October 2013

Marc St John, Partner

Global Private Equity – Europe and Beyond

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This presentation is provided for information purposes only solely as a basis for discussion and is not intended to form the basis of any investment decision and may not be used for and does not constitute an offer to sell, or a solicitation of any offer, or an invitation, or a general solicitation to subscribe for or purchase, or to make any commitments for or in respect of any securities or other interests or to engage in any other transaction.

Nothing contained herein shall be deemed to be binding against, or to create any obligations or commitment on the part of CVC Capital Partners SICAV-FIS S.A. (“CVC”) or any of its subsidiaries or affiliates (together with CVC, the “CVC Group”). Neither CVC nor any member of the CVC Group undertakes to provide the recipient with access to any additional information or to update this presentation or to correct any inaccuracies herein which may become apparent. This presentation may contain information that has been provided by a number of sources and which may not have been separately verified. This presentation is intended as general market commentary and is not to be construed as investment, legal or tax advice and none of the CVC Group nor any of their respective directors, officers, employees, partners, members, shareholders, advisers, agents or affiliates (together the "CVC Parties") make any representation or warranty, express or implied as to the fairness, correctness, accuracy or completeness of this presentation, and nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance or otherwise. Any forward looking statements in this presentation are based upon current assumptions, may be simplified and will be depend upon events outside the CVC Group’s control. Other events, which were not taken into account, may occur and may significantly affect the analysis in this presentation. To the maximum extent permitted by law, none of the CVC Parties shall be liable (including in negligence) for any direct, indirect or consequential losses, damages, costs or expenses arising out of or in connection with the use of or reliance on this presentation.

Recipients of this presentation should inform themselves about and observe all relevant legal and regulatory requirements. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission, any securities administrator under any securities laws of any U.S. or non-U.S. jurisdiction or any other U.S. or non-U.S. governmental or self-regulatory authority. No such governmental or self-regulatory authority will pass on the merits of the offering of any CVC fund or the adequacy of the information contained herein. Any representation to the contrary is unlawful.

Disclaimer

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Agenda

CVC Fund VI Raise: Strategy, Tactics, Results & Lessons Learned

Europe as an Investment Opportunity

Managing a Global Private Equity Business

The Case for Private Equity

CVC Fund VI Raise: Strategy, Tactics, Results & Lessons LearnedI.

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CVC Fund VI Raise – Strategy

De-risk the PE Business as Quickly as Possible

Create Momentum

Supply / Demand Cover

Drive Terms

Sell Europe

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CVC Fund VI Raise – Tactics

Keep the Ball in the Others’ Court as Much as Possible

Numbers / Documents in the Data Room

Full Firm Involvement

Core Messages Internalised

Consistent Messaging

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CVC Fund VI Raise – Results

Months from Launch to Closing

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CVC Fund VI Raise – Results

33

Countries Visited During the Fund Raise

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CVC Fund VI Raise – Results

891

Number of Individual Investor Meetings

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CVC Fund VI Raise – Results

1,504

Number of Times DD Pack Downloaded

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CVC Fund VI Raise – Results

117,012

Miles Travelled during March by MSJ

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CVC Fund VI Raise – Results

$1,000,000,000

Largest Commitment

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CVC Fund VI Raise – Results

c.$8,000,000,000

Commitments Processed Between

28 June and 5 July

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CVC Fund VI Raise – Results

166

Unique Side Letters Negotiated

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CVC Fund VI Raise – Results

$18,200,000,000

Demand for $13,650,000,000 Available

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Keys to Success:– Preparation– Right Counsel– Quality of Relationship– Momentum

Bifurcation in the Market

CVC Fund VI Raise – Lessons Learned

Europe as an Investment OpportunityII.

