Listed SMEs: Dynamic And High Performance Companies A study conducted by NYSE Euronext in association with Rexecode Paris, 8 July 2008 – Small and medium-size listed companies are turning in strong showings for growth, profitability, job creation and international expansion, concludes a study presented today by NYSE Euronext in association with Coe-Rexecode*. The study covers the 119 businesses listed on Alternext Paris, Brussels and Amsterdam at December 31, 2007. Together these companies, which have now reached a certain degree of maturity with a median age of eleven years old, have raised a total of €2 billion with their IPOs and secondary listings since the launch of Alternext in May 2005. This has enabled them to achieve significantly quicker growth and enhance overall performance. Creating financial wealth Companies listed on Alternext post rates of earnings growth that testify to a combination of healthy sales growth and effective cost discipline. Their total sales rose 106% in the three years from 2004 to 2007, while the sales growth of Alternext’s French companies alone averaged 26.3% a year over the period, five times the national average. At the same time Alternext companies multiplied EBIT by 3.2 and their operating margins rose 28%. French companies alone recorded average annual rises of 48.3% in EBIT, ten times the national average. Creating new employment opportunities Companies listed on Alternext generate new jobs at an impressive rate, with their total workforces, counting those listed in all three centres, rising 80% from 2004 to 2007, while the French companies alone posted annual employment growth of 23.1%, 20 times the national average. Driving innovation forward Most Alternext companies are involved in high technology or have an innovative approach to operating in traditional sectors. A good 51% of them, operating in sectors that include telecoms, software, healthcare and biotechnology, as well as consumer goods and services, have won recognition and, in some cases, financial support from France’s agency for the promotion of research, OSEO Innovations**. Acquisition and international expansion The capital that companies have raised on Alternext has enabled many of them to finance acquisitions, often outside their home countries. No fewer than 58% have made acquisitions since their admission to the market, acquiring 2.2 businesses on average, and 58 of them, representing 49% of the companies listed on Alternext, have expanded into international markets. “Mid-size companies listed on Alternext are remarkably dynamic, much more so than the average company in France,” comments Martine Charbonnier, Executive Director for European Listings, at NYSE Euronext. “Capital raised on the market has helped fund business development, thus creating jobs, fuelling international expansion and generating profits. Despite current market conditions, we are stepping up action to make Alternext

1. © 2007 NYSE Euronext. All Rights Reserved.
Listed SMEs: dynamic, high-
performance companies
July, 2008
Martine Charbonnier
Head of European Listing - NYSE Euronext
Study undertaken with the corroboration of

2. 2Listed SMEs: dynamic, high-performance companies
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)

3. 3Listed SMEs: dynamic, high-performance companies
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

4. 4Listed SMEs: dynamic, high-performance companies
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

5. 5Listed SMEs: dynamic, high-performance companies
A Certain Maturity
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)
• 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

6. 6Listed SMEs: dynamic, high-performance companies
Highly Innovative Companies
ANVAR Label ANVAR Financing
ANVAR
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
• 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*

7. 7Listed SMEs: dynamic, high-performance companies
Companies that Create Jobs (1/2)
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 -
• All companies from Alternext, whatever their nationality, had a
headcount increase* of 80% in the last 3 years (2004-2007)
* Including job creation in foreign subsidiaries
** Based on a stable and representative sample

8. 8Listed SMEs: dynamic, high-performance companies
• 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)
Companies that Create Jobs (2/2)
* Including headcount of foreign subsidiaries
** Average annual variation between 2004 and 2006
(2007 not available)
+ 1.2%
+ 5.4%
+ 23.1%
Non-financial companies
based in France (INSEE)
French companies under
Private Equity (AFIC)**
French companies
listed on Alternext
Average annual headcount
increase (2004-2007)

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

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

11. 11Listed SMEs: dynamic, high-performance companies
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)

12. 12Listed SMEs: dynamic, high-performance companies
Revenues Show Strong Growth (1/2)
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%
• 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
* Based on a stable and representative sample

13. 13Listed SMEs: dynamic, high-performance companies
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)
* Including revenues generated by foreign subsidiaries
** Excluding retail stores and real estate
(estimates based on SUSE and other revenues
indices issued by INSEE)
*** Average annual variation between 2004 and 2006
(2007 not available)
+ 5.7%
+ 9.0%
+ 26.3%
Average annual revenue
growth (2004-2007)
Non-financial companies
based in France (INSEE)
French companies under
Private Equity (AFIC)***
French companies
listed on Alternext

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

15. 15Listed SMEs: dynamic, high-performance companies
• 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)
* Including EBIT generated by foreign subsidiaries
** Proxy for EBIT
+ 4.4%
+ 48.3%
Average annual variation of
EBIT (2004-2007)
Strong Growth in Operating Performance (2/2)
Non-financial companies
based in France (INSEE)
French companies
listed on Alternext

16. 16Listed SMEs: dynamic, high-performance companies
• Net profit multiplied by 3.8 over the last 3 years (2004-07)
• Median net margin increased by 27% over the last 3 years (2004-2007)
• Based on analysts’ predictions profitability from Alternext companies should
continue to increase in 2008 (estimated P/E ratio of 15x*)
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%
* Based on financial analysts’ recommendations as of 16 June 2008 (source: Bloomberg)
** Based on a stable and representative sample
Profitability: Increased Growth Rates (1/2)
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%

17. 17Listed SMEs: dynamic, high-performance companies
• 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)
* Including Net Profit generated by foreign subsidiaries
** Proxy for Net Profit
- 4.0%
+56%
Average annual variation
of Net Profit (2004-2007)
Profitability: Increased Growth Rates (2/2)
Non-financial companies
based in France (INSEE)
French companies
listed on Alternext

18. 18Listed SMEs: dynamic, high-performance companies
Getting Listed on Alternext: a Major Source
of Financing
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
• €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

19. 19Listed SMEs: dynamic, high-performance companies
A Dynamic Secondary Market to Finance Growth
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
• 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

20. 20Listed SMEs: dynamic, high-performance companies
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

21. 21Listed SMEs: dynamic, high-performance companies
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.

22. 22Listed SMEs: dynamic, high-performance companies
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)

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

24. 24Listed SMEs: dynamic, high-performance companies
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
Detailed Methodology of the Study (1/2)

25. 25Listed SMEs: dynamic, high-performance companies
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)

26. 26Listed SMEs: dynamic, high-performance companies
Companies Listed on Alternext as of 31/12/07
# Company # Company # Company # Company
1 Cbo Territoria 30 Laroche 60 AB Fenetres Groupe 90 Richel Serres de France
2 Poweo 31 Mastrad 61 Hitechpros 91 Genoway
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

27. 27Listed SMEs: dynamic, high-performance companies
List of Companies Listed on Alternext in H1 2008
# IPO
Date
Company Country Place ICB sector Market Cap
at IPO
Market Cap
as of 30/06/08
Capital raised
at IPO
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

28. 28Listed SMEs: dynamic, high-performance companies