BLOM-Quilvest US Opportunities Beirut, December 2nd, 2013 BLOM-Quilvest Agenda

• Who is Quilvest?

• What is Private Equity?

• What is BLOM-Quilvest US Private Equity Opportunities?

BLOM-Quilvest – Beirut, December 2nd, 2013 - 2 - BLOM-Quilvest Who is Quilvest? Quilvest is a global wealth manager and a global Organization private equity and real estate investor with more than $25 Billion under management.

Quilvest

Quilvest Wealth Management Quilvest Consulting Quilvest & Partners

Quilvest Quilvest Banque Compagnie de Banque Private Equity Real Estate Privée Privée Quilvest

$20B of AuM $5B of AuM

BLOM-Quilvest – Beirut, December 2nd, 2013 - 3 - BLOM-Quilvest Who is Quilvest? Quilvest Group has grown its Group AuM by close to 7x since 2002 (or a 19% CAGR), reaching $25B.

Quilvest Group AuM, $B

$25.0B

$3.6B

2002 Current

BLOM-Quilvest – Beirut, December 2nd, 2013 - 4 - BLOM-Quilvest Who is Quilvest? Global presence was reinforced with recent office openings Global Footprint in Europe, Asia and LatAm.

Paris London Created in 1917 Created in 2007 14 specialists in Private Equity and Real Estate 4 specialists in Private 96 specialists in Private Banking and Corporate Finance Equity Luxembourg (x2) Created in 1938 Quilvest SA listed in Luxembourg CBP based in Luxembourg 100+ specialists in Private Banking and New York Administration Created in 1950 Zurich 19 specialists in Private Opened in 2012 Created in 1932 Equity and Real Estate 75 specialists in Multi 2 specialists in Private Equity

Dubai Hong Kong Created in 2008 Opened in 2010 4 specialists in investments 4 specialists in Private Equity

Singapore Opened by CBP in 2010 13 Trust & Wealth Advisory professionals São Paulo Created in 2012 1 specialist in Montevideo (x2) Private Equity Created in 2007 2 specialists in Private Equity

13 offices in 10 countries

BLOM-Quilvest – Beirut, December 2nd, 2013 - 5 - BLOM-Quilvest Who is Quilvest? Headcount now reaches ~ 500 professionals at the Quilvest Employees level and more than 5,000 employees if we include the majority owned porfolio companies.

~500 Quilvest Group # Employees

• More than 5,000 employees if we include majority owned companies

~150 • Solid presence in senior ranking

2002 Current

BLOM-Quilvest – Beirut, December 2nd, 2013 - 6 - BLOM-Quilvest Who is Quilvest & Partners? Quilvest & Partners focuses on investments in funds Quilvest & Partners and directly in companies, always on a global basis.

Since 1972: a pioneer Quilvest & Partners

Funds Direct

Private Equity Companies Real Estate Properties

Top quartile High return investments Global Global

BLOM-Quilvest – Beirut, December 2nd, 2013 - 7 - BLOM-Quilvest Who is Quilvest & Partners? Quilvest has one of the best investment track Track Record record in the world.

(1) 10.2 ppt

19 programs over 2002-2013

• All positive returns

• All expected to yield double digit returns

Alpha over Public Markets

(1) Net IRR of all buyout programs managed by Quilvest since 2002 (assuming $1M commitment in each program) compared to IRR implied by investments in comparable public indices at the same nd - 8 - cashflow dates BLOM-Quilvest – Beirut, December 2 , 2013 BLOM-Quilvest Who is Quilvest & Partners? Quilvest & Partners has grown its assets under management AuM Growth by a remarkable 34% CAGR since 2002.

Q&P AuM, $B 5.0

4.2

3.4 3.0

2.2 2.0

1.3 0.9 0.7 0.5 0.3 0.2

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Current

BLOM-Quilvest – Beirut, December 2nd, 2013 - 9 - BLOM-Quilvest Who is Quilvest & Partners? Quilvest & Partners comprises around 400 investors, up from Investor Base a single investor a decade ago.

Q&P, # Investors (cumulative)

402 388 367 348 323 307

255 216 180

109

36 1 11 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

BLOM-Quilvest – Beirut, December 2nd, 2013 - 10 - BLOM-Quilvest Who is Quilvest & Partners? Although the core of Quilvest & Partners investor base Institutional Investors remains private investors, more than 25 blue-chip institutions have become investors in our private equity programs.

BLOM-Quilvest – Beirut, December 2nd, 2013 - 11 - BLOM-Quilvest Who is Quilvest & Partners? Quilvest remains by far the largest investor in all Quilvest & AuM Split Partners private equity investments.

Q&P AuM, $B $5.0B

Third party $3.3B

Shareholders $0.3B

28% Proprietary $1.4B

AuM Dec. 2013

BLOM-Quilvest – Beirut, December 2nd, 2013 - 12 - BLOM-Quilvest Who is Quilvest & Partners? Quilvest & Partners’ team is also a significant investor in Team Investment all of Quilvest & Partners programs.

+ Team has been investing every year $5M-$7M in all of Quilvest & Partners Products

BLOM-Quilvest – Beirut, December 2nd, 2013 - 13 - BLOM-Quilvest Who is Quilvest & Partners? Investment decisions reflect our principal investment Principal Investment approach.

My shareholders monies. My own monies: Discipline

IC process

... We are not asset gatherers. We are investors

BLOM-Quilvest – Beirut, December 2nd, 2013 - 14 - BLOM-Quilvest Who is Quilvest & Partners? Quilvest & Partners intends to continue Q&P Strategy implementing its strategy going forward…

BLOM-Quilvest – Beirut, December 2nd, 2013 - 15 - BLOM-Quilvest Who is Quilvest & Partners? … with a clear goal of maintaining its superior track Performance record.

BLOM-Quilvest – Beirut, December 2nd, 2013 - 16 - BLOM-Quilvest Agenda

• Who is Quilvest?

• What is Private Equity?

• What is BLOM-Quilvest US Private Equity Opportunities?

