Operational

focus

Global highlights 2008

Invested in 2008

$2.4bn
Funds raised in 2008

$12.6bn
Gross proceeds realized in 2008

$2.4bn

Contents
02 Advent International at a glance
04 Overview of 2008
06 Focus on Industrial
08 How we create value
10 Focus on Business and Financial Services
12 Our investors
13 Business review
14 Focus on Retail, Consumer and Leisure
16 Portfolio highlights
18 Focus on Technology, Media and Telecoms
20 Corporate responsibility
21 The partnership
22 Focus on Healthcare
24 Contacts
Advent International is one of the world’s
largest and most experienced private equity
firms. To date we have invested in businesses
in more than 40 countries worldwide. We believe
in building companies for the future and have
both the capacity and the capability to undertake
significant and complex investments.

We have a clear strategy for creating value

in the companies in which we invest, based on
operational improvement and market positioning.
We have substantial funds available to invest on
an international scale. Partnership with Advent
is about much more than access to capital.
We also offer management teams the benefits
of our sector expertise, operational focus
and global platform to help them grow their
business to its full potential.

This document is not an offer to sell securities.

Advent-managed funds are privately placed
and open to qualified investors only. All data
supplied is as of 31 December 2008, unless
stated otherwise. Where we use $ we mean US$.
Advent International Global highlights 2008
01
Advent International at a glance

Advent International* is one of the world’s History

Advent International was founded
leading global private equity groups. We invest in 1984. Our strategy and ambitions
in mid- to upper mid-market businesses in have always been global. Today,
we are one of the most experienced
industry sectors where we have deep expertise. private equity investors worldwide.
We seek to create long-term value by actively Over the past 25 years we have
driving revenue and earnings growth in our raised $24bn in private equity
capital, completed more than 250
portfolio companies. It is a highly productive transactions through our buyout
approach that has worked well for 25 years. funds alone, and achieved more
than 20 industry firsts.

International reach
We have one of the broadest
global footprints in the industry,
with activities spanning the
world’s established and developing
economies. We invest in Western
Europe, Central Europe, North
America, Latin America, and
Asia Pacific.

Our international network and local

*Advent International Corporation (AIC) is registered as an
investment advisor with the US Securities and Exchange
Commission. All other Advent companies are advisers to AIC.
In the UK, Advent International plc is authorized by the
Financial Services Authority.
market knowledge are core to our
ability to identify opportunities
and make investments. Advent
colleagues work together across
regions and sectors to maximize

02
Global coverage
our local investment capabilities,
execute cross-border investments
and help our portfolio companies to
operate and expand internationally.
Our people
We employ more than 280 talented
people around the world. Our team
includes more than 140 investment
professionals worldwide and over
50 highly experienced operating
partners, who act as advisors to
portfolio company management
and Advent. It is the largest team
dedicated to mid-market buyouts
in the industry and allows us to
deploy significant resources to
our portfolio companies.
Our investment professionals come
from industry and consulting as well
as financial backgrounds. The skills
and perspectives they bring from
this experience give us considerable
advantages in identifying new
investments and adding strategic
and operational value to our
portfolio companies.
North America Western Europe Central Europe
• Boston • Amsterdam • Bucharest
• Frankfurt • Kiev
Latin America • London • Prague
• Buenos Aires • Madrid • Warsaw
• Mexico City • Milan
• São Paulo • Paris Asia Pacific
• Tokyo
Investment philosophy Transactions completed
We invest in private equity
transactions, focusing exclusively
on buyouts and selective growth
capital investments. We target
$45bn
Total entry enterprise value
the mid- to upper mid-market and of transactions completed
have three investment profiles – by Advent funds since 1989.
international expansion, strategic
repositioning and high growth.
We are active, hands-on owners
and partners in our investments,
using operational know-how rather
than financial engineering to drive
growth. We work with management
teams to build on the existing
strengths of their businesses
and realize the opportunities
available to them in domestic
and international markets.
As evidence of our operational
focus, over 80 percent of our
realized investment gains from GPE
IV, our most recent global fund that
is close to being fully realized, have
come from increasing the operating
earnings of our portfolio companies.
Advent International Global highlights 2008
03
Overview of 2008
In a very active year, we realized 12 investments,
invested in 12 new portfolio companies, made
one reinvestment and raised three new buyout
funds. We also continued to expand and develop
our team to maintain our position as one of the
world’s leading private equity firms, illustrated
by more than a dozen industry awards.

