Listed SMEs: dynamic, high-
performance companies
July, 2008
Study undertaken with the corroboration of
Martine Charbonnier
Head of European Listing - NYSE Euronext
© 2007 NYSE Euronext. All Rights Reserved.

Methodology of the Study*
• Scope of the study:
– All companies listed on Alternext as of 31 December 2007
– Most metrics analysed in this study are as of end 2007
– Statistics based on representative samples (after removal of extreme
samples of some indicators)
– Comparison with French Private Equity (source: AFIC, the French
association of Private Equity investors)
– Comparison with French non-financial companies (source: INSEE, the
French National Institute for Statistics and Economic Studies)
* Methodology detailed in appendix (slides 25 and 26)
Listed SMEs: dynamic, high-performance companies 2

Alternext: The Market Dedicated to
Dynamic, High-Performance Listed SMEs
Companies listed on Alternext:
are innovative: 51% were granted the label/financed by OSEO-ANVAR*
are creating jobs: employees + 80% between 2004 and 2007 (and for
the French companies, twenty times the average national rate)
are pursuing external growth: 58% made acquisitions
are expanding abroad: 49% acquired/set up a subsidiary outside their
domestic market after their listing on Alternext
are creating value: EBIT margin + 28% between 2004 and 2007 (and for
the French companies ten times the average national rate)
are increasingly using the Stock Market to finance their growth: €2Bn
of net proceeds raised on Alternext since launch, of which 53% at IPO
and 47% through follow-ons * French Agency for the Innovation
Listed SMEs: dynamic, high-performance companies 3

Alternext: Overview as of 30 June 2008
Founded in May 2005, first listing: MeilleurTaux.com (May 17th, 2005)
•
• 125 listed companies in Paris, Brussels and Amsterdam, of which 9 are
international*, for a total Market Cap of €5.3Bn
• €2Bn of capital raised:
– €1,035m at IPO
– €906M through follow-ons
• A wide range of sectors (all ICB sectors represented)
• Three international* companies joined Alternext since 1st Jan. 2008:
– Two Chinese (China Corn Oil, Huacheng Real Estate) and
– One British (Proventec)
* Not French, Belgian or Dutch
Listed SMEs: dynamic, high-performance companies 4

A Certain Maturity
• 50% of companies listed on Alternext were founded before 1997,
representing a median age of 11 years old:
1/3 founded before 1990
1/3 founded in the 1990s
1/3 founded after 2000
Age of Companies At IPO As of June 2008
• Average 12.8 14.5
• Median 9 11
• Maximum 76 78 (Lamarthe)
• Minimum 1 4 (Au Plata, Goadv, CBO Territoria)
Listed SMEs: dynamic, high-performance companies 5

Highly Innovative Companies
• 42% of Alternext companies were qualified as “innovative companies”
(ANVAR label granted by OSEO, the French Agency for Innovation)
• 51% of Alternext companies were either granted the ANVAR label or
financed by OSEO-ANVAR
• Half the European companies listed on Alternext are eligible for FCPI*
ANVAR
ANVAR Label ANVAR Financing
Label/Financing
Number of companies 50 11 61
Percentage of total number of companies 42% 9% 51%
* French Venture Capital Funds specialized in innovative companies
Listed SMEs: dynamic, high-performance companies 6

Companies that Create Jobs (1/2)
• All companies from Alternext, whatever their nationality, had a
headcount increase* of 80% in the last 3 years (2004-2007)
Headcount* (number) 2004 2005 2006 2007 2004-2007**
• Average 103 122 138 188 + 80%
• Median 49 64 76 103 + 95%
• Maximum 1,510 1,419 1,433 1,721 -
• Minimum 1 2 5 3 -
* Including job creation in foreign subsidiaries
** Based on a stable and representative sample
Listed SMEs: dynamic, high-performance companies 7

Companies that Create Jobs (2/2)
• Among French companies only, the average annual headcount
increase* between 2004 and 2007 was 23.1%
• Over the same period, the headcount of non-financial companies based in
France has increased on average by 1.2% per annum (source: INSEE)
Average annual headcount
increase (2004-2007)
+ 23.1%
+ 5.4%
+ 1.2%
* Including headcount of foreign subsidiaries
Non-financial companies French companies under French companies
** Average annual variation between 2004 and 2006
based in France (INSEE) Private Equity (AFIC)** listed on Alternext
(2007 not available)
Listed SMEs: dynamic, high-performance companies 8

