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SFAF Meeting29 March 2007

Christophe CrémerChairman

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Overview

meilleurtauxSeven years of robust growth resulting in the leading mortgage broker in France A unique, proven multi-channel business model

2006 business reviewMajor strategic investments74% surge in revenue

2006 resultsProfit temporarily impacted by the opening of the Le Havre call centre and aggressive branch office expansions

2007 goalsContinue gaining market share with a priority on improving margins

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meilleurtauxSeven years of robust growth

resulting in the leading mortgage broker in France; a

unique, proven business model

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2001 – 1 office

2006 – 45 offices, 35 franchises, 2 call centres (Paris and Le Havre)

2005 – 32 offices, start of the insurance, savings, and franchise businesses

Robust revenue growth

74%

€45.5M

2003 2004 2005 20062001

€26.2M

€10.4M2004 – 18 offices, 1 call centre in Paris

€5.5M2003 – 5 offices

€0.8M1999

meilleurtaux is launched

Branch office

Franchise

Revenue quadrupled in two years

Oct. 2006 – Transferred to Eurolist

152%

89%

x 4.4

meilleurtaux

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meilleurtaux in 2006: a leading mortgage broker

Individuals Banks

Over 370,000 applications filed in

2006 (up 22%)

The largest network of banking partners in the

market

110 banking partners in 2006

11% market share*

A strong brand with growing recognition Complete information on

mortgage-related issues

Qualified advisors to help assemble a loan application

Lower financing costs for loans and borrower’s insurance

An additional channel for generating business

Lower customer acquisition costs

Access to a portfolio of qualified prospects (high-income group)

Benefit for individuals

=A free service

without obligation

Benefit for banks=

A single commission rate

meilleurtaux: the leading online

mortgage broker in France

*Source: meilleurtauxmeilleurtaux

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The power of a proven business model

Individuals

Advisors

Banks

website

offices

franchises

Generates business forbranch offices

meilleurtaux

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The benefits of multi-channel distribution

A retail website to leverage the boom in internet use and e-commerce– 4 million unique visitors in 2006, with 370,681 applications filed (up 22%)

Two call centres to meet customers’ needs – Paris opened in 2004 (48 advisors at end 2006)– Le Havre opened in 2006 (59 advisors at end 2006)

Branch offices to promote meilleurtaux’s products and new brokerage services through a local agent

– 45 offices at end 2006 (292 advisors) – up by a factor of 10 in four years A franchise network for towns with between 50,000 and 100,000 residents

– 35 franchises at end 2006

All the resources are in place …… to execute an aggressive market share acquisition strategy

meilleurtaux

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A business model with profitable growth

website

Generates applications

Lower customer acquisition costs through:

increased website use, coupled with more call centre business

Higher loan application conversion rates through: an expanded chain of branch offices in high-potential

cities with >100,000 residents; and more franchises in towns with 50,000-100,000

residents

Greater branch office profitability relative to their age:

breakeven during the first year profit growth from the second year

meilleurtaux

offices

franchises

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2006 business reviewMajor strategic investments; a surge in

revenues

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Market environment: Robust mortgage demand

2003 2004 2005 2006

96118

166

The mortgage market jumped 15% in 2006

Source: Banque de France

In billion €

New mortgage originations in France

144

15%21%

23%

Business

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Mortgage brokerage: A high-potential, growing market

Mortgage brokers had 19% of the French market in 2006

Source: meilleurtaux, Wholesale Access, and Mortgage Finance Gazette

Mortgage broker market share in 2006 (estimate)

15%

18%

Source: meilleurtaux

Mortgage broker market share in France

2004 2005 2006

19%

Business

19%

64%68%

France UK USA

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45.5

26.2

10.45.5

2003 2004 2005 2006

Revenue skyrocketed 74% in 2006

Number of applications billed* Revenue growth (million €)