Global Funds raised €30m to €100m of equity. We have

We closed three new funds during been pioneers in bringing private

€6.6bn 2008, bringing our total capital

($10.4bn)
Our award-winning Global
Private Equity (GPE) VI fund
is our largest buyout fund
to date.
Central and Eastern Europe
€1bn
($1.6bn)
Our new Advent Central &
Eastern Europe (ACEE) IV fund
is the second-largest fund
dedicated to the region.
raised since the summer of 2007
to $13.9bn and doubling the
cumulative capital raised since
1984 to $24bn.
Global Private Equity (GPE) VI
Our latest global fund is the
largest in our GPE program to date.
GPE VI focuses on businesses with
enterprise values of €200m to €3bn
and the occasional larger transaction
primarily in Western Europe and
North America. The fund is expected
to make 30 to 40 investments. Since
1989 our GPE program has achieved
157 full and partial exits out of 186
total investments.
Advent Central & Eastern Europe
(ACEE) IV
Our fourth fund for investment
across Central and Eastern Europe
invests in companies requiring
equity investment to the Central
and Eastern European region.
Since 1994 we have financed 36
companies in Poland, the Czech
and Slovak Republics, Hungary,
Romania, Bulgaria and Turkey.
Latin American Private Equity Fund
(LAPEF) IV
Our fourth Latin American Private
Equity Fund raised $1.3bn in July
2007, making it the largest private
equity fund dedicated to the region.
Advent has now raised more than
$2bn for investment in Latin America
and backed 39 companies since
1996. Like its predecessor funds,
LAPEF IV invests primarily in Mexico,
Brazil and Argentina in companies
with enterprise values between
$50m and $750m and selective
larger transactions.

04
2008 investment activity Investments Western Europe Exits
North America Casa Reha (reinvestment) North America
Amscan/Party City Craegmoor Healthcare American Radiology Services
Bradco Supply Gérard Darel Long Term Care Group
Hudson News Group Monext lululemon athletica (partial)

Latin America Central and Eastern Europe Latin America

Aerodom LaborMed Hildebrando
Airport Shoppes
(now IMC Caribbean) Western Europe
Frango Assado Casa Reha
Monte de Mexico Gruppo Argenta
Quero-Quero Moeller
SAG
Venere.com

Central and Eastern Europe

Axtone
Bolix
Intercity

Japan Private Equity Fund (JPEF) Awards Japan

Advent has a 20-year history of
operating and building relationships
in Japan. JPEF is our first fund
dedicated to direct investment
in this market. The fund targets
investments in companies with
enterprise values ranging from
¥5bn to ¥50bn ($45m to $450m)
and can draw on other Advent
funds to pursue larger transactions.
Greater capabilities
We have continued to expand our
global investment team. We added
72 people in 2008. This included 28
new investment professionals and
44 managerial and administrative
professionals. We also added 20
new operating partners.
Industry recognition is a powerful
measure of our success as a private
equity business. A selection of the ¥60bn
15 awards Advent received for its
2008 activity: ($550m)
Our Japan Private Equity Fund
• Mid-market Private Equity Firm
(JPEF) is the first industrially-
of the Year, Acquisitions Monthly
focused, mid-market
• Buyout Firm of the Year, Buyouts Japan fund to be raised
magazine by an international private
equity house.
• Latin American Private Equity
Firm of the Year, Private Equity Deal activity
International
• Buyout House of the Year,
25
European Venture Capital Journal Despite the challenging
economic climate, we
• Private Equity Firm of the Year, completed 25 investments
EVCA Real Deals and exits in 2008.
• DACH Private Equity Firm of
the Year, Private Equity News

For a complete list of Advent’s

investments, please visit our website at
www.adventinternational.com
Advent International Global highlights 2008
05
Focus on Industrial
The Industrial sector is complex and fragmented,
creating opportunities to apply both technical
and skill-based leadership and local know-how
in domestic and international businesses. There
are many strong product leaders that could benefit
from new investment, strategic repositioning and
stronger governance to achieve their potential.

