fy 2010 results accelerating change - eurazeoprez+… · gaz et eaux then azeo gas and water...

INVESTOR PRESENTATION

Accelerating change incl. FY2011 Results

June 2012


Disclaimer

This document has been prepared by Eurazeo SA (“Eurazeo”) solely for the use of

presentations made to investors or analysts.

Eurazeo makes no representations or warranties that the information contained herein

is accurate, correct or complete.

The information set out herein is provided as of the date of the presentation and

Eurazeo is under no obligation to keep current the information contained in this

presentation. However, this information is subject to completion and/or revision and

Eurazeo has the right to change the content hereof, in its sole discretion, at any time

without prior notice.

This document may contain information regarding current or future transactions as

well as “pro forma” information to show Eurazeo as it would be after said transactions

have been completed. These forward-looking statements are provided for information

purposes only and are not guarantees of future performance.

No information provided on this document constitutes, or should be used or

considered as, an offer to sell or a solicitation of any offer to buy the securities or

services of Eurazeo or any other issuer in any jurisdiction whatsoever.

- 2 -


Contents

Eurazeo presentation

2011, an intense business year

Outlook

FY2011 results

- 3 -

4

11

24

28

Appendices

including Group Companies’ detailed information 42


Eurazeo at a glance

Diversified and balanced portfolio of market leaders (% NAV as of Dec. 31, 2011)

A long term French investor

130 years existence, solid family shareholder

base

Deep network and strong track record

Led by Patrick Sayer since 2002

Investment cases built on a 4-6 year horizon,

no exit constraints

Accelerating change in portfolio companies

Active support to portfolio companies

32 acquisitions by portfolio companies

since 2010

- 4 -

NAV* as of March 31, 2012: €3.8bn, €60.2/share

1 new investment and 1 exit in 2010

4 new investments and 2 exits in 2011

(*) NAV with ANF Immobilier taken as its NAV on the basis of an independent valuation of its assets (€42.20)

Services Elis, Edenred,

Foncia

Mobility & leisure Accor, APCOA, Europcar,

Fraikin, Léon de Bruxelles

Real estate ANF, Colyzeo

Other

23%

23%

19%

15%

11%

6%3%

Luxury

& Personal care Moncler, Dessange,

Intercos

BtoB distribution Rexel, Fondis

Industry Fonroche, 3S Photonics,

FDS, etc.


A long-term shareholder base and a strong corporate governance

(1) Concert as of December 31, 2011

(2) Including 3.6% of treasury shares

(*) Voting rights excluding treasury shares

A strong corporate Governance

Separation of the roles of Chairman

and CEO

Independence of the Supervisory Board:

6 independent members out of 12

Audit Committee, Finance Committee,

Compensation and Appointments

Committee

Existence of a shareholder agreement

between founding families

Chairman of the Supervisory Board:

Michel David-Weill

Sofina

5.7%

(9.3%*)

Free float(2)

56.2%

(45.3%*)

Founding families(1)

20.2%

(20.0%*)

Crédit Agricole

17.9%

(25.4%*)

- 5 -

Shareholding structure

as of December 31, 2011


An investment company with a long track record

Significant outperformance vs. key indices over 10 years

+22% vs CAC40, +16% vs LPX Europe(*)

2001 1969 1881 2009 2003 2005 2007

GAZ ET EAUX then AZEO Gas and water utility, later investment company

EURAFRANCE Investment company

EURAZEO Merger of Eurafrance and Azeo

Fraikin

Eutelsat

Terreal

Lazard

Chargeurs réunis

Chaussures André

Viniprix

Danone

Sofina

Société Générale

de Belgique

Generali

UAP

Pearson

Sidel

Infogrames

Ipsos

Sogeti

Virata

Oberthur

Saint-Gobain

B&B Hotels

Air Liquide

Rexel

APCOA

Elis

Sirti

Intercos Fonroche

Colyzeo Banca Leonardo

Europcar Accor

Veolia

- 6 -

2011

OFI PE

Foncia

Moncler

3S Photonics

(*) As of June 7, 2012


A strategy of investing in companies with significant

transformation potential

- 7 -

(1) Croissance = growth

(2) Eurazeo PME (PME = SME) : ex OFI Private Equity

• A broad investment scope

• Geographical scope: HQ in France or Continental Europe, with global reach

Target IRR 15-25% depending on risk profile

• Investment criteria

• High quality management team capable of accompanying the expected

transformation

• Profitability / sustainable cash flow profiles

• Strong transformation potential

• Socially and environmentally responsible business

for mid to large equity investments

(1) Capital growth for fast growing mid-sized

companies

(2) for small to mid equity investments


0

0.5

1

1.5

2

2.5

3

3.5

4

Fraikin Eutelsat Terreal B&B Hotels Ipsos Average multiple

A solid track record: average multiple of c.3x (2005-2011)

- 8 -

Multiple (x)

Feb 03

Feb 07

Holding period Apr 03

Feb 07

Oct 03

Feb 05 Sept 05

Sept 10

3.4x

2.4x

3.5x

2.1x

1999

2011

3.0x 2.9x


Current Portfolio: A group of market leaders (1/2)

(1) Direct holding, excluding Colyzeo

(2) 18.1% following block trade in February 2012

Current % of interest held by Eurazeo (as of Dec. 31, 2011)

- 9 -

Short-term car rentals with a fleet of ca.200,000 vehicles

Parking operator with approx. 6,300 parking facilities under management

Rental and cleaning of textiles and hygiene services

Professional distribution of electrical equipment with 2,300 branches

French real estate investment company with downtown trophy assets in major French cities

Hotel manager: Accor operates in 90 countries with 145,000 employees

Prepaid services designed to enhance individual well-being and the performance of organizations

52.2%

8.9%

8.9%

81.4%

85.2%

82.5%

21.5%

#1 IN THE WORLD

#1 IN LYONS AND MARSEILLES

#1 IN EUROPE

#1 IN THE WORLD

#1 IN EUROPE

#1 IN EUROPE

#1 IN THE WORLD

1

1

Leader in property management in France 33.8% #1 IN FRANCE

32.3% Leading brand in luxury outerwear FAST GROWING LUXURY BRAND

investments

2


Current Portfolio: A group of market leaders (2/2)

- 10 -

Leading player in the creation, development and production of color cosmetic products

33.6% #1 IN THE WORLD

Major player in photovoltaic industry 28.4% STRONG INTERNATIONAL DEVELOPMENT

European leader of industrial and commercial vehicle hire with a fleet of more than 50,000 vehicles

13.2% #1 IN EUROPE

86.0% Leader in lasers and opto-electronic components ONE OF THE GLOBAL LEADERS

Franchise beauty salons under 3 highly renowned brands : DESSANGE Paris, Camille Albane and Fantastic Sams

67.6%

59.4%

69.2%

The French leader in Belgian bistro (mussels/french fries)

Global provider of industrial sealants for refineries, chemical and petrochemical plants, nuclear plants and pipelines

Global leader in electromechanical relays for the international railway market (rolling stock and infrastructure)

France’s market leader for paper and carton packaging for the Bakery/Pastries, industrial, agro-food and large retailer sectors

46.7%

74.2%


2011, an intense business year

- 11 -


2011 Highlights

Four acquisitions in 2011: new sources of value creation

Europcar: new governance to accelerate transformation

Further diversification towards less cyclical and fast-growing companies

- 12 -

Strong growth in results for almost all companies:

4-fold increase in Group companies’ contribution


FY 2011 key figures

(in €m) 2011 Proforma

2010(1) Change

Consolidated Revenues 4,183.2 4,010.8 +4.3%

NET GROUP COMPANIES’

CONTRIBUTION(2) 89.6 21.5 x4

Net Income Group Share -97.5 134.6 -

DIVIDEND / share (in €) 1.20 1.14(3) +5.3%

(1) Fiscal Year 2010 restated for the exit of B&B Hotels from the perimeter as of June 30 and addition of Eurazeo PME for 6 months

(2) Adjusted EBIT of fully consolidated companies + profit from equity affiliates, net of financial cost

(3) Restated for 2010 bonus shares

- 13 -


A well balanced portfolio

- 14 -

Eurazeo

Eurazeo Croissance

Eurazeo PME G R O W T H

R E S I L I E N T C Y C L I C A L


Significant outperformance vs. Eurozone growth

- 15 -

(1) Restated for B&B Hotels (2) Figures for majority investments (12 months) (3) H2 2011 growth

(4) Reported growth excluding renegotiated contracts (5) Like-for-like growth (6) Source: ECB – excluding inflation

-1.4%

-0,2%

+5.2%

+6.2%

+6.3%

+6.9%

+7.6%

+8.6%

+9.4%

+11.3%

+19.5%

+20.9%

+22.1%

Europcar

Foncia

Accor

APCOA

Rexel

Edenred

ELIS

3S Photonics

Eurazeo PME

Intercos

Moncler

ANF Immobilier

Banca Leonardo

Fonroche > +100%

>10%

2%-10%

2011 revenue growth, as reported

Eurozone 2011e growth(6): +1.6%

Fraikin

x2 x3

+2.5%

(4)

(5)

(3)

(2)

(1)

(1)


2011 “success stories”

A true turnaround at APCOA

– Solid like-for-like revenue growth thanks to traffic recovery and pricing initiatives: +6.2%

excluding renegotiated contracts

– Strong uplift in EBITDA as a result of the successful renegotiation of most underperforming

contracts: at €60.7m, up 19.0% vs. 2010 (+100bp)

– Continued operational and functional improvements

Strong performance of Elis

- +3.2% organic growth in 2011, record year since 2007

- Sales +7.6% and EBITDA +7.1% in 2011

- 5 acquisitions

Outstanding results for ANF Immobilier

- Rental income up by 21% (+12% on a like-for-like basis)

- 2016 rent guidance raised to more than €120m

First commercial success outside France for Fonroche

- 70+ MW in Puerto Rico and 20 MW in India

- 16 -


- Strong performance in 2011

- Attractive multiples as of December 31, 2011: – Eurazeo PME acquired assets valued at €68/new Eurazeo share

– Foncia: 10.5x 2011 EBITDA vs. 11.1x LTM 06/11 EBITDA (€199m invested(3))

– Moncler: 9.8x 2011 EBITDA vs. 11.6x LTM 06/11 EBITDA (€305m invested(3))

- Transformation is well under way

– Transforming acquisitions for Eurazeo PME’s companies

– Implementation of Foncia’s « 100-day plan » and launch of key initiatives

– Moncler: continued successful development of retail network (60 stores, 22 openings in 2011)

– 3S Photonics: 1st acquisition since closing

The 4 companies acquired in 2011 already show transformation

and demonstrate value creation potential

- 17 -

+30.1%

+20.1%

+8.7%

+5.7%

+8.6%

+19.5%

+2.5%

+9.4%

3S Photonics

Moncler

Foncia

Eurazeo PME

EBITDA growth

Revenue growth

(2)

(1)

(1) Figures for majority investments (12 months)

(2) H2 2011 figures

(3) Amount invested by Eurazeo + stake of Eurazeo in Eurazeo Partners’investment


Opportunistic timing of disposals and refinancings

DISPOSALS

Divestiture of LT Participations (Ipsos)

during summer

- at €32.5 per Ipsos share vs. a €26.5 share price as of March 8, 2012

- multiple of 3 times our initial investment

Banca Leonardo: successful disposal

of DNCA before summer

- Leading to a distribution of ~€40m for Eurazeo (€15m already paid in 2011)

- 18 -

REFINANCINGS

Successful refinancing of the €1bn

revolving credit line in July 2011

- Attractive conditions: 80 bps drawn/28 bps undrawn

- Maturity July 2016

Successful refinancing operations

by Europcar (2011/2012)

- New Corporate debt maturities: 2017 and 2018

- Corporate net debt reduced to € 508.5 m with leverage below 3.9x Corporate EBITDA*

- Overall reduction in financial expenses of € 34 m*

(*) Proforma as if all refinancing operations between the end of 2011 until today had occurred as of January 1, 2011.


