Altamir Amboise CONTENTS. 26 February Maurice Tchenio, Chairman Monique Cohen, Deputy CEO. The private equity market

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1 Altamir Amboise 26 February 2008 Maurice Tchenio, Chairman Monique Cohen, Deputy CEO CONTENTS The private equity market Altamir Amboise created and managed by Apax Partners Solid performance in 2007 Risk management Outlook Stock market performance Appendices 2 1

2 Investing in private equity One of the strongest-performing asset class over the long term Cyclical market Very significant performance differences between players 3 Private equity: a strong-performing asset class Comparison of average long term performance in Europe % Morgan Stanley Euro Index 7.1 HSBC Small Company Index 13.3 JP Morgan EuroBonds 11.0 European private equity 10.8 Source: EVCA/Thomson Venture Economics 4 2

3 Private equity: cyclical market European private equity report IRR as of December 31st, year 3 years 5 years 10 years All funds combined 36.1% 13.0% 5.4% 11.0% Source: EVCA/Thomson Venture Economics 5 5 Private equity: performance discrepancies IRR from 1980 to 2006 IRR Top quarter funds 23.3% Top half funds 14.5% All funds combined 10.8% Source: EVCA/Thomson Venture Economics 6 3

4 Key drivers of private equity s outperformance A single objective: value creation Capacity to act upon businesses (majority shareholder): Team motivation: Financial optimisation: Exit monitoring: Strategy Teams Organisation Strict alignment of financial interests between managers and shareholders Leverage Recap IPO Trade sale Sale to private equity houses 7 A new less favourable environment After 3 exceptional years, private equity enters a new cycle 2004, 2005, 2006: very strong market dynamic in terms of funds raised and investments: 90 billion raised and 50 billion invested in Europe in billion raised and 10 billion invested in France in st half of 2007: a record level market 119 billion: total transactions in Europe 2 nd half of 2007: slowing of the market due to the credit crisis 68 billion: total transactions in Europe LBOs in Europe down to the 2005 level Other market segments (mid-market LBOs, Development, Early stage) are less affected Sources: EVCA/Incisive Financial Publishing Limited 8 4

5 Private equity through the stock market: strong potential of development 8% of the capital managed by private equity companies are handled through listed vehicles. In time, this figure is likely to rise to 20%. Private equity: a high-performance, but hard to access asset class (high entrance tickets) Stock market: simple access, liquidity and transparency Growing need for diversification among institutional and individual investors Benefits for private equity players: broader investor base, permanent capital, visibility 9 CONTENTS The private equity market Altamir Amboise created and managed by Apax Partners Solid performance in 2007 Risk management Outlook Stock market performance Appendices 10 5

6 Altamir Amboise Created and managed by Apax Partners 1995: creation of Altamir, opening up access to the private equity asset class through liquid listed securities 2006: initial public offering for Amboise Investissement, raising 119 million ( 180 million with the equity warrants) with the objective to merge the two vehicles over the medium term 2006/2007: acceleration in the rate of investment and early convergence of the two portfolios 2007: merger of Altamir and Amboise Investissement, followed by a capital increase March and September 2008 : Warrants exercises Objective in time: create a 1 billion vehicle 11 Altamir Amboise 2007: a major milestone in the company s development January: March: 31 March: June: 30 June: July: Free issue of warrants to Altamir shareholders (1 warrant per share) Announcement of an early merger review Valuation methods brought into line with the new EVCA rules Payment of the Altamir dividend ( 5.4 million) Merger of Amboise Investissement with Altamir to create Altamir Amboise Switch to IFRS Successful 120 million capital increase for Altamir Amboise. Partners of Apax increase their stake up to 12% 12 6

7 Co-investment rules Co-invests on a pari passu basis with the funds managed by Apax Partners Co-investment percentage updated every six months Co-investment of 43% for Altamir and for Amboise Investissement in any new investment made by FCPR Apax France VII As co-investors, Altamir Amboise benefits from the majority positions taken up by Apax Funds in portfolio companies 13 Apax Apax Partners Partners SA SA A major player in private equity A pioneer: over 30 years of experience, built up during various economic cycles A specialist in the mid-cap market in France and Europe (Apax Partners Worldwide, based in London, targets large-cap LBOs through its 9 offices around the world) One of the largest and most experienced teams in France: 28 investment professionals, organised by sector the 10 partners have been with the company for an average of 15 years Over 2 billion in managed funds Proven track record 14 7

