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Press Conference February 3, 2006. Press Conference. Introduction. Outstanding year 2005 for BIP Strong growth for BIP and its portfolio companies Maturing and strengthening of portfolio BIP adapts its strategies and structures Investment strategy extended Company bylaws to be modified

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Press Conference February 3, 2006


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    1. Press ConferenceFebruary 3, 2006 BGL Investment Partners

    2. Press Conference BGL Investment Partners

    3. Introduction • Outstanding year 2005 for BIP • Strong growth for BIP and its portfolio companies • Maturing and strengthening of portfolio • BIP adapts its strategies and structures • Investment strategy extended • Company bylaws to be modified • Creation of a venture capital fund (SICAR) • SICAR = Société d’investissement en Capital Risque • Corporate Governance and legal environment BGL Investment Partners

    4. Conclusions of last year’s press Conference • BIP’s missions as defined by its founders • Strong institutional investor • Leading local player in Private Equity transactions • Privileged channel to inaccessible investments • To be the link between investors and entrepreneurs • Solid partner in entrepreneurial projects • « smart money » • Attractive investment for its shareholders • participate in successful innovative projects BGL Investment Partners

    5. BIP: partner to entrepreneurs • Active involvement in Artelis creation • Merger of VSE Net and Cegecom • New strong regional telco operator • Committed supporter of VOXmobile • Important financing round completed • Unrivalled 3G services in Luxembourg (EDGE, UMTS, WLAN) • Dedicated partner of XDC • Accelerated deployment of digital cinema BGL Investment Partners

    6. BIP: attractive investment for its shareholders • Participation in Skype sale to eBay through NTVC • Refund of €3.5m shareholder loan • Shareholding in Option increased to > 3% • Active management of EVS investment BGL Investment Partners

    7. Portfolio Evolution in 2005 • Excellent performance of listed companies (60% of total assets) • Top performers of Bourse de Luxembourg and Euronext • Fortis, Arcelor, SES : share price growth > 20% • Option: +137% (x3 since initial investment) • EVS : +78% ( x7 since initial investment) • Invested amounts : €39m • Follow-on investments in existing portfolio companies • Option, VOX, XDC,… • New entry: • Arcelor Brasil • Exits : €45m • KBL, Cegedel • Selective profit takings in SES, EVS, … BGL Investment Partners

    8. Share Price • Share price in 2005: + 32% • Since beginning 2006 : + 10% • Liquidity 2005 2004 • Shares 202,000 697,000 • Value 12m 28m BGL Investment Partners

    9. BIP – Results 2005 BGL Investment Partners

    10. Dividend • Proposal to pay €2.00 gross dividend • Dividend yield 3% BGL Investment Partners

    11. 2006 : watershed year • New name • Creation of BIP Venture Partners SICAR • Adoption of IFRS BGL Investment Partners

    12. New Name • Proposal to Extraordinary General Meeting: BIP Investment Partners L U X E M B O U R G • Seamless Change in continuity with the past • In line with the logic of company origins • Independent management • Own corporate identity BGL Investment Partners

    13. Change of Company Bylaws • Name Change • Renewal of authorized capital up to €1 Billion • New date for Annual General Meeting (as from 2007) • 3rd Tuesday of March at 10:30 am • Share blocking period reduced to 5 days prior to AGM • Extraordinary General Meeting • February 3, 2006 at 09:30 am at Fortis Banque Luxembourg headquarters BGL Investment Partners

    14. Creation of a SICAR • Société d’Investissement en Capital Risque • BIP Venture Partners S.A., SICAR • Shareholding 100% held by BIP • Variable capital • Initial capital €15m • Contribution in Kind of €22m • Will regroup: • All BIP investments in Private Equity funds • Venture Capital co-investments BGL Investment Partners

    15. Adoption of IFRS • Undisputed reporting framework for listed companies • Portfolio valuation at Fair Value • Greater transparency for investors • Higher volatility of annual results • First used for Semi-annual Accounts June 30, 2006 • Estimated Fair Value from June 2006 onward BGL Investment Partners