3 E d i t o r i a l b y d i d i E r t a b a r y

4 a f E w f a c t s a b o u t f i l o r g a l a b o r a t o r i E s

6 E x p E r t s i n a E s t h E t i c m E d i c i n E , f o r h E a l t h c a r E p r o f E s s i o n a l s a n d t h E g E n E r a l p u b l i c

11 s h a r E h o l d E r s a n d m a i n f i n a n c i a l r E s u l t s

13 s i g n i f i c a n t i n t E r n a t i o n a l p r E s E n c E

t a b l E o f c o n t E n t s

E d i t o r i a l b y d i d i E r t a b a r y , p r E s i d E n t o f f i l o r g a l a b o r a t o r i E s

“Filorga laboratories have been specialising for more than thirty years in skin aging. today, they are considered to be one of the main actors in the field of anti-aging treatments, whether medical or addressed to the general public. Filorga is particularly advanced in the field of aesthetic medicine due to its wrinkle fillers, the poly-revitalising injectable complex products (NCtF®), peeling and photo-modulation (leD). What is special about the laboratory is how it understood very early on that in order to obtain the best results it needs to combine products and techniques and to develop combined protocols that are very efficient and very safe. our products were developed by world-renowned experts (physicians, pharmacists, biologists, cosmetologists) that form a scientific committee, and are manufactured in France. today, we are present in sixty aesthetic medicine markets.

My ambition when i took over the Filorga laboratories in 2006 was to make aesthetic medicine accessible to as many people as possible. in 2007 we were therefore the first medical laboratory to launch a cosmetic anti-aging line intended for the general public, sold in pharmacies, parapharmacies, and then also in the Marionnaud perfumeries.

the line was immensely successful. it is available in more than 6,500 points of sale in forty markets across the world. el Corte iNgles in spain, Marks & spencer in england, iCi Paris Xl in the benelux, edgars in south africa and sephora in india… are our clients. Filorga is one of the few sMes to have emerged in a sector taken over by giants, pharmaceutical laboratories and other international cosmetics groups.

our objective is to become the global reference brand in the field of anti-aging products, both for what concerns medical treatments and those intended for the general public. in 2012, our sales revenue exceeded eUr 25 million for more than 2 million items sold across the world. in 2013, we will invest more than 20% of our sales revenue in development and r&D in order to create tomorrow's products and maintain our annual growth rate, which has remained above 30% for more than four years.”

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a f E w f a c t s a b o u t f i l o r g a

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Michel torDjMaN, a French aesthetic doctor whose passion was cellular biology, founded Filorga laboratories. He studied aging together with a group of experts and developed solutions for influencing the process. in those times, it was an entirely innovative approach. His research brought him closer to the specific process of skin aging from the perspective of mesotherapy aimed at revitalising cells. long before botox® burst onto the market, he developed injectable products using hyaluronic acid exclusively for the use of professionals, dermatologists and aesthetic doctors. For them, Michel torDjMaN created the NCtC, a product which was later relaunched under the name NCtF®, and which became the bestseller of the brand.

in the '80s, Filorga laboratories expanded internationally and established branches in russia, China, italy, Poland, spain, south africa, greece and taiwan.

the NCtC became NCtF®, an anti-aging mesotherapy product intended for anti-aging bio-revitalisation, the hydration of tired or dull skin, and the treatment of wrinkles. the NCtF® is a bio-revitalising solution that contains 53 ingredients. its efficiency has been proven in numerous clinical studies, both in vitro and in vivo. today, it carries the Ce marking.

launch of the glYKoPeel® line, a dermatological peel with sequential pH variations based on glycolic acid, available to doctors in several levels of concentration (50%, 70%, 70 max).

establishment of the Nanterre production site, with iso 13285 certification.

the company was taken over by eDriP (edmond de rothschild investment Partners) and initiative & Finance alongside Didier tabarY. Didier tabarY became the President of Filorga laboratories.

