An Introduction to EQT Equity and EQT VI - Granicus

® 2011 EQT – All Rights Reserved

This presentation is for informational purposes only and is being made available to San Diego County Employees’ Retirement Association

An Introduction to EQT Equity and EQT VI

Strictly private and confidential


Important Disclaimer:This presentation (the “Presentation”) is for informational purposes only and is being made available to San Diego County Employees’ Retirement Association solely by EQT VI (General Partner) LP (the “General Partner”) for the purpose of providing certain summary information about an investment in the EQT VI Fund ("EQT VI" or the "Fund"). The Presentation is not an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation of an EQT fund will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors in accordance with applicable laws and regulations. This Presentation is qualified in its entirety by the confidential private placement memorandum and any supplements hereto (the "PPM"), the limited partnership agreements and other instruments constituting EQT VI (the "Fund Documentation"), copies of which will be made available and must be received prior to subscribing for an interest in EQT VI. In the case of any discrepancy between the contents of this Presentation, the PPM and the Fund Documentation, the PPM and the Fund Documentation (as applicable) shall prevail. Statements herein are made as of June 2011 unless stated otherwise.Note that EQT Partners AB, a company incorporated in Sweden and its advisory subsidiaries (collectively "EQT Partners") act as advisor to the general partners of the EQT funds (all general partners of EQT funds being together "EQT") and in this role EQT Partners recommends investments to EQT. The applicable general partner makes the investment decisions for the relevant EQT fund.This Presentation contains information that has been or may have been provided by a number of sources. Neither the General Partner, EQT nor EQT Partners has separately verified the information provided from outside sources. Nothing contained herein shall constitute any representation or warranty and no responsibility or liability is accepted by the General Partner, EQT or EQT Partners as to the accuracy or completeness of any information supplied herein. Recipients of this summary are advised to perform independent verification of the data and conduct his own analysis hereto with appropriate advisors. Any forward looking statements, results or valuations in the Presentation are based upon current assumptions, may be simplified and may depend upon events outside the General Partner's, EQT's or EQT Partners' control. Other events, which were not taken into account, may occur and may significantly affect the analysis in this Presentation. Therefore, changes to any assumptions may have a material impact on any valuations or projections. Actual results may therefore be materially different from any forecast, opinion or valuation in this Presentation.This Presentation does not form part of nor is it supplemental to the PPM nor does it form part of the Fund Documentation. It does not form part of the basis for any contract between the General Partner, any EQT or EQT Partners entity and any investors.In considering the performance information contained herein, prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that the Fund will achieve comparable results or that the Fund will be able to implement its investment strategy or achieve its investment objectives. The numbers presented are unaudited. Unless otherwise indicated, all internal rates of return (“IRRs”) and multiples of cost are presented on a “gross” basis i.e., they do not reflect the management fees, “carried interest,” taxes, the value of any uplift arising in respect of the equity owned by a portfolio company's management and/ or board of directors, transaction costs in connection with the disposition of unrealized investments and other expenses that are borne by investors in EQT Equity Funds or by the EQT Equity Funds themselves, all of which will reduce returns and, in the aggregate, are expected to be substantial. For a description of such fees, “carried interest” and expenses, see the PPM. Prospective investors upon request may obtain a hypothetical illustration of the effect of such fees, expenses and other charges on such returns. “Gross IRR” and “Net IRR” shall mean an aggregate, compound, annual, gross or net, as applicable, internal rate of return on investments Gross IRRs for individual investments are based on daily cash flows and Gross IRRs for total investments are based on monthly cash flows. Net IRRs are based on daily cash flows. Total fund IRRs are calculated based on the “time-series” methodology. The overall targeted gross internal rate of return of at least 25% and overall gross multiple of invested capital of 2.5x (the “Gross Targets”) presented herein is based on the General Partner’s view regarding the aggregate, compound, gross internal rate of return and gross MOIC on investments that the Fund may be expected to achieve during its term. The target returns set forth herein are based on the General Partner’s belief about the returns that may be achievable on investments that the Fund intends to pursue in light of the General Partner’s and its professional’s experience with similar investments historically, their view of current market conditions, potential investment opportunities the General Partner is currently or has recently reviewed, availability of financing and certain assumptions about investing conditions and market fluctuation or recovery. Gross Targets are also based on models, estimates, and assumptions about performance believed to be reasonable under the circumstances. There is no guarantee that the facts on which such assumptions are based will materialize as anticipated and will be applicable to the Fund’s investments. Actual events and conditions may differ materially from the assumptions used to establish target returns. The Gross Targets is hypothetical and is neither a guarantee nor a prediction or projection of future performance. Target gross returns for individual investments may be either greater or less than the Gross Targets. A broad range of risks could cause the Fund to fail to meet its investment objectives and Gross Targets. Investors should note that, as with other Gross IRRs and Gross MOICs, the Gross Targets does not reflect the management fees, “carried interest,” taxes, transaction costs in connection with the disposition of unrealized investments and other expenses that will be borne by investors in the Fund, which will reduce returns and, in the aggregate, are expected to be substantial. Any securities referred to herein have not been and will not e registered under the U.S. Securities Act of 1933, and may not be offered or sold without registration thereunder or pursuant to an available exception therefrom.Recipients of this Presentation shall not treat this Presentation as tax, regulatory, accounting legal, investment or any other advice in relation to the recipient of this information and this information should not and cannot be relied upon as such. Recipients of this Presentation should inform themselves about and observe all legal and regulatory requirements. Any recipient who has received the Presentation in error should immediately return it to EQT Partners AB, Hovslagargatan 3, SE-103 27 Stockholm, Sweden, phone: +46 8 506 55 300.

