268.5 188.3 262.7
Discount for Illiquidity
Own. %
30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
27.6% 75.6% 59.8% 18.7% 29.6% 10.0% 46.0% 97.8% 30.0% 29.6% 95.0% 93.1%
Total Unrealized Portfolio INDUSTRY MULTIPLES REVALUATION (EV / REVENUE MULTIPLE)
1.2x 2.6x 1.2x 1.2x 1.2x 1.2x 2.6x 1.2x 1.2x 2.6x 1.2x 0.8x
Implied EV
$301.9 1,120.4 659.6 506.1 3,911.7 6,259.2 2,086.1 670.2 313.1 523.5 888.0 453.3
Net Debt
($96.0) 551.1 378.0 400.0 1,362.0 8,152.0 508.5 1,087.7 295.0 571.3 953.6 525.7
Implied Equity
$397.9 569.3 281.6 106.1 2,549.7 (1,892.8) 1,577.6 (417.5) 18.1 (47.8) (65.6) (72.5)
Discount for Illiquidity
Own. %
30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
27.6% 75.6% 59.8% 18.7% 29.6% 10.0% 46.0% 97.8% 30.0% 29.6% 95.0% 93.1%
PL E
$244.0 428.2 533.0 409.0 3,161.0 5,058.0 797.3 541.6 253.0 200.1 717.6 566.8
Comp. EV / Revenue
SA M
Total Unrealized Portfolio
Revenue
Revaluation
Realized
Total Value
Cost
Multiple
Unrealized
Realized
Total Value
$86.6 35.9 53.5 20.2 4.0
$491.6 213.6 495.5 378.5 800.0 470.0 454.8 506.3 465.2 446.5 751.8 424.7
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
3.9x 1.2x 1.7x 1.1x 2.3x 1.2x 2.3x 1.0x 1.0x 1.1x 1.1x 1.1x
$184.5 415.1 214.9 108.0 200.7 11.0 495.3 156.1 159.4 55.6 125.2 171.2
$86.6 35.9 53.5 20.2 4.0
$271.1 415.1 250.8 161.6 200.7 11.0 495.3 156.1 179.6 55.6 125.2 175.2
Cost $125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
Multiple 2.2x 2.2x 0.8x 0.5x 0.6x 0.0x 2.5x 0.3x 0.4x 0.1x 0.2x 0.5x
$4,323.9
1.4x
$2,297.0
$200.2
$2,497.2
$4,323.9
0.6x
Realized
Total Value
Cost
$200.2
$5,898.5
Realized
Total Value
Cost
Multiple
$405.0 213.6 459.6 325.0 800.0 470.0 454.8 506.3 445.0 446.5 751.8 420.7
$86.6 35.9 53.5 20.2 4.0
$491.6 213.6 495.5 378.5 800.0 470.0 454.8 506.3 465.2 446.5 751.8 424.7
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
3.9x 1.2x 1.7x 1.1x 2.3x 1.2x 2.3x 1.0x 1.0x 1.1x 1.1x 1.1x
$76.9 301.3 117.9 13.9 528.3 508.0 3.8 -
$86.6 35.9 53.5 20.2 4.0
$163.5 301.3 153.8 67.4 528.3 508.0 24.0 4.0
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
1.3x 1.6x 0.5x 0.2x 1.5x 2.6x 0.1x 0.0x
$5,698.3
$200.2
$5,898.5
$4,323.9
1.4x
$1,550.0
$200.2
$1,750.2
$4,323.9
0.4x
Valuation
Unrealized
EX
Portfolio Companies
Unrealized Investments A 1 B 2 C 3 D 4 E 5 F 6 G 7 H 8 I 9 J 10 K 11 L 12
$405.0 213.6 459.6 325.0 800.0 470.0 454.8 506.3 445.0 446.5 751.8 420.7 $5,698.3
($ in millions)
No.
Valuation Unrealized
CT
Unrealized Investments A 1 B 2 C 3 D 4 E 5 F 6 G 7 H 8 I 9 J 10 K 11 L 12
EBITDA
A
Portfolio Companies
TR
No.
