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

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Foreword of the CEO AXA Private Equity - the essentials
8 12 14 16 18 About us Key figures 2008 International development Investing responsibly Encouraging talent

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2008 Review
22 26 30 32 34 36 40 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

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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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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. 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.

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

Dominique Senequier

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5

PARIS FRANKFURT LONDON NEW YORK SINGAPORE MILAN ZURICH VIENNA
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AXA Private Equity
The essentials

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About us

Global Investments, the European Way
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, 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 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 and cautiousness are our key differentiating principles, as recognized by the most demanding international investors. 2005 2008

Our Story
Zurich and Vienna offices open.

235 employees.

2007

Milan office open.

Singapore office open.

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

2004

Over 100 employees.

$26 235 8 40 %
8

2001

Frankfurt office open.

BILLION OF ASSETS MANAGED AND/Or ADVISED

1999

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

Launch of first venture capital fund.

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

1997

Launch of LBO business.

1996

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

Vincent Gombault, Managing Director Funds of Funds
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.
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 Senequier, Chief Executive Officer
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.
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, Managing Director Direct Funds
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.
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, Managing Director Germany
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.
Stephan Illenberger holds an MBA from the University of Munich and an MA in Economics from Chicago University.

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Key figures 2008

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.

12 YEArS OF SuSTAINED AND rEGuLAr GrOWTh IN ASSETS uNDEr MANAGEMENT in billion dollars

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55 4 15 42 % $2.5 15

23

NEW INVESTMENTS AND COMMITMENTS
8 0.2 0.8 1.9 2.6 3.1 4.5 6

14

0.1

0.2

EXITS

1996

1997

1998

1999

2000

2001

2002 2003 2004 2005 2006 2007 2008

BuILD-uP TrANSACTIONS IN POrTFOLIO COMPANIES
OF DIrECT TrANSACTIONS WErE OuTSIDE FrANCE

SuSTAINED PErFOrMANCE AMONG ThE BEST ON ThE MArKET (as of September 30, 2008)*

BILLION INVESTED IN 2008

Funds of funds AXA Secondary Fund III (vintage 2004) AXA Early Secondary Fund II (vintage 2004) Direct funds AXA LBO Fund II (vintage 2000) AXA Expansion Fund I (vintage 2002)

63.2% net Irr** 21.6% net Irr** 33.6% net Irr** 25.3% net Irr**

NEW INVESTOrS IN 2008

**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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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.

Staying close to investors
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).

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.

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.

MILAN
Launch of LBO mid cap business in Italy
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%
Europe

165 2.6 14 470 730
50%
Pension Funds

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
14% 12% Insurance

39%
North America

Family Offices/ companies high Net Worth Individuals

8% 7%
Asia-Austrasia Middle-East

9%
Others

Government Agencies

7%
Funds of funds

Geographical breakdown*
14
*As of December 31, 2008 - Excluding investments by AXA Group.

Breakdown by type of investors*
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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 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.

Sponsoring
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).

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.

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 ENCOUrAGING AN ENTrEPrENEUrIAL SPIrIT
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.

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

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“.

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.

rESPECT FOr ThE ENvIrONMENT
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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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.

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.

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.

young Analyst Graduate Program
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.

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.

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

190 2.3 % 184 54

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

14 20 %

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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Funds of funds

One of the best performing teams in the world
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
(as of September 30, 2008)

EArLy 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.

VINTAGE
AXA Secondary Fund I 1999
SECONDAry

NET IRR*

NET MULTIPLE*

CASH ON CASH**

39.9%

1.91 x

183.8%

AXA Secondary Fund II 2001

25.7%

1.62 x

134.0%

AXA Secondary Fund III 2004

63.2%

1.82 x

119.3%

AXA Early Secondary Fund I 2003 AXA Early Secondary Fund II 2004 AXA Early Secondary Fund III 2005

23.6%

1.54 x

94.2%

21.6%

1.61 x

76.5%

11.6%

1.13 x

25.3%

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.

