3i EBP Interactive Brochure

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European Buyouts Portfolio

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Bringing you closer to our business 3i is a world leader in private equity and venture capital, offering a comprehensive range of funding solutions, from early-stage venture capital to growth capital, buyouts and infrastructure.

Through this limited-edition portfolio book, we want to offer you an insight into some of the diverse and successful businesses that make up our European Buyouts portfolio.

The book contains concise, one-page profiles that highlight the strategy and achievements of 50 companies in which we are currently invested.

The profiles are organised by the sectors on which we focus: Business Services; Consumer; Financial Services; General Industrial; Healthcare; Media; Oil, Gas and Power; and Technology.

Within 3i, our investment professionals have a deep understanding of at least one of these industry sectors and work with colleagues worldwide to ensure that their insights are applied in every location, to the benefit of all the businesses we support.

For each of the profiled companies, we’ve included the name and telephone number of the lead investment professional.

Please don’t hesitate to contact them if you’d like to find out more.

Contents 3i Buyouts advantage Current portfolio summaries A selection of other investments Contacts Internationally connected

02 06 64 66 67

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3i Buyouts advantage Investing across Europe, we are the leading mid-market buyout firm. Our approach is to invest in businesses with an enterprise value of up to around €1bn.

In 2006:

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we invested €950m in 11 new companies;

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we generated a cash return of €2.6bn from 43 realisations and 15 re-capitalisations;

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Eurofund V raised €5bn, the largest in the European mid-market.

Investing: As a buyout business, 3i does not just invest on its own behalf. In Autumn 2006, 3i raised €5bn for its latest buyout fund, ‘Eurofund V’, well beyond the initial €3.5bn target, making it Europe’s largest mid-market buyout fund. The fund will invest mainly in European mid-market buyouts, including Central and Eastern Europe. In addition, 10% of the fund may be invested outside Europe.

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Active ownership generates long-term value and top quartile returns. Our partners take a hands-on approach to management, working to deliver change as well as being an active part of the company’s managing board.

Sector experience and capabilities: Within 3i, our investment professionals have a deep understanding of a geographic market and at least one industry sector, enabling their knowledge and skills to be delivered when and where needed. At the same time, we have access to an unrivalled network of industrialists – experienced Chairmen and CEOs, who understand what it takes to help a business evolve.

Realising value: We depend on our ability to form close, effective working relationships with great management teams in the businesses we acquire and then work to develop the business in a way that maximises growth and performance. Our connections help us to understand what potential purchasers are looking for, and sell our investments in the right way at the right time.

“We are genuinely committed to accelerating the growth in the value of the businesses in which we invest.”

Julian Davison Partner, Buyouts.

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Important information This document contains confidential information and has been prepared and issued by 3i Investments plc for information only and for the confidential use of the specific recipient to whom it has been provided by 3i Investments plc. By accepting this document, the recipient agrees to keep the information contained in this document confidential and that, except as required by law or regulation, this document must not be made available, known or copied in whole or in part to any person, other than the recipient’s responsible employees and representatives (on equivalent terms of confidentiality), without the prior express written permission of 3i Investments plc.

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Neither 3i Investments plc nor any other person (including, without limitation, any 3i group or portfolio company or their respective directors, officers, employees, representatives or affiliates) accepts any responsibility or liability for or should be taken as making any representation or warranty, express or implied, with respect to the accuracy or completeness of, or as owing the recipient or any other person any duty of care in relation to, any of the information contained in this document or any use of that information by the recipient or any other person. No reliance should or may be placed on this document or the information it contains by the recipient or any other person.

If requested to do so, the recipient will promptly return this document to 3i Investments plc. 3i Investments plc is authorised and regulated by the Financial Services Authority.

Exchange rates All conversions subject to slight variations due to fluctuations in the exchange rate. All UK case studies have been converted to Euros at a rate of ÂŁ=â‚Ź1.5 and then rounded.

Please note: information contained on each company listed is based on information available to 3i Investments plc as at 01 March 2007 and is subject to change.

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Current portfolio by sector Financial Services

Business Services ABX Logistics

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Angel Springs

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Aviapartner

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Azelis

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Coor Service Management

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Enterprise

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Freightliner

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Marken

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MIBAG

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NCP Services

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Panreac

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Consumer

Partners For Finance

Media 32

General Industrial

Chorion

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Sparrowhawk Media

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VNU Media

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Airinmar

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Comac

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Daalderop

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Aibel

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EDS

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Dockwise

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Esmalglass-Itaca Group

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Global Energy Services (GES)

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Gebomsa

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RBG

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Hyva

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KemFine

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NORMA

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Novotema S.p.A

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Bowater Windows Limited

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Van Wijnen

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Fairline Boats

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Wendt

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Giochi Preziosi

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Hobbs

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HSS Hire Service Group Limited

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La Sirena

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Leger Holidays

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Lekolar

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Mayborn

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Monviso

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Selective Beauty

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WA Shearings

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Oil, Gas and Power

Technology Q-Matic

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TelecityRedbus

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Healthcare Attends Healthcare Holdings

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Care Principles

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Continuum

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H-Careholding (Carema/Mehil채inen)

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Sampletest

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For a directory of these investments organised by country, please see page 68

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Sector:

Business Services

The market for business services is expanding rapidly, driven by economic growth and the increasing prominence of outsourcing and offshoring.

Since the late Nineties, the value of European private equity deal flow in this large and diverse sector has increased threefold. 3i works with well-established operators through buyout investments in Europe and the provision of growth capital in Europe, Asia and the US.

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White collar services: These range from consultancy services through to training and process outsourcing. Successful operators use intellectual capital to build strong client relationships, a compelling brand positioning and a rounded product offering;

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Distribution: The specialist distributors who understand and adapt to clients’ needs can earn high returns in a market where ‘commoditised’ players face continuous pressure on margins;

The businesses 3i supports operate within four broadly-defined sub-sectors: ●

Blue collar services: These cover activities such as cleaning, security, repairs and maintenance, facilities management and testing and inspection. 3i has considerable experience in the more mature UK market and is applying its knowledge across Europe, where outsourcing is being driven by changes in legislation and public sector practice;

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Rental: International expansion opportunities are available to businesses that hire out equipment and other ‘nonconsumables’, provided they can achieve high levels of utilisation and charge for a premium-level service.

With an established track record of investing across the services sector, 3i makes an attractive partner for these businesses.

Through its global network, 3i supports the creation of pan-continental operators.

Through its access to experienced industrialists, 3i introduces business leaders who work successfully with entrepreneurial management teams.

For further information please contact: Alan Giddins, Partner, Buyouts +44 20 7975 3486 alan.giddins@3i.com

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ABX Logistics | Business Services | Benelux

ABX Logistics is a Belgian-based freight forwarder operating across the globe.

Nature of business ABX is a freight forwarding business, consolidating its customers’ bulky products into pallets or containers, and arranging their transportation via subcontracted transport providers.

The company is focused on European freight forwarding by road (Eurocargo) and inter-continental freight forwarding by air or sea. The Italian business also operates highly successful contract logistics and major project forwarding activities for state organisations.

ABX operates in close to 100 countries around the world, with a workforce of approximately 8,000.

Corporate strategy The market in which the business operates, exporting and importing to and from the Far East and Eastern Europe, is set to grow by 5 -10% per annum and ABX believes it can outperform this by utilising its loyal and supportive customer base.

Over the coming months ABX will develop the company’s Air and Sea and Eurocargo businesses (including Projects and Contract Logistics) and dispose of its Belgian property assets and Italian domestic business. The company will also expand its operations in the US and Asian freight forwarding markets through a series of bolt-on acquisitions. 3i and management will work closely together to turn the business into a cohesive group, and a period of strong growth is forecast.

Latest financials: To 31st December 2005

€2,427m Turnover

€39.5m EBITDA Date of investment: August 2006 Company website: www.abxlogistics.com 3i contact: Stuart McMinnies. Partner, Buyouts +44 20 7975 3402 stuart.mcminnies@3i.com £1 = €1.5

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Angel Springs | Business Services | United Kingdom

Angel Springs supplies watercoolers to business and domestic customers throughout the UK.

Nature of business Angel Springs was formed by the simultaneous acquisition of three privatelyowned watercooler businesses based in Halifax, Wolverhampton and Hertfordshire.

The group maintains a depot in each of these locations to serve local customers.

Angel Springs provides and services a range of bottle-fed and mains-fed (point of use) coolers through its National Water Solutions division.

Corporate strategy The three businesses were fully integrated – with common systems, brand and delivery fleets – within 12 months of completing the deal.

Angel Springs is pursuing organic growth of its cooler base in addition to small bolt -on acquisitions. It is the number three in the UK market by units installed and currently has 30,000.

After the rapid expansion over the past decade the watercooler market is now growing more slowly with evidence of some switch to point of use. This is prompting the opportunity for consolidation of smaller players.

Angel Springs is the largest independently owned business in its sector.

Latest financials: To 31st March 2007

€16.3m Turnover

€3.9m EBITDA Date of investment: December 2003 Company website: www.purecoolers.com 3i contact: David Holligon, Director, Buyouts +44 20 7975 3007 david.holligon@3i.com £1 = €1.5

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Aviapartner | Business Services | Benelux

Aviapartner is a leading independent provider of ground handling services at airports across Western Europe.

Nature of business Aviapartner handles aircraft, passengers and cargo on behalf of airlines and airport operators, providing services from check-in and ticketing, through cargo storage and loading, to cleaning and de-icing the plane before take-off.

Headquartered at Brussels Zaventem airport, Aviapartner currently operates at 32 airports in 5 European countries (Belgium, France, Germany, Italy and The Netherlands) including such major hubs as Amsterdam Schiphol and Brussels Zaventem. The group works with flag carriers such as British Airways, Air France and KLM, as well as lowcost carriers such as easyjet. It employs more than 4,900 people.

Corporate strategy The ground handling sector is enjoying sustained growth of 5-7% per year, driven by the continued increase in both passenger and cargo volumes.

The market share of independent ground handlers is forecast to reach 45% by 2010, from just 15% in 2003. Cost-conscious airlines are increasingly outsourcing non-core operations, including many of the services offered by Aviapartner, whilst low-cost operators depend entirely on third-party handlers.

Aviapartner has the most comprehensive ramp service network in Western Europe.

This means it is well placed to win more of the multi-station network contracts increasingly tendered by the major airlines.

The group is preparing to expand into new territories, particularly in Southern and Eastern Europe.

The European Union has an established policy of liberalising airport services through compulsory competition, and this is now being extended to the newer member states.

Aviapartner is well-placed to benefit from this trend.

Latest financials: To 31st December 2006

â‚Ź273m Turnover

â‚Ź22m EBITDA Date of investment: September 2005 Company website: www.aviapartner.com 3i contact: Mark Redman, Partner, Buyouts +31 2 0305 7464 mark.redman@3i.com

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Azelis | Business Services | Italy

Azelis is a leading pan-European distributor of speciality chemicals.

Nature of business The Azelis Group has a number of international business units that focus on providing products and specialist technical services to the life sciences, coatings, polymer processes and industrial chemical sectors.

In addition, some of the local companies have a focus on specialist areas such as animal nutrition, electronics, water treatment and detergents, as well as providing a range of general chemicals.

From 2001-2005, the group achieved a sevenfold increase in sales through organic growth and a series of acquisitions.

Corporate strategy 3i will drive operational improvement across a geographically diverse business and support the integration of the current portfolio of subsidiaries.

