Press Conference February 3, 2006

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