BLOM-Quilvest – Beirut, December 2nd, 2013 - 17 - BLOM-Quilvest What is Private Equity? Private Equity (1/2)

BLOM-Quilvest – Beirut, December 2nd, 2013 - 18 - BLOM-Quilvest What is Private Equity? Private Equity (2/2)

Investing

In the Equity

Private Companies

BLOM-Quilvest – Beirut, December 2nd, 2013 - 19 - BLOM-Quilvest What is Private Equity? Who needs Private Equity? Purpose of Private Equity

Steeve Jobs Mark Zuckerberg Thomas Edison

Business Idea / Plan / Concept

AC/DC

Private JP Morgan Dad Equity Dad Bank as a Private Investors Investor

BLOM-Quilvest – Beirut, December 2nd, 2013 - 20 - BLOM-Quilvest What is Private Equity? Yo! Sushi Case Study

Robin Rowland

39 restaurants in 2008

Growth Capital

Investors

90+ restaurants in 2013

BLOM-Quilvest – Beirut, December 2nd, 2013 - 21 - BLOM-Quilvest What is Private Equity? BBB Case Study

Kamal Hatoum

2004

2005: Hard discounting stores in Mexico 0 store / 0 employees / 0 sales

Investors

2013: 500 stores / 3,000 employees / $300M in sales

BLOM-Quilvest – Beirut, December 2nd, 2013 - 22 - BLOM-Quilvest What is Private Equity? So what is Private Equity?

A Simplified Picture

Inception Early Growth Growth Maturity

Private Capital Private Capital Banks + + + Banks Public Equities Public Equities (IPO) (secondaries offerings)

A few $K $500Bn

BLOM-Quilvest – Beirut, December 2nd, 2013 - 23 - BLOM-Quilvest What is Private Equity? The roots of Private Equity can be traced back to the Industrial Revolution. The Birth True Private Equity investments gained significance in the 1960’s, 70’s and 80’s, as a new kind of managers started setting the rules and foundations of the industry.

• Strong governance + alignment of interest + financial engineering = Improved operations, cash flow and value

Merger between Edison • Quilvest’s first and PE investment Thomson Houston • Growth of the Electric • First LBO high-yield bond market (2) (3)

(1)

1892 1917 1938 1955 1969 1970’s 1972 1976 1981 1984 1985

1890 1960 1985

(1) Launched under the name E.M. Warburg & Co (2) Launched under the name Patricof & Co (USA). Merged in 1977 with Multinational Management Group (France and UK) to form Apax (3) Launched under the name Schroder Ventures BLOM-Quilvest – Beirut, December 2nd, 2013 - 24 - BLOM-Quilvest What is Private Equity? Private Equity gained significance in the 90’s and 2000’s – The Rise not without crises and hiccups along the ride…

• Quilvest’s first royalty investment

• Bursting of • First PE investment by Bubble Calpers

2003 - 2007 • Collapse of the high- yield bond market 2001 2007 • End of first LBO boom

• Largest LBO for 2006 nearly 17 years 1996 1995 2002

• KKR permanent 1992 • Launch of the vehicle IPO 1989 - 1990 1990 QS PEP program • Blackstone IPO 1989 • Quilvest opens its 1987 platform to third party investors

1985 2007

BLOM-Quilvest – Beirut, December 2nd, 2013 - 25 - BLOM-Quilvest What is Private Equity? …to become, in the late 2000’s, a major asset A Major Asset Class class and equity provider for companies around the globe.

Key Figures, 2007

• Total of over $1 trillion global PE dry powder

• $670Bn of global buyout volume

• $250Bn of commitments to US PE partnerships

• Large PE funds become significant players in the global economy - E.g. Blackstone’s consolidated portfolio generates $94Bn of annual revenues and employs 520,000

1985 2007

Sources: Private Equity Analyst, Thomson Reuters, Preqin, Mergermarket

BLOM-Quilvest – Beirut, December 2nd, 2013 - 26 - BLOM-Quilvest What is Private Equity? The number of funds has dramatically increased. Number of Funds There were 23 funds greater than $1Bn in 1995, more (1/2) than 400 in 2012.