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Europe – Macro to Micro

Macro The Euro and the Banking System

The Economies

The Companies

Midi

Micro

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Macro – European Union

EU: a Poorly-Constructed Currency Union

Formed just Before an Unprecedented Credit Boom

Capital Flowed from North to South

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Macro – Though there are some Headwinds…

“The Eurozone: Tale of a Bad Marriage”, Presentation to CVC by Martin Wolf (12 Sep 2013)Associate Editor & Chief Economics Commentator, Financial Times

Happy Honeymoon – in the first decade, members had a honeymoon, in which everybody, alas, got what they wanted, laying the ground for an acute crisis:

– Countries with historically low credibility and high interest rates enjoyed low interest rates, surging capital inflows and booming economies: they spent on their partners’ credit

– Countries with an historic attachment to export surpluses got improved competitiveness and apparently good investment opportunities for their surplus funds

Bad Marriage – a number of very different economies and polities decided to share a single money, but they did not agree to share a fiscal system or a banking system

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Macro – Though there are some Headwinds…

Why it is Hard to Save the Marriage – challenges to be met include:

– Debt write-offs

– Financing

– Structural Reforms and Divergent Inflation

– Reforms in relation to Banking, Fiscal and Political Union

Obstacles to action are Economic, Ideological and Political

Good marriage Unlikely; Divorce remains a Possibility; Bad Marriage most likely Outcome

– Will take a lot of Reform, both Economic and Political

– Will take at least a Decade

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2012 -2013 Ranking

Country 2011-2012 Ranking

1 Switzerland 12 Singapore 23 Finland 44 Sweden 35 Netherlands 76 Germany 67 United States 58 United Kingdom 109 Hong Kong 11

10 Japan 911 Qatar 1412 Denmark 813 Taiwan 1314 Canada 1215 Norway 1616 Austria 1917 Belgium 1518 Saudi Arabia 1719 Korea Rep. 2420 Australia 20

Source: The Global Competitiveness Report, 2012-2013. World Economic Forum.

Midi – The Global Competitiveness of European Economies

Global Competitiveness Index (2012-2013) Metrics

Institutions

Infrastructure

Macroeconomic Environment

Health and Primary Education

Higher Education and Training

Goods Market Efficiency

Labour Market Efficiency

Financial Market Development

Technological Readiness

Market Size

Business Sophistication

Innovation

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USA 366

Japan 220

China 68

Europe 1,933

Source: “Hidden Champions”, Professor Hermann Simon.

Micro – The Hidden Champions of Europe

What Is a “Hidden Champion”? Number of Hidden Champions

Leader in its market

Less than $7 billion in sales

Low public visibility

Managing a Global Private Equity BusinessIII.

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CVC Capital Partners

Our Approach

Small Locally-Rooted Teams with Embedded Senior Oversight

Compensation Aligned with Performance

Over-Resourcing

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Small Locally-Rooted Teams

20 Offices Globally

London

Paris

Madrid

Amsterdam

Brussels

Zurich

Luxembourg

Milan

Frankfurt

Jersey Copenhagen

Stockholm

New York

Operations FIG FIG

TMTOperations

Financing

Bangkok

Hong Kong

Singapore

Beijing

Shanghai

Tokyo

SeoulFinancing

OperationsFIG

Operations

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Aligned Compensation

Same Principles as We Apply to Our Portfolio Company Managers

Compensation Tied to Investment Performance

Performance Measured at Level of Investment

Own Money at Stake

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Over-Resourcing

Current Deal Leaders Number Number of Investments

Led or Co-Led

Number of Deals / Capacity Per Annum

Total 49 312 98

Actual 10 – 12

The Case for Private EquityIV.

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Private Equity performance vs. Listed Equity – Net to LPs

PE-backed Investments Outperform Listed Companies over Time

Source: Cambridge Associates, Q1 2013Notes:(1) Global Private Equity Only Fund Index Summary: End-to-End Pooled Return, net of fees, expenses and carried interest

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How does PE do it?

PE Investors Bring a Unique Business Model and an Effective Toolkit to do the Job

Single Shareholder

Alignment of Interest

This is All We Do / Simple Fixes

Access to Expertise

Leverage

Exit Options