Revaluation Unrealized
Multiple
DOWNSIDE VALUATION-I (LOWEST EV / EBITDA MULTIPLE) ($ in millions)
$132.0 109.3 137.0 188.0 358.2 1,277.0 167.5 202.2 162.0 68.7 175.5 92.9
Comp. EV / EBITDA 3.7x 6.5x 6.5x 6.5x 6.2x 6.5x 5.8x 6.5x 6.5x 12.2x 6.5x 5.8x
Implied EV
Net Debt
Implied Equity
Discount for Illiquidity
Own. %
$494.2 709.0 891.4 1,223.3 2,208.0 8,309.0 968.7 1,315.7 1,054.1 839.8 1,141.9 537.3
($96.0) 551.1 378.0 400.0 1,362.0 8,152.0 508.5 1,087.7 295.0 571.3 953.6 525.7
$590.2 157.9 513.4 823.3 846.0 157.0 460.2 228.0 759.1 268.5 188.3 11.5
30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
27.6% 75.6% 59.8% 18.7% 29.6% 10.0% 46.0% 97.8% 30.0% 29.6% 95.0% 93.1%
Total Unrealized Portfolio
($ in millions)
1.2x 2.5x 1.2x 1.2x 1.2x 0.9x 1.3x 0.3x 1.2x 1.4x 0.6x 0.6x
Implied EV
Net Debt
Implied Equity
Discount for Illiquidity
Own. %
$301.9 1,072.6 613.6 506.1 3,911.7 4,646.8 1,016.2 175.4 313.1 275.3 401.0 362.5
($96.0) 551.1 378.0 400.0 1,362.0 8,152.0 508.5 1,087.7 295.0 571.3 953.6 525.7
$397.9 521.4 235.6 106.1 2,549.7 (3,505.2) 507.7 (912.3) 18.1 (296.0) (552.6) (163.2)
30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
27.6% 75.6% 59.8% 18.7% 29.6% 10.0% 46.0% 97.8% 30.0% 29.6% 95.0% 93.1%
PL E
$244.0 428.2 533.0 409.0 3,161.0 5,058.0 797.3 541.6 253.0 200.1 717.6 566.8
Comp. EV/ Revenues
SA M
Total Unrealized Portfolio
Revenues
Revaluation
Realized
Total Value
Cost
Multiple
$86.6 35.9 53.5 20.2 4.0
$491.6 213.6 495.5 378.5 800.0 470.0 454.8 506.3 465.2 446.5 751.8 424.7
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
3.9x 1.2x 1.7x 1.1x 2.3x 1.2x 2.3x 1.0x 1.0x 1.1x 1.1x 1.1x
$4,323.9
1.4x
Unrealized
Realized
Total Value
Cost
Multiple
$114.0 83.5 214.9 108.0 175.3 11.0 148.2 156.1 159.4 55.6 125.2 7.5
$86.6 35.9 53.5 20.2 4.0
$200.6 83.5 250.8 161.6 175.3 11.0 148.2 156.1 179.6 55.6 125.2 11.5
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
1.6x 0.4x 0.8x 0.5x 0.5x 0.0x 0.7x 0.3x 0.4x 0.1x 0.2x 0.0x
$1,358.8
$200.2
$1,559.0
$4,323.9
0.4x
Realized
Total Value
Cost
$200.2
$5,898.5
Realized
Total Value
Cost
Multiple
$405.0 213.6 459.6 325.0 800.0 470.0 454.8 506.3 445.0 446.5 751.8 420.7
$86.6 35.9 53.5 20.2 4.0
$491.6 213.6 495.5 378.5 800.0 470.0 454.8 506.3 465.2 446.5 751.8 424.7
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
3.9x 1.2x 1.7x 1.1x 2.3x 1.2x 2.3x 1.0x 1.0x 1.1x 1.1x 1.1x
$76.9 275.9 98.6 13.9 528.3 163.5 3.8 -
$86.6 35.9 53.5 20.2 4.0
$163.5 275.9 134.5 67.4 528.3 163.5 24.0 4.0
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
1.3x 1.5x 0.5x 0.2x 1.5x 0.8x 0.1x 0.0x
$5,698.3
$200.2
$5,898.5
$4,323.9
1.4x
$1,160.9
$200.2
$1,361.1
$4,323.9
0.3x
Valuation
Unrealized
EX
Portfolio Companies
Unrealized Investments A 1 B 2 C 3 D 4 E 5 F 6 G 7 H 8 I 9 J 10 K 11 L 12
$405.0 213.6 459.6 325.0 800.0 470.0 454.8 506.3 445.0 446.5 751.8 420.7 $5,698.3
DOWNSIDE VALUATION-II (LOWEST EV / REVENUE MULTIPLE)
No.
Valuation Unrealized
CT
Unrealized Investments A 1 B 2 C 3 D 4 E 5 F 6 G 7 H 8 I 9 J 10 K 11 L 12
EBITDA
A
Portfolio Companies
TR
No.
Revaluation Unrealized
Multiple
DOWNSIDE VALUATION-III (EXIT=PURCHASE MULTIPLE) ($ in millions)
7.0x 8.4x 9.9x 11.6x 12.7x 12.7x 9.4x 9.2x 11.0x 14.0x 11.8x 12.1x
Implied EV
Net Debt
Implied Equity
Discount for Illiquidity
Own. %
$924.0 918.1 1,356.3 2,180.8 4,549.1 16,217.9 1,574.5 1,860.2 1,782.0 962.3 2,070.9 1,124.1
($96.0) 551.1 378.0 400.0 1,362.0 8,152.0 508.5 1,087.7 295.0 571.3 953.6 525.7
$1,020.0 367.0 978.3 1,780.8 3,187.1 8,065.9 1,066.0 772.5 1,487.0 391.0 1,117.3 598.4
30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
27.6% 75.6% 59.8% 18.7% 29.6% 10.0% 46.0% 97.8% 30.0% 29.6% 95.0% 93.1%
Total Unrealized Portfolio
Valuation Unrealized $405.0 213.6 459.6 325.0 800.0 470.0 454.8 506.3 445.0 446.5 751.8 420.7 $5,698.3
PL E
EX
Source: Company revenues, EBITDA & Purchase multiples from Portfolio company summaries and portfolio company updates
Revaluation
Realized
Total Value
Cost
Multiple
$86.6 35.9 53.5 20.2 4.0
$491.6 213.6 495.5 378.5 800.0 470.0 454.8 506.3 465.2 446.5 751.8 424.7
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
3.9x 1.2x 1.7x 1.1x 2.3x 1.2x 2.3x 1.0x 1.0x 1.1x 1.1x 1.1x
$4,323.9
1.4x
$200.2
Unrealized
Realized
Total Value
Cost
$197.1 194.2 409.5 233.7 660.4 564.6 343.3 528.9 312.3 81.0 743.0 389.9
$86.6 35.9 53.5 20.2 4.0
$283.7 194.2 445.4 287.2 660.4 564.6 343.3 528.9 332.5 81.0 743.0 393.9
$125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
2.3x 1.0x 1.5x 0.8x 1.9x 1.4x 1.7x 1.0x 0.7x 0.2x 1.1x 1.0x
$4,657.9
$200.2
$4,858.1
$4,323.9
1.1x
CT
$132.0 109.3 137.0 188.0 358.2 1,277.0 167.5 202.2 162.0 68.7 175.5 92.9
Purchase Multiple
A
Unrealized Investments A 1 B 2 C 3 D 4 E 5 F 6 G 7 H 8 I 9 J 10 K 11 L 12
EBITDA
TR
Portfolio Companies
SA M
No.