Private Equity Funds Greater than $1Bn

1995 2012

Apollo Investment Fund 3i Fund Integrated Infrastructure Fund Charlesbank Equity Partners VII Finvest Private Equity Fund Horsley Bridge International V M atlinPatterson Global Opportunities III Pantheon Europe Fund VI Sun Capital Securities Fund II Blackstone Capital Partners AAC Capital NEBO Fund II Barclays Private Credit Partners Charterhouse Capital Partners IX First Reserve Energy Infrastructure Fund Huntsman Gay Capital Partners M BK Partners II Pantheon Global Secondary Fund IV Swicorp Joussour Company Carlyle Partners Abbott Capital Private Equity Fund VI Barclays Private Equity European Fund III Chequers Capital XVI First Reserve Fund XII ICG European Fund 2006 M enlo Ventures X Pantheon USA Fund VIII Swiss Re Private Equity Partners IV Clayton Dubilier & Rice ABRY VI Baring Asia Private Equity Fund V Cherokee Investment Partners IV Five M ile Capital Partners II ICG Recovery Fund 2008 M etalmark Capital Partners Fund I Park Square Capital II Symphony Technology Group III Corporate Partners Actis Emerging M arkets 3 Baring Vostok Private Equity Fund IV China-ASEAN Investment Cooperation Fund Fortress Credit Opportunities Fund II IEV Capital Renewable Energy M GPA Asia Fund III Partners Group Secondary 2008 TA Atlantic & Pacific VI Cypress Merchant Banking Partners Adams Street 2009 Global Opportunities BC European Cap VIII CIC-JC Flowers Financial Assets Fortress Investment Fund V Industri Kapital 2007 Fund M GPA Europe Fund III Pathway Private Equity Fund XIX TA XI DLJ Merchant Banking Partners Adams Street US Partnership 2008 Beacon Capital Strategic Partners VI CIM IV Fortress Investment Fund V Co-Investment InSight Venture Partners VII M HR Institutional Partners III Pátria Brazilian Private Equity Fund IV Tamir Fishman Russia Fund Electra Private Equity Partners Advantage Partners Fund IV Berkshire Fund VIII Cinven IV Francisco Partners III Intermediate Capital Asia Pacific Fund 2008 M id Europa Fund III Patron Capital Partners III TCW / Crescent M ezzanine V Forstmann Little Advent Central & Eastern Europe IV Bessemer Venture Partners VIII Citadel Capital SPV Fund III Friedman Fleischer & Lowe Capital Partners III Inventages V M idOcean Partners Fund III Paul Capital Partners IX TCW Energy Fund XIV GS Capital Partners Advent Global Private Equity VI Birch Hill Equity Partners IV CITIC M ianyang Private Equity Fund Fund Invention Investment Fund II M itsubishi Corp - UFJ Securities PCCP M ezzanine Recovery Partners I TDR Capital II Hellman & Friedman Advent Latin American Fund V BlackRock Diversified Private Equity Program III Capital Partners II Gávea Investment Fund IV Investcorp Gulf Opportunity Fund I M oelis Capital Partners Co-Investment Fund IV Technology Crossover Ventures VII HSBC Private Equity Partnership Scheme AEA 2006 Investment Program Blackstone Capital Partners VI Citigroup International Growth Partnership II Genstar Capital Partners V Investcorp Private Equity 2007 M ontagu III Pine Brook Road Partners I Tennenbaum Opportunities Fund V KKR Aetos Capital Asia II Blue Ridge China Clayton Dubilier & Rice VIII GI Partners III Investindustrial Fund IV M ontagu IV Platinum Equity Capital Partners Fund II Terra Firma Capital Partners III Merchant Banking Affinity Asia Pacific Fund III Blum Strategic Partners III Clessidra Capital Partners II Global Opportunistic Fund II IREO Fund II M organ Stanley Capital Partners V Polaris Venture Partners V Terra Firma Deutsche Annington Merrill Lynch Cap App AG Capital Recovery Partners VII BM B Capital Sharia Climate Change Capital Carbon Fund II Golden Gate Capital Fund III Partners III M organ Stanley Private Equity Asia Fund III Pomona Capital VII Texas Pacific Group Partners V Capital Partners Alinda Infrastructure Fund II Bregal Fund II Code Hennessy & Simmons V Golder Thoma Cressey Rauner X J.P. M organ Digital Growth Fund M organ Stanley Private M arkets Fund IV Portfolio Thomas H Lee VI Stonington Capital Appreciation Almack M ezzanine I Bridgepoint Europe IV Coller International Partners V Golub Capital Partners V JAFCO V3 (A) M ount Kellett Fund I Portfolio Advisors Private Equity Fund VI Tiger Global Private Investment Partners VI Terra Firma Capital Partners Alpha Asia M acro Trends Fund Bridgepoint Europe IV Colony Investors VIII Goodman Australia Industrial Fund JBG Urban Natural Gas Partners IX Portfolio Advisors Secondary Fund Tower Square Capital Partners III Warburg Pincus Investors AlpInvest Partners Secondaries 2009-2010 Brookfield Americas Infrastructure Fund Colyzeo II Goodman European Logistics Fund JC Flowers III Navis Asia Fund VI Providence Equity Partners VI TowerBrook Investors III Warburg Pincus Ventures Alternative Energy Fund II Brookfield Americas Infrastructure Fund Commonfund Capital Private Equity Partners VII Gores Capital Partners III JLL Partners Fund VI NB Co-investment Partners Providence TM T Special Situations Fund TPG Asia V Welsh Carson Anderson & Stowe Altima One World Agriculture Development Fund Brookfield Brazil Fund Corsair Capital III GP Capital Partners V Jordan Resolute Fund II NB Crossroads Fund XVIII Quadrangle Capital Partners II TPG Partners VI Whitehall Street Altor Fund III Brookfield Brazil Retail Fund Court Square Capital Partners II Great Hill Equity Partners IV JPM organ US Corporate Finance IV NB Secondary Opportunities Fund II Quantum Energy Partners V TPG Star Zell / Chilmark Fund American Capital Equity I Brookfield Global Timber Fund I CPI Capital Partners Asia Pacific Green Equity Investors V JPM organ Venture Capital Investors III NCH Agribusiness Partners Quantum Resources Trident Fund V

American Securities Partners V Brookfield Special Situations Fund II CPI Capital Partners Europe Greenbriar Equity Fund II Kaupthing Capital Partners II New Enterprise Associates XIII Raffles City China Fund Trilantic Capital Partners IV

Antin Infrastructure Fund Brysam Global Partners Crestview Capital Partners II Greenfield Acquisition Partners V Kelso Investment Associates VIII New M ountain Partners III RBS Special Opportunities Fund Triton Fund III

Apax Europe VII BTG Pactual Brazil Investment I Crown European Buyout Opportunities II Greenpark International Investors III KKR Asia Fund New Silk Route PE Asia Fund Redwood Grove International Unison Capital Partners III

Apax France VII Canadian Office Fund Crown Global Secondaries II Greylock XIII KKR China Growth Fund Newbury Equity Partners II Resource Capital Fund V VantagePoint Venture Partners V APEP Dachfonds Candover 2005 CS Strategic Partners IV GS Capital Partners VI KKR European Fund III Fund VII Riverside Capital Appreciation Fund V Varde Fund X

Apollo European Principal Finance Fund Canyon-Johnson Urban Fund III Cube Infrastructure Fund GS Distressed Opportunities Fund IV KKR Fund 2006 Norwest Equity Partners IX Riverstone/Carlyle Global Energy and Power Fund IV Vector Fund IV

Apollo Investment Fund VII Capital International Private Equity Fund V CVC Capital Partners Asia Pacific III GS Infrastructure Partners II KKR M ezzanine Partners I XI Riverstone/Carlyle Renewable and Venture Lending & Leasing V Aquiline Fund Carlyle Asia Growth Partners IV CVC European Equity Partners V GS M ezzanine Partners V Kohlberg Investors VI Oak Hill Capital Partners III Roark Capital Partners II Veritas Capital Fund IV