8 Apax Partners investment strategy A differentiated investment strategy Focused on companies with strong growth prospects Sector specialisation: Tech & Telecom, Retail & Consumer, Media, Healthcare, Business & Financial Services Investments at all stages: from late stage venture to LBOs Majority or lead investor Objective: 3 to 5x the amounts invested 15 CONTENTS The private equity market Altamir Amboise created and managed by Apax Partners Solid performance in 2007 Risk management Outlook Stock market performance Appendices 16 8

9 Strong rise in total assets Altamir Amboise is halfway to its target of 1 billion (in millions of, at 31/12/N) Altamir Altamir + Amboise Inv. Altamir Amboise 17 Evolution of NAV per share NAV per share has risen by +8.8% since 31/12/2006 Excluding the dilution resulting from the July 2007 capital increase, and based on comparable valuation methods and accounting standards, the increase would have been +23% +3.0% (1) +8.8% 31/12/ /09/ /12/2007 (In euros, share of limited partners holding ordinary shares) (1) NAV per share at 31/12/06 = 13.92: derived from the published NAV per share for Altamir ( 225.8) and Amboise Investissement ( 14.52) 18 9

10 A steady pace of investment in millions of euros invested and committed in 2007 vs a target of 150 millions of euros (in millions) Altamir Amboise Amboise Investissement Altamir Number of new companies 19 A steady pace of investment in investments and commitments: GFI Informatique via Itefin Participations InfoPro Communications U10 Capio Diagnostics: acquisition of Unilabs Faceo Significant follow-on investment in Prosodie to take the company private 1 investment finalised: TSS in September, merged with FTMSC under the new name of Vizada 20 10

11 Sharp increase in realisations (en millions ) 69,1 41,3 46,5 9,1 5,9 6,7 4,7 25,0 17,0 19,4 13,4 29, Proceeds Capital gains 21 Sharp increase in realisations 2007 realisations: Cartesis, Webraska, Aprovia, Alma Consulting Group (total realisations) Parkeon (quasi-total realisation) Outremer Telecom: disposal of 20% of the original investment at the time of the IPO Cegid: disposal of 20% of the stake IPO of Hybrigenics Recaps: 2007: Season, Vedici 2008: IEE 22 11

12 Sharp increase in realisations On average, +108% uplift between the realisations of the last four years and the valuations of the companies sold at 31/12/N : +124% between the realisations and the valuations of the companies sold at 31/12/ : +76% between the realisations made and the valuations of the companies sold at 31/12/ : +128% between the realisations made and the valuations of the companies sold at 31/12/ : +92% between the realisations and the valuations of the companies sold at 31/12/2003 * N: Year of realisation 23 Net profit (in millions of ) 26,9 29,2 16,3 15, ,9-12,0 A dividend of 0.20 per share will be put forward for approval at the General Meeting of 3 April 2008, in line with the target of distributing 20% of net profit 24 12

13 A quality portfolio Breakdown of total assets at 31/12/2007: Portfolio of 38 companies: 422 M Portfolio 22 LBO/Development companies = 97% of portfolio at fair value 16 Venture companies = 3% of portfolio at fair value 14 unlisted companies 8 listed companies 9 unlisted companies 7 listed companies Cash: 70 M 25 A quality portfolio 10 holdings represent 81% of the portfolio at fair value 38 companies Cost Fair value * % portfolio at fair value Séchilienne-sidec (Financière Hélios) % Vizada % Capio Hospitals % Prosodie (Camélia Participations) % Faceo % Royer % InfoPro % Equalliance % Afflelou % GFI Informatique (Itefin Participations) % Total 10 companies In millions of euros, at 31/12/ * Including interest accrued % 26 13

