Axa Private Equity 2008 Annual Report

In brief

AXA Private Equity With $26 billion of assets managed or advised, AXA Private Equity, an AXA Investment Managers company, is a diversified private equity firm with an international reach covering eight offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna. Since 1996, the firm has supported the development and long-term growth of its portfolio companies while generating sustained and stable returns. AXA Private Equity provides investors with funds across the full range of private equity offerings: funds of funds; LBO mid cap and small cap; venture capital; co-investment; infrastructure; and mezzanine.

This document contains information, including details of investment performance, in respect of funds which are closed to new investors. Past performance is not necessarily indicative of future returns on these or other funds. The value of investments may fall as well as rise. Private equity investments are illiquid and there is no guarantee that they can be sold at valuation levels. It shall not be viewed as investment advice, and does not constitute an offer to sell, a solicitation of any offer to buy, or the basis for any contact for the purchase or sale of any investment. Unless otherwise mentioned, figures are as of December 31, 2008 and the exchange rate that applies is ¤1 = US$1.39.

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Summary

p.4

Foreword of the CEO

p.6

AXA Private Equity - the essentials 8 12 14 16 18

p.20

2008 Review 22 26 30 32 34 36 40

p.42

About us Key figures 2008 International development Investing responsibly Encouraging talent

Funds of funds: one of the best performing teams in the world LBO mid cap: supporting companies over the long-term LBO small cap: facilitating companies growth and transformation Venture capital: stimulating innovation Infrastructure: long-term investments on a promising market Co-investment: selective, high-performance partnerships Mezzanine: a dynamic team backed by the AXA Private Equity network

Portfolio 44 46 46 47 48 49 50

Funds of funds LBO mid cap LBO small cap Venture capital Infrastructure Co-investment Mezzanine

Glossary

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3

Foreword of the CEO

2008 will long be remembered for the unprecedented deleveraging crisis in financial markets. While uncertainty prevails, troubled times bring useful lessons: the current maelstrom we are experiencing will clearly single out the most cautious management teams, those which will have taken the long-term view in their work alongside companies. In this, AXA Private Equity’s first annual report, we will share with you our experience of last year and our plans for 2009. AXA Private Equity’s extremely disciplined and independently recognized investment method, our non speculative positions and total transparency towards our clients have continued to stand us in good stead. At the heart of our culture lies a commitment to sustainable partnerships with management teams and General Partners. Our priority is clear: act responsibly and cautiously as guardians of our investors’ capital, developing our portfolios and companies in the considered manner they have come to trust.

«Every day we take the long-term approach for our private equity investments.»

Diversity in our products, our European culture and our international reach have served AXA Private Equity well. The fundamentals of our investments are sound, and we remain focused on transforming companies, structurally, strategically and in a sustainable way. In our secondary funds of funds, we have consistently led the market thanks to the accuracy of our analyses and active intervention with General Partners. Infrastructure and mezzanine continue to play an important role in financing economies by delivering solid and regular performances. In Asia, we work with carefully selected partners whose approach is compatible with our model. To prosper further, the private equity industry must embrace ethical principles. The pursuit of short-term profit of some has tarnished private equity’s reputation and played havoc with many solid businesses. Private equity must make a lasting contribution to the economic development and sound capitalization of companies. In this context, the AXA Private Equity model is well placed. Sticking to our tried and tested method since 1996, we will continue to face adversity with confidence.

Dominique Senequier

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5

PARIS FRANKFURT LONDON NEW YORK SINGAPORE MILAN ZURICH VIENNA 6

AXA Private Equity The essentials

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AXA PrIvATE EqUITy - ThE ESSENTIALS

2008 review

Portfolio

About us

Global Investments, the European Way

Our Story

AXA Private Equity uses the strength of its network in Europe, Asia and North America to invest and to manage assets on a global scale. Firmly anchored in its European origins, the company applies an investment philosophy based on local presence, taking account of local characteristics, and adopts a different approach depending on the location,

provide the resources financially and operationally in particular for international external growth. Within the funds of funds business, the strength of AXA Private Equity is largely based on the rigor of its processes and a detailed analysis of the companies in the portfolios of the 500 funds in which it invests. Attention to detail, organization

the fund and the market environment. AXA Private Equity has chosen to have a direct presence in each of the markets it covers, and to recruit its investment teams locally. These teams support the 150 companies in the direct portfolio over the long-term and

and cautiousness are our key differentiating principles, as recognized by the most demanding international investors.

2008

235 employees.

2007

2005

Milan office open.

Singapore office open.

Launch of co-investment, mezzanine and Asia funds. Launch of infrastructure business.

2004

$26 235 8 40 %

Zurich and Vienna offices open.

2001

BILLION OF ASSETS MANAGED AND/Or ADVISED

1999

Over 100 employees.

Frankfurt office open.

London and New York offices open. Start of funds of funds business.

EMPLOYEES

OFFICES ThrOuGhOuT ThE WOrLD: PArIS, LONDON, FrANKFurT, NEW YOrK, SINGAPOrE, MILAN, ZurICh, AND VIENNA

OF INVESTOrS BASED OuTSIDE EurOPE

150 +20 % 500

1998

COMPANIES IN DIrECT POrTFOLIO INCrEASE IN jOBS + 2,500 jOBS CrEATED*

1997

1996

Launch of first venture capital fund.

Launch of LBO business.

Dominique Senequier founds AXA Private Equity.

FuNDS IN POrTFOLIO

*Employment organic growth (excluding acquisitions) of companies since their entry in the venture capital, LBO mid cap and small cap portfolios.

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AXA Private Equity - The essentials

2008 Review

Portfolio

About us

The Executive Board

«A stable and united management team.» from the left to the right

Christophe Florin, Chief Operating Officer and Managing Director Asia

Vincent Gombault, Managing Director Funds of Funds

Dominique Senequier, Chief Executive Officer

Dominique Gaillard, Managing Director Direct Funds

Stephan Illenberger, Managing Director Germany

Christophe Florin joined AXA Private Equity in 1998 and has directed the Asian business since 2005. He is also responsible for the administration and finance, legal and human resources departments . Previously he worked i n G A N 's u n l i s te d c o m p a ny investments department, in the company “Développement et Partenariat” and at the “Crédit National”.

Before joining AXA Private Equity in 1998, where he developed and managed the funds of funds business, Vincent Gombault worked in AXA Group’s Industrial Holdings department (1991-1998) after a spell as Investment Manager in the M&A department of Société Générale. He began his career at the French Trade Commission in Detroit (USA). He also lectures at ESSEC.

Dominique Senequier joined AXA Group in early 1996 and founded AXA Private Equity. At GAN from 1987 to 1995, she created and developed the subsidiary GAN Participations. Prior to that she was Group Acquisitions Manager at GAN from 1980-1987, and from 1975-1980 worked for the French Insurance Commission.

Christophe Florin holds an MBA in Finance from Université de Laval, Quebec and also graduated from IEP Paris.

Vincent Gombault has a master’s degree in Financial Techniques from ESSEC and a DESS (post-graduate professional degree) in Banking and Finance. He also holds a degree in Law and a master’s degree in Economics.

Dominique Gaillard joined AXA Private Equity in 1997, where he manages LBO mid cap, small cap, expansion capital, co-investment and infrastruc ture ac tivities as well as the development of direct funds activities in Eastern Europe. Previously he spent seven years with Charterhouse France, starting as Project Manager and progressing to a Director and member of the Executive Board. He began his career at Péchiney.

Before launching AXA Private Equity Germany in 2001, Stephan Illenberger was a Managing Partner of Doertenbach & Co, an independent management company for three years. Prior to this, he was Head of Corporate Finance Germany at NatWest Markets and CEO of York Hannover. From 19 87-1992 he was Director of Bayerische Vereinsbank in the M&A department. He started his career at McKinsey.