ARA Asia Dragon Fund Carlyle Asia Partners III Cypress Grove International GS Opportunity Partners KPS Special Situations Fund III Oak Investment Partners XII Sagard Private Equity Partners II V Archer Capital Fund IV Carlyle Europe Partners III Denham Commodity Partners Fund V GS Private Equity Partners IX KRG Capital Fund IV Oaktree Power Opportunities Fund III Sageview Capital Partners Vinci Capital Partners II

Ares Corporate Opportunities Fund III Carlyle Global Financial Services Partners Diamond Castle Partners IV GS Vintage Fund V KSL Capital Partners III Oaktree Public Private Investment Program Fund SAIF Partners IV Vista Equity Fund III

Ashmore Global Special Situations Fund IV Carlyle Japan Partners II DLJ M erchant Banking Partners IV GSC European M ezzanine Partners II Landmark Equity Partners XIV OCM European Principal Opportunities Fund II Sankaty Credit Opportunities Fund IV Vitruvian Investment Partnership I Astorg V Carlyle Partners V Doughty Hanson & Co V GSO Capital Opportunities Fund LaSalle Asia Opportunity Fund III OCM M ezzanine Fund III SB Asia Investment Fund III VSS Communications Partners IV

ATP Private Equity Partners IV Carlyle Strategic Partners II Dover Street VII GSO Capital Solutions Fund Lee Equity Partners OCM Opportunities Fund VIIIB Sequoia Capital 2010 Warburg Pincus Private Equity X Audax M ezzanine Fund III Carlyle/Riverstone Global Energy and Power Fund III DRA Growth & Income Fund VII Guangdong Nuclear Power and New Levine Leichtman Capital Partners IV OCM Principal Opportunities Fund V Shanghai Financial Sector Investment Fund I Waterland Private Equity Fund V

Audax Private Equity Fund III CarVal Global Value Fund DST Global - 2 H.I.G. Bayside Debt & LBO Fund II Lexington Capital Partners VII OCM /GFI Power Opportunities Fund II Shanxi Energy Industry Investment Fund Wayzata Investment Partners II

Avenue Asia Special Situations Fund IV Catalyst Fund III Duke Street Capital VI H.I.G. Bayside Loan Opportunity Fund II Lime Rock Partners V Odyssey Investment Partners Fund IV Sheridan Production Partners II Wellspring Capital Partners V Avenue Europe Special Situations Fund Catterton Partners VI EIG Energy Fund XV Hamilton Lane Co-Investment Fund II Lindsay Goldberg - Fund III OHA Strategic Credit Fund Siguler Guff Distressed Opportunities Fund III Welsh Carson Anderson & Stowe XI

Avenue Special Situations VI Cavendish Square Partners Electra European Fund II HarbourVest International V Partnership Lion Capital Fund II Olympus Growth Fund V Silver Lake Partners III Westbourne Yield Fund

Avista Capital Partners II CCM P Asia Opportunity Fund III Elevation Partners HarbourVest Partners VIII - Buyout Littlejohn Fund IV Onex Partners III Silver Lake Sumeru Weston Presidio V

AXA Capital Europe CCM P Capital Investors II EnCap Energy Capital Fund VIII HarbourVest Partners VIII - Venture LoanCore Capital P2Brasil Silverpeak Legacy Partners III White Knight VIII

AXA Co-investment Fund III CDH China Fund IV Energy Capital Partners II Headland Private Equity Fund 6 Lone Star Fund VII Pacific Equity Partners Fund IV Southern Cross Latin America Fund IV WLR Recovery Fund IV

AXA LBO Fund IV Celero Energy Energy Industrial Investment Fund I Hellman & Friedman VII M acquarie European Infrastructure Fund III PAI Europe V Spectrum Equity Investors V Yorktown Energy Partners VIII

AXA Secondary Fund IV Centerbridge Capital Partners II EnerVest Energy Institutional Fund XII Herkules Private Equity Fund III M acquarie Infrastructure Partners II Paine & Partners Capital Fund III Starwood Global Opportunity Fund VIII Yucaipa American Alliance Fund II Bain Capital Asia Centerbridge Special Credit Partners EQT V HgCapital 6 M acquarie State Bank of India Infrastructure II Sterling Capital Partners III Yunfeng Fund

Bain Capital Europe III Cerberus Institutional Partners (Series Four) Europa Fund III Hony Capital Fund IV M adison Dearborn Capital Partners VI Pamodzi Resources Fund Summit Partners Europe Private Equity

Bain Capital Fund X CHAM P Buyout III European Strategic Partners 2006 Hony Capital RM B Fund II M agnum Capital Pamplona Capital Partners II Summit Partners Private Equity Fund VII

Bain Capital Fund X Co-investment Fund Chang Tao Bright Stone (HK) Investment Fund Exponent Private Equity Partners II Hopu USD M aster Fund I M apletree India China Fund Pangaea One Sun Capital Partners V

Sources: Preqin, TPG

BLOM-Quilvest – Beirut, December 2nd, 2013 - 27 - BLOM-Quilvest What is Private Equity? Globally, there are more than 6,000 teams/groups Number of Funds investing in Private Equity. (2/2) 3,375 477 Managers Managers 189 Managers 854 Managers 31 30 Germany 157 1

138 813

901 UK 14 Managers 5

791 282 185

Managers 265 US 84 26 63 56 Asia France 6 15 198 2 1

186

Other Europe 10 2

79

Managers 28 23

Latin America 5

Global Statistics:

Existing Managers Fundraising Managers in 2012 • Over 6,400 Managers # Funds < $1bn • 1,781 fundraising Managers in 2012: x - 1,602 < $1bn y # Funds between $1bn – $3bn - 142 between $1bn and $3bn z # Funds > $3bn - 37 > $3bn

