Baring Private Equity Partners Asia Announces Final Close of Fund II.

Business Editors

HONG KONG--(BUSINESS WIRE)--Oct. 9, 2002

Baring Private Equity Partners, a leading international private equity asset manager, today announced that its Asian division, Baring Private Equity Partners Asia, successfully completed the final closing of the Baring Asia Private Equity Fund II LP at $257 million.

The Fund will invest mainly in the North Asian markets of Hong Kong, Taiwan, China, Korea and Japan, as well as in India and Singapore. The fund is one of the largest private equity funds raised in the region this year. The Fund will target to purchase Asian divisions of US and European multinationals downsizing and divesting non-core overseas assets.

Of Baring Private Equity Partners Asia's capital, the majority comes from a core group of institutional investors who participated in Asia Fund I, including Singapore's Government Investment Corporation, Invesco Private Capital Inc. and CDP Capital, the investment arm of Caisse de depot et placement du Quebec. The Fund was also successful in attracting new investors from the US, Europe and Asia.

Announcing the fund closing, Jean Eric Salata, Managing Partner of the Baring Asia Private Equity Fund, said: "We are encouraged by the vote of confidence our investors have demonstrated in our team during such a challenging period for fund-raising. In the current environment, this pool of capital has two to three times the purchasing power of money raised a few years ago, so we feel good about the opportunity we have to buy business at these price levels. We think the fundamentals have turned in favour of private buyers, as alternative sources of equity and debt funding have declined substantially in Asia."

Baring Private Equity Partners' Chief Executive Christopher Brotchie commented, "Although the past year has been one of the most difficult in recent memory for fund raising, this closing validates our view of the compelling investment opportunities available in Asia. The region possesses some of the world's largest markets and highest growth rates, but has had historically low levels of private equity investment. Our teams have been successful in these markets because Baring's distinct investment approach of local knowledge coupled with a strong on-the-ground presence works, even in depressed conditions."

Baring Private Equity Partners Asia manages $563 million and has 16 investment professionals in Hong Kong, Singapore, India, Shanghai and San Francisco.

Notes to Editors

Founded in 1984, Baring Private Equity Partners is a leading international private equity asset manager. The firm invests in every major market outside of the USA via six regional fund groups with dedicated local investment teams in Western and Central Europe, Asia, India, Latin America and Russia. With a balanced team of 65 investment professionals operating out of 21 offices in 17 different countries worldwide, Baring Private Equity Partners has one of the most extensive on-the-ground networks of any international private equity provider. Its superior global reach provides the resources and investment expertise to help entrepreneurs around the world build world-class businesses.

At 30 June 2002, Baring Private Equity Partners had in excess of $2 billion in funds under management.

Baring Private Equity Partners is a wholly owned subsidiary of ING Group, the 15th largest financial institution in the world, with total assets of $724 billion(a), assets under management of $478 billion(a) and a market capitalization of $52 billion(a).

(a) 30 June 2002