*Total applications billed to customers less cancelled applications

14,088

6,2983,333

23,715

2003 2004 2005 2006

meilleurtaux is gaining market share ~2% of the mortgage market in 2006, up from 1.4% in 2005* ~11% of the mortgage broker market in 2006, up from 8% in 2005*

74%

152%

894%

68%

124%

89%

*Source: meilleurtauxBusiness

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2006 highlights

Remarkably successful franchise openings– 14 total franchises at end of June; 35 at year-end

16 new branch offices – 4 advisor offices – 3 relocations

Le Havre call centre opened in March– 59 financial advisors at year-end

Launch of the meilleurtaux borrower’s insurance Two types:

– meilleurtaux Borrower – for branch office and website customers – Premium Borrower – for brokers

A partnership with FNAIM (French property federation)– Largest professional property association (a network of 11,000 agencies)

Transferred to Eurolist on 25 October 2006

Business

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Higher loan application conversion

Branch offices logically have a higher conversion rate because applications are fully prepared

18%

40%

9%

25%

43%

14%

Total Offices Website

20052006

Loan application conversion rate*

*Applications billed to customers as a percent of applications submitted

Business

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Focus on the Le Havre call centre

Goals– Create a second website – Allocate additional resources to meet customers’ needs

What’s already been done– Call centre opened in early March 2006– Ramp-up has been slower than expected

A clear revenue shortfall in the fourth quarter due to:– organizational difficulties related to insufficiently-qualified new hires; and – poor distribution of online loan applications between the call centres and branch

offices => too few applications handled by call centres

Weaker-than-expected revenue growth in the fourth quarter

Business

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Weaker-than-expectedrevenue growth in Q4

9.0

7.26.0

4.0

12.012.311.3

9.3

Q1 Q2 Q3 Q4

20052006

Quarterly revenue growth (million €)

71%88%

133%

33%

95% increase in the first 9 months, but €1.6 million below target in the fourth quarter

Business

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Revenue boosted by a pick-up in internet use

Multi-channel distribution in which the website plays a key role (60% of total revenue)

2005Consolidated revenue breakdown

68% generated by the website

44%

24% 3%

29%

Offices (online applications) Call centresOther Offices (own applications)

2006Consolidated revenue breakdown

5%

35%

23%

37%

Offices (online applications) Call centresOther Offices (own applications)

Business

60% generated by the website

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Branch offices starting to benefit from advisor referrals

60%12%

28%

Website Referral Direct

2005Branch office revenue breakdown

Advisor referrals are a new, continuously-expanding growth engine

51%

20%

29%

Website Referral Direct

2006Branch office revenue breakdown

Business

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Premium Borrower: meilleurtaux borrower’s insurance

Premium Borrower was introduced in 2006 with great success– Policies are taken out with Direct Assurance (part of the AXA group)– Wide distribution through meilleurtaux offices, insurance brokers, and mortgage brokers

A product tailored to customers’ needs – Customers can save an average of €10,000– 70% of purchasers fit the target customer profile (under 35 years old)

An innovative product– Includes partial disability and unemployment insurance (optional)

Attractive to meilleurtaux partners – Some of the lowest rates in the market combined with the best guaranties

A source of recurring revenue

Business

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2006 resultsA surge in revenue with profit

impacted by new openings

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Solid revenue growth

45.5

26.2

10.4

32.4

19.0

6.7

2004 2005 2006

Total revenue Branch office revenue

In million €

Results

A surge in revenue fuelled by the website (60% of revenue, quadrupled in two years) and carried by the branch offices (70% of revenue, up by a factor of 5 in two years)

IFRS data

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Profit still has room for improvement

0.7

2.52.9

0.5

1.5 1.4

2004 2005 2006

Operating profit Net profit

In million €

Results

Major growth spending over the past two years continue to weigh on margins, with Q4 temporarily hurt by lagging revenue from Le Havre.

IFRS data

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IFRS income statement

In million € 2006 As % of revenue 2005 As % of

revenue

Change 2006 vs.

