Presented at a conference in 07

1. Co-investment in private equity in Russia Alexander Lupachev, Delta Private Equity November 2, 2007

3. Co-investment in PE in Russia: status quo Private equity in Russia is booming like never before Source: RAVI , DPEP 1994 200 6 200 7 11 80 10 0+ Number of PE funds 2005 … 1999 … 1 6 7+ Funds under management, $ bln . 1994 200 6 200 7 2005 … 1999 …

4. Co-investment in PE in Russia: status quo New funds and macroeconomics drive up the average deal size, the fact that makes syndication more practical Source: RAVI , DPEP

6. Co-investment in PE in Russia: status quo Local funds are the most active in doing club deals = + 1995 2001 = + 2005 = +

7. Co-investment in PE in Russia: status quo Syndication between local and global funds is gaining grownd 1998 + = 2005 = + 2007 = +

8. Co-investment in PE in Russia: status quo Syndication between local funds and international financial institutions remains popular 2003 + = 2005 = + 2007 = +

11. About Delta Private Equity Delta Private Equity – pure play international fund operating in Russia since 1995 . More than $ 400 mln . invested into 5 2 companies . Financial Services Consumer Goods & Services Telecoms, Media & Technology