EQT Partners

2



Introduction

The Market

History & Heritage

Investment Strategy

EQT Equity Team

Appendices

– Biographies

Table of contentsAn Introduction to EQT Equity and EQT VI

3



EQT VI represents a highly compelling and differentiated investment opportunityEQT Equity at a glance

A European private equity group with an industrial mindset. Founded in cooperation with Investor AB / the Wallenberg Group

Consistent, control-focused investment strategy targeting market-leading companies – principles of entrepreneurship, industrial approach and financial discipline

Unique sourcing capabilities and value creation angle through exclusive access to extensive network of over 100 Industrial Advisors

EQT is the market leader in the Nordic region and one of the leading private equity groups in Germany

Stable leadership and seasoned and experienced team with a long tenure at EQT Partners

EQT Equity Funds have invested over € 8bn in 55 companies**, whereof 33 realized***, generating a gross IRR of 58% and a gross multiple of invested capital of 4.2x, in each case as of 30 June 2011

Strong alignment of interests with investors

* Office established 2007, for EQT Equity 2009** Excludes the EQT VI acquisition of Atos Medical on 19 July 2011*** Excludes the EQT V sale of Securitas Direct on 23 June 2011

Key Facts Geographical Focus

HelsinkiEst. 1999

CopenhagenEst. 1998

OsloEst. 2007

StockholmEst. 1994

ZurichEst. 2009*

MunichEst. 1999

WarsawEst. 2008

4



The largest dedicated private equity team focused on the Nordic region and Germany

EQT Equity Funds have invested in 55 companies** to date and collectively exited 33***

Market leading position Favorable economic outlook

* GDP growth rates from The Economist Intelligence Unit (“EIU”), as of March 2010; Eurozone figures from Global Insight World Overview 1Q 2011 Report; Real exports growth rates from Global Insight World Overview 1Q 2011 Report.

** Excludes the EQT VI acquisition of Atos Medical on 19 July 2011*** Excludes the EQT V sale of Securitas Direct on 23 June 2011

EQT core markets are expected to outperform the Eurozone Leading Player in Two of the Most Attractive European Markets

Finland7 companies

Denmark9 companies

Norway3 companies Sweden

25 companies

Germany9 companies

CEE2 companies

EQT's Target Markets

Selected Non-Target Markets

Real GDP Real ExportsGrowth 2010/11E Growth 2011E

Sweden 5.3% / 3.4% 8.1%Germany 3.5% / 2.7% 7.0%Norway 0.4% / 1.9% 1.3%Denmark 2.1% / 1.8% 2.8%Finland 3.1% / 3.5% 7.0%Poland 3.8% / 4.2% 3.8%