Source: Preqin

BLOM-Quilvest – Beirut, December 2nd, 2013 - 28 - BLOM-Quilvest What is Private Equity? Private Equity has been the asset class with the Why Private Equity? highest returns over a 10-year period…

10-Year IRR – Returns by Asset Class – %

Note: As of March 31, 2013 Sources: S&P GSCI Total Returns for commodities, Dow Jones Blue Chip Hedge Fund Index for hedge funds, JPM Global Aggregate Total Return Bond Index for bonds and MSCI World Net USD for equities BLOM-Quilvest – Beirut, December 2nd, 2013 - 29 - (1) Thomson Reuters excluding venture capital BLOM-Quilvest What is Private Equity? … and has now become a key component of Target Allocation to PE global asset allocation for all categories of investors…

Target Allocation to Private Equity – % of Asset Allocation

Sources: Private Equity Growth Capital Council, Preqin, BCG, Endowment annual reports, Quilvest analysis

BLOM-Quilvest – Beirut, December 2nd, 2013 - 30 - BLOM-Quilvest What is Private Equity? … however, returns of Private Equity funds show a very High Dispersion of Returns large difference in performance between the best funds and the rest of the asset class.

10 and 15-Year Returns by Quartile – IRR %

Note: As of March 31, 2013 Sources: Thomson Reuters BLOM-Quilvest – Beirut, December 2nd, 2013 - 31 - BLOM-Quilvest Agenda

• Who is Quilvest?

• What is Private Equity?

• What is BLOM-Quilvest US Private Equity Opportunities?

BLOM-Quilvest – Beirut, December 2nd, 2013 - 32 - BLOM-Quilvest BLOM-Quilvest US PE The BLOM-Quilvest PE program is designed to offer BLOM-Quilvest PE Program access to top quartile PE managers in the US.

You

BLOM + Quilvest

Top quartile Private Equity Teams/Funds in the USA

BLOM-Quilvest – Beirut, December 2nd, 2013 - 33 - BLOM-Quilvest BLOM-Quilvest US PE Rationale

Direct deal DNA

Seasoned team Visibility and and rigorous access processes

BLOM – Quilvest PE Program

Differentiated Track record focus

Alignment of interest

BLOM-Quilvest – Beirut, December 2nd, 2013 - 34 - BLOM-Quilvest Seasoned Team Quilvest’s fund team includes 6 senior PE professionals who jointly Dedicated Fund Team form the Investment Committee and 10+ additional investment professionals across the globe.

Investment Committee Members

Fady Michel Jean-François Abouchalache Michele Kinner Le Ruyet

• CEO of Quilvest S.A. • Head of Quilvest Private Equity fund • Senior Member of QS PEP and QS • 20+ years of Private Equity, consulting investments in the US REP and experience • 30+ years of Private Equity and • McKinsey & Company • Bain and Tucker Anthony banking experience with JP Morgan, • Bain & Company • Co Founder of Delta Capital, an Royal Bank of Canada and Chase • Société Générale emerging markets focused PE fund • Smith College, Whittemore School • HEC, Columbia MBA • Wharton School, Harvard MBA, MBA Harvard MPA Other Team Members

Elan Schultz Axelle Strain H. Whit Wagner

• Managing Partner of Quilvest USA • Managing Partner Europe • 20 years as Managing Director and • 20+ years of Private Equity experience, • Direct LBO and fund investments for General Partner of TCR Laura Carella Robert Soifer • SG Partners, DLJ Merchant Banking, Quilvest in Europe • Founder of Clearbrook Advisor, a and Alvarez & Marsal • Netscalibur (Morgan Stanley PE) Private Equity advisory firm • University of Texas (Highest Honors), • Morgan Stanley M&A • , Credit and Lending Stanford MBA • Ponts et Chaussées, Harvard MBA • University of Vermont

Senior Team Members Nadim Majdalani Loeiz Lagadec

Ali Khanbhai Robyn Sacks Slutzky Thomas Vatier

• Principal • Principal • Principal • Joined Quilvest in 2007 • Joined Quilvest in 2008 • Joined Quilvest in 2005 • Fund and direct investment for Quilvest • Fund and co-investment for Quilvest in • Fund and direct investment for Quilvest in Europe the US in Europe • American Capital, Merrill Lynch • Alpinvest, DLJ/CSFB • Grégoire Le Blanc Guillaume Laboureix • Harvard, Harvard (MBA) • Richard Ivey School of Business (HBA), • ESCP Columbia (MBA) de Choisay

Note: Team members also involved in direct deal activity

BLOM-Quilvest – Beirut, December 2nd, 2013 - 35 - BLOM-Quilvest Seasoned Team The Quilvest Private Equity team includes around Extensive, Global 100 professionals of which c.50 investment Private Equity Team professionals. Fady Michel Abouchalache

• Quilvest CEO • Quilvest Private Equity CEO since 2001

Europe Investment Team(1) US Investment Team Emerging Markets Global Real Estate • Axelle Strain • Elan Schultz • Carlos Heneine • Marc Manasterski • Jean-François Le Ruyet • Howard Rimerman • Mani Saluja • Ione Permison • Ziad Joumblat • George Moore • Catherine Shih • Barry Hammerman • Ali Khanbhai • Lawrence Neubauer • Daniel Arippol • Petro Azar • Thomas Vatier • Henrik Falktoft • Lily Bui • David Israel • Loeiz Lagadec • Michele Kinner • Qingkun Guo • Nadim Majdalani • Guillaume Laboureix • Benton Cummings • Abhishek Damani • Grégoire Le Blanc de Choisay • Jay Takefman • Marta Wypusz • Robyn Sacks Slutzky • Jared Nagae • Laura Carella • Evan Ufer • Robert Soifer

Business Development(2) Operations Advisors

• Serge Rafie Switzerland: • Casper Van Der Elst • Manuel Fischer • Whit Wagner • Ali Al-Husseini • Hugh Parry • Jürgen Venter • Paul Rosaci • Jamal Al-Husseini • Stefan Bishof • Khadija Ruoss • Christine Ries • Nadine Koniski-Ziadé • Urs Frey • Puja Unia • Sébastien Bach • Emile Zakhia • Maria Teresa • Noël Melou • Marc Harfouche Rocca Luxembourg: • Anthony Vrenne • Colin Hussey • Samih Barbir • Jean-Benoît Lachaise • Andres Morrone • Wendelin Meier • Daniel Dine • Francisco de Posadas • Leanne Vogel • Eric Triestini

(1) Offices in Paris and London (2) Dedicated professionals in Dubai/Paris + c. 15 support investment professionals in France, UK, the Americas, and Hong Kong BLOM-Quilvest – Beirut, December 2nd, 2013 - 36 - BLOM-Quilvest Seasoned Team Quilvest applies a rigorous investment process, Investment Process combining both extensive top-down and bottom-up approaches.