At the same time 3i will continue to support the company’s growth strategy and consolidation on an international level, through a policy of targeted acquisitions. Whereas in the past Azelis acquired companies as standalone investments in a specific country to complete the geographic footprint, in the future it will focus on fill-ins to strengthen a specific spot in the sector/geography matrix.

In addition to the investment, 3i has appointed Andrew H. Simon, a manager with considerable experience in the chemical sector, as Chairman, and has given Lorenzo Salieri, Partner, 3i Italy, a seat on the Board as a Non-Executive Director.

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Latest financials: To 31st December 2006

â‚Ź730m Turnover

â‚Ź37.0m EBITDA Date of investment: 15 December 2006 Company website: www.azelis.com 3i contact: Lorenzo Salieri, Partner, Buyouts +39 02 8808 4242 lorenzo.salieri@3i.com

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Coor Service Management | Business Services | Nordic

Coor Service Management is the Nordic region’s leading player within total facilities management.

Nature of business Coor Service Management (Coor) was set up in 1998 by the global construction group Skanska. Skanska Services, as Coor was then called, soon became the leading provider of total facilities management in the Nordic region through geographic expansion as well as broadening of the service offering.

The company specialises in managing, developing and increasing the efficiency of service functions in offices, properties, production facilities and the public sector.

Coor offers a wide variety of services, from running staff canteens and instrument calibration, to leasing administration, technical safety solutions and optimisation of premises.

Corporate strategy Coor aims to continue its expansion in the Nordic region, both organically and through acquisitions. The underlying outsourcing trend is driving the facilities management market growth and Coor is active in the highest growth segment that is expected to grow at double-digit rates. As a market leader with the broadest service offering available, Coor is well positioned to benefit from this market growth by attracting new customers and growing existing contracts.

There is also a clear consolidation rationale with improving margins through local scale.

Coor has identified several consolidation targets, including both stand alone total facilities management players and internal service organisations.

Latest financials: To 31st December 2006

â‚Ź435m Turnover

â‚Ź35m EBITDA Date of investment: December 2004 Company website: www.coor.com 3i contact: Fredrik Karlsson, Partner, Buyouts +46 8 5061 0154 fredrik.karlsson@3i.com

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Enterprise | Business Services | United Kingdom

Enterprise is a provider of outsourced support services to the utilities and public sector.

Nature of business Enterprise specialises in managing a blue collar workforce to provide outsourced maintenance services to public sector and utilities clients. The business has a unique service delivery model providing the majority of its services through a franchised blue collar workforce rather than direct labour, which increases efficiency of the workforce.

Key customers include BT Openreach, Liverpool City Council, Severn Trent, Wolverhampton Council and the Ministry of Defence.

3i first backed Owen McLaughlin (Enterprise CEO) in 1999 in the buyout of ARM Limited.

ARM was reversed into Enterprise Plc in 2000 allowing 3i to exit its first investment in the company.

Corporate strategy Utilities services is a well established repair and maintenance market with an estimated total spend of £10bn which is driven by regulatory requirements. Enterprise aims to continue to grow in this market by leveraging its tradition as the lowest cost provider combined with high levels of service.

The public sector is increasingly outsourcing its blue and white collar activities to third parties to drive increased efficiencies and reduce operating costs. Approximately 30% of Enterprise’s £22bn target market is outsourced offering further scope for future growth. Enterprise works in partnership with central and local government to deliver the appropriate range of services in each market.

Enterprise aims to grow organically and by acquisition in both the utilities and public sector markets.

Latest financials: To 31st December 2006

€957m Turnover

€67.5m EBITDA Date of investment: May 2007 Company website: www.enterprise.plc.uk 3i contact: Keven Parker, Partner, Buyouts +44 161 819 4310 keven.parker@3i.com £1 = €1.5

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Freightliner | Business Services | United Kingdom

Freightliner is the UK’s leading rail logistics company.

Nature of business Freightliner consists of two divisions, serving distinct customers and operating in separate markets.

The Intermodal division transports containerised freight, operating more than 80 rail services and handling more than 2,500 containers every day. The business is focused on the four main deep-sea ports in South East England and also Liverpool in the North West, and provides shipping lines and merchants with a cost-effective alternative to road transport.

The heavy haul division serves markets where road transport is uneconomic, principally in the coal, infrastructure and aggregates industries. Heavy haul has grown strongly since its launch in 2000.

Last year it reached a turnover of €112.5m, contributing €17.55m to group profits.

Freightliner has its head office in London.

It employs 1,600 people nationwide.

Corporate strategy Freightliner continues to demonstrate strong growth. Since its initial buyout, the group has increased the volume of containers it moves by over 40%.

The fleet has been renewed, cost controls have been developed and revenue generation has been expanded to improve the product offering.

The group has launched a number of new port services, and broadened its heavy haul revenues through new customer expenditure.

Freightliner has opened in continental Europe, brought some of the maintenance work in-house and continues to examine organic and acquisition opportunities overseas.

Latest financials: To 31st March 2006

€303m Turnover

€44.5m EBITDA Date of investment: May 1995 Company website: www.freightliner.co.uk 3i contact: Alex Williams, Director, Buyouts +44 20 7975 3480 alex.williams@3i.com £1 = €1.5

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Marken | Business Services | United Kingdom

Marken is a specialist express logistics provider to the pharmaceutical industry.

Nature of business With operational centres in London, Paris, New York and Singapore, Marken offers transport services to pharmaceutical companies, clinical trial suppliers and specialist clinical research organisations.

The company handles the two-way transportation of biological samples and pharmaceutical drugs between central laboratories and hospitals around the world.

Corporate strategy The market which Marken is targeting continues to exhibit strong growth potential.

Demand for new drugs and treatments remains high and it is now more important than ever to get products to market rapidly.

In addition, the tougher regulatory regime is driving more stringent testing.

Most clinical trials take place in remote locations, which plays to Marken’s core strength of point-to-point delivery.

Marken’s strategy is to expand organically and possibly via acquisition. It already has a substantial presence in Europe and is expanding its activities in Germany.

The North American and Asia-Pacific regions are key markets for the company, and it recently opened offices in Miami, New York and Los Angeles. The company is also building up its presence in China.

Latest financials:

Not disclosed Turnover

Not disclosed EBITDA Date of investment: March 2006 Company website: www.marken.com 3i contact: Julian Davison, Partner, Buyouts +44 20 7975 3494 julian.davison@3i.com £1 = €1.5

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MIBAG | Business Services | Germany

MIBAG is the market leader for integrated facility and property management services in Switzerland.

Nature of business Headquartered in Baden, MIBAG is responsible for more than 1,000 buildings, occupying a total of 3.5 million square meters.

The company acts as a one-stop shop, offering a broad range of commercial, technical and infrastructural facility management services to real estate owners and users. It is highly regarded by its customers for the quality of its services as well as its customer and market knowledge.

Corporate strategy MIBAG intends to grow primarily in the Swiss facility and property management market by seeking mandates of large and medium-sized corporate accounts, real estate investors and the public sector.

Latest financials:

The company is also gradually extending the scope of its services by in-sourcing competences or acquiring companies providing specialised technical facilities management services.

Turnover

Not disclosed

Not disclosed EBITDA Date of investment: December 2003 Company website: www.mibag.com 3i contact: Sven Weise, Investment Director, Buyouts +49 69 7100 0044 sven.weise@3i.com

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NCP Services | Business Services | United Kingdom

NCP Services is the UK’s leading parking and traffic management specialist with the experience, commitment and resources to help develop customised management strategies for both on-street and off-street car parking.

Nature of business NCP Services is the market leader in the provision of traffic enforcement and transport management services to local authorities in the UK. It operates as an outsourced partner to local authorities for all types of traffic-related services such as the provision of parking attendants, clamping and removal services, back-office notice processing and regulated bus services. This is a fast-growing market, with CAGR of 16% forecast for the next six years.

Corporate strategy The business continues to make strong progress expanding its local authority outsourcing activities. NCP Services is the UK market leader for outsourced traffic enforcement activities and is actively extending the range of services it provides.

Latest financials: To 31st December 2006

€200m Turnover

Its scale and full-service operation mean it is exceptionally well positioned to win new contracts as local authorities continue to expand the range of activities that they wish to outsource. 2006 saw another excellent year of major contract wins.

€20m

The management team is very experienced and continues to drive the business forward in this high-growth market.

Date of investment: September 2005

The business is seeking to expand organically and through bolt-on acquisitions to extend its product range.

EBITDA

Company website: www.ncp.co.uk 3i contact: Chris Williams, Partner, Buyouts +44 20 7975 3193 chris.williams@3i.com £1 = €1.5

NCP Services was de-merged from 3i’s original NCP Group investment in March 2007.

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Panreac | Business Services | Spain

Panreac is the market leader for analytical reagents and fine chemicals in Spain.

Nature of business Panreac produces and sells a wide range of chemical products for use in laboratories and manufacturing processes. End users include the chemical, pharmaceutical, food, R&D, healthcare and environmental industries.

The company produces more than 3,000 chemical products sold in small bottles or containers for a total of 9,000 product references.

Corporate strategy Panreac’s strategy for the next three years is to keep its leadership position in Spain – whilst maintaining the highest standards of service and focusing on analytical reagents – and achieve international penetration in the French, Italian and German markets.

The financial objectives are to achieve €5m of sales in each market and 50% of total revenues from international sales, compared with 33% currently.

The strategic plan also focuses on non-organic growth through the potential acquisition of reagents manufacturers or distributors in Europe.

Latest financials: To 31st December 2006

€30.9m Turnover

€6.3m EBITDA Date of investment: October 2005 Company website: www.pancreac.com 3i contact: Mikel Bilbao, Partner, Buyouts +34 9 1521 4419 mikel.bilbao@3i.com

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Sector:

Consumer

The consumer sector is vast: household consumption globally totals €11tr, representing 60 -70% of most developed economies.

3i focuses its investment in the consumer sector on four key segments: food and beverages, leisure, retail and consumer goods.

Each of these segments is affected by a number of global and economic factors.

These include the rising levels of general wealth, ageing populations in most markets and, most spectacularly, the emergence of a new consumer class in India and China.

In addition, many consumer markets are seeing some strong trends: ●

Time-poor consumers are seeking convenience;

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There is a growing desire for a healthier, more natural and environmentally-friendly lifestyle;

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Markets are polarising between high-end and value brands, with the middle being squeezed.

.

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3i has invested in the consumer sector for many years and has a portfolio of over 100 investments valued at €600m. Most of the investments are made through the buyout and growth capital businesses in Europe but increasingly 3i is making investments in this sector in the US and Asia.

For further information please contact: Mark Heappey, Partner, Managing Director, Spain +34 9 1521 4419 mark.heappey@3i.com

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Bowater | Consumer | United Kingdom

Bowater is a manufacturer and supplier of PVC-u profiles for use in windows, doors, conservatories and other home products for business and residential customers.

Nature of business Bowater is a leader in the UK’s growing public sector and new build markets and is number two by market share in the home improvement market. Bowater’s products are at the high-quality end of the market.

Headquartered in Minworth, the company employs 500 people plus agents across two separate divisions. Bowater Home Improvements makes and installs products for the residential market under the Zenith and Staybrite brands. Bowater Building Products trades under the WHS Halo name and manufactures and installs PVC-u products for business and public sector customers.

Corporate strategy The business is well positioned to benefit from future growth in public sector spending on housing improvement and in new build markets. This is a high growth area in the UK. The business has invested in facilities at its Coventry factory to manufacture composite doors for the public sector.

