EIF: Europe’s Primary Fund-of-
                      Funds Investor
                   EUR 6 billion net commitments to PE/VC funds 
                     at end 2011
                   As Primary FoFs investor (over 350 funds)
                     Biggest Fund-of-Funds investing in European 
                        Venture Capital
                     Repeat cornerstone investor in top quartile 
                        teams in Europe
                     Catalytic role through recognised 
                        thoroughness 
                        of its due diligence process
                     Fund Manager for MS government mandates
                             Long-term Relationship with best GPs in Europe
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                            EIF as Manager of National Funds-of-Funds
                           ERP Germany (launched in 2004) 
                             Co-investment 50/50: EIF/ERP (German Ministry BMWi)
                               Size: € 1bn  - € 642m committed in 20 funds
                           LfA-EIF Germany
                              Co-investment Bavarian Ministry of Economics LfA Förderbank, Bayern EIF.
                               Size € 50m  - € 26m committed in 4 funds
                           NEOTEC: Spanish Technology Fund-of-Funds 
                             Tech fund in partnership with CDTI (TMT, ICT, clean-tech, bio-tech and LS)
                               Size: € 183m - € 117m in 11 Funds and Co-investment Agreements
                           Istanbul Venture Capital Initiative 
                             Turkish generalist VC investment vehicle for institutional investors
                               Size: € 160m  - 2 funds signed for a total of € 21m
                           Portuguese Venture Capital Initiative
                             Generalists funds, ICT, Life Sciences, Healthcare, Environmental & Energy 
                             Technology
                               Size: € 111m – 2 transactions signed for a total of € 30m
                           Dahlia: Pan-European Fund-of-Funds 
                             Joint initiative between EIF and Natixis Private Equity (NPE)
                               Size: € 300m - over 60% of Dahlia funding has now been committed
                           UKFTF: UK technology  Fund-of-Funds
                             Launched by the UK government and advised by EIF
                               Size: £200m at first closing to be invested in Funds targeting UK start-ups and 
                                 growth businesses in the high tech sector – 3 investments signed for £28m 
                                     Public Private Leveraging of EIF Capacity and 
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                                                           Experience
                        EIF: as investor in the Baltics
                             As investor in BaltCap Private Equity Fund in 2007 for EUR 
                                10m
                             As Manager of JEREMIE Holding Fund in Latvia from 2008
                                 Invested in Baltcap Latvia VC Fund for EUR 20m in 2009
                                 Invested in Imprimatur Capital Seed & Start-Up Fund for EUR 17m in 2010
                             As Manager of JEREMIE Holding Fund in Lithuania from 2008
                                 Invested in Baltcap Lithunia VC Fund for EUR 14m in 2010
                                 Invested in LitCapital VC Fund for EUR 14m in 2010
                                 Invested in Strata/MES Co-Investment Fund for EUR 8m in 2010
                                 Invested in Practica Seed & Venture Capital Fund for EUR 17m in 2012
                             Note: Estonia chose not to implement a JEREMIE Holding Fund 
                                hence investment levels by EIF have been limited to date
                                   Key role as developer of venture capital markets
    4                                    EUR 100m invested into Baltic market
                     Baltic Equity Investments remain 
                     comparatively low
                                                            •  Very latest EVCA 
                                                               data for 2011
                                                            •  European 
                                                               average 
                                                               investment level 
                                                               is 3-4 times 
                                                               greater than for 
                                                               Baltic Countries
                                                            •  Estonia is in 
                                                               weakest 
  Weak                                                         position of the 3 
 position                                                      Baltic States
                                                            •  Estonia is only 
                                                               0.04% of GDP, 
                                                               ten times lower 
                                                               than in Finland
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                        EIF’s Development 
                        of a PE/VC market - 
                        Baltics
           Market                                         Phase Three
           Maturit                                    Private Investment 
           y                                            flows dominate 
                                                          public funds
                                                              25/75
                                      Phase Two                • State Funds alongside IFI 
                                    Balanced with                investment
                                 Private Investment            • Second time Fund 
                                    Typically 50/50              transactions
                                                               • International investors 
                                                                 drawn in by market 
                                                                 opportunities
                                           •                   • Deeper pool of Local 
                  Phase One                  First Transactions with external help
                                           •                     expertise
             Careful Utilisation             Set up of VC Association, adoption of EVCA 
             of Structural Funds             standards
                                           • First attraction of local private capital
               Typically 70/30             • ‘Proof of Concept’ Phase
                                           • Education of Entrepreneurs
                                           • Establishment of BA networks
                          Continued Ecosystem Development
                           Continued Ecosystem Development
      Legal Framework; Taxation Laws, Advisory Support Networks, etc.
       Legal Framework; Taxation Laws, Advisory Support Networks, etc.
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