Top-down Analysis

Macro Trends (economic, tax, sector…)

Private Equity Environment If IC approval:  portfolio of QS PEP Competitive Environment Core

Market Momentum Funds presented Monthly No go for now – to the Investment Planning Extensive   Keep in radar screen Committee Meetings to Due Diligence Forward Review Forward by Quilvest team Calendar Calendar and on selection of No go for now – Coming Managers  Keep in radar Preliminary Opportunities screen Assessment of Interest Meetings with Managers Funds Split by Strategy

Fund Universe

Bottom-up Approach

BLOM-Quilvest – Beirut, December 2nd, 2013 - 37 - BLOM-Quilvest Seasoned Team The Quilvest team regularly updates its knowledge on the Thematic Reviews various strategies in order to produce a “short list” of funds to be followed in the coming years.

Example of German(1) Mid-Market 360° Analysis

Sources of information Output

• Quilvest brief: views on the German / DACH PE mid-market 2013 – 2016

Desk research on PE press articles 65 funds (Germany, e.g. PEI, Real Switzerland, Austria) Deals, PEnews … • Pipeline of funds being raised and QS PEP Core short list 2013 – 2014 In-person meetings with 22 funds in Discussion with EVCA and Prequin placement agents PE market data Munich, Berlin, Hamburg, Frankfurt in 2012 • Full research report

Interviews of PE Macro economic professionals, other analysis FoF, McKinsey, • One-pager of funds (45 funds)

alumni etc… Strictly Confidential – Not for Quilvest Distribution Outside Quilvest is a Swiss-based investor focusing on mid-size companies in the DACH region.

History & Investors Offices and Team

• CapVis Equity Partners was founded in 1999 as the successor organization • Based in Zurich, Switzerland, a representation office in Frankfurt (Georg P. to SBC Equity Partners Helg as Chief Representative Germany) • From 1995 until the merger of UBS and SBC in • 8 partners including 3 members of the Management Committee (Rolf Friedli, 1998, SBC Equity Partners was the Private Equity investment division of Daniel Flaig and Felix Rohner) Swiss Bank Corporation • 3 partners dedicated to Germany • In 1999, the team established the Capvis I Fund and founded the • 8 investment professionals management company Capvis Equity Partners AG • Capvis’ core markets are Switzerland, Austria and Germany, and the team is based in Zurich, Switzerland Fundraising / Performance Type of Investments

• Since 1990 and as of September 2012, the firm has invested in 43 companies • Geographic focus: Germany (65%), Switzerland and Austria and has exited 35 so far (9 through initial public offerings) realizing returns of • Industry focus: Industrial (24%), Consumer (14%), Services (10%), 2.7x Coc and 33% IRR Chemicals (9%), Manufacturing (6%), Medical (6%) 5 funds raised since 1990 (1) (performance as of September 2012): • Preference for majority investments (86%) • SBC raised in 1990 at €56M: Fully realized at 3.9x CoC and 29.1% IRR • Focus on mid-market companies with EV between €100-250M and equity • SBC EP raised in 1995 at €82M: Fully realized at 2.9x CoC and 79.8% IRR tickets between €50-75M • Capvis I raised in 1999 at €207M: Fully realized at 2.2x CoC and 17.5% IRR • Focus on buyout and succession solutions • Capvis II raised in 2004 at €340M: 7 out of 10 investments realized and total fund valued at 1.9x CoC and 16.7% IRR • Capvis III raised in 2008 at €600M : 1 out of 6 investments realized and total fund valued at 1.6x CoC and 18.6% IRR Quilvest View • Capvis IV to be raised in 2013 at €600M + • Probably the most “institutional” team in CH: i) caliber of professionals, ii) Meeting History long time together, iii) solid track record, iv) office in Shanghai • However, unclear edge: what makes them really different in their approach ? • Met by Jean-François Le Ruyet and Loeïz Lagadec in November 2012 (with • => Warrants further diligence once Capvis get in active fundraising mode in Daniel Flaig) early 2013. Unclear whether it could be a QS PEP candidate

Source: Capvis / Preqin Last Update November 2012 (1) Gross figures November 2012 - 33 -

(1) “DACH” countries

BLOM-Quilvest – Beirut, December 2nd, 2013 - 38 - BLOM-Quilvest Direct Deal DNA Quilvest performs thorough due diligence on Due Diligence Approach funds reviewed with a “direct deal DNA”.

Macro Team Strategy2015 Track Record Terms / Legals Environment Dynamics

- Market opportunity - Consistency over - Source of value - Succession issues - Economic terms for the strategy time creation for realized - Split of economics - GP commitment / deals - Risks of changing - Risk / return strategy alignment of interest - Past / expected Review of environment (macro, - Challenge valuations - Adequacy with team changes in - Other key terms Documents PE competition, etc) for unrealized deals Prepared by the skills management team (investment Fund (PPM...) - Competition - Expected returns on restrictions, key-man - Value add with remaining portfolio clause, etc.) portfolio companies - Benchmark against peers Detailed Review

of2015 Portfolio

Companies

Due Diligence Sessions with Fund

Calls to Portfolio Companies Managers, Advisors, LPs... Quilvest approach: « Direct deal DNA », not « tick the box »

BLOM-Quilvest – Beirut, December 2nd, 2013 - 39 - BLOM-Quilvest Direct Deal DNA Quilvest has completed more than 90 direct Direct Deal Experience investments since 2002.