Filorga laboratories launched MeDi-CosMetiQUe® in pharmacies, their cosmetic line intended for the general public, consisting of products developed from their professional active ingredients. jean-Claude le joliff, former r&D Director of the Chanel group and member of the scientific Committee Filorga until the end of 2011, led the development of these innovative formulas. For several years, he supported the development of the brand via new products and through scientific papers.brand codes and a strong visual identity (black and white) were created in parallel in order to promote the general public products that then became available at Marionnaud in France in 2008.

Filorga laboratories launched X-Ha3®, the first polyvalent cross-linked hyaluronic acid filler which can be injected in different areas of the face and is suitable for wrinkles of various depths. the line of injectable hyaluronic acid fillers was complemented by the launch of X-Ha volume® (deep wrinkles and creation of volume) and MHa18® (superficial wrinkles) in 2010.

HlD bought into the capital of Filorga laboratories with a share of 50% alongside Didier tabarY.the medical and general public products started distribution in Portugal.

inauguration of the esPaCe aNti-age Filorga in the heart of Paris in 2011, a showcase for the brand's products.

in parallel, Filorga continued expanding its international presence: medical and general public products were distributed in argentina, Chile, Mexico, singapore, thailand, Qatar, tunisia, india. the line of cosmetics for the general public has been available at MarKs & sPeNCer in the United Kingdom and beaUtY alliaNCe in germany since 2012.entry to the asian (japan, south Korea and China), North american (Canada, Usa), and latin america (brazil) markets is planned for 2013.

in january, Filorga laboratories acquired 48% of the capital of Mostleds®, who develops, manufactures and sells a breakthrough technology for aesthetic medicine and wellness: leD photobiomodulation.

February saw the launch of the sKiN PerFUsioN line, developed for medical spas and high end spas.

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E x p E r t s i n a E s t h E t i c m E d i c i n E for hEalth carE profEssionals and thE gEnEral public

For 35 years, Filorga laboratories have been developing high performance anti-aging solutions that are used in medical practices (dermatologists, aesthetic doctors and plastic surgeons) for correcting the visible signs of skin aging. good to know: peelings, injectable poly-revitalising mesotherapy solutions and injectable wrinkle fillers based on hyaluronic acid are being administered today in aesthetic medicine practices across 60 markets.

spurred on by Didier tabarY, President since 2006, Filorga laboratories launched in 2007 a line of 20 products intended for the general public, the MeDi-CosMetiQUe® line, with innovative formulas and high-tech ingredients developed with the knowhow of the laboratory in matters of skin aging.

born of the encounter of two worlds, the line MeDi-CosMetiQUe® is uniquely positioned as it offers a range of treatments that are directly inspired from aesthetic medicine (ingredients and techniques), pairing the radical efficiency of aesthetic techniques with the pleasure of being taken care of. all the skincare creams in the line contain active ingredients that are identical to those used in medical practice:

/ Hyaluronic acid, traditionally present in injectable Filorga products/ NCtF®, a complex of poly-revitalising active ingredients that is identical to the one injected in mesotherapy

the core of this exclusive formula is encapsulated in a system of chronospheres, microscopic vectors, resulting from a discovery patented by CNrs, that ensures optimum penetration of the various skin layers and high diffusion capacity of the active ingredients.

Filorga products are distributed in pharmacies, parapharmacies (in about a hundred Monoprix points of sale), in certain perfumery chains (500 Marionnaud in France), and are available in a total of 1,500 points of sale in France and 5,000 internationally (40 markets).

Awards won since 2010 : Victoires de la beauté - innovation award cosmeeting - selected by elle - award of the grazia editors for lip-structure - the best exclusive brand iCi Paris Xl…

t h E s c i E n t i f i c c o m m i t t E EEight mEmbErs with diffErEnt backgrounds and outlooks

All of the FilorgA products are devised and developed in collaboration with eminent specialists in skin aging processes (aesthetic doctors, plastic surgeons, biologists, cosmetologists, chemists) that are part of the scientific committee of FilorgA. FilorgA provides the most efficient products and the most efficient anti-aging protocols available on the market, whether in the medical or in the cosmetic sector.