Operational dynamism visible across the portfolio

• Dynamic growth strategy

Accor Record expansion (39,000 rooms)

Rexel 10 acquisitions (8 in emerging countries)

Edenred Further exposure to emerging countries (52% to 58% of issue volume)

ANF Acquisitions outside its historical perimeter (Bordeaux)

Elis 5 acquisitions (4 outside France)

• Transformation of business models Edenred Multiyear strategic ambitions, implementation of new organizations,

while adding entrepreneurial spirit

Accor Revitalization of brand portfolio (Ibis megabrand program)

• Focus on innovation Edenred Digital shift (41% to 58% digital issue volume), 26 new solutions launched

over H2 2011 (+20% vs 2010)

Rexel Strong growth of new products and service offerings (23% increase in SOG’s* sales)

Europcar Innovative services to answer new urban residents’ mobility needs (car2go roll-out in Europe)

Fonroche Launch of electrical geothermia

• Continuous organization improvement Elis Investments in factories and IT

- 19 -

* SOG’s (Structural organic growth drivers): Energy efficiency (lighting retrofit), Photovoltaic, Wind, International Projects Group


NAV

- 20 -

(1) With ANF taken at its NAV on the basis of an independent valuation of its assets (€42.20)

(In €M) March 31, 2012 December 31, 2011 June 30, 2011

Non listed Investments 1,770 1,733 1,650

Listed Investments 1,258 995 1,513

Real Estate 532 475 563

Other non listed assets 18 16 24

Cash & treasury shares 176 89 753

Tax (81) (70) (105)

Total NAV 3,673 3,238 4,398

NAV/share 58.2 51.3 70.1

NAV/share with ANF Immobilier at its NAV(1) 60.2 54.0 71.4


NAV bridge from June 30, 2011 to March 31, 2012

- 21 -

4,398

3,238 3,673

June 30, 2011 Listed investments

Non listed investments

Investments & disposals

Cash & others Dec. 31, 2011 Change since Dec. 31

March 8, 2012

(537)

(560) 435

(630) 566

(In €m)

€70.1 per share

€51.3 per share

€58.2 per share

• Market impact on listed investments

• Decrease in the valuation of non listed investments Decrease on retained multiples

Relative underperformance of Europcar

Additional NAV*

€71.4* per share

€54.0* per share

€60.2* per share

(*) NAV with ANF Immobilier taken as its NAV on the basis of an independent valuation of its assets (€42.20)

NAV

31, 2012


Q1 2012 Revenues

- 22 -


Q1 2012 Revenues

- 23 -

Q1 % intégration

Change Change

2012 2011 2012/2011 2011 2012/2011

reported reported restated* restated*

Holding 6,9 3,2 NS 3,2 NS

Eurazeo 2,3 3,0 -22,3% 3,0 -22,3% 100,00%

Autres 4,6 0,2 NS 0,2 NS 100,00%

Real Estate 19,4 18,4 5,4% 18,4 5,4%

ANF Immobilier 19,4 18,4 5,4% 18,4 5,4% 100,00%

Industry - Services 961,9 845,2 13,8% 943,0 2,0%

APCOA 172,7 174,8 -1,2% 174,8 -1,2% 100,00%

ELIS 280,5 268,0 4,7% 268,0 4,7% 100,00%

Europcar 393,6 402,4 -2,2% 402,4 -2,2% 100,00%

Eurazeo PME 105,3 - N/A 84,3 24,9% 100,00%

3SP Group** 9,7 - N/A 13,5 -27,7% 100,00%

Consolidated revenues 988,2 866,8 14,0% 964,6 2,4%

Accor 139,2 137,4 1,3% 137,4 1,3% 10,15%

Edenred 26,3 25,5 3,4% 25,5 3,4% 10,21%

Foncia 55,0 - N/A 56,0 -1,9% 40,06%

Fonroche 4,3 7,1 -39,5% 7,1 N/A 32,00%

Fraikin 26,2 26,4 -0,5% 26,4 -0,5% 15,65%

Intercos 27,9 23,5 18,5% 23,5 18,5% 39,63%

Moncler 74,0 - N/A 63,1 17,2% 45,00%

Rexel 616,4 573,9 7,4% 573,9 7,4% 19,10%

Proportional revenues of equity affiliates 969,3 793,8 22,1% 913,0 6,2%

Total economic revenues 1 957,4 1 660,6 17,9% 1 877,6 4,3%

(*) Integrates 2011 Eurazeo PME and 3S Photonics revenues (**) Ex 3S Photonics


Outlook

- 24 -


Since December 31, 2011

Significant rebound of the share prices of our listed investments

Partial sale of Rexel shares by Ray Investment

- Increase of Rexel free float

- Proceeds for Eurazeo of ~€140m

- Multiple of 2 times our initial investment

10 acquisitions by portfolio companies since January 1, 2012

- Rexel: 7 acquisitions (of which 2 in Brazil)

- Eurazeo PME: 2 acquisitions (by Dessange and by FDS Group)

- Fonroche: acquisition of Tendance Eco

EPRA index inclusion of ANF Immobilier

Current trading in line with H2 2011

- 25 -


Group companies outlook

- 26 -

2012:

EBITA margin at least at 5.7%

Free cash-flow before interest and tax of around €600m

Mid-term:

Strengthen market position

EBITA margin of ~6.5%

ROCE of ~14% in 2013

Generate solid free cash-flow

+6% lfl rental income in 2012

Gearing to remain low

2016 rent guidance raised to more than €120m

2010-2016 growth targets:

Issue volume: 6% to 14%

FFO: over 10%

Listed companies announcements*

Annual revenue growth above 3.0%

Improved operational margin

Total net debt stabilization

(*) Communicated on Feb. 10, 2012 (Rexel) / Feb. 17, 2012 (ANF) / Feb. 22, 2012 (Accor) / Feb. 23, 2012 (Edenred) (1) In number of rooms (2) Impact on adj. Net debt

Outperforming Luxury market growth

Stable margins

Balance retail and wholesale channels (50/50)

Annual EBITDA growth of +5-10%

Positive net organic client gains

More than 3% revenue growth per year on average

Continued year on year EBITDA margin improvement

Mid-term outlook

Drop-through: 50%

2012 Expansion: 40,000 new rooms

78% of pipeline(1) under management and franchise

Asset Management program(2): confirming €1.2bn 2011-2012 program and €2.2bn 2011-2015 program

Annual EBITDA growth of +5-10%

Excess cash flow generation


2012

March 31, 2012

3.7

2010 Mid-Term

Dec. 31, 2010 2015

4.3 >6

0.1 0.1

€60.2* per share

Eurazeo’s outlook

- 27 -

(NAV in €bn)

€71.7* per share

>€100 per share**

(*) NAV with ANF Immobilier taken as its NAV on the basis of an independent valuation of its assets (€42.20) (**) Before bonus share

Additional NAV*

NAV


FY2011 Results

- 28 -


Consolidated scope as of December 31, 2011

- 29 -

New entries

Dec. 2011 Dec. 2010 Dec. 2009

Consolidated companies 323 189 187

Of which fully consolidated 308 182 181

Of which equity method 15 7 6


Revenue growth across the board

- 30 -

REVENUES (€m) 2010

2011

(*) Change ‘2011/2010’ at constant perimeter and exchange rates (**) Including Financial Revenues (***) Figures for majority investments (12 months)

1,148.8

1,032

731.0

83.6

6,100

1,067.6

965

699.7

69.1

5,948

Elis

Edenred**

APCOA

ANF

Accor

12,717.1

516.1

595.1

1,969.2

360.8

11,960.1

431.8

580.4

1,973.1

329.6

Rexel

Moncler

Foncia

Europcar

Eurazeo PME***

+11.9%

+3.7%

+5.2%

+3.2%

+9.7%

Like-for-like*

+20.9%

+4.5%

+2.5%

+7.6%

+6.9%

As reported

-0.7% +2.5%

n.a. +19.5%

Like-for-like* As reported

+6.2% +6.3%

-0.3% -0.2%

n.a. +9.4%


Portfolio companies transformed and grew operating profit

(*) Change ‘2011/2010’ as reported (1) Recurring EBITDA (2) Including Financial Revenues (3) Figures for majority investments (12 months) (4) Adjusted EBIT (5) EBITA

- 31 -

OPERATING PROFIT (€m) 2010

2011

Change*

371.4

355

60.7

61.7

530

346.8

328

51.0

56.6

446

Elis

Edenred

APCOA

ANF

Accor

719.6

122.6

87.1

234.6

57.6

615.9

102.1

80.1

242.7

54.5

Rexel

Moncler

Foncia

Europcar

Eurazeo PME +18.8%

+7.1%

-3.3%

+16.8%

+9.1%

+19.0%

+8.5%

+5.7%

+8.7%

+20.1%

Change*

(1)

(2)

(3)

(4)

(5)


Analysis of results

In M€ 2011 2010* 2010 2009

Europcar 234,6 242,7 242,7 213,0

Elis 192,7 180,0 180,0 170,9

APCOA 40,9 32,6 32,6 36,6

Eurazeo PME 21,7 19,0 - -

B&B Hotels - - 12,5 27,4

ANF Immobilier 69,1 52,3 44,6 36,7

Adjusted EBIT (1) 559,0 526,7 512,4 484,6

Net cost of financial debt (2) -507,3 -484,0 -475,8 -463,3

Adjusted EBIT (1) net cost of debt 51,6 42,7 36,6 21,3

Earnings for equity affiliates 73,7 14,9 6,4 -39,4

Cost of net financial debt Accor/edenred (LH19) (3) -35,7 -36,0 -36,0 -41,0

Results for companies consolidated by the equity method, net cost of debt 38,0 -21,2 -29,6 -80,4