Sample of Direct Investments

Leveraged Buyout Growth Equity Venture / Growth Equity Europe US Emerging Markets US / Europe

BLOM-Quilvest – Beirut, December 2nd, 2013 - 40 - BLOM-Quilvest Direct Deal DNA On the direct investment side, Quilvest has invested in Opportunistic Approach atypical projects in the past, e.g. businesses started from scratch, new business models decorrelated from markets, or high potential pre-IPO companies.

Tiendas 3B Facebook

Royalty Pharma

BLOM-Quilvest – Beirut, December 2nd, 2013 - 41 - BLOM-Quilvest Direct Deal DNA BLOM investors will have priority on all direct Co-Investment Rights investments offered by Quilvest.

Approach 2011-2012 Investments Net IRR US. Public Indices (2)

• Manufacturer of components for Swiss • No adverse selection: All watches and other high-precision parts • Based in Switzerland 24.4% investments above $6M are 23.2% offered to co-investors (1) • Lead LBO investment • Full alignment of interest • Chain of casual dining pizza restaurants • Based in the US - Quilvest acts as 11.0% • Lead growth equity deal Principal investor in all 6.7% 6.5% 5.7% transactions • Asset Management (Asian equity-focused mutual fund) 2.5% - No mark-up in entry • Based in the US price • Co-investment with Lovell Minnick Partners -1.8% • Sizeable and diversified • Manufacturer of small diameter, thin wall 2002-2004 2005-2007 2008-2010 2011-Present pipeline, across geographies copper/specialty alloy tubes and strategies • Based in the US • Lead LBO investment Quilvest Direct Deals • Hard-discount food retail chain • Based in Mexico Public Index • Lead growth equity deal

(1) All investments below $6M are made through dedicated QS Direct fund opened to third party investors (2) As of June 2013 BLOM-Quilvest – Beirut, December 2nd, 2013 - 42 - BLOM-Quilvest Visibility & Access Based on a universe of more than 800 funds in the Screening Capacity market in 2012 that made it onto Quilvest’s radar, Quilvest reviewed data for around 620 and selected only 24.

QS PEP Selection Process for 2012 (1)

800

Emerging Markets (1) 300 620

250

Europe 200

285 140

125 Emerging Markets: 9 (1)

US 300 Europe: 3 60 230 US: 12 100 24

# Funds in Fundraising in QS # Funds for which QPE # Funds Met # Funds Selected PEP Scope Reviewed Data

(1) Includes funds met, diligenced and committed to for QS PEP and QS GEO in 2012/early 2013

BLOM-Quilvest – Beirut, December 2nd, 2013 - 43 - BLOM-Quilvest Visibility & Access Since 2002, Quilvest has carefully selected top tier U.S. Mid Cap Experience managers in the middle market across the U.S.

Examples of Quilvest’s U.S. Mid Cap Managers 2002 – 2013

BLOM-Quilvest – Beirut, December 2nd, 2013 - 44 - BLOM-Quilvest Visibility & Access Quilvest has leveraged its history and extensive network Preferred Access to gain admission to grossly oversubscribed funds.

Recent Examples of Quilvest’s Preferred Access (2011 – 2013)

BLOM-Quilvest – Beirut, December 2nd, 2013 - 45 - BLOM-Quilvest Differentiated Focus The BLOM-Quilvest program will focus on small to Small/Mid Cap Focus mid cap funds which have the potential to generate the highest alpha.

Market US. BLOM-Quilvest U.S. PE Fund Target % Allocation between Small / Mid and Large Cap Funds 15-Year Returns (2)

100% 100% 34% 34% ~10- 20% Top Quartile

(1) Large Cap 53%

21%

~80- 90%

Small / Mid Cap 47%

10% Median 8% 8% Cumulative $ Committed to BLOMQS PEP – Quilvest Core Target U.S. PE PE Funds 2006 to 2012 Fund AllocationTarget Allocation Small Mid Large Market BLOM

Sources: Preqin, Quilvest (1) Defined as funds over $3Bn (2) Source: Thomson Reuters; Torreycove Capital Partners (October 2012) BLOM-Quilvest – Beirut, December 2nd, 2013 - 46 -

BLOM-Quilvest Differentiated Focus The U.S. has been a long and active participant in U.S. Private Equity Market private equity that has resulted in strong investor returns.

Fundraising Evolution for PE Funds in North America U.S. Buyout Volume as a Percent on U.S. M&A Activity

USD $bn Aggregate Capital Raised (bn USD) No. of Funds # PE funds

1600 800 24% $665 $685 1400 700 1200 $549 600 16% 1000 500 13% $361 $365 11% 11% 11% 800 $318 $326 400 10% 10% $290 $284 9% 10% 600 $219 300 400 $139 200 4% $105 2% 200 100 0 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD U.S. Buyout Volume Performance of U.S. Buyout Funds(1)

USD $ bn Net MoC DPI RVPI Net IRR Net IRR 29% $434 5.0x 30% 4.5x 25% 4.0x 22% 3.5x 18% 20% $233 3.0x 14% 14% 14% 2.5x 2.2x 15% 2.0x $130 1.9x 1.7x 10% $111 $111 2.0x 1.6x 9% $94 $98 1.3x 8% 10% $79 $68 1.5x 1.2x 1.3x 1.3x $47 1.1x $22 $13 1.0x 2.0x 4% 1.5x 1.4x 5% 0.5x 1.1x 0.9x 0.4x 0.5x 0.4x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1H13 0.0x 0.3x 0.1x 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Sources: Dealogic Analytics; Preqin “most up to date”; Q2 2013 S&P report (1) Pooled benchmark data for buyout funds of all sizes in North America BLOM-Quilvest – Beirut, December 2nd, 2013 - 47 - BLOM-Quilvest Alignment of Interest Quilvest is committing $80M to Quilvest’s main fund of funds program, QS Quilvest Approach PEP Core, representing a minimum of 20% of the program. Quilvest Private Equity alignment of interest with investors is indisputably far beyond the global PE industry standards and results directly from the Group’s fundamental Principal investor approach.

