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

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Altamir Amboise

Thursday 13 September 2012

Maurice Tchenio, Chairman and CEO

f the Management Company

Monique Cohen, Deputy CEO

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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

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)

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Objectives

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
rder 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

NAV Growth and returning cash to shareholders via a dividend

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Investment Strategy

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

5

Clear, differentiated and proven

Objective: multiples of 3x invested amounts

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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

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Apax Partners

7

Paris-based company
20+ investment professionals, organised

by sector specialisation

Investments in French-speaking

European countries

Mid-sized companies, with enterprise

values of €100m to €1Bn

More than €2.5Bn under management
Apax France VIII (€704m) raised in 2011

Apax Partners France Apax Partners LLP

London-based company
100+ investment professionals in nine

countries around the world, organised by sector specialisation

Investments in Europe (other than

French-speaking countries), in North America and in the larger emerging markets (China, India, Brazil)

Companies with enterprise values

between €1 Bn and €5 Bn

More than US$35 Bn under management
Apax VIII currently being raised with a

target of €9 Bn

Two private equity firms, leaders in their respective markets
40 years of experience
Performance track record

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Apax Partners France and Apax Partners LLP share the same competitive advantages

Sector expertise leads to the targeting of superior investment
pportunities
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

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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

Change in the debt of the LBO/Growth Portfolio

Date Sample (# companies) 31/12/2008 (21) 31/12/2009 (21) 31/12/2010 (18) 31/12/2011 (16) 30/06/2012 (15) Debt multiple

f which :

4.1 4.6 4.0 3.8 3.6

LBO Debt

3.1 3.2 3.0 2.5 2.2

Operating Debt

1.0 1.4 1.0 1.3 1.3

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16% 10% 43% 24% 7%

0x - 2x 2x - 3x 3x - 4x 4x - 5x 5x - 6x

Valuation and debt multiples

20

7% 22% 26% 37% 9%

<6x 6x - 8x 8 - 9x 9x - 10x 10x to 14x 2 3 2 4 3 2 2 6 3 2 Valuation multiples (EV/EBITDA) Debt Multiples (Net Debt /LTM EBITDA)

Make-up of portfolio by valuation multiple

Number of companies % of LBO/Growth portfolio at fair value

Make-Up of portfolio by level of leverage

Number of companies % of LBO/Growth portfolio at fair value * 15 companies, accounting for 98% of AA’s portfolio valuation

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15% 69% 16% 1% Shares valued at cost Portfolio at Fair Value as of 31/12/2011 Shares valued at the share price of the portfolio company or of the listed operating company Shares valued at fair value, with a discount of up to 30% or at negotiated transaction price Other

Most of the portfolio is valued at market multiples

Portfolio valuation

10% 69% 20% 1%

Portfolio at Fair Value as of 31/12/2010 84% 16% Portfolio at Fair Value as

f 30/06/2012

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Conservative valuation policy

Unlisted shares :
Companies in the portfolio for more than a year: based on the

multiples of a sample of comparable companies (listed companies and recent transactions), with a discount of 30%,

Companies in the portfolio for less than a year: acquisition cost,

except for specific situations

Listed shares: at the last listed price of the period

(except for listed shares subject to lock-up, which are valued with a discount of 5% to 25%)

Altamir Amboise values its portfolio on the basis of fair value principles, in accordance with IPEV (International Private Equity Valuations organisation) guidelines

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Conservative valuation policy

Uplift of 59% between the sale price and the last valuation in our books over the 2004 to 1H 2012 period

€11 €4 €17 €26 €7 €41 €113 €28 €246 €21 €8 €27 €56 €14 €68 €166 €31 €390

50 100 150 200 250 300 350 400 2004 2005 2006 2007 2008-09 2010 2011 1H2012 2004-1H2012

(in €m)

Sales price compared with last valuation

Valuation Sale price 88% 120% 62% 117% 88% 66% 59% 47% 12%

The amounts for 1H 2012 include the divestments of Alain Afflelou and Arkadin, negotiated in 1H 2012 and closed in Q3 2012

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Consolidated Balance Sheet (IFRS)