It is seeking to expand organically and through acquisitions to extend its product range. Areas of particular interest include roofing, guttering and garage doors.

Latest financials: To 31st December 2006

€225m Turnover

Not disclosed EBITDA Date of investment: May 2004 Company website: www.bowaterwindows.com 3i contact: David Holligon, Director, Buyouts +44 20 7975 3007 david.holligon@3i.com £1 = €1.5

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Fairline | Consumer | United Kingdom

Fairline is a UK-based manufacturer of luxury power boats. It produces around 300 boats a year to highquality specifications.

Nature of business Fairline specialises in manufacturing boats in the 34 to 78 feet range, retailing from £150,000 to more than £2.5m.

Fairline is a strong brand known for its quality design, finish and classic styling. Its boats have low depreciation rates and high resale values. There is also strong evidence of customer brand loyalty, with many customers trading up through the model range.

The market in Europe for power boats in Fairline’s size range is around 2,200 units a year, with growth seen both in value and volume as customers buy larger and more expensive boats.

Fairline sells its boats through an exclusive, independent dealer network in 70 locations and around 90% of its turnover comes from outside the UK. The company is based in Oundle and Corby and has been manufacturing boats for 40 years.

Corporate strategy Fairline intends to respond to customers’ desire to spend more on larger boats. It will shift towards increased production of bigger boats thereby boosting the average product value and improving the top line revenue.

Latest financials:

There are also plans for further capital investment to expand the manufacturing capacity, allowing for the introduction of further models into the range.

Turnover

The company has made several key appointments in finance, manufacturing and in the supply chain since the management buyout, as well as bringing in Chairman David Hoare. This strengthened team will be vital in delivering the business plan.

The company is focusing on improvements in procurement and manufacturing processes to increase output and margins.

Not disclosed

Not disclosed EBITDA Date of investment: May 2005 Company website: www.fairline.com 3i contact: Mike Turner, Partner +44 20 7975 3247 mike.turner@3i.com £1 = €1.5

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Giochi Preziosi | Consumer | Italy

Giochi Preziosi is the largest toy retailer in Italy.

Nature of business Founded in 1978, Giochi Preziosi is the biggest player in the Italian toy market and fourth largest toy operator in the world.

Corporate strategy The retail business is performing exceptionally well and has already exceeded objectives set for 2008.

Giochi Preziosi’s core business is the development, marketing and distribution of toys under its own brands. In Italy the group has a direct presence in the retail sector through Toy Center, the first toy retailer with more than 90 stores around Italy. The group secures licenses related to successful cartoons or movies and bases its own products around them. The group has also developed proprietary brands in the doll segment (cicciobello) and, more recently, in the action figure segment (gormiti).

The business will continue to focus on its core strengths: the Italian toy business; its fastgrowing European operations; its Italian toy shop retail chain and the non-toy licensed character businesses.

All production will remain outsourced to Chinese third party manufacturers based in the Shenzen region.

Latest financials: To 30th June 2006

€690m Turnover

€65m EBITDA Date of investment: July 2005 Company website: www.giochipreziosi.it 3i contact: Marco Fumagalli, Partner, Buyouts +39 02 8808 41 marco.fumagalli@3i.com

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Hobbs | Consumer | United Kingdom

Hobbs is a high street retailer of women’s clothes.

Nature of business Hobbs prides itself on providing excellent customer service to its target audience of 30 -55 year old women. Hobbs’ design team aims to provide its sophisticated customer base with classical elegance and flair.

The business is headquartered in London and employs approximately 1,000 people. It has 45 own stores, 46 concessions and three outlet stores. Hobbs’ sites are in the UK and Ireland, although ambitious international expansion plans are being formulated.

Corporate strategy Hobbs continues to roll out successfully in the UK, and is still some way from saturation in its home market.

The business is expanding internationally – four stores are opening in the Middle East in 2007. A presence in the US and Spain, is also envisaged for 2007.

Hobbs has also expanded its product range, with recent licenses granted for eyewear and home furnishings. The recent introductions into its UK stores of a jewellery range and limited edition clothing collection have also been very well received.

Latest financials: To 27th January 2007

€139m Turnover

€30.8m EBITDA Date of investment: December 2004 Company website: www.hobbs.co.uk 3i contact: Ian Nolan, Partner, Managing Director, UK Buyouts +44 20 7975 3349 ian.nolan@3i.com £1 = €1.5

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About our portfolio

HSS Hire Service Group Limited | Consumer | United Kingdom

HSS is the UK’s leading tool hire company providing a broad range of equipment to commercial customers.

Nature of business In the UK, HSS has an established network of 300 outlets that specialise in the hire of a broad range of tools and other equipment to commercial and domestic users.

Key customers include Network Rail, Otis, Rentokil, George S Hall, Alfred McAlpine and various other construction, property and facilities management companies.

Headquartered in Mitcham, Surrey, HSS employs around 2,350 people in the UK.

Corporate strategy Since acquiring the business, 3i has totally restructured the operations. This has included 50 depot closures, a complete review of the product portfolio and a new pay and reward structure.

Latest financials: To 31st December 2006

HSS intends to continue growing top line revenue by building its national account base, growing its product portfolio and improving its branch network by rolling out more Premier Centres across the UK.

Turnover

The company is also an active acquirer of businesses, having acquired A1 in the South West of England and Laois Hire in Ireland.

It also has a significant stake in Spanish tool hire company Rentecnika Iberica.

HSS plans to continue making similar add-on acquisitions both in the UK and internationally.

EBITDA

€164m €41m Date of investment: January 2004 Company website: www.hss.com 3i contact: Ken Beaty, Partner, Buyouts +44 11 3218 6220 ken.beaty@3i.com £1 = €1.5

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La Sirena | Consumer | Spain

La Sirena is a leading Spanish frozen food specialist retailer.

Nature of business Founded in 1984, La Sirena has grown consistently every year to reach sales of €148m from 168 stores by the end of 2006. Its model is based on small (typically 150 to 250 square meters) shops located close to its customers. La Sirena offers more than 600 different own-branded products.

Fish and seafood represent 60% of its sales, ready meals 13% and ice creams 8%.

Other main categories are vegetables and pre-cooked food. La Sirena has grown sales from €93m to €148m in the period 2001 to 2006 and the number of stores has also increased from 91 to 168.

Corporate strategy La Sirena’s positioning and main competitive advantages are: the specialisation in frozen food retail and its high brand awareness; the range and quality of its product offering; the convenient location of its stores; and the quality of its sourcing and purchasing for fish products. Its model competes against supermarkets and hypermarkets that also offer their range of frozen food, both branded and own branded.

Latest financials: To 31st December 2006

€148m Turnover

€13.6m EBITDA Date of investment: January 2006 Company website: www.lasirena.es 3i contact: Mark Heappey, Partner, Managing Director, Spain +34 9 1521 4419 mark.heappey@3i.com

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Leger Holidays | Consumer | United Kingdom

Leger Holidays provides holidays by coach, air and rail to Europe.

Nature of business Sunway Travel trades as Leger Holidays.

The company’s core offerings are its specialist products, which include European Touring, Battlefield, Festive, Christmas Markets and Short Break holidays.

Corporate strategy Leger Holidays is concentrating on developing specialist content-rich products, such as its successful Battlefields offering and is investing in marketing systems to enable improved utilisation of its customer databases.

Latest financials: To 31st December 2005

It continues to develop new specialist products and is currently concentrating on the rail and lifestyle sectors. Its premium Silver Service coach experience is available on these specialist holidays.

Product development is a key focus for the next 12 months, as the company looks to build on the success of its specialist products.

Turnover

The company also provides holidays in Disneyland Resort, Paris. The business is based in Rotherham, South Yorkshire.

€36m €3.3m EBITDA Date of investment: December 2002 Company website: www.leger.co.uk 3i contact: Alan Stevenson, Director, Buyouts +44 12 1609 3790 alan.stevenson@3i.com £1 = €1.5

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Lekolar | Consumer | Nordic

Lekolar is a leading distributor of educational products and toys to pre-schools and schools in the Nordic region.

Nature of business Headquartered in Osby, southern Sweden, Lekolar is active across the whole Nordic region. Lekolar enhances learning environments for children and young people.

Its objective is to offer pre-schools and secondary schools the tools they need to provide high-content, enjoyable and rewarding activities. Lekolar has the largest product range on the market with over 10,000 items, including teaching aids, educational toys, painting, drawing and writing materials as well as furniture and equipment.

Lekolar has 230 employees and generated sales of over €111 million in 2006.

Corporate strategy Lekolar’s basic strategy is based on integration of the company’s Nordic platform, continued expansion in the Nordic region and fully exploiting sourcing opportunities.

Lekolar is also pursuing a number of acquisitions in the Nordic region aimed at expanding both its product range and distribution network.

Latest financials: To 31st December 2006

€111m Turnover

€11m EBITDA Date of investment: March 2006 Company website: www.lekolar.com 3i contact: Mattias Eklund, Partner, Buyouts +46 8 5061 0152 mattias.eklund@3i.com

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Mayborn | Consumer | United Kingdom

Mayborn is a manufacturer and distributor of baby and household products.

Nature of business Mayborn consists of two operating divisions which own some of Britain’s oldest and best-loved brand names. The Baby and Child Division owns the Tommee Tippee and Sangenic brands, which are regarded as market leaders in baby feeding, nappy disposal and related baby and toddler products. The other division, Household, is built around the Dylon brand and focuses on fabric dyes, fabric care and cleaning products.

Tommee Tippee is a market leader retailing through Tesco, Mothercare, Boots and other retailers.

Dylon has a 40% share of the European fabric dye market, with key customers such as John Lewis, Tesco and Woolworths.

Corporate strategy The Mayborn business comprises two discrete businesses and they will continue to operate as such under 3i ownership.

The global market for baby care products is growing at an attractive rate owing to the increasing age of first-time mothers with higher disposable incomes. In a highly fragmented market with numerous competitors, the Mayborn Baby and Child Division stands out because of its focus on innovation and ability to lead change in the feeding and baby accessories sector. In addition to consolidation opportunities there is also potential to expand the business globally.

The Asian market represents a particularly exciting proposition. The expansion of the Asian economy means that growth in the sector is in double digits in India and China where there is a rapidly growing middle class.

The group has a joint venture with one of China’s largest baby product distributors and will be looking to increase its presence in selected Asian geographies.

Latest financials: To 31st December 2006

€132.6m Turnover

€19.0m EBITDA Date of investment: July 2006 Company website: www.mayborngroup.com 3i contact: Jennifer Dunstan, Partner, Buyouts +44 20 7975 3324 jennifer.dunstan@3i.com £1 = €1.5

The Dylon brand also represents a major opportunity in terms of repositioning and expansion. The fabric care products have recently been relaunched with new branding and packaging, expanding their appeal to major retailers.

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Monviso | Consumer | Italy

Monviso is a manufacturer of premium-price bread substitutes.

Nature of business Monviso is an Italian producer of rusks, salt-free breadsticks, crispy bread, gluten-free products and biscuits.

The company’s own-brand products represent approximately 83% of turnover, while private labels account for 17%.

In the Italian specialty rusks market, the most important one for Monviso, the company has a market share of approximately 21%.

In the last two years the company has started selling its Crustini (crispy bread) product outside Italy. Export sales, partly branded and partly private label, have reached 13% of turnover.

The company has 90 employees.

Corporate strategy Monviso’s strategy is based on new product development and it is well placed to take advantage of the expected c.7% expansion of the bread substitutes market over the next 5 years.

Latest financials: To 31st December 2006

In addition, the business is looking to develop its private label and export business.