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Dominique Senequier graduated from Ecole Polytechnique in 1972 and holds a DEA (post-graduate degree) in Banking and Monetary Economics from the Sorbonne University. She is a member of the French Actuarial Institute.

Dominique Gaillard graduated from Ecole Polytechnique in 1979, went on to the Ecole Nationale des Ponts et Chaussées and the Institut d'Administration des Entreprises, and holds a Master of Science from UC Berkeley.

Stephan Illenberger holds an MBA from the University of Munich and an MA in Economics from Chicago University.

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AXA Private Equity - The essentials

2008 Review

Portfolio

Key figures 2008

12 years of sustained and regular growth in assets under management in billion dollars

Funds raised in 2008

The LBO mid cap fund has raised its fourth generation: AXA LBO Fund IV, with a total of ¤1.6 billion. The AXA Infrastructure Partners Fund was closed in June, with funds raised for infrastructure standing at ¤1.3 billion.

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55 4 15 42 % $2.5 15

23

new investments and commitments

14

0.1

exits

1996

0.2

1997

8 0.2

1998

0.8

1999

1.9

2000

2.6

2001

4.5

3.1

2002 2003 2004

build-up transactions in portfolio companies of direct transactions were outside France

Billion invested in 2008

new investors in 2008

12

6

2005 2006 2007 2008

Sustained performance among the best on the market (as of September 30, 2008)*

Funds of funds AXA Secondary Fund III (vintage 2004)  AXA Early Secondary Fund II (vintage 2004) 

63.2% net IRR** 21.6% net IRR**

Direct funds AXA LBO Fund II (vintage 2000) AXA Expansion Fund I (vintage 2002)

33.6% net IRR** 25.3% net IRR**

**Past performance is no guarantee of future performance. Valuations may move up or down over time. The above figures

do not cover the entirety of all funds managed and/or advised by AXA Private Equity. Only the performance of certain major funds are presented here. **After management fees and carried interest.

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AXA Private Equity - The essentials

2008 Review

Portfolio

International development

Worldwide investment capacity The opening of two new offices in 2008 and the launch of the LBO mid cap business in Italy confirmed the international expansion strategy that AXA Private Equity has followed for the past ten years. Backed by eight offices in Europe, North America and Asia, AXA Private Equity is ideally placed to seize the best opportunities in the market and meet its clients' requirements for geographical diversification.

ZURICH Developing new platforms for growth The July 2008 opening of the Zurich office provided the opportunity for consolidating links with the insurer AXA Winterthur, whose portfolio of private equity assets is now managed by AXA Private Equity. The local team has established a secondary market business for major institutional investors.

VIENNA Access to the markets of Eastern Europe Following the December 2008 opening of the Vienna office, AXA Private Equity is now excellently positioned to seize the opportunities offered by Eastern Europe. The team will focus mainly on LBO mid cap, small cap and expansion capital opportunities as well as mezzanine, infrastructure and co-investment.

MILAN Launch of LBO mid cap business in Italy

Staying close to investors

165 2.6 14 470 730

To support its 165 investors, over 80% of whom are based outside France and 40% outside Europe, AXA Private Equity bolstered its organizational structure in 2008, thereby heightening the firm’s reactivity and the quality of information provided for its clients. The investor relations team is now based on an international network of six correspondents, who provide information for AXA Private Equity's investors in respect of the regions where they operate: North America, Continental Europe, Switzerland, United Kingdom, Asia and the Middle East. Each of the regional correspondents has a direct interface both with the Client Services team (consolidated reporting, investment simulations and investor requests) and with the Products team (e.g. marketing documents and due diligence).

AXA Private Equity is building its teams and starting a LBO mid cap business for the Italian market. This new activity will add up to the current LBO small cap, funds of funds and mezzanine activities which were set up in 2007.

An international base of loyal investors: 54%

investors

AXA Private Equity funds HELD BY EACH investor on average

employees dedicated to client relations

investor meetings

visits to the on-line due diligence site

50%

Europe

39%

Pension Funds

North America

14% 12% Insurance

Family Offices/ companies High Net Worth Individuals

8% Government Agencies

7%

9%

Asia-Austrasia Middle-East

Geographical breakdown* 14

*As of December 31, 2008 - Excluding investments by AXA Group.

Others

7% Funds of funds

Breakdown by type of investors* 15

AXA PrIvATE EqUITy - ThE ESSENTIALS

2008 review

Portfolio

Investing responsibly

Sharing best practices AXA Private Equity engages with other market players and takes an active part in professional discussions around the industry’s working practices; for example the firm participated in the working group on the new AMF (French financial markets authority) instructions concerning FCPrs (French regulated funds), and in the AFIC/AFG (French private equity

Sponsoring and management associations) working group responsible for drafting the new Code of Ethics for the profession. AXA Private Equity sponsors initiatives among institutional investors; it is in particular attached to the spread of practices aimed at sharing value creation among all employees during LBO transactions.

Ensuring transparency and quality in processes SAS 70 type II Certification*: an effective internal control. Obtained for the third year running, this internationally recognized certification is awarded for the quality of operations and the effectiveness of internal controls. It guarantees investors that the funds advised and managed by AXA Private Equity comply with section 404 Sarbanes-Oxley, and emphasizes the special attention the company pays to transparency of information sent to investors.

GIPS standards**: accurate and complete reporting of performance. In 2004, AXA Private Equity was the first private equity firm in France to receive this confirmation of compliance with the GIPS performance presentation standards. Confirming the firm’s determination to continuously improve its responses to the needs and concerns of its clients and partners, the GIPS certification has since been renewed.

In-depth transparent reporting: AXA Private Equity offers its clients personalized information, specifically through global reporting. **SAS 70: “Statement on Auditing Standards No. 70” established by the American Institute of Certified Public Accountants. **GIPS: “Global Investment Performance Standards“.

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In 2008, AXA Private Equity financed ten study grants: three foreign students continued their education at the Ecole Polytechnique, five students in the International Finance Masters program at the Université de Cergy Pontoise (France) participated in an exchange program with the USA and two German students took part in the ‘house of Finance’ course at Goethe University in Frankfurt (Germany).

Promoting diversity and encouraging the integration of young people into professional life In addition, AXA Private Equity supports a number of associations engaged in supporting promising students from disadvantaged environments. It is one of the principal sponsors of Frateli, an association created by young professionals graduating

Mayra de Oliveira radwan of Brasilian nationality and Junzhe Wang of Chinese nationality, both students at Ecole Polytechnique, received a grant.

from top French colleges, and of Un Avenir Ensemble, a network organized in France by influential people who have received the Légion d’Honneur or l'Ordre National du Mérite. Some fifteen employees are personally involved in this program.

ENCOUrAGING AN ENTrEPrENEUrIAL SPIrIT

rESPECT FOr ThE ENvIrONMENT

Long-time partner of Tremplin Entreprises, AXA Private Equity takes part in the annual event co-organized by the French Senate and ESSEC (Ecole Supérieure des Sciences Economiques et Commerciales) which rewards innovative entrepreneurs and puts them in touch with the principal private equity funds.

AXA Private Equity is committed to spread the best environmental practices: use of paper produced from forests managed under sustainable development principles, over 80% of client reporting is now electronic; waste sorting, and progressive introduction of reversible air conditioning systems, providing better control of electricity consumption. AXA Private Equity also pays attention to safeguarding the environment among its portfolio companies. It systematically carries out environmental due diligences in companies with industrial operations, and actively supports initiatives aimed at reducing the ecological impact of their activities.

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AXA Private Equity - The essentials

2008 Review

Portfolio

Encouraging talent

Training our teams In addition to twice-yearly integration seminars, AXA Private Equity offers employees tailored trainings and international exchange programs. The aim is to strengthen the corporate culture, encourage sharing of best practices and knowledge, and to foster strong contacts between staff.