(in € millions) 31 December 2011 30 June 2012 TOTAL NON-CURRENT ASSETS 321.4 355.6

f which portfolio investments

321.2 352.0

TOTAL CURRENT ASSETS 139.3 112.9

Of which cash and equivalents 133.6 112.6

TOTAL ASSETS 460.7 468.5 TOTAL SHAREHOLDERS EQUITY 441.8 449.4

f which net income for the year

18.8 15.0 PORTION DUE TO THE GENERAL PARTNER AND B SHAREHOLDERS 16.8 17.2 PROVISIONS 0.2 1.4 LIABILITIES 1.9 0.5 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 460.7 468.5

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Consolidated Income Statement (IFRS)

(in € thousands) 31 December 2011 30 June 2012 Change in fair value of the portfolio (25,861) 25,407 Valuation differences on disposals during the period 42,726 106 Other portfolio income 19,553 20 Income from portfolio investments 36,418 25,533 Gross operating income 23,438 17,519 Net operating income 18,106 13,972 Net income attributable to ordinary shareholders 18,775 14,987 Basic earnings per share 0.51 0.41

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Three new investments expected to take place in the third

quarter, for a total investment of more than €40m

Apax France: a transaction in the Business and Financial Services sector
Apax France: an investment in the Retail and Consumer Goods sector
Apax LLP : first investment made by the Apax VIII fund in

Canadian company Garda

One of the world’s leading Security Solutions and Cash Logistics firms
The transaction should close in Q4 2012
Distribution of an extraordinary dividend by Buy Way, allowing

Altamir Amboise to recover its entire investment in that company

Increase in Altran’s share price
At 11/9/12: +44% compared to closing share price of 30/6/12

3rd Quarter Outlook

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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

High-Quality Portfolio

21 companies*

16 companies* LBO/Growth = 99% of the portfolio at fair value 5 venture companies* = 1% of the portfolio at fair value 4 unlisted companies 1 listed company

Comprised of 21 companies at 30/6/2012 and valued at €352m

13 unlisted companies 3 listed companies

* 21 companies including Afflelou and Arkadin. The value of the portfolio without Affleleou and Arkadin would be €321m.

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17% 19% 19% 20% 25% 33% 11% 19% 15% 21% 1%

Portfolio Composition

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57% 39% 2% 1% 1%

By Sector By Vintage By Geography

A well-diversified portfolio

Business and Financial Services Technology Telecommunications Healthcare Media Retail and Consumer Goods

% of portfolio at fair value, as of 30/6/2012

2010 (2) 2008 (2) 2007 (4) 2006 and before (10) 2011 (3) France Europe Other Emerging markets USA

% of portfolio company revenues as of 30/6/2012

Year of acquisition ( and # of companies)

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4%
18%

15% 9%

6%
2%

4%

11%

18% 15% 25% 8%

25%
20%
15%
10%
5%

0% 5% 10% 15% 20% 25% 30%

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Portfolio Performance

Fast-Growing Companies

Companies comprising the CAC 40 index (excluding financial institutions)

Change in EBITDA

Altamir Amboise portfolio (LBO/Growth companies)

(Sources: results published as of 30/6/12)

2008 vs 2007 2009 vs 2008 2010 vs 2009 2011 vs 2010 Cumulative growth 1H 2012 vs 1H 2011

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Change in cumulative EBITDA by sector of 12 LBO/Growth companies

Retail and Consumer Goods +0%

3%

Technology +105% +11% Telecoms/ Media +10%

12%

Healthcare +15% 0% Business and Financial Services

Portfolio Performance

+45%

Change in Ebitda 1H 2012 / 1H 2011 Change in Ebitda 1H 2011 / 1H 2010

Change in EBITDA by sector

+5%

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21 companies at 30/06/2012 Acquisition Cost In €m Fair Value In €m % of the portfolio at fair value

Maisons du Monde 26.3 47.7 13.5% THOM Europe (Histoire d’Or-Marc Orian) 40.2 34.9 9.9% Numericable B&L 30.3 34.3 9.7% Infopro 28.2 33.9 9.6% Buy Way (Wallet) 5.5 31.2 8.9% Alain Afflelou 10.7 30.3 8.6% Capio 20.9 29.3 8.3% Séchilienne-Sidec/ Financière Hélios 48.6 22.7 6.5% Unilabs 18.5 21.9 6.2% Altrafin Participations (Altran) 53.0 20.9 5.9% Total of 10 companies 282.2 307.2 87.3%