Turnover

€26.2m €4.1 m EBITDA Date of investment: July 2005 Company website: www.panmonviso.it 3i contact: Lorenzo Salieri, Partner, Buyouts +39 02 8808 4242 lorenzo.salieri@3i.com

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Selective Beauty | Consumer | France

Selective Beauty is a leading international distributor and licensee of perfume and cosmetic brands.

Nature of business Selective Beauty was created in 2000 by Corrado Brondi and Christophe Cervasel, formerly of the LVMH Group. Today it is a leading international independent licensee and distributor of medium size perfume and cosmetic brands.

Corporate strategy Selective Beauty’s strategy is to be the ‘best practice’ perfume and cosmetics company, by combining the advantages of entrepreneurial smaller companies with the international coverage and management of the best global cosmetics groups.

The company develops new cosmetics and fragrances and acts as the local sales and trade marketing agent for third-party brands.

The business is focused on:

Selective Beauty’s brands include John Galliano, Max Mara, Benetton, Agent Provocateur, Sonia Rykiel, Chopard, Bulgari, and Trussardi.

The company employs 450 people and achieved a level of invoiced sales of €152 million in 2006. The company has grown by 50% a year since its inception.

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Growing the existing brands in existing geographies as well as in new countries;

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Selectively adding new and larger brands to the portfolio, either through acquisition or through new contracts (distribution and/or full licence).

Latest financials: To 31st December 2006

€152m Turnover

Not disclosed EBITDA Date of investment: October 2006 Company website: www.selective-beauty.com 3i contact: Frederic Jannin, Director, Buyouts +33 1 73 15 11 39 frederic.jannin@3i.com

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WA Shearings | Consumer | United Kingdom

WA Shearings is the UK’s leading resort hotel and European escorted tour operator for the over-50’s.

Nature of business WA Shearings (WAS) formed in March 2005 through the merger of Coach Holiday Group and Shearings. It now operates a network of around 40 hotels and 300 coaches.

The business is headquartered in Wigan.

It employs 3,000 people.

WAS has a customer base of around three million people who are predominantly in the over-50 age group. Approximately one million passengers travel each year with one or more of the group’s three main brands – WAS, National Holidays and Caledonian.

Corporate strategy The merger of Coach Holiday Group and Shearings created a powerful force in the resort hotels and escorted tours market.

WAS now has a large share in the growing market of holidays for over-50s.

Latest financials: To 31st December 2005

With its three million strong customer database, WAS is in an excellent position to extend its products into other areas, such as financial services, that are specifically targeted at the expanding and increasingly affluent over-50s market.

Turnover

The merger has also enabled the business to boost profits by eliminating duplicate costs.

WAS may consider further acquisitions, particularly of hotels or small hotel portfolios, to extend or enhance the products it offers and to reach new geographic areas.

€264m €33.6m EBITDA Date of investment: March 2005 Company website: www.washearings.com 3i contact: Ken Beaty, Partner, Buyouts +44 11 3218 6220 ken.beaty@3i.com £1 = €1.5

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Sector:

Financial Services

By some measures, including profitability and stock market capitalisation, financial services is the world’s biggest industry.

In most countries, the financial services sector is dominated by large banks and insurance companies. To combat their dominance, it isn’t enough simply to identify a customer group and design an attractive product. Success or failure depends on finding distribution routes that bypass the mass market.

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Some markets offer considerable scope for agile operators targeting specialist segments.

These niche players are the companies that 3i partners. Most of 3i’s investments fall into three sub-sectors, each of which is driven by distinct market forces:

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In the consumer finance arena, specialist operators compete effectively with the banks by creating products that are highly targeted in their delivery channel and/or tailored carefully to the needs of the customer. In many markets, historically

high levels of personal borrowing create opportunities for debt consolidation and recovery services; Some features of the insurance sector are evolving, as brokers consolidate to cope with regulatory demands and increase their negotiating power with insurers. 3i participated in this through its former investment in the UK regional broker, Smart & Cook; In asset and wealth management, the ageing populations of the US and Europe have accumulated significant wealth and are increasingly investing it with specialist fund managers. Meanwhile, in Asia, millions are joining the middle classes every year, creating a rapid increase in the demand for asset and wealth management.

All of the sub-sectors are increasingly embracing outsourcing and offshoring in order to drive scale and productivity benefits.

The companies supplying these services are of great interest to 3i.

In a sector where new routes to market offer the key to success, 3i’s investment in Travelex showed how a powerful global brand can be built by focusing on innovative distribution channels. The foreign exchange services company, renowned for its presence in airports worldwide, was sold for £1bn in 2005.

For further information please contact: Peter Gordon, Partner, Buyouts +44 20 7975 3262 peter.gordon@3i.com

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Partners for Finance | Financial Services | UK

Partners for Finance (PfF) is the holding company for two financial services providers: IRS and HCML

Nature of business IRS sells equity release products under its own – and third-party – brands through a direct sales force.

The equity release market is currently attracting considerable interest from UK lenders due to the market characteristics, which are driven by the under funding of pensions combined with availability of substantial value in residential property.

IRS is a leading player in this exciting market.

HCML is the market leading provider of personal injury case management, offering an independent rehabilitation and case management service to insurers, insurance brokers and lawyers.

Corporate strategy PfF’s strategy is to develop the value of the individual businesses through organic growth, although there is an appetite to acquire complementary companies.

IRS is focused on growing its share of the equity release market, both under its own brand and through distribution arrangements with other financial services companies. Four million over-65 householders have an estimated £400bn worth of equity invested in their homes.

HCML is a rapidly growing company within a growth sector. It is developing a network of regional offices to support its national UK coverage. It has added a triage capability, which enables it to handle every category of injury and stream the patient into the correct programme of rehabilitation. It is also continuing to build its vocational and occupational health capabilities and expanding from the insurance sector into the public and health sectors.

Latest financials: To 31st March 2006

€18.9m Turnover

Not disclosed EBITDA Date of investment: July 2002 Company website: www.partnersforfinance.com 3i contact: Peter Gordon, Partner, Buyouts +44 20 7975 3262 peter.gordon@3i.com £1 = €1.5

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Sector:

General Industrial

The general industrial sector encompasses a diverse range of businesses from chemicals through to transport and logistics.

Consolidation and offshoring are the two key trends that have shaped the industry in recent years, as businesses make the most of the opportunities provided by globalisation and more efficient manufacturing bases.

3i’s experience is as broad as the sector itself.

Recent investments include KemFine, the Finnish chemicals business, and Global Energy Services, the world’s leading independent wind farm construction and maintenance business founded in Spain.

These trends are particularly pronounced in certain regions, with consolidation being significantly less advanced in Europe than it is in the US. A continued drive towards European consolidation appears likely, with France and Germany as the main countries driving deal activity.

The sub-sectors that 3i focus on include: ●

aerospace;

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chemicals;

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construction and building materials;

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electronic and electrical equipment;

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industrial engineering;

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paper, packaging and print;

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transport and logistics and

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utilities.

For businesses across the sector, 3i is an attractive partner. Its global network offers support to businesses that wish to offshore selected elements of their value chain. Its established track record of investing, and its network of experienced industrialists, make it well-placed to support entrepreneurial management teams.

For further information please contact: Chris Williams, Partner, Buyouts +44 20 7975 3193 chris.williams@3i.com

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Airinmar | General Industrial | United Kingdom

Airinmar provides an outsourcing service for the management and repair of aircraft components.

Nature of business Airinmar’s service delivers improved efficiency, lower costs and reduced administration for its customers. By reducing the time components spend in the repair cycle, Airinmar enables its customers to reduce their inventory levels.

The company’s customers are operators of wide body aircraft, including many of the world’s best known airlines.

Airinmar deals with over 600 suppliers, and places repair work with approved OEMs and third parties. The company’s sophisticated IT system provides visibility on component location and repair status, backed up by a local support and logistics operation.

Airinmar is based in Wokingham, South East England, with offices in the US and Australia.

The business employs 80 people.

Corporate strategy Airinmar’s strategy is to leverage its established engineering and IT capabilities by serving an increasing number of airlines.

More and more airlines are outsourcing repair services, providing a strong demand and exciting growth prospects for Airinmar.

Industry executives predict airlines will outsource up to 70% of maintenance by 2015 – up from about 50% today.

Latest financials: To 31st March 2006

€61.5m Turnover

€1.8m EBITDA Date of investment: July 2006 Company website: www.airinmar.com 3i contact: Julian Davison, Partner, Buyouts +44 20 7975 3494 julian.davison@3i.com £1 = €1.5

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Comac | General Industrial | Italy

Comac is a manufacturer of professional scrubber-driers for the floor cleaning machines industry.

Nature of business Comac is a group of companies in the cleaning sector that designs and manufactures floor cleaning machines for professional, industrial and commercial use. Products are sold under different, well-recognised brands such as Comac and Fimap.

The group distributes its machines through a worldwide network of highly specialised distributors and provides effective post-sales assistance. Exports account for about 75% of turnover. The group is based near Verona and employs over 200 people.

Corporate strategy Research and innovation, as well as quality and customer satisfaction, are at the core of Comac’s strategy. The company has been constantly improving its products and services for over 30 years.

Latest financials: To 31st December 2005

Comac is developing new products and optimising its sourcing and assembling process, with the aim of maintaining its profitability.

Turnover

€51.8m €9.7m EBITDA Date of investment: June 2003 Company website: www.comac.it 3i contact: Carlo Michero, Director, Buyouts +39 02 8808 4216 carlo.michero@3i.com

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Daalderop | General Industrial | Benelux

Daalderop is a leading provider of water heaters and boilers.

Nature of business Daalderop is a leading supplier of innovative heating equipment and solar energy systems in The Netherlands. The company also develops, manufactures and sells high quality electric water heaters.

The Benelux region generates 92% of Daalderop’s sales, while the UK and Germany are each responsible for 3% of sales. The company employs 140 people.

Corporate strategy The Dutch boiler market is mature, with limited growth forecast. However, the high efficiency segment in which Daalderop has a specific competence is expected to grow at >10% CAGR, driven both by legislation requiring higher domestic energy efficiency levels and consumer demand for higher warm water comfort.

Daalderop expects to increase its share of the addressable market to 17% in 2010 by recruiting additional installers through its successful EDI (Daalderop Certified Installer) programme.

Daalderop intends to expand internationally organically and through acquisitions.

Latest financials: To 30th September 2006

€35.8m Turnover

€7.7m EBITDA Date of investment: July 2005 Company website: www.daalderop.nl 3i contact: Guus Overdijkink, Director, Buyouts +31 2 0305 7444 guus.overdijkink@3i.com

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EDS | General Industrial | Central and Eastern Europe (CEE)

EDS is the leading web-offset industrial printing business in Poland, the Czech Republic and Hungary, with operations in Germany and Austria.

Nature of business EDS operates from 15 locations across Central and Eastern Europe and is one of the market leaders in industrial printing.

Its geographic markets have attractive dynamics with GDP growth of 5% to 10% annually. Web-offset printing is best suited to large runs of time-sensitive products, particularly magazines and tactical promotional print for multiple retailers.

These markets, in stark contrast to Western European ones, are growing at more than twice GDP.

Corporate strategy The primary value play is the market opportunity within EDS’s existing geographies, and to develop in neighbouring countries such as Romania and the Ukraine.

The company has an opportunity to become the pre-eminent low cost producer of high volume print products.

This is a primary buyout from a private vendor in Germany. The management team that 3i is backing has a proven track record of establishing greenfield sites and acquisitions in the CEE region.