06
Market trends
Long-term growth prospects
for the sector remain strong,
particularly for businesses that
are active in developing markets.
However, short-term financial
and operational issues such as
production over-capacity, pricing
pressure and capital investment
limitations are making it difficult
for businesses to take advantage
of opportunities that exist today.
To date Advent has backed more
than 70 industrial companies
worldwide, investing across a broad
range of specialized sub-sectors
including building products,
chemicals, electronics, energy,
engineered products, materials,
mining and industrial services.
Boart Longyear Recent investments
Boart Longyear is the world’s
largest provider of drilling Bradco Supply (2008)
products and services to the Ceramica (2007)
mining industry. When we invested KAI Group (2007)
in July 2005, the company was
a sprawling, non-core subsidiary Recent exits
of a South African conglomerate.
We transformed it into a lean,
Axtone (2008)
market-focused operation with Bolix (2008)
a US headquarters and single Moeller (2008)
global infrastructure that SAG (2008)
significantly increased the value
and productivity of its operations Boart Longyear (2007)
around the world. We sold our HT Troplast (2007)
investment in October 2007 to
Macquarie Bank and retained a
minority stake. The subsequent
IPO capitalized the company at
A$2.7bn in the second-largest
public offering ever in Australia.
Advent International Global highlights 2008
07
How we create value
We are long-term business partners, typically
investing for between three and seven years.
Our investment strategy is sector-focused, locally
executed and globally coordinated. We drive growth
and add value through international expansion,
strategic repositioning and accelerating high-growth
businesses. We bring international best practice to
local markets and introduce independent operating
partners to work closely with management teams
to improve performance and build more
successful businesses.

Sector specialization Sector specialization Investment profiles

6 businesses face requires deep
9 25
19
% sector-focused investor. We invest
22
19
■ Telecoms, Media and Technology
■ Industrial
■ Business and Financial Services
■ Retail, Consumer and Leisure
■ Healthcare
■ Other
Analysis based on the number of
investments made by GPE, LAPEF and
ACEE funds between 1990 and 2007.
Source: company information 2009.
Understanding the operational
challenges and opportunities that
industry knowledge and sector
experience. This is why we are a
in the Business and Financial
Services; Healthcare; Industrial;
Retail, Consumer and Leisure;
and Technology, Media and
Telecoms sectors.
Advent is widely recognized as
a private equity leader in each
of these sectors. Our sector
understanding and insight give
us a first-hand appreciation of the
industry drivers, issues and trends
affecting our portfolio companies.
The local and international
knowledge we have gained over
the course of 25 years and our
extensive networks within each
sector are also valuable resources
for management teams, helping
them to drive the development
and growth of their businesses.
Our three investment profiles
capitalize on our organization’s
global strengths.
International expansion
Our international reach and global
capabilities mean we are uniquely
qualified to assist domestic and
international companies that want
to pursue international expansion.
We help our portfolio companies
to grow by entering new markets,
developing overseas manufacturing
and sourcing capabilities, and
making international acquisitions.
Strategic repositioning
This typically involves repositioning
diversified companies to focus on
core activities, increasing operational
efficiencies, and executing
turnarounds, profit improvement
and growth plans. Drawing on our
strong sector knowledge and
operational capabilities, we work
closely and constructively with local
management and the workforce to
implement successful strategies.