87% of the portfolio at fair value

The 10 largest investments

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Focus on portfolio companies

Technology

European leader in innovation consulting

Return to profitable growth, cashflow generation; a clear strategy
Currently in acquisition mode
In an uncertain economic environment, Altran forecasts revenue growth in 2012

Revenue 1H 2012 (published, includes divestments) : €733m (+4.5%) Ebit 1H 2012 (published) : €55m (+14.5%) Increase in share price:+79% since 1/1/2012 (at 11/9/12) Fifth largest French IT company

Divestment of Canadian activities; strengthening of GFI’s capital structure
Acquisition of two software companies (Géosphere and Adix); intention of

acquisition document signed at the end of July with Thales

GFI management forecasts growth and improvement in profitability over the

course of the year Revenue 1H 2012 (published) : €321m (+3.8%) Ebit 1H 2012 (published) : €11m (-5.4%) Increase in share price: +26% since 1/1/2012 (at 11/9/12)

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34 Leading information and B2B services group in France

Growth in activities related to automobile data bases and the digital offering of

Infopro; less dynamism in services linked to the budgets of corporate clients

On-going growth of digitalization
Targeted acquisition strategy continued with the acquisition of Inovaxo

(software developer for tire, auto center and auto parts distribution businesses) Revenue 1H 2012 : €62.8m (+6%) EBITDA growth as compared to 2011

Media

Principal Brussels-region cable operator, which also serves 25% of the Luxembourg market

Increase in the penetration of triple-play offering; price increases
Acquisition of 40% of Portugal’s second largest cable operator (covering 20%
f portuguese households) by Codilink (holding company)

Revenue 1H 2012 : €35m (+9%) Ebitda increase compared to 2011

Focus on portfolio companies

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35 Leading home decoration and furnishing retail chain

Opening of 13 new stores over the past 12 months
Sales growth, growth in number of furniture offerings, renewal of decorative
bjects
On-going strong growth in e-commerce

Revenue 1H 2012 : €213m (+20%) EBITDA margin growth

Retail and Consumer Goods

THOM Europe: leading European jewellery retailer (540 stores: Histoire d’Or/Marc Orian/Trésor)

Full integration of the two groups accomplished
Decrease in revenue is due entirely to new concept, TrèsOr
Repositioning of TrésOr is underway

Revenue for 9 months 2011-12 (FY ends 30 Sept) : €273m (-7%) Decrease in EBITDA, driven by lower revenue

Focus on portfolio companies

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Healthcare

European leader in private hospital services

Strong performance within the context of a difficult market (pricing pressure)

due to growth delivered by acquisitions made at year-end 2011 and to management actions

Renewal of concession contract for the StGöran hospital in Stockholm (310

beds) for 2013-2021 (with the possibility to extend it through 2025) Revenue 1H 2012 : €637m (+8%) Ebitda 1H 2012 : €62m (+13%) European leader in medical laboratory services

On-going execution of external growth strategy (notably in France); several

acquisitions made

Rapid integration of acquisitions

Revenue 1H 2012 : €270m (+15%) Ebitda 1H 2012: €47m (+12%)

Focus on portfolio companies

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Business & Financial Services

One of the leading electricity suppliers in the French overseas territories

Strong growth in solar activities, strong operating performance in thermal

power stations, growth in bio-methanisation activities

Confirmation of growth objectives (excluding impact of new taxation

regulation in French territories)

Re-negotiation of Financière Hélios’ debt (reduced to €40m, extended

maturity) Revenue 1H 2012 (published) : €191m (+14%) EBITDA 1H 2012 : €65.3m (+34%) Increase in share price: +3% since 1/1/2012 (at 11/9/12) Belgian consumer credit company (credit cards and consumer loans)

Stability in credits outstanding; low refinancing cost; cost of risk under

control

Has exited personal loans business; focus on credit cards

Net Banking Income 1H 2012: €22.7m (+12%) Recurring net income 1H 2012: €6.7m (+20%)

Focus on portfolio companies

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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