Contribution of companies net cost of debt 89,6 21,5 7,0 -59,2

Change in value of investment properties 41,0 35,9 32,7 -70,5

Capital gains or losses 36,5 370,8 370,8 217,6

Revenues of holding sector 64,1 32,4 32,4 44,4

Net cost of financial debt of holding sector (3) -53,8 -45,9 -45,9 -38,3

Operating costs of holding sector -41,2 -44,5 -44,5 -44,3

Change from derivatives (rates and shares) -1,2 2,1 2,1 -74,6

Other incomes and expenses -45,6 -98,1 -109,9 -99,1

Income tax -29,8 -3,4 -4,0 107,8

Income before depreciation and amortization (4) 59,5 270,9 240,8 -16,1

Group share 23,9 264,9 244,4 31,1

Minorities share 35,6 6,0 -3,6 -47,2 Depreciation and amortization -142,9 -161,9 -160,4 -302,6

Consolidated income IFRS -83,5 109,0 80,4 -318,7

Group share -97,5 134,6 115,0 -199,3

Minorities share 14,1 -25,5 -34,6 -119,4

(*) 2010 pro forma: deconsolidation of B&B hotels as of January 1, 2010 and consolidation of Eurazeo PME, Foncia and Moncler. (1) Before changes in fair value adjustments of investment properties, depreciation and amortization of intangibles, securities available for sale and equity affiliates

as well as amortization of allocated goodwill. (2) Excluding impact from derivatives and one-off effects related to early refinancing of Europcar debt for €42.0m in 2010 (3) Excluding impact from derivatives. (4) Before depreciation and amortization of intangibles, securities available for sale and equity affiliates

as well as amortization of allocated goodwill. - 32 -


Strong increase in companies’ results

In €m 2011 2010* Change

Adjusted EBIT of group consolidated companies 559.0 526.7 +6.1%

Net cost of financial debt of group consolidated companies (507.3) (484.0) +4.8%

Results for companies consolidated by the equity method, net cost of debt 38.0 (21.2) NS

Contribution of companies net cost of debt 89.6 21.5 316.7%

Change in value of investment properties 41.0 35.9 +14.2%

Capital gains or losses 36.5 370.8 (90.2%)

Net cost of financial debt of holding sector, operating costs and taxes (107.6) (157.3) (31.6%)

Income before depreciation and amortization 59.5 270.9

Income before depreciation and amortization – group share 23.9 264.9

Depreciation and amortization (142.9) (161.9)

Net consolidated income IFRS (83.5) 109.0

Net consolidated income IFRS Group share (97.5) 134.6

* Pro forma

>x4

- 33 -


Capital gains realized

(in €m) FY 2011 FY 2010 %

Realized capital gains / losses 36.5 370.8 NS

Incl.:

LT Participations / Ipsos 35.9

Danone - 292.3

B&B Hotels - 75.2

- 34 -


Depreciation and amortization

(in €m) FY 2011 FY 2010 %

Depreciation and amortization -142.9 -161.9 -11.7%

Incl.:

Amortization on APCOA commercial contracts -7.1 -37.5

Amortization on Elis commercial contracts -60.3 -58.1

Amortization on Eurazeo PME commercial contracts -1.8 -2.2

Depreciation on APCOA goodwill -6.2 -1.8

Depreciation on Europcar goodwill -40.6 -53.8

Depreciation on Elis goodwill -33.0 -

Depreciation Sirti - -0.4

Depreciation Intercos - -29.9

Depreciation Fraikin -5.5

Depreciation Colyzeo and Colyzeo 2 -12.3 -11.8

Taxes 23.8 33.7

Non

recurring

- 35 -


2.2x

Rexel

Moncler

Foncia

Europcar

Elis

Edenred

APCOA

ANF

Accor

Net debt as of December 31, 2011

NET DEBT*1 (€m) 2010

2011 LEVERAGE1,2

(*) End of period debt (1) Accor: excluding discontinued operations (Edenred, demerged during the period, and Groupe Lucien Barrière and the Onboard Train Services business,

reclassified in discontinued operations in accordance with IFRS 5). Ratio S&P – FFO/Net debt including fixed leasing. Europcar: including leasings (2) Edenred: Ratio S&P – FFO/Net debt (3) Net debt at closing (July 26, 2011) ANF: LTV ratio Europcar : leverage calculated as Net debt including leasings/EBITDA APCOA, Elis, Foncia, Rexel: net debt / EBITDA

2,078.2

272

377.8

2,904.9

1,933.9

-74

642.5

482.3

226

2,273.3

387.9

3,004.6

1,919.8

25

608.2

459.8

730

Rexel

Moncler

Foncia

Europcar

Elis

Edenred

APCOA

ANF

Accor

%/pt

+5.6pts

+0.0pts

+36pts

-0.3x

-0.0x

-0.8x

-69.0%

+4.8%

+5.6%

NS

+0.7%

-8.6%

20.1%

25.7%

29.2%

29.2%

11.9x

10.6x

3.2x

2.4x

4.5x

4.5x

5.5x

5.2x

- 36 -

-3.3%

93%

57%

-1.4x

-0.4x 4.3x -2.6%

n.a

4.7x

n.a

(3)

Change ‘2011/2010’


A solid financial situation

- 37 -

909

138 218

• No structural debt at Eurazeo level

• Successful refinancing of the revolving credit line of €1bn (80bp margin)

• Consolidated leverage*: 2.5x

(In €m)

(102)

(89)

(67) 90

(581)

(22)

140 (61)

Dividends received

Dividends paid

Reimbursement of Immobilière Bingen’s debt Financial

costs

Investment in Moncler, Foncia, Fonroche, 3S

and Eurazeo PME, net of sale of LT (Ipsos)

Others Partial sale

of Rexel

Others

Dec.31,2010 March 8, 2012 Dec.31,2011

(*) Consolidated leverage = (consolidated net debt – value of assets which do not contribute to adjusted consolidated EBITDA) / adjusted consolidated EBITDA; Corporate debt and Corporate EBITDA for Europcar


Group companies’ acquisition debt maturities*

- 38 -

(*) Excluding Eurazeo PME’s debts and Europcar fleet debt. Excluding accrued interests. Europcar: excluding leasings. Europcar fleet debt: 2012 = €459m (UK) ; 2013 = €39m (RCF) ; 2014 = €495m (SARF) ; 2017 = €350m (Fleet HY)

(**) Debt related to Station Casinos

HY €425m

€110m**

2013

Senior A € 533m

Revolving €31m

€644m

Senior B €365m

€560m

Senior C €365m

Mezz Senior €259m

Mezz Junior €348m

HY €400m

2018 2017 2016 2015 2014

LH19 (Accor/Edenred)

Europcar Corporate debt

Elis

Eurazeo

APCOA


Increased return to shareholders

- 39 -

38 45 45 57 63 63 64 67 76

293 64

2004 2005 2006 2007 2008 2009 2010 2011 2012

Special dividend (cash)

Special dividend (ANF Immobilier shares)

Ordinary dividend CAGR of 9% over 8 years (in €m)

(in €m) FY 2011 FY 2010

Company Shareholders’equity 3,529 3,494

Company result 49.3 65.5

Dividend for FY 2011

- FY 2011 dividend: €1.20 / share

Bonus share

- 1 for 20


Net Asset Value as of December 31, 2011

- 40 -

% held Nb shares price

(€)

NAV as of Dec 31, 2011

(M€)

With ANF at its NAV @

42.2 €

Private Equity 1,733.1

Listed Private Equity 995.0

Rexel 21.5% 57,923,503 12.59 729 .2

Accor 8.9% 20,101,821 19.14 384.7

Edenred 8.9% 20,101,821 18.72 376.2

Accor/Edenred net debt -495.2

Accor/Edenred net* (1) 20,101,821 265.8

Real Estate 475.2 685.4

ANF Immobilier 51.6% 14,337,178 27.54 394.9 605.0

Colyzeo and Colyzeo 2 (1) 80.3

Other list assets

Danone (pledged EB) 2.6% 16,433,370 42.60 700.0

Danone debt (EB) -700.0

Danone net* 0.0

Other assets 16.0

Eurazeo Partners -0.2

Others (SFGI, ...) 16.3

Cash 138.0

Non-affected debt -110.3

Tax on unrealized capital gains and tax assets -70.2 -111.4

Treasury shares 3.6% 2,260,117 61.2

Total value of assets after tax 3,238.0 3,406.9

NAV per share 51.3 54.0

Number of shares 63,143,126 63,143,126

(*) Net of allocated debt (1) Accor/Edenred shares held indirectly through Colyzeo funds are included on the line for these funds.


Net Asset Value as of March 31, 2012 (unaudited)

- 41 -

% held Nb shares price

(€)

NAV as of March 31, 2012

(M€)

With ANF at its NAV @

42.2 €

Private Equity 1,770.2

Listed Private Equity 1,257.9

Rexel 18.1% 48,790,605 16.16 788.5

Accor 8.9% 20,101,821 26.39 530.4

Edenred 8.9% 20,101,821 21.59 434.0

Accor/Edenred net debt -495.0

Accor/Edenred net* (1) 20,101,821 469.4

Real Estate 532.0 688.3

ANF Immobilier 51.6% 14,337,178 31.3 448.7 605.0

Colyzeo and Colyzeo 2 (1) 83.3

Other listed assets

Danone (pledged EB) 2.6% 16,433,370 42.60 700.0

Danone debt (EB) -700.0

Danone net* 0.0

Other assets 18.2

Eurazeo Partners 1.3

Others (SFGI...) 16.9

Cash 209.2

Non-affected debt -110.3

Tax on unrealized capital gains and tax assets -80.7 -111.4

Treasury shares 3.4% 2,137,131 76.1

Total value of assets after tax 3,672.6 3,798.3

NAV per share 58.2 60.2

Number of shares 63,145,348 63,145,348

(*) Net of allocated debt (1) Accor/Edenred shares held indirectly through Colyzeo

funds are included on the line for these funds.