2005

Revenue 45.5 100% 26.2 100% 73.5%

Other income 0.4 0.9% 0.2 0.6% 158.7%

Purchases -11.7 25.8% -5.7 21.6% 107.0%

Personnel expenses -26.5 58.4% -15.2 57.9% 74.9%

Depreciation, amortisation, and provisions -1.7 3.8% -1.3 5.0% 31.5%

Other operating expenses -3.0 6.6% -1.7 6.6% 74.6%

Operating profit 2.9 6.4% 2.5 9.5% 15.8%

Profit from financing activities -- -- -- -- --

Other income and expenses -0.8 1.8% -- -- --Income tax expense -0.7 1.6% -1.0 3.8% -26.1%

Net profit 1.4 3.1% 1.5 5.9% -7.0%

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Operating expense breakdown

62%

7% 4%

27%

Personnelexpenses

Purchases

Other operatingexpenses

Dep., amort., andprovisions

Personnel expenses made up 60% of operating expenses in 2006 7.7% of revenue is spent on fees related to business premises (vs. 7.6% in

2005) and 8.3% on advertising (vs. 4.4% in 2005)

64%

24%

7%5%

20062005

Results IFRS data

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A short-term dip in operating margin

Capital expenditures for business expansion

New branch offices Le Havre call centre opening Headquarters move to La

DéfenseNon-recurring expenses

Transfer to Eurolist

Operating profit and operating margin

0.75

2.502.90

2004 2005 2006

7.2%9.5%

6.4%

Operating margin (EBIT/revenue) Operating profit (million €)

CapEx spending and slower revenue growth in Q4

Operating profit €1.4 million below target (in line with 2005)

Results IFRS data

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Operating margin by distribution channel

Branch offices: operating margin hurt by an aggressive expansion strategyCall centres: lower-than-expected operating margin from delays at Le Havre

2006 revenue and operating margin

32.4

10.6

2.5

45.5

Total Branch offices Call centres Other

Operating margin

2006 revenue (million €)

4.1%

18.3%

6.4%

Results IFRS data

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Branch offices: profit pressure from expansion costs

An aggressive expansion strategy was launched in 2004– 45 branch offices at year-end 2006, up from18 at year-end 2004– 292 financial advisors at year-end 2006, up from 117 at year-end 2004– Revenue up by a factor of 5 in two years

Profitability is low because most offices are still new – 37 offices are less than two years old

Margins have been squeezed by the rapid expansion – An ambitious recruitment policy has weighed on personnel expenses – New advisors generate no revenue during their first three months

Results

Branch office profits are under pressure from new openings and the large percentage of relatively young offices

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Branch offices: typical maturity cycle

Model: an office should reach maturity in two years and achieve a 15% operating margin going forward

Typical maturity cycle– Breakeven on direct costs after 8 months– Breakeven on all operating expenses after 16 to 18 months– After two years, the gross operating margin (after direct costs) should be 30%, with a

total operating margin of 15% – In 2006, 8 offices were over 2 years old, 15 over 1 year old, and 22 less than 1 year old – In 2006, 5 offices had >15% operating margin, 16 between 0% and 15%, and 24 were

negative

Results

The large percentage of young offices has logically weighed on margins

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New Le Havre call centre:lower-than-expected revenue

Operating challenges related to starting-up a new centre – Hiring is taking longer than planned (building a team from scratch) – Additional resources have been allocated to train employees

Business volume at the call centre remains sluggish despite a climbing conversion rate

– 7% increase in loan applications sent to banks from call centres vs. a 57% increase from branch offices

– Poor distribution of online loan applications between call centres and branch offices due to the ~100 newly-hired financial advisors in the offices

The timing delay at Le Havre does not diminish the call centre’s potential over the medium-term