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

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Funds of funds

An effective international network
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 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.

regular and global monitoring
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. 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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General Partners Map
Main GPs* in America :
- Pan American (KKR, Carlyle, TPG, TH Lee, Onex, etc.) - Mid Market (Behrman, FFL, Fox Paine, KRG, Oak Hill, Harvest, Brazos, etc.)

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.

4

STrENGThS:

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

Main GPs in Europe :
- Pan European (BC Partners, CVC, Charterhouse, Cinven, PAI, Apax, Triton, etc.) - Mid Market (Astorg, Bencis, Clessidra, Lyceum, Mid Europa, Pragma, etc.)

Main GPs in Asia and Australasia :
- Pan Asiatic and Australasian (Affinity, Carlyle, CVC, KKR, etc.) - Mid Market (3i, Actis, CDH, ChrysCapital, CHAMP, etc.)

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

* General Partners

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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 COUNTry SECTOr

May 2008

France-Canada Active ingredients and specialty chemicals 2008 SALES ¤161m
NUMBEr OF EMPLOyEES

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

EXIT

155

SySTEMS FOr SUPPOrTING COMPANIES
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.

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
DATE OF INvESTMENT COUNTry

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. Photonis
DATE OF INvESTMENT DATE OF EXIT

EXIT

December 2001 July 2008

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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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.

4%

PrOFIT-ShArING

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 Europe and North America

PErIOD OF SuPPOrT

GEOGrAPhICAL rEGION SECTOr

Manufacture of optical and electronic components ¤130m 1,000
Acquisition of Brennel Glass (UK)

2008 SALES

NuMBEr OF EMPLOYEES

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)

December 2001
28

February 2005

july 2005

November 2006

july 2007

April 2008
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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.

LBO small cap transactions in 2008
Sfinc
DATE OF INvESTMENT COUNTry SECTOr

«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.

Duplomatic December 2008
DATE OF INvESTMENT COUNTry SECTOr

January 2008

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

Italy Manufacturing of hydraulic valves 2008 SALES ¤31m NUMBEr OF EMPLOyEES 124 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. Sotralu July 2005 February 2008 COUNTry France SECTOr Aluminium window accessories NUMBEr OF EMPLOyEES 67
DATE OF INvESTMENT DATE OF EXIT

EXIT

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.

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.

30

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 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.

Venture capital transactions in 2008
Prodware
DATE OF INvESTMENT COUNTry

Consort NT
DATE OF INvESTMENT COUNTry

June 2008

March 2008

France SECTOr Business software integrator NUMBEr OF EMPLOyEES 950 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. Batiweb April 2008 France SECTOr Internet portal dedicated to construction and home improvement NUMBEr OF EMPLOyEES 25
DATE OF INvESTMENT COUNTry

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

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

August 2008

France Management and construction of motorways 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

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

June 2008 United Kingdom SECTOr Provider of water and sewerage services
DATE OF INvESTMENT COUNTry

Anglian Water: new pipeline in Rutland (UK)

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.

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.

34

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.
21%
Industry

Co-investment transactions in 2008
Guala
DATE OF INvESTMENT COUNTry SECTOr

A billion euros invested in 32 companies worldwide.

September 2008

Italy Safety closures and aluminium screw caps 2008 SALES ¤330m NUMBEr OF EMPLOyEES 2,300 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. Bharti Infratel

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

March 2008

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

A balanced portfolio of companies:

20% 19%
Business Services Telecom (infrastructure and services)

37%
Western Europe

13%
Consumer Goods & Services

36%
North America

9%
Transportation and energy

13%
Northern Europe

11%
Eastern Europe

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

9%
healthcare

9%
Construction

3%
Asia

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

Geographical diversification*

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

36

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.

