Altamir Amboise Thursday 13 September 2012 Maurice Tchenio, - PowerPoint PPT Presentation

Altamir Amboise Thursday 13 September 2012 Maurice Tchenio, Chairman and CEO of the Management Company Monique Cohen, Deputy CEO

CONTENTS  Altamir Amboise strategy and objectives  Private equity market update  First half 2012 performance and highlights  Portfolio analysis and performance of portfolio companies  Investing in Altamir Amboise  Conclusion 2

Altamir Amboise Paris-based listed private equity company; trades on the  NYSE Euronext exchange under ticker LTA Created in 1995  € 450m in Assets under Management  Legal structure: French Société en Commandite par Actions  (SCA) with limited partners (shareholders) and a general partner (Altamir Amboise Gérance) Tax regime: French Société de Capital Risque (private equity  company)  Favourable for Altamir Amboise and its shareholders  No structural debt (statutory maximum set at 10% of net assets) 3

Objectives NAV Growth and returning cash to shareholders via a dividend To grow Net Asset Value (NAV) and to out-perform the most  relevant indices (CAC Mid and Small, and LPX Europe) Provide superior shareholder returns via a dividend policy, defined as  distributing 20% of net income (based on statutory accounts) To reach a critical size of € 1Bn in assets under management in  order to: Become an essential partner to Apax Partners France and Apax Partners  LLP, thus securing the ability to optimise performance via dynamic cash management (ability to adjust commitment levels semi-annually to available cash) Grow the liquidity of LTA shares, thus attracting a broader universe of  investors and reducing the share price to NAV discount 4

Investment Strategy Clear, differentiated and proven To back fast-growing companies , diversified in terms of size  and geography French-speaking European mid-market, € 100m to € 1Bn in enterprise  value Europe (other than French-speaking countries), North America and the  larger emerging markets (China, India and Brazil), € 1Bn to € 5Bn in enterprise value Six sectors of specialisation : Technology, Telecommunications,  Media, Retail and Consumer Goods, Healthcare, Business and Financial Services LBO/Growth capital investments  Majority or lead shareholder  Ambitious value-creation objectives  Objective: multiples of 3x invested amounts 5

Altamir Amboise invests exclusively with Apax Partners In the funds managed by Apax Partners France: between  € 200m and € 280m committed to Apax France VIII In the funds managed by Apax Partners LLP: up to € 90m in  Apax VIII Occasionally, in direct co-investissement alongside the funds  managed by Apax Partners France and Apax Partners LLP 6

Apax Partners Two private equity firms, leaders in their respective markets • 40 years of experience • Performance track record • Apax Partners France Apax Partners LLP Paris-based company London-based company   100+ investment professionals in nine 20+ investment professionals, organised   by sector specialisation countries around the world, organised by sector specialisation Investments in French-speaking  European countries Investments in Europe (other than  French-speaking countries), in North America and in the larger emerging Mid-sized companies, with enterprise  markets (China, India, Brazil) values of € 100m to € 1Bn Companies with enterprise values  More than € 2.5Bn under management  between € 1 Bn and € 5 Bn Apax France VIII ( € 704m) raised in 2011  More than US$35 Bn under management  Apax VIII currently being raised with a  target of € 9 Bn 7

Apax Partners France and Apax Partners LLP share the same competitive advantages Sector expertise leads to the targeting of superior investment  opportunities Proprietary deal-flow  Limited competition in the acquisition phase, allowing for higher  returns on investment Rigorous investment processes  Value creation, strong engagement by Apax Partners teams  8

CONTENTS  Altamir Amboise strategy and objectives  Private equity market update  First half 2012 performance and highlights  Portfolio analysis and performance of portfolio companies  Investing in Altamir Amboise  Conclusion 9

M&A activity in Europe European M&A activity - annually 1200 8 000 7 000 1000 6 000 800 Value ( € bn) 5 000 Number of deals 600 4 000 3 000 400 2 000 200 1 000 0 0 2005 2006 2007 2008 2009 2010 2011 H1 2012 Total Volume 1H2012 Mid-Mkt Volume 1H2012 Total Value Mid-market Value Total Volume Mid-market Volume annualized annualized Source: MergerMarket, M&A Insider at June 2012 (Europe) * As of 30 June 2012 10 Mid-market : € 10m - € 500m

Private equity activity in Europe European private equity M&A activity - annually 300 1 600 1 400 250 1 200 200 1 000 Value ( € bn) Number of deals 150 800 600 100 400 50 200 0 0 2005 2006 2007 2008 2009 2010 2011 H1 2012 Buyout Volume 1H2012 Exit Volume 1H2012 Annualized annualized Buyout Value Exit Value Buyout Volume Exit Volume Source: MergerMarket, M&A Insider at June 2012 (Europe) * As of 30 June 2012 11 Mid-market : € 10m - € 500m