$5,898.5
Multiple
Comparable Company Analysis A
Company Name A B C D E
Exchange: Ticker Industry Classification Asset Asset Asset Asset Asset
Management Management Management Management Management
and Custody Banks; and Custody Banks; and Custody Banks; and Custody Banks; and Custody Banks;
Primary Industry Asset Asset Asset Asset Asset
Management Management Management Management Management
Geographic Location
and CuUnited States and Canada and CuUnited States and Canada and CuEurope and CuUnited States and Canada and CuEurope
Company Type
Business Description
Long Business Description
Public Public Public Public Public
National Investment SEI Investments Man Group plc provides Nicholas-Applegate Eclectic Investment Trust
National Investment SEI Investments Man Group plc, through Nicholas-Applegate -
Company Company Company Company Company
B
A
Primary Industry
Geographic Location
Company Type
Information Technology (IT) Consulting; Application Software Information Technology (IT) Consulting Application Software
Asia / Pacific
Public Company
B
Asia / Pacific
Public Company
C
Information Technology (IT) Consulting
Application Software
Asia / Pacific
Public Company
D
Information Technology (IT) Consulting
Application Software
United States and Canada;
Public Company
E
Information Technology (IT) Consulting
Application Software
Europe; European Developed
Public Company
A
Information Technology (IT) Consulting
Application Software
United States and Canada;
Public Company
B
Information Technology (IT) Consulting
United States and Canada; Application Software IT Consulting and Other S Asia / Pacific Information Technology (IT) Consulting; Application Software United States and Canada; Information Technology (IT) Consulting Systems Software United States and Canada;
Public Company
C
Information Technology (IT) Consulting
Public Company
D E
Public Company
Long Business Description
4.8 3.0
-
4.2
1,392.8
48.2
464.9
28.9
3.0
Unica Corporation
(42.2)
60.4
2.75
121.8
22.0
0.5
Autonomy Corporation
(125.8)
2,469.5
188.3
473.0
13.1
5.2
Quest Software, Inc.
(281.2)
1,098.0
114.3
720.5
9.6
1.5
Tyler Technologies,
(24.3)
430.6
49.4
256.0
8.7
1.7
-
-
2.5
0.3
0.3
8.5
Retalix, Ltd. provides
(26.0)
58.3
7.1
226.5
8.2
0.3
Check Point Software
(804.4)
3,157.8
390.1
797.6
8.1
4.0
(79.8)
271.6
55.2
346.5
4.9
0.8
NA
D
United States and Canada;
Public Company
E
Information Technology (IT) Consulting; Application Software Information Technology (IT) Consulting Application Software
Asia / Pacific
A
Information Technology (IT) Consulting
Application Software
Asia / Pacific
B
Information Technology (IT) Consulting
Application Software
Asia / Pacific
Manhattan Associates, Computer Modelling
(23.8)
70.4
15.2
32.3
4.6
148.0
32.3
255.3
4.6
0.6
JDA Software Group,
(50.3)
366.7
86.7
382.6
4.2
1.0
Public Company
-
(56.7)
147.4
34.9
124.8
4.2
1.2
Public Company
-
(56.7)
147.4
34.9
124.8
4.2
1.2
Public Company
MYOB Ltd engages in
(22.0)
234.4
79.3
203.1
3.0
1.2
($151.0)
$712.0
$90.1
$309.7
6.5x
2.5x
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
Revenues ($mm) [LTM]
TEV/EBITDA
TEV/Revenue
PL E
Company Type
Business Description
Long Business Description
A
Investment Advice; Investment
Investment Banking and B Asia / Pacific
Public Company
-
B
Diversified Support Services;
Research and Consulting SUnited States and Canada;
Public Company
FTI Consulting, Inc.