Appendices including Group Companies’ detailed information

- 42 -


Appendix contents

- 43 -

Page

Group companies’ detailed information

– Accor 44

– ANF Immobilier 47

– APCOA 52

– Edenred 60

– Elis 63

– Europcar 67

– Foncia 78

– Moncler 86

– Rexel 101

– Fraikin 108

– Intercos 111

– Gruppo Banca Leonardo 113

– Eurazeo Croissance 117

– Eurazeo PME 124

2012 Financial agenda 138


Record Expansion: 38,700 rooms opened (318 hotels)

Record achievements:

sales up 5.2% like-for-like to €6.1bn

drop-through at 56%(1)

sharp increase in EBIT up 32.6% like-for-like to €530m

Very active asset management program in line

with target at the end of February 2012 and a sound

financial position

Dividend per share up to 1.15 euro

ECONOMIC INTEREST

8.9% EQUITY METHOD

- 44 -

(1) Excluding Egypt and Ivory Coast


2011 highlights

2011 revenues up 5.2% like-for-like increase, including 3.7% growth in the 4th Quarter - Upscale and Midscale Hotels: up 5.0% like-for-like, with 3.1% growth in the 4th Quarter

- Economy Hotels (excl. the US): up 6.3% like-for-like, with 4.8% growth in the 4th Quarter

- Economy Hotels in the US: up 4.3% like-for-like, with 4.5% growth in the 4th Quarter

Strong growth in profitability, all targets achieved, drop-through at its record - Strong growth in EBITDAR margin, up +1.2 pts like-for-like, at 31.5%, thanks to 56% flow through ratio(1)

- EBIT up +32.6% like-for-like to €530m (€446m in 2010), and EBIT margin up +2.0 pts like-for-like to 8.7% of revenue

Above development targets: record 38,700 newly opened rooms, almost entirely Asset Light - (i) above target (35 k openings), (ii) Asset Light at 95% (o/w 15,500 in franchise, especially for Mercure)

Net debt reduced to €226m (-€504m) thanks to strong free cash flow and successful asset disposal - In line with €1.2bn asset disposal target for 2011-2012, Accor refinanced 129 hotels in 2011, reducing adjusted

net debt by €533m; 8 new disposals for an adjusted net debt impact of €119m already done in 2012

Strategy refocus thanks to: (i) 100% on hospitality (disposals of Groupe Lucien Barrière and Lenôtre) (ii) Revitalization of the Brand Portfolio (Ibis megabrand) (iii) Change of speed in Motel 6 restructuring Positive outlook for 2012: no major sign of concern and strong catalysts for growth in many key markets

- 45 -

(1) Excluding Egypt and Ivory Coast


Financials

January – December (€m) 2011 2010 Reported

change

Comparable

change

Revenue 6,100 5,948 +2.5% +5.2%

EBITDAR

% margin

1,923

31.5%

1,814

30.5% +6.0% +9.3%

EBIT

% margin

530

8.7%

446

7.5% +18.8% +32.6%

Net debt 226 730 -69.0%

IFRS

- 46 -


Operating income up sharply

New acquisitions in Lyons and Bordeaux

and further divestments

Solid financing capacity

2016-rents guidance raised

to more than €120m

ECONOMIC INTEREST

51.6%* FULLY CONSOLIDATED

- 47 -

(*) 52.2% as of December 31, 2011, restated for treasury shares


2011 highlights

2011 Gross Rental Income = €83.6m, of which Recurring GRI= €75.7m - Printemps lease renewed: Rent x6 €2.4m (vs. €0.4m) ; €7.8m one-off retroactive rent

- EBITDA= €69.6m, +23% (margin= 83%) ; Recurring EBITDA= €61.7m, +9%

- Cash flow= €51.8m, +33% ; +12% recurring

Appraisal= €1,650m ; +7% like-for-like – NAV = €42.2 per share (excl. FV of fin. inst.) vs. €40.3 at Dec. 2010

– Gearing remains conservative: LTV= 29%

New acquisitions in Lyons and Bordeaux – €44.2m committed investments, €13.4m already invested in 2011

Divestments: €41.5m in 2011

Proposed dividend: €1.69 per share, +10%

- 48 -


Financials

January – December (€m) 2011 2010 Reported change Comparable

change

Rents 83.58 69.13 20.9% 11.9%

City-center 42.65 36.40 17.2% 22.3%

B&B 33.10 32.74 1.1% 0.8%

Recurring EBITDA

% margin

61.73

81.5%

56.55

81.5% 9.1%

Current cash flow

Per share

43.94

1.60

39.91

1.43 12.9%

NAV 42.2 40.3

LTV 29.2% 29.2%

IFRS

- 49 -

(1)

(1) Excluding one-off impact of Printemps


Lyons

- 50 -


Marseilles

- 51 -


Solid like-for-like growth thanks to traffic recovery and pricing initiatives

Strong uplift in EBITDA margin on the back of the successful renegotiation of most underperforming contracts

Continued operational and functional improvements

ECONOMIC INTEREST

81.4% FULLY CONSOLIDATED

- 52 -


2011 highlights

- 53 -

2011 revenues of €731.0m, up 4.5% vs. 2010 in spite of the renegotiation in the UK

(+6.2% excluding renegotiated contracts)

- Strong performance of the existing portfolio(1), with rebound in all key segments (+3.8%)

- Solid commercial performance

2011 EBITDA of €60.7m, up 19.0% vs. 2010

Success of the renegotiation in the UK: strong uplift in margin

- Renegotiation of most underperforming contracts in the UK, to be rolled out in other countries

- Investment of c. €17m (€14m in 2011), <3x full year EBITDA improvement

Increase in net debt limited to 2% on a comparable basis

- Net debt as of December 31, 2011 of €643m, vs. c. €630m as of December 31, 2010 at constant

exchange rates and proforma renegotiation in the UK(2)

Continued operational and functional improvements

- Reorganization of Germany to strengthen market position

- Optimization of contract portfolio and operating model (contract renegotiation, service level, make or buy)

- Commercial effort to accelerate new business generation: e.g. Berlin airport contract to start mid-2012

(1) Excluding new business and renegotiated contracts

(2) Pro forma investment and working capital impact due to the renegotiation


A solid like-for-like revenue growth

259

193

71 69

28

77

697731

240

192

68 67

27

77

672700

Airport City-Parking Shopping-centre

Fines/ on-street

Hospital Other Existing portfolio

Total reported

New business and

renegotiated

contracts

3428

Revenue of existing portfolio(1) by segment 2011 vs. 2010 (in €m)

2011

2010

- 54 -

Growth of existing portfolio(1) of 3.8%

- Strong rebound in cyclical segments (e.g. airport, shopping-centre)

- Stability in resilient segments (e.g. city parking, hospital)

(1) Excluding new business and renegotiated contracts

Growth % +7.9% +3.6% +0.8% +0.8% n.s. +3.8% +4.4% +4.5%

1


A strong uplift in EBITDA margin

- 55 -

+18.2%

51,0 51,3

60,7

0,3 1,9

2,8

4,6

2010 Reported

Exchange rates impact

2010 Restated

Like-for-like New business Contract renegotiation

2011

EBITDA (in €m)

+3.8% +5.6%

+9.0%

Margin %

+0.7%

7.3% 7.3% 8.3% +c.100 bps

EBITDA margin up by c.+100 bps thanks to:

- The successful renegotiation in the UK (c.+60 bps)

- A solid like-for-like and commercial performance, leveraging fixed costs (c.+40 bps)


An improving cash-flow profile

- 56 -

2012: a turning point in ability to generate cash flows while pursuing growth

608 611

630 643

3

19

2010 Reported

Exchange rates impact

2010 at constant exchange

rates

Contract renegotiation

2010 pro forma

2011

Investment

and working

capital one-

off impact

Net debt (in €m)

(1)

+2%

End of the interest swap

contract from mid-2012:

c. €15m annual cash

savings

Increased ability

to generate

cash-flows

(1) At constant exchange rates and proforma investment and working capital impact due to the renegotiation


Financials

January – December

(€m) 2011 2010

Reported

change

Change at constant

exchange rates

Revenue 731.0 699.7 +4.5% +3.7%

EBITDA

% margin

60.7

8.3%

51.0

7.3% +19.0% 18.2%

Net debt 643 (1) 608

- 57 -

(1) Vs. c. €630m as of December 31, 2010 at constant exchange rates and proforma renegotiation in the UK


Our strong know-how in the airport segment

- 58 -

APCOA is the clear #1 in the airport segment (28 airports in 7 countries)

- The lead vs. competition was extended by winning the tender for Berlin-Brandenburg International

APCOA offers individual contract approaches based on customers’ needs and embedded market-risk profiles

- APCOA is now the one and only parking manager to offer a broad service portfolio enhancing car park operations at airports (e.g. Customer Service, Equipment Control Center, Advertising, Pricing & Yield Management and market research) and has the know-how to manage the whole process chain

- APCOA successfully introduced additional new products and services, such as Valet Parking, Taxi Management and Pre-Booking / eCommerce, to gain new revenues and reduce risks by diversification

- With its international online booking platform Skyparking.com the APCOA Group demonstrates its leadership and proves its innovative power in the airport parking segment


Strategic initiatives to accelerate EBITDA growth

- 59 -

Restructure current contract

portfolio

– Renegotiate like-for-like

contracts

– Proactively approach contracts

up for renewal

Invest in core and growth

markets / divest unattractive

markets

Improvement of

existing business

Define optimal operational

service level

– Defined service level for all

locations

– Individual make-or-buy

decisions (e.g. facility

management)

Increase marketing and

sales focus with focus on

B2B and B2C customers

alike

Existing and

additional business

Improve quality of new

business

– Clear and pre-structured

portfolio strategy

– Focus segments and regions

Roll-out best practices and

know-how within countries

and across countries

– Park and control

– Taxi remote

– Airports

Generation of

additional business

NEW

1

2

3

4

5

6

Identification of 6 key levers:

MID-TERM OUTLOOK Annual EBITDA growth of +5-10%

Excess cash flow generation


Strong 2011 results

Issue volume up 9.7% like-for-like, with 20.1% growth in Latin America

EBIT up 11.2% like-for-like, operating flow-through ratio of 47% before short term digital extra costs

Funds from operations up 20.8% like-for-like

EBIT of €355m, at the high-end of the target of €340m to €360m

€74m net cash position as of December 31, 2011

Payout ratio close to 80% in 2011

ECONOMIC INTEREST

8.9% EQUITY METHOD

- 60 -


2011 highlights

- 61 -

Lfl Issue Volume France

Rest of Europe Europe

Latin America

2011 +9.7% +1.3% -0.4% +0.2% +20.1%

o/w Q1 +9.0% +2.9% -2.0% -0.3% +20.5%

o/w Q2 +10.9% +1.7% +1.3% +1.4% +21.5%

o/w Q3 +9.1% -1.3% -1.3% -1.3% +19.4%

o/w Q4 +9.8% +1.5% +0.5% +0.9% +19.1%

Issue Volume: +9.7% lfl sustained growth in 2011, continuing the trend

established in 2010, reflecting strong momentum in Latin America and

modest growth in Europe.

Europe: excluding CONSIP contract loss in Italy,

2011 lfl growth would be up +2.1%, in an environment shaped by

stable numbers of people in work.

Latin America: Strong momentum in 2011, attributable to dynamic

performances by the sales teams in a favorable economic

environment.