08
Examples of Advent’s three investment profiles
International expansion
Global travel retailer
Sector: Retail
Location: Global
Invested: February 2004
Expansion achieved through
strong organic growth and
acquisitions. Now in 41 countries
(2004: 25). Merger with portfolio
company Hudson News Group is
expected to generate significant
operating synergies.
EBITDA Index
2003 100
2005 204
2008 598
2008 includes three months of results
for Hudson News Group.
High growth
Businesses in high-growth
sectors need capital to maintain
and extend their competitive
strengths. Partnering with Advent
enables them to invest in increased
capability and capacity, pursue
organic growth initiatives, enhance
research and development activities,
implement new product and service
models and make add-on acquisitions.
Working alongside management
teams allows us to contribute
valuable experience and expertise
in shaping successful businesses
with growth potential.
Operating partners
Operating partners are a
fundamental element of our highly
operational approach to investing.
Worldwide, the Advent Operating
Partner program includes over 50
experienced industry executives,
many of whom have been involved
in multiple Advent investments.
Acting as independent advisors,
the operating partners, who are
typically former CEOs or COOs,
Strategic repositioning
Energy-related services
Sector: Industrial
Location: Western Europe
Invested: August 2006
We unbundled the portfolio of five
energy-related services businesses
that we acquired from RWE. SAG was
sold in March 2008 having been
streamlined and focused on core
activities. Nukem is being positioned
to benefit from global demand for its
nuclear fuel cycle and decommissioning
services. Two of the remaining three
divisions were also sold.
EBITDA Index
2003 100
2005 99
2007 281
work alongside our sector teams
to make a significant contribution
to our acquisition and development
of portfolio companies through their
industry knowledge, operational
know-how, management experience,
and extensive networks.
As supervisory board members,
advisors to management teams or
even interim managers, they help to
drive the growth and improvements
that generate higher sales and
earnings, increasing the value of
the companies in which we invest.
Advent International Global highlights 2008
High growth
Electronic fixed income trading
platform
Sector: Financial Services
Location: North America
Invested: August 2006
Market trends are driving retail
demand for bonds and broker-dealers
are increasingly relying on third-
party trading platforms. The company
is investing in trading technology,
products and management to support
further growth in clients and trading
volumes.
EBITDA Index
2003 100
2005 375
2008 850
Source of value creation
83%
of gain
from EBITDA
improvement
EBITDA Multiple Deleverage Total
growth expansion
Analysis for GPE IV Fund as of
30 September 2008. Adjusted
for FX, dilution and realized
proceeds. Includes realized
and unrealized values*.
Operating partners
2001 7
2005 30
2008 58
In the past three years we
have significantly expanded
the global pool of Operating
Partners, who advise us in
identifying and reviewing
investment and value
creation opportunities*.
*Source: company information.
09
Focus on Business and Financial Services
The business and financial services sector
offers a range of attractive business models
and niche markets for private equity investment.
The global economic downturn is causing profound
change within many markets, which will continue
to produce opportunities across all Advent
investment profiles.

Recent investments Market trends Equiniti

We see several key themes in the
Aerodom (2008) current environment. In Business
Monext (2008) Services there are attractive pockets
MontedeMexico (2008) of growth caused by an increased
propensity for corporates and
CAMS (2007) governments to outsource select
Domestic business processes to reduce
& General (2007) costs. In Financial Services many
large firms, faced with capital and
Equiniti (2007) regulatory pressures, are divesting
Pronto! (2007) non-core businesses that are
inherently under-managed and/or
Recent exits have significant unrealized growth
Gruppo Argenta potential. In several cases these
(2008) divestitures have the benefit
Intercity (2008) of vendor financing currently
unavailable in the capital markets.
Long Term Care
Group (2008) Advent has a strong track record in
AlexanderMann (2007) the sector, having made more than
80 investments in the last 25 years.
We have experience across a wide
range of sub-sectors, geographies
and transaction types, including
deep carve-out expertise. This
positions us well to work proactively
and flexibly with corporate sellers
in the coming year.
Equiniti is the leading provider of
share registration and employee
share plan administration services
in the UK. Originally part of Lloyds
TSB group, it had a stable cash-
generative core platform but limited
potential for growth and innovation.
Having completed a carve-out from
Lloyds TSB in 2007, we are working
with management and operating
partners to transition the company
into a more efficient, broad-based
financial services business process
outsourcing provider. Further
revenue growth is expected
from the continued roll-out of
complementary services, add-on
acquisitions and international
expansion.

10
Advent International Global highlights 2008
11
Our investors
We develop long-term partnerships with our
investors and work diligently with our portfolio
companies to drive growth, add value and deliver
attractive returns to our investors. In many cases
our investors represent pensioners, charitable
foundations and university endowments,
which rely on our investment returns for
their continued well-being.

Current investor base A long-term partnership Some of our investors support

200
Over the past 25 years,
approximately 300 financial
institutions, pension funds
and international companies
have invested in our funds.
Capital raised
Advent manages private equity our portfolio companies where
investments on behalf of more than
200 institutional investors around
appropriate by sharing industry
expertise and contacts, while
the globe. These include leading others occasionally provide
public and corporate pension funds, co-investment to help the
financial institutions, universities businesses develop and grow.
and foundations. All are long-term
investors. A number have invested
with us since our inception.

$24bn Current investors by type

(By committed capital*)
Current investors by geography
(By committed capital*)
Since 1984, we have raised
$24bn in capital for 5
investment in companies 9 2 9
around the world. 11 35

12 % 38
% 48

14 17

■ Public pension funds ■ North America

■ Funds of funds ■ Europe
■ Insurance companies ■ Asia Pacific
■ Other financial institutions ■ Middle East
■ Corporate pensions
■ Universities, foundations
and family offices
■ Banks *Source: company information 2009.