C
General Management Services;
Insurance Brokers
United States and Canada;
Public Company
Aon Corporation
D E
Diversified Support Services; Diversified Support Services;
Europe; European Develop Research and Consulting Research and Consulting SEurope; European Developed
Public Company Public Company
ICF International, Inc. -
D E F G H
SA M
C
9.7
(136.2)
Average
B
TEV/Revenue
43.7
Public Company
A
TEV/EBITDA 28.9
Public Company
Geographic Location
Revenues ($mm) [LTM]
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
Net Debt ($mm) [Latest Quarter]
464.9
Public Company
Primary Industry
3.4x
$871.9
$227.0
United States and Canada;
Company Name
3.7x
$1,354.7
48.2
United States and Canada;
Exchange: Ticker Industry Classification
$931.7
($578.8)
$25.0
United States and Canada
D
6.3 4.1
1,392.8
Application Software
Geographic Location
NM NM
$39.1 1,332.9 3,153.0 128.4 5.2
$1,093.6
Information Technology (IT) Consulting
Primary Industry
1.0 2.1 1.0
$7.5 590.2 2,018.0 -
4.2
Information Technology (IT) Consulting; Application Software Information Technology (IT) Consulting Application Software
Company Name
TEV/Revenue
5.0 4.7 1.6
$37.5 2,760.7 3,148.5 805.4 21.4
($103.2)
C
Exchange: Ticker Industry Classification
TEV/EBITDA
$21.0 (309.0) (2,606.0) (0.07) (0.2)
-
B
C
Revenues ($mm) [LTM]
-
EX
A
Public Company
Business Description
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
TR
Company Name
Exchange: Ticker Industry Classification
Net Debt ($mm) [Latest Quarter]
A
Average
CT
($ in millions)
Company Type
Average
Business Description
Net Debt ($mm) [Latest Quarter] ($196.6)
$647.4
$36.4
$94.9
17.8
6.8
418.6
2,723.7
276.7
1,250.8
9.8
2.2
(460.0)
11,070.5
1,323.0
7,821.0
87.0 18.2
367.1 160.4
71.5 36.5
721.9 318.8
8.4 5.1 4.4
1.4 0.5 0.5
6.9x
1.2x
Revenues ($mm) [LTM]
TEV/EBITDA
TEV/Revenue
$16.0
Long Business Description
2.2
Net Debt ($mm) [Latest Quarter]
$3,580.4
$426.9
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
$2,528.1
Asset Management and Custody Banks; Asset Management and CuUnited States and Canada
Public Company
Guardian Capital Group
$15.8
$201.6
$16.2
$67.0
12.4
Asset Management and Custody Banks; Diversified Capital Markets United States and Canada;
Public Company
Loring Ward
(14.2)
62.0
9.5
47.0
6.5
1.3
Asset Management and Custody Banks; Asset Management and CuUnited States and Canada;
Public Company
SEI Investments
(309.0)
2,760.7
590.2
1,332.9
4.7
2.1
Accident Insurance; Asset Management NA NA Asset Management and Custody Banks; Asset Management and Custody Banks;
Public Public Public Public Public
Dundee Wealth NA NA The Central Europe and AllianceBernstein
(0.25) (0.2) 2.1 (33.0) -
763.9 690.3 249.4 212.2 1,398.8
170.6 NA NA -
916.9 22.9 16.1 15.2 350.3
4.5 NM NM NM NM
0.8 30.1 15.5 14.0 4.0
7.0x
2.2x
Investment Banking and B United States and Canada NA NA NA NA Asset Management and CuUnited States and Canada; Asset Management and CuUnited States and Canada;
Company Company Company Company Company Average
($76.9)
$1,037.4
$196.6
$542.8
3.0
E
Primary Industry
Geographic Location
Company Type
Business Description
Long Business Description
Investment Banking; Security Brokers
Specialized Finance
Asia / Pacific
Public Company
Reliance Capital
B
Institutional Investment Advice;
Asset Management and
Europe; European Developed
Public Company
-
C
Institutional Investment Advice;
Asset Management and CuUnited States and Canada;
Public Company
Diamond Hill
D
Investment Banking; Security Brokers
Other Diversified
Asia / Pacific
Public Company
Fubon Financial
E
Investment Banking; Security Brokers
Investment Banking and
Asia / Pacific
Public Company
-
F
Investment Advice; Investment
Investment Banking and
United States and Canada
Public Company
Dundee Wealth
G
Investment Advice; Investment
Investment Banking and
Asia / Pacific
Public Company
-
H
Investment Advice; Security Brokers
Investment Banking and
Asia / Pacific
Public Company
-
I
Investment Advice; Investment
Investment Banking and
Asia / Pacific
Public Company
Average
Primary Industry
Geographic Location
Company Type
A B C
Investment Advice; Investment Market Research Market Research
