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Speakers: Private Equity's New Path to Off Market Deals Nicholas Donato Matthew Gooch Or Skolnik Nadim Malik Our Agenda State of the Market 1 Cracking the Networking Wall 2 New Paths to Deal Flow 3 The Market Intelligence to Help 4

  2. Speakers: Private Equity's New Path to Off Market Deals Nicholas Donato Matthew Gooch Or Skolnik Nadim Malik

  3. Our Agenda State of the Market 1 Cracking the Networking Wall 2 New Paths to Deal Flow 3 The Market Intelligence to Help 4 Technology and Processes

  4. Speakers: Nadim Malik Nicholas Donato Matthew Gooch Or Skolnik SPS Berkshire Partners Navatar Bain & Co. 2019 Was Another Steady Year Number of Deals Value of Deals Figures are global buyout transactions, including platform and add-on transactions Source: Bain & Company 2020 Global Private Equity Report; Dealogic 4

  5. Speakers: Speakers: Speakers: Speakers: Speakers: Nadim Malik Matthew Gooch Nicholas Donato Or Skolnik Matthew Gooch Matthew Gooch Or Skolnik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Matthew Gooch Matthew Gooch Or Skolnik Or Skolnik Or Skolnik SPS Berkshire Partners Navatar Bain & Co. Berkshire Partners Berkshire Partners SPS SPS SPS Berkshire Partners Berkshire Partners Bain & Co. SPS Navatar Navatar Navatar Navatar Bain & Co. Bain & Co. Bain & Co. Dry Powder Continues to Stockpile Other Buyout $830bn Source: Bain & Company 2020 Global Private Equity Report; Preqin 5

  6. Speakers: Speakers: Speakers: Speakers: Speakers: Nadim Malik Matthew Gooch Nicholas Donato Or Skolnik Matthew Gooch Matthew Gooch Or Skolnik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Matthew Gooch Matthew Gooch Or Skolnik Or Skolnik Or Skolnik SPS Berkshire Partners Navatar Bain & Co. Berkshire Partners Berkshire Partners SPS SPS SPS Berkshire Partners Berkshire Partners Bain & Co. SPS Navatar Navatar Navatar Navatar Bain & Co. Bain & Co. Bain & Co. The Winners Kept Winning in Fundraising AUM of Buyout Firms, by Performance Tier Source: Bain & Company 2020 Global Private Equity Report; Preqin 6

  7. Speakers: Speakers: Speakers: Speakers: Speakers: Nadim Malik Matthew Gooch Nicholas Donato Or Skolnik Matthew Gooch Matthew Gooch Or Skolnik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Matthew Gooch Matthew Gooch Or Skolnik Or Skolnik Or Skolnik SPS Berkshire Partners Navatar Bain & Co. Berkshire Partners Berkshire Partners SPS SPS SPS Berkshire Partners Berkshire Partners Bain & Co. SPS Navatar Navatar Navatar Navatar Bain & Co. Bain & Co. Bain & Co. Deal Prices Hit New Highs Europe USA Average EBITDA purchase price multiple for LBO transactions Source: Bain & Company 2020 Global Private Equity Report; S&P Capital IQ 7

  8. Speakers: Speakers: Speakers: Speakers: Speakers: Speakers: Nadim Malik Matthew Gooch Nicholas Donato Or Skolnik Matthew Gooch Matthew Gooch Matthew Gooch Or Skolnik Or Skolnik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Matthew Gooch Matthew Gooch Or Skolnik Or Skolnik Or Skolnik SPS Berkshire Partners Navatar Bain & Co. Berkshire Partners Berkshire Partners Berkshire Partners SPS SPS SPS Berkshire Partners Berkshire Partners Bain & Co. Bain & Co. SPS SPS Navatar Navatar Navatar Navatar Navatar Bain & Co. Bain & Co. Bain & Co. More Than 50% of Deals Were >11X In 2009: 40% of deals were <7X Average EV/EBITDA purchase price multiple, US buyout deals Source: Bain & Company 2020 Global Private Equity Report; Refinitiv LPC 8

