Belgacom - IPO
Telecoms

REMARKS
Selling shareholder ADSB decided to sell its stake in Belgian telecoms operator Belgacom, offering the public the opportunity to invest in this state-owned company. New Chairman Didier Bellens joined Belgacom in 2003 and introduced a culture of momentum and change which proved instrumental in achieving this IPO in a difficult market, after years of capital market inactivity. This IPO was the largest done in Europe since December 2001 (IPO of Crédit Agricole SA, also managed by Media Tree). It gathered solid interest with a book three times subscribed.

Media Tree produced set shows across Belgium, sending two trucks to tour the country in various towns each day for the first week of the IPO. We also produced a film in English, French and Flemish for the IPO that the company decided to use as part of its advertising campaign. The video was produced in less than four weeks.

DEUTSCHE POST WORLD NET - Privatisation IPO
Logistics Provider

REMARKS
Media Tree was asked to produce both the international retail and institutional roadshows for Deutsche Post - Europe's biggest postal services operator and the largest stock market flotation of the year 2000.

We provided the technical support for the press events and presentations of up to 350 people for the retail sales force in 6 European countries, 2 weeks prior to the institutional roadshow commencing. For this, Media Tree also created and designed specific company IPO branding based on DPWN's existing corporate guidelines.

Media Tree's German-speaking team worked in close conjunction with the company, government, advisors and global co-ordinators in producing and co-ordinating a complex 2-team roadshow in 3 continents during 3 weeks.

EDF - IPO
Utilities

REMARKS
EDF is the largest utility in Europe and its privatisation was long-awaited by the market. Coming at a time of particular political sensitivity in France, and also pricing in the wake of the cancelled IPO of French-company Eutelsat in volatile markets, the deal had to cope with more challenges than simple size. There was considerable demand from the retail, which was allocated 60% of the total deal: EDF garnered 5 million individual shareholders and over 120,000 employees, a record in France. The French Government announced it was pricing the landmark privatisation IPO of EDF at €33 off a range of €29.50 to €34.10.

The €7bn deal is the largest IPO in the world in 2005. Media Tree successfully managed a three-team, three-week, three-continent roadshow in a record pre-production time of 4 days. The accelerated launch by the French government took everyone by surprise. The key was being able to deliver the breadth of the logistics execution on unusually short notice. Media Tree met this challenge to all of the EDF management's highest expectations.

ENEL 3 - Secondary
Utilities

REMARKS
The Italian government launched this third tranche privatisation offering during a period where few large equity transactions had been done. This was the largest European deal in 2004, and in fact one of the largest ones since the year 2000. The Japan offering (pictured above) was extremely successful, over 5 times oversubscribed, while the overall deal was 3 times in demand. The company visited Europe, the US and Asia with two teams, drawing large crowds in all the financial centres, whether Paris, New York or Stockholm.

Gaz de France - IPO
Utilities

REMARKS
The IPO was among the largest in Europe for years. The French government launched the transaction as announced, and despite a ‘No' vote in May 2005 on the European Constitution, which created great political uncertainty. Encouraged by the good result on the SANEF motorway IPO, it opted to privatise Gaz de France in July 2005. This IPO did not disappoint. The transaction was largely oversubscribed (24 times), priced at the top of the range and traded up almost 20% on the opening day. The company entered the CAC-40 index on 1st September 2005.

Media Tree organised all the international as well as French domestic roadshows across regions. The total retail offering was a great success, gathering an unprecedented 3 million individual subscribers.

InBev - IPO
Beer Brewery

REMARKS
Media Tree was asked to produce the international institutional roadshow for Interbrew - the world's second largest beer brewery and Belgium's largest stock market flotation to date.

We provided the technical support for the press events and presentations of up to 500 people. For this, Media Tree also created and designed specific company IPO branding based on Interbrew's existing corporate guidelines.

Media Tree's French-speaking team worked in close conjunction with the company and global co-ordinators in producing and co-ordinating a complex 3-team roadshow in 3 continents during 3 weeks.