Research and Consulting SAsia / Pacific United States and Canada; Healthcare Services Europe; European Develop Advertising
Public Company Public Company Public Company
D E F G
NA Market Research Market Research Market Research
NA NA Research and Consulting SEurope; European Developed Europe; European Developed Advertising Asia / Pacific Advertising
Public Public Public Public
H
Market Research
Advertising
United States and Canada;
Public Company
I
Market Research
Advertising
Europe; European Developed
Public Company
J
Market Research
K
Market Research
Research and Consulting SAsia / Pacific IT Consulting and Other S Asia / Pacific
NasdaqGS:F
Market Research
Spar Group Inc. (NasdaqCM:SGRP)
NasdaqCM:S
Market Research
Public Company
IT Consulting and Other S United States and Canada; United States and Canada; Advertising
(5.4)
7.9
3.9
16.0
2.0
0.5
(32.0)
6.6
10.6
35.2
0.6
0.2
1.8
6.9
16.1
22.7
0.4
0.3
5.7x
2.4x
Revenues ($mm) [LTM]
$3,015.5
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
3.6
0.5
40.0
12.0
233.8
3.3
47.3
29.6
160.0
1.6
0.3
-
(34.5)
10.9
7.8
66.0
1.4
0.2
-
(9.4)
1.7
2.5
11.2
0.7
0.1
(208.1)
347.9
38.6
236.4
9.0
1.5
3.0
17.2
3.1
72.1
5.5
0.2
5.4x
0.9x
Revenues ($mm) [LTM]
TEV/EBITDA
TEV/Revenue
Long Business Description NA -
C
Computer Aided Design (CAD)
Application Software
United States and Canada;
Public Company
D E F G H I
Computer Aided Design (CAD) Computer Aided Design (CAD) Computer Aided Design (CAD) Computer Aided Design (CAD) Computer Aided Design (CAD) Mapping Software
United States and Canada; Application Software Europe; European Developed Application Software Electronic Equipment and United States and Canada; Asia / Pacific Systems Software United States and Canada; Application Software United States and Canada; Leisure Products
Public Public Public Public Public Public
J
NA
NA
Public Company
$1,070.9
Net Debt ($mm) [Latest Quarter]
$2,443.7
$491.3
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
$2,739.2
$355.9
$22.0
$168.6
16.2
2.1
0.5
37.6
5.5
76.6
Autodesk, Inc. operates
(842.2)
3,175.5
561.5
2,355.8
6.8 5.7
0.5 1.3
SofTech, Inc. engages FARO Technologies, Avatech Solutions, Inc. -
11.6 (17.4) (102.4) (5.5) 0.2
12.5 24.9 125.2 47.5 6.2 57.2
2.4 4.9 28.0 13.2 4.19 (2.7)
9.9 31.4 212.2 119.6 49.6 1.4
5.2 5.0 4.5 3.6 1.5
1.3 0.8 0.6 0.4 0.1
NM
42.1
0.5
3.6
(1.0)
0.9
NM
4.0
5.1x
1.3x
TEV/EBITDA
TEV/Revenue
Average
($158.2)
Long Business Description
Net Debt ($mm) [Latest Quarter]
$489.5
$87.8
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
$400.9
Revenues ($mm) [LTM]
Primary Industry
Geographic Location
$3.0
$17.2
$3.1
$72.1
Marketing Consulting
Advertising
United States and Canada;
Public Company
MDC Partners, Inc.
151.8
262.7
58.9
600.0
Print Advertising
Advertising
United States and Canada
Public Company
Pareto Corporation
5.4
22.3
6.5
72.1
Marketing Consulting
Advertising
United States and Canada;
Public Company
Harte-Hanks, Inc., a
273.5
585.6
175.0
1,116.2
(0.3)
9.5
4.7
Public Company
Public Company Average
0.2
($81.6)
NA
Business Description
$1,065.4
2.5
SPAR Group, Inc.
Company Company Company Company Company Company
$542.6
0.8
35.5
Public Company
SA M
3.1
4.3
-
Public Company
E
3.1
4.5
916.9
1.6 0.8 0.7
United States and Canada
D
5.4
1,598.2
170.6
6.6 5.1 3.9
NA
C
3,408.4
1,101.2
731.2
1,836.4 1,705.6 7,316.1 549.0
Application Software
B
1,949.5
4,948.5
449.1 266.5 1,384.8 73.7
NA
A
10,562.8
(0.3)
2,973.1 1,350.6 5,459.0 268.9
Forrester Research,
Company Type
6,915.8
(10,828.9)
1,829.8 663.6 1,672.8 280.7
Harris Interactive, Inc.
Business Description
3.1
NM 3.6 0.9
Computer Aided Design (CAD)
Company Name
2.3
TEV/Revenue
NA
Exchange: Ticker Industry Classification
6.9
21.1 13.2 7.7
B
H
47.5
TEV/EBITDA
A
NA
16.0
$2.5 49.6 2,288.8
SPAR Group, Inc.,
Company Type
110.5
($0.1) 13.5 282.6
Forrester Research, Inc.,
Geographic Location
4.1
(28.9)
($1.5) 177.8 2,166.8
Public Company
Primary Industry
8.4
($5.8) (0.4) 907.4
Public Company
PL E
Company Name
Exchange: Ticker Industry Classification
8.6
239.3
National Research Taylor Nelson Sofres
Average
G
$1,231.4
117.3
Net Debt ($mm) [Latest Quarter]
Publicis Groupe, S.A. -
Public Company
TEV/Revenue
$439.7
984.5
Long Business Description
EX
Forrester Research Inc.