Industry Average of Managers’ Capital QS PEP Core Commitment Commitments (1)

Max $400M 2006 4.6% 2007 3.7% 2008 3.6%

Max 320 Third Party Commitments 2009 3.9% 2010 3.0% 2011 3.7% 2012 3.2%

80 Quilvest Commitment Global Private Equity buyout funds

QS PEP Core

• 3rd party fund managers’ capital commitments have been steadily decreasing with time and represented an average of 3.3% of total fund commitments over the last 3 years • Comparatively, Quilvest Private Equity Principal approach translates into a Quilvest, shareholder and management commitment of a minimum of 20%

(1) Source: Preqin

BLOM-Quilvest – Beirut, December 2nd, 2013 - 48 -

BLOM-Quilvest Track Record The performance of QS PEP is already significantly above public QS PEP Historical indices and meets the targeted double digit returns for more Track Record (1/2) mature vintages. The “Forced Curve” performance, as a proxy for QS PEP Core, adds additional alpha to the program, exceeding 20% IRR for the 2002-2003 vintages.

Net IRR: Forced Curve (1) US. Actual Performance (1), (2) US. Indices

Net of Fees “Forced Curve” Actual Performance without VC Actual Performance Public Indices (3)

26% Target of 15% net return by QS PEP Core 25% backed by track record on mature vintages 24% 22%

17% 17% 18%17% 16% 16% 15% 15%

11% 11%

9% 9% 9% 9% 9% 9% 10% 8% 8% 8% 7% 7% 7% 6% 6% 6% 6% 5% 6% 4% 2% 1% 2%

0%

0%

-1%

2010 - (4)

QS PEP 2002 QS PEP 2003 QS PEP 2004 QS PEP 2005 QS PEP 2006 QS PEP 2007 QS PEP 2008 QS PEP 2009 QS PEP 2010 Total All VCumul intages

QS PEP 02 PEP QS 03 PEP QS 04 PEP QS 05 PEP QS 06 PEP QS 07 PEP QS 08 PEP QS 09 PEP QS 10 PEP QS 2002-20102002

(1) As of June 30, 2013. Performance net of all fees (i.e. net to investors) (2) Actual performance of QS PEP as of June 30, 2013 including VC Funds and excluding QS PEP 2011-2012 because their performance is not meaningful at this stage (too early in J-Curve) (3) Public equity indices performance is calculated using MSCI Wolrd Index, using the same date of cash-flows as QS PEP vintages until June 30, 2013 and adjusted for a 1% management fee BLOM-Quilvest – Beirut, December 2nd, 2013 - 49 - (4) Assuming a $1M commitment per vintage

BLOM-Quilvest Track Record All QS PEP vintages are already at or above 1.2x net QS PEP Historical cost. The “Forced Curve” track record adds additional Track Record (2/2) returns in absolute and in % distributions to capital called.

CoC and DPI (1) (as a Multiple of Cost) (2), (3)

Net of Fees

2.2x 2.2x

1.9x 1.7x 1.8x 1.6x 1.5x 1.5x 1.5x 1.4x 1.4x 1.5x 1.4x 1.4x 1.4x 1.4x 1.4x 1.4x 1.3x 1.4x 1.3x 1.3x 1.3x 1.3x 1.3x 1.2x 1.3x 1.2x

1.1x 1.2x

2.0x

2.0x

1.5x

1.4x

1.4x

1.1x

1.0x

0.8x

0.8x

0.7x

0.7x

0.7x

0.6x

0.7x

0.6x

0.6x

0.5x

0.5x

0.5x

0.4x

0.2x

0.3x

0.2x

0.2x

0.2x

0.2x

0.2x

0.2x

… … … … … … … … … … … … … … … … … … … …

QS QS QS QS QS QS QS QS QS QS QS QS QS QS QS QS QS QS QS QS QS

PE PE PE PE PE PE PE PE PE PE PE PE PE PE PE PE PE PE PE QSPE PEP QS PEP QS PEP QS PEP QS PEP QS PEP QS PEP QS PEP QS PEP Total All Vintages 2002 2003 2004 2005 2006 2007 2008 2009 2010 2002-10 (4)

CoC “Forced Curve” CoC Actual Performance without VC CoC Actual Performance DPI “Forced Curve” DPI Actual Performance without VC DPI Actual Performance

(1) DPI: Distribution to Paid-In (2) As of June 30, 2013. Performance net of all fees (i.e. net to investors) (3) Actual performance including VC funds and excluding QS PEP 2011-2012 because their performance is not meaningful at this stage (too early in J-curve) (4) Assuming a $1M commitment per vintage BLOM-Quilvest – Beirut, December 2nd, 2013 - 50 - BLOM-Quilvest Track Record Quilvest has made 8 commitments to top quartile US US Commitments to Date funds, that BLOM investors would haw access to, kicking off the program with a strong and diversified porfolio.

Gross Track Record Fund -Fund Size Strategy CoC IRR

$2.6bn Growth Equity 1.8x 22% (software focus)

$1.3bn Lower middle market Buyout 2.4x 29%

$200M Lower middle market Buyout 3.7x 32% (Focus on “private IPO” deals)

$300M Generalist lower middle market Buyout 1.9x 39%

$1.0bn Lower middle market Secondary 1.4x 17%

$400M Secondary direct venture 1.6x 26%

$400M Lower middle market Buyout 2.2x 28% (focus on branded consumer products)

$400M Lower middle market Buyout 2.3x 36% (focus on food and consumer products)

BLOM-Quilvest – Beirut, December 2nd, 2013 - 51 - BLOM-Quilvest

BLOM-Quilvest – Beirut, December 2nd, 2013 - 52 -