Mobile Tele Systems
Mobile Telecommunications

REMARKS
Media Tree was asked to produce the international roadshow for MTS – the largest mobile telephone company in Russia with particularly large penetration in the Moscow city area. This was the first Equity Capital Markets transaction from Russia with a listing on the NYSE in two years – a transaction that virtually re-opened the markets for Russian issuers. In addition to the presentation preparation and production (including individual speaker training) we provided technical support for the press launch in Moscow. The overall look of the roadshow relied on MTS's strong branding with striking speaker backgrounds each designed to fit the various presentation venues visited. Media Tree also organised simultaneous translation throughout, as well as the distribution of specially branded MTS souvenirs to all venues and 1-1 meetings.

The logistics for this roadshow were extremely complex with a large and changing traveling party. In New York the numbers peaked at 25 people from the management team, Sistema and the advising bankers. Media Tree managed this flawlessly thanks to its Logistics team both advancing and accompanying the traveling executives.

Natixis - M&A
Investment Bank

REMARKS
NatIxis is the listed vehicle of two French cooperative banking groups, the Banque Populaire Group and the Caisse d'Epargne Group. It is the number 1 bank in France in asset management and one of the world leaders in credit insurance. It has relations with 100% of CAC 40 groups and over 80% of companies in the SBF 250 index. The Natixis flotation was the largest in France since the €7.5bn listing of EDF in 2005 (also done by Media Tree) and Europe's largest stock sale in the financial services industry this decade. While the shares sold represent about 25% of the bank's share capital, Banque Populaire and the Caisse d'Epargne each took a 34% stake in the combined business.Media Tree was appointed to coordinate the international roadshow in conjunction with Euro RSCG who organised the domestic retail roadshow.

Neuf Cegetel - IPO
Telecommunications

REMARKS
Neuf Cegetel is the leading alternative operator offering the whole range of telecommunications services in France. It was formed in 2005 through the merger of French telecoms company SFR's fixed line business Cegetel with Neuf Telecom, a fixed line provider owned by French conglomerate Louis Dreyfus. The company which offered a combination of growth prospects and reliable cashflow, had been pitched on an attractive valuation and was priced at the top of its €19 - €22.08 price range before trading up in the aftermarket. Shares in the company rose as much as 8.6 percent at €23.98 on the Paris listing before closing up 3.9 percent at €22.94. The book, fully covered on the second day of the roadshow, was some 15 times oversubscribed.

Media Tree coordinated and executed this very successful roadshow across Europe and the US.

OGK2

REMARKS
OGK-2 is the first Russian energy company to be listed at LSE and a start for the series of Russian power company IPOs expected to take place in London. The US$1.0bn proceeds were achieved through the issue of ordinary shares and London-listed GDRs, Gazprom took a US$ 640m stake, enabling OGK-2 to raise US$1.0bn for the sale of 20% of the company and Gazprom has seen its shareholding rise to 56%.

Deutsche Bank and Troika were joint bookrunners on the IPO, while UBS was co-manager.

Media Tree successfully managed this roadshow and delivered all logistic services to the OGK-2 management’s highest expectations. The roadshow went across 3 continents for two weeks. Two weekends were spent entertaining and looking after the OGK2 executives, the RAO UES senior management the team of translators and the bankers.

Partygaming - IPO
Gaming-Leisure

REMARKS
One of the most talked - and written - about IPOs of 2005 in the UK press, PartyGaming plc was the largest single London Stock Exchange listing in 4 years and entered the FOOTSIE-100 index with a considerable market cap of £5bn. Although there was a controversial issue with the US Senate pushing to ban any form of internet gaming, the placing of the shares was in no way affected, and the stock was sold in the UK and Continental Europe, many times oversubscribed.