Company Company Company Company
TEV/EBITDA
$3,763.1
(138.0)
TR
Company Name
Business Description
Revenues ($mm) [LTM]
$1,968.9
($302.4)
F
Exchange: Ticker Industry Classification
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
A
A
Net Debt ($mm) [Latest Quarter]
CT
Company Name
Exchange: Ticker Industry Classification
$86.7
$179.5
$49.6
87.4 $389.6
5.6 4.5
0.2 0.4
3.4 3.3
0.3 0.5
2.0
0.1
3.8x
0.3x
I
Primary Industry
Geographic Location
Company Type
Business Description
Long Business Description
A
Asset Management and Custody Banks; Asset Management and CuAsia / Pacific; Europe; European Public Investment Firm
-
B
Asset Management and Custody Banks; Asset Management and CuEurope; European Developed
Public Investment Firm
-
C
Asset Management and Custody Banks; Asset Management and CuCanada; Ontario; United States
Public Company
-
D E
Asset Management and Custody Banks; Asset Management and CuAfrica / Middle East; South Asset Management and Custody Banks; Asset Management and CuAsia / Pacific; Asia / Pacific
Public Investment Firm Public Investment Firm
-
F
Asset Management and Custody Banks; Asset Management and CuDeveloped Markets; Australia ;
Public Investment Firm
Fortress Investment
G
Capital Markets
Asset Management and CuUnited States and Canada
Public Company
IGM Financial, Inc., a
H
Capital Markets; Investment Advice
Asset Management and CuUnited States and Canada;
Public Company
Diamond Hill
I
Capital Markets
Asset Management and CuEurope; European Developed
Public Company
Azimut Holding SpA Average
Primary Industry
Geographic Location
Company Type
Human Resources Software
Application Software
United States and Canada;
Public Company
B C
Human Resources Software NA
Application Software NA
Europe; European Developed NA
Public Company Public Company
D
Human Resources Software
Application Software
Europe; European Developed
Public Company
E
Human Resources Software
Application Software
Europe; European Developed
Public Company
F
Accounting Software; Financial Services Application Software
United States and Canada
Public Company
G
Human Resources Software
IT Consulting and Other S Europe; European Developed
Public Company
H
Human Resources Software
Application Software
Europe; European Developed
Public Company
I
Human Resources Software
Application Software
United States and Canada;
Public Company
5.0
(67.8)
276.4
71.9
256.3
5.6 3.8
0.3 1.1
(14.8) (53.9)
147.7 54.2
51.0 82.7
121.2 181.6
2.9
1.2
0.7
0.3
544.8
918.2
(594.9)
940.5
NM
1.0
327.9
6,650.7
1,214.1
2,682.2
5.5
2.5
(28.9)
97.0
16.0
47.5
6.1
2.0
793.5
1,133.6
127.6
462.3
8.9
2.5
5.7x
2.2x
TEV/EBITDA
TEV/Revenue
43.3 9.8 8.2
1.6 0.8 2.1
$1,544.5
Net Debt ($mm) [Latest Quarter]
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
$689.6
Revenues ($mm) [LTM]
$278.1
$6.4
$171.0
(24.5) 808.3
41.2 3,941.7
4.2 480.8
48.5 1,835.1
-
(106.4)
410.6
355.6
90.6
-
(38.6)
82.4
30.0
93.4
2.7
0.9
-
(7.5)
14.7
5.4
28.1
2.7
0.5
-
(19.6)
20.0
7.8
41.1
2.6
0.5
-
SuccessFactors, Inc.
Business Description
$159.1
Long Business Description
3.9
0.9
(1.9)
20.9
15.1
61.4
1.4
0.3
(101.5)
209.4
(79.4)
98.1
NM
2.1
6.2x
1.4x
$107.5
Net Debt ($mm) [Latest Quarter]
$926.1
$105.2
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
$497.1
Revenues ($mm) [LTM]
TEV/EBITDA
TEV/Revenue
NA
NA
NA
Public Company
NA
($40.0)
$141.9
$0.3
$96.9
Enterprise Software; Online Services; NA
Application Software NA
United States and Canada; NA
Public Company Public Company
The Ultimate Software NA
(19.1) (19.1)
312.0 293.7
6.4 6.4
171.0 171.0
456.4 48.6 45.8
1.5 1.8 1.7
D
Enterprise Software
Application Software
United States and Canada;
Public Company
Taleo Corporation
(47.0)
195.7
11.4
157.4
17.2
1.2
E
Enterprise Software; Online Services
Internet Software and Serv United States and Canada;
Public Company
Saba Software, Inc.
(14.7)
24.4
3.4
107.6
7.2
F
Development Consulting
Application Software
United States and Canada;
Public Company
SumTotal Systems,
(41.6)
54.3
9.0
130.4
6.1
0.4
G
Development Consulting; Enterprise
Application Software
Europe; European Developed
Public Company
Lawson Software, Inc.
(112.9)
510.7
99.5
855.4
5.1
0.6
H
Enterprise Software; Online Services
Application Software
United States and Canada;
Public Company
Callidus Software, Inc.
(41.4)
32.7
(6.4)
105.3
Enterprise Software
Application Software
United States and Canada;
Public Company
Kenexa Corporation
(25.7)
110.1
41.4
206.4
NM 2.7
0.3 0.5
8.9x
0.6x
TEV/EBITDA
TEV/Revenue
L
A B C D
Exchange: Ticker Industry Classification Healthcare Services
Primary Industry
Geographic Location
Company Type
Kenexa Corporation, Average
Business Description
($51.5)
Long Business Description
Net Debt ($mm) [Latest Quarter]
$163.6
$23.4
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
$271.2
Revenues ($mm) [LTM]
0.2
Healthcare Services
United States and Canada;
Public Company
Cross Country
$131.8
$393.1
$54.5
$710.1
7.2
0.6
NA
NA
NA
Public Company
NA
134.8
1,440.4
253.3
1,020.8
Healthcare Services
Healthcare Services
United States and Canada;
Public Company
Medical Staffing
115.9
136.9
26.0
567.3
5.7 5.3
1.4 0.2
Healthcare Services
SA M
Company Name
Company Type
7.0
168.8
B C
NasdaqGS:K
Geographic Location
$317.3
10.2
A
I
Primary Industry
PL E
Company Name
Exchange: Ticker Industry Classification
TEV/Revenue
$228.0
56.9
($19.1)
ClickSoftware NA
Average
K
TEV/EBITDA
$1,587.9
9.1
A
The Ultimate Software
EX
A
Long Business Description
Revenues ($mm) [LTM]
($101.2)
TR
Company Name
Business Description
Total Enterprise Value ($mm) EBITDA ($mm) [Latest] [LTM]
$207.6
J
Exchange: Ticker Industry Classification
Net Debt ($mm) [Latest Quarter]
CT
Company Name
Exchange: Ticker Industry Classification
Healthcare Services
United States and Canada;
Public Company
AMN Healthcare
150.6
425.2
85.6
1,207.2
Gentiva Health Services Inc.