Real GDP Real ExportsGrowth 2010/11E Growth 2011E

UK 1.3% / 1.3% 6.1%Spain (0.1%) / 0.7% 2.0%Italy 1.3% / 0.6% 2.4%Greece (4.5%) / (4.0%) (0.1)%Portugal 1.4% / (1.0%) 2.5%

Eurozone 1.7% / 1.5% 4.7%US 2.8% / 2.9% 8.6%

5



0

5

10

15

20

25

30

35

40

45

50

55

(%)

(0.03)

-35

-30

-25

-20

-15

-10

-5

0

5

10

15

(%)

Exports as a % of GDP*

The Nordic region and Germany are experiencing strong growth and are expected to outperform the Eurozone

Healthy government financials – budget surplus and low level of national debt. Reforms implemented prior to the recession (working hours, pension, business hours)

Stable political conditions with well developed welfaremodel (WEF Davos 2011 – Highlighting the Scandinavian model)

Internationally focused companies with exposure to globalization

Flexible labor markets (Arbeitszeitkonten)

Countries are early adopters of technology andengineering focused

* 2010 GDPSource: Global Insight World Overview

Internationally focused companies with global exposureWhy Invest in the Nordic Region and Germany?

Country Surpluses / Deficits as a % of GDP*Sweden Denmark Germany Norway EU Finland UK Italy France Japan US

EU Average

EU Average

NorwayFinlandDenmarkEUPortugalGreeceSpainUKIreland

6

SwedenGermany



Access to large group of business leaders and companies through relationship with the Wallenberg family and Investor AB

The Wallenberg family is one of the most influential families in Scandinavia, renowned as bankers, industrialists and diplomats

The Wallenberg industrial group was founded in 1856 (formation of the predecessor to today’s SEB Bank). Investor AB commenced operations in 1916 and is one of the largest industrial holding companies in Europe today

Active, long-term owner of highly successful international industrial companies

Support portfolio companies in their strategic and financial development

Investor AB is a significant investor in all EQT funds

150 years of experience in building great companiesIndustrial Heritage

7



EQT acts as a catalyst for change, growth and transformationInvestment Strategy

Industrial AccelerationIndustrial ApproachEQT

Industrial Advisor Management Team

Network

Strategy Board defines and monitors roadmap

for creating shareholder value– Strategic positioning– Internationalization– M&A– Financing issues– Preparation for exit

EQT contributes industrial and financial expertise

People EQT appoints key personnel

– The chairman always appointed from EQT’s network of Industrial Advisors

– EQT partner always member of the board, but never chairman

– EQT active in assisting in the recruitment of first line management

– Internationally experienced executives appointed to the board or as consultants

Incentives Board, management and owner

interests are aligned through investments

Common mindset established through– Joint business plan– Transparency– Open communication

8



CompanyCharacteristics

Market / industry leaders

Significant potential for top-line and earnings growth

Potential to become industry leaders through sales growth, repositioning and active participation in industry consolidation

Industries that are consolidating, growing or changing and can demonstrate well-defined realization alternatives

No specific sector focus, however EQT Partners created six sector teams: Consumer Goods & Retail, Healthcare, TMT, Industrials, Services and Energy & Environment

Nordics and German-speaking Europe

EQT’s intention is that no more than 10% of investments will target the CEE region*

Controlling and co-controlling equity investments

Not expected to invest in club deals, which would compromise EQT’s Corporate Governance Model

Mid-sized to large companies

Equity investments typically range between € 75 million and € 400 million

Investment CriteriaWell-suited for current market conditions

9

Control

Size

GeographicFocus

Sectors

Returns Seeks to generate an overall gross IRR of at least 25%

Seeks to generate an overall gross MOIC of 2.5x on investments over three to five years

* Includes Bulgaria, Czech Republic, Hungary, Poland and Romania



Commit substantial time and personal capital Industrial Advisors Play a Key Role in Driving Development and Growth

Exit PortfolioThesis TransactionSourcing

Provide insights of industry and sectors to develop unique value creation plans

Assist in conducting industry and transaction due diligence

Act as board members and non-executive chairmen; take ownership for value creation

Create opportunities through network and establish credibility

10



Four of five founders still with EQT Partners

15 EQT Equity Partners with a decade of tenure on average with EQT Partners

39 additional investment professionals

Compensation philosophy rooted in the principle that the majority of compensation should be driven – through own investments – by the value created for LPs

