History and background of SVG Capital

SVG Capital was established in May 1996 as a result of an exchange offer made to all investors in Schroder Ventures private equity partnerships for their limited partnership interests in exchange for shares in SVG Capital. 31% by number and 27% by value took up the offer and SVG Capital was listed on the London Stock Exchange with holdings in 23 funds and net assets of £187 million.

In the twelve months ended 31 December 2009, net assets per share (including the December 2009 Directors' unaudited valuation of SVG Advisers) increased 7.1% to 222.9p, with fully diluted Shareholders' funds (excluding the December 2009 Directors' unaudited valuation of SVG Advisers) increasing to 198.2p per share.

Since its inception, SVG Capital has had a strong relationship with Permira (formerly Schroder Ventures Europe) and has invested in all of the Permira Funds.

History and background of SVG Advisers

To compliment its investment objective and create capital and income streams for SVG Capital, in 2001, the Company launched its fund management business, SVG Advisers, with the aim of establishing a business that would focus on creating intelligent solutions for investing in private equity or public equity using private equity techniques.

SVG Advisers has funds and commitments under management of €4.0billion**, and now manages eight diversified private equity fund of funds, five public equity funds using private equity techniques, five single manager funds (all investing in Permira funds) and two collaterised loan obligation equity funds.

At 31 December 2009, the board placed an unaudited Directors' valuation of £77.2 million (24.7p per share***) on the business and will review the value of the business again in December 2010. For further information on SVG Advisers please visit:

» SVG private equity
» SVG public equity

Check these footnotes:
* Excluding the December 2008 Directors' unaudited valuation of SVG Advisers
** As at 30 June 2009
*** Based on 30 June 2009 fully diluted shares in issue of 312,670,661