CONTENTS  Altamir Amboise strategy and objectives  Private equity market update  First half 2012 performance and highlights  Portfolio analysis and performance of portfolio companies  Investing in Altamir Amboise  Conclusion 12

First half 2012 Performance  € 32.5m in divestment proceeds , of which one was significant: Alain Afflelou ( € 30.3m to be recorded in Q3)  € 9.3m of follow-on investments (net) € 111m in cash at 30 June 2012, excluding the proceeds from  the divestment of Alain Afflelou EBITDA growth recorded by the portfolio companies: +8% in  1H 2012 as compared to 1H 2011 +3.4% increase in NAV/share compared to 31 December 2011  (+1.7% after accounting for the dividend distributed in April) 13

Investments and commitments Follow-on investments in 1H 2012 (in € millions) 122.0 108.0 96.4 12.2 18.8 71.8 63.0 21.3 17.4 Follow-on 19.5 investments 11,6 New investments 6.2 6.9 2 3 5 2 7 7 9.3 8.6 3 Number of new 3 portfolio companies 2003 2004 2005 2006 2007 2008 2009 2010 2011 1H12 14

Investments and commitments € 9.3m invested and committed in 1H 2012 No new investments in the first half of the year   € 14.6m of follow-on investments (gross) Acquisition by Codilink (the company that holds Numericable  Belgium/Luxembourg) of 40% of the second largest cable operator in Portugal Unilabs (several “build - up” investments), GFI Informatique and DBV  Technologies € 3.2m committed in Financière Hélios/Séchilienne-Sidec to renegotiate  holding company Financière Hélios ’ bank debt Collateral reimbursement of € 5.3m , due to the increase in Altran’s share  price increase during the first half of the year 15

Divestments Divestiture of Afflelou in 1H 2012 (in € millions) 188.7 117.3 *Including the 109.4 divestiture of Afflelou ( € 30.3m) and of Arkadin ( € 1m), negotiated in 1H and closed in Q3 69.1 48.2 41.3 38.5 32.5* 29.0 25.0 19.4 19.9* 9.2 8.7 7.2 4.3 1.8 1.6 2004 2005 2006 2007 2008 2009 2010 2011 1H12 Proceeds from divestments and related revenue (interest and dividends) Capital gain compared to historical cost, including related revenue 16

3.4% increase in NAV/share at 30 June 2012 Attributable to positive performances by portfolio companies 15.14 Excluding impact of € 0.20 13.92 +3.4% dividend 12.51 12.10 11.59 12.31 11.03 10.42 9.80 8.57 30 June 2010 2012 2006 2008 2009 2011 2004 2005 2007 (at 31/12/N, in euros, share attributable to limited partners holding ordinary shares) 17

Change in NAV: Portfolio valuation multiple A 10% increase in the multiple compared to YE 2011 Average multiples of "LBO/Growth" companies weighted by the amounts invested by the Apax funds Date 31/12/07 31/12/08 31/12/09 31/12/10 31/12/11 30/06/12 Sample (a) (16) (21) (20) (19) (16) (14) Average Valuation 9.86 7.66 9.54 8.60 7.82 8.58 Multiple (b) (a) Number of « LBO/Growth» companies that make up the sample (b) Enterprise Value / LTM Ebitda 18

Change in the debt of the LBO/Growth Portfolio Reasonable level of leverage Debt Multiple (Total net debt / LTM Ebitda) :  Date 31/12/2008 31/12/2009 31/12/2010 31/12/2011 30/06/2012 Sample (# companies) (16) (15) (21) (21) (18) Debt multiple 4.1 4.6 4.0 3.8 3.6 of which : - LBO Debt 3.1 3.2 3.0 2.5 2.2 - Operating Debt 1.0 1.4 1.3 1.3 1.0 Schedule :  Amortisable Debt (tranche A) : 25% of LBO debt (75% bullet)  Maturities 2H 2012- 1H 2015 : 27% of LBO debt  19

Valuation and debt multiples Make-up of portfolio by valuation multiple Valuation multiples (EV/EBITDA ) Number of 2 3 2 4 3 companies 37% 26% % of LBO/Growth 22% portfolio at fair value 9% 7% <6x 6x - 8x 8 - 9x 9x - 10x 10x to 14x Make-Up of portfolio by level of leverage Debt Multiples (Net Debt /LTM EBITDA) Number of 6 2 2 3 2 companies 43% % of LBO/Growth 24% 16% portfolio at fair value 10% 7% 0x - 2x 2x - 3x 3x - 4x 4x - 5x 5x - 6x * 15 companies, accounting for 98% of AA’s portfolio valuation 20