Issue Volume:

Operating revenue (excluding financial revenue):

Operating EBIT (excluding financial revenue):

- Up +9.9% like-for-like, operating flow-through ratio of 47% before digital extra costs

- Strong operating leverage in 2011, offsetting the short-term digital extra costs -1.4 pts effect on operating EBIT as a % of operating revenue

41% digital issue volume at 2011-end (vs. 30% in 2009), on track to meet the 50% target at 2012-end

Launch of 26 new solutions over H2 2011 and 2012 (+20% vs. 2010)

Lfl Operating revenue France

Rest of Europe Europe

Latin America

2011 +9.2% -0.9% +3.0% +1.8% +18.5%

o/w Q1 +6.6% -1.1% -1.1% -1.1% +17.4%

o/w Q2 +11.7% +0.6% +7.5% +5.3% +19.5%

o/w Q3 +10.3 +0.7% +2.8% +2.2% +18.8%

o/w Q4 +8.1 -2.8% +3.0% +1.1% +18.2%

Operating revenue +9.2% lfl in 2011, reflecting stabilized take-up rates

France: Positive trends in meal vouchers: up +3.5% lfl in Q4.

Still a difficult situation in the B2C gift segment, due to business disruption with the largest distributor FNAC (down -19.9% lfl in Q4). End of card issuance from January 1, 2012.

Rest of Europe: Better trends in core business mainly driven by first signs of stabilization in Central Europe.


Financials

January – December (€m) 2011 2010 Reported change Comparable

change

Issue Volume 15,188 13,875 +9.5% +9.7%

Operating Revenue 940 885 +6.2% +9.2%

Financial Revenue 92 80 +14.7% +15.2%

Total Revenue 1,032 965 +6.9% +9.7%

Operating EBIT

% Op. EBIT/IV

263

1.7%

248

1.8%

+6.4%

+9.9%

Total EBIT 355 328 +8.5% +11.2%

Net debt/(Net Cash) (74) 25

IFRS

- 62 -


+3.2% organic growth in 2011, record year since 2007

Growth acceleration in H2 2011

Strong growth in France, Belgium, Luxembourg, Germany and Italy, mainly driven by Hotels and Health segments

Strong commercial activity in 2011

5 acquisitions in 2011

Representing an annual turnover of ca. €20m (of which ca. €11m in Switzerland)

Sales +7.6% and EBITDA +7.1% in 2011

After the recovery in all services in 2011, 2012 will be the year of commercial success

ECONOMIC INTEREST


- 63 -


Elis is a value-added service provider of textile and

hygiene services in 4 market segments

- 64 -


2011 highlights

- 65 -

2011 Like-for-like

Sales +7.6% +3.2%

France +3.3% +3.2%

Hotels & Restaurants +7.6% • Acceleration of growth (+5.1% in H1 2011)

Industry, Trade and

Services +1.6% • Slight recovery (+1.9% in H1 2011)

Health market +4.8% • Continued growth (+3.4% in H1 2011)

International +32.0% +2.0%

• Strong organic growth in excess of 3% in Belgium, Luxembourg,

Germany and Italy

• Difficult market in Spain and Portugal since October 2011

• +3.2% lfl in H1 2011

Production +7.7% +7.9% • +5.1% lfl in H1 2011

2011 Like-for-like

EBITDA +7.1% +4.2%

Slight decrease in margin due to:

• Greater relative weight of international (margin slightly

lower than in France)

• Excluding one-off effect*: FY 2011 EBITDA: +7.6%

* Exceptionals: high 2010 due to one-off €1.2m positive impact of end of SET contract and €0.7m negative one-offs in 2011


Financials

- 66 -


change

Like-for-like

change

Revenue 1,149 1,068 +7.6% +3.2%

EBITDA

% margin

371

32.3%

347

32.5%

+7.1%

+4.2%

Net debt 1,934 1,920


INTEREST


- 67 -

Stable revenue in a competitive market environment thanks to good resilience of Europcar’s pricing policy

Stable Adjusted EBIT margin thanks to disciplined cost management

Strong cash flow generation, with €110 million Corporate Free Cash-Flow, more than twice the amount generated in 2010

New management team to accelerate transformation


Europcar ID card

- 68 -


The European leader with global reach

- 69 -


Financials

(1) Excluding acquisition-related and reorganization expenses, as well as non-recurring items, and after add-back of interest expense included in fleet operating lease rents

(2) Net debt at constant exchange rates including notional debt related to fleet operating lease agreements for €1,163m at end December 2011 (€993m at end December 2010)

(3) Pro Forma for the 2012 swap positive impact of €27.9m - 70 -

At constant exchange rates Reported

January - December (€m) 2011 2010

At 2011

exch. rates

Change 2010 Change

Revenue 1,969.2 1,975.8 -0.3% 1,973.1 -0.2%

Adjusted Corporate EBITDA

% margin

120.1(3)

6.1%

128.2

6.5%

-6.3%

128.2

6.5%

-6.3%

Adjusted Operating Income(1)

% margin

234.6

11.9%

243.1

12.3%

-3.5%

242.7

12.3%

-3.3%

Net debt(2) 2,905 3,019 -3.8% 3,005 -3.3%


Improved debt profile over the year

- 71 -

Leverage reduced during the period

- Consolidated Net debt including debt equivalent of leasings of €2,905m at end 2011 vs.

€3,019m at end 2010 at constant exchange rate (i.e. -3.8% vs. 2010)

- RCF drawings reduced from €220m in Dec. 2010 to €39m in Dec. 2011

- Total Net Debt (including leasings)/Consolidated EBITDA of 4.5x as of Dec-11

- Corporate Net Debt/Corporate EBITDA(1) of 5.0x as of Dec-11

Short-term refinancing underway

- UK fleet refinancing in advanced discussions

- RCF renegotiation processus launched

- 2013 FRNs bond refinancing options under study

- Fleet securitisation facility rating discussed with agencies

(1) Corporate EBITDA of €120,1m Pro Forma for the 2012 swap positive impact of €27.9m on 2011A Corporate EBITDA


A new management team

to accelerate Europcar’s transformation

- 72 -

Roland Keppler, CEO of Europcar Group

- Previously CEO of Europcar Germany since 2009

- 2007: CEO of TUIfly further to the merger of Hapag Lloyd with HLX

- 2005: CEO of the airline Hapag Lloyd Express / HLX – after 3 years as CFO

Jean-Charles Pauze, Chairman of Europcar’s Board

- Former CEO and Chairman of the Board of Rexel. Jean-Charles managed to return the company to growth, making it the world leader in electrical distribution and then to return to a publicly listed company

- Before that, he served as CEO of Alfa Laval Industrie, Bran & Luebbe, Clestra-Hausermann and Steelcase Strafor

Caroline Parot, Europcar Group CFO

- Group Controller at Europcar since May 2011

- Former Group Controller at Technicolor Group, and before that Technology Segment CFO at Technicolor Group/ Thomson

- Prior to that, Senior Manager Audit at Ernst & Young


Europcar’s Transformation

Today Looking forward

Challenges in IT

Focus on product

Fleet centric

Car rental company

Punctual relationship

to customers

Opportunities in digital

Focus on experience

Customer centric

Mobility player

Long-term, continued

relationship

- 73 -


Europcar’s Transformation

- 74 -

• Stop margin drain

• Review IT infrastructure

• New front-end and optimized

Online Marketing

2012 priorities

Vision 2014

ENABLING FUTURE GROWTH

• Redefined selling

proposition

• Customer focus

• Value For Money

• Mobility partner

• Digital opportunities


Key Business Drivers – Cost initiatives

- 75 -

Fleet Utilization Continuing improvement over the next years

thanks to operational excellence

Fleet Costs per unit Mix of vehicles / OEM’s / At risk

Operating Variable Costs Network optimization

Operating Fixed Costs Enhancing synergies in

support functions / Purchasing / IT

Non Fleet Working Capital DSO optimization

General term alignment

Expected Impact


Europcar’s Guidance

Today Vision 2014

Annual Sales Growth above 3%

Operational Margin Improvement

Total Net Debt Stabilization

- 76 -


Europcar’s Corporate EBITDA

Introduction of the Corporate EBITDA aggregate in Europcar’s reporting

- Better reflects Europcar’s cash generation

- Comparable with US car rental peers

- 77 -

Fleet financing costs –

Interest portion included in fleet leasing –

Non-fleet depreciation and amortization +

Adjusted Corporate EBITDA =

Adjusted Operating Income


Solid 2011 performance with +8.7% EBITDA growth

New management team

Implementation of transformation plan started 33.8% EQUITY METHOD

- 78 -

ECONOMIC INTEREST


36%

31%

16%

1% 8%

8%

French leader in residential real estate services

- Leader in residential real estate services

- 3 complementary activities:

– Lease management / rentals

#1 in France (8% market share) with

252,000 dwellings under management

– Joint property management

#1 in France (13% market share) with

1 million dwellings under management

– Property transactions

#4 with 12,000 sales agreements

signed in 2010

- A business with strong recurrent

revenues (84% of revenues)

- A network of 609 branches,

of which 577 in France

- 7,000 employees of which 6,500 in France

(1) Including renting business (95% captive)

Lease management(1)/ Rentals

Joint property

Transaction

Associated services

International

Client accounts

2010 revenue by activity

Revenue by country

92%

5%

2%

1%

France

Switzerland

Germany

Belgium

Recurring

revenue: 84%

- 79 -


New Management

- 80 -

François Davy

CEO

Jacques Lenormand

Chairman

- Previously member of the executive board

of Adecco Group Worldwide since 2007

Contributed to improved operational

performance of a large network as well as

accelerated commercial development.

- Prior to Adecco, various top management

positions at La Poste, Motorola and

Cadbury Schweppes

- Top management positions at Credit

Agricole, MMA and La Poste

Successfully initiated important

modernization and brand repositioning

projects

- Closely assisted Bridgepoint and Eurazeo

in their due diligence during acquisition

process

New management bringing significant expertise and experience

in operational improvement of networks and

commercial and marketing development


High Impact Decisions taken since closing

- 81 -

1

2

3

4

5

New

management

Appointment of François Davy as CEO

Appointment of Jacques Lenormand as Chairman

100 Day Plan Complete review of all key aspects of the company with the objective

to accelerate organic growth and improve operational efficiency through

a limited number of actionable measures

Review of loss

making activities

Detailed action plan by loss-making branch: turnaround or closure

(40 branches)

Closure of Foncia Entreprise (€1.6m loss in 2011) and Diversimmo

Tight cost

control

Strong focus on cost control (e.g. purchasing) at holding level

and in the network

New reporting

tools

Introduction of monthly reporting as well as improved reporting

capabilities

Client Accounts

Income

Renegotiation of current conditions

Significant improvement of financial conditions 6


A 360o Transformation Project

- 82 -

IT

Holding costs and structure

HR

Operational performance

Client retention

Sales business line

Innovation

Brand positioning

Network optimisation

Purchasing

A 360o

Transformation Project Accelerate organic growth whist improving operational efficiency

4

3

2

2

2

2

2

4

2

3

26 initiatives x Number of initiatives

Intense “100 Day Plan” kicked off

in September 2011

10 workstreams covering all key aspects

of the Group

Involvement of over 50 employees

to attract full support

26 projects identified

Now shifted into implementation mode

New management team and organisation

All 26 projects on trial or implementation

mode

Top Executives Convention on March 15

New marketing campaign on air

An all-out effort to set new ambition levels


Top initiatives – illustration

- 83 -

Lower gross churn • Design and implementation of a reporting tool

to identify and track dwellings at risk Client retention

Lever Initiative Objective

Improve operational

efficiency and free

up commercial

time

• Identification of the 12 most time consuming IT tasks

• Dedicated IT task force to improve those 12 items

within 6 months

IT

Improve quality

of services

• Identification and implementation of best practices

to reduce employee turnover HR

• Implementation of paperless workflows over 2012

• Payment methods

• Documents (invoices, etc.)