Investing in Altamir Amboise

Means capitalising on:

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1 2 3 4 5 6 7 8 9

June '08 Sep '08 Dec '08 March '09 June '09 Sept '09 Dec '09 March '10 June '10 Sept '10 Dec '10 March '11 June '11 Sept '11 Dec '11 March '11 June '12 Aug '12

In €

Altamir Amboise relative share price performance

LTA CAC Mid & Small LPX Europe PI

(Base : LTA rebased to 30/06/2008)

40

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90%
80%
70%
60%
50%
40%
30%
20%
10%

0%

June '08 Sept '08 Dec '08 March '09 June' 09 Sept '09 Dec '09 March '10 June '10 Sept '10 Dec '10 March '11 June '11 Sept '11 Dec '11 March '12 June '12 Aug '12

Relative Evolution of the Discount

LTA Discount LPX Europe Discount

41

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De-constructing the discount

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3.08

In €/share

51% share price to NAV discount for LTA at 30/6/12, implying a valuation of the non-listed investment portfolio of €1.74

1.57 8.07 12.31 Share price of €5,98 = 49% of NAV

Cash Listed Portfolio at 30/6/12 Other Assets Liabilities NAV per Share Share Price and Discount at 30/6/12

Discount

51% = €6.33

Unlisted portfolio valued at €1,74 per share

0.11

0.52

Unlisted portfolio

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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

2012 Balance-of-Year Outlook

Investment

2 new investments in Q4
5 new investments overall in 2012, of which

2 will be outside of France

Divestments

1 or 2 total divestments in Q4

Value Creation

Little visibility, although portfolio company

management teams are confident they will produce positive results in 2012

Dividend Distribution

Statutory net income highly dependent on the

share price of listed portfolio companies Altran, GFI and Séchilienne-Sidec

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Conclusion

Why invest in Altamir Amboise?

A portfolio of fast-growing companies, diversified by sector

and geography

Managed by an experienced and engaged team, which holds

25% of the shares

Performance track record
Resources to seize new opportunities
Highly discounted share price

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APPENDICES

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History

1995: creation of Altamir & Cie
2006: IPO of Amboise Investissement (€119M raised) with the aim
f merging the two vehicles over the medium term
2006/2007: acceleration of the rate of investment and earlier-than-

expected convergence of the two portfolios

June 2007: Merger of Altamir and Amboise Investissement to form

Altamir Amboise

July 2007: €120m capital increase
2008: €34m capital increase via the exercise of warrants
2009: creation of the Ahau 30 private equity fund – an innovative

financing solution to strengthen Altamir Amboise’s cash balance

2012 : Scope of investment strategy broadened to invest in the global

fund managed by Apax Partners LLP (commitment to Apax VIII fund)

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Altamir Amboise’s investment mechanisms

Altamir Amboise invests in the Apax France VIII-B dedicated private

equity fund (FCPR) and no longer in co-investment with the Apax France funds

Altamir Amboise has committed to invest between €200m à €280m in

Apax France VIII-B

with the on-going ability to adjust its commitment level semi-annually

to its available cash position

for the period from 1 August 2012 through 31 January 2013, the share
f any new investment will be at the upper end of its commitment

range (€280m)  Equivalent to 40% of any new commitment taken on by the Apax France VIII fund

Since 1 January 2011

In early July 2012, Altamir Amboise committed to investing up to €90m

in the Apax VIII fund, a global fund managed by London-based Apax Partners LLP

In the Apax VIII fund, Altamir Amboise does not have the ability to

adjust its commitment level every six months

Since July 2012

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Geographic expansion in the investment focus

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To seize global growth opportunities

Portfolio

YE 2011

2016 2020

Number of companies 25 35 35 LBO/Growth Venture 17 8 35

35
Apax Partners France

Apax Partners LLP 25 15 20 15 20 % Assets Apax France Apax LLP 100% 80% 20% 66% 34% Revenue France Revenue other mkts 57% 43% 44% 56% 33% 67%

