ConfidentialConfidential

The Siparex GroupThe Siparex Group

A French Leading Independent Private A French Leading Independent Private Equity Manager Specializing in SMEsEquity Manager Specializing in SMEs

Paul THOLLYPaul THOLLY

BeirutBeirut

February 2009February 2009

- 2 -Confidential – February 2009

Strong values that have shored up the Siparex Group’sperformances for 32 years

Total Independence … …for nearly 32 years, through a unique capital scheme

Multi-regional Approach …

…securing direct access to deal flow and diversified portfolios

Corporate Governance & Ethics…

…an ongoing drive to apply best practices

Entrepreneurial Spirit … …inherited from the industrial families that co-founded the Siparex Group and from individual Entrepreneurs, LPs of the funds

Wealth creation … …for Entrepreneurs and Investors

International Culture … …enlarging network and value added opportunities

- 3 -Confidential – February 2009

Gathers the top 6 Managing Partners of the Gathers the top 6 Managing Partners of the Group Group

•Benoît MétaisBenoît Métais•Bertrand Rambaud Bertrand Rambaud

•Denis Rodarie (Regional Growth Capital)Denis Rodarie (Regional Growth Capital)•Paul-Louis Santy (Venture Capital)Paul-Louis Santy (Venture Capital)•Paul Tholly (Emerging Markets)Paul Tholly (Emerging Markets)

Sigefi Private Equity : a Management Company whichcombined stable shareholders and committed managers

Growth capital Middle Market LBO

SIGEFISIGEFIPRIVATE EQUITYPRIVATE EQUITY

Siparex Management Siparex Management Company Company

Limited company by shares [SAS]

Its shareholders are the main shareholders of the Group… Its shareholders are the main shareholders of the Group…

• Industrial and family-owned groups• Institutional investors and credit institutions • International investors ……among whichamong which• Michelin (#1 shareholder) • Crédit Agricole Group (#2 shareholder) • Caisses d’Epargne Group (#3 shareholder) • Industrial family offices from Northern France (#4 shareholder)• Caisse des Dépôts & Consignations (#5 shareholder) • International investors (Fortis International, Desjardin, …)

‘Capital - Confidence’Limited Company [SA] – René Zingraff, Chairman,

former Co-Managing Partner of Michelin Group

SIPAREX ASSOCIÉSSIPAREX ASSOCIÉS SIGEFI PARTNERSSIGEFI PARTNERS

‘Capital - Expertise’Limited company by shares [SAS] –

Dominique Nouvellet, Chairman,Co-Founder of the Siparex Group and 1st shareholder

• An original joint venture total management independence,

sponsorship of reliable and stable shareholders.

Vice-Chairmen:Vice-Chairmen:• G. Malher: Vice-Chairman of Sanofi Pasteur• F.R. Motte: Former Deputy General Manager of Castorama S.A.

Siparex Associés Funds' Financial Sponsor:5% – 10% of commitments

- 4 -Confidential – February 2009

€146mil

€73mil

€ 34M

Venture Capital15.8%

Regional GrowthCapital9.4%

Participation toFunds Managementin Emerging Markets

4.3%

Growth Capital / ExpansionMid Market

70.6%France: € 530M

South Europe: € 60M(Italy, Spain, Portugal)

Euro 850 Million under management (as of December 2008):A comprehensive bouquet of Private Equity offerings

€ 600M

€ 79M

€ 133M

- 5 -Confidential – February 2009

Feasibility studies (Business Plan, Team, Legal) in order to support Private Equity Funds in Emerging Markets

Structuration of Funds and Consulting:

• Corporate Governance• GP Structuration and Investment vehicles• Investment and Exit Policies: SMEs financing.• Team building and training• Fundraising assistance, and joint Promotion• Best Practice

Joint-ventures & Technical Partner:

• GP minority shareholder, and Board member.• Long term Partnership. Network & Building value.• Portfolio monitoring and Investment Procedures• Team monitoring and coaching• Investment Committee member

A long-term experience: P.E. Technical Partnership (1/2)

1993:Smolensk / EBRDTunis / Tuninvest

1998:Casablanca / BMCE

Capitalinvest

2008-09Cairo / Beltone

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Advisory services in the preparation and implementation of investments :

• Siparex ensures that the investment methodology is professionally implemented

• Initial companies diagnosis• Definition of legal, financial and tax auditors' scope of work• Preparation of business plans• Valuation of companies• Financial engineering for the investments• Portfolio monitoring methodology

Access to investees and Siparex' shareholders network

A strong experience in Private Equity technical assistance (2/2)

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Consulting missions, audits and feasibility studies for inception of Private Equity funds 1996 Kazakhstan, Privatization fund.