Latest financials: To 31st December 2006

€220m Turnover

€27m EBITDA Date of investment: March 2007 Company website: www.euro-druckservice.de 3i contact: Wolf Wolfsteiner, Director, Buyouts +44 20 7975 3030 wolf.wolfsteiner@3i.com

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Esmalglass-Itaca Group | General Industrial | Spain

Esmalglass-Itaca Group is a leader in the manufacture and commercialisation of glazes, frits and colours for the ceramic tile industry.

Nature of business Esmalglass-Itaca Group is one of five worldwide producers of frits, glazes and stains for the ceramic tile industry. Founded in 1978, Esmalglass has grown organically establishing production centres in Spain, China and Brazil and transformation units in Portugal, UK, Italy Mexico and Indonesia.

It sells its products in virtually all countries of the world.

In 1999, the company acquired Itaca, the world’s leading supplier of colours and pigments for the porcelanic market with a 60% global market share. Esmalglass’s objective in acquiring this business was to gain exposure to the growing porcelain markets and add colours to its armoury of speciality chemicals for the ceramics market.

Since then the company has traded as Esmalglass-Itaca Group.

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Corporate strategy Esmalglass-Itaca’s strategy is to be the worldwide leading supplier of glazes and colours for the high-end suppliers of tiles in the ceramic and porcelanic industry. This strategy is based on: ●

Operating three manufacturing sites: Spain covering Europe and North Africa; China covering Asia; and Brazil covering America;

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Being a leader in innovation as a result of a high level of technical expertise and continuous R&D investment;

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Having a high level of customer technical support from the transformation units and sales force;

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Selling top quality products;

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Providing “best in class” distribution and quality levels worldwide.

Latest financials: To 31st December 2005

€198m Turnover

€38.3m EBITDA Date of investment: November 2002 Company website: www.esmalglass-itaca.com 3i contact: Oscar Gomez Garcia, Director, Buyouts +34 9 3444 1032 oscar.gomez@3i.com

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Gebomsa | General Industrial | Spain

Gebomsa is the leading Spanish provider of concrete pumping parts.

Nature of business Gebomsa is the market leader in the highly-fragmented concrete pumping market in Spain and Portugal, and is also involved in the sale of machinery, spare parts and technical assistance for concrete pumps.

The company enjoys an outstanding market position, being the sole player in Spain with national coverage.

Around 60% of Gebomsa’s revenue comes from civil works (structures, tunnels, bridges, ports, dams) where the use of concrete pumps is more intensive.

The balance is generated through residential and non-residential building.

Corporate strategy The strategy of the company is to consolidate its leadership in Spain and Portugal covering the whole Iberian Peninsula. This strategy is based on: ●

Buy and Build – acquiring small regional companies with the same activity and leading the concentration of the sector;

Latest financials: To 31st December 2006

€75m Turnover

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Increasing the number of pumps and acquiring special equipment to carry out larger projects;

€23m

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Operational improvements and business integration processes.

EBITDA Date of investment: July 2005 Company website: www.gebomsa.com 3i contact: Jorge Quemada, Director, Buyouts +34 9 1521 4419 jorge.quemada@3i.com

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Hyva | General Industrial | Benelux

Hyva is a global provider of hydraulic solutions to the commercial vehicle sector.

Nature of business Hyva is a worldwide branded producer and supplier of components for commercial vehicles specialising in hydraulic cylinders and related items.

Founded in 1979 and headquartered in The Netherlands, Hyva supplies a wide range of technical products and components, mainly used in connection with hydraulic loading and unloading systems for commercial vehicles, both on and off-road. This concerns the heart of the hydraulic system e.g. the telescopic front-end cylinder for tipping use on trucks and trailers. Hyva also distributes components sourced from third parties and sold under Hyva’s brand or the manufacturer’s.

Customers include MAN, Tata and Volvo.

With 24 subsidiaries in 18 different countries, Hyva’s main markets are Europe, the Middle East, India, China, the Far East and the Americas. Hyva exports to over 130 countries and currently has a global base of over 20,000 customers.

With production facilities in Europe, Brazil, China and India, Hyva has a global workforce of around 1,000.

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Corporate strategy Hyva’s key strategic drivers are product development, market diversification, sales and after sales service network enhancement.

Hyva is recognised as the world’s leading producer of hydraulic cylinders. The Hyva brand is synonymous with quality, reliability and innovation.

Hyva has principally grown organically, averaging over 15% compound growth in revenues and profitability in recent years.

This has been achieved by operating on an increasingly global basis. Hyva has been particularly successful in emerging markets such as Brazil, China and India. Rather than exporting from low-cost countries, Hyva serves the rapidly-developing local markets.

Via its network of operating companies and distributors, Hyva is able to serve all the major global markets. This distribution network is key, and enables Hyva to add hydraulics related products to its existing catalogue, and sell them on a worldwide basis. Hyva’s recent €30m acquisition of Italian crane manufacturer Amco Veba was made with this approach very much in mind.

Latest financials: To 30th June 2006

€255m Turnover

€26.5m EBITDA Date of investment: February 2004 Company website: www.hyva.com 3i contact: Mark Redman, Partner, Buyouts +31 2 0305 7464 mark.redman@3i.com

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KemFine | General Industrial | Nordic

KemFine is a manufacturer of fine chemicals for agrochemical and pharmaceutical applications.

Nature of business KemFine is a leading ‘tier one’ supplier of the fine chemicals market, with exclusive long-term supply agreements with the top global agrochemical companies. It provides chemical molecules (known as Custom Made Advanced Intermediates and Active Ingredients) used in crop protection products (herbicides, insecticides and fungicides).

The company also provides Custom Made intermediates for pharmaceutical applications.

In 2005 KemFine acquired Avecia Fine Chemicals’ operations in Scotland.

The company has broad technical and process know-how, and is headquartered in Helsinki with operational sites in Kokkola, Finland and Grangemouth, UK. The business employs 450 people.

Corporate strategy KemFine’s strategy is to grow the agrochemicals and pharmaceuticals business organically and increase the capacity utilisation of the sites. The product pipeline is strong and turning those prospects into successful products is the key goal for the future. The company has all the means to do that as the current customer satisfaction rate is exceptionally high.

Integration of the UK unit has been completed and the primary business lines are now agrochemicals and pharmaceutical applications rather than country-based business lines.

Latest financials: To 31st December 2006

€120m Turnover

€22.7m EBITDA Date of investment: September 2004 Company website: www.kemfine.com 3i contact: Hannu Isohaaro, Partner, Buyouts +35 89 6815 4463 hannu.isohaaro@3i.com

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NORMA Group | General Industrial | Germany

NORMA Group is a producer of parts for the automotive and general industries.

Nature of business Founded in 1949, NORMA Group produces hose clamps, pipe connections, fasteners, plug-in connectors, hose couplings and fluid systems under its brand NORMA. The company employs over 1,600 employees worldwide and about 800 in Germany. NORMA is a world leader in manufacturing fasteners and joining parts.

The company has subsidiaries in the UK, China, Italy, France, Spain, Poland, Australia, US and Singapore. NORMA manufactures about 900 million NORMA finished parts, two-thirds of which are used in automotive and vehicular engineering.

Corporate strategy Over the last eight years, NORMA has doubled its sales and is extremely well positioned to benefit over-proportionally from the growth of its addressable market.

As the acknowledged innovator in automotive and industrial applications, NORMA plans to continue to grow at above 8% per annum. Moreover there is significant operational improvement potential from developing the former German Mittelstands business into a modern-style business.

Latest financials: To 31st December 2006

By further expanding into fast-growing geographies through the acquisition of the minority stake of its Chinese JV partner and by merging with its biggest competitor, ABA, NORMA has further improved its global footprint and is poised for growth.

EBITDA

â‚Ź328.8m Turnover

â‚Ź40.8m Date of investment: April 2006 Company website: www.norma.de 3i contact: Ulf Von Haacke, Director, Buyouts +49 69 7100 0021 ulf.vonhaacke@3i.com

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Novotema S.p.A | General Industrial | Italy

Novotema is a manufacturer of rubber seals.

Nature of business Founded in 1973 in Villongo, close to Bergamo, Novotema (NT) supplies technical rubber and silicon products (such as o-rings and shaped elements) to the automotive, home appliances, hydraulics, and pneumatics sectors.

From the outset, NT’s strategy has been focused on profitability rather than on an “atall-costs” sales growth. The company carries out the whole production cycle, from own project or co-design procedures, to the final manufacturing of the item. Main activities include: engineering, moulds manufacturing, compound formulation and preparation, moulding, final test and certification.

Corporate strategy Novotema aims to become one of the world’s leaders in precision sealing and rubber components. The strategy is to expand through organic growth and acquisitions, both in Europe and in developing BRIC (Brazil, Russia, India, China) countries, and to serve existing clients in developed and growing markets.

Latest financials: To 31st December 2006

€22.7m Turnover

€6.5m EBITDA Date of investment: July 2005 Company website: www.novotema.com 3i contact: Lorenzo Salieri, Partner, Buyouts +39 02 8808 4242 lorenzo.salieri@3i.com

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Van Wijnen | General Industrial | Benelux

Van Wijnen is a leading construction and project development company in The Netherlands.

Nature of business Van Wijnen is active in both residential and commercial construction, inner city development, renovation, maintenance and project development.

Corporate strategy Construction and project development in The Netherlands, supported by a nationwide network of offices. Van Wijnen wants to grow organically and through acquisitions.

Van Wijnen focuses on project development and construction in close co-operation with customers and governmental bodies.

The regional network is instrumental in local contracts with decision makers.

Latest financials: To 31st December 2005

â‚Ź501m Turnover

â‚Ź20.5m EBITDA Date of investment: July 2000 Company website: www.vanwijnen.nl 3i contact: Guus Overdijkink, Director, Buyouts +31 2 0305 7444 guus.overdijkink@3i.com

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About our portfolio

Wendt | General Industrial | Germany

Wendt is a leading German manufacturer of super-abrasive precision grinding machines and tools.

Nature of business Wendt is a leading player in the global precision grinding industry.

Wendt supplies solutions for high-end grinding operations in the automotive, aerospace and cutting tools industries.

The company focuses on exceptionally demanding grinding applications that require the use of super-abrasives and delivers highly-customised products to its customers.

Wendt’s grinding and dressing tools are used for applications in hard materials grinding, steel grinding and glass grinding.

Wendt’s machines are used for high precision grinding of cutting inserts and small parts requiring shaping to high-precision tolerance.

Corporate strategy The global market for super-abrasive grinding tools is forecast to expand by 3.6% until 2008, with the highest growth rates in Asia. Wendt is in an excellent position to capitalise on this growth because it has an outstanding track record of introducing innovative processes to the market.

In addition to the global market growth, Wendt management has identified a number of exciting opportunities to drive growth through innovation and expansion of the range of solutions offered to its customers.

Geographic growth opportunities are also significant. Wendt is present in high-growth, low-cost locations such as China, India and Russia is further increasing its penetration and positioning in these markets.

Latest financials: To 31st December 2006

€116.7m Turnover

€18.4m EBITDA Date of investment: April 2005 Company website: www.wendtgroup.com 3i contact: Peter Wirtz, Director, Buyouts +49 69 7100 0041 peter.wirtz@3i.com

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About our portfolio

Sector:

Healthcare

The healthcare sector currently accounts for 10% of global GDP and this is expected to rise significantly in the coming years.