Filorga also gives particular importance to the safety of its products and protocols. it puts quality control at the heart of its development process. only when the new product fulfils these two conditions (efficiency – safety) it is approved by Filorga researchers, presented at anti-aging medicine congresses, and then offered to patients or to the general public.

D r M i c h e l T O r D J M A N ( F r A N c e )

Honorary member of the scientific committee FilorgA, Michel torDjMaN founded Filorga laboratories in 1978. a pioneer in the field of research on aging processes, in the 1980s he developed a range of skin products intended for health care professionals. in 2006, he handed over Filorga to Didier tabarY, who in 2007 launched a line of anti-aging products intended for the general public.

state certified medical doctor, graduate of the Medical school of Paris. Diploma from the national college of aesthetic medicine. Diploma from the international union of aesthetic medicine. graduate diploma in Preventive Pediatrics. graduate medical diploma in legal redress For Physical injury.Member of the French society of aesthetic Medicine since 1980Member of the French association of aesthetic Medicine since 1993

J e A N - c l A u D r e l e J O l i F F ( F r A N c e )

Honorary member of the scientific committee FilorgA, of which he was a member until the end of 2011, jean-Claude le joliFF trained as a biologist and was involved in r&D for many years. He successively occupied various r&D positions, in particular as head of r&D for the Chanel group. after establishing a research centre (Ceries), he turned towards innovation management.

in this context, for several years he took an active interest in the evolution of cosmetics and of the beauty tools, and so came across Filorga. He assisted Filorga laboratories for several years by developing the brand via its new products and through scientific papers.He is an associate Professor at the University of Versailles saint Quentin (UVsQ) and lecturer in different specialised study programmes.

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D r . P h i l i P P e P e T i T ( F r A N c e )

general practitioner.Founder of the World anti-aging Mesotherapy society. Founding President of the World Mesotherapy society. lecturer at the University V. segalen bordeaux 2, head of the inter-University Mesotherapy graduate Programme.

D r . F r é D é r i c B r A c c i N i ( F r A N c e )

ENT, face and neck surgeon.Vice-President of saMCeP, the advanced society of Plastic Medicine and surgery. Honorary Member and international Delegate of the World society of anti-aging Medicine (WosaaM).european Delegate of the european organisation of scientific anti-aging Medicine (eUrosCia).

D r . r i e k i e S M i T ( S O u T h A F r i c A )

Aesthetic medicine and sports medicine.President of the aesthetic and anti-aging Medicine society of south africa. President of the international Union of aesthetic Medicine. Member of the american academy of aesthetic Medicine.Founder of the first postgraduate training programme in aesthetic medicine in south africa.

D r . A l e S S i O r e D A e l l i ( i T A l y )

Doctor, vascular surgeon, diploma in aesthetic medicine.Member of the order of aesthetic doctors of Milan. research director for the italian aesthetic medicine and surgery society. teaches aesthetic medicine at the agora school of Milan and the University of Padua. He has published a large number of reference scientific papers and books on aesthetic medicine.

D r G é r A r D r e D Z i N i A k ( F r A N c e )

Consultant for dermo-cosmetic innovation. PhD in Molecular biophysical Chemistry.He was head of the Department of applied research of the research Centre of Perfumes Christian Dior (group lVMH), the scientific Centre of the Yves rocher group, as well as the r&D of the Naos group (etat PUr-esthederm-bioderma).

He was also head of the scientific Centre and the r&D department of the european branch of the Korean group amore Pacific, as well as the research and innovation Department of Uriage dermatological laboratories.President of the French Cosmetology society from 2008 until 2011. President of the organisational Committee of the international Cosmetology Congress (iFsCC Congress) which will take place in Paris in october 2014.