NasdaqGS:G Home Healthcare Services
Healthcare Services
United States and Canada;
Public Company
Gentiva Health Services,
Gentiva Health
201.9
882.2
111.8
1,330.9
7.9
0.7
Rehabcare Group Inc. (NYSE:RHB)
NYSE:RHB
Healthcare Services
Healthcare Services
United States and Canada;
Public Company
RehabCare Group, Inc.
RehabCare Group, Inc.
39.6
303.7
46.3
727.8
6.6
0.4
HealthTronics Inc. (NasdaqGS:HTRN)
NasdaqGS:H
Healthcare Services
Healthcare Equipment
United States and Canada;
Public Company
HealthTronics, Inc.
HealthTronics, Inc.
-6.32
89.7
69.6
157.5
1.3
0.6
Arcadia Resources Inc. (AMEX:KAD)
AMEX:KAD
Healthcare Services
Healthcare Services
United States and Canada;
Public Company
Arcadia Resources, Inc.,
Arcadia Resources,
Average
35.2 $133.3
98.2 $598.9
(0.09) $104.8
149.3 $876.4
5.0
0.4
NM
0.7
5.8x
0.6x
Company Name A B C D E F G H I J
Industry (1) Services & Leasing Computers & Electronics Services & Leasing Services & Leasing Services & Leasing Services & Leasing Computers & Electronics Services & Leasing Services & Leasing Computers & Electronics
K L
Services & Leasing Healthcare
EV/EBITDA 6.5 12.2 6.5 6.5 6.5 6.5 12.2 6.5 6.5 12.2
EV/Revenue 1.2 2.6 1.2 1.2 1.2 1.2 2.6 1.2 1.2 2.6
6.5 8.5
1.2 0.8
Ownership Stake 27.6% 75.6% 59.8% 18.7% 29.6% 10.0% 46.0% 97.8% 30.0% 71.3% 95.0% 93.1%
Net Debt ($96.0) 551.1 378.0 400.0 1,362.0 8,152.0 508.5 1,087.7 295.0 571.3 953.6 525.7
($ in millions)
LTM EBITDA $132.0 109.3 137.0 188.0 358.2 1,277.0 167.5 202.2 162.0 68.7 175.5 92.9
Revenue $244.0 428.2 533.0 409.0 3,161.0 5,058.0 797.3 541.6 253.0 200.1 717.6 566.8
($ In millions)
A B C D E F G H I J K L M N O P
May-06 Oct-06 Jul-06 Oct-07 Feb-08 Mar-08 Feb-08 Oct-07 Jul-07 Jun-07 Dec-05 Sep-04 Nov-06 Jun-07 May-06 Nov-06
10.4x
SA
M
1 EUR = 1.44487 USD 1.44487 1 Pound = 1.48 USD 1.59
LTM EBITDA LTM PF EBIT Run-Rate EBI PF EBITDA n/a 2007 EBITDA 2007 EBITDA LTM EBITDA LTM EBITDA LTM EBITDA 2005 Adj. EBI Run-Rate EBI TBV LTM EBITDA LTM PF EBIT LTM PF EBIT
PL
Average
8.4x 9.9x 11.6x 9.2x n/a 5.1x 10.0x 11.0x 14.0x 11.8x 12.7x 7.0x 0.9x 12.1x 12.7x 9.4x
As of September 30, 2008
2006 Revenue
2007 Revenue
LTM 9/30/08 Revenue
2006 EBITDA
$389.4 375.0 381.5 466.8 751.1 237.0 1,795.0 198.0 91.1 632.4 1,739.9 197.0 1,254.0 475.9 4,174.0 631.6
$456.7 504.0 434.0 505.9 808.5 326.5 1,936.0 244.0 170.3 679.6 2,717.6 243.0 1,113.0 516.7 4,707.0 725.3
$428.2 533.0 409.0 541.6 845.0 371.3 1,913.1 253.0 200.1 717.6 3,161.0 244.0 1,160.0 566.8 5,058.0 797.3
$97.0 92.0 192.4 158.3 164.8 163.3 226.0 137.0 30.2 132.2 247.9 100.0 1,825.0 76.9 959.0 100.8
$114.1 125.0 215.9 183.3 182.8 244.2 269.0 167.0 53.4 152.0 334.6 130.0 2,253.0 83.0 1,179.0 144.1
$109.3 137.0 188.0 202.2 201.0 280.3 294.6 162.0 68.7 175.5 358.2 132.0 2,382.0 92.9 1,277.0 167.5
$551.1 378.0 400.0 1,087.7 805 -176.9 1,213.9 295.0 571.3 953.6 1,362.0 -96.0 0.0 525.7 8,152.0 508.5
5.0x 2.8x 2.1x 5.4x 4.0x (0.6x) 4.1x 1.8x 8.3x 5.4x 3.8x (0.7x) – 5.7x 6.4x 3.0x
$835.7
$998.3
$1,069.3