With a view across three continents, 3i has a good understanding of the changes re-shaping healthcare. The companies that succeed will be those that understand where the market is heading and provide innovative, effective, scalable solutions that meet the needs of patients and healthcare professionals alike.

In Europe, an ageing population and the drive for greater efficiency are leading to new business models that bridge the publicprivate divide. A current example from 3i’s portfolio is Carema and Mehiläinen, a leading private healthcare services provider within both the public and private/pay sectors in the Nordic countries.

In the US, continuous advances in technology are making new treatments possible, while in Asia, companies are consolidating their role as low-cost manufactures and providers, and

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embarking on the acquisition trail in the west. A recent successful realisation by 3i involved the sale of German generic drugs manufacturer betapharm, which was acquired by India-based pharma company, Dr. Reddy’s, for €480m.

In the last five years alone, 3i has invested €1bn in more than 60 healthcare companies.

Its healthcare portfolio includes a full spectrum of businesses, from early-stage enterprises to established market-leaders.

The healthcare businesses supported by 3i operate in three sub-sectors: ●

Pharma and biotech companies that hold distinct niche positions in global or local markets across the areas of prescription, OTC and generic medicines;

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Medical technology businesses that supply devices and equipment;

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Care services, covering the full range from acute care hospitals to long-term care of the elderly and mentally ill.

3i’s team of healthcare experts spans Europe, the US and Asia and has a range of close relationships that extends from start-ups to global giants. Because of the insight this brings, 3i can help companies deliver firstclass healthcare and profitable performance.

For further information please contact: Bernie Schuler, Partner, Head of Healthcare +49 69 7100 0071 bernie.schuler@3i.com

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Attends Healthcare Holdings | Healthcare | United Kingdom

Attends Healthcare Holdings is a leading international manufacturer of adult incontinence products.

Nature of business Attends Healthcare Holdings (Attends) is the third-largest non-retail manufacturer in its sector in Europe, and the second largest in the UK and Nordic markets.

The group’s ‘Attends’ branded range is recognised as a leading product in the market and is manufactured in world class facilities in Sweden.

Corporate strategy 3i’s investment has allowed Attends to focus on innovative product development.

In 2005/6 year the company launched the redesigned European range – which has been very well received in the market.

Latest financials: To 30th June 2006

€124m Turnover

€11.1m EBITDA Date of investment: September 2002 Company website: www.attendshealthcare.com 3i contact: Chris Williams, Partner, Buyouts +44 20 7975 3193 chris.williams@3i.com £1 = €1.5

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Care Principles | Healthcare | United Kingdom

Care Principles provides care services for adults with severely challenging behaviours.

Nature of business Care Principles operates under two brands: Care Principles, which runs secure hospitals for the most challenging patients and Ermine Care, which runs the smaller complex community care services.

Care Principles has nearly 400 beds in five purpose built secure hospitals and six step-down centres across England. It has over 1,100 staff, including 35 at the group head office in Newmarket.

Corporate strategy Care Principle’s’ core skill is providing care and treatment for those with challenging behaviours. The company originally focused on adults with learning disabilities, and has now extended into related niches, such as personality disorders, and Asperger’s syndrome. The plan is to develop services along the care pathway in all these sectors.

This integrated care pathway approach is attractive to purchasers.

As one of the most sophisticated operations in this market, Care Principles is able to build relationships with NHS (National Health Service) purchasers akin to becoming their local partners. This enables Care Principles to develop services in conjunction with its customers, allowing significant further growth.

Selective acquisitions are being considered to accelerate the development of the range of services offered by the group, building on the Ermine Care acquisition.

Latest financials: To 30th April 2006

€96m Turnover

€18.6m EBITDA Date of investment: March 2005 Company website: www.careprinciples.com 3i contact: Stephen Keating, Director, Buyouts +44 20 7975 3346 stephen.keating:3i.com £1 = €1.5

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Continuum | Healthcare | United Kingdom

Continuum is a leading UK provider of residential care for children with challenging behaviour.

Nature of business The business offers a wide range of services for local authorities seeking the provision of care for young people with diverse needs between the ages of 10 and 18 including: solo and group care; bespoke education services; clinical intervention; and fostering. This range of services allows Continuum to be a one-stop shop for its local authority customers.

The group focuses on improving the outcomes for the children in its care, aiming to step them down from the most intensive care level (solo care) through to less intensive group or foster care, more appropriate for less challenging individuals.

Corporate strategy The group was formed by 3i in July 2006 through the merger of two existing investments in the sector – Green Corns and Farrow House. Part of the investment strategy for both was the need for consolidation in this highly fragmented sector to create a business with: ●

Professional management in operations, marketing and sales;

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A broad range of products, to give its local authority customers a ‘one stop shop’; and

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Market leadership, making it a more attractive acquisition target.

Once the integration is complete the focus will again be on growth, capitalising on the strong business base and model.

Latest financials: To 31st December 2006

€32.7m Turnover

€2.85m EBITDA Date of investment: 2004 Company website: www.continuumgroup.co.uk 3i contact: Ken Beaty, Partner, Buyouts +44 11 3243 0511 ken.beaty@3i.com £1 = €1.5

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H-Careholding (Carema and Mehiläinen) | Healthcare | Nordic

Leading private community healthcare company in the Nordic countries.

Nature of business Carema and Mehiläinen is a leading Nordic private healthcare services provider within both the public and private sector in the Nordic countries. Carema and Mehiläinen provides community care within primary, occupational and specialist healthcare, nursing homes and care for the disabled.

The group has operations in Sweden, Finland and Norway. The company has a staff of more than 6,000.

Turnover for the group reached €520m in 2006.

Corporate strategy Future strategy centres around the continued journey of transitioning the healthcare group into a major Nordic community healthcare company with a European presence in selected segments. Key components of the strategy include: ●

Benefiting from securing larger outsourcing opportunities in the Nordic countries;

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Continued review of Nordic add-on acquisitions;

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Further margin expansion, from improved capacity utilisation and scale of the group; and

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Reviewing expansion opportunities into new geographic markets.

Latest financials: To 31st December 2006

€520m Turnover

€48m EBITDA Date of investment: July 2005 Company websites: www.carema.se www.mehilainen.fi 3i contact: Tomas Ekman, Partner, Buyouts +46 8 5061 0133 tomas.ekman@3i.com

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Sampletest | Healthcare | Spain

Sampletest provides clinical laboratory services across Spain and Portugal.

Nature of business Sampletest provides general analysis and basic diagnosis services to doctors’ surgeries throughout Portugal and Spain. Its strategy is to gradually complement these services with more complex diagnosis services. It covers a wide product range from regular tests to more complex practices such microbiology, haematology, endocrinology and immunology.

Corporate strategy When 3i invested in Sampletest in October 2004, the business had a chain of 12 clinical analysis labs; 11 were based in Portugal and one in Spain. The management plan was to speed up growth through acquisitions in both countries. Since then Samplestest has acquired seven laboratories in Portugal and Spain, trebling its sales and EBITDA. The company has now a presence in the three main cities in the Iberian Peninsula; Lisbon, Madrid and Barcelona.

Latest financials: To 31st December 2006

The buy-and-build process is still ongoing.

EBITDA

€44.0m Turnover

€11.2m Date of investment: October 2004 3i contact: Abelardo López, Director, Buyouts +34 9 1521 4419 abelardo.lopez@3i.com

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About our portfolio

Sector:

Media

The dynamic, wide-ranging media sector is simultaneously global and local, distinct and linked.

In this complex mix, one theme stands out: technology-driven change, and its huge impact on producers and consumers. New online operators have quickly gained market share in areas like recruitment advertising and information supply, to the detriment of traditional players. Meanwhile, the proliferation of new channels enables consumers to find just what they want – when, where and how they want it – ending the mass audience and threatening traditional advertising models.

Across this fast-paced, exciting sector, most of the investment opportunities seen by 3i fall into four areas: ●

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Broadcasting and entertainment: Including all forms of TV, radio, internet and mobile broadcasting, and the creators and owners of content; Publishing and information: Ranging from newspapers, through to online directories and business information. 3i’s investment

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in VNU Media, the leading Dutch careers classified and B2B magazines group, is an example of support for a business in this sector which is migrating content from print to online; ●

Marketing services: Services to marketing and advertising businesses, including market research;

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Technology: Software and hardware innovators that are enabling major disruptions within large markets;

The trends driving the sector bring uncertainty and will create winners and losers in every part of the media. There is no simple recipe for success but the companies most likely to win are those which: ●

Build scale and efficiency: In a market like Europe that is still dominated by regional players, there is significant scope for consolidation, particularly in the B2B segment, where language and cultural issues are less of a barrier;

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Originate or control ‘must-have’ content: As more and more channels compete for attention, consumers will choose those with the essential content – placing the content owners in powerful positions. Chorion, the media content company in 3i’s current portfolio, acquires brands and seeks to reinvigorate them to maximise their potential;

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Successfully move from analogue to digital: Above all, businesses need to understand how to adapt their model to the digital world and migrate effectively, taking customers and revenue streams with them.

For further information please contact: Crevan O’Grady, Partner, Buyouts +44 20 7975 3192 crevan.ogrady@3i.com

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Chorion | Media | United Kingdom

Chorion is a UK-based brand development and management business.

Nature of business Chorion owns and develops children and crime literary rights, generating revenue by charging royalties on toy merchandising, book publishing and TV. The business operates on a global basis, with a portfolio which includes well-recognised classic children’s brands such as Noddy, Famous Five and other Blyton characters, the Mr Men and The Very Hungry Caterpillar, and the works of crime writers such as Agatha Christie (Miss Marple and Poirot) and Georges Simenon (Maigret).

Corporate strategy Chorion’s business model is based around the acquisition and development of underdeveloped brands. The management team focuses on the key underlying attractions of each of the characters, allowing it to manage the intellectual property rights of the brands across a wide spectrum of media, followed by development of the properties on a worldwide scale through licensing arrangements.

The business plans to develop new television programming for all of its recently acquired characters, as well as exploring opportunities in new media distribution channels. The global and long-lasting appeal of Chorion’s properties, together with the incumbent management team’s proven track record of success, provides a solid footing for the business going forward.

The global rights ownership market in children’s and crime characters is very fragmented, with many properties still owned by second or third generation descendants of the original author. The business will therefore consider selective acquisitions as a potential source of future growth.

Latest financials:

Not disclosed Turnover

Not disclosed EBITDA Date of investment: May 2006 Company website: www.chorion.co.uk 3i contact: Chris Williams, Partner, Buyouts +44 20 7975 3193 chris.williams@3i.com £1 = €1.5

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Sparrowhawk Media | Media | United Kingdom

Sparrowhawk Media operates an international pay-TV channel business with three components: The Hallmark Channel outside the US, a TV programme library and a network operating centre.

Nature of business Broadcast internationally and with over 60 million subscribers, The Hallmark Channel provides family entertainment, tailored for a female audience. The UK and European operations are the most mature and Hallmark consistently achieves top rating for multichannel providers in the UK and Central Europe. The Latin American and Asian Pacific channels are less mature and represent opportunities for growth.

Its library consists of almost 600 made-forTV movies and mini-series, which are used in-house on The Hallmark Channel as well as being sold to third parties.

Its network operating centre is based in Denver and provides both in-house and third party services.

Sparrowhawk Media is headquartered in London with offices in the US, Latin America and Asia. It employs 145 people.

Corporate strategy Sparrowhawk Media is an excellent platform for organic and acquisitive expansion. It is chaired by David Elstein, former Chief Executive of the UK’s Channel Five.