2001 CAURIS in Togo, in cooperation with TUNINVEST

2002 BCI in New Caledonia

2002 SINDIBAD in Morocco

2002 SOFINANCE in Algeria, in cooperation with TUNINVEST

2003 Lebanon Industry Fund, in sponsorship with a Lebanese Group

2004 Morocco Mezzanine

2004-2006 EIB Sonatrach in Algeria

2005-2006 Poland: Caisse des Dépots et Consignations (France), in partnership with BGK

2008-2009 Algeria: Banque Extérieure d’Algérie

2008-2009 Egypt: Beltone Private Equity

Complementary missions

- 8 -Confidential – February 2009

Euro-MENA* Committee: Accelerating global networkingand value creation

A Dedicated Process: Chaired by Robert K. Sursock (Chairman & CEO of PrimeCorp Finance SA (Paris), and CEO of Gazprombank-Invest Middle East) and Paul Tholly (Managing Partner of the Siparex Group), the MENA Committee will play a contributing role alongside the Funds managers.

This committee will be composed of LPs, Entrepreneurs and some independent Experts.

It will contribute proactively to identify opportunities of joint-ventures or technical alliances, or financings, through a cooperation between the committee members.

A Clear Competitive Advantage with the aim of achieving higher returns for Funds shareholders. Siparex has a long experience with this kind of network as the Siparex Club was founded 20 years ago.

Building a Business Development Platform by:

•Introducing companies financed by the Funds extensively to the EUROMED region through their members’ networks

•Coordinating sector-based business meetings in France and Europe (Siparex Club)

* MENA = Middle East and North Africa

- 9 -Confidential – February 2009

26

138

510

2431

42

1085

52

53

102

47

23

12

68

14

164LPs and

ShareholdersDecember 2008

207Investees

December 2008

Siparex as aBusiness HubLe Club Siparex

Fund of Fund

Individuals /Family Office

Credit Institutions

Others

InsurancePension Funds

NTIC

Life science

ServicesRetail

Industry

Construction

Expansion / LBO

Growth RegionalCapital

Venture Capital

RoW

France

Food Industry

The Siparex Group’s environment:since inception, a wide Range of reliable and friendly relationships

Belgium, Canada, Germany, Italy, Japan, Koweit Luxemburg, Netherlands Portugal, Spain, Switzerland, USA

- 10 -Confidential – February 2009

Comparative ratios showing Siparex vs. the industry over the last 3 years

A selective investment strategy combined with a reasonable financial structuring

8,3x

4,7x

EV / EBITDA Net Debt / EBITDA

Siparex

EuropeanMid Market

Gearing ratio

Equity

Debt

sources: Sigefi Private Equity , S&P LCD , Fitch Ratings

2,0x

5,4x

39,4%

60,6%

30,5%

69,5%

- 11 -Confidential – February 2009

Sigefi Private Equity's entrepreneurial positioninggenerates a significant value creation

Sigefi Private Equity’s positioning Growth

companiesValue added by the first

financial investor

Reasonable leverage

High return on investment:

Average multiple on 12 exits: x2.2

Local sourcing:

Direct access to primary deals

* including interest, non-conversion premiums, and dividends Source: Sigefi Private Equity

Siparex MidMarket I (€147 million)

Analysis of Value Creation

27,9 M€

22,9 M€

122,4 M€

17 M€

0

20

40

60

80

100

120

Historical cost of

equity investment

solds

EBIT Growth Strategic Premium Amortization of

leverage

Aggregate amount of

equity investments

sold

33,8%

41,1%

25,1%

Value Creation

En M€

54,6M€

*

- 12 -Confidential – February 2009

THANK YOU!THANK YOU!