12
Business review
In these uncertain times our consistent strategy,
globally diverse business, significant investment
capital and proven track record are reasons for
measured confidence. We continue to support our
management teams in the value creation process.
We are also well-placed to take advantage of new
investment opportunities in our markets.

Our strategy
We look for traditional, value-
based investment opportunities
in sectors where we have deep
knowledge and experience. We
find companies with the potential
for earnings improvements, work
with management teams and
operating partners to make
those improvements in a highly
accelerated fashion, realize our
investments and return money
to our investors.
We are an active partner who helps
companies to grow for a future
beyond our ownership. We aim to
leave each portfolio company in a
stronger strategic and operational
position as a result of our
involvement with them. As much
as possible, we try to time our exit
to suit all stakeholders.
Economic cycle
In uncertain times our strategic
focus, geographic diversification
and active operational approach
to value creation is a competitive
strength, both for our business and and best-known private equity firm
our portfolio companies. in the region. We completed five
investments and one exit in 2008.
Western Europe and North America Looking ahead, we are drawing on
We raised our sixth and largest the wider knowledge and skills
GPE fund during the year. Our within our global network to take
GPE program saw nine investments advantage of the best opportunities.
and eight exits overall during 2008.
In a more challenging environment, Asia Pacific
we believe we are entering a Advent has more than 20 years
period of opportunity for our of experience in Asia. Japan is the
business, particularly given our region’s largest and most developed
strong funding position, focus buyout market. Having served
on earnings growth and expertise Japanese investors for a number
in strategic repositioning. of years, we have raised our first
dedicated fund for direct investment
Central and Eastern Europe in Japanese companies. We have
In 2008 we sold three companies, also made our first investment in
made one new investment, one India and expect more to follow
follow-on and raised our fourth as the local private equity market
ACEE fund. Any new investments will evolves towards later-stage
be driven by long-term fundamentals. investment opportunities.
We are currently pursuing organic
growth opportunities. While these are regional investment
programs, all of our investment
Latin America professionals work as a fully
We have continued to expand our integrated team around the world
team of investment professionals to to support our investment programs
strengthen our position as the largest and assist our portfolio companies.
Advent International Global highlights 2008
13
Focus on Retail, Consumer and Leisure
The retail, consumer products and leisure sectors
remain core to Advent’s investment strategy,
despite the considerable pressure currently being
felt by the global consumer. Growth opportunities
through operational improvement and repositioning
have become prevalent following years of consumer
spending growth, creating significant opportunity
for Advent’s hands-on model.