Media Tree produced all the roadshow elements, including a display in London, where online kiosks enabled investors to ‘test' the Party Poker product. The attendance in London was such that we had to re-structure the roadshow to spend a full 7 days of marketing there. Overall, the deal was priced at the top of the range.

Renta Corporación - IPO
Property

REMARKS
Renta Corporación is a Spanish company with a unique positioning in the European property market. The company specialises in buying buildings and land to transform and adapt them to market demand and sell them in relatively short periods of time aiming at a rate of inventory turnover of less than 12 months. It completes more than 100 transactions every year and as such benefits from volume flow seldom seen in this sector. For this reason it was seen as an attractive investment as it offers a more interesting play on the property sector than a simple property fund would. The flotation was priced at almost the top of its indicative €25-€30 range and the international book was 10x oversubscribed while the local tranche was 20x covered. Renta Corporación, the first company listed in Spain in 2006, opened 33% of its share capital to retail investors resident in Spain and to Spanish and international institutional investors raising €267m.

Media Tree worked closely with Morgan Stanley in the pre production stage: we wrote the roadshow script, adapted the roadshow slides in three languages (Spanish, Catalan and English) and got very involved at the local level for the Bolsa events. Due to the profile of Anna Birulés, a former minister, we welcomed over 160 people at the Barcelona Bolsa, a turnout that was unprecedented. Media Tree also coordinated all the press events with the local PR company.

Rexel

REMARKS
Rexel is the No 1 worldwide distributor of electrical supplies. With a market share of just 7% Rexel is seeking to accelerate its organic growth and lead the way in terms of consolidation within its sector and has therefore decided to return to the public markets.

Rexel's owners, the private-equity houses Clayton, Dubilier & Rice, Eurazeo and Merrill Lynch Global Private Equity, have re-listed the company two years after it was de-listed from the Paris bourse in a leveraged buy-out.

A total of 60.6m shares were issued representing a 24% float (76.4% for International offering and 23.6% for the OPO (retail offering)) at €16.50 a share, which was middle of the revised price range of €16.35 - €16.75. Despite an economic slowdown in the US and volatile market conditions the books were twice covered. This is set to be one of Europe’s largest private equity-backed IPOs of 2007.

Media Tree worked alongside Brunswick and the five Joint Global Coordinators in total unison on the analyst presentation, the SFAF presentation, the launch day press conference and of course the two team, two week roadshow.

Rezidor - IPO
Hotel Group

REMARKS

Rezidor is the parent company of the international hotel groups Radisson SAS, Park Inn, County Inn, Missoni Hotels and Regent. SAS group, the operator of Scandinavian Airlines sold its entire holding in Rezidor through this IPO, giving Rezidor an independent public status listed on the Stockholm Exchange. The demand for the offering was oversubscribed (a reported 9 times), prompting the vendor to sell at the top of the Skr43 to Skr52 price range. At the opening on 28 November, the share price went up and is still trading up a few weeks from IPO.

The roadshow was tailored to make full use of the Radisson hotels around the world. During the pre-production phase, the Media Tree logistics team contacted every hotel General Manager to alert them of their top management's visit as well as 'educate' them about the requirements of a roadshow. Indeed, most Radisson hotels are not 5-star and don't routinely offer the business services and 24/7 facilities that are essential for this exercise. Management opted to take a private jet in most locations, maximising the two-week marketing period.

On the production side, Media Tree worked very closely with the group's brand manager to ensure all the aspects of the public image of the company were coherent and carefully adhered to the new brand guidelines. There was a very strong requirement from the company Chairman to have company literature at every event and every 1-1 around the world. Media Tree coordinated this closely with the company's designers.

Overall, the roadshow was deemed a success, and the CEO Kurt Ritter invited our Client Manager to attend the stock exchange launch event with him and his wife in Stockholm after the roadshow had ended.

Telkom South Africa - IPO
Telecoms

REMARKS
The privatisation of Telkom SA was the first in South Africa and enabled the government to involve the people in their country's economy. It was extremely well received and considered to be a great success. The Telkom and Vodacom (mobile subsidiary of Telkom) management toured around South Africa first, with large events, produced by Media Tree, in Johannesburg and Cape Town. Then they went around Europe and the UK for two weeks.

