1. Alain Labat President, Chairman & CEO Alain Labat President, Chairman & CEO

2. 2 The End Game for Emerging Companies is Creating Customer Value!

3. 3 Blueprint for Successful Private M&A ä Do your diligence in courtship process ä Learn from failed acquisitions ä Leverage core competency ä Develop strategy with customer and market in mind ä Merge into a melting pot, NOT a mosaic ä Validate business and product synergy

4. 4 Winning and Losing Criteria for M&A

5. 5 M&A for Market Opportunity 1 + 1 + 1 = $1B $ 1,020M Market Analysis (Ref: Dataquest/ Sequence- Nov 2000)

6. 6 THE Synergy Factor

7. 7 End Game 1. Create Customer Value!...And Currency Will Follow! ä Target High-Growth Segments ä Build Strong Business Fundamentals