BRYAN, GARNIER ASSET MANAGEMENT (BGAM) May 2012

BRYAN, GARNIER ASSET MANAGEMENT (BGAM) May 2012

Who is Bryan, Garnier & Co.? History After a long career with Goldman Sachs, Olivier Garnier de Falletans founded Bryan, Garnier & Co in 1996 with Shelby Bryan, the founder of Millicom International and former CEO of ICG Communications. Characteristics More than 130 professionals in offices in: o London - Equity Research/Sales (10); o Paris - Equity Research/Sales (40), Corporate Finance (50), Asset Management (8) and Derivatives (6); o New-York Sales (10); o New Delhi Corporate (4); and o Geneva Asset Management (3) A Leading Independent Investment Bank 2

The Equity Research Team Equity Research Team Eric le Berrigaud - Head of Equities (Sales & Research) Healthcare Eric le Berrigaud Pharmaceuticals Sébastien Malafosse Biotech, MedTech, Specialty Martial Descoutures Pharmaceuticals Mathieu Chabert Biotech, MedTech, Specialty Technology Gregory Ramirez IT Software & Services Consumer Peter Farren Branded Consumer Goods Loïc Morvan Luxury & Cosmetics Cédric Rossi Branded Consumer Goods Nikolaas Faes Beverages Bruno de la Rochebrochard Hotels/Leisure/Business Services Renewable Energy Julien Desmaretz Environmental Services/Solar/Wind Financials Olivier Pauchaut Insurance Building Materials Sven Edelfelt 3

The Corporate Finance Team 18 Transactions closed in 2011 with a value of 1bn Confirmed Sector Leadership No.1: M&A Advisory in European Technology* No.1: M&A Advisory in TMT, Healthcare, Software & Renewables in France** Increasing Exposure to Fast Growing Geographies Historically present in Europe (London, Paris & Geneva) and the US (New York); In India (New Delhi) since 2010 Majority of cross border transactions including US & Indian counterparts Comprehensive Financial Advisory Scope 9 Sell-side Transactions including 5 LBOs and 2 Structured Public M&A 3 Strategic Buy-sides 5 Public and Private Placements 1 Private Investment in Public Equity (PIPE) Source: Mergermarket YTD; (*) Transaction value < 200m; (**) Transaction value < 500m 4

Who is Bryan, Garnier Asset Management Bryan, Garnier Asset Management (BGAM) is an entity of Bryan, Garnier & Co. BGAM has offices in London, Paris and Geneva Bryan, Garnier Asset Management S.A. is regulated by the "Autorité des Marchés Financiers" (AMF) Bryan, Garnier Asset Management Ltd is regulated by the Financial Services Authority (FSA) Bryan, Garnier ( Suisse ) S.A. is a member of the VSV-ASG-SAAM (Swiss Association of Asset Managers). Bryan, Garnier Asset Management S.A. is a member of the "Association Française de la Gestion Financière" (AFG-ASFFI) 5

Bryan, Garnier Asset Management Activities 1) Managing UCITS registered investment funds 1) Management of a Maltese domiciled UCITS Platform to distribute external & internal alternative investment funds 1) Management under mandate for Private Clients 6

BRYAN, GARNIER ASSET MANAGEMENT (BGAM) TEAM

Bryan, Garnier Asset Management Team Vania Mareuse, Managing Partner Vania is a Managing Partner of BRYAN, GARNIER ASSET MANAGEMENT. Vania has previously managed the soft commodities department at international trade company, Andre and Co. Then in 2005 Vania built an association with Border et Cie to create Bordier Gestion Privée in Paris, a company approved by the AMF to focus on French investors. Vania then returned to Geneva in 2007 to devote himself to managing international investors via his management company, V.Capital. Following Vania s studies in France he graduated with an MBA of International Finance from Wharton in 1981. Alexandre Paul-Reynard, Managing Partner Alexandre is a Managing Partner of BRYAN, GARNIER ASSET MANAGEMENT. In 1989 Alexandre founded Swan Capital Management, where he remained President until 2009. In 2011, Alexandre joined the Bryan, Garnier Group as Managing Partner bringing to the group his 20 years experience of leading an asset management company. Alexandre Paul-Reynaud also has experience within several banks in France (Rothschild) and England (Credit Suisse-First Boston). Alexandre Paul-Reynaud was administrator of the management company Bordier Private Management. 8