A tailored training program AXA Private Equity offers a series of dedicated courses for its staff. Designed internally on the basis of knowledge sharing, these courses are run directly by the employees and show AXA Private Equity’s commitment to the development of its people.

Internal mentorship program Launched in 2008, this program concerns every new employee with less than three years' work experience. Functioning on the basis of volunteer mentors, the mentorship lasts one year and puts each new recruit in touch with an experienced person from another business and/or a different office. Acting as the newcomer's reference point, the mentor provides guidance and accompanies the recruit in their apprenticeship in activities outside their own team's usual channels. In its first year, 24 people participated.

«We share our experience and train our teams to the AXA Private Equity culture and rigorous investment methods.» Christophe Florin, Chief Operating Officer

Stimulating the international network: the Short Mobility Program In order to strengthen cohesion between funds of funds investment teams, every year the Short Mobility Program enables some of them to work in another country for a three-month period. In 2008, five employees took part. Working closely together, members naturally develop internal networks, a key advantage in the market.

A year after they join, young analysts participate in a nine-month program consisting of three separate three-month periods of immersion during which they learn about different departments of the firm. In 2008, twelve analysts took part in this program, and were sent to one of the eight AXA Private Equity offices around the world, sharing the daily life of a different investment team from their base.

190 2.3 % 184 54

14 20 %

employees took at least one external training course of total salaries were invested in training

employees had individual interviews with the HR team

new employees recruited

18

Young Analyst Graduate Program

employees benefited from internal mobility

of employees joined the company after an internship

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AXA Private Equity 2008 Review

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AXA Private Equity - The essentials

2008 rEvIEW

Portfolio

Funds of funds

One of the best performing teams in the world

SELECTIvITy TO BOOST PErFOrMANCE In order to ensure long-term stability of performance among the best in the market, AXA Private Equity applies an extremely rigorous investment procedure based on cautious investment selection and regular in-depth monitoring of the companies in the portfolio and a strong focus on owner transactions, with a selection of funds in which it can exercise the role of principal investor. This disciplined approach enables it to play a full role as investor: negotiating and building stable and durable relations with the fund managers.

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NET IRR*

NET MULTIPLE*

CASH ON CASH**

AXA Secondary Fund I 1999

39.9%

1.91 x

183.8%

AXA Secondary Fund II 2001

25.7%

1.62 x

134.0%

63.2%

1.82 x

119.3%

AXA Early Secondary Fund I 2003

23.6%

1.54 x

94.2%

AXA Early Secondary Fund II 2004

21.6%

1.61 x

76.5%

AXA Early Secondary Fund III 2005

11.6%

1.13 x

25.3%

VINTAGE

SECONDAry

The special relationship between AXA Private Equity and the leading international funds gives it a depth of knowledge and an overview of the market that are beneficial for the development of all its activities.

(as of September 30, 2008)

AXA Secondary Fund III 2004

EArLy SECONDAry

AXA Private Equity's funds of funds team has become a leader in the international market: it is based on 48 investment professionals who operate from 8 offices on three continents, in Europe, North America and Asia. The team manages assets of over $15 billion invested in more than 500 funds around the world, representing a portfolio of more than 7,500 companies. An industry forerunner, with a funds of funds business which was established in 1999, AXA Private Equity is today present in all areas of the funds of funds business. It manages and advises primary funds (commitments between 0% and 15%), early secondary funds (commitments between 15% and 50%) and secondary funds (commitments over 50%). Purchase of mature secondary funds is a skill in which AXA Private Equity is today a world leader in terms of both volume and performance. The diversity of its investment funds gives it the flexibility needed to be able to make offers tailored to the needs and strategies of the investors concerned.

Performance of secondary funds: among the best in the market

Past performance is no guarantee of future performance. valuations may move up or down over time. These figures do not cover all funds managed and/or advised by AXA Private Equity. Only the performances of certain major funds are presented here. **After management fees and carried interest. **ratio of distributed capital to called up capital.

48 10 21 500 7,500

INVESTMENT PrOFESSIONALS DEDICATED TO FuNDS OF FuNDS

YEArS EXPErIENCE IN FuNDS OF FuNDS BuSINESS

INVESTMENTS IN 2008

FuNDS IN POrTFOLIO

uNDErLYING COMPANIES

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AXA Private Equity - The essentials

2008 rEvIEW

Portfolio

Funds of funds

An effective international network

regular and global monitoring

After ten years of business in the funds of funds market, AXA Private Equity has built up an effective international network backed by long-term relationships with the most prestigious private equity managers on continents where it operates. The

AXA Private Equity has developed its own monitoring systems that enable it to track the details of funds in which it invests. The team analyzes and monitors the majority of the underlying companies of these funds on a regular basis. Meetings and telephone conferences with the managers are systematically held on a quarterly basis, providing opportunities for the teams to exchange information about significant events, value creation strategies and compare their own assumptions with those developed by the funds managers.

quality of its network strengthens its global understanding of the market, enabling it to seize the best investment opportunities and fostering growth in its other activities, such as co-investment and mezzanine.

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SEATS ON ADVISOrY BOArDS OF SOME OF ThE WOrLD'S MOST PrESTIGIOuS FuNDS INCLuDING KKr, CArLYLE, WL rOSS, ONEX, CVC, BC PArTNErS, ChArTErhOuSE, CINVEN ETC.

General Partners Map

Main GPs* in America :

Main GPs in Europe :

Main GPs in Asia and Australasia :

- Pan American (KKR, Carlyle, TPG, TH Lee, Onex, etc.)

- Pan European (BC Partners, CVC, Charterhouse, Cinven, PAI, Apax, Triton, etc.)

- Pan Asiatic and Australasian (Affinity, Carlyle, CVC, KKR, etc.)

- Mid Market (Behrman, FFL, Fox Paine, KRG, Oak Hill, Harvest, Brazos, etc.)

- Mid Market (Astorg, Bencis, Clessidra, Lyceum, Mid Europa, Pragma, etc.)

- Mid Market (3i, Actis, CDH, ChrysCapital, CHAMP, etc.)

Beginning this year, the internally developed database which unites the transaction histories and market data collected over the past ten years can be accessed by the 48 investment professionals in the eight offices worldwide. On the principle of pooled and shared resources, each member of the team updates the database directly from internal documents (e.g. capital calls, distribution notices, quarterly reports) and external data such as market studies. The volume of information available and the strict management of the database give the funds of funds team a leading position in terms of knowledge of the private equity market. In a context in which reactivity and selectivity are key competitive advantages, AXA Private Equity's funds of funds team is in a position to take advantage of the best investment opportunities. In particular, it is ideally placed to benefit from the growth in secondary deal flow resulting from the liquidity crisis in the markets, while maintaining a prudent approach.

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STrENGThS:

- Strong deal sourcing - quality and rapidity of due diligence - Proactive management of portfolio - Detailed analysis of portfolios and underlying companies

Direct access to 10 year investment history through AXA Private Equity's internally developed database.

* General Partners

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AXA Private Equity - The essentials

2008 rEvIEW

Portfolio

LBO mid cap

Supporting companies over the long-term Focusing on majority holdings in companies in all sectors valued at between ¤100 million and ¤2 billion, the LBO mid cap team has carried out 40 transactions since its creation more than ten years ago, and has participated in over 20 external growth transactions. The team benefits from a direct presence in three of the leading LBO markets in continental Europe: France, Germany and Italy. Its 18 investment professionals constantly share experience during their work, based on monthly meetings at which the entire portfolio is systematically reviewed. Investments are made for a period of years, during which AXA Private Equity mobilizes its resources and its network to boost growth of the companies concerned according to an external growth strategy worked out with the management as soon as the equity investment is agreed. AXA Private Equity's systematic presence on supervisory boards, interventions by top level experts in the relevant sectors and the strong involvement of the LBO team contribute to the positive growth enjoyed by invested companies.