P r O F. P h i l i P P e P i c c e r e l l e ( F r A N c e )

PhD from the University of Aix Marseille. Holds a Dea in the Physical Chemistry of Pharmaceutical innovation Montpellier. Dess in Hospital Pharmaceutics aix Marseille.DU in Cosmetology Marseille.Director of an iMbe research unit: institut Méditerranéen ecologie, adds to the CNrs a research direction in environment and health.

teaches at the University of Marseille (Director of Master in Professional Cosmetology and Director of the Professional licence in Health Care and Cosmetology Products). international presentations on formulas, active ingredients and mechanisms in the field of skin aging. recognised work in the field of anti-oxidants and inflammation.

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r E s E a r c h & d E v E l o p m E n t

in 2013, FilorgA lABorAToriES will invest more than 20% of their sales revenue in development and r&D. A team of 5 researchers from FilorgA are working on developing innovative products and techniques. in fact, every year there are 5 new products developed by FilorgA lABorAToriES, 4 in the cosmetics line and 1 in the medical line.

o u t l o o k

FilorgA lABorAToriES announced at the beginning of the year the acquisition of 48% of MoSTleds®. MoSTleds® develops, manufactures and sells a breakthrough technology for aesthetic medicine and wellness: lED photobiomodulation.

this technology, paired with the offer of Filorga makes it possible to imagine significant synergies both for what concerns commercial development and the research and development of products specific to phototherapy in medicine, in functional rehabilitation, aesthetics, thalassotherapy and sPa. the acquisition of this technology will also enrich combined Filorga therapies by mixing different medical rejuvenation techniques (hyaluronic acid injections, anti-aging mesotherapy, glycolic peeling and from now on also leD photobiostimulation) in order to obtain the most harmonious, efficient and natural anti-aging results.

in addition, the medical research directions focus on the development of a new generation of active fillers as well as a new generation of injectable mesotherapy products.

the devices developed by Mostleds® are based on a specific leD mesh that provides exceptional radiation density for more efficient treatment of stretch marks, acne, scars, pain, face and body skin aging, burns, cellulitis, and more efficient dynamic phototherapy for cancer treatment.

s h a r E h o l d E r s & f i n a n c i a l r E s u l t s

c A P i T A l

Today, the capital of FilorgA lABorAToriES is divided into the 50% owned by its President, Didier TABAry and the 50% owned by HlD Capital since 2010. Didier TABAry had already participated in the first takeover of the company in 2006 together with two investment funds, Edmond de rothschild investment Partners and initiative & Finance. EDriP and i&F invested 2 million and 1.5 million during an lMBi operation.

D i D i e r T A B A r y Didier tabarY is currently President and majority shareholder of Filorga laboratories, a French laboratory specialising since 1978 in the development of medical anti-aging equipment and high performance cosmetic solutions for doctors and consumers.Mr tabary acquired Filorga laboratories in 2006 following a first lbo executed with eDriP (edmond de rothschild investment Partners) and iFi (initiative et Finance). the operation was followed in 2010 by a second lbo executed with the HlD investment fund.the sales revenue of Filorga laboratories has grown fivefold since 2006, which represents an annual growth rate above 30%. Prior to joining Filorga laboratories, Mr tabary had worked for 10 years within the cosmetics group bourjois, where he successively occupied the positions of Director for latin america, founder and general Director of bourjois Korea, founder and general Director of bourjois italy.Mr tabary is a graduate of the ecole supérieure de Commerce of Marseille.

h l D

HlD, unlike an investment fund, is a company with permanent capital where investors are also shareholders. its financial capacity amounts to eUr 100 million. in addition, its shareholders, about ten French entrepreneurs (including Claude bébéar, Norbert DeNtressaNgle, the DeCaUX family...) are able to co-invest in certain operations.Created in May 2010, the company acquired 50% of Filorga laboratories alongside its president, in the framework of an operation financed with own funds. the company anticipates a threefold increase in its revenues in 2014. in 2011, HlD bought up, at parity with Chevrillon & associés, the interflora florists, who have a sales revenue of about eUr 150 million. the transaction included a portion of debt. HlD's third operation was the takeover of Perfectis Private equity, a private equity management company specialising in small cap. the HlD team consists of ten people, including the co-founders: jean-Philippe HeCKetsWeiler (ex jPMorgan), jean-bernard laFoNta (ex Wendel) and Philippe DoNNet (ex axa and ex Wendel).