Bryan, Garnier Asset Management Team Adriaan Klop, Fund Manager Adriaan is Fund Manager for the Bryan Garnier Credit Fund at BRYAN, GARNIER ASSET MANAGEMENT. Adriaan has an long experience in the field of alternative, bond management and actions. Before joining the group in 2006, he directed the management of the alternative investments of ABP Pension Fund in Amsterdam (eur 1 billion) and prior to that spent 10 years at CPR Alternative Investments from 1991 to 2001. Adriaan Klop was also Director of Economic Research at James Capel in Amsterdam from 1988 to 1991. Adriaan holds a Master in Economics from the University of Amsterdam and has collaborated with many institutions on economic research. Epiphanios Epi Michael Epi is Fund Manager for the Bryan Garnier Leadership Fund at BRYAN, GARNIER ASSET MANAGEMENT. Prior to joining BGAM in 2012, Epi was at StormHarbour Alternative Investments as investment analyst where he generated a multitude of top-down ideas for the fund. Before that he was a buyside analyst for five years having started as a real estate corporate finance analyst at Macquarie Capital Partners (part of Macquarie Bank in London). In 2006 he joined David Robinson of Prodigy Capital Partners as sole equity analyst for their Asia L/S Fund and acted as a junior PM assisting David with hedging the book and trading stocks during Asian hours from London. Epi graduated from Warwick University with a 2:1 Honours in Economics and went on to complete his MPhil at Cambridge University in 2004. 9

Bryan, Garnier Asset Management Team Christian Mariais, Fund Manager Christian is Fund Manager for the Bryan Garnier Exclusif Fund at BRYAN, GARNIER ASSET MANAGEMENT. Christian started his career with French broker DESACHE in 1970. Christian has held senior positions within ODDO from 1975 to 2006 including Head of Private Banking and as Fund Manager of ODDO 5000 (1980-1998). He then joined ROTHSCHILD BANK in Paris as Head of Private Banking. In 2009, after forty years of experience in asset management, Christian started the BG EXCLUSIF Fund. Bertrand Valton, Head of Private Clients Alexandre is Head of Private Clients at BRYAN, GARNIER ASSET MANAGEMENT. Bertrand has been with the Bryan, Garnier group since its foundation in 1996. He has had a variety of roles including Sales Manager from 2002 and 2005, before joining the Asset Management division as Head of Private Clients and responsible for High Net Worth Individuals and Corporate investors. Bertrand Valton is graduated from IEP Paris (EcoFi) in 1987. 10

Bryan, Garnier Asset Management Team Steve Wallace, Managing Director Steve Wallace is Managing Director of BRYAN, GARNIER ASSET MANAGEMENT Suisse and is based in London. Prior to joining, Steve was responsible for industry relations across the EMEA region, Australia and New Zealand with the CAIA Association. Before this, Steve managed client relations for several UK firms including ING Wholesale Bank and Société Générale Corporate Investment Bank. Steve commenced his investment career in Australia where he spent seven years in the Private Wealth Management sector in an investment planning & strategist capacity at firms, including the Private Bank division of National Australia Bank and AXA Australia. Steve studied Financial Planning at RMIT in Australia, is a member of the CAIA Association, a chartered member of the CISI and a member of UKSIF. 11

Bryan, Garnier Asset Managment For further information, please contact: Steve Wallace Ph: +41 22 731 32 63 Fax:+41 22 731 3243 UK Mob: +44 7990 765 084 Email: swallace@bryangarnier.com This document is based on information available to the public and other sources deemed reliable. No representation or warranty, express or implied, is or will be made in relation to, and no responsibility or reliability is or will be accepted by Bryan Garnier & Company or any of its officers, employees or advisers as to the accuracy or completeness of this document or any other written or verbal information available to the recipient or its advisers. While all reasonable care has been taken to ensure that the facts stated are accurate and the opinions given are fair and reasonable, neither we nor any of our affiliated companies nor any of our, or their directors, representatives or employees, accepts responsibility or liability for any loss or expense arising directly or indirectly from the use of this document or its or its contents. www.bryangarnier.com