CONSISTENT INvESTOr CONFIDENCE In 2008, the fourth generation of LBO mid cap funds (AXA LBO Fund Iv) was raised, amounting to ¤1.6 billion. 82% of investors in the previous generation subscribed to this new fund.

LBO mid cap transactions in 2008 Unipex DATE OF INvESTMENT

France-Canada Active ingredients and specialty chemicals 2008 SALES ¤161m COUNTry

Both in the growth phase and in difficult times, AXA Private Equity provides support adapted to the companies in its portfolio. In 2008, it strengthened its cash management procedures as follows: - Monthly control of debt levels - Accurate tracking of cash-flow positions via six month - forecasts - One year forecasts of quarterly bank covenants

The team takes full benefit from a local presence in France, Germany and Italy.

in Germany and Europe, providing its resources, network and expertise to enable the company to seize the best development opportunities.

SECTOr

NUMBEr OF EMPLOyEES

SySTEMS FOr SUPPOrTING COMPANIES

May 2008

155

Unipex offers a complete solution including r&D, production, market authorization and distribution of active ingredients and chemical products for the cosmetic, pharmaceutical, chemical and food industries. With a portfolio of more than 2,000 references and a presence in North America, Europe and Asia, the company has won its place among the leaders of this sector. The management team, supported by AXA Private Equity, is rolling out a development plan that aims to strengthen the company's position in the growth market for health and personal care products. The plan is based on an organic growth strategy coupled with targeted acquisitions that will enable new products to be launched while strengthening the group's distribution network. Löwen Play April 2008 Germany SECTOr Amusement arcade operator 2008 SALES ¤125m NUMBEr OF EMPLOyEES 1,577

Bénédicta

EXIT

July 2005 August 2008 COUNTry France SECTOr Production and distribution of mayonnaises and specialty sauces NUMBEr OF EMPLOyEES 235 DATE OF INvESTMENT DATE OF EXIT

AXA Private Equity supported Bénédicta’s growth for three years. During the period, this manufacturer and distributor of sauces strengthened its market share through the launch of new products and the development of its distribution network. It now has a strong position as the number 2 in the market for mayonnaises and the French market leader in specialty sauces. Its sales increased by 30% between 2005 and 2008. During the period of AXA Private Equity's support for Bénédicta, the company has expanded into new product segments (microwavable sauces and dips) and has developed its exports to the USA and Belgium.

DATE OF INvESTMENT

Photonis

EXIT

COUNTry

December 2001 July 2008

DATE OF INvESTMENT DATE OF EXIT

The company is based at Bingen in Germany, and is the second largest arcade operator in the country. With nearly 4,000 machines and arcade terminals and a network of 215 games arcades, Löwen Play is developing in a market that is now consolidating, with only 4 companies managing over 100 games sites and holding 9% market share. AXA Private Equity supports Löwen Play in its growth strategy

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27

FOCUS LBO mid cap

Photonis and AXA Private Equity: 7 years of support to create a leading international group By 2008, when AXA Private Equity sold its holding in Photonis after seven years of support, this specialist in photo-detection had doubled in size since 2001. The company has become a strong international group focused on its most buoyant markets (Night vision and Science & Industry). The group has successfully diversified and strengthened its base and now operates from four plants in France, the Netherlands and the USA and is today a worldwide leader in optical and electronic components. AXA Private Equity acquired its equity stake in 2001 as majority shareholder to be an operational partner with a long-term view of the company's development. AXA Private Equity has supported the management team in its value creation strategy, based on risk reduction (e.g. Euro/Dollar exchange rate, supply chains, client concentration - in particular medical) and on globalizing the company's business. The group has carried out five build-up transactions that have generated operational synergies in marketing, development and production, enriched the product portfolio, raised the segment entry barriers and the added value of its products, and positioned Photonis as world leader in its principal niche markets.

PrOFIT-ShArING

4%

of the capital gain realized by AXA Private Equity on unwinding the LBO transaction redistributed to all Photonis employees as an exceptional bonus. In February 2009, AXA Private Equity won the Support Prize for Photonis, awarded by Private Equity Magazine (France).

Detectors supplied to CERN (Geneva), the world's largest particle physics laboratory

EXIT

july 2008 7 years

PErIOD OF SuPPOrT

GEOGrAPhICAL rEGION SECTOr

Europe and North America

Manufacture of optical and electronic components

2008 SALES

¤130m

NuMBEr OF EMPLOYEES

28

1,000

Photonis equity stake acquired

Acquisition of DEP (Netherlands)

Acquisition of Burle Industries (USA)

Acquisition of Antheryon Optics (Netherlands)

Acquisition of hi-Light Opto Electronics (Netherlands)

Acquisition of Brennel Glass (UK)

December 2001

February 2005

july 2005

November 2006

july 2007

April 2008 29

AXA Private Equity - The essentials

2008 rEvIEW

Portfolio

LBO small cap

Facilitating companies growth and transformation AXA Private Equity's LBO small cap business is primarily concerned with medium-sized companies, generally with a valuation of under ¤100 million where a majority holding is taken or under ¤500 million in the case of a minority holding. These are often family companies looking for finance in order to continue their growth, or where it is necessary to increase share capital. AXA Private Equity supports them for an average period of five years. The 11 investment professionals in the team work closely with the management to provide resources and expertise in the value creation process. The special relationships that develop with the company managers foster a sustainable development environment. This often requires professional company procedures such as operational improvements, establishing reporting procedures and management forecasting systems, creation of corporate governance structures with a management board and a supervisory board etc. In 2008, AXA Private Equity made three small cap investments and one exit.

«We are pleased to have found in AXA Private Equity a first-class partner with a knowledge of our sector, a solid experience in the companies development and a well-rounded international network.» Chris de Wolf, CEO, Sfinc.

LBO small cap transactions in 2008 Duplomatic

Sfinc DATE OF INvESTMENT

December 2008

Belgium Food ingredients 2008 SALES ¤36m NUMBEr OF EMPLOyEES 74

DATE OF INvESTMENT

Italy Manufacturing of hydraulic valves 2008 SALES ¤31m NUMBEr OF EMPLOyEES 124

COUNTry

COUNTry

SECTOr

SECTOr

Sfinc group has enjoyed sharp growth since it was founded in 2004 producing and distributing spices, marinades and functional food ingredient blends for food processing companies. AXA Private Equity backs Sfinc with its in-depth knowledge of food industry markets and the strength of its international network, while also supporting the group in the roll-out of a growth strategy combining an external growth targeting neighboring countries with expansion of the existing product range. Altares July 2008 France SECTOr B2B information provider 2008 SALES ¤54m NUMBEr OF EMPLOyEES 298

January 2008

Duplomatic, an Italian-based company focusing on hydraulic valves with the active support of AXA Private Equity, is engaged in the proactive creation of value in its activities. In 2008, investment in employee training increased by nearly 70% compared to 2007, and the company has improved the environmental quality of its industrial facilities through the addition of a system of smoke and oil mist extraction. Activities have been refocused on the most promising markets. The international distribution network has been strengthened and the range of products extended.

DATE OF INvESTMENT

Sotralu

EXIT

COUNTry

Altares is the leader in the French market for intercompany information management. In order to ensure the continued growth of the company, the management team, supported by AXA Private Equity, is developing new products and enlarging its client base. Through this policy to diversify sources of future growth and the possibility of targeting selected acquisitions, Altares is strengthening its positions in complimentary segments of business.

