SIGEFI SIPAREX INGENIERIE ET FINANCE

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The Siparex Group A French Leading Independent
Private Equity Manager Specializing in
SMEs Paul THOLLY Beirut February 2009
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Strong values that have shored up the Siparex
Groupsperformances for 32 years
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Sigefi Private Equity a Management Company
which combined stable shareholders and committed
managers

• An original joint venture ? total management
  independence,
• ? sponsorship of reliable and stable
  shareholders.

SIPAREX ASSOCIÉS
SIGEFI PARTNERS
Capital - Confidence
Capital - Expertise
Limited Company SA René Zingraff,
Chairman, former Co-Managing Partner of Michelin
Group
Limited company by shares SAS Dominique
Nouvellet, Chairman, Co-Founder of the Siparex
Group and 1st shareholder

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

• Gathers the top 6 Managing Partners of the Group
  
• Benoît Métais
• Bertrand Rambaud
• Denis Rodarie (Regional Growth Capital)
• Paul-Louis Santy (Venture Capital)
• Paul Tholly (Emerging Markets)

• Its shareholders are the main shareholders of the
  Group
• Industrial and family-owned groups
• Institutional investors and credit institutions
• International investors

Growth capital Middle Market LBO

• among which
• Michelin (1 shareholder)
• Crédit Agricole Group (2 shareholder)
• Caisses dEpargne Group (3 shareholder)
• Industrial family offices from Northern France
  (4 shareholder)
• Caisse des Dépôts Consignations (5
  shareholder)
• International investors (Fortis International,
  Desjardin, )

Siparex Associés Funds' Financial Sponsor 5
10 of commitments
Siparex Management Company Limited company by
shares SAS
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Euro 850 Million under management (as of
December 2008) A comprehensive bouquet of
Private Equity offerings
Participation to Funds Management in Emerging
Markets 4.3
34M
Regional Growth Capital 9.4
79M
73mil
Growth Capital / Expansion Mid Market 70.6 France
530M South Europe 60M (Italy, Spain,
Portugal)
Venture Capital 15.8
133M
600M
146mil
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A long-term experience P.E. Technical
Partnership (1/2)

• 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

1993 Smolensk / EBRD Tunis / Tuninvest
1998 Casablanca / BMCE Capitalinvest
2008-09 Cairo / Beltone
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A strong experience in Private Equity technical
assistance (2/2)

• 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

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Consulting missions, audits and feasibility
studies for inception of Private Equity funds
Complementary missions

• 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 dAlgérie

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Euro-MENA Committee Accelerating global
networkingand value creation

• A Dedicated Process Chaired by Robert K.
  Sursock (Chairman CEO of PrimeCorp Finance SA
  (Paris), and CEO of Gazprombank-Invest Middle
  East) and Paul Tholly (Managing Partner of the
  Siparex Group), the MENA Committee will play a
  contributing role alongside the Funds managers.
• This committee will be composed of LPs,
  Entrepreneurs and some independent Experts.
• It will contribute proactively to identify
  opportunities of joint-ventures or technical
  alliances, or financings, through a cooperation
  between the committee members.
• A Clear Competitive Advantage with the aim of
  achieving higher returns for Funds shareholders.
  Siparex has a long experience with this kind of
  network as the Siparex Club was founded 20 years
  ago.
• Building a Business Development Platform by
• Introducing companies financed by the Funds
  extensively to the EUROMED region through their
  members networks
• Coordinating sector-based business meetings in
  France and Europe (Siparex Club)

MENA Middle East and North Africa
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The Siparex Groups environmentsince inception,
a wide Range of reliable and friendly
relationships
Services
Retail
Venture Capital
Expansion / LBO
NTIC
Life science
Industry
Food Industry
Growth Regional Capital
Construction
Belgium, Canada, Germany, Italy, Japan, Koweit
Luxemburg, Netherlands Portugal, Spain,
Switzerland, USA
Fund of Fund
Credit Institutions
RoW
Individuals / Family Office
Insurance Pension Funds
France
Others
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A selective investment strategy combined with a
reasonable financial structuring
Comparative ratios showing Siparex vs. the
industry over the last 3 years
30,5
Equity
5,4x
60,6
69,5
2,0x
39,4
Debt
EV / EBITDA
Net Debt / EBITDA
Gearing ratio
sources Sigefi Private Equity , SP LCD , Fitch
Ratings
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Sigefi Private Equity's entrepreneurial
positioninggenerates a significant value creation
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THANK YOU!