Operational

performance

Improve operational

efficiency and free

up commercial

time


Our ambition: create a virtuous cycle to become

the undisputed leader of the Real Estate Services market

- 84 -

New Products and services

Brand awareness and differentiation

Staff pride and retention

Client satisfaction and churn reduction

Critical size and sector “standards

driver”

From leader in size to clear

leader in quality of service


2011 key financials highlights

Sales up 2.5% to €595m

- Solid core Real Estate Services performance with +2.6% revenue growth

- Slight decrease in Sales business (-2.3% vs. 2010) due to weaker trading environment in H2 2011

- Increase in International business by +7.7% driven by positive FX effect in Switzerland

- Increase in Client Accounts Income due to higher interest rate

EBITDA up +8.7% to €87m

- Solid core Real Estate Services performance and tight cost control

Moderate leverage at 4.3x

- Net debt of €378m

- Expected to decrease thanks to strong and resilient cash flow generation (capex only c.2.5% of sales)

- 85 -

(€m) 2011A 2010A % var.

Core RRES France(1) 399.1 389.1 +2.6%

Sales Activity 88.7 90.8 -2.3%

Client Accounts Income 8.8 5.2 +70.1%

Total France 496.6 485.1 +2.4%

International 49.8 46.3 +7.7%

Other and Interco 48.7 49.0 -0.6%

Total 595.1 580.4 +2.5%

(1) Core RRES France includes: joint-property management, lease management and renting

2011 Revenue Breakdown

67%

15%

1% 9%

8%

Core Real Estate

Services France Sales

Other and interco

International

Client accounts

Recurring

revenue: 84%


2011 Financial performance

- 86 -


change

Like-for-like

change

Revenue 595.1 580.4 +2.5% -0.7%

EBITDA

% margin

87.1

14.6%

80.1

13.8% +8.7% +5.6%

Net debt 377.8 387.9* -2.6% n.a.

(*) Net debt at closing (July 26, 2011)

INVESTOR PRESENTATION - 87 -

CONTROL

45.0%

INTEREST

32.3% EQUITY METHOD

+20% sales growth for the Group Moncler, +28% for the Moncler brand

Continued retail development with 22 openings, total network of 60 stores at the end of 2011

More than doubled sales in Japan and China


The Leader in Luxury Outerwear

- 88 -

Strong heritage Iconic products for all as well as…

… attractive products in new categories

Multi Channel Expertise

Unique positioning in Luxury Outerwear


Strong Heritage

- 89 -

• A brand steeped in history and heritage

• Founded in 1952

• Rooted in the iconic « Down Jacket »


Products for all and for all occasions

- 90 -

• Balanced between

men and women

• Potential to further increase

the children segment

38% 52%

10%

Children

Men Women €364m

F Y 2 0 11 S A L E S


Selective Distribution

New York St. Moritz Shanghai

- 91 -


Innovation and New Categories

- 92 -

3%

85%

12% Apparel*

Accesories

Outerwear

78%

22% Summer- Spring

Fall- Winter

€364m

€364m

F Y 2 0 11 S A L E S

• Further growth

from accessories

and apparel

• Strong licensing

potential (glasses,

watches….)

• Develop spring

and summer

collections

(*) Apparel: Pants&Skirts, Knitwear, Cut&Sewn, Shirts


A Luxury Brand

- 93 -

Absolute relevance

of the brand

High design content

Superior quality

Top-end market price

Product scarcity

High end locations


2011 Group Moncler Financials

- 94 -

January – December (€m) 2011 2010 Reported change

Revenue 516 432 +19.5%

EBITDA

% margin

123

23.8%

102

23.6% +20.1%

Net debt 272 N.M.(1)

VERY STRONG FINANCIAL PERFORMANCE

(1) 2010 IFRS year end debt net of €143m. Dividend payment of €150m in 2011 to previous shareholders.

SALES GROWTH OF 19.5%

+28% for the Moncler Brand

EBITDA GROWTH OF 20%, WITH A SLIGHT IMPROVEMENT IN MARGIN

Acquisition multiple of 9.8x EBITDA 2011

LIMITED LEVERAGE

at 2.2x EBITDA


Strong International Growth

- 95 -

G E O G R A P H I C S A L E S M I X E V O L U T I O N 2 0 1 0- 20 11

6%

43%

34%

17%

Rest of Europe

America and RoW

Italy €284m

Asia/Japan

FY 2010 SALES

8%

34%

33%

25%

Rest of Europe

America and RoW

Italy €364m

Asia/Japan

FY 2011 SALES

+28% sales growth for Moncler,

with exceptional growth in Japan and China

More than doubled retail sales in Japan and China


Asia and Europe Key to Retail

- 96 -

• Reinforcing retail structure: new regional

CEOs in Asia, Japan and hunting in the US

9% 19%

31%

41%

Rest of Europe

America and RoW

Italy

€138m Asia/Japan

G E O G R A P H I C S A L E S M I X E V O L U T I O N 2 0 1 0 - 20 11 O F T H E R E TA I L C H A N N E L

FY 2011 RETAIL SALES

+82% in retail sales in 2011

Significant potential in Asia: from 28% of retail sales in 2010 to 41%

Hong Kong


Fast Development of Retail Network

- 97 -

S A L E S M I X E V O L U T I O N 2 0 1 0 - 2011 B Y C H A N N E L

75%

25% Retail

Wholesale

€284m

FY 2010 SALES FY 2011 SALES

22 stores openings in 2011, total network of 60 stores around the world

Further expansion in 2012 with new openings and full year impact of new stores

Launch of e-commerce platform in Q4 2011

62%

38% Retail

Wholesale

€364m


Strong Traction in Asia

- 98 -

CHINA

8 stores

6 openings in 2011

Significant untapped

potential in China

• Moncler 8 stores

in China

• Top leading luxury brands

with 20-40 stores

in China

JAPAN

14 stores

4 openings in 2011

Very strong position

in Japan

• Historical market

for Moncler

• Close to 40% like-for-like

growth in Japan in 2011


Unique positioning in Luxury Outerwear

- 99 -

MONCLER MAIN COLLECTION MONCLER GRENOBLE MONCLER GAMME ROUGE AND GAMME BLEU

• Trend-setter in outerwear

thanks to legitimacy and

continuous innovation

• Specific capsules:

Moncler S (designed by Sakai)

and Moncler R (Designed by

C. Raeburn)

• Technical ski-wear

capitalising on the history

and the know-how of the brand

• High-end collections

with famous designers:

Gamme Rouge: Giambatista Valli

Gamme Bleu: Thom Browne

• High end products…

• Offering a solid technical and innovative content

• … As a specialised outerwear player


The Sportwear Brands of the Moncler Group

- 100 -

KEY STRENGTHS

Brand heritage

in core markets

Strong potential

in Asia

KEY MARKETS

Focus on Italy,

Japan and Korea

COLLECTION

British sportswear

line inspired by

Sir Henry Cotton’s KEY STRENGTHS

Clear brand

positioning

Recently redesigned

and sharpened

image/collection

KEY MARKETS

Focus on Italy

COLLECTION

Sport chic Italian

brand of marine

wear inspiration

KEY STRENGTHS

Highest positioning

within other brands

High-end image

and distribution

KEY MARKETS

Focus on Italy,

Western Europe

and Russia

COLLECTION

Vintage/ Cult brand

KEY STRENGTHS

Brand awareness

as a fashion designer

brand (especially in

emerging markets)

KEY MARKETS

Italy, France,

Russia, China

and Middle East

COLLECTION

Sportswear line

of urban inspiration

License

Recent change in management

Exploit full potential of these brands


Solid sales growth throughout the year

Increased profitability

Strengthened financial structure ECONOMIC INTEREST

18.1%* EQUITY METHOD

- 101 -

(*) 21.5% as of December 31, 2011


2011 highlights

- 102 -

Solid sales growth throughout the year

- +5.3% in Q4 (on a constant and same-day basis)

- +6.2% in the FY (on a constant and same-day basis) Asia-Pacific

Constant and same-day sales growth FY 2011

Constant and adjusted EBITA(1) margin 2011

4.9%

5.7% 6.0%

5.7%

Q1 Q2 Q3 2011

North America

Europe

GROUP

+5.5%

+8.3%

+6.2%

+5.5%

Latin America +16.0%

Q4

6.2%

Increased profitability

- Adj. EBITA margin reached 6.2% in Q4

- Adj. EBITA margin up 70bps in the FY at an historic high of 5.7%

Strengthened financial structure

- Strong FCF before I&T at €601m in the FY

- Net debt reduced by €195m in the FY

- Net-debt-to-EBITDA ratio(2) down to 2.40x at Dec. 31, 2011 (vs. 3.19x at Dec. 31, 2010)

Strong performance above targets

(1) At comparable scope of consolidation and exchange rates and: - excluding amortization of purchase price allocation - excluding the non-recurring effect related to changes in copper-based cables price

(2) As calculated under the Senior Credit Agreement terms


Financials


change

Like-for-like and

same-day change

Revenue 12,717 11,960 +6.3% +6.2%

EBITA

% margin

720

5.7%

616

5.1% +16.8% +20.1%

Net debt 2,078 2,273

- 103 -


Sustained sales growth in Q4

+0.7%

+7.8% +11.5%

Q1 2011

vs. Q1 2009

Q2 2011

vs. Q2 2009

Q3 2011

vs. Q3 2009

Q4 2011

vs. Q4 2009

+9.7%

Solid trends in most mature markets Double-digit growth in emerging markets

2011 vs. 2010 (%) Q1 Q2 Q3 Q4 2011

Org. same-day +7.3 +6.1 +7.5 +5.3 +6.2

o/w copper impact +3.0 +2.6 +1.9 +0.1 +1.7

Excluding copper +4.3 +3.5 +5.6 +5.2 +4.5

Constant and same-day sales growth

incl. and excl. copper impact

Constant and same-day sales growth

incl. over the last 24 months

Constant and same-day growth: +5.3%

(o/w copper: +0.1% vs. +1.9% in Q3 2011)