Media Tree successfully integrated South African providers to work with us in the production of the events, at the request of the government. It was important to them that we work locally. Although we do not have an office in SA, we have excellent, longstanding partnerships with local technicians and were able to uproot our in-house production team to offer the service locally without any problems.

Secondly, we ran the budget in real-time to meet the Department of Privatisation and Enterprise's (DPE) very strict controls on all the costs. At the end of the roadshow, we came well within budget—about £32,000—which was very well received by the DPE.

Telstra 3 - Secondary
Telecoms

REMARKS
Australian Finance Minister Nick Minchin described the outcome of the third instalment sale of Tesltra (T3) as a "stunning result". Originally planned at A$8 billion, the offering drew so much interest the government ended up selling double that amount to retail and institutional investors. At A$15.5 billion, this was the second largest equity deal of the year 2006.

Media Tree was appointed as the roadshow coordinator after a highly competitive selection process that lasted close to one year. We had only 9 days to put in place the whole roadshow, a 5-week, 3-team extravanganza covering 137,414km, 597 institutional investors, 131 1-1 meetings and 839 retail brokers. In Australia we visited Melbourne, Sydney, Brisbane, Perth and Adelaide twice in the space of two weeks (first to cover retail interest, then for the institutional tranche), before jetting off to Asia and Europe, then the USA simultaneously with the different teams. Media Tree operated a dual-execution desk from London and Sydney which ensured all the aspects of the roadshow were covered 24/7 and the banks' ECM/syndicate and roadshow teams could liaise in real-time with our people throughout the marketing period. The events we produced ranged from very large (a few hundred people in large domes and exhibition centres) to small targeted 1-few meetings. Each one was adapted to suit the requirements of the investor audience.

Through meticulous budget management, Media Tree came well below budget on the combined retail and institutional roadshows, despite managing a number of last-minute changes on the road.

At the end of the roadshow, Telstra, the Ministry of Finance and the Joint Global Coordinators all wrote to us expressing their thanks, which can be summed up in the words of CFO John Stanhope: "I know where to go to get the best in any future roadshows".

Vimetco

REMARKS
Vimetco N.V., a global, vertically integrated producer of primary aluminium and processed aluminium products, with operations in Romania and China provided a rare example of an IPO pricing away from bottom of the price range.

The result was even more surprising as the deal was priced after the largest one day fall in the FTSE 100 for several years. The deal saw 10.5m primary GDRs issued and 46.8m secondary placed to give proceeds of US $515.7m, rising to US $593.1m with the 8.6m GDR greenshoe. The placing gave the company a free-float of 30% post greenshoe, with Romal Holdings left with 60% and Willast Investments with 10%. IPO pricing implied a market capitalisation of around $2 billion.

Vimetco currently is a top 10 aluminium producer in China and the largest in central and eastern Europe, received $94 million of the proceeds.

VODAFONE
‘Mobile Data and Internet' launch

REMARKS
In the heat of the takeover battle for Mannesmann, Media Tree had three weeks to produce the presentation for Vodafone AirTouch's launch of its strategy for mobile data and the internet as well as the announcement and introduction of their new partners to an audience of analysts and press. This was a multimedia presentation with live webcasting worldwide. The brief was to produce multimedia support material for maximum positive impact.

We were faced with complex production parameters and produced 5,000 German CD-ROMs and 2,800 English CD-ROMs containing interactive menus and hyperlinks to the websites of Vodafone AirTouch subsidiaries around the world.

Three Media Tree production teams flew around the world in five days to interview and film top executives of their new partners, including IBM, Sun Microsystems, Travelocity.com, InfoSpace.com, Charles Schwab, Ericsson and Nokia. These interviews were included in the presentations and CD-ROMs in both the English and German versions.