Results

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Growth in free cash flow

In million € 2006 2005 2004 2003 2003-2006

Cash flow from operating activities 5.9 3.2 1.0 0.9 11.0

Cash flow from investing activities -5.9 -3.0 -1.8 -0.1 -10.8

Cash flow from financing activities 2.2 5.2 0.8 0 8.2

Change in cash and cash equivalents 2.2 5.4 0.0 0.8 8.4

Cash and cash equivalents at the end of the year 9.0 6.8 1.4 1.4

All capital expenditures between 2003 and 2006 (IT systems, new offices, and the new call centre) were paid for by operating cash flow

Results IFRS data

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A healthy balance sheet

2006 summary balance sheet 2005 summary balance sheet

Non-current assets 8.7 Equity 10.8

Receivables 8.7 Liabilities 15.6

Cash 9.0

Total assets 26.4 26.4

Net cash position 4.7

2006 (million € )

Financial liabilities 4.2

Non-current assets 4.3

Receivables 5.8

Cash 6.8

Total assets 16.8 16.8

Net cash position 4.5

2005 (million €)

Equity 9.1

Liabilities 7.7

2.3

A healthy balance sheet with 41% equity and a positive cash position

Results IFRS data

Total equity and liabilities

Total equity and liabilities

Financial liabilities

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meilleurtaux shareholders

47%

22%

10%

16%

4% 1%

Float

C. Crémer

Galiléo

Ventech

Rothschild

Employeesavings plan

Results

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2007 goalsContinue gaining market share

with a priority on improving margins

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Goals

20% revenue growth (at least)

10% operating margin

Goals

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Action plan

1. Restructure the Le Havre call centre

2. Boost business at both call centres

3. Enhance branch office performance

4. Develop products and services complementary to the meilleurtaux core business – combine credit and insurance

Goals

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1. Restructure the Le Havre call centre

Develop specialised advisors – 25 front-office financial advisors responsible for assembling loan applications with

banks– 35 back-office telephone advisors responsible for finishing incomplete loan

applications• missing signatures • additional credit checks

Loan application target: 5 applications/day per advisor

Revenue target: €15,000/month per advisor

Goals

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2. Boost business at both call centres

Couple higher volumes with better call-centre organisation:– Allocate qualified loan applications– “Nurse” loan applications– Re-qualify loan applications – Strengthen synergies with branch offices (loan applications not sent to banks)

Call centre target: 15% loan application conversion rate Target reached in January 2007

Goals

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3. Enhance branch office performance

Support profitability – Underscore performance tracking– Improve management and training applications

Slow the pace of new openings – 7 new branch offices in 2007 (vs. 16 in 2006)

• Marseille Canebière, St Germain en Laye, Perpignan, Valence, Auteuil, Angers, and Le Havre– 25 new franchises (vs. 35 in 2006, out of 150 requests)

• Select franchise applicants – Build an advisor referral network

Continue with a selective expansion plan

Goals

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4. Develop complementary products and services

Two priority growth drivers related to meilleurtaux’s core business

Borrower’s insurance– A huge market (insurance is mandatory)– 90,000 branch office appointments; privileged customer relationships

Loan refinancing– A growing market– A value-added service => substantial margins

Goal: Set up a loan refinancing department and create a meilleurtaux refinancing service

Goals

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2007 year-to-date: in line with projections

Q1 was on track with full-year forecasts Loan applications put together during the previous quarter were finalised => Revenue from applications started at the end of 2006

Q1 broke all loan-application processing records Average of 1,500 applications/calendar day in March, with a high of 1,900

(2006 average was 1,000)

meilleurtaux is in an excellent position to benefit from the swelling brokerage market

Goals

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A long-term growth strategy

The power of multi-channel distribution Online: quick responses, large volumes, in tune with customer needs Branch offices: advice, personal service, partnerships with real estate

professionals (55% of the market), meets banks’ stringent demands, broad range of services

meilleurtaux’s strong reputation enables it to leverage both channels, to: Become a major player in mortgage distribution; and Enlarge its range of services, so as to better meet retail customer needs and

generate additional revenue.

Solid, profitable, and long-term growth

Goals

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SFAF Meeting29 March 2007