$191.9
$238.5
$256.4
$1,102.1
3.8x
404054 90410
826912 190106
E
Unrealized Investmen
Entry Multiple Methodology
Comment LTM 9/30/2008 LTM 9/30/2008 LTM 9/30/2008 LTM 9/30/2008 LTM 9/30/2008 LTM 9/30/2008 LTM 9/30/2008 LTM 9/30/2008 LTM 9/30/2008 LTM 9/30/2008 LTM 9/30/2008 LTM 9/30/2008
EX
Initialmplied Entry Investment Multiple
Purchase Multiple 7.0x 8.4x 9.9x 11.6x 12.7x 12.7x 9.4x 9.2x 11.0x 14.0x 11.8x 12.1x
A
Cost $125.1 185.8 296.1 357.7 345.4 392.7 197.7 506.3 445.0 422.7 663.0 386.5
TR
Company Name A B C D E F G H I J K L
CT
Source: (1) S&P M&A Stats, October 2008
2007 LTM 9/30/08 LTM 9/30/08 LTM 9/30/08 EBITDA EBITDA Net DebtDebt/ EBTIDA
($ in millions)
As of June 30, 2008
Initial Investment
Cost of Investments
Realized Value
Total Value
Gross Return
Gross IRR
A
Dec-04
$224.7
$1,531.2
B
May-01
305.5
1,083.4
-
$1,531.2
6.8x
371.8%
-
1,083.4
3.5x
C
Nov-01
297.5
25.4%
935.3
-
935.3
3.1x
D
Aug-03
28.4%
200.1
696.8
-
696.8
3.5x
E
52.2%
Feb-00
312.0
589.6
-
589.6
1.9x
442.2%
F
Apr-00
130.7
432.8
-
432.8
3.3x
21.5%
G H
Oct-00 Nov-03
41.2 205.1
62.0 468.7
133.8
62.0 602.5
1.5x 2.9x
37.8%
$1,716.8
$5,799.8
$133.8
$5,933.6
$125.1
$86.6
$405.0
$125.1
$86.6
$405.0
$1,842.0
$5,886.4
$538.8
Initial Investment
Cost of Investments
Realized Value
Unrealized Value
Total Value
Gross Return
Gross IRR
Jul-05 Sep-06 Dec-04 Nov-05
$315.9 163.7 193.7 144.3
$2,617.1 176.0 211.7 109.8
537.0 326.6 114.4
$2,617.1 713.0 538.3 224.2
8.3x 4.4x 2.8x 1.6x
121.0% 199.5% 48.2% 20.9%
$817.6
$3,114.6
$978.0
$4,092.6
5.0x
$800.0 459.6 470.0 454.8 325.0 295.0 213.6
$800.0 495.5 470.0 454.8 378.5 326.9 213.6
2.3x 1.7x 1.2x 2.3x 1.1x 1.1x 1.2x
Fund IV
Unrealized Value
Net IRR
Realized Investments
Unrealized Investments M
Sep-04
Total Unrealized Investments Total Investments
Total Realized Investments
Total Unrealized Investments Total Investments
$345.4 296.1 392.7 197.7 357.7 300.0 185.8
3.9x
46.6%
$491.6
3.9x
46.6%
$6,425.2
3.5x
50.1%
35.2%
Total Unrealized Investments Total Investments
39.9% 47.8% 9.1% 69.2% 3.2% 6.3% 6.9%
$121.3
$3,018.0
$3,139.3
1.5x
$2,893.0
$3,235.8
$3,996.0
$7,231.9
2.5x
Initial Investment
Cost of Investments
Realized Value
Unrealized Value
Total Value
Gross Return
Gross IRR
Feb-08 Jun-07 Oct-07 Oct-07 Jul-07 Jun-07 Feb-08 Mar-08
$789.1 663.0 506.3 445.0 422.7 386.5 410.0 425.8
$789.1 751.8 506.3 445.0 446.5 420.7 410.0 297.5
$789.1 751.8 506.3 465.2 446.5 424.7 410.0 396.1
1.0x 1.1x 1.0x 1.0x 1.1x 1.1x 1.0x 0.9x
NM 13.4% NM 7.4% 7.6% 10.0% NM (25.7%)
$4,066.9
$4,189.7
1.0x
5.7%
(3.2%)
1.0x
5.7%
(3.2%)
PL
Unrealized Investments Q D F J JK L A D
35.9 53.5 31.9 -
Net IRR
$2,075.4
E
($ in millions)
Dec-05 Oct-06 May-06 Nov-06 Jul-06 Nov-06 May-06
EX
Unrealized Investments F F E GH H SD H
M
$491.6
TR
Realized Investments T G V D
SA
NA
As of June 30, 2008
Fund V
Fund VI
3.5x
A
($ in millions)
CT
Total Realized Investments
7.4%
$4,048.3 $4,048.3
20.2 4.0 98.6 $122.8 $122.8
58.5%
44.1%
As of June 30, 2008
$4,066.9
$4,189.7
Net IRR