Huw Edwards will introduce the four afternoon parallel tracks by interviewing the four moderators of the sessions: Scott Collins (ICT), Jonathan MacQuinty (life sciences), Walter Butler (buyout) and Neil Milne (Central and Eastern Europe).

Lunch Sponsored by: Aon Mergers & Acquisitions Group

> Corporate governance principles - Do it in private, share it
   in public

   Moderators:
   Tina Baker, Brown Rudnick
   Jeremy Coller, Coller Capital Ltd
   Vincent Neate, KPMG LLP
   Chris Martin, former CEO of Sciona, Inc

   With the launch at the Symposium of the new EVCA guidelines and good
   practice in the management of privately held companies in the private
   equity and venture capital industry, this workshop offers participants to
   debate the issues raised through scenarios and different perspectives.

   Points open to the debate:
   • Principles of good governance: partnership, the long-term view,
     transparency…
   • Principles of conduct as shareholder, board member, management…

> International private equity and venture capital valuation
   guidelines

   Moderators:
   Anthony Cecil, KPMG LLP
   Hervé Claquin, ABN AMRO Capital France

   The International Private Equity and Venture Capital Valuation Guidelines
   were developed by AFIC, BVCA and EVCA to reflect theneed for greater
   comparability for both investors and investment managers across the
   industry. They are consistent with IFRS and US GAAP. The guidelines are
   based on the overall principle of ‘fair value’.

> EVCA's activity and performance figures - Vital statistics, a look
   behind the scenes

   Moderators:
   Keith Arundale, PricewaterhouseCoopers Global Technology Industry Group
   Glenn Bedwin, Thomson Venture Economics

   Data from 1,100 completed questionnaires is aggregated at country and
   European level to tell you the 2004 European private equity activity story.
   These are the only figures in the market (produced by Thomson Venture
   Economics and PricewaterhouseCoopers) that are endorsed by EVCA!
   Need more? Datamine the performance statistics and decide if your
   favourite benchmark should be by stage, geography and/or vintage years
   or relevant public indexes.

> Which European countries give entrepreneurs the best chance?

   Moderators:
   Jonathan Blake, SJ Berwin
   Ulf Söderholm, Andulf
   Daniela Weber-Rey, Clifford Chance

   Is the EVCA Benchmark Paper necessary?
   In this entrepreneur focused debate, you will have the opportunity to
   debate the EVCA benchmark and the way to improve it.
   The tax environment, insolvency laws as well as regulatory and corporate
   governance will, of course, be part of the discussion.
   Why don't you have a look to the EVCA Benchmark Paper, and in particular
   at the 13 issues listed in page 4 and rank these criteria in priority and
   relevance for our industry? It's a good start for the discussion!

> ICT (1) - Can you build a winner on a budget?

   Moderators:
   Scott Collins, Summit Partners Ltd
   Jim Martin, Add Partners

   This workshop is going to explore the correlation between the size of an
   investment and the success of the company: Is money king? Is it a key
   to success in Europe? What importance in the growth model?
   Further to the ICT parallel track, take advantage of this round-table
   debate to share your experience and learn from other’s views.

> Life sciences (1) - Make your life easier: simplify the agreements!

   Moderators:
   Robert James, Prelude Ventures Ltd
   Perry Yam, SJ Berwin

   • The increasing complexity in the agreements
   • How to structure the deals?
   • Which terms?
   • Which shareholder's structure?
   • Are we repeating the errors from the past?
   • Why do we not use the public pricing?

> Central and Eastern Europe - Success stories and beyond

   Moderators:
   Robert Conn, Innova Capital
   Robert Manz, Enterprise Investors

   • What are the lessons learned from past CEE Success Stories?
   • How have deal trends changed in the last two years?
   • Are past returns indicative of the future?
   • What skill sets are needed to succeed going forward?

> Management packages - Slicing and dicing the cake

   Moderator:
   Christopher Masek, Industri Kapital Ltd

   • Balancing the power between management and shareholders
   • Stock options and tax issues (EVCA special paper Taxation of stock
      options across Europe)
   • Secondary LBO and management packages
   • The place of exit options in the negotiation
   • What makes a top CEO join a privately held company?

> Fundraising (1) - Travel agents or essential partners?

   Moderators:
   Bruce Barclay, Advent International PLC
   Antoine Dréan, Triago

   • In-house versus outsourced fundraising
   • Using consultants or placement agents?
   • 2005: Stiff competition in the fundraising market
   • How to position yourself as a small fund? As a large one?

