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

Portfolio I raised $200M in 1997; fully invested in 2001

Founded in 1997, manages nearly $4.4B in equity

Consistently strong performance Partner with talented operators Make control or entrepreneurial

investments 36% of capital invested has been in

entrepreneurial transactions

Irving Place Capital has invested in 51 companies

Irving Place Capital Overview

Retail/Consumer

Middle market focus with silo approach

Primary Silos

Emerging Silos

Financial Services

TransportationPackaging

Energy Healthcare

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.