Solid performance in Europe: +4.5 %

- Strong growth outside Southern Europe: +6.7%

- Deterioration in Southern Europe

(3.5% of total Group sales)

Strong growth in North America: +7.4%, despite a challenging base effect

- USA: +7.4% (Q4 2010 was +6.8%)

- Canada: +7.6%, despite a very challenging base

(+14.5% in Q4 2010)

Asia-Pacific: +1.7%, boosted by double-digit growth in China (+14.1%)

- China: +14.1%, driven by strong automation activity

- Australia: -2.4%, still reflecting economic slowdown

Double-digit growth in Latam: +14.7%

- 104 -


Continued improvement in profitability in Q4

5.0%

+20bps

+50bps

FY 2010 Gross margin1

improvement

Opex1

optimization

5.7%

FY 2011

Profitability at historic high

Constant and adjusted EBITA1 margin Gross margin up 60bps in Q4 and up 20bps in the FY, to 24.6%

Adj. EBITA margin up 40bps in Q4 and up 70bps in the FY to 5.7%

- Historic high in Europe at 7.6% (vs. 7.0% in Q4 2010)

- Continued recovery in North America at 5.6% (vs. 4.5% in Q4 2010)

- Solid profitability in Asia-Pacific at 5.6%

- Strong performance in Latam at 8.3%

(1) At comparable scope of consolidation and exchange rates and:

> Excluding amortization of purchase price allocation

> Excluding the non-recurring effect related to changes in copper-based cables price

- 105 -


Strong cash-flow generation and debt reduction in Q4

€2,273m

Dec. 31, 2010 Dec. 31, 2011

€2,078m 3.19 x

2.40 x

€570m

FY 2010 FY 2011

€601m

+5.5%

(1) As calculated under the Senior Credit Agreement terms

Strong FCF before I&T of €364m in Q4 and €601m in the FY

- Strict management of WCR: 10.3% at Dec. 31, 2011 (vs. 10.6% at Dec. 31, 2010)

- Limited capex: 0.8% of sales

- FCF before I&T represented 76% of EBITDA in the FY

Significant deleveraging

- Net debt reduced by €195m in the FY to €2,078m

- Net-debt-to-EBITDA ratio(1) fell to 2.40x (vs. 3.19x at Dec. 31, 2010)

Sound financial structure and strong liquidity

- 90% of gross debt financed through capital markets

- Average maturity of 3.5 years

- €1.7bn of cash and undrawn facilities at Dec. 31, 2011

Free cash-flow before interest & tax

Continued deleveraging and enhanced financial flexibility

- 106 -

Net debt and leverage ratio


Increase of Rexel free float

Placement by Ray Investment of a 11.2% stake in Rexel on March 1, 2012

- Ray Investment sold 30 million Rexel shares, representing 11.2% of Rexel’s share capital,

at a price of 15.75 euros per share (for a total amount of 472 million euros) by way of an accelerated book building to institutional shareholders

- Free float of Rexel increased from 26.8% to approximately 38%

Ray Investment remains Rexel’s main shareholder

- Following the placing, Ray Investment’s remaining stake in Rexel represents

approximately 59.6% of its share capital and voting rights

Eurazeo intends to remain an active and strongly committed shareholder and to continue to support Rexel’s development

- Following the placing, Eurazeo’s indirect interest in Rexel SA is 18.1% while

the 32.04%-interest owned in Ray Investment by Eurazeo’s 95%-owned subsidiary

Ray France Investment remains unchanged

- Eurazeo’s share of the proceeds of the Rexel shares sale is in excess

of 140 million euros.

- 107 -


Long Term rental activity still low but strong rebound in short term rental

Strong increase in profitability thanks to the continuing costs and organizational streamlining policy

ECONOMIC INTEREST

13.2% EQUITY METHOD

- 108 -


2011 highlights

Sales decrease limited to 1.4%, thanks to a balanced effect:

- Long term contract hire sales decrease by 3.7% versus 2010

- However, the commercial activity suggests an improvement in activity

in the coming months

- Short term rental sales, still very strong, increase by 11.0% versus 2010

Profitability

- Strict control over operations costs and overheads enables the company to further

improve its operational margin

- Further improvement expected in 2012 thanks to initiatives launched on purchases

and to the merger of the two French networks

- As during all the crisis, capital gains on resale of used trucks remain positive

- 109 -


Financials

January – December (€m) 2011 2010

Revenue 684 694

EBITA Rental

% of sales

111

16.2%

111

16.0%

Capital Gains 5 2

EBITA

% of sales

116

16.9%

113

16.3%

Net debt 1,137 1,100

- 110 -


ECONOMIC INTEREST

33.6% EQUITY METHOD

- 111 -

Strong product innovation and customer gains

Good performance in 2011 both for sales

and EBITDA and a record amount of orders

No evidence of 2012 slowdown Group management strengthened with a new CFO and additional second-line managers


2011 highlights

Strong performance in 2011

- Order entry in 2011 is 8.8% above prior year

- Highest revenue growth rates are in Asia (+22%)(1), Skin Care (+22%)(1) and USA (+16%)(1)

Net debt substantially in line with December 2010 pro-forma of the preferred equity injection

- Increased operating cash flows reinvested in the operations after two years of capex reduction

Growth initiatives

- Continued development of skin care globally, especially in China

- Strong product innovation: Prisma Shine is a breakthrough technology

- A new factory is planned in Brazil for 2012: 3rd cosmetic market worldwide (1st in terms of volumes) ; first step in Latin American presence

- 112 -

1. Changes at current exchange rates and before intercompany eliminations


Financials

IFRS January – December (€m) 2011(1) 2010 Change

Revenue 270.8 243.3 11.3%

EBITDA

% margin

38.5

14.2%

33.3

13.7% 15.6%

Net debt (2) 212.0 230.8 -8.1%

Average €/USD 1.39 1.33 5.0%

Year end €/USD 1.30 1.34 -3.2%

- 113 -

(1) Preliminary results

(2) (i) Dafe (majority shareholder) subscribed and paid up for €25m preferred equity in December 2010 and additional €25m in March 2011;

(ii) Interest Rate Swap fair value as of December 2011: €4.1m


ECONOMIC INTEREST

19.3%

- 114 -

Successful disposal of DNCA: €74m net profit

Strong operational improvement with net

revenues up 22% (like-for-like consolidation area)

Continued strategic focus on core businesses


2011 highlights

Strong growth in net revenues to reach €157 million

Creation of a pan-European network in Advisory business: impressive growth and almost doubling revenues in 2011, to reach €87m

Private Banking division is stable due to the market turmoil in H2: less client activity and slight decrease in Assets Under Management (-1.5%)

Continued strategic refocusing on its Private Banking and Investment Banking core businesses and successful disposal of DNCA

- Within the Wealth Management, refocus on Private Banking and disposal of Asset Management activities: in France sale of DNCA sold to TA Associates, generating a significant capital gain, and in Italy disposal of Leonardo SGR

- Disposal of other non-core activities: Research & Brokerage business was transferred to Kepler Capital Markets

- In advisory, acquisition of the full ownership of Leonardo Midcap in France and Sal Oppenheim Corporate Finance in Switzerland

€275m distribution to shareholders announced, of which €124m in dividends

- Distribution of an interim dividend of €93m (€0.30 per share / €15m for Eurazeo) in 2011, an additional €0.10 per share to be distributed in May 2012, as well as the reimbursement of capital (€29m for Eurazeo)

- 115 -


Financials

IFRS January – December (€m) 2011(1) 2010 (2) Change

Total net revenue 156.7 128.3 +22.1%

Group net profit

% margin

72.9

46.5%

18.3

14.3% +398%

Total customer financial assets 5,030 5,105 -1.5%

Total equity (3) 520.7 575.7 -9.6%

Total balance sheet 2,050 n.a. n.a.

- 116 -

(1) Preliminary results (2) Pro-forma to exclude DNCA (3) Distribution of (i) €37m dividends in May 2011 (o/w €6m for Eurazeo) , plus (ii) €93m dividend in November 2011

(o/w €15m for Eurazeo), which is an advance on 2011 results


FOCUS


Exceptional growth in 2011 thanks to projects secured in France in 2010

Very promising prospects for international expansion in PV ECONOMIC INTEREST

28.4% EQUITY METHOD

- 118 -


2011 highlights

Strong operational know-how as a PV developer in France

• 74MW developed or sold in 2011, all in time to secure the feed-in tariff

• 45MW to be operated by Fonroche at end 2011

Exceptional results: Sales multiplied by >2 and EBITDA multiplied by >4

Ability to finance solar projects

• €51m of portfolio debt for a 20MW PV greenhouses project

• €34m of project debt for 11MW of solar plants

Demonstrated capacity to export its know-how outside France

• Secured tariff for 70MW+ in Puerto Rico, Master agreement over an additional 100MW in Puerto Rico,

and 20MW in India

• Exclusive discussions for projects in Eastern Europe and in Asia

Continued efforts to develop biogas and geothermia in France

A further investment of €25m in 2011 to support the company’s growth, bringing Eurazeo’s total investment to €50m

- 119 -


Financials

(€m) 2011

(12 months)

2010

(12 months)

Revenue 250 103

EBITDA

% margin

57

23%

20

20%

- 120 -

(€m) 2011

(12 months)

2010

(12 months)

Revenue 131 49

EBITDA

% margin

22

17%

5

9%

Net debt* 104 36

Development Activity Consolidated

Note: Non audited figures. Non statutory perimeter. (*) Net debt 2011 includes €15m of convertible bonds from Eurazeo


Solid performance in H2 2011:

+9% in revenue and +30% in EBIT

Flooding situation in Thailand under control

Re-start of the production in March

Re-insourcing of part of the production in France (Nozay)

Continued initiatives to modernize the group and enhance product portfolio

ECONOMIC INTEREST


- 121 -


A niche player in the high-end optoelectronic & fiber-

based components market

3S Photonics Group business overview

– 3S Photonics Group designs high-end optical and opto-electronic components:

– transmission laser modules,

– pumps laser modules,

– optical gratings,

– dispersion compensation modules, etc.

for undersea (historical core business) and terrestrial telecom applications

for high power industrial lasers and sensors

3S Photonics Group key strengths

– Dominant market share in the undersea telecom market (historical core business)