14 A quality portfolio A well balanced portfolio At 31/12/2007, at cost, including commitments 8% 17% 24% 20% 19% 12% Tech Telecom Retail & Consumer Media Health Business Services & Financial Services 27 A quality portfolio A young portfolio 35% of the portfolio is valued at cost 1% 61% of the portfolio is less than two years old 4%3% 38% 35% Portfolio at fair value at 31/12/ % 22% 26% 39% Securities valued at cost Securities valued with a discount of 30% on the sample of listed comparables Securities valued on the basis of the stock price of the company or the listed underlyer Other Investments made in 2007 Investments made in 2006 Investments made in 2005 Investments made in 2004 Investments made between 1996 and

15 A quality portfolio Growth companies Investments between 2003 and 2005 * Aug-2003 June-2004 Oct-2004 Mar-2005 Jul-2005 Nov-2005 Jan-2006 Apr-2006 EBITDA Revenue Sector Tech ( in millions) CAGR 11.0% 186,2 140,0 122, (F) CAGR 27.3% 27,6 20,0 10,5 Tech CAGR 19.1% 171,7 149,9 101, (F) CAGR 28.9% 31,9 22,2 14,9 Telecom CAGR 42.5% 124,0 78,4 61, CAGR 32.8% 21,5 12,2 8,8 Retail CAGR 7.8% 214,8 189,8 185, (F) CAGR 12.3% 35,2 28,8 27,9 Services CAGR 20.1% 225,0 171,0 156, (C) CAGR 21.5% 90,0 71,0 61,0 Telecom CAGR 8.8% 644,0 586,1 544, (F) CAGR 11.6% 75,4 76,6 61,5 Healthcare CAGR 90.2% 225,0 125,8 62, (F) CAGR 95.7% 18,0 15,8 4,7 Tech CAGR 19.0% 74,9 62,2 52, (F) CAGR 24,3% 7,9 8,5 5, (F) (F) (F) (C) (F) (F) (F) F : Forecast; C: Analysts consensus; P : Apax plan * Vizada: numbers in $ 29 A quality portfolio Growth companies Investments in 2006 and 2007 Sector Nov-2006 Healthcare Nov-2006 Dec-2006 June-2007 May-2007 Oct-2007 Nov-2007 Dec-2007 Telecom Services Tech Media Services Retail Retail ( in millions) Revenue CAGR 11.5% SEK SEK CAGR 2.4% 169,0 173,0 CAGR 19.9% 291,8 350,0 CAGR 8.4% CAGR 13.1% CAGR 11.7% CAGR 2.3% CAGR 14.4% 311,5 392,0 686,0 210,8 350,8 138,9 206,0 272,4 633,0 122, (F) (F) (F) (C) 2007 (F) 2008 (P) 2007 (F) 2008 (P) (F) 2008 (P) EBITDA CAGR 30.9% SEK 1525 SEK 1165 CAGR 8.7% 23,0 25,0 CAGR 16.6% 22,7 26,4 CAGR 10,9% CAGR 30.3% CAGR 8.7% CAGR 10.4% CAGR 23.5% 51,0 56,2 27,4 46,0 24,1 23,4 25,2 45,5 21,2 18, (F) (F) (F) (C) 2007 (F) 2008 (P) 2007 (F) 2008 (P) (C) 2007 (F) 2008 (P) F : Forecast; C: Analysts consensus; P : Apax plan 30 15

16 CONTENTS The private equity market Altamir Amboise created and managed by Apax Partners Solid performance in 2007 Risk management Outlook Stock market performance Appendices 31 Valuation and debt multiples Average multiples weighted according to the amounts invested by Apax funds in its LBO/Development portfolio, 18 of the 22 companies in the LBO/Development portfolio, whether valued at cost, on the basis of listed comparables or stock prices 31/12/ /06/2007 Valuation multiple of comparables (1) Valuation multiple used (1) Debt multiple (2) (1) Entreprise Value / LTM EBITDA (2) Total Net Debt / LTM EBITDA 32 16

17 Impact on NAV of the stock prices at 01/02/2008 On the basis of the closing prices on 1 February 2008, the NAV of Altamir Amboise would be per share, representing a negative impact of 1.40 /share compared with 31/12/2007 Reminder: Cash is invested in securitised monetary products (MTNs) 33 CONTENTS The private equity market Altamir Amboise created and managed by Apax Partners Solid performance in 2007 Risk management Outlook Stock market performance Appendices 34 17