An Expansion Based on External Growth
• 58% of companies listed on Alternext made acquisitions since their
initial listing (69 companies)
• On average, Alternext listed companies that expanded externally
acquired 2.2 companies
As of June Examples:
Acquisitions (number)
2008
Jan. 2008, Heurtey Petrochem bought Petro-
• Total 149 Chem Development (US), 71% cash finance and
29% through a reserve capital increase.
of which intrnationally based companies 36
Feb. 2008, Harvest bought 70% of O2S
• Average 2.2
(software); fully financed in cash.
• Median 2.0
Jan. 2008, Yin Partners bought E-magineurs, 65%
• Maximum 9 (O2i) equity finance and 35% cash finance.
Companies that performed ≥ 1 acquisition(s) 69 (58%*)
* Percentage of the total number of Alternext listed companies as of 31 December 2007
Listed SMEs: dynamic, high-performance companies 9

International-Oriented Companies
1/4 of Alternext companies acquired at least one international company
1/3 of Alternext companies set up at least one affiliate abroad
Percentage of Alternext companies
expanding internationally after their listing
14 companies bought:
≥ 1 foreign company
12% 58 companies expanded outside their
domestic market* after their listing on
29 companies set up: Alternext (49% of the total)
24%
≥ 1 affiliate abroad
* Either by external growth and/or by setting up of an affiliate
13%
15 companies at the same time:
- bought ≥ 1 foreign company and
- set up ≥ 1 affiliate abroad
Listed SMEs: dynamic, high-performance companies 10

Companies that Demonstrate Profitable Growth
Alternext companies create value at all levels:
• Revenues (net sales),
• EBIT result*,
• Net Profit.
* EBIT (Earning Before Interests and Taxes)
Listed SMEs: dynamic, high-performance companies 11

Revenues Show Strong Growth (1/2)
• In 2007 Alternext companies recorded total revenues of €4.1Bn
• Average revenues of Alternext companies have increased by 106% over
3 years (2004-2007)
• In 2006, half of all Alternext companies generated more than 20% of
their revenues abroad
Annual Revenues (€M) 2004 2005 2006 2007 2004-2007*
• Average 15.7 20.8 27.6 35.7 + 106%
• Median 7.0 10 12.9 17.6 + 153%
• Maximum 135 173 244 363 (Poweo) -
Total 1,745 2,449 3,253 4,141 + 106%
* Based on a stable and representative sample
Listed SMEs: dynamic, high-performance companies 12

Revenues Show Strong Growth (2/2)
• Among French companies only, the average annual revenue increase*
between 2004 and 2007 was 26.3%
• Over the same period, the total annual revenue of non-financial companies
based in France has increased on average by 5.7% per annum (source:
INSEE)
Average annual revenue
growth (2004-2007)
+ 26.3%
+ 9.0% * Including revenues generated by foreign subsidiaries
+ 5.7%
** Excluding retail stores and real estate
(estimates based on SUSE and other revenues
indices issued by INSEE)
Non-financial companies French companies under French companies
*** Average annual variation between 2004 and 2006
based in France (INSEE) Private Equity (AFIC)*** listed on Alternext
(2007 not available)
Listed SMEs: dynamic, high-performance companies 13

Strong Growth in Operating Performance (1/2)
• EBIT* multiplied by 3.2 over the last 3 years (2004-2007)
2004-2007**
EBIT* (€M) 2004 2005 2006 2007
• Average 0.8 1.3 2.0 2.8 + 223%
• Median 0.5 0.9 1.5 2.1 + 368%
Total 80 146 232 315 + 223%
• Median EBIT margin increased by 28% over the last 3 years (2004-2007)
2004-2007**
EBIT margin (in % of revenue) 2004 2005 2006 2007
• Average 11.3% 13.4% 14.2% 14.1% + 10%
• Median 7.2% 8.4% 9.0% 9.4% + 28%
Better cost management without inhibiting growth (headcount,
investments, acquisitions, expansion abroad continued to grow)
* Earning Before Interests and Taxes
** Based on a stable and representative sample
Listed SMEs: dynamic, high-performance companies 14

Strong Growth in Operating Performance (2/2)
• Among French companies only, the average EBIT growth* between
2004 and 2007 was 48.3%.
• Over the same period, the total Earning net from amortizations** of non-
financial companies based in France has increased on average by 4.4%
per annum (source: INSEE)
Average annual variation of
EBIT (2004-2007)
+ 48.3%
+ 4.4%
French companies
Non-financial companies * Including EBIT generated by foreign subsidiaries
based in France (INSEE) listed on Alternext
** Proxy for EBIT
Listed SMEs: dynamic, high-performance companies 15

