1. 2nd Annual Global Investment Research Challenge CFA FRANCE Inaugural Investment Research Challenge

2. Page 2 Regions Asia-Pacific Hong Kong India Indonesia Singapore Europe France Italy Netherlands Spain UK North America Atlantic Canada Boston Dallas/Houston Louisville New York Pittsburgh Virginia 2008 Society Participants

3. Page 3 Overview Babson College Boston College Carroll School of Management Boston University School of Management Carnegie Mellon Tepper School of Business Columbia Business School ESADE (Spain) IE Business School (Spain) Imperial College London’s Tanaka Business School London Business School MIT Sloan School of Management 400+ students from over 80 universities in Asia, Europe, and North America will compete, including students from these schools ranked among the Financial Times top MBA programs: NYU Stern School of Business Rice University Jones School of Management SMU Cox School of Business Texas A&M Mays Business School University of Pittsburgh Katz School of Business University of Texas McCombs School of Business University of Virginia Darden School of Business William and Mary Mason School of Business

4. Page 4 Be mentored by an industry professional Interview company management Write an equity research report Present to a panel of industry experts Key Components Perform corporate analysis

5. Page 5 Inaugural Investment Research Challenge

6. Page 6 Participants 8 TeamsTutor & Mentor ESSEC Bernard Esnault & Sarah Smith Master Techniques Financières Université Paris-Dauphine Gérard Chapalain & Raphael Dubois Master Ingénierie Economique Université ASSAS Denis Deschamps & Julien Guez Magistère Banque Finance ESC Reims Stéphane Dubreuille & Richard Houbron Master AFI ESC Lille Rahma Chekkar & Maxime Lefebvre Master AFI Université Panthéon Sorbonne I Diana Pop & Nina de Martinis IAE Master Finance Université Lille II Jean-Gabriel Cousin & Kais Mbarek ESA Master Gestion CERAM Bertrand Groslambert & Christine Verpeaux Master Finance des Marchés

7. Page 7 The Company PRODUITS ET SYSTÈMES POUR INSTALLATIONS ÉLECTRIQUES ET RÉSEAUX DE COMMUNICATION

8. Page 8 2008 Timeline January 22 nd February 20 th March 11 th March 16 th March 20 th Kick-off meeting - introduction of teams to mentors and announcement of subject company Teams submit questions for the company to CFA France irc@cfafrance.org Company presentation: Reuters France 6-8 Bd Haussmann at 18:00 Deadline to send additional questions to CFA France for submission to company irc@cfafrance.org Conference Call at 18:00 : answers from the company

9. Page 9 2008 Timeline April 1 st April 15 th May 13 th May 22 nd First draft of report submitted to mentors Final reports submitted to CFA France for evaluation by graders 3 finalist teams announced Presentations by finalist teams to a panel of experts

10. Page 10 The Rules Student Teams Teams of 3-5 students per university Students must be enrolled in the current semester at their university CFA Charterholders and students who are or have been employed in a role whose primary duty involves fundamental company analysis are not eligible If a team loses a member, that member can be replaced up until the company presentation on March 11 th

11. Page 11 The Rules Research Process Students must not use material non-public information in their written reports or oral presentations. The reports must be the original work of the students. Faculty members and mentors may not write any part of the report Direct contact with the company is limited to the company presentation and one follow-up contact: conference call. Teams may contact the company’s customers, competitors and suppliers. They must confine their conversations to corporate officers who normally interact with investors, such as IR officers, CEO’s or CFO’s. Any other entity must be approved by CFA France.

12. Page 12 The Rules Advisors Teams may use their mentor and Faculty advisors (tutor) as resources, but may not be helped by any other investment industry professionals in conducting their research or writing their reports. Tutor can spend up to 10 hours advising the teams Mentors can spend up to 6 hours advising the teams, including phone calls, face-to-face meetings, and reviewing the reports Mentors may not contact the company, or any of its competitors, affiliates or suppliers unless supervising a student call.

13. Page 13 The Rules Research Report Teams must use the report template provided by CFA France The body of the report may be a maximum of 8-10 pages Any additional charts and/or graphs should be included in the appendix. There is no limit to the length of the appendix. The report, written in English, must be the original work of the students, and may not be copied from another source. Final report must be submitted to CFA France in electronic and printed form (5 copies) on or before April 15 th. Reports will be submitted under an anonymous team name, Team A, Team B, …to Team H.

14. Page 14 The Rules Grading Written reports will be graded by a team of 4 to 5 investment professionals Grading will consist of a blind process in which the identity of the university is not known to the graders. The 3 teams with the top scores will be selected as finalists to present in front of the panel. Graders will provide short comments on the reports to all of the teams.

15. Page 15 The Rules Section Investment Summary Valuation Business Description Other Headings Industry Overview & Competitive Positioning Financial Analysis Investment Risks Total Maximum Score 20 5 15 20 15 100 Written Report Scoring Criteria

16. Page 16 The Rules Presentation Finalist teams will make a presentation in front of a panel of investment industry experts selected by CFA France Students will prepare a PowerPoint presentation for the panel, and will have 10 minutes to present with an additional 10 minutes of Q&A Panelists will base their scores on the presentation only The final scores will be based 50% on the score of the written report and 50% on the presentation, in the case of a tie, the team with the highest presentation score will be the IRC winner team The IRC winner team will be announced

17. Page 17 The Rules Criteria I. Materials II. Argument (did they use data effectively to support their recommendations) III. Poise (were they confident in their recommendation, were they convincing) IV. Questions (were they able to answer questions) V. Use of Resources (team involvement in the presentation, q&a) Total Maximum Score 20 25 20 25 10 100 Presentation Scoring Criteria

18. Page 18 2008 CFA France IRC Award €4000 will be awarded

19. Page 19 2008 CFA France IRC Award €1000 will be awarded to the finalist team who gets the highest score on the report

20. Page 20 2008 CFA France IRC Award €1000 will be awarded to the finalist team who gets the highest score on the presentation

21. Page 21 2008 CFA France IRC Award €2000 will be awarded to the finalist team who gets the overall highest score “The winner team”

22. Page 22 2008 CFA France IRC Award TeamReportPresentationOverall Score Prize Team X9065155€1000 Team Y7085155€1000 Team Z8580165€2000 Example « Team Z wins the challenge »

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25. Page 25 Questions?