Multi-channel TV is a rapidly expanding market. The number of multi-channel subscribers in Europe is expected to treble in the next five years. The UK is the most mature of Sparrowhawk Media’s markets, but it still has revenue growth in high single/low double digits. The international operations are less mature and provide an excellent base from which to take advantage of the increase in penetration of multi-channel TV. There are also strong forces for consolidation in this sector in both distribution and content.

This dynamic should create acquisition opportunities across the international network.

Latest financials: To 31st December 2006

£112m Turnover

Not disclosed EBITDA Date of investment: April 2005 Company website: www.hallmarkchannel.co.uk 3i contact: Crevan O’Grady, Partner, Buyouts +44 20 7975 3192 crevan.o’grady@3i.com £1 = €1.5

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VNU Media | Media | Benelux

VNU Media is the market leader in the Dutch online and print recruitment advertising market

Nature of business VNU Media is the market leader in the online and print recruitment advertising market in The Netherlands.

Its key recruitment sites include Intermediair Online, which is leading in the graduate market and Nationalevacaturebank, which targets a broad audience with the largest number of jobs online.

Corporate strategy 3i will give VNU Media the support it needs to make the most of the expected continued transition to online, as well as further developing its compelling print offering.

The Dutch recruitment market is expected to grow on average by 10% a year in the next three years, with significantly faster growth online.

VNU Media’s Intermediair print product, which is distributed for free to a proprietary database of graduates, is the largest single title in the Dutch recruitment advertising market.

With leading market positions in both online and print, the company is well positioned to continue winning share of audience and market and converting this into growing volumes and yields.

In addition, it has a number of leading B2B IT titles and websites, including Computable and Tweakers, and a number of strong management titles (Management Team, Sprout).

The company will invest aggressively in online (increasing turnover from 30% to 50% of total), by boosting marketing and sales and launching into new vertical market segments and communities. In addition, it will continue to invest in its free circulation database and content.

Latest financials: To 31st December 2006

â‚Ź104.1m Turnover

â‚Ź33.0m EBITDA Date of investment: February 2007 Company website: www.vnumedia.nl 3i contact: Machtelt Groothuis, Director, Buyouts +31 2 0305 7456 machtelt.groothuis@3i.com

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Sector:

Oil, Gas and Power

The changing dynamics of the industry are creating numerous opportunities for private equity to support entrepreneurial companies with ambitious management.

As economic growth in Asia continues at a rapid rate, high oil prices are here for the foreseeable future. With world energy demand on an upward spiral, the oil, gas and power service industry is showing strong growth.

Much of the world’s reserves are concentrated in the Middle East and Russia, benefiting those who can operate there successfully. Elsewhere, the industry is fragmenting as established producing areas like the North Sea, Gulf of Mexico and South East Asia mature.

3i has been investing in the oil, gas and power sector since the 1970s, supporting some of the leading companies in the oil service, exploration and production sectors.

3i focuses on supplying growth capital to expanding businesses and buying existing businesses with potential for value creation.

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On a selective basis, it also makes earlystage venture investments in exciting oilfield technologies.

The upstream sector has two main elements: ●

Exploration and production companies discover, develop and produce hydrocarbons, own and license reserves, and finance and manage operations;

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Oil services are mostly contracted out to a large and broad sector, which provides products, people and technology for all elements of drilling, construction and production.

The oil, gas and power team also invests in the midstream gas and power sector, which includes companies that generate, store and transmit energy.

As one of the world’s leading investors in the sector, 3i helps oil, gas and power companies to capitalise on the opportunities presented by high levels of world energy demand, using its deep insight and global networks to add value. The recent buyout of Dockwise is an example of 3i working with the management of a business that has significant growth potential.

For further information please contact: Mark Dickinson, Partner, Buyouts +44 20 7975 3523 mark.dickinson@3i.com Graeme Sword, Partner, Growth Capital +44 12 2463 8666 graeme.sword@3i.com

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Aibel | Oil, Gas and Power | Nordic

Aibel is a leading provider of maintenance, modification and operational services to the upstream oil and gas industry.

Nature of business Headquartered in Norway, Aibel’s client list includes world-class names, such as Norsk Hydro, Maersk and Statoil. Among Aibel’s broad range of activities are the supply of production facilities and process systems, and the maintenance, modification and operation of on- and off-shore facilities.

Aibel’s history goes back to 1905 and the creation of the companies that became part of ABB, the Swiss-Swedish engineering conglomerate. When ABB put the business up for sale in 2004, 3i was part of a syndicate that purchased Aibel (and its sister company, Vetco Gray).

Following the sale of Vetco Gray to GE in February 2007, Aibel now stands as an independent operator, with a world-wide workforce that exceeds 7,000 and a presence in more than 10 countries, ranging from Norway and Brazil to Thailand and Australia.

Corporate strategy Aibel has a world-class reputation in the oilfield services industry and is respected for its high service levels and operational know-how. These qualities make it successful at winning new business and renewing and extending existing contracts.

Under the leadership of R. Rasmus Sunde, Aibel aims to achieve strong organic growth by continuing to develop its ability to service clients around the world. In January 2007, the opening of Aibel’s new assembly yard at Laem Chabang Port more than doubled its capacity in Thailand.

In July 2006, Aibel signed an agreement with BP Norge to upgrade the fire and gas detection systems on the Ula platforms in the North Sea. This project includes the removal of 1,200 existing detectors and the installation of 1,400 state-of-the-art devices – without any disturbance to production. Other recent successes include Statoil’s two-year extension of the maintenance contract for the Troll-Sleipner area on the Norwegian Continental Shelf.

Latest financials: To 31st December 2006

$1.5bn Turnover

$78m EBITDA Date of investment: July 2004 Company website: www.aibel.com 3i contact: Mark Dickinson, Partner, Buyouts +44 20 7975 3523 mark.dickinson@3i.com

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Dockwise | Oil, Gas and Power | Benelux

Dockwise provides heavy-lift transportation for the marine and oil and gas industries.

Nature of business Dockwise is the leading global provider of heavy marine transportation services to the oil field services sector. It operates 15 heavy-lift semi-submersible vessels, of which four are specialised yacht carriers.

Dockwise has a unique capability in transporting the largest and heaviest oil and gas structures. With a combination of unparalleled technical and engineering expertise and a versatile fleet of vessels, Dockwise offers clients flexibility and transport capacity on even the most complex projects.

Corporate strategy As the leading brand and provider of heavy-lift transportation services Dockwise has a unique opportunity to capitalise on the strong visible growth in market demand during the next three to four years.

A sustained increase in oil exploration and production activity has resulted in a significant increase in the volume of oil and gas rigs, both new and existing, that need to be transported to offshore oil basins, as well as the large onshore and offshore production infrastructure and installations required to capitalise on successful exploration activities.

As of May 2007, Dockwise is merging with Oslo OTC listed Sealift at combined value of $2.1bn.

Latest financials: To 31st December 2006

$193.9m Turnover

$101m EBITDA Date of investment: January 2007 Company website: www.dockwise.com 3i contact: Mark Dickinson, Partner, Buyouts +44 20 7975 3523 mark.dickinson@3i.com

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Global Energy Services | Oil, Gas and Power | Spain

GES is the international leader in wind farm construction and maintenance.

Nature of business GES is the international leader in wind farm construction and maintenance. The company also undertakes a range of project-related work for a wide spread of process industries and utilities, and has an impressive client list that includes Repsol, Cepsa and Shell.

GES was founded in Spain in 1985 as part of the giant Gamesa Corporación Tecnológica S.A. Gamesa generates electricity from renewable sources and supplies advanced products to the renewable energy sector.

During Gamesa’s ownership, GES began to develop an international presence, with operations in Germany, Italy and Portugal, where the development and implementation of wind energy is already well-established.

3i’s acquisition of GES in April 2006 is helping the business to accelerate its international expansion in a world-wide market that has been growing at almost 30% a year. The company’s experienced management team remained with GES through the change of ownership and are playing a key role in helping the business fulfil its global potential.

Corporate strategy As a business with an outstanding reputation in a growth market, GES has a sound platform for rapid international expansion. 3i will help the company to achieve this through contacts in the energy sector and an on-the-ground presence across Europe, the US and Asia.

For GES, the US is a major focus for growth, with current contracts to construct wind power parks in Philadelphia and Texas.

The company is also actively exploring opportunities in the UK, Egypt, Morocco and Mexico. The company’s existing base in Germany will be used to enter Eastern European markets, while 3i’s Asian network will help the company explore opportunities in China and Southeast Asia.

By successfully migrating its business model to new territories, GES expects to double turnover to €600m within the next few years and achieve 50% of its revenue from international sources.

Latest financials: To 31st December 2006

€295m Turnover

€28m EBITDA Date of investment: April 2006 3i contact: Jorge Quemada, Director, Buyouts +34 9 1521 4419 jorge.quemada@3i.com

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RBG | Oil, Gas and Power | United Kingdom

RBG is a support services contractor to the oil and gas industry.

Nature of business RBG is one of the largest remaining independent UK-based oil and gas service companies.

The services provided include: integrity management; fabric maintenance; specialist services; manpower; cleaning; painting and specialist sub-sea structure fabrication.

Headquartered in Aberdeen, RBG employs over 6,000 staff and has a significant share in the UK North Sea fabric maintenance market. RBG also has a significant international presence in Trinidad, the Gulf of Mexico and the Caspian Sea.

Corporate strategy RBG has grown rapidly since being created through the merger of Rigblast, McGregor Offshore and Machten in December 2004.

Core Technical was acquired in October 2005 and further acquisitions are planned.

Latest financials: To 31st December 2006

RBG’s ‘one-stop service company’ strategy is intended to be highly attractive in international markets, where RBG’s customers – the international oil companies and the main contractors – tend to favour a small, manageable number of robust and proven service providers.

Turnover

€339.6m €27.2m EBITDA Date of investment: March 1996 Company website: www.rbgltd.com 3i contact: Mark Kerr, Director +44 12 2463 8666 mark.kerr@3i.com £1 = €1.5

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Sector:

Technology

Technology and telecoms are dynamic varied industries driving many of the changes we see in the world today.

The sector is distinguished by its rapid pace and the potential for radical new departures. Globally it is enjoying single digit growth, but certain niche sectors are achieving material double digit growth.

This potential for rapid growth, combined with improving profitability and cash flows, is driving more M&A and private equity activity.

3i works with technology and telecoms businesses across the world to provide consistent support at all stages of the economic and technological cycles. Working with numerous entrepreneurs, 3i can help businesses turn innovative ideas into fastgrowing revenue streams, as well as helping more established businesses with their next phase of growth.

The businesses 3i supports either use technology to achieve genuine competitive advantage in their markets or depend on technology for their existence. They operate in three main sub-sectors:

●

●

●

Telecoms: Certain elements of the telecoms value chain provide opportunities for private equity, such as software and services and distribution to SMEs. 3i’s current portfolio companies include the leading data centre and services business, TelecityRedbus, which the team is helping to grow through acquisition. Azzurri Communications, a recent 3i realisation, is a leading provider of converged ICT solutions: 3i helped the management team to implement a complex buy-and-build strategy involving 15 acquisitions; Software, services and internet: Software is an established global industry containing a number of maturing, as well as fastdeveloping, products with attractive financial characteristics which are driving private equity investment; Electronics and semiconductors: New applications of established and evolving technologies are driving electronic sector growth and are attractive to private equity.

These include e2v Technologies, a specialist supplier of electro-optical microwave devices and radio frequency power products.