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g r o w t h a b o v E 3 0 % pEr yEar for thE past four yEars

in 2012, FilorgA lABorAToriES recorded growth of 46% in France (cosmetic products progressed by 53% and the medical sector by 31%). it is the highest growth rate in the sector. international growth has stabilised above 20%.

With a sales revenue of eUr 26 million in 2012, Filorga laboratories have been experiencing constant progress over the past 4 years, with a global growth rate of more than 30% per year.

S A l e S r e V e N u e

2010 EUr 15 MillioN2011 EUr 20 MillioN2012 EUr 26 MillioN

60% 40%

50% 50%

FrANCE

iNTErNATioNAl

MEDiCAl

CoSMETiCS

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s i g n i f i c a n t i n t E r n a t i o n a l prEsEncE

Today, with 5,000 international points of sale, FilorgA lABorAToriES are present in 60 markets with their line of medical products. Between 2007 and 2012, cosmetics products were launched on more than 40 markets. 60% of sales revenue is generated internationally.

k e y D e V e l O P M e N T S T A G e S

russia, China, italy, Poland, spain, south africa, greece and taiwan represent historical markets of Filorga laboratories with medical products being present since the 1980s. the line then developed in the following markets:

2008 - belgium, the Netherlands, Portugal, turkey, jordan, Morocco2009 - Venezuela, austria, Croatia, the Czech republic, serbia, switzerland, Kuwait2010 - Colombia, Peru, azerbaijan, Finland, lithuania, saudi arabia, the emirate of bahrain, israel2011 - argentina, Chile, Malaysia, singapore, thailand, Vietnam, bulgaria, georgia, iraq, Qatar, tunisia2012 - United Kingdom, germany, Mexico, india, indonesia, Moldova

T h e M A i N M A r k e T S ( B y w O r T h )

1. France2. russia/Ukraine3. spain4. benelux5. italy6. China7. lebanon8. Poland9. south africa10. saudi arabia11. Portugal12. United Kingdom

FraNCe - Marionnaud 500 Pos Monoprix 100 Pos

tHe NetHerlaNDs - ici Paris Xl (as WatsoN groUP) 250 Pos

sPaiN - el Corte ingles 75 Pos

soUtH aFriCa - edgars 25 Pos

iNDia/PolaND/ siNgaPore - sephora 20 Pos

UNiteD KiNgDoM - Marks & spencer 50 Pos

M A i N D i S T r i B u T i O N N e T w O r k S

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d E v E l o p m E n t o u t l o o k intErnationally

international development will continue in 2013 with the opening of new markets, particularly in asia and on the american continent, aiming for 80 countries by 2014.

on the american continent, Filorga laboratories wish to establish themselves in 2013 in Canada, in the United states and in latin america, particularly in brazil.

already present in China with their line of medical products, Filorga laboratories wish to develop their line of cosmetics for the general public and continue to establish themselves in asia (japan, Korea, China).

k e y c O M P A N y F i G u r e S

the size of the group increased 5-fold in 6 yearsgrowth above 30% annually for the past 4 years 5 innovative products per year2 million products sold per year 100 employees

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sales revenue: eUr 35 millioninvestment of more than 20% of the sales revenue in r&Dopening of 10 new markets

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Made in France - registered trademark - Filorga laboratories2-4, rue de lisbonne - 75 008 Paris