14
Market trends
All consumer-related businesses
have seen quantum shifts in
customer behavior over the last
12 months, with clear evidence of a
flight to seek value for money. This
has been most acute in the shift
to the discount sector, but more
widespread trading down has also
been occurring. Lack of credit and an
uncertain job market have caused
consumers to return to a mindset
of thrift. They are cutting back
on discretionary spending, saving
money and spending less on credit.
During this period, however, we have
seen continued development of
strong, differentiated concepts,
category killers taking advantage
of weak competition as well as
the development of online as a
significant channel.
Advent’s extensive experience in
these sectors allows us to recognize
businesses that have a strong
brand or market position, but
have lost their way and require
repositioning. There will also be
opportunities to continue to back Recent investments
leading, differentiated concepts that
will come out of the current downturn Airport Shoppes
in a stronger market position, and (2008)
have significant growth potential. Amscan/Party City
(2008)
Parques Reunidos Frango Assado (2008)
Parques Reunidos is one of Europe’s
leading leisure park operators. When
Gérard Darel (2008)
we invested in 2003, in Spain’s first Hudson News
private-equity backed public-to- Group (2008)
private deal, we acquired an under-
valued, opportunity-constrained
Quero-Quero (2008)
business in an out-of-favor sector in Gayosso (2007)
need of consolidation. Over the next Stokomani (2007)
three years our acquisition strategy Takko (2007)
broadened and diversified the park
portfolio across geographies and Viena (2007)
leisure categories. A parallel program
of operational improvements Recent exits
optimized park performance. By lululemon athletica
2006 revenues had doubled and (partial 2008)
Parques Reunidos had been
transformed into a best-in-class
Arabela (2007)
European entertainment platform. Fat Face (2007)
The company was acquired by Parques Reunidos
Candover in 2007 in a transaction (2007)
subsequently named European Deal
of the Year by Buyouts magazine.
Advent International Global highlights 2008
15
Portfolio highlights
Regional and sector examples
of how Advent creates value.
Europe
Opportunity
Domestic & General is one of the
UK’s leading specialist providers
of extended warranty plans for
domestic electrical goods. In the
UK, the company has multiple
opportunities to increase sales by
attracting new buyers of insurable
products and by maintaining a
strong renewal base. Europe,
Australia and Asia offer scope
for international expansion as the
market for extended warranties
is significantly under-developed.
Operational focus
Having strengthened the
management team and board,
we implemented a 100-day plan to
increase revenue and profitability
in the existing business. Improved
North America
Opportunity
Long Term Care Group is a market
leader in outsourced services for the
long-term-care insurance industry,
a market with significant growth
potential due to an aging population,
rising healthcare costs and low
penetration relative to other
insurance products.
Operational focus
We introduced a new management
team to drive performance
improvements and build the value
of the business. This was achieved
through: investment in customer
service; the acquisition and
integration of Nation’s CareLink;
16
data gathering has expanded the
potential customer base. We have
also focused on improving customer
conversion and retention ratios. The
continued drive to increase direct
debit penetration is resulting in
strong growth in renewal contracts.
Improved pricing strategies have
contributed to revenue and Location: UK
operating margin expansion. Sector: Financial Services
Investment profile:
Outcome International expansion
Exclusive relationships with 19 out
of 20 of the largest manufacturers Investment date: December 2007
of white and brown goods give
Domestic & General a direct channel EBITDA Index
to new markets as a provider of 2004 100
manufacturer-branded warranty
plans. The company has begun 2008 171
the first phase of the international
rollout of its business.
implementation of best-in-class
processes and expansion into
geriatric care management.
Outcome
During Advent’s investment,
Long Term Care Group doubled the
percentage of in-force policies it
administered, increased claims Location: US
under management nearly eightfold Sector:
and more than tripled its workforce. Business and Financial Services
The company was sold to Genstar Investment profile: High growth
Capital in December 2008 despite
difficult market conditions and Investment date: April 2004
remains a robust and profitable Exit date: December 2008
growth platform in a rapidly
expanding market that will benefit EBITDA Index
from long-term demographic
2003 100
trends and developments in
the insurance industry. 2008 261
For a complete list of Advent’s investments, please visit our website at www.adventinternational.com
Central and Eastern Europe
Opportunity
Kamax of Poland and Keystone
Bahntechnik in Germany were
under-performing local champions
in the manufacture of shock
absorbers for the rail industry
– a sector with strong underlying
growth potential and high barriers
to entry.
Operational focus
We performed a simultaneous
buyout and merger of the two
companies to create Axtone. We
created value by developing a new
management structure that achieved
cost savings in production and
administration; merger synergies
in research and development, sales,
Latin America
Opportunity
Airports is a core sector for Advent
in Latin America. The sector is
underdeveloped and continued
long-term growth is expected in
domestic and international air
travel. We have created LAAH to
consolidate a number of our airport
investments in the region. These
include Aerodom, which operates
six airports in the Dominican
Republic, and Fumisa, which
operates certain areas of Terminal 1
at Mexico City International Airport.
Operational focus
We are creating value by:
diversifying contract and country
risks; introducing common
management systems and
manufacturing and purchasing; a
new pricing strategy; new products
to drive growth in Western Europe;
expansion into China, Russia and
the Ukraine; and market entry in
India and Turkey.
Outcome
Our strategy increased EBITDA Location: Poland
substantially in two years. Axtone is Sector: Industrial
now a market leader in Europe and Investment profile:
Asia. It is in an excellent position to International expansion
continue its international growth, as and strategic repositioning
environmental concerns drive freight
from road to rail and new regulations Investment date: January 2006
drive investment in rolling stock. Exit date: October 2008
Advent realized its investment by
selling the company to IK Investment EBITDA Index
Partners in October 2008.
2006 100
2008 211
processes; rationalizing the cost
base; transferring proven strategies
and sharing best practices across
the company; building stronger
relationships with larger, more
profitable tenants; and pursuing
further acquisitions of airport assets
in Latin America.
Location: Dominican Republic
Outcome and Mexico
LAAH provides a platform for the Sector: Business Services
acquisition of additional airport Investment profile:
assets in the region and leadership International expansion
in the sector. The company is well-
Investment date: September 2008
positioned to take advantage of the
strong interest in airports and other
Latin American infrastructure assets EBITDA Index
from trade buyers and regional 2008 100
and international infrastructure
investors. 2008 is the first year of this investment.
Advent International Global highlights 2008
17
Focus on Technology, Media and Telecoms
In the Technology, Media and Telecoms (TMT)
sector, new technology development is continually
opening up opportunities for companies to
expand their product offering, find new channels
to market and challenge established service
models. Many sub-sectors are fragmented
and will benefit from consolidation.