30

July 2005 February 2008 COUNTry France SECTOr Aluminium window accessories NUMBEr OF EMPLOyEES 67 DATE OF INvESTMENT DATE OF EXIT

During its three years supporting Sotralu, AXA Private Equity participated in the accelerated growth of this specialist in the production of aluminium window accessories. The LBO small cap team contributed to professionalizing the company's operational, financial and corporate governance policies, in particular through the establishment of monthly financial reporting and the introduction of an experienced supervisory board. Anticipating the planned retirement of the firm's founder, the team was able to optimize the transfer by introducing a new CEO in good time. The investments made gave the company an important springboard for growth in the years ahead.

31

AXA Private Equity - The essentials

2008 rEvIEW

Portfolio

Venture capital

Stimulating innovation Since 1998, AXA Private Equity has been developing its expertise in financing innovative and high potential growth companies in France, supporting them with its experience. Driven by a team with over ten years experience in the market, AXA Private Equity makes long-term commitments to entrepreneurs, based on a pragmatic approach and constructive

Venture capital transactions in 2008 dialogue. Its expertise in the IT, internet and energy/ cleantech sectors is significant. In 2008, AXA Private Equity carried out 4 new transactions and 6 reinvestments.

Consort NT

Prodware DATE OF INvESTMENT

June 2008

France SECTOr Business software integrator NUMBEr OF EMPLOyEES 950

DATE OF INvESTMENT

March 2008

France SECTOr IT services specialized in business process and outsourcing NUMBEr OF EMPLOyEES 900

COUNTry

COUNTry

Prodware specializes in the production and hosting of IT solutions for mid-market companies. The company's development is based on internally developed specialized solutions and strategic alliances with key software publishers (e.g. Microsoft, Sage, etc.). The company is positioned as the client's sole point of entry with an integrated offer, providing an invoice stream for annual maintenance of a global solution.

Founded in 1992, Consort NT offers advisory, systems integration and knowledge management services for major customers, the services industry, banking and insurance. Backed by 900 employees and 2008 sales of nearly ¤60 million, the company stands out as one of the leading French companies in selective knowledge management.

Batiweb April 2008 France SECTOr Internet portal dedicated to construction and home improvement NUMBEr OF EMPLOyEES 25

U-Like January 2008 France SECTOr Social cataloging NUMBEr OF EMPLOyEES 4

DATE OF INvESTMENT

DATE OF INvESTMENT

COUNTry

COUNTry

With over 450 clients and 1 million visitors per month, Batiweb.com is the leader in France for websites dedicated to the world of construction, housing and decoration. Its search engine provides access to a complete database with references for 55,000 products and 6,000 industrial producers. In 2008, Batiweb launched 7 sector sites focusing on various trades in the decoration and construction industries. AXA Private Equity supports the company in its growth strategy for the French market and its international development.

U-Like, which recommends cultural attractions including cinema, music, literature, museums and art galleries, functions on the basis of shared contributions and associations by affinities. The company is developing in the expanding market for social cataloging and the creation of special culture and entertainment communities.

Optical fiber

32

33

AXA Private Equity - The essentials

2008 rEvIEW

Portfolio

Infrastructure

Long-term investments on a promising market With reduced risk levels, the infrastructure segment generates stable returns while offering long-term visibility for investors. The weak correlation with other asset classes and business cycles makes the sector a particularly attractive long-term investment. Present on the market since 2005, the dedicated team of ten professionals has invested over ¤600 million, manages and advises on ¤1.5 billion of assets in various sectors including water, waste, motorways and energy. The effective strength of its institutional and financial network, its expert

knowledge of regulated sectors, and its proven experience in interactive work with public and private partners give AXA Private Equity an excellent position in an extremely competitive market, enabling it to seize on the best investment opportunities in Europe, the USA and in emerging markets which are particularly promising for the years ahead.

Infrastructure transactions in 2008 Alicorne DATE OF INvESTMENT

August 2008

France Management and construction of motorways

COUNTry SECTOr

Alicorne designs, finances, builds and manages the operations of France's A88 motorway concession linking Caen (Normandy) to the motorway network. AXA Private Equity, working with French contractors, the consultancy firm Egis and the Caisse des Dépôts et Consignations, provides funding for operating the existing 15 km section and the construction of a further section of 30 km. The development is part of a project to stimulate local employment and to improve local traffic flows through the implementation of a policy offering toll-free sections and price reductions for daily commuters. The development is part of a program of regional development and environmental integration, incorporating proactive measures to preserve the landscape and limit its impact on natural habitats, in particular those of the Orne valley. Anglian Water June 2008 United Kingdom SECTOr Provider of water and sewerage services DATE OF INvESTMENT COUNTry

Anglian Water: new pipeline in Rutland (UK)

34

Anglian Water Group (AWG) is the fourth biggest water utility in UK, providing services to more than 6 million customers in Eastern England. AWG provides water services to 4.2 million customers and sewerage services to 5.9 million customers. AWG is the largest regulated water company in terms of area served. Operating in a regulated and transparent sector, AWG offers regular and predictable returns correlated with inflation. AXA Private Equity provides ongoing support for the group, which is headed by management with long-term experience in the UK water industry.

This team has been in place since 2004 and AWG's operating results have been ranked over the past years by Ofwat, the UK regulator, as among the best on the market.

Saur April 2007 PArTIAL EXIT October 2008 COUNTry France SECTOr Water and waste management DATE OF INvESTMENT

Saur Group is one of the three historic leaders in outsourced management of services for local authorities in water and waste management in France, where Saur manages approximately 5,700 water contracts serving 5.5 million consumers in over 6,700 municipalities. In waste management, Saur manages over 1,000 contracts in domestic waste collection, serving over 5 million inhabitants. Saur is also one of the leaders on the French market for the design/construction of facilities for water treatment, with 55 facilities under construction. In 2008, AXA Private Equity and the Caisse des Dépôts et Consignations signed a sale contract with the CUBE Infrastructure fund for 3% and 9% respectively of the share capital of hIME, Saur group’s holding company. Together with the other shareholders, which include the industrialist Joël Séché, AXA Private Equity supports the group’s growth in France and abroad. In order to optimize results, Saur has strengthened its corporate governance, and in May 2008 appointed Joël Séché as CEO and Olivier Brousse as Managing Director.

35

AXA Private Equity - The essentials

2008 rEvIEW

Portfolio

Co-investment

Selective, high-performance partnerships Co-investment, through partnerships between several investment funds is used in large LBO transactions, involving companies whose valuation may reach several hundred million or several billion euros. As front runner for such transactions in Europe, AXA Private Equity has carried out 32 co-investment transactions since 2005 and has invested nearly ¤1 billion in three generations of funds. Combining reactivity with selectivity, AXA Private Equity's team of six co-investment professionals participates in transactions of varied size and sector throughout the world alongside major private equity funds. AXA Private Equity has enjoyed special relationships for over a decade with the funds thanks to the company's funds of funds activities. The partnerships are boosted by AXA Private Equity's added investment capacity, in-depth market expertise and its network of contacts throughout the regions in which it operates.

Co-investment transactions in 2008

A billion euros invested in 32 companies worldwide.

A balanced portfolio of companies:

Guala DATE OF INvESTMENT

September 2008

Italy Safety closures and aluminium screw caps 2008 SALES ¤330m NUMBEr OF EMPLOyEES 2,300 COUNTry SECTOr

Guala is a leading company in safety closures for spirit bottles (60% market share) and aluminium screw caps for bottles of wine (30% market share). The company also produces caps in plastic or aluminium for other drinks and products (e.g. olive oil etc.). Present in 15 countries around the world, the group employs nearly 2,300 people. AXA Private Equity supports Guala's growth strategy which is based on upgrading its industrial facilities in areas of strong growth, developing business in emerging markets (e.g. South America, Eastern Europe and Asia) and product innovation, in particular in the field of safety closures.