  9. Multiples rose across all industry sectors , not just in tech Healthcare Contributing factors to change in EV/EBITDA multiple from 2010 to Real estate and 2017-18, global buyout deals infrastructure Consumer 97% Change in 3% sector mix Industrials Same-sector multiple change Technology Source: Bain & Company 2020 Global Private Equity Report; CEPRES 9

  10. Speakers: Speakers: Speakers: Speakers: Speakers: Speakers: Nadim Malik Matthew Gooch Nicholas Donato Or Skolnik Matthew Gooch Matthew Gooch Matthew Gooch Or Skolnik Or Skolnik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Matthew Gooch Matthew Gooch Or Skolnik Or Skolnik Or Skolnik SPS Berkshire Partners Navatar Bain & Co. Berkshire Partners Berkshire Partners Berkshire Partners SPS SPS SPS Berkshire Partners Berkshire Partners Bain & Co. Bain & Co. SPS SPS Navatar Navatar Navatar Navatar Navatar Bain & Co. Bain & Co. Bain & Co. Post Pre Pre Post Post Post Median IRR of Realized North America Buyouts Median IRR of Realized North America Buyouts 1.7x 2.3x 1.9x 2.3x MOIC Source: Bain & Company 2020 Global Private Equity Report; CEPRES

  11. Speakers: Speakers: Speakers: Speakers: Speakers: Speakers: Nadim Malik Matthew Gooch Nicholas Donato Or Skolnik Matthew Gooch Matthew Gooch Matthew Gooch Or Skolnik Or Skolnik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Matthew Gooch Matthew Gooch Or Skolnik Or Skolnik Or Skolnik SPS Berkshire Partners Navatar Bain & Co. Berkshire Partners Berkshire Partners Berkshire Partners SPS SPS SPS Berkshire Partners Berkshire Partners Bain & Co. Bain & Co. SPS SPS Navatar Navatar Navatar Navatar Navatar Bain & Co. Bain & Co. Bain & Co. Pre-GFC Post-GFC By entry EV / EBITDA By entry EV / EBITDA MOIC Source: Bain & Company 2020 Global Private Equity Report; CEPRES

  12. Speakers: Private Equity's New Path to Off Market Deals Nicholas Donato Matthew Gooch Or Skolnik Nadim Malik

  13. Speakers: Speakers: Speakers: Speakers: Speakers: Speakers: Speakers: Speakers: Speakers: Speakers: Speakers: Nadim Malik Nadim Malik Matthew Gooch Matthew Gooch Nicholas Donato Nicholas Donato Or Skolnik Or Skolnik Matthew Gooch Matthew Gooch Matthew Gooch Matthew Gooch Matthew Gooch Matthew Gooch Or Skolnik Or Skolnik Or Skolnik Or Skolnik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nadim Malik Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Nicholas Donato Matthew Gooch Matthew Gooch Matthew Gooch Or Skolnik Or Skolnik Or Skolnik Or Skolnik Or Skolnik SPS SPS Berkshire Partners Berkshire Partners Navatar Navatar Bain & Co. Bain & Co. Berkshire Partners Berkshire Partners Berkshire Partners Berkshire Partners Berkshire Partners Berkshire Partners SPS SPS SPS SPS SPS Berkshire Partners Berkshire Partners Berkshire Partners Bain & Co. Bain & Co. Bain & Co. Bain & Co. SPS SPS SPS SPS Navatar Navatar Navatar Navatar Navatar Navatar Navatar Navatar Navatar Bain & Co. Bain & Co. Bain & Co. Bain & Co. Bain & Co. 13

  14. Speakers: Private Equity's New Path to Off Market Deals Nicholas Donato Matthew Gooch Or Skolnik Nadim Malik

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