ACG European Capital Tour; views and perspectives on French and US private equity. Pamela Hendrickson COO the Riverside Company, Dominique Gaillard, Board member AXA Private Equity

1. 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

2. Riverside: At A Glance
 24 years focused on small company  200+ people organized by function
control buyouts
 295 acquisitions (152 platforms, 143
 $3.2 billion in assets under management add-ons)
 20 offices in 14 countries on  78 exits (78 platforms and their
4 continents 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.

3. Investment Criteria
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.

4. Sector Specialization
In our 24-year history, Riverside has acquired 290+ investments across dozens of
industries. Our industry specialties include:
Healthcare 67 investments
Education and Training 32 investments
IT with Recurring Revenue 20 investments
Franchise Model 6 investments
We avoid companies with low margins, heavy capital expenditures, fashion risk and in “sin”
industries
Note: As of August 31, 2012. Number of investments reflects both platforms and add-ons.

5. Private Capital Matters
Private capital-backed companies had more annual relative job growth every year
except one compared to the general U.S. economy
Private Capital-Backed
Companies
General U.S. Economy
Total New Total New PC
Growtheconomy.org

6. Private Capital Is Invested Everywhere
Private capital-backed companies are widely dispersed through the U.S. 1995-2009
Growtheconomy.org

7. U.S. Tax Proposals
Simpson Bowles Paul Ryan Rivlin Domenici
Personal Fed Tax • 3 brackets • 2 brackets • 2 brackets
• 8, 14, 23% • 10% < $100,000 • 15 and 27
OR • 25% above
• 12,22,28%
Corporate Tax 26% Flat territorial • Eliminate all 27% Flat rate
corporate tax
• Expense all
investments
immediately
All other • Eliminate capital • 8.5% VAT • 6.5% VAT
gains, dividends etc. • Eliminate capital • Eliminate capital
gains, dividends etc. gains, dividends etc.
7

9. AXA Private Equity activities
Global reach across the asset class
Funds of Funds Direct Funds  Managing and/or advising more than $28bn*
Secondaries Mid Cap  Top quartile returns since inception
Early Secondaries Small Cap  Strong local franchises with 270 professionals based
Primaries Innovation & Growth in 10 offices
Mandates Co-Investment
$17bn $6bn Long term Private Equity philosophy
 Reliable support to entrepreneurs for sustainable
$2.5bn $2.5bn growth and value creation
 Commitment to stringent corporate governance
 Proprietary access to top corporate managers and
Arranger & GPs thanks to a deep institutional and business
Underwriting Brownfield
network
Acquisition financing Greenfield
Private Debt Infrastructure
Commitment to investor transparency
 Frequent and personalized reporting
 Close and trustworthy investor relationships
*As of June 2012; Exchange rate €1 = $1.25765

10. AXA Private Equity client base
Type of investors* Location*
Banks Funds of Funds
2% 2% Asia - Oceania
Foundation/
& Middle East
Endowment
6% 15%
HNWI
7%
Government
Agencies Europe
12% 48%
Pension Funds
49%
North America
Insurance
Companies 22%
37%
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.

11. AXA Private Equity history
(AuM in US$bn) Launch of Office in Beijing
CEE fund
Launch of Infrastructure,
Co-investment, Mezzanine
Launch fifth generation
Office in Office in of Secondary Fund and
Zurich Vienna third generation of
Office in Office Infrastructure Fund
Singapore in Milan
Renewal of the 28.0 28.0 **
Launch of Early partnership with CDPQ
26.0
Launch of Secondary 25.0* 25.0*
Secondary activity Launch of
23.0
Small Cap LBO
Launch of the first
Venture fund Office in
Creation by Frankfurt
Dominique
Senequier &
Offices in
AXA Group
London and
14.0
New York
First mandate
for AXA France,
Creation of the
Buyout activity
8.0
with CDPQ
6.0
4.5
3.1
2.6
1.9
0.8
0.1 0.2 0.2
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Over the past decade, AXA PE has established an unquestionable leading position in PE
* Decrease due to €/$ rate fluctuations.
** As of June 2012.