Profitability: Increased Growth Rates (1/2)
• Net profit multiplied by 3.8 over the last 3 years (2004-07)
Net Profit (€M) 2004 2005 2006 2007 2004-07**
• Average 0.3 0.7 1.1 2.0 + 279%
• Median 0.4 0.6 0.9 1.5 + 280%
Total 36 82 133 225 + 279%
• Median net margin increased by 27% over the last 3 years (2004-2007)
Net Margin (in % of revenue) 2004 2005 2006 2007 2004-2007**
• Average 8.0% 9.2% 10.0% 11.2% + 10%
• Median 4.4% 5.2% 5.7% 6.0% + 27%
• Based on analysts’ predictions profitability from Alternext companies should
continue to increase in 2008 (estimated P/E ratio of 15x*)
* Based on financial analysts’ recommendations as of 16 June 2008 (source: Bloomberg)
** Based on a stable and representative sample
Listed SMEs: dynamic, high-performance companies 16

Profitability: Increased Growth Rates (2/2)
• Among French companies only, the average Net Profit increase*
between 2004 and 2007 was 56%.
• Over the same period net profit from amortizations of non-financial
companies in France** has decreased on average by 4% per annum
(source: INSEE’s national accounts)
Average annual variation
of Net Profit (2004-2007)
+56%
- 4.0%
French companies
Non-financial companies * Including Net Profit generated by foreign subsidiaries
based in France (INSEE) listed on Alternext
** Proxy for Net Profit
Listed SMEs: dynamic, high-performance companies 17

Getting Listed on Alternext: a Major Source
of Financing
• €1Bn has been raised by new listings on Alternext
• 100% of companies newly listed on Alternext raised capital*
• 75% of the amounts raised at IPO were gained through public offers;
the remainder by Private Placement
• 50% of companies that raised capital at IPO placed €10M or more
Capital raised at IPO (€M) 2005 2006 2007 Total
• Average* 6.5 8.8 11.2 9.4
• Median* 4.8 7.7 8.8 7.4
• Maximum 12.9 23.3 34 34 (Vergnet)
Total 78 467 426 971
* Excluding Free Market transfers and other direct listings
Listed SMEs: dynamic, high-performance companies 18

A Dynamic Secondary Market to Finance Growth
• Alternext provides listed companies with exceptional means to finance their
growth on a regular basis: over the last three years half the companies
listed on Alternext raised capital through follow-ons* for a total amount
of €906M
• 50% of Alternext companies that performed secondary offerings
(follow-ons) raised at least €4M
Follow-ons (€M) 2005 2006 2007 2008 YTD** Total
• Average - 5.0 7.2 4.4 6.6
• Median - 0.8 1.3 1.5 1.3
Total 50 85 627 144 906
* Secondary offerings (follow-ons) include: Capital increase, warrants/options exercise, convertible bonds issues, etc.
** As of 16 June 2008
Listed SMEs: dynamic, high-performance companies 19

Conclusion (1/3)
Statement:
• A lack of correlation between the stock performance of small & mid
caps (investors disaffection in difficult times) and their economic and
financial performances
Challenges:
• Broaden the investor base while creating new interest for the mid
caps segment
Listed SMEs: dynamic, high-performance companies 20

Conclusion (2/3)
Action plan:
• Reinforcement of the NYSE Alternext brand from an international
standpoint : brand to be used for the listed SMEs segment in the US
(formerly listed on AMEX)
• Active promotion of Alternext in France and abroad
Interim results:
3 international companies have been listed on Alternext since 1st
•
January 2008 including the 2 first Chinese companies (China Corn Oil,
Huacheng Real Estate) and 1 British company (Proventec)
• Other candidates from diverse areas: China, Spain, Canada, etc.
Listed SMEs: dynamic, high-performance companies 21

Conclusion (3/3)
Forward thinking:
1. To enhance the attractiveness of investing
• The tax aspect: comparative analysis of AIM / Alternext reveals a
much more attractive tax environment on AIM. e.g. a spread that can
go from 1 to 20 on authorized amount of tax deductions for an initial
investment on companies listed on AIM
2. To increase the visibility of issuers
• Launch of a limited Alternext index (30 / 40 companies)
• Continue to promote the companies to investors
(in London among others) through dedicated events (sector days)
Listed SMEs: dynamic, high-performance companies 22

Questions
&
Answers
Listed SMEs: dynamic, high-performance companies 23

Detailed Methodology of the Study (1/2)
1. Scope of the study:
• All companies listed on Alternext as of 31 December 2007 (119
domestic and non-domestic companies)
• Study of main metrics (headcount, revenues, etc.) performed on very
representative statistical samples (80%-97% of total).
• Comparison with French Private Equity in France (AFIC) and non-
financial companies based in France (INSEE) performed after removal of
extreme samples of the following Alternext data:
- Study based only on French companies
- Extreme values (minimum, maximum) from each sample excluded
- Statistics (total, average, median) were only calculated based on stable and
representative samples
Listed SMEs: dynamic, high-performance companies 24

