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1 Links Capital Group Links Capital Group Asian Private Equity Picture Asian Private Equity Picture Jan 2003 LCG 135 East 57 th Street, 8 Fl, New York, NY 10022 Norris Lam, CFA Tel: (212) 588 0044

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  • 1. Asian Private Equity Picture 135 East 57th Street, 8 Fl, New York, NY 10022Norris Lam, CFA Tel: (212) 588 0044Jan 2003Links Capital GroupLCG1

2. Part I Significant hangover of uninvested capital in both US and Europe; much less in Asia Capital Raised and InvestedGlobalUSEuropeAsia Links Capital Group 2 3. Global Private Equity Funds Raised & InvestedGlobal Top 12 Investment & Fund Raised by Country in 2001 ($bn) 120 Fund RaisedInvestment Amount100 80 60 40 200USAUK France Germ any Japan Canada Hong China Italy Sweden Is raelKorea Kong Source : PWC Global Private Equity 2002 Links Capital Group 4. Global Private Equity Funds Raised & Invested,ex US Top 11 Investment & Fund Raised by Country in 2001, ex U.S. 20 18 Fund Raised16Investment Amount14 12$bn1086420 y lyelg ana K ceneada annn Ita era U Ko anporhied am Is Ja anCK Fr wergCS on G H Source : PWC Global Private Equity 2002 Links Capital Group 5. Private Equity Funds Raised & Invested in USU.S. Private Equity Funds Raised & Invested, 1981-2001 250 Raised200 Invested150$bn100 5001981 19821983 1984 19851986 19871988 19891990 19911992 19931994 19951996 19971998 19992000 2001Source : Venture Economics Links Capital Group 6. Private Equity Funds Raised & Invested in EuropeEuropean Private Equity investment & Fund Raised, 1989 - 2001 50.0 Raised45.0 Invested40.035.030.0$bn25.020.015.010.0 5.0 - 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Source : EVCJLinks Capital Group 7. Private Equity Funds Raised & Invested in AsiaPriv ate Equity Funds Raise d & Inv e ste d in Asia20.0 18.0Raised 16.0Invested14.012.0 $bn 10.08.0 6.04.0 2.0 -199219931994 19951996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 8. Japan Private Equity1991-2001 Japan Private Equity Funds Raised & Invested 1991-2001 4,5004,000Raised Invested3,5003,0002,500$mn2,0001,500 1,00050001991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 9. Korea Private Equity 1991-2001 Korea Private Equity Funds Raised & Invested 1991-2001 2,500 Raised2,000Invested1,500 $m n1,000 500 0199119921993 1994 1995 1996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in AsiaLinks Capital Group 10. China Private Equity1991-2001China Private Equity Funds Raised & Invested 1991-2001 2,500 Raised2,000Invested1,500$mn1,000 500 0199119921993 1994 1995 1996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 11. Taiwan Private Equity1991-2001Taiwan Private Equity Funds Raised & Invested 1991-20011,6001,400RaisedInvested 1,2001,000 $mn800 600 400 200 0 199119921993 1994 1995 1996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 12. Singapore Private Equity1991-2001Singapore Venture Capital Funds Raised & Invested 1991-20014,500 4,000RaisedInvested 3,500 3,000 2,500 $mn 2,000 1,500 1,000 5000 199119921993 1994 1995 1996 1997 1998 1999 2000 2001Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 13. Hong Kong Private Equity1996-2001 Hong Kong Venture Capital Funds Raised & Invested 1996-2001 6,000Raised 5,000 Invested4,000$mn3,0002,000 1,000 0 19961997 19981999 2000 2001Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 14. Australia Private Equity1991-2001 Australia Ve nture Capital Funds Raise d & Inv e ste d 1991-2001 3,000 Raised2,500Invested 2,000 $m n1,5001,000 500 0199119921993 1994 1995 1996 1997 1998 1999 2000 2001 Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 15. Part II Expansion capital deals are still the most prevalentin the Asia Pacific regionInvestment by Financial Stage Expansion Start-up Mezzanine Buyout Turnaround Seed Nov 2002Links Capital Group LCG15 16. Asia Pacific Stage of Investment1999-2001Asia Pacific - Stage of Investments ($bn) 7 6 5 4 199920003 2001 2 1 - Start-up Expansion Mezzaine TurnaroundBuyoutSource : Asian Venture Capital Journal Links Capital Group 17. Asia Pacific Buyout vs. Venture Capital1998-2001Asia Buyout and Venture Capital Investment spend9.0Buyout 8.0VC 7.06.05.0 $bn 4.03.02.01.0- 1998 199920002001Source : Asian Venture Capital Journal Links Capital Group 18. Asia Investments by Financial StageFunds Under Management in 2001Investments by Financial Stage - Asia (2001 Total: $46bn) Seed, 5%Turnaround, 7% Start-up, 21%Buyout, 18%Mezzanine, 8%Expansion, 41% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 19. Japan Investments by Financial StageFunds Under Management in 2001 Investments by Financial Stage - Japan (2001 Total: $9.1bn)Seed, 3%Start-up, 13%Turnaround, 20% Buyout, 6%Mezzanine, 11%Expans ion, 47% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 20. Korea Investments by Financial StageFunds Under Management in 2001 Investments by Financial Stage - Korea (2001 Total: $5.9bn) Seed, 7%Start-up, 19% Turnaround, 25%Buyout, 9%Expansion, 35% Mezzanine, 5% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 21. China Investments by Financial StageFunds Under Management in 2001 Investments by Financial Stage - China (2001 Total: $5.7bn) Seed, 8% Turnaround, 6%Buyout, 4%Start-up, 33% Mezzanine, 8%Expans ion, 41%Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 22. Taiwan Investments by Financial StageFunds Under Management in 2001Investments by Financial Stage - Taiw an (2001 Total: $3.7bn) Seed, 9% Turnaround, 5%Start-up, 26% Buyout, 3%Mezzanine, 14%Expans ion, 43%Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 23. Singapore Investments by Financial Stage Funds Under Management in 2001 Investments by Financial Stage - Singapore (2001 Total: $9.7bn)Seed, 2% Turnaround, 5% Start-up, 26%Buyout, 17% Mezzanine, 8%Expans ion, 42% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 24. Hong Kong Investments by Financial Stage Funds Under Management in 2001Investments by Financial Stage - Hong Kong (2001 Total: $10.3bn)Seed, 4% Turnaround, 5% Start-up, 19%Buyout, 32%Expans ion, 33%Mezzanine, 7% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 25. Australia Disbursements by Financial Stage Funds Under Management in 2001 Investments by Financial Stage - Australia (2001 Total: $2.8bn)Seed, 2%Turnaround, 0% Start-up, 9%Buyout, 39%Expans ion, 45% Mezzanine, 5% Source : The 2003 Guide of Venture Capital in Asia Links Capital Group 26. Part III Buyouts are approximately 1/3 of investment spend(ex-Japan). Should Taiwan emerge as a buyoutopportunity, we estimate that a significantincrease in investment spend could then go intobuyout transactions. Global Buyout Investment in 2001 Major Asian Buyout Markets, 2000-2002 Asian Buyout Investments Asian Buyout Divestments Links Capital Group26 27. Global Buyout Investments Global Top 10 Buyout Investments by Countries in 20012523.3 20 15$m n 1053.51.71.6 1.50.9 0.90.90.8 0.80 lyUK A na l ia ce eny spaI taUS rean nd ra aned KoJamla st FrSw ererAu GthNe Source : PWC Global Private Equity 2002 Links Capital Group 28. Major Asian Buyout Investments2000-2002M ajor Buyout marke ts in Asia (US$mn) 2,500.00 2,000.00 1,500.00 1,000.00 500.00- Australia Hong KongJapan S. Korea 2000 39.49216.001,429.20$1,656.15 20011,050.91- 1,635.81$1,292.43 2002 874.24 470.271,551.95 2,216.30 Source : PWC Global Private Equity 2002 Links Capital Group 29. Asian Buyout Investments by Country1998-2002Buyout Inv e stme nt De stinations (1998 - 2002/June ) 3500 3000 2500 2000$mn1500 10005000 SouthJapan Indonesia Australia Sinagpore Hong Thailand Others Taiw an KoreaKong # of Deal2911810139 1211 2Source : Asia Private Equity Review Note: Others include Malaysia, India, China, U.K. and PhilippinesLinks Capital Group 30. Asia Buyout Divestment Profiles1998-2002 Buyout Divestment Profiles (1998 - June 2002)Number of Companies Invested: 148Amount Invested: US$11.4bnNumber of Companies Divested: 15 M&A , $91, 10%Public Listings,Trade Sale,$508, 55% $322, 35% Source : Asia Private Equity Review, July 2002 Links Capital Group 31. Part IV Market Capitalization of Asian Stock Markets Number of Listed Companies Links Capital Group31 32. Market Capitalization Market Capitalization of shares of domestic companies in Asia, Sept. 2002 ($bn) 2177700 600523500 433400 356 300 236 21420099100 41 31 120Japan-TSE China-A Hong Kong - Australia-ASX Taiw an-TWSE Korea-KSE Singapore- Thailand-SETKorea- China-B share HKExMB SGX-ST KOSDAQ Share Source : Bloomberg, GS Links Capital Group 33. Number of Listed Companies Number of Listed Companies in Asia Stock Markets, Oct 20023000280025002141 20001662 1473 150012151000813 689671 386500 0 US - Japan- UK-LSE Australia- China- HongKorea- Taiwan- SingaporNYSE TSEASX A&B Kong-KSE TWSE e--SGX ShareHKEx Source : Bloomberg, GS Links Capital Group