Recent investments Market trends Sportfive

Change is constant in the sector
Sophis (2007) due to the pace and influence of
technology innovation. Technology
Recent exits companies are exploiting this
Hildebrando (2008) dynamism by developing new
products and service offerings.
Venere.com (2008) Traditional media models in
particular are being disrupted by
the Internet and new channels to
the consumer. Telecoms businesses
have responded by focusing on
high-growth emerging markets and
divesting non-core assets.
The high margins and strong cash
flows of TMT companies mean that
the sector has long been of interest
to Advent. In today’s challenging
economic climate, we see attractive
investment opportunities in
software leaders addressing
favorable end markets. We are
also targeting high-growth media
companies and sustainable models
in the pay TV, information and
data analytics fields.
Sportfive is a leading player in
sports rights management. After
acquiring the company in 2004, we
focused on strengthening its sector
leadership, broadening the sports
and marketing rights portfolio and
extending its geographic footprint.
Securing the broadcasting rights to
the UEFA 2008 football tournament
in 2005 elevated Sportfive to the
top tier of the international sports
rights field. The acquisition of a UK
sports rights company provided vital
exposure to English Premier League
football. Lagardère’s acquisition of
Sportfive in 2006 brought together
two strategically complementary
businesses to create a new force
in international sports media.

18
Advent International Global highlights 2008
19
Corporate responsibility
As a business owner and partner, we aim to
make a constructive contribution to our portfolio
companies and leave them strongly positioned
for the future. As an employer, we seek to offer
our people satisfying and rewarding careers.

Our values partnership of many of the most For additional disclosures on

Common values shape the distinctive
culture of our organization. Trust and
respect are its cornerstones.
We believe that it is our responsibility
as a partnership to be accountable
for the business as a whole and
we work together and share
responsibility as one team. All
major decisions are based on
analytical study, open discussions
and consensus conclusions.
We uphold the highest ethical
standards in our business dealings.
We try to keep success and failure
in perspective and recognize that
there is always more to do and more
to learn. We have built a reputation
for fairness, honesty and partnership
with a strong sense of our history
and tradition, yet we are also
progressive and innovative.
By adhering to these values
individually and collectively, we
have won the respect and long-term
prestigious organizations in the world.
Our responsibilities
We take our fiduciary duties
seriously and aim to act responsibly
in everything that we do. We strive
to comply with all of the laws,
regulations and guidelines that
apply to our activities at all times.
We emphasize good governance
and expect our portfolio companies
to adopt appropriate practices.
Transparency and disclosure
Advent is following the guidelines
on transparency and disclosure for
private equity firms produced by
the Walker Working Group in the
UK and the BVK Large Buy-Out
Group in Germany.
investment activities in the UK
and Germany that fall within
these guidelines, please go to
www.adventinternational.co.uk
and www.adventinternational.de
respectively.
We also provide information to
trade associations to assist them
in analyzing the economic role
and contribution of the private
equity industry.
Our investors have access to detailed
and timely confidential information
about our funds and their investments
through a password-protected
website. We also hold an annual
investors’ conference during which
we discuss our portfolio companies
in depth.
Conflicts of interest
As part of our overall risk
management and compliance
framework, Advent has established
procedures to monitor and resolve
conflicts of interest that may arise.

20
The partnership
Advent is managed and run
day-to-day by its partners.

Our partners* Eric Adjoubel Martín Escobari Emma Popa-Radu

Alfredo Alfaro Patrice Etlin Rory Pope
Luiz Antonio Alves Tim Franks Will Schmidt
Ronald Ayles Janet Hennessy Ranjan Sen
Ernest Bachrach Stephen Hoffmeister Diego Serebrisky
Bruce Barclay Ralf Huep Ron Sheldon
Humphrey Battcock Joanna James John Singer
James Brocklebank Jan Janshen Luis Solórzano
Peter Brooke Richard Kane Pascal Stefani
Luis Camilleri Tom Lauer Georg Stratenwerth
Jaime Carvajal Urquijo David McKenna Steve Tadler
Steven Collins Hiroshi Matsumoto Bob Taylor
Guillaume Darbon Monika Morali-Efinowicz Juan Carlos Torres
Francesco de Giglio Chris Mruck Fred Wakeman
Filippo de Vecchi David Mussafer Juan Pablo Zucchini
Juan Díaz-Laviada Chris Pike