¤1.6
TDF's presence in Europe
TDF has a solid base in the different European markets.
Netherlands Germany France Axion Spain

TDF’S 2008 SALES AMOUNTED TO

BILLION

OF WhICh NEArLy 50% WAS GENErATED OUTSIDE FrANCE.

Digita Finland

Alticom Media Broadcast Antenna Hungaria

Estonia Poland Hungary

Telecommunication tower

DATE OF INVESTMENT

january 2007 3

BuILD-uP TrANSACTIONS SINCE 2007 rEGION SECTOr

Europe radio-telecommunications infrastructure 5,350 AXA Private Equity & Texas Pacific Group

A STrATEGIC COLLABOrATION
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.

NuMBEr OF EMPLOYEES MAIN INVESTOrS

Equity stake in TDF acquired

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

Acquisition of Media Broadcast (Germany)

january 2007
38

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

Booz Allen Hamilton
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

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

Voice Construction Euromedic
DATE OF INVESTMENT COUNTRY SECTOR

CTL Logistics
Feb. 2008 Poland SECTOR railway logistics operator 2008 ESTIMATED SALES ¤249m
DATE OF INVESTMENT COUNTRY

Oct. 2008

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

August 2008 Canada SECTOR Civil engineering 2008 ESTIMATED SALES ¤117m
DATE OF INVESTMENT COUNTRY

WFC
July 2008 France SECTOR Marketing and sale of freight capacity for cargo and airlines 2008 ESTIMATED SALES ¤31m
DATE OF INVESTMENT COUNTRY

Elilario
Feb. 2008 Italy and Spain SECTOR helicopter operator 2008 ESTIMATED SALES ¤247m
DATE OF INVESTMENT COUNTRY

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

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

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

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

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

FUNDS OF FUNDS INVESTMENTS Carlyle Mezzanine Partners II
DATE OF INVESTMENT COUNTRY

May 2008 United Kingdom SECTOR research and consulting for global energy companies 2008 ESTIMATED SALES ¤101m
DATE OF INVESTMENT COUNTRY

April 2008 United States

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

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

TCW Crescent Mezzanine V
DATE OF INVESTMENT COUNTRY

February 2008 United States and Europe

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

James Hull
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

2008 review

POrTFOLIO

Primary funds of funds
Breakdown by investment strategy*
*Number of funds as of December 31, 2008.

Secondary and early secondary funds of funds
Breakdown by region* 4 generations of secondary funds of funds
(in million dollars)
1,040 2,854

220 68%
LBO

480

48% 25%
North America venture capital

6%
Others

44%
Europe

ASF I 1999

ASF II 2001

1%
Distressed funds

8%
Asia, Austrasia Middle-East

ASF III 2004

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

ASF IV 2007

800 700
8 9

735

10 9

600
7

500 400 300 200
5 4 5 5 7

8

485

7

494

7 6 5

298 77 81

306

Number of primary funds of funds commitments by vintage
43 37 38

100 Amounts committed 0

84

67

120
1999 2000 2001

4
3

3 2

2002

2003

2004

1
2005 2006 2007 2008

0

Number of transactions

28 25 23 16 14 20

30

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

300

12

269 276 218
6 5 5

250 200

12 10 8 6 4

11

150 100

<1998

1998

1999

2000

2001

Amounts committed

50 0

53

107

2002

2003

2004 2005 2006 2007 2008

2003 2004 2005 2006 2007

44
2 0
2008

Number of transactions

44

45

AXA Private Equity - The essentials

2008 review

POrTFOLIO

LBO mid cap
COMPANy INvESTMENT DATE SECTOr COUNTry 2008 ESTIMATED rEvENUES IN ¤M

Venture Capital
COMPANy INvESTMENT DATE SECTOr COUNTry

UNIPEX LÖWEN PLAy DIANA INGrEDIENTS

May 08 April 08 June 07 January 07 November 06 October 06 September 06 May 06 April 06 February 06 November 05 December 04

