Press Conference February 3, 2006

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Press ConferenceFebruary 3, 2006
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Press Conference
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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 dinvestissement en Capital
  Risque
• Corporate Governance and legal environment

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Conclusions of last years press Conference

• BIPs 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

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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

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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 gt 3
• Active management of EVS investment

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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 gt 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,

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Share Price

• Share price in 2005 32
• Since beginning 2006 10
• Liquidity 2005 2004
• Shares 202,000 697,000
• Value 12m 28m

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BIP Results 2005
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Dividend

• Proposal to pay 2.00 gross dividend
• Dividend yield 3

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2006 watershed year

• New name
• Creation of BIP Venture Partners SICAR
• Adoption of IFRS

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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

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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 1030 am
• Share blocking period reduced to 5 days prior to
  AGM
• Extraordinary General Meeting
• February 3, 2006 at 0930 am at Fortis Banque
  Luxembourg headquarters

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Creation of a SICAR

• Société dInvestissement 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

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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