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S&P Listed Private Equity Index

Thematic Indices |

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About the Index


The S&P Listed Private Equity Index is comprised of 30 leading listed private equity companies that meet size, liquidity, exposure, and activity requirements. The index is designed to provide tradable exposure to the leading publicly listed companies in the private equity space.
Traditionally, most private equity investments have occurred through funds that are not listed in any stock market. Over the last few years, increasing numbers of private equity businesses are beginning to list on stock exchanges to meet investor requirements for liquidity and transparency and as a source of capital. Index Methodology Index membership and maintenance is according to a set of published rules. Factsheets and methodology documents are available at www.indices.standardandpoors.com. The S&P Private Equity Index Committee has oversight over the index rules. The index is rebalanced semi-annually on the last business day of January and July, when membership and initial constituent weights are set. There are no intrarebalancing index additions, and intra-rebalancing deletions  Liquidity. Stocks must have three-month average daily as of the reference date of each rebalancing.  Volume. The stock must trade, on average, at least 10,000 shares a day for the twelve-month period preceding the appropriate reference date.  Listing Venues. The stock must be trading on a developed market exchange. Activity Criteria. The stocks in the Investable Universe are then evaluated along two qualitative parameters as follows:  Literature Citations. The leading industry publications are searched for company mentions in the 18-month period preceding the reference date.  Number of Investments. The number of deals a company has been involved in, using the CIQ database, Bloomberg, and companys news releases for deal information, for the four quarters preceding the reference date. Index Weightings The weighting scheme of the index addresses two (often conicting) objectives:  The need of product issuers for high basket liquidity in a section of the market that has very few securities with reasonable liquidity.  Regulatory restrictions on concentration, such as UCITS in Europe, and the IRS and exchange listing requirements in the U.S. Constituent weights are driven by liquidity, with no single stock having a weight of more than 7.5% in the index at reconstitution. An evolutionary algorithm driven optimization is used to maximize index basket liquidity at each rebalancing. value traded above the liquidity threshold of US$ 1 million,

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occur only because of delistings. Index Membership The universe is all publicly listed companies in the Standard & Poors Capital IQ (CIQ) database that engage in the private equity business excluding real estate income and property trusts. Standard & Poors reviews the business descriptions and publicly available documentation and assigns an exposure score of 1.0, 0.5, or 0. Stocks having an exposure score of 1.0 or 0.5 that pass the following tradability criteria form the Investable Universe. Tradability Criteria. The universe is narrowed down to an  investable set of stocks based on the following criteria:  Market Capitalization. Stocks must have a total market capitalization above the market cap threshold of US$ 250 million, as of the reference date of each rebalancing.

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S&P Listed Private Equity Index


Thematic Indices |
December 31, 2009

Designed to provide tradable exposure to the leading publicly listed companies in the private equity space.

S&P Alternative Indices S&P Listed Private Equity Index

Index Performance S&P Listed Private S&P Equity Index Global 1200 Annualized Returns 61.65% 1 Year 31.69% -19.61% 3 Years -4.56% -4.98% 5 Years 3.07% Annualized Risk 41.20% 3 Years Std Dev 22.13% 32.72% 5 Years Std Dev 17.88% Sharpe Ratio -0.3675 3 Years -0.1919 -0.0739 5 Years 0.1033

Growth of $100
250 S&P Listed Private Equity 200 Cambridge Private Equity Cambridge Venture Capital 150

100

50

0 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09

Source: Cambridge Associates, Standard & Poor's.

Top 10 Companies By Weight Country United States United States United Kingdom France France United States United States United States United Kingdom Switzerland Tickers S&P Listed Private Equity Index Price Return BLOOMBERGSM SPLPEQTY SPLPEQTE Reuters .SPLPEQTY .SPLPEQTE Total Return BLOOMBERGSM SPLPEQTR SPLPETRE Reuters .SPLPEQTR .SPLPETRE Company Fortress Investment Group LLC Blackstone Group LP, The 3I Group Wendel Eurazeo Apollo Inv Corp American Capital Ltd Ares Capital Corp Intermediate Capital Group Partners Group Hldg Ticker FIG BX III MF RF AINV ACAS ARCC ICP PGHN Index Weight 7.67% 7.30% 6.83% 5.49% 5.42% 5.26% 5.15% 5.04% 4.82% 4.48% Cluster Buyout Buyout Buyout Buyout Buyout Buyout Buyout Buyout Buyout Buyout

Country Weights & Number of Companies Country Belgium Canada France Greece Japan Sweden Switzerland United Kingdom United States Country Weight 1.9% 4.3% 10.9% 2.3% 2.7% 4.9% 5.1% 12.9% 55.1% Number of Companies 1 1 2 1 1 2 2 4 15

Index Portfolio Characteristics Number of Companies 29 Number of Countries 9 Adjusted Market Cap ($ Billion) 35.60 Company Size By Market Cap (Adjusted $ Billion): Average 1.23 Largest 4.43 Smallest 0.14 Median 0.69 % Weight Largest Company 7.67% Top 10 Holdings (% Index Weight) 57.45%

USD EURO USD EURO USD EURO USD EURO

Standard & Poor's assumes no responsibility for the accuracy or completeness of the above data and disclaims all express or implied warranties in connection therewith.

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