Active ingredients and specialty chemicals Amusement arcade operator Natural ingredients for pet food, human food, beverages & pharmaceuticals Specialty chemicals PvC flooring Specialty chemicals Airport ground support equipments radio and internet (blogs) Concrete sleepers Licence-free vehicles Laundry and home-cleaning products PvC profiles for doors and windows

France / Canada Germany France

165 125 318 INNOvATIvE SOFTWArE AND SErvICES 313 426 200 175 38 129 123 367 278

PrODWArE BATIWEB CONSOrT NT U-LIKE PUBLIC IDEES WELCOME rEAL TIME BrAINSONIC ANUMAN EBUyCLUB PC SOFT SPArUS SOFTWArE ArPSON PLANISWArE SySLOAD SOFTWArE TAGSyS AXIALOG TEN TELECOMS AND COMPONENTS

June 08 April 08 March 08 January 08 December 07 May 07 December 06 October 06 January 06 July 05 March 05 January 05 December 02 June 02 August 01 January 01 October 07 July 06 November 05 September 04 August 04 December 06 July 06 September 04 March 04 September 02 July 02 July 02

Business software integrator Construction and home improvement website IT services specialized in business process outsourcing Social cataloging Affiliation platform Promotional marketing software rich media and web Tv content publisher and producer Software publisher – mass market, utility programs Internet community cash back site Windev development tools software Mobile device management software Financial management software Project portfolio management software virtualization server software IT services in radio Frequency Identification IT services Telecom operator Development and production of diode-pumped solid state lasers Private telecom operator specializing in voice over IP for businesses Made-to-measure mobile telecoms terminals manufacturer Software publisher of interactive rich media for mobile terminals Development of oncology cell therapies Prenatal diagnosis Cellular therapy for the treatment of inflammatory diseases Molecular diagnosis laboratory Development of immune modulation drugs Development of anti-infective drugs Knowledge management platform for life sciences

France France France France France France France France France France France France France France United States France France France France

CABB GErFLOr ELIOKEM TLD SKyrOCK rAIL.ONE AIXAM MEGA SPOTLESS GrOUP GEALAN

Germany France France France France Germany France France Germany

LBO small cap
COMPANy INvESTMENT DATE SECTOr COUNTry 2008 ESTIMATED rEvENUES IN ¤M

OXXIUS B3G TELECOM

MODELABS STrEAMEZZO EryTECh PhArMA

France France France France France Netherlands France France France

SFINC ALTArES DUPLOMATIC SyNErLAB WELCOME rEAL TIME TrECOBAT KTP ChAMPEAU PIrIOU SKyrOCK CrEDIrEC BBSP

December 08 July 08 January 08 June 07 May 07 February 07 October 06 September 06 July 06 May 06 March 06 July 05 September 04

Food ingredients B2B information provider Manufacturer of hydraulic valves Manufacturer of generic pharmaceutical products Promotional marketing software Single-family houses building company Manufacturer of plastic containers and palettes Industrial framework for single family houses Shipyard radio and internet (blogs) Claims collection Technical and graphical analysis of financial markets Social security, tax and operating cost reduction consultancy

Belgium France Italy France France France Germany France France France France France

36 LIFE SCIENCES 54 31 77 16 109 24 71 123 38 29 11 59

METAGENEX TXCELL AGENDIA CyThErIS MUTABILIS AUrEUS

LOWENDAL MASAÏ

France

46

47

AXA Private Equity - The essentials

2008 review

POrTFOLIO

Infrastructure
COMPANy INvESTMENT DATE SECTOr COUNTry

Co-investment
COMPANy INvESTMENT DATE SECTOr COUNTry 2008 ESTIMATED rEvENUES IN ¤M