21% Industry

Bharti Infratel

20% 19% Business Services

37%

Telecom (infrastructure and services)

Western Europe

Consumer Goods & Services

9% healthcare

13%

Asia

Construction

*Breakdown of invested amounts as of December 31, 2008.

36

Eastern Europe

3%

9%

Sector diversification*

11%

Northern Europe

Transportation and energy

Geographical diversification*

DATE OF INvESTMENT

March 2008

Italy Automatic food and beverage vending machines operator 2008 SALES ¤171m NUMBEr OF EMPLOyEES 1,300 COUNTry SECTOr

The Italian number 1 in automatic distributors of hot drinks and snacks, Argenta is solidly positioned in its market with 120,000 machines installed and 65,000 customers. The group targets professionals in industry, leisure, education and health. Operating in a dynamic market, the management is currently implementing a development project through organic growth and targeted acquisitions with the support of its shareholders, aimed at consolidating its base in Italy.

April 2008 India SECTOr Telecom towers operator 2008 SALES ¤506m NUMBEr OF EMPLOyEES 450 COUNTry

North America

9%

Argenta

DATE OF INvESTMENT

36%

13%

some fifteen regions and doubling its sites in five years. At the end of 2008, Bharti Infratel operated 65,000 transmission towers.

An Indian network and telecoms infrastructure operator, Bharti Infratel is a subsidiary of Bharti Airtel, the leading mobile phone operator in India with 88 million subscribers. Bharti Infratel is actively positioned to seize opportunities arising from the growth in the Indian mobile telephone market: the number of subscribers is expected to rise from 170 million in 2007 to nearly 640 million in 2013, which in terms of infrastructure involves quadrupling the number of sites in the country. With 33% market share and a particularly solid base in Northern India, Bharti Infratel's development strategy involves consolidating its network throughout

37

FOCUS Co-investment

With the acquisition of Media Broadcast in 2008, AXA Private Equity contributes to the international development of TDF AXA Private Equity acquired a holding in TDF in 2007 in a business context marked by profound changes in the European market for audiovisual and telecom broadcasting. The management team, actively supported by the shareholders, is rolling out an ambitious industrial strategy based on the development of new digital technologies and the bolstering of the group's positions in various European markets. AXA Private Equity is contributing to the group's European development by providing TDF with access to its resources and its international network. The group is now established as the principal operator of broadcasting networks and shared infrastructures in Europe. In 2008, AXA Private Equity supported the acquisition of Alticom in the Netherlands and Antenna hungaria in hungary and facilitated the merger with Media Broadcast in Germany. AXA Private Equity's solid roots in Germany, based on its office in Frankfurt and the special relationships built up over a long period in industrial and institutional circles, contributed to the success of these transactions. Today, half of TDF's sales are generated outside France.

TDF’S 2008 SALES AMOUNTED TO

¤1.6

BILLION

OF WhICh NEArLy 50% WAS GENErATED OUTSIDE FrANCE. TDF's presence in Europe TDF has a solid base in the different European markets.

Digita Finland

Estonia Netherlands

Poland

Germany France Axion

Alticom Media Broadcast Antenna Hungaria

Hungary

Spain

A STrATEGIC COLLABOrATION

Telecommunication tower

DATE OF INVESTMENT

BuILD-uP TrANSACTIONS SINCE 2007

3

rEGION

Europe

SECTOr

radio-telecommunications infrastructure

NuMBEr OF EMPLOYEES MAIN INVESTOrS

5,350

AXA Private Equity & Texas Pacific Group

The merger with Germany's original operator has enabled TDF group to develop operating synergies and promising growth platforms in fields such as satellite redistribution, mobile Tv, multimedia, dynamic display advertising and digital films.

38

january 2007

Equity stake in TDF acquired

Acquisition of Antenna hungaria (hungary) and Alticom (Netherlands)

Acquisition of Media Broadcast (Germany)

january 2007

May 2007

january 2008 39

AXA Private Equity - The essentials

2008 rEvIEW

Portfolio

Mezzanine

A dynamic team backed by the AXA Private Equity network Mezzanine is a source of financing subordinated to senior debt, which is used in leveraged buyouts but also for financing expansion projects, acquisitions and shareholder reorganizations. In three years, AXA Private Equity has established one of the most dynamic teams on the market having provided financing to 65 companies and invested in 15 mezzanine funds. In 2008, the firm provided financing to 18 companies and invested in 2 funds. The team of 9 investment professionals, based in Paris, London, Milan and New york, backed by the resources of AXA Private Equity’s international network, has over ¤2 billion of funds under management within a broad region including Western and Eastern Europe, North America and Asia. The team’s expertise in structuring transactions and long-term strategy, while matching its interests with those of its equity investors, make it a reliable long-term partner for companies and investment funds. The mezzanine team is boosted by strong synergies with the entire range of AXA Private Equity’s activities, particularly thanks to its relationship of trust established by the funds of funds team with the largest private equity managers worldwide, which bolster its origination capacity and enable it to offer financing to the best companies.

Mezzanine transactions in 2008 DIRECT INVESTMENTS Booz Allen Hamilton

Socotec Nov. 2008 France SECTOR Inspection, audit, and certification for the building and public works 2008 ESTIMATED SALES ¤436m DATE OF INVESTMENT COUNTRY

Over ¤2 billion of funds under management in Europe, North America and Asia.

August 2008 United States SECTOR Consulting firm specialized in government projects 2008 ESTIMATED SALES ¤1 ,947m DATE OF INVESTMENT COUNTRY

Dreams March 2008 United Kingdom SECTOR Chain of bed and mattress stores 2008 ESTIMATED SALES ¤204m DATE OF INVESTMENT COUNTRY

Voice Construction

CTL Logistics

Euromedic DATE OF INVESTMENT

Oct. 2008

hungary Pan European medical service provider 2008 ESTIMATED SALES ¤280m COUNTRY SECTOR

Biomnis Oct. 2008 France SECTOR Specialized medical pathology laboratory 2008 ESTIMATED SALES ¤221m DATE OF INVESTMENT COUNTRY

August 2008 Canada SECTOR Civil engineering 2008 ESTIMATED SALES ¤117m

DATE OF INVESTMENT

COUNTRY

COUNTRY

WFC

Elilario

July 2008 France SECTOR Marketing and sale of freight capacity for cargo and airlines 2008 ESTIMATED SALES ¤31m

DATE OF INVESTMENT

COUNTRY

COUNTRY

Stabilus

Martek Power January 2008 France SECTOR Power supplies, power converters and inverters 2008 ESTIMATED SALES ¤70m DATE OF INVESTMENT COUNTRY

May 2008 Germany SECTOR Gas springs, dampers and actuators for industrial applications 2008 ESTIMATED SALES ¤ 385m DATE OF INVESTMENT

Sept. 2008 COUNTRY United Kingdom SECTOR Provider of cash automation equipment to financial institutions 2008 ESTIMATED SALES ¤301m

Feb. 2008 Italy and Spain SECTOR helicopter operator 2008 ESTIMATED SALES ¤247m

DATE OF INVESTMENT

Talaris DATE OF INVESTMENT

Feb. 2008 Poland SECTOR railway logistics operator 2008 ESTIMATED SALES ¤249m

DATE OF INVESTMENT

COUNTRY

Wood Mackenzie

FUNDS OF FUNDS INVESTMENTS

Photonis May 2008 United Kingdom SECTOR research and consulting for global energy companies 2008 ESTIMATED SALES ¤101m

Carlyle Mezzanine Partners II

DATE OF INVESTMENT

Sept. 2008 COUNTRY OUNTRY Europe and North America SECTOR Photo sensor technology 2008 ESTIMATED SALES ¤130m DATE OF INVESTMENT

COUNTRY

The Sun Products Corporation

COUNTRY

BTC April 2008 Bulgaria SECTOR Telecom operator 2008 ESTIMATED SALES ¤567m

April 2008 United States

DATE OF INVESTMENT

TCW Crescent Mezzanine V

DATE OF INVESTMENT

Sept. 2008 COUNTRY United States SECTOR Laundry detergents and personal care products 2008 ESTIMATED SALES ¤1,398m DATE OF INVESTMENT

James Hull

COUNTRY

February 2008 United States and Europe

DATE OF INVESTMENT COUNTRY

MidSouth April 2008 China SECTOR reinforced fiberglass manufacturer 2008 ESTIMATED SALES ¤72m DATE OF INVESTMENT COUNTRY

August 2008 United Kingdom SECTOR Chain of dental centers 2008 ESTIMATED SALES ¤32m DATE OF INVESTMENT COUNTRY

40

41

AXA Private Equity Portfolio

42

43

AXA Private Equity - The essentials

Primary funds of funds

2008 Review

Portfolio

Secondary and early secondary funds of funds

Breakdown by investment strategy*

Breakdown by region*

2,854

4 generations of secondary funds of funds (in million dollars)

*Number of funds as of December 31, 2008.