The partnership AIC is a fund manager; all other

Advent is managed globally by
its partners within an integrated,
collaborative culture. The partners
meet regularly, both regionally and
globally, to review and implement
our strategy. Their frequent
interaction – and collective
accountability – supports global
teamwork and the consistent
application of policies, processes
and best practice across the firm.
How we are organized
Advent International Corporation
(AIC) is a US company, regulated
by the US Securities and Exchange
Commission.
Advent offices around the world
act as advisors to AIC and have
several different ownership
structures. They provide advice
and recommendations to AIC
regarding the acquisition and
disposal of portfolio companies.
AIC raises capital commitments
privately from qualified investors
globally and places them in closed-
end funds. Each closed-end fund
is a limited partnership, in which
investors are limited partners.
Most funds have a life cycle of
10 years. Typically, investments
are made in the first five years
and proceeds from divestments are
returned to investors throughout
the life of the fund. AIC receives an
annual fee for managing the fund
and a share of any profit.

*For further information

on our partners, please visit
www.adventinternational.com

Advent International Global highlights 2008

21
Focus on Healthcare
Demographic and social trends make the
healthcare sector an attractive growth market.
This is especially true in the Western world, where
an ever-increasing proportion of income is likely
to be spent on private healthcare in the future.

22
Market trends
Pressure on government healthcare
expenditure is driving demand for
continuing efficiencies in healthcare
provision. This is positive for private
sector companies that can offer a
clear value proposition, such as
manufacturers and distributors
of generic drugs, providers of
minimally invasive surgery,
providers of diagnostic services
and long-term care services.
Advent has been investing in the
healthcare sector for 21 years and
has completed 30 investments
worldwide to date. We focus our
activity on businesses involved
in pharmaceuticals, life sciences,
medical equipment and healthcare
services.
Casa Reha Recent investments
Casa Reha is a German provider of
high-quality, affordable residential Casa Reha
private nursing care. After acquiring (reinvestment 2008)
the company in 2005, we Craegmoor
implemented an accelerated Healthcare (2008)
expansion program that saw the
company become the fastest-
LaborMed (2008)
growing private nursing home
Recent exits
group in Germany. Within two years
through acquisitions, the number American
of nursing homes had doubled and Radiology
annual revenue had tripled. Casa Services (2008)
Reha is well-positioned to benefit
from continued strong demand Casa Reha (2008)
for nursing care in Germany Long Term Care
and to create value from further Group (2008)
consolidation opportunities. We
sold the majority of our investment
in January 2008 but still retain
a significant minority holding.
Advent International Global highlights 2008
23
Contacts

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Tel: +40 21 211 16 02
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C1001ABR Buenos Aires Tel: +49 (0) 69 955 2700 Kiev 01030
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Tel: +54 11 5077 8900 London Tel: +38 044 220 40 10
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Advent International Corporation London SW1W 0SR Advent International s.r.o.
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Serrano, nº 57 - 2º
São Paulo 28006 Madrid Warsaw
Advent do Brasil Consultoria e Spain Advent International Sp. z o.o.
Participações Ltda. Tel: +34 91 745 48 60 Warsaw Financial Center
Av. Brig. Faria Lima 3311 ul. Emilii Plater 53
04538-132 São Paulo, SP Milan* 00-113 Warsaw
Brazil Advent International S.r.l. Poland
Tel: +55 11 3014 6800 Via Marina, 6 Tel: +48 22 627 5141
20121 Milan
Italy
Tel: +39 02 771 2981 ASIA PACIFIC

Paris Tokyo
Advent International S.A.R.L. Advent International Co. Ltd.
8-10 rue Lamennais Midtown Tower 23F
75008 Paris 9-7-1, Akasaka, Minato-ku
France Tokyo 107-6223
Tel: +33 (0) 1 55 37 29 00 Japan
Tel: +81 3 6406 4800

All non-US offices act as advisors to

Advent International Corporation.
*Moving location in 2009.

24
www.adventinternational.com