1. Confidential The Siparex Group A French Leading Independent Private Equity Manager Specializing in SMEs Paul THOLLY Beirut February 2009

2. - 2 - Confidential – February 2009 Strong values that have shored up the Siparex Group’s performances 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. - 3 - Confidential – February 2009 Gathers the top 6 Managing Partners of the Group Benoît MétaisBenoît Métais Bertrand RambaudBertrand 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 which combined stable shareholders and committed managers Growth capital Middle Market LBOSIGEFI PRIVATE EQUITY Siparex Management Company Limited company by shares [SAS] Its shareholders are the main shareholders of the Group… Industrial and family-owned groups Institutional investors and credit institutions International investors …among 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 ASSOCIÉS SIGEFI 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: 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. - 4 - Confidential – February 2009 €146mil €73mil € 34M Venture Capital 15.8% Regional Growth Capital 9.4% Participation to Funds Management in Emerging Markets 4.3% Growth Capital / Expansion Mid 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. - 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 / EBRD Tunis / Tuninvest 1998: Casablanca / BMCE Capitalinvest 2008-09 Cairo / Beltone

6. - 6 - Confidential – February 2009  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)

7. - 7 - Confidential – February 2009 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. - 8 - Confidential – February 2009 Euro-MENA* Committee: Accelerating global networking and 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. - 9 - Confidential – February 2009 Fund of Fund Individuals / Family Office Credit Institutions Others Insurance Pension Funds NTIC Life science Services Retail Industry Construction Expansion / LBO Growth Regional Capital 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. - 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 / EBITDANet Debt / EBITDA Siparex European Mid 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. - 11 - Confidential – February 2009 Sigefi Private Equity's entrepreneurial positioning generates a significant value creation Sigefi Private Equity’s positioning Growth companies Value 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 Value Creation En M€ 54,6M€ *

12. - 12 - Confidential – February 2009 THANK YOU!