220

480

1,040

68% LBO

48% North America

25%

44%

Venture capital

6%

ASF I 1999

ASF II 2001

Europe

Others

8%

1%

Asia, Austrasia Middle-East

Distressed funds

ASF III 2004

ASF IV 2007

Secondary funds of funds Amounts committed (in million dollars) and number of transactions as of December 31, 2008

800 700

735

9 8

10 9

600 7

500

8 7

400

485

5

300

4

298

200 100

Number of primary funds of funds commitments by vintage

Amounts committed

84

0

67

5

7

494

5

306

6 5

77

81

4

120 1999

43 37

2000

7

2001

2002

38

3

3 2

2003

1

2004

2005

0

2006 2007 2008

30

28

Number of transactions

Early secondary funds of funds

25

Amounts committed (in million euros) and number of transactions as of December 31, 2008

23 20

16 14

300

12

269 276

250 200

11

150

1998

1999

2000

2001

Amounts committed

2002

2003

50

10

6

100

<1998

12

218

5

5

53

8

107

6

0

4 2004

44

2003

2005

2

2004

2006

2005

2007 2008

2006

0 2007

Number of transactions

2008

44

45

AXA Private Equity - The essentials

LBO mid cap COMPANY

INVESTMENT DATE

May 08

2008 ESTIMATED REVENUES IN ¤M

SECTOR

COUNTRY

Active ingredients and specialty chemicals

France / Canada

165

PRODWARE

COMPANY

April 08

Amusement arcade operator

Germany

125

BATIWEB

DIANA INGREDIENTS

June 07

Natural ingredients for pet food, human food, beverages & pharmaceuticals

France

318

CONSORT NT

Specialty chemicals

Germany

313

PVC flooring

France

426

Specialty chemicals

France

200

Airport ground support equipments

France

175

Radio and internet (blogs)

France

38

Concrete sleepers

Germany

129

Licence-free vehicles

France

123

January 07

CABB GERFLOR

November 06

ELIOKEM

October 06 September 06

TLD SKYROCK

May 06

RAIL.ONE

April 06 February 06

AIXAM MEGA SPOTLESS GROUP

November 05

Laundry and home-cleaning products

France

367

GEALAN

December 04

PVC profiles for doors and windows

Germany

278

Innovative software and services

LÖWEN PLAY

U-LIKE PUBLIC IDEES WELCOME REAL TIME BRAINSONIC

DUPLOMATIC SYNERLAB WELCOME REAL TIME TRECOBAT KTP CHAMPEAU

December 08 July 08 January 08 June 07 May 07 February 07 October 06 September 06

France France

Mobile device management software

France

SPARUS SOFTWARE ARPSON PLANISWARE

Telecoms and components

109

France

29

France

11

Social security, tax and operating cost reduction consultancy

France

59

46

France

France

Technical and graphical analysis of financial markets

September 04

Made-to-measure mobile telecoms terminals manufacturer

MODELABS

Single-family houses building company

Claims collection

LOWENDAL MASAÏ

France

16

March 06 July 05

Private telecom operator specializing in Voice over IP for businesses

B3G TELECOM

France

CREDIREC BBSP

France France

Promotional marketing software

38

United States

France

77

123

France

IT services in Radio Frequency Identification

Development and production of diode-pumped solid state lasers

France

France

Virtualization server software

Telecom operator

Manufacturer of generic pharmaceutical products

France

France France

October 07

METAGENEX

Radio and internet (blogs)

June 02 August 01

Financial management software Project portfolio management software

TEN OXXIUS

31

Shipyard

January 05 December 02

IT services

54

May 06

March 05

January 01

Italy

July 06

July 05

AXIALOG

France

SKYROCK

France France

Windev development tools software

Manufacturer of hydraulic valves

PIRIOU

Affiliation platform Promotional marketing software

Internet community cash back site

B2B information provider

71

France

January 06

ERYTECH PHARMA

24

December 06

Social cataloging

EBUYCLUB PC SOFT

36

Germany

May 07

France France

France

Belgium

France

December 07

Construction and home improvement website IT services specialized in business process outsourcing

France

Food ingredients

Manufacturer of plastic containers and palettes

January 08

France

Rich media and web TV content publisher and producer

COUNTRY

Industrial framework for single family houses

April 08 March 08

Business software integrator

Software publisher – mass market, utility programs

SECTOR

STREAMEZZO

Life sciences

ALTARES

INVESTMENT DATE

2008 ESTIMATED REVENUES IN ¤M

June 08

COUNTRY

October 06

TAGSYS

LBO small cap

INVESTMENT DATE SECTOR

ANUMAN

SYSLOAD SOFTWARE

SFINC

Portfolio

Venture Capital

UNIPEX

COMPANY

2008 Review

TXCELL AGENDIA CYTHERIS

July 06 November 05 September 04 August 04 December 06 July 06 September 04 March 04 September 02