High performance culture

No Partner has ever left to join another private equity firm

Stable leadershipSeasoned and Experienced Advisory Team

11

Geographical Focus*

HelsinkiEst. 1999 (6)Copenhagen

Est. 1998 (6)

OsloEst. 2007 (5)

StockholmEst. 1994 (16)

ZurichEst. 2009** (1)

MunichEst. 1999 (14)

WarsawEst. 2008 (6)

* As of January 2011 – EQT Equity Investment Professionals (#)** Office established 2007, for EQT Equity 2009



EQT Equity Partners

Name Title Born Nationality Based inYears at

EQT PartnersConni Jonsson CEO and Managing Partner 1960 Swedish Stockholm 16Jan Ståhlberg Deputy CEO and Senior Partner 1962 Swedish Stockholm 16Thomas von Koch Senior Partner 1966 Swedish Stockholm 16Caspar Callerström Head of EQT Equity Sweden Team and Partner 1973 Swedish Stockholm 13Christian Sinding Head of EQT Equity Team* and Senior Partner 1972 Norwegian Oslo 12Peter Korsholm Head of EQT Equity Denmark Team and Partner 1971 Danish Copenhagen 11Udo Philipp Senior Partner 1964 German Munich 11Tomas Aubell Partner 1971 Swedish Munich 11Dr. Sumeet Gulati Partner 1969 German Munich 10Åsa Hallert Partner 1974 Swedish Stockholm 10Marcus Brennecke Head of EQT Equity DACH Team and Senior Partner 1961 German Munich 6Harry Klagsbrun Senior Partner 1954 Swedish Stockholm 4Morten Hummelmose Partner 1971 Danish Copenhagen 4Samir Kamal Partner 1965 Swedish Stockholm 3Piotr Czapski Head of EQT Equity CEE Team and Partner 1965 Polish Warsaw 2

More than 165 years of collective private equity experienceEQT Equity Partners

12* As of January 2011


º


Appendix – Biographies



Senior Partners

Thomas von KochSenior PartnerStockholm

Jan StåhlbergSenior PartnerStockholm

Conni Jonsson, born 1960, CEO and Managing Partner, Stockholm. Mr. Jonsson was part of the original team that founded EQT Partners in 1994 and has been CEO and Managing Partner since foundation. Prior to this, Mr. Jonsson worked at Investor AB for seven years working with corporate finance, mergers and acquisitions, and equity research. Before joining Investor AB, Mr. Jonsson worked for Robur Mutual Funds as Head of Research and Management of Stock Portfolios. Mr. Jonsson holds a B.Sc. with two majors in Economic Analysis and Accounting & Finance and an MBA from the University of Linköping. Mr. Jonsson has also participated in the Program for Management Development at the Harvard Business School.

Conni JonssonManaging PartnerStockholm

Thomas von Koch, born 1966, Senior Partner, Stockholm. Mr. von Koch was part of the original team that founded EQT Partners in 1994. Previously, Mr. von Koch worked at Investor AB which he joined in 1992 to work in equity research, corporate finance and mergers and acquisitions. On December 31, 2010, Mr. von Koch handed over the Head of EQT Equity Team responsibilities. Mr. von Koch holds a M.Sc. in Financial Economics and Accounting & Finance from the Stockholm School of Economics.

Jan Ståhlberg, born 1962, Senior Partner, Stockholm. Mr. Ståhlberg is Deputy CEO of EQT Partners and was part of the original team that founded EQT Partners in 1994. Previously, Mr. Ståhlberg worked at Ovako Steel, which he joined in 1985 and worked in various positions. In 1991, Mr. Ståhlberg was appointed Senior Vice President of Finance and member of the Executive Management of the Ovako Steel Group. Mr. Ståhlberg holds a M.Sc. in Economic Analysis and Accounting & Finance from the Stockholm School of Economics.