ALICOrNE ANGLIAN WATEr GrOUP hISI TOZZI WIND FArMS SAUr SITA NOrThUMBErLAND SITA COrNWALL SANEF

August 08 June 08 October 07 May 07 April 07 December 06 October 06 January 06

Management and construction of motorways Provider of water and sewerage services

France United Kingdom

GUALA CLOSUrES GrOUP BhArTI INFrATEL ArGENTA

September 08 April 08 March 08 January 08 December 07 October 07 September 07 September 07 August 07 July 07 July 07 March 07 January 07 January 07 November 06 November 06 November 06 September 06 September 06 August 06 August 06 August 06 April 06 April 06 February 06 December 05 October 05 August 05 August 05 August 05 August 05

Safety closures and aluminium screw caps Telecom towers operator Automatic food & beverage vending machines operator Casino entertainement and hotel operator Life insurance Electricity generation and distribution Payment processing services provider Manufacturer of specialty vessels Manufacturer of automatic transmissions for commercial vehicles Pharmaceuticals and beauty products retailer and wholesaler Nursing homes operator Mobile network operator Passenger transport operator Broadcasting and transmission services provider Semiconductor components manufacturer Equipment rental services supplier Wood-based building materials distributor Cable-Tv operator Semiconductor components manufacturer Nursing homes operator roofing materials distributor B2B, media measurement and marketing information provider Kidney dialysis clinics operator Marble and granit distributor Cable-Tv operator Plastic pipes & fittings B2B retailer Electrical parts and supplies B2B distributor Multi-facilities services provider (cleaning, property services, office support and catering) Manufacturer of natural ingredients for the food industry Commercial aircraft composite structures manufacturer Fast fit automotive services

Italy India Italy

330 506 171 7,486 6,167 7,936 5,989 1,011 1,425 20,985 165 229 3,140 1,638 3,614 1,245 488 369 3,787 428 557 3,430 230 300 107 870 12,900 9,262 477 2,628 1,192

Construction and management of hospitals Wind farming Water and waste management Waste management

Italy Italy France United Kingdom hArrAh'S ENTErTAINMENT KyOBO ENErGy FUTUrE hOLDINGS FIrST DATA

United States Korea United States United States China United States

Waste management Motorways

United Kingdom France

SINOPACIFIC ALLISON TrANSMISSION

ALLIANCE BOOTS

United Kingdom

ArK hOLDING BITÉ KEOLIS TDF FrEESCALE SEMICONDUCTOr rENTAL SErvICES COrPOrATION PUUKESKUS Oy COM hEM / UPC SWEDEN NXP MEDICA rOOFING SUPPLy GrOUP ThE NIELSEN COMPANy

United States Lithuania France France United States United States Finland Sweden Netherlands France United States Netherlands

DSI LEvANTINA ASTEr CITy FrANS BONhOMME rEXEL ISS

United States Spain Poland France France Denmark

Chr hANSEN

Denmark

SPIrIT AErOSySTEMS

United States

KWIK-FIT

United Kingdom

48

49

AXA Private Equity - The essentials

2008 review

POrTFOLIO

Mezzanine
COMPANy INvESTMENT DATE SECTOr COUNTry 2008 ESTIMATED rEvENUES IN ¤M COMPANy INvESTMENT DATE SECTOr COUNTry 2008 ESTIMATED rEvENUES IN ¤M

SOCOTEC EUrOMEDIC BIOMNIS TALArIS

November 08 October 08 October 08 September 08 September 08 September 08 August 08 August 08 August 08 July 08 May 08 May 08 April 08 April 08 March 08 February 08 February 08 January 08 November 07 November 07 November 07 November 07 October 07 October 07 September 07 September 07 August 07 August 07 July 07 July 07 June 07 May 07 April 07 April 07 March 07 March 07

Inspection, audit for building and public works Pan-European medical service provider Specialized medical pathology laboratory Provider of cash automation equipment to financial institutions

France hungary France United Kingdom

436 280 221 301 DIrECT INvESTMENTS MEZZANINE 130 1,398 32 1,947 117 31 385 101 567 72 204 249 247 70 87 180 MEZZANINE FUNDS OF FUNDS 63 74 567 55 60 501 709 414 361 62 232 104 3,140 310 365 291

