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Irving Place Capital Overview Founded in 1997, manages nearly $4.4B in equity Middle market focus with silo approach Primary Silos Two traditional private equity funds – IPC II raised $1.5B in 2000; fully invested in 2006 – IPC III raised $2.7B in 2006; one-third invested Retail/Consumer Portfolio I raised $200M in 1997; fully invested in 2001 Financial Services Irving Place Capital has invested in 51 companies Consistently strong performance Partner with talented operators Make control or entrepreneurial investments 36% of capital invested has been in entrepreneurial transactions Emerging Silos Energy Healthcare Packaging Transportation CONFIDENTIAL US Private Equity Over $150 billion raised in 2008 alone. Traditional investors include state pension funds, endowments, large financial institutions, and high net worth individuals. Distinct from venture capital. Investment horizon: 3-7 years and achievement of 25+% compounded rate of return. The vast majority of private equity firms are not “barbarians at the gate”. Private Equity, Tied House, and Lost Opportunities Private Equity is an excellent source of financing for smaller and midsized companies, particularly those with unique needs. Most private equity firms maintain a somewhat generalist approach that allows them to invest in multiple industries. In the current environment, many leveraged retailers and producers are in need of equity capital. However, tied house rules force many PE firms to shy away from the alcoholic beverage sector because of potential restrictions on their investing activity. In IPC’s experience, the tied house rules do not reflect the realities of today’s capital markets, and the tied house evils can be avoided without the limiting intent of the current laws.