Views and perspectives on French

and US Private Equity

Pamela Hendrickson COO of the Riverside Company,

Vice Chair of ACG

Dominique Gaillard member of the executive board

AXA Private Equity

member of the board of the AFIC

24 years focused on small company

control buyouts

$3.2 billion in assets under management

20 offices in 14 countries on

4 continents

200+ people organized by function

295 acquisitions (152 platforms, 143

add-ons)

78 exits (78 platforms and their

corresponding 90 add-ons)

Note: Acquisition and realization data is as of August 31, 2012. Valuation data is as of June 30, 2012. Past performance is not necessarily indicative of future results.

See Important Information slide at the end of the Appendix.

Riverside: At A Glance

Size: Target companies with less than $25 million in LTM EBITDA

Growth: Healthy companies that are in rapidly growing markets or have the potential to take

significant market share

Specialness: Leaders or potential leaders in their niches with sustainable competitive advantages

that provide clear opportunities for high margins and rapid growth

Management: Strong leadership capable of working with Riverside to design and execute a

compelling growth strategy

Note: As of August 31, 2012. Number of investments reflects both platforms and add-ons.

Investment Criteria

In our 24-year history, Riverside has acquired 290+ investments across dozens of

industries. Our industry specialties include:

We avoid companies with low margins, heavy capital expenditures, fashion risk and in “sin”

industries

Healthcare 67 investments

Education and Training 32 investments

IT with Recurring Revenue 20 investments

Franchise Model 6 investments

Note: As of August 31, 2012. Number of investments reflects both platforms and add-ons.

Sector Specialization

Private Capital Matters Private capital-backed companies had more annual relative job growth every year

except one compared to the general U.S. economy

General U.S. Economy

Private Capital-Backed Companies

Total New Total New PC Growtheconomy.org

Growtheconomy.org

Private capital-backed companies are widely dispersed through the U.S. 1995-2009

Private Capital Is Invested Everywhere

7

Simpson Bowles Paul Ryan Rivlin Domenici

Personal Fed Tax • 3 brackets • 8, 14, 23% OR • 12,22,28%

• 2 brackets • 10% < $100,000 • 25% above

• 2 brackets • 15 and 27

Corporate Tax 26% Flat territorial • Eliminate all corporate tax • Expense all investments immediately

27% Flat rate

All other • Eliminate capital gains, dividends etc.

• 8.5% VAT • Eliminate capital gains, dividends etc.

• 6.5% VAT • Eliminate capital gains, dividends etc.

U.S. Tax Proposals

AXA Private Equity activities

Global reach across the asset class Managing and/or advising more than $28bn* Top quartile returns since inception Strong local franchises with 270 professionals based

in 10 offices

Long term Private Equity philosophy Reliable support to entrepreneurs for sustainable

growth and value creation Commitment to stringent corporate governance Proprietary access to top corporate managers and

GPs thanks to a deep institutional and business network

Commitment to investor transparency Frequent and personalized reporting Close and trustworthy investor relationships

*As of June 2012; Exchange rate €1 = $1.25765

Brownfield

Greenfield

Infrastructure

$2.5bn

Arranger &

Underwriting

Acquisition financing

Private Debt

$2.5bn

$6bn

Funds of Funds Secondaries

Early Secondaries

Primaries

Mandates

$17bn

Direct Funds Mid Cap

Small Cap

Innovation & Growth

Co-Investment

Source: AXA Private Equity as of June 30, 2012. Information provided for illustrative purposes only without any binding contractual force.

* AUM Breakdown excluding AXA money.

Location* Type of investors*

Europe48%

North America37%

Asia - Oceania & Middle East

15%

Pension Funds 49%

Insurance Companies 22%

Government Agencies

12%

HNWI 7%

Foundation/Endowment

6%

Banks2%

Funds of Funds 2%

AXA Private Equity client base

0.1 0.2 0.20.8

1.92.6

3.1

4.5

6.0

8.0

14.0

23.0

26.025.0* 25.0*

28.0 28.0

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Over the past decade, AXA PE has established an unquestionable leading position in PE

Creation by

Dominique

Senequier &

AXA Group

First mandate

for AXA France,

Creation of the

Buyout activity

with CDPQ

Launch of

Secondary activity

Offices in

London and

New York

Office in

Frankfurt

Launch of

Small Cap LBO

Launch of Early

Secondary

Launch of the first

Venture fund

Launch of Infrastructure,

Co-investment, Mezzanine

Office in

Singapore

Renewal of the

partnership with CDPQ

Office

in Milan

Office in

Zurich

Launch of

CEE fund

Office in

Vienna

Launch fifth generation

of Secondary Fund and

third generation of

Infrastructure Fund

(AuM in US$bn)

**

* Decrease due to €/$ rate fluctuations. ** As of June 2012.

Office in Beijing

AXA Private Equity history