ALIPLAST

March 07 February 07 February 07 January 07 November 06 November 06 October 06 September 06 June 06 May 06 April 06 April 06 January 06 January 06 December 05 November 05 July 05

Aluminium profiles for windows, verandas and doors Specialty chemicals Consulting firm in information systems Indoor perfumes Cable operator Pharmaceutical and cosmetics industry Logistics for non strategic purchasing retailer of perfumes and beauty products Concrete sleepers and system provider for railways radio and internet (blogs) Cleaning and rental of flat linen and working apparel Claims collection Engineering of voice/data/image networks Licence-free vehicles Sub-contractor in the motor industry Manufacture of swimming pool covers Interior decoration articles

Belgium

286 313 385 55 1,239 82 105 351 129 38 140 29 203 123 590 44 109

CABB EvErIS LAMPE BErGEr

Germany Spain France Netherlands France France Italy Germany France France

PhOTONIS ThE SUN PrODUCTS COrPOrATION JAMES hULL BOOZ ALLEN hAMILTON vOICE CONSTrUCTION WFC

Photo sensor technology Laundry detergents and personal care products

Europe / North America United States

ZIGGO UNIThEr STACI LIMONI rAIL.ONE SKyrOCK rLD

Chain of dental practises Consulting firm specialized in government projects Civil engineering Marketing and sale of freight capacity for cargo and airlines

United Kingdom United States Canada France

CrEDIrEC SOGETrEL AIXAM NEUMAyEr TEKFOr

France France France Germany France France

STABILUS

Gas springs, dampers and actuators for industrial applications Commercial and strategic analysis to companies operating in the global energy industry Telecom operator reinforced fiberglass plastic manufacturer Chain of bed and mattress stores railway logistics operator helicopter operator Designer and manufacturer of standard and custom power supplies, converters and inverters Watertight joints Telecom and IT Crane rentals and sales Metrological and calibration services Manufacturer and distributor of branded pool equipment

Germany

WOOD MACKENZIE

United Kingdom

DIrECT INvESTMENTS MEZZANINE

BTC MIDSOUTh DrEAMS CTL LOGISTICS ELILArIO MArTEK POWEr

Bulgaria China United Kingdom Poland Italy / Spain France

ABrISUD SIA

FUNDS

INvESTMENT DATE

COUNTry

CArLyLE MEZZANINE PArTNErS II TCW CrESCENT MEZZANINE v

April 08 February 08 October 07 October 07 October 07 July 07 July 07 July 07 July 07 April 07 May 06 February 06 February 06 January 06 June 05

United States United States / Europe Asia Asia Eastern and Central Europe Eastern and Central Europe France United States United States Italy Europe United Kingdom Europe Europe France

SIEM FLEXITALLIC PrOSODIE MATEBAT TrESCAL ZODIAC

France France France France France

DArBy ASIA CLSA MEZZASIA ACCESSION MEZZANINE CAPITAL II DArBy CONvErGING EUrOPE CAPZANINE II BIA DIGITAL PArTNErS DLJ III MEZZANOvE CAPITAL GSC II hUTTON COLLINS II EUrOMEZZANINE v M CAP FINANCE CAPZANINE

hEALThCArE AT hOME SAvEUr

home healthcare services Ingredients and aromatic product for the food industry

United Kingdom France

vIZADA CAMAÏEU ThE CONTAINEr STOrE CEvA DEMECO BITÉ STOKOMANI KEOLIS SGD KP1 PhADIA

Satellite telecommunications Women's ready-to-wear clothing retail chain for home and office storage solutions veterinary pharmaceutical laboratory Moving company for offices and households Mobile telephone operator retail chain of branded discounted products Passenger transport operator Moulded glass packaging Prefabricated concrete elements Blood analysis systems for diagnosing allergies, asthma

France / Norway France United States France France Lithuania France France France France Sweden

50

51

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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