Detailed Methodology of the Study (2/2)
2. All metrics in this study are stated as of end 2007, excluding:
• ANVAR Label (as of end March 2008)
• Follow-ons, external growth, foreign subsidiaries and analyst coverage
(as of 16 June 2008)
3. Scope of Coe-Rexecode involvement:
• Validation of the reliability of samples
• Corroboration of statistical methodology
• Relevance of comparative data (AFIC, INSEE)
Listed SMEs: dynamic, high-performance companies 25

Companies Listed on Alternext as of 31/12/07
# Company # Company # Company # Company
Cbo Territoria 30 Laroche 60 AB Fenetres Groupe 90 Richel Serres de France
1
Poweo 31 Mastrad 61 Hitechpros 91 Genoway
2
3 Adomos 32 Adverline 62 The Member Company TMC nv 92 Yin Partners
4 Harvest 33 Celeos 63 Trilogiq 93 Demos
5 MG International 34 Cedip Infrared Systems 64 Groupe Promeo 94 Vergnet
6 Satimo 35 Sovep 65 Octo Technology 95 Homair
7 Maximiles 36 Evadix sa 66 RoyalReesink 96 Thenergo
8 Sidetrade 37 Normaction 67 Turenne Investissement sca 97 Ecodis
9 Freelance.com 38 Aquila 68 Rentabiliweb Group 98 Inventoriste
10 Sporever 39 Neotion 69 D.L.S.I. 99 Fountaine Pajot
11 Techniline 40 Medicrea International 70 eFront 100 Auplata
12 Staff and Line 41 Heurtey Petrochem 71 Genfit 101 Reims Aviation Industries
13 Assya Capital 42 Weborama 72 1855 102 Stradim
14 Exonhit Therapeutics 43 LeGuide.com 73 Ideom (ex-Avenir Numeric's) 103 Logic Instrument
15 Serma Technologies 44 OBER 74 Dietswell Engineering 104 Arkoon Network Security
16 O2I 45 Netbooster 75 VDI Group 105 Groupimo
17 The Marketingroup 46 Emakina Group sa 76 Groupe Eurilogic 106 Acheter-Louer.fr
18 Environnement sa 47 Voyageurs du Monde 77 H2O Innovation (2000) inc 107 Orolia
19 Clasquin 48 De Rouck Geomatics sa 78 Auto Escape 108 Goadv
20 1000mercis 49 MGI Digital Graphic Technology 79 Entreparticuliers.com 109 I2S
21 Emailvision 50 Piscines Groupe ga 80 Cellectis 110 Streamwide
22 Maesa (ex-Parfum d'image) 51 Initiatives et Développements 81 Antevenio 111 Fashion B Air
23 Safwood 52 CRM Company 82 Notrefamille.com 112 Mindscape
24 Evolis 53 Proservia 83 Air Energy SA 113 Monceau Fleurs
25 Millet Innovation 54 Xiring 84 Brossard 114 Conporec
26 Prodware 55 International Technologie Sélection 85 Eurogerm 115 Hybrigenics
27 Come and Stay 56 Budget Telecom 86 Traqueur 116 Astellia
28 Lamarthe 57 Assima 87 Dolphin Integration 117 Ventos
29 Press Index 58 ECT Industries 88 Adthink Media 118 Cortix
59 Porthus NV 89 DL Software 119 Vision IT
Listed SMEs: dynamic, high-performance companies 26

List of Companies Listed on Alternext in H1 2008
# IPO Company Country Place ICB sector Market Cap Market Cap Capital raised
at IPO as of 30/06/08 at IPO
Date
1 02/01/08 Co.Br.Ha. BEL Brussels 3533 - Brewers € 118 903 500 € 110 580 760 ---
2 25/03/08 China Corn Oil CHI Paris 3577 - Food Products € 84 996 615 € 87 868 412 € 5 000 000
3 08/04/08 Huacheng Real Estate CHI Paris 8633 - Real Estate Holding & Development € 165 000 000 € 165 000 000 € 5 000 000
4 22/05/08 Proventec UK Paris 2791 - Business support services € 24 948 998 € 33 954 978 ---
5 28/05/08 Referencement.com FRA Paris 9535 - Internet € 22 527 692 € 19 010 814 € 2 775 755
6 09/06/08 Easydentic FRA Paris 2737 - Electronic equipments € 230 998 655 € 180 009 825 ---
7 10/06/08 Ipsogen FRA Paris 4573 - Biotechnology € 31 877 165 € 31 965 712 € 11 769 970
Listed SMEs: dynamic, high-performance companies 27

Listed SMEs: dynamic, high-performance companies 28