Christian SindingSenior PartnerOslo

Christian Sinding, born 1972, Senior Partner, Oslo. Mr. Sinding joined EQT Partners in 1998 from AEA Investors Inc, a private equity firm in the USA. Prior to AEA, Mr. Sinding worked as a financial analyst with Bowles Hollowell Conner & Co. in the USA. Mr. Sinding holds a B.Sc. in Commerce from the University of Virginia, which he received with distinction. On January 1, 2011, Mr. Sinding was appointed Head of EQT Equity Team. In this role he will lead the EQT Equity Team and report to the Managing Partner of EQT Partners for the coming two years.

EQT Partners

14



Udo PhilippSenior PartnerMunich

Udo Philipp, born 1964, Senior Partner, Munich. Prior to joining EQT Partners in 2000, Mr. Philipp held various positions at BertelsmannSpringer Science and Business Media, where he was Chief Financial Officer, Head of Corporate Development and Managing Director of the medical publishing division. From 1993 to 1995, Mr. Philipp was Private Secretary to the German Minister of Economics. From 1990 to 1993, he worked as a consultant for L.E.K. Consulting and the German government privatization agency Treuhandanstalt. He started his career in corporate banking with Dresdner Bank. Mr. Philipp holds a Master Degree in Economics from the Institut d’Études Politiques de Paris. Mr. Philipp has decided to take a one year sabbatical from EQT Partners, starting June 2011. During his sabbatical, Mr. Philipp plans to attend a one year mid-career MPA program at Harvard Kennedy School in Cambridge, Massachusetts, USA.

Marcus BrenneckeSenior PartnerMunich

Marcus Brennecke, born 1961, Senior Partner, Munich. Mr. Brennecke joined EQT Partners in January 2005 and heads up the EQT Equity DACH Team. Prior to joining EQT Partners, Mr. Brennecke was Managing Partner and entrepreneurial investor at German private equity company SMB focusing on mid cap majority investments. Until 2000, Mr. Brennecke worked as Managing Partner and shareholder at a small cap private equity company. Before 1994, Mr. Brennecke held various positions at Axel Springer Publishing Group (Founder/CEO of a TV-sport rights company, Dep. Director for Corporate Strategy and M&A, Investment Manager for TV and radio station investments and Office Manager of the CEO). Mr. Brennecke holds an MBA (lic.oec.HSG) from the University of St. Gallen, Switzerland. Mr. Brennecke is the sector team head for TMT.

Harry KlagsbrunSenior PartnerStockholm

Harry Klagsbrun, born 1954, Senior Partner, Stockholm. Mr. Klagsbrun joined EQT Partners in October 2006, as a Senior Partner in the Stockholm office. Prior to joining EQT Partners, Mr. Klagsbrun was from 2001 to 2006 an Executive Vice President and member of the Group Executive Committee at the banking group SEB, running its Asset Management Division. From 1995 to 2000, Mr. Klagsbrun was the CEO of the Alfred Berg Group and from 1989 to 1995 the Head of Corporate Finance at Svenska Handelsbanken. During 1982 to 1989 he worked with corporate finance and M&A for Smith Barney in New York. Mr. Klagsbrun holds an MBA from New York University, a M.Sc. in Economics from the Stockholm School of Economics and a B.A. in Journalism from Stockholm University.

EQT PartnersSenior Partners

15



Dr. Sumeet GulatiPartnerMunich

Dr. Sumeet Gulati, born 1969, Partner, Munich. Dr. Gulati joined EQT Partners in 2000. Prior to EQT Partners he worked with Angermann & Partner International Business Consultants, Hamburg, specializing on the rescue and turn-around management of medium-sized companies in Germany. Dr. Gulati graduated as an Industrial Engineer with a M.E. from the Technical University of Hamburg/University of Hamburg and holds a Ph.D. in Economics from the Université Fribourg (Switzerland). Dr. Gulati is the sector team head for Consumer Goods and Retail.

Caspar CallerströmPartnerStockholm

Caspar Callerström, born 1973, Partner, Stockholm. Mr. Callerström joined EQT Partners in 1996 while completing his studies at the Stockholm School of Economics. Mr. Callerström was appointed Head of EQT Equity Sweden Team in October 2007. Mr. Callerström holds a major in Financial Economics from the Stockholm School of Economics and a major in International Business from Copenhagen Business School.