Successfully backed by 3i through an MBO, e2v Technologies was developed through significant operational improvements and exited via an IPO. A global outlook is necessary to operate successfully in the technology sector.

3i’s presence on three continents enables an understanding of emerging trends and development of industry insight. The technology sector team uses its insights to benefit the businesses it partners globally and help companies grow by introducing them to new customers, partners and sources of innovation.

For further information please contact: Simon Freer, Director, Buyouts +44 20 7975 3039 simon.freer@3i.com

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Q-Matic | Technology | Nordic

Q–Matic is a leading provider of electronic queue and customer flow management solutions.

Nature of business With over 20 years experience in the market, and some 25,000 installations, Q-Matic has a truly international presence. The products are sold in 85 countries and one third of its total sales are generated in the US. The company’s offerings range from complex high-throughput customer flow systems for government, healthcare, retail and banking sectors involving a mix of software, hardware and services, to lower-end stand-alone hardware products for single site installations.

Corporate strategy Q-Matic is the clear market leader in a global niche market. The company’s strategy is to drive continued growth with high profitability in existing and new markets. The company will increase its penetration in existing markets by adding more sales people throughout the organisation and in addition will further optimise and drive its distributor network to increase their efficiency and performance.

Q-Matic will also selectively enter new markets, which in the medium term will include India, Germany, Austria and countries within Eastern Europe.

Q-Matic has established a new product road map for more predicable product launches, improved R&D outcome and a more sophisticated and industrialised manufacturing processes supporting growth in each market segment.

Furthermore, Q-Matic will use its current customer base and actively increase its recurring revenues from after market and software support.

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Latest financials: To 31st August 2006

€42.4m Turnover

€10.9m EBITDA Date of investment: October 2004 Company website: www.q-matic.com 3i contact: Magnus Ramstrom, Associate Director, Growth Capital +46 8 5061 0166 magnus.ramstrom@3i.com

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TelecityRedbus | Technology | United Kingdom

TelecityRedbus is a leading provider of colocation and managed data centre services in Europe.

Nature of business Through a network of carrier-neutral data centres, TelecityRedbus offers secure, controlled environments for businesses that want to outsource all, or part, of the management of their technical infrastructure.

It provides colocation , data centre and managed IT services to service providers, enterprises and the public sector.

In early 2006, Telecity and Redbus International merged to create TelecityRedbus, Europe’s leading independent provider of colocation and data centre services. The new company has a combined business of 19 state-of-the-art technical facilities across eight European markets.

In September 2006, the Group made a further acquisition, acquiring the UK assets of Globix, another provider of colocation and data centre services, also providing managed services.

Corporate strategy The provision of data centre services has been fragmented, and TelecityRedbus is focused on driving consolidation so that it commands the provision of data centre services across Europe. The benefits of the merger with Redbus are already evident as the company has been able to increase prices significantly over the last year, whilst maintaining a high level of service.

The business strategy is to continue acquiring additional space in relevant locations that will satisfy increasing demand in the sector. In addition the provision of a range of managed services will serve as a key differentiator from competitors.

Latest financials: To 31st December 2006

€120m Turnover

€23.3m EBITDA Date of investment: 1998 Company website: www.telecityredbus.com 3i contact: Jennifer Dunstan, Partner, Buyouts +44 20 7975 3324 jennifer.dunstan@3i.com £1 = €1.5

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About our portfolio

A selection of other 3i investments Current Company

Description

Sector

Investment Type

3i Country Contact

A specialist provider of perimeter security, Dirickx has manufacturing facilities in France, Slovakia and China.

Business Services

Growth Capital

France Olivier Le Gall +33 1 73 15 11 53

A leading French clothing retailer, Defimode is moving from a small regional player to a national player with plans to grow from 120 to 300 stores in the next four years.

Consumer

Growth Capital

France Denis Ribon +33 4 37 48 30 30

STEN develops framework and scaffolding systems for construction and civil engineering projects.

Already the Spanish market leader, STEN plans to grow internationally in the next few years.

General Industrial

Growth Capital

Spain Daniel Vinas +34 9 3439 1991

HBI targets companies which have successfully developed innovative technology but lack the commercial capability and resources to realise their true potential with customers worldwide.

Healthcare

Venture Capital

UK Andrew Fraser +44 20 7975 3069

Headquartered in Mumbai, Nimbus Communications is one of India’s leading media and entertainment businesses, focused on TV, advertising and sports rights management.

Media

Growth Capital

India Anil Ahuja +65 6216 0405

PEARL Energy is an independent oil and gas company with exploration and production (E&P) activities focused exclusively in South East Asia.

Oil, Gas and Power Growth Capital

Asia Mark Thornton +65 6216 0432

An interactive entertainment company focused on online communities, with offices in 19 countries worldwide, Sulake’s main product, Habbo Hotel, is a unique online game environment for teenagers.

Technology

Finland Kimmo Korpela +46 8 5061 0144

Venture Capital

For a wider view of our investment experience, please visit www.3i.com 64

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Index by sector

Index by country

About our portfolio

Former Company

Description

Sector

Investment Type

3i Country Contact

SR Technics (SRT) is a world-leading independent provider of technical services to commercial airlines. 3i backed management in a buyout from the administrators of Swissair and, working in partnership with SRT, delivered the acquisition and integration of FLS Aerospace, a new €900m contract with easyjet and stable organic growth.

SRT was bought by a UAE-based consortium in 2006.

Business Services

Buyout

UK Stuart McMinnies +44 20 7975 3402

A leading marketer and designer of branded apparel, Gant grew strongly under 3i’s ownership with profits increasing by more than 85% through global expansion.

In 2006 Gant successfully floated on the Swedish stock exchange in a €241m IPO.

Consumer

Buyout

Sweden Mattias Eklund +46 8 5061 0152

Damcos are experts in marine control and management systems. During 3i’s period as majority stakeholders the company’s turnover grew by 50% and its order book now extends into 2009. By establishing production in South Korea and China, Damcos is well placed for further growth.

General Industrial

Buyout

Denmark Steffen Thomsen +45 3347 6703

betapharm, a leading German generic drugs manufacturer Healthcare and distributor, benefited from 3i’s investment and operational expertise to take the business from a sales and marketing subsidiary to a fully fledged pharmaceutical business. betapharm achieved its business milestones ahead of plan and with the help of 3i’s network found a suitable buyer in Indian family business Dr. Reddy’s Laboratories.

Buyout

Germany Bernie Schuler +49 69 7100 0071

One of the UK’s leading press cuttings agencies, Precise Media provides a high-speed service to PR agencies and financial institutions. 3i backed a strong management team and Precise was transformed into the fastest-growing media monitoring agency in the UK.

Media

Buyout

UK Crevan O’Grady +44 20 7975 3192

CH4 invests in fallow fields in the North Sea gas basin and specialises in the recovery and development of marginal oil and gas assets. 3i provided the initial start-up capital in 2002 and added further funding and strategic support as CH4 developed its portfolio of infrastructure, exploration, development and production assets.

Oil, Gas and Power

Growth Capital

UK Colin Burnett +44 12 2463 8666

Azzurri Communications is a leading UK provider of converged voice and data solutions. During the six years that 3i was involved, through strategic input at board level together with funding, a total of 15 acquisitions were made, helping to build the company into a major business that had the scale to negotiate substantial discounts from its suppliers.

Technology

Buyout

UK Julian Davison +44 20 7975 3494

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About our portfolio

Index by country

Contacts With Buyouts teams located across Europe, our portfolio companies benefit from our local relationships, international connections and sector capabilities. To find out more, please contact your local Buyouts Partner.

Head of Buyouts Jonathan Russell +44 20 7975 3235 jonathan.russell@3i.com Benelux Menno Antal Partner, Managing Director Benelux +31 2 0305 7458 menno.antal@3i.com Central and Eastern Europe Stuart McMinnies Partner +44 20 7975 3402 stuart.mcminnies@3i.com

France Remi Carnimolla Partner, France +33 1 73 15 11 27 remi.carnimolla@3i.com

Nordic Gustav Bard Partner, Managing Director Nordic +46 8 5061 0151 gustav.bard@3i.com

Germany/Switzerland Stephan Kr端mmer Partner, Managing Director, German speaking region +49 69 7100 0034 stephan.kruemmer@3i.com

Spain Mark Heappey Partner, Managing Director Spain +34 9 1521 4419 mark.heappey@3i.com

Mike Robins Partner German speaking region +49 69 7100 0084 mike.robins@3i.com Italy Marco Fumagalli Partner, Managing Director Italy +39 02 8808 4204 marco.fumigalli@3i.com

For full details of office locations visit www.3i.com

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UK Ian Nolan Partner, Managing Director UK Buyouts +44 20 7975 3349 ian.nolan@3i.com

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Index by sector

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About our portfolio

Internationally connected As part of 3i Group, the Buyouts business taps into a wealth of resources. Our international network is a key differentiator and 3i Group’s presence in Asia and North America enables our European investments to benefit from our truly global reach.

International Offices Asia: Beijing, Hong Kong, Mumbai, Shanghai, Singapore Europe: Aberdeen, Amsterdam, Barcelona, Cambridge, Copenhagen, Frankfurt, Helsinki, London, Madrid, Manchester, Milan, Munich, Paris, Stockholm, Zurich US: Menlo Park, CA, New York, NY

Recent Buyout Awards We consistently win industry awards, both for our individual deals and for our overall business.

Private Equity Exit of the Year: Azzurri Acquisitions Monthly Awards 2007 (UK) Buyout Fundraising of the Year: Eurofund V EVCJ Awards 2006 (UK) European Mid-Market Firm of the Year 2007: 3i Financial News Awards for Excellence in Private Equity 2007 (Europe)

These awards are voted for by our peers, who recognise the high standards we maintain.

Buyout of the Year: Vetroarredo/Seves AIFI/Premio Claudio Demattè (Italy) Best Partnership: Keolis Private Equity Magazine (France) Large-Cap Exit of the Year: Keolis Les Prix Capital Finance 2007 (France)

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About our portfolio

Current portfolio by country Benelux

Nordic

UK

ABX Logistics

07

Aibel

57

Airinmar

34

Aviapartner

09

Coor Service Management

11

Angel Springs

08

Daalderop

36

H-Careholding (Carema/Mehil채inen)

50

Attends Healthcare Holdings

47

Dockwise

58

KemFine

41

Bowater Windows Limited

19

Hyva

40

Lekolar

26

Care Principles

48

Van Wijnen

44

Q-Matic

62

Chorion

53

VNU Media

55

Continuum

49

Fairline Boats

20

Freightliner

13

Enterprise

12

Hobbs

22

HSS Hire Service Group Limited

23

Leger Holidays

25

Marken

14

Mayborn

27

NCP Services

16

Partners For Finance

32

RBG

60

Sparrowhawk Media

54

TelecityRedbus

63

WA Shearings

30

Spain Central and Eastern Europe EDS

37

France Selective Beauty

29

Germany MIBAG

15

NORMA

42

Wendt

45

Italy Azelis

10

Comac

35

Giochi Preziosi

21

Monviso

28

Novotema S.p.A

43

68

Esmalglass-Itaca Group

38

Gembomsa

39

Global Energy Services (GES)

59

La Sirena

24

Panreac

17

Sampletest

51

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Index by sector

Index by country

About our portfolio

Internationally connected As part of 3i Group, the Buyouts business taps into a wealth of resources. Our international network is a key differentiator and 3i Group’s presence in Asia and North America enables our European investments to benefit from our truly global reach.

Designed and produced at to the point, London 020 7378 6999 ref: 7164. M54207

www.3i.com