> Directors' responsibilities and duties across Europe

   Moderators:
   Simon Witney, SJ Berwin
   Patrick Dunne, 3i Group PLC

   • The art of removing directors when necessary
   • The role of a VC on a company's board
   • Conflict resolution techniques
   • Recognising and dealing with conflicts of interest
   • Risk management - Health and Safety, the Environment and Pensions

> Private equity and generational change - Passing on the torch

   Moderators:
   Roger Abravanel, McKinsey
   Fabio Sattin, Private Equity Partners SGR S.p.A.

   • Key issues in managing generational changes
   • Why private equity can be an appropriate solution
   • Why private equity investors do it better?
   • The role of management in succession planning
   • Typical investment structures in generation changes deals

> International financial reporting standards - The crash course

   Moderator:
   Sarah Baker, PricewaterhouseCoopers

   This round-table will offer you the possibility to discuss the latest
   developments of the IFRS. EVCA recently published an electronic paper
   which aims to present the issues that a Chief Financial Officer (CFO) might
   encounter when applying International Financial Reporting Standards (IFRS)
   to a private equity entity.

> ICT (2) - Company establishment: location, location, location...

   Moderator:
   Nigel Grierson, Doughty Hanson & Co Ltd

   • Location: a financial, strategic or geographical choice?
   • Location and Business plan
   • Location as an asset
   • Where can we find money, good researches and favourable tax
      environment?

> Life sciences (2) - Medical devices: a growing and vital part!

   Moderators:
   Jan Lundahl, CapMan AB
   Rafaële Tordjman, Sofinnova Partners
   Sarah Sorrel, MedPass International SAS
   Gérard Hascoët

   • Recent successful exits in Med tech shows the attractiveness for VCs
   • Substantial different business model in Med tech vs Biopharma
   • Regulatory, what are the main differences with Biopharma?
   • Med tech investment opportunities  in Europe vs US
   • IP strategy in Med tech
   • What are the next hot fields in Med tech?

> Repeating the accession countries' success - New CEE Frontiers?

   Moderators:
   Robert M Luke, GED Capital Development
   David Mathewson, Bedminster Capital Management

   • A look at the markets of Romania, Bulgaria, Croatia, Serbia and Ukraine
   • What are the parallels to the first wave of CEE countries joining the EU?
   • When will the countries of South East Europe become significant private
      equity markets?
   • Investing: how early is too early?

> Operating partner - Whose side are you on?

   Moderators:
   Frédéric Sanchez, Compagnie de Fives-Lille
   Richard Stephenson, Duke Street Capital

   Attend this workshop to debate these basics but essentials questions about
   operating partners:

   • What are they?
   • How to deal with them?
   • How to choose them?
   • The fund's point of view and the company's positio

> Financing - You take the high yield, I take the low yield

   Moderators:
   Tom Attwood, Intermediate Capital Group PLC
   Nick Coates, RBS

   Join the debate on the following questions and share you experience:

   • Is there an increasing popularity of the second lien market?
   • What is the best split of mezzanine and senior layers?
   • Is it relevant to have so many instruments

> EVCA's activity and performance figures - Vital statistics, a look
   behind the scenes

   Moderators:
   Keith Arundale, PricewaterhouseCoopers Global Technology Industry Group
   Glenn Bedwin, Thomson Venture Economics

   Data from 1,100 completed questionnaires is aggregated at country and
   European level to tell you the 2004 European private equity activity story.
   These are the only figures in the market (produced by Thomson Venture
   Economics and PricewaterhouseCoopers) that are endorsed by EVCA!
   Need more? Datamine the performance statistics and decide if your
   favourite benchmark should be by stage, geography and/or vintage years
   or relevant public indexes.

> Fundraising (2) - A never ending story

   Moderators:
   Mounir Guen, Mvision Private Equity Advisers Limited
   Jamie Weir, Duke Street Capital

   Areas for discussion:

   • Raising a second fund when the first has not yet proven itself
   • How much time (and human resources!) to spend?
   • The race for the biggest fund: who’s next?
   • How to position yourself as a VC

> Building Relationships - What really counts?

   Moderators:
   Réal Desrochers, California State Teachers Retirement System
   Emmeran von Braun, Von Braun & Schreiber Private Equity Partners GmbH

   Areas for discussion:

   • What really counts in the LP-GP relationship? The personal relationship or
      the process approach?
   • How to deal with the high turnover in the LP community?
   • What makes a good LP other than just a strong commitment?
   • What makes a good GP other than a solid track record