Piotr CzapskiPartnerWarsaw

Piotr Czapski, born 1965, Partner, Warsaw. Mr. Czapski joined EQT Partners in September 2008 as a partner leading the EQT Partners’ Warsaw office and operations in the CEE countries. Mr. Czapski holds a Ph.D. in Electrical Engineering from Washington University, USA. After completion of his Ph.D., he joined Chrysler Corporation as a Research Engineer. Returning to Poland he joined McKinsey & Company, where he became a partner and led McKinsey’s Business Technology Practice in Eastern Europe. In the 3.5 years before joining EQT Partners, he was a management board member of Netia S.A. which is the largest alternative telecom operator in Poland, and one of the largest companies on the Warsaw Stock Exchange. In his role as a board member, he was Head of Strategy and Business Development, where he was also responsible for M&A activities.

Tomas AubellPartnerMunich

Tomas Aubell, born 1971, Partner, Munich. Mr. Aubell joined EQT Partners in 2000 from McKinsey & Company in Munich. Mr. Aubell started his career at Bain & Company, where he worked from the Stockholm and Boston offices. Mr. Aubell holds an MBA from INSEAD Business School, France and a M.Sc. in Engineering Physics from the Royal Institute of Technology in Stockholm. Mr. Aubell is the sector team head for Industrials.

EQT PartnersPartners

16



Morten HummelmosePartnerCopenhagen

Morten Hummelmose, born 1971, Partner, Copenhagen. Mr. Hummelmose joined EQT Partners in August 2006. Mr. Hummelmose previously worked as a Director in the corporate finance department of Enskilda Securities in Copenhagen. Prior to Enskilda Securities Mr. Hummelmose worked at Goldman Sachs International in London and Aros Securities (now Nordea) in Copenhagen. Mr. Hummelmose holds a M.Sc. in Economics from University of Copenhagen and a M.Sc. in Finance from the University of London. Mr. Hummelmose is the sector team head for Healthcare.

Peter KorsholmPartnerCopenhagen

Peter Korsholm, born 1971, Partner, Copenhagen. Mr. Korsholm joined EQT Partners in 1999. Prior to joining EQT Partners, Mr. Korsholm was working in the investment banking division at Morgan Stanley in London. Mr. Korsholm received his MBA with distinction from INSEAD Business School, France. He also holds a M.Sc. in Econometrics and Mathematical Economics from London School of Economics and a B.A. in Economics from University of Copenhagen. Mr. Korsholm is Head of EQT Equity Denmark Team.

Samir KamalPartnerStockholm

Samir Kamal, born 1965, Partner, Stockholm. Before joining EQT Partners in January 2008, Mr. Kamal worked three years as a partner at Industri Kapital where he was responsible for the firm’s Swedish investment activities. From 1995 to 2004, Mr. Kamal worked in the investment banking division at Carnegie in Stockholm, Sweden, primarily focusing on M&A advisory. During his last years at Carnegie, Mr. Kamal was head of the Senior Professionals Group. Between 1992-1994, Mr. Kamal worked for Enskilda Securities. Mr. Kamal holds a M.Sc. in Economics and Business Administration from the Stockholm School of Economics, and a B.Sc. in Electrical and Electronic Engineering from Imperial College, London.

Åsa HallertPartnerStockholm

Åsa Hallert, born 1974, Partner, Stockholm. Ms. Hallert joined EQT Partners in 2001. Previously she was at TPG Capital (TPG), a private equity firm, in London. Prior to TPG, Ms. Hallert was working in the investment banking division at Morgan Stanley in London. Ms. Hallert holds a M.Sc. in Economics and Business Administration with two majors in Financial Economics and Accounting & Finance from the Stockholm School of Economics. She also holds a major in Corporate Strategy from Hautes Études Commerciales (HEC), Paris.

EQT PartnersPartners

17



EQT Equity

Investor Relations

Jan Ståhlberg, Deputy CEO and Senior Partner, [email protected]

Dr. Sumeet Gulati, Partner, [email protected]

Jussi Saarinen, Head of Investor Relations, [email protected]

Marcus Wallinder, Investor Relations Director, [email protected]

James Wilson, Investor Relations Director, [email protected]

Wolfgang Gorny, Investor Relations Director, [email protected]

EQT PartnersContact information

18

Documents

An Introduction to EQT Equity and EQT VI - Granicus