– High-end positioning

– Proven technological and engineering expertise

– Recognized industrial know-how

Butterfly module High power pump combiner

TOSA module 980nm pumps laser module

3S Photonics Group key figures

1. Pro forma acquisition of Avensys (equity estimated figures)

1 1 June June June

€ million 20091 20101 2011

Revenue 42.8 43.0 51.0

% Growth 0.5% 18.6%

EBIT 0.8 2.3 3.8

% Margin 1.8% 5.3% 7.4%


International footprint of 3S Photonics

3S PHOTONICS

- HQ

- Development and

manufacturing chips

and undersea filters

ss marins Marcoussis

- Offices

- Sales - Marketing

Bangkok, Thaïland

- Region office

(open in October 2007)

Londres

Sales office

Boston

Sales office

Bangkok, Thaïland

OEM

Korea

OEM

Avensys Tech

- HQ

- Manufacturing

- Sales office

ITF Labs

- HQ

- Manufacturing

- Sales office

Avensys Solutions

- 5 Sales offices

- 123

-


2011 highlights

Solid performance in H2 2011, in spite of the flood in Thailand

- +9% in revenue and +30% in EBIT

– Excellent performance in Q3 with a strong increase on the terrestrial and submarine long distance transmissions segments

– Slow-down in Q4 due to the flood

Strong effort to re-start commercial production of affected products

- Re-insourcing of part of the production in France (Nozay) and new production line in Thailand

- Limited disruption of client delivery

Continued initiatives to modernize the group and enhance product portfolio

- Acquisition of Manlight in November to accelerate product diversification

- Creation of group central functions and reinforcement of the management team

Positive outlook for the remaining part of the year

- Expected rebound after the flood

- Strong pipeline in the telecom segment and promising orders in the industrial segment

- 124 -


Financials

July – December

(€m)

2011 6 months(1)

2010 6 months

Reported

change

2011 12 months(1)

Revenue 24.6 22.7 +8.6% 53.8

EBIT

% margin

1.5

6.0%

1.1

5.0% +30.1%

4.2

7.8%

Net debt 17 17

- 125 -

(1) Estimates


FOCUS


2011 highlights

Accelerating change: sales growth outside Europe

- Strong development of Groupe Dessange in the US market (50% of the worldwide market)

- Buy-back of the US master franchise in Q1 2011 and acquisition of Fantastic Sams, one of the US franchised hair salon leaders.

- Doubling the size of its franchised networks 2,000 salons, including 1,500 salons outside of France.

- Thanks to its new organization, Dessange has a strong growth ambition in North America for its own brands (with Camille Albane as a top priority) and products.

- Acquisition of the Canadian company AGS Group, Inc by FDS Group. AGS is a leading supplier of gaskets, fasteners, pipe supports and instrumentation to the Canadian market. This acquisition offers great synergies and significant growth and value

Accelerating change: investments in growth companies

- 7 new openings of restaurants for the group Léon de Bruxelles in 2011. 66 restaurants at year end. New openings planned for 2012 and 2013. Financing mainly obtained through real estate operations on the restaurants opened in 2009 and 2010.

- 127 -


Portfolio

- 128 -

(2 acquisitions closed in Jan. 2012:

FDS/AGS and Dessange/Fantastic Sams)

As of Dec. 31, 2011

€184.7m as at Dec. 31,

2011

€217.8m as at Jan. 31,

2012

As of Jan 31, 2012


Portfolio strengths

Strong recurring revenues on a resilient market:

FDS: regular replacement of gaskets ( 80% of turnover derived from maintenance)

Mors Smitt: regular replacement of relays for the international railway market and for the industry

and maritime industry

Dessange: guaranteed minimum franchise revenues

Important barriers upon importation: long certification process for new products with major principals

of the market: FDS, Mors Smitt

Very good track record over a long period: FDS, Mors Smitt, IMV Technologies

Strong and visible brand image: Léon de Bruxelles, Dessange and Camille Albane

Ability to manage developpement: Léon de Bruxelles (opening of 5 to 8 restaurants per year), FDS Group (5 strong and structuring builds up since the acquisition)

Presence all over the world with large market shares: FDS Group, IMV Technologies, Mors Smitt, Dessange

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Solid growth across the portfolio

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2011 2010

In €m Nb. of companies Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin

Majority* 6 361 57.6 16.0% 330 54.5 16.5%

Minority* 2 73 11.4 15.6% 72 12.3 17.1%

13.1

38.7

44.0

53.5

93.6

117.7

11.7

34.8

40.3

53.6

84.4

104.7

Opening of 7 new restaurants in 2011. + 3% on a comparable basis

-

+12%

+11%

+12%

+9%

Change

+11%

+3% on a proforma basis without STS Rail, a UK acquisition

+0.5% on a proforma basis without Montgolfier, a competitor acquisition (03/2011)

Stability due to the Frédéric Moreno franchise sale Stability of products’ sales

2 UK based acquisitions. + 9% on a comparable range. Mainly driven by the strong activity in maintenance programs in France and in the US and sales price increases

Revenues (€m)

Launch of leasing contracts offer 2010

2011

Dessange

Gault & Frémont

Fondis

Mors Smitt

Siem/Flexitallic

Léon de Bruxelles

(*) Investments


Léon de Bruxelles

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• Openings of 7 new owned restaurants,

for a total of 66 at the end of 2011

• Sales of the real estate of 6 restaurants

• Launch of a new restaurant in Franchise in London, opened in January 2012

• 6 million customers in 2011, in the 66 restaurants of the group

2011 Highlights

Financials • With the new openings, the level of sales

increased by +12.4% (+3.0% in a like for like basis)

• On a like for like basis, the number

of customers increased by +0.4%

and the average price / product mix by +2.6%

The French specialist in Belgian bistro (mussels/french fries)

(in €m)

2011 2010 Change

Revenues 117.7 104.7 +12.4%

ECONOMIC INTEREST

59.4%


ECONOMIC INTEREST

67.6%

Dessange International

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Financials • Stability of the turnover due to the divestiture

of Frédéric Moreno

• +1.3% of sales on a proforma basis

• Fantastic Sams 2011 revenues: €12.6m

(in €m)

2011 2010 Change

Revenues 53.5 53.6 -0.2%

• Divestiture of Frédéric Moreno brand

• Network of 715 franchisees at end of 2011. New organization

of franchise development. Good performance of in house products.

• In January 2012, acquisition of Fantastic Sams, one of the leading hair

franchisors in the USA (1,215 franchisees). Fantastic Sams will leverage

the development of Dessange’s brands in the United States.

2011 Highlights

Franchise beauty salons


ECONOMIC INTEREST

69.2% • Acquisition of two distribution networks in the UK in August

• Eurazeo PME increases its stake in the FDS Group's capital from 54% to c.75% in November

• Refinancing of the FDS Group's balance sheet (€110m unitranche bond financing) while also providing the company with additional resources to fund its external growth projects (€45m)

• In January 2012, acquisition of AGS Group, leading provider of sealing solutions (with c. CAD65m turnover in 2011) to the fast growing oil & gas industry in Canada

FDS GROUP

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Financials • Robust growth recorded in 2011, mainly driven by the strong activity in maintenance programs in France and the US

• Increased EBITDA margin in line with the group’s strategy to focus on higher value, higher margin services to clients

(in €m)

2011 2010 Change

Revenues 93.6 84.4 +11%

World leader of industrial sealing solutions

2011 Highlights


ECONOMIC INTEREST

46.7%

Mors Smitt

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• Acquisition of a UK company STS Rail to expand on UK markets.

The BR390 relay produced by STS Rail is the widest used

electromechanical relay in the world (most of the Commonwealth

and several Asian countries use this British relay).

2011 Highlights

Financials • Growth of 9.2% of the turnover

(+3.0% on a proforma basis without STS Rail)

• Refinancing of the mezzanine debt beginning of 2011

• Strong orderbook

(in €m)

2011 2010 Change

Revenues 44.0 40.3 +46%

World leader of electromechanical relays

for the international railway market


ECONOMIC INTEREST

74.2%

Gault & Frémont

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• March 3: acquisition of Montgolfier, a French company specialised in packaging for milling customers

• New contracts with industrial customers: Zannier, catering business and new agro-food industrial customers

• Successful R&D achievements with the BioFoodPack family products (cooking products)

2011 Highlights

Financials • Strong growth thanks to the acquisition of Montgolfier.

• Stability of the activity (+0.4%) on a stand alone basis.

• High pressure on raw material prices which impacted

gross margin but which should recover in 2012.

French leader of specialty packaging for the bakery and pastry

shop industry, for agro-food and large-scale distribution networks

(in €m)

2011 2010 Change

Revenues 38.7 34.8 +11.2%


Financials

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January – December (€m) 2011 2010 Reported change

Like-for-like change

Revenue 361.3 339.2 +6.5% +12.9%

EBITDA

% margin

54.1

15.0%

55.9

16.5%

-3.2%

+1.3%

Net debt 239.1 237.5 +0.6% +0.6%


A pluridisciplinary team of investment professionals

- Patrick SAYER, CEO, 54. Joined Eurazeo in May 2002 after a 20-year experience in investment banking and private equity

- Bruno KELLER, COO, 57. Joined Eurafrance and Gaz et Eaux in 1990 after a 14-year experience in audit and CFO positions

- Philippe AUDOUIN, CFO, 55. Joined Eurazeo in 2002 after a 10-year experience in financial, administrative and HR positions, including the management and monitoring of investment portfolios

- Virginie MORGON, Director of Investments, 42. Joined Eurazeo in January 2008 after

15 years in investment banking at Lazard in New York, London and Paris

- Luis MARINI-PORTUGAL, Director of Investments, 42. Joined Eurazeo’s investment team in 1999 after a 6-year experience

in M&A, leveraged finance and financial analysis at JP Morgan in London and Paris.

- Fabrice DE GAUDEMAR, Director of Investments, 38, joined Eurazeo in 2000 after an experience as project manager

for the French Ministry of Defense

Executive Board: investment and management skills

Investment Team: financial engineering

know-how and sector-specific expertise

- A team of close to 20 professionals with proven

know-how in financial engineering and sector-specific

expertise

Management and teams incentivized on value creation

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Financial Agenda

- 1st Half 2012 Revenues and Results August 29, 2012

- Q3 2012 Revenues November 9, 2012

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About us

www.eurazeo.com

Research on Eurazeo

• Alpha Value Catherine Radiguer

• Deutsche Bank Frédéric Caumon

• Exane BNP-Paribas Charles-Henri de Mortemart

• Goldman Sachs Markus Iwar

• HSBC Pierre Bosset

• JP Morgan Cazenove Christopher Brown

• Kepler Pierre Boucheny

• Oddo Christophe Chaput

• SG Patrick Jousseaume

• UBS Denis Moreau

Investor Relations contact Caroline cohen

• [email protected]

+ 33 (0)1 44 15 16 76

Eurazeo shares

• ISIN code: FR0000121121

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EUROPE 600, MSCI, NEXT 150, LPX Europe,

CAC MID&SMALL, CAC FINANCIALS

• 66,302,615 shares in circulation

• Statutory threshold declarations 1%

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