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31 Outstanding fund commitments

Name fund	Year	Currency	Total commitment	Total commitment exchange rate 31/03/2011	Outstanding commitment on 31/03/2011	Value on 31/03/2011

Buyouts & Growth
Buy out Fund	1999	EUR	12 400	12 400	-	-
CapMan VIII Buyout	2006	EUR	20 000	20 000	-	-
CapMan IX Buyout	2009	EUR	13 000	13 000	-	-
CapMan Russia Fund	2009	EUR	7 922	7 922	-	-
CapMan Public Market Fund	2009	EUR	1 905	1 905	-	-
Corpeq Urals Fund*1	1999	EUR	1 000	1 000	-	-
DKB Emerging Europe L.P.	2001	USD	3 173	2 233	-	-
Eagle Russia fund2	2006	USD	10 000	7 039	-	-
EPF II	2001	EUR	5 000	5 000	-	-
EPF III	2006	EUR	5 000	5 000	-	-
Fintech Gimv Fund	2007	USD	15 000	10 558	-	-
Halder-Gimv Germany A*1	2003	EUR	15 000	15 000	-	-
Halder-Gimv Germany B*1	2003	EUR	19 069	19 069	-	-
Halder-Gimv Germany II	2008	EUR	81 250	81 250	-	-
Genesis Private Equity II	2009	EUR	10 000	10 000	-	-
Industri Kapital	1997	EUR	3 500	3 500	-	-
Lyceum Capital I	2000	EUR	75 000	75 000	-	-
Lyceum Capital II	2008	GBP	21 000	23 764	-	-
Nova Polonia	2000	EUR	10 450	10 450	-	-
Pragma	2007	EUR	40 000	40 000	-	-
Rendex	1999	EUR	3 099	3 099	-	-
Czech Fund*1	2000	EUR	9 835	9 835	-	-
Vectis	2004	EUR	3 000	3 000	-	-
Total Buyouts & Growth				380 024	123 273	110 132

Venture Capital
AIC	2000	EUR	1 270	1 270	-	-
Alta Berkeley V	1996	EUR	2 000	2 000	-	-
Alta Berkeley VI	2000	EUR	3 000	3 000	-	-
Baekelandfonds	1999	EUR	1 200	1 200	-	-
CapMan Technology Fund	2009	EUR	8 305	8 305	-	-
Charles River 07	1998	USD	2 500	1 760	-	-
Charles River 08	1999	USD	2 000	1 408	-	-
Charles River 09	1999	USD	3 000	3 008	-	-
Charles River 10	2000	USD	5 460	3 843	-	-
Charles River 11	2000	USD	3 677	2 355	-	-
Galileo II	1998	EUR	2 287	2 287	-	-
Galileo II B	2002	EUR	360	360	-	-
Galileo III	2000	EUR	3 150	3 150	-	-
Genesis III	2000	USD	10 000	7038,78	-	-
Genesis IV	2009	USD	10 000	7038,78	-	-
Gimv Arkiv Technology Fund*1	2006	EUR	15 100	15 100	-	-
I-source	2006	EUR	5 000	5 000	-	-
IT Partners	1997	EUR	7 442	7 442	-	-
MTV III	2000	USD	2 801	1 972	-	-
Pacven Walden III	1997	USD	1 000	704	-	-
Pacven Walden IV	1998	USD	2 000	1 408	-	-
Pacven Walden V	2001	USD	1 920	1 351	-	-
Sofinnova Venture V (USA)	2000	USD	3 500	2 464	-	-
Emerald Technology Ventures II	2006	EUR	30 000	30 000	-	-
Abingworth Bio. II	1997	USD	3 006	2 116	-	-
Abingworth Bio. III B	2001	USD	5 000	3 519	-	-
Alta Biopharma Partners III	2004	USD	10 000	7 039	-	-
Forward Ventures IV	2000	USD	5 000	3 519	-	-
Gimv Agri+	2009	EUR	30 000	30 000	-	-
OBP II	1996	USD	1 000	704	-	-
OBP II Annex	2002	USD	2 848	2 005	-	-
OBP II Adj.	1996	USD	6 000	4 223	-	-
OBP III	1999	USD	3 600	2 534	-	-
OBP III Adjunct	1999	USD	14 400	10 136	-	-
OBP IV	2001	USD	12 000	8 447	-	-
Sofinnova Capital III	1998	EUR	2 284	2 284	-	-
Sofinnova Capital IV	2000	EUR	10 000	10 000	-	-
Sofinnova Capital V	2005	EUR	7 500	7 500	-	-
Sofinnova Capital VI	2008	EUR	5 000	5 000	-	-
Total Venture Capital				212 489	55 960	65 960

Gimv-XL*2	2008	EUR	251 520	251 520	146 922	68 503
Total Gimv-XL				251 520	146 922	68 503

Infrastructure
DG Infra+*3	2007	EUR	30 000	30 000	-	-
DG Infra Yield	2 010	EUR	5 025	5 025	-	-
Total Infrastructure				35 025	26 563	10 177

Overall total				879 058	352 718	254 771

*1 These funds are being managed by a management company in majority owned by Gimv
*2 Gimv's investments in the shareholdings of the Gimv-XL fund are recorded directly in the Gimv balance sheet
*3 This fund is being managed by a management company of which Gimv owns 50 percent

Off-balance sheet obligations and major pending litigation

The text below gives an overview of off-balance sheet obligations in relation to shareholdings which represent a material portion of the Gimv group’s non-current financial assets:

Apart from these commitments to invest in funds (cfr supra):

there are twelve files with binding financial commitments totalling EUR 20 773 and PLN 6 000;
in just about 60 percent of the files, agreements have been made which, in the event of an exit, could result in an uneven distribution of the proceeds, to the benefit or detriment of Gimv depending on the investment and/or the circumstances;
in almost two-thirds of investments Gimv’s interest can be diluted, albeit generally to a relatively limited extent, by stock option plans or securities entitling their holders to shares upon exercise or conversion;
46% of files include an anti-dilution clause which comes into effect whenever additional capital is obtained at a lower price per share, and which in most cases, but not always, operates to Gimv’s advantage;
half of investments commit Gimv to co-selling its holdings, in most cases together with the other members of the financial consortium;
in one investment Gimv has granted a call option on a part of its shares in a particular participating interest and in seven files one or more third parties have a put option on Gimv;
there are fourteen buyouts in which Gimv has agreed, in the event of an exit, to cede part of its capital gain above a certain return to one or more other shareholders, generally management;
in only one out of six of the 147 divestments undertaken by Gimv since 1997 have representations and warranties been given that are still effective; With the exception of one file in which Gimv is being sued for damages, but in which Gimv resolutely disputes the claim, there was at year-end closing date no indication whatsoever to suggest that any significant claim might in future be made against these representations and warranties.

In the pending litigation in which the Gimv group was involved at 31 March 2011, appropriate provisions have been set up where necessary, so that no significant impact can be expected from any negative decision.

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