18 Mid-term outlook Probable cyclical slowdown in activity Valuation decreases More difficult access to debt (particularly for large caps) Wait-and-see policy among both buyers and sellers Economic slowdown? 2008 targets in line with 2007 and 2006: Investments: between 80 M and 130 M Realisations: between 40 M and 90 M Projected average cash balance: approx. 30 M 35 CONTENTS The private equity market Altamir Amboise created and managed by Apax Partners Solid performance in 2007 Risk management Outlook Stock market performance Appendices 36 18

19 Share price evolution in Merger Capital increase Altamir Amboise 13 SBF % Downturn of the financial markets - 29% /01/ /01/ Share price evolution since Altamir Amboise outperforms the SBF January % + 16% 31 January 2008 SBF 250 Altamir Amboise 38 19

20 Evolution of the discount on NAV Discount of 52% at 01/02/2008 * /02/08 NAV Share price * On the basis of a NAV at 31/12/2007 of per share 39 Altamir Amboise: an investment opportunity A very undervalued share price Pure player on the mid market A quality portfolio (35% at cost) The partners of Apax have announced their intents to increase their holding from 12% to 15 to 20% by january In order to enable Altamir Amboise to carry out a share buyback programme with a view to the cancellation of the shares, an Extraordinary General Meeting will also be held on 3 April 2008 and a motion will be proposed to this effect

21 CONTENTS The private equity market Altamir Amboise created and managed by Apax Partners Solid performance in 2007 Risk management Outlook Stock market performance Appendices 41 Altamir Amboise warrants In connection with the merger, the conditions for exercising Altamir Amboise warrants have been modified March 2008 September ,041 warrants Trading name: Altamir Amb BS0308 (former Altamir warrants) 3 warrants will make it possible to subscribe for 17,816 new shares 19,610,400 warrants Trading name: Altamir Amb BS0908 (former Amboise equity warrants) 4 warrants will make it possible to subscribe for 1,048 new share * Indicative amounts estimated based on stock prices at 26 September

22 New valuation policy (Since 31/3/2007) > Align valuations method with new rules recommended by the European Private Equity and Venture Capital Association (EVCA) > Reducing the applied discounts based on a fair market value approach: Unlisted securities: For securities valued with the multiples method : 30% discount to listed peers multiples after having being held for 12 months (compared to 40% previously) Otherwise, unchanged method : at the investment cost or the last significant operation on the capital Listed securities or unlisted holdings valued on the basis of the listed operational companies : last stock price without any discount (compared to a discount of 20 to 30% previously) N.B. Listed securities subject to negotiability restrictions are valued at the closing stock price with a discount of 5% to 15%. NB : IPO costs of Amboise Investissement which were capitalized at 31/12/07 have been substracted from the NAV at 30/03/07 43 Switch to IFRS (at 30 June 2007) Why? Benefit: Further to the merger, Altamir Amboise s stake in several companies is higher than the 20% threshold obligation to change over to the new accounting standards The NAV calculation, which was previously done on an off balance sheet basis, can now be read directly under the IFRS accounts Impact on NAV: The dilutive value of warrants is recorded under liabilities on the balance sheet, reducing the NAV by the same amount 44 22

23 Attractive taxation regime Tax benefits linked to the status of the SCR (Société de Capital Risque) No taxation at company level Reduced taxation for European individual shareholders if shares are held for at least five years No dividend taxation if reinvested over the period No taxation on capital gains Payment of social tax (CSG + CRDS) Eligible to French PEA 45 Portfolio companies 46 23

24 Tech Majority or reference shareholder 47 Telecom Majority or reference shareholder 48 24

25 Healthcare Reference shareholder 49 Media 50 25

26 Retail & Consumer Majority or reference shareholder 51 Business & Financial Services Reference shareholder 52 26

27 Altamir Amboise 26 February 2008 Maurice Tchenio, Chairman Monique Cohen, Deputy CEO 27