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45 Supply of capital

Worldwide long-term saving growth due to longer

life expectancy and higher average income

LPs allocating more assets to private equity, one of

the best performing asset classes over time Demand for capital

Demographic and sociological trends
Technological innovation
Changes in consumption patterns
Development of entrepreneurial spirit
Lasting impact of the crisis: disappearance of mega LBO debt

and a weakened and concentrated banking system

But the drivers of private equity remain very sound

Private equity is a cyclical business but its growth is structural

Outlook for private equity

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46 Ability to influence companies (majority or lead shareholder) Team motivation Financial optimisation Exit control

Strategy
Management
Organisation / corporate governance
Full alignment of financial interests of

managers and shareholders

Leverage
Refinancing (recap)
IPO
Trade sale
Sale to another private equity fund

Single objective: create value within a given timeframe

Private equity's outperformance drivers

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47 Liquidity Access Transparency Diversification

Liquid investment, can be bought or sold

at any moment

No minimum investment

(in contrast to traditional private equity asset class)

Listing requires frequent, detailed

reporting

Broad diversification
by region
by sector
by type of investment (LBO, growth capital, venture)

Listed private equity

Provides direct and immediate exposure to a PE portfolio

Cost

No transactions costs, management fees

lower on average than in private equity Performance

Private equity outperforms all other asset

classes over the long term Discount

Can be purchased at a discount to Net

Asset Value

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Number of shares

36,512,301

Market Cap

€241m at 11/9/12 (vs €219m at 31/12/11)

Stock exchange

NYSE Euronext Paris (compartment B)

Ticker

LTA

ISIN code

FR000005383

Principal indices

CAC Mid & Small, CAC All-Tradable, LPX Europe, LPX 50, LPX Direct, LPX Composite

Eligible for French equities

Yes

savings scheme

Stock market data

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Financial Communication

Agenda
8 November 2012 : Q3 2012 Results
Contact : investors@altamir-amboise.fr / +33 1 53 65 01 00

Further information available on our website www.altamir-amboise.fr

Altamir Amboise

Thursday 13 September 2012

Maurice Tchenio, Chairman and CEO

Monique Cohen, Deputy CEO

CONTENTS

Altamir Amboise

Objectives

NAV Growth and returning cash to shareholders via a dividend

Investment Strategy

Clear, differentiated and proven

Altamir Amboise invests exclusively with Apax Partners

Apax Partners

Apax Partners France and Apax Partners LLP share the same competitive advantages

CONTENTS

M&A activity in Europe

Private equity activity in Europe

CONTENTS

First half 2012 Performance

Investments and commitments

Follow-on investments in 1H 2012

€9.3m invested and committed in 1H 2012

Investments and commitments

Divestments

Divestiture of Afflelou in 1H 2012

Attributable to positive performances by portfolio companies

3.4% increase in NAV/share at 30 June 2012

A 10% increase in the multiple compared to YE 2011

Change in NAV: Portfolio valuation multiple

Reasonable level of leverage

Change in the debt of the LBO/Growth Portfolio

Valuation and debt multiples

Most of the portfolio is valued at market multiples

Portfolio valuation

Conservative valuation policy

Conservative valuation policy

Uplift of 59% between the sale price and the last valuation in our books over the 2004 to 1H 2012 period

Consolidated Balance Sheet (IFRS)

Consolidated Income Statement (IFRS)

3rd Quarter Outlook

CONTENTS

High-Quality Portfolio

Comprised of 21 companies at 30/6/2012 and valued at €352m

Portfolio Composition

A well-diversified portfolio

Portfolio Performance

Fast-Growing Companies

Portfolio Performance

Change in EBITDA by sector

87% of the portfolio at fair value

The 10 largest investments

Focus on portfolio companies

Technology

Media

Focus on portfolio companies

Retail and Consumer Goods

Focus on portfolio companies

Healthcare

Focus on portfolio companies

Business & Financial Services

Focus on portfolio companies

CONTENTS

Investing in Altamir Amboise

Means capitalising on:

Altamir Amboise relative share price performance

Relative Evolution of the Discount

De-constructing the discount

CONTENTS

2012 Balance-of-Year Outlook

Investment

Divestments

Value Creation

Dividend Distribution

Conclusion

Why invest in Altamir Amboise?

APPENDICES

History

Altamir Amboise’s investment mechanisms

Since 1 January 2011

Since July 2012

Geographic expansion in the investment focus