InvestorRelationsCapabilitiesProfile

Advisors to leading companies on both sides of the Atlantic

Phoenix IR is an independent investor relations consulting firm with offices in Europe and the U.S. The partners have a proven track record emanating from decades of experience in communicating with the financial community. Providing advisory services to blue chips as well as small and micro cap companies, their expertise covers a broad range of industries and geographies.

Phoenix IR offers strategic advice and tactical support to public companies and stock exchanges wishing to better under-stand their market positioning and the expectations of the investment community. Through focused research and a thorough understanding of the financial community and regulatory environment the firm provides valuable information to craft the corporate message and tailor the investor relations activities of its clients.

Services – What do we do?

1 Research

Phoenix IR is a specialist firm focused on providing a number of strategic investor relations services to public companies wishing to market their shares to the investment communities on both sides of the Atlantic. In a highly competitive environment Phoenix IR provides meaningful recommendations in order to develop the investor relations programs of its clients.

With a thorough understanding of the investment community in Europe and North America which originates from decades of direct contact with analysts and portfolio managers, Phoenix IR has gained the trust and respect of investors who are willing to share their views with the firm’s senior consultants. These relationships provide a unique opportunity to conduct market research on behalf of clients. A key strength of Phoenix IR’s independence is its objectivity which can help senior management better understand who owns their company’s stock and what they really think about its strategy and stock valuation.

— Shareholder ownership — Perception studies — Strategic feedback analysis and recommendations — Benchmarking studies — ADR program development

2 Targeting

Through a bespoke quantitative and qualitative approach, Phoenix IR goes beyond the traditional peer ownership holdings, out-of-date public ownership data and financial ratio analysis in evaluating the interest of potential new investors. The firm provides meaningful results through its personalized pre-qualification of investors. Phoenix IR has no conflicts of interest and will not compromise its reputation by recommending inappropriate targets.

— Geographic recommendations— Prioritization of targets— Specialized investment orientation navigation (value, growth, GARP, hedge funds,

socially responsible investors, special situation investors…)

| �Europe phone +3� � 6�6 1050 www.phoenix-ir.com US phone +1 �1� �86 90��

3 Market Access/Outreach - Roadshows

Companies are increasingly keen on controlling their investor contacts to ensure that their message is well understood, coming directly from senior management. They also want to make sure they meet with the “right” investors: since management’s time is valuable. For longer term continuity it is also important for them to monitor which constituencies they are meeting. In today’s financial markets there is a very real need for independent access unfettered by the wide range of hidden agendas that exist. One of Phoenix IR’s strengths is its ability to be genuinely open and able to introduce a company to any institution (both buy and sell-side), treating each one fairly on its own merits. Phoenix IR provides a balanced approach to current holders, new potential inves-tors, long-term holders who will be providing stability to the share price and more active investors who will bring liquidity to the stock. Over many years, Phoenix’s senior consul-tants have built a strong relationship of trust with portfolio managers and analysts.

— Investor roadshows:One-on-one and group presentations— Detailed roadshow briefing book— Post meeting strategic analysis and recommendations— “Feeding the feeders”: Sell-side contact building— Analyst / Investor Day— Site visits

4 IR Messaging

Collectively Phoenix IR’s team has worked with hundreds of companies over many years which has resulted in a wealth of knowledge of corporate best (and worst) practice allied to an understanding of what investors demand. Combining this knowledge and experience with the firm’s own fact-based research helps companies develop the right balanced, consistent message and positioning.