Software publisher of interactive rich media for mobile terminals

France

Development of oncology cell therapies

France

Prenatal diagnosis

France

Cellular therapy for the treatment of inflammatory diseases

France

Molecular diagnosis laboratory

Netherlands

Development of immune modulation drugs

France

MUTABILIS

July 02

Development of anti-infective drugs

France

AUREUS

July 02

Knowledge management platform for life sciences

France

47

AXA Private Equity - The essentials

Infrastructure COMPANY

ALICORNE ANGLIAN WATER

TOZZI WIND FARMS SAUR SITA

INVESTMENT DATE

August 08 June 08

SECTOR

COUNTRY

COMPANY

Management and construction of motorways

France

GUALA CLOSURES GROUP

Provider of water and sewerage services

United Kingdom

BHARTI INFRATEL ARGENTA

October 07 May 07 April 07 December 06

Construction and management of hospitals

Italy

Wind farming

Italy

HARRAH'S ENTERTAINMENT

Water and waste management

France

KYOBO

Waste management

United Kingdom

ENERGY FUTURE HOLDINGS

NORTHUMBERLAND

INVESTMENT DATE SECTOR

September 08 April 08 March 08 January 08 December 07

COUNTRY

2008 ESTIMATED REVENUES IN ¤M

Italy

330

Telecom towers operator

India

506

Automatic food & beverage vending machines operator

Italy

171

Safety closures and aluminium screw caps

Casino entertainement and hotel operator

United States

7,486

Life insurance

Korea

6,167

October 07

Electricity generation and distribution

United States

7,936

FIRST DATA

September 07

Payment processing services provider

United States

5,989

September 07

Manufacturer of specialty vessels

China

1,011

Manufacturer of automatic transmissions for commercial vehicles

United States

1,425

SITA CORNWALL

October 06

Waste management

United Kingdom

SINOPACIFIC

SANEF

January 06

Motorways

France

ALLISON TRANSMISSION

August 07

ALLIANCE BOOTS

July 07

Pharmaceuticals and beauty products retailer and wholesaler

United Kingdom

ARK HOLDING

July 07

Nursing homes operator

United States

BITÉ KEOLIS

March 07

20,985 165 229

Mobile network operator

Lithuania

January 07

Passenger transport operator

France

3,140

January 07

Broadcasting and transmission services provider

France

1,638

FREESCALE SEMICONDUCTOR

November 06

Semiconductor components manufacturer

United States

3,614

RENTAL SERVICES CORPORATION

November 06

Equipment rental services supplier

United States

1,245

PUUKESKUS OY

November 06

Wood-based building materials distributor

Finland

Cable-TV operator

Sweden

TDF

COM HEM / UPC SWEDEN NXP

September 06 September 06

Semiconductor components manufacturer

Netherlands

MEDICA

August 06

Nursing homes operator

France

ROOFING SUPPLY GROUP

August 06

Roofing materials distributor

United States

THE NIELSEN COMPANY

August 06

B2B, media measurement and marketing information provider

Netherlands

488 369 3,787 428 557 3,430

DSI

April 06

Kidney dialysis clinics operator

United States

230

LEVANTINA

April 06

Marble and granit distributor

Spain

300

ASTER CITY FRANS BONHOMME

February 06 December 05

Cable-TV operator

Poland

107

Plastic pipes & fittings B2B retailer

France

870 12,900

October 05

Electrical parts and supplies B2B distributor

France

ISS

August 05

Multi-facilities services provider (cleaning, property services, office support and catering)

Denmark

9,262

CHR HANSEN

August 05

Manufacturer of natural ingredients for the food industry

Denmark

477

SPIRIT AEROSYSTEMS

August 05

Commercial aircraft composite structures manufacturer

United States

2,628

KWIK-FIT

August 05

Fast fit automotive services

United Kingdom

1,192

REXEL

48

Portfolio

Co-investment

GROUP HISI

2008 Review

49

AXA Private Equity - The essentials

2008 Review

Portfolio

Mezzanine COMPANY

SOCOTEC

INVESTMENT DATE

November 08

2008 ESTIMATED REVENUES IN ¤M

SECTOR

COUNTRY

Inspection, audit for building and public works

France

436

COMPANY

March 07

COUNTRY

Aluminium profiles for windows, verandas and doors

Belgium

286

EUROMEDIC

October 08

Pan-European medical service provider

Hungary

280

BIOMNIS

October 08

Specialized medical pathology laboratory

France

221

CABB

February 07

Specialty chemicals

Germany

313

United Kingdom

301

EVERIS

February 07

Consulting firm in information systems

Spain

385

Indoor perfumes

France

Europe /

130

Cable operator

Netherlands

TALARIS

September 08

Provider of cash automation equipment

Photo sensor technology

North America THE SUN PRODUCTS

September 08

Laundry detergents and personal care products

United States

1,398

CORPORATION 32

JAMES HULL

August 08

Chain of dental practises

United Kingdom

BOOZ ALLEN HAMILTON

August 08

Consulting firm specialized in government projects

United States

VOICE CONSTRUCTION

August 08

Civil engineering

Canada

117

Marketing and sale of freight capacity for cargo

France

31

WFC

July 08

1,947

and airlines STABILUS

May 08

Gas springs, dampers and actuators for industrial applications

Germany

385

WOOD MACKENZIE

May 08

Commercial and strategic analysis to companies operating in the global energy industry

United Kingdom

101

BTC

April 08

Telecom operator

Bulgaria

MIDSOUTH

April 08

Reinforced fiberglass plastic manufacturer

China

Chain of bed and mattress stores

United Kingdom

204

Railway logistics operator

Poland

249

ELILARIO

February 08

Helicopter operator

Italy / Spain

247

Designer and manufacturer of standard and custom power supplies, converters and inverters

France

MARTEK POWER

March 08

January 08 November 07

Watertight joints

France

87

November 07

Telecom and IT

France

180

MATEBAT

November 07

Crane rentals and sales

France

63

TRESCAL

November 07

Metrological and calibration services

France

74

Manufacturer and distributor of branded

France

567

pool equipment HEALTHCARE AT HOME SAVEUR

October 07 September 07

Home healthcare services

United Kingdom

55

Ingredients and aromatic product

France

60

for the food industry VIZADA

September 07

Satellite telecommunications

France / Norway

501

CAMAÏEU

August 07

Women's ready-to-wear clothing

France

709

THE CONTAINER STORE

August 07

Retail chain for home and office storage solutions

United States

414

CEVA

July 07

Veterinary pharmaceutical laboratory

France

361

DEMECO

July 07

Moving company for offices and households

France

62

Mobile telephone operator

Lithuania

232

Retail chain of branded discounted products

France

104

April 07

Passenger transport operator

France

3,140

April 07

BITÉ STOKOMANI KEOLIS

June 07 May 07

Moulded glass packaging

France

310

KP1

March 07

Prefabricated concrete elements

France

365

PHADIA

March 07

Blood analysis systems for diagnosing allergies, asthma

Sweden

291

SGD

50

November 06 October 06

LIMONI

September 06 June 06

RAIL.ONE

May 06

SKYROCK

April 06

RLD

55 1,239

Pharmaceutical and cosmetics industry

France

82

Logistics for non strategic purchasing

France

105

Retailer of perfumes and beauty products

Italy

351

Concrete sleepers and system provider for railways

Germany

129

Radio and internet (blogs)

France

38

Cleaning and rental of flat linen and working apparel

France

140

CREDIREC

April 06

Claims collection

France

29

SOGETREL

January 06

Engineering of voice/data/image networks

France

203

January 06

Licence-free vehicles

France

123

NEUMAYER TEKFOR

December 05

Sub-contractor in the motor industry

Germany

590

ABRISUD

November 05

Manufacture of swimming pool covers

France

44

Interior decoration articles

France

109

CARLYLE MEZZANINE PARTNERS II TCW CRESCENT MEZZANINE V

SIEM FLEXITALLIC

October 07

UNITHER STACI

FUNDS

70

PROSODIE

ZODIAC

November 06

SIA

72

February 08

ZIGGO

AIXAM

567

CTL LOGISTICS

DREAMS

Direct Investments Mezzanine

September 08

Mezzanine fundS of funds

PHOTONIS

January 07

LAMPE BERGER

to financial institutions

Direct Investments Mezzanine

INVESTMENT DATE SECTOR

ALIPLAST

2008 ESTIMATED REVENUES IN ¤M

July 05

INVESTMENT DATE

April 08 February 08

COUNTRY

United States United States / Europe

DARBY ASIA

October 07

Asia

CLSA MEZZASIA

October 07

Asia

ACCESSION MEZZANINE CAPITAL II

October 07

Eastern and Central Europe

DARBY CONVERGING EUROPE

July 07

Eastern and Central Europe

CAPZANINE II

July 07

France

BIA DIGITAL PARTNERS

July 07

United States

DLJ III

July 07

United States

MEZZANOVE CAPITAL GSC II

April 07 May 06

Italy Europe

HUTTON COLLINS II

February 06

United Kingdom

EUROMEZZANINE V

February 06

Europe

January 06

Europe

June 05

France

M CAP FINANCE CAPZANINE

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This publication has been prepared by the AXA Private Equity Communications Department Editorial: STRATEGIES&IMAGE Graphics: RESEARCH STUDIOS PARIS Printed on PEFC certified paper, from sustainable forests by printer Bis'Art – March 2009

ILLUSTRATION: Daniel Dufour p.14 PHOTOGRAPHIES: ©Richard Cogne p.4, p.10, p.17 ©CORBIS p.31, p.33, p.35, p.39 ©GETTY p.32, p.33,p.35

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