— Research based message development— Positioning advice

5 Financial Communication

To be successful in reaching out to the investment community, a company needs to evaluate how its program is perceived by analysts and investors and understand what the expectations of The Street are. An in-depth analysis of current practices, the company’s financial documents and website, its history and strategic objectives allows the development of a thorough investor relations plan. Phoenix IR provides the following services:

— Measuring IR effectiveness — Financial communication audit & program assessment— Earnings announcement support (press release, presentation, feedback)— Website evaluation and recommendations

| 3Europe phone +3� � 6�6 1050 www.phoenix-ir.com US phone +1 �1� �86 90��

Our Point of DifferenceAs a privately owned boutique, Phoenix-IR has a highly entrepreneurial, performance-oriented culture. Our core values are based on high ethical standards, a strong client-first mentality and me-ritocracy in the workplace. Services are tailored to each client’s specific needs and all clients receive the full long-term commitment of our senior people. Because most of our business comes from referrals, the Partners spend less time marketing and more time with clients. The person who initiates the business relationship continues servicing the account. Importantly, we are true investor relations specialists because we believe this is a key com-petitive advantage vis-à-vis the many firms in our industry that have become “Jack’s of all trades and masters of none”. By retaining our focus we strive to be the best at what we do. Culture counts for a lot in a service business, so we always keep in mind the following key thoughts as we aim for flawless execution:

| �Europe phone +3� � 6�6 1050 www.phoenix-ir.com US phone +1 �1� �86 90��

Have a passion for our business and be fiercely independent

Go the extra mile to provide clients with a personalized service

Keep our promises, hit deadlines, be up-front and transparent

Deliver the best value add, cost/benefit solution for the client

In Europe

| 5Europe phone +3� � 6�6 1050 www.phoenix-ir.com US phone +1 �1� �86 90��

People

Adrian B. Rusling Partner Adrian has advised public companies on their international IR strategies and programs for more than 18 years. During this time he has worked with a wide cross-section of companies covering most sectors and market cap sizes. He has worked with NASDAQ since 1995 and has been closely involved with the development and implementation of its international IR program for issuers. Most of the companies in the NASDAQ 100 have been involved in this program. Some of Adrian’s clients have included: AES, Cisco, General Electric, FedEx, Sara Lee, Textron, Lafarge and PSA Peugeot Citroën on their European investor relations. Prior to founding Phoenix-IR, Adrian was one of the princi-pals at Kuhn Partners (now a subsidiary of Thomson Financial) for 10 years from 1994 to 2004. From 1988 to 1994 he worked for Gavin Anderson & Company in London (3 years) and in Paris (3 years). Adrian started his career in London at Paragon Communications (1986-1988), today a Weber Shandwick subsidiary. Adrian graduated in 1986 with a BSc. (Hons) degree in Economics from UCL (London University).

Damian Perry Partner Damian has spent 16 years in investor relations having joined James Kuhn & Company in 1990. He subsequently became one of the partners in Kuhn Partners which was acquired by Carson in 1999 and Thomson Financial in 2000. Over his career he has worked with many leading North American companies including: Air Products, Albertsons, Boeing, Canadian Pacific, Cendant, Denver Gold Group (including its constituent members), Eastman Kodak, General Electric, Georgia Pacific, Lucent, Procter & Gamble, Staples, United Technologies and Verizon. Damian started his career as a stockbroker working for the regional UK brokerage firm Rensburg Securities and later at Prudential Securities in Brussels. He graduated in 1986 with a BSc. (Hons) degree in Psychology from Bradford University.

Patrick de Ronchène Partner Patrick has spent a career of 30 years in investor relations after joining James Kuhn & Company in 1975. In 1990 he acquired James Kuhn & Company and formed Kuhn Partners. He is one of the most experienced European practitioners in the field and has worked with many leading North American companies including: Abbott Laboratories, Aetna Life, Alcan, Alcoa, American Express, ARCO, AT&T (and seven of the Baby Bells), Bank of America, Barrick Gold, Baxter, Bristol Myers Squibb, Elf, Mobil, Schering-Plough, Schlumberger and Westinghouse. Since 1986 he was also responsible for developing the firm’s French consulting activities which established a leading position in France, numbering close to 50% of the CAC40 among its clients. Patrick graduated in Economics and Finance from the University of Brussels.

In Europe

Gill Newton Partner Gill has 18 years experience in financial communications. During this time she has worked for Asian, European, Japanese, South American, UK and US companies from micro cap to large cap. She has worked with the NASDAQ stock market since 1995 and has been involved with its international investor programs since their inception. Gill has an in-depth knowledge of the investment community in Europe and her re-lationship with this community greatly assists her in perception studies, qualitative feedback research both pre and post meeting. Prior to cofounding Phoenix-IR, Gill was at Kuhn Partners for 13 years. She joined in 1991 and spent two years in the Brussels office before moving back to London. Gill began her investor relations career in 1988 when she joined Burson-Marsteller Financial in London. Gill is a contributor to IR Magazine and The Financial Times.

André Fonteyne Partner Prior to co-founding Phoenix IR, André was employed at Kuhn Partners in the period 1999- 2004, as a consultant. During this time André has advised public companies on their European investor relations programs, traveling with top management across Europe. He has worked with French, Belgian and US companies active in several sectors: building materials, banks, utilities, chemicals, technology, and private equity. André’s clients have included: Almanij, Bouygues, Dexia, Saint-Gobain, Solvay, Siparex, Lafarge, PSA Peugeot Citroën, Technip, UCB and Veolia. He specializes in perception studies and feedback, interviewing over 200 investors per year for our clients. Before starting in Investor Relations, André worked two years as a financial journalist at the leading French language business daily newspaper L’Echo where he followed public companies across various sectors. André graduated with a Masters Degree in Economic History at the Free University of Brussels (ULB). He also holds a Postgraduate degree in Financial Management from the Institut Supérieur de Commerce Saint-Louis (ISC) in Brussels and a CEFA (Certificate in European Financial analysis).

| 6Europe phone +3� � 6�6 1050 www.phoenix-ir.com US phone +1 �1� �86 90��

In U.S.

| �Europe phone +3� � 6�6 1050 www.phoenix-ir.com US phone +1 �1� �86 90��

People

Sylvie Repeczky Partner Based in New York, Sylvie opened the office and develops the activities of Phoenix Investor relations in North America. She provides strategic advice and support ser-vices for European companies that wish to develop their investor relations activities and financial communication with the financial community following best practice. She has worked on defining the investor relations function, assessing the program and advising senior management on corporate governance and disclosure issues. She has expanded her client’s shareholder base in North America, coordinated their listing on the NYSE, and increased their visibility in the global financial community. With her experience in the dual listing of companies in Europe and the US she brings an extensive knowledge of the IPO process and understands the challenges facing the establishment of a global investor relations program. Her current clients include Lafarge, Bouygues, Saint Gobain, Carbone Lorraine, Neopost, Michelin, and the French association Paris EUROPLACE. She also worked with Arcelor, CNP Assurances, Dassault Systèmes, Schneider Electric, Veolia, Alstom, Dexia, Vivendi Universal and Sodexho among others. Prior to starting Phoenix Investor Relations in the US, Sylvie was a Vice President with the Global Consulting Group and a senior consultant with Thomson Financial. She also worked on the corporate side with France Telecom in New York where she coordinated the IPO from 1996 through 1999. In a previous position she was a Vice President with Bankers Trust, also in New York, where she was responsible for the marketing and sales of correspondent banking products and financial services to the banks of European countries. Sylvie earned a Master degree in Physics and Chemistry from the University of Paris VII, France, and holds a Master of Business Administration in Finance from INSEAD in Fontainebleau, France.

United StatesFor further information on our services in North America, please contact Sylvie Repeczky at:

Phoenix IR United States275 Madison Avenue, 33rd FloorNew York, NY 10016Tel: +1 212 286 9022

“ The Phoenix is a mythical bird that never dies. It flies far ahead to the front, always scanning the landscape and distant space. It represents a capacity for vision, for collecting sensory information about our environment and the events unfolding within it.”

Quotation from a Feng Shui Master

EuropeFor further information on our services in Europe, please contact Adrian Rusling, Damian Perry or Patrick de Ronchène at:

Phoenix IR Europe11, Avenue des Scarabées1000 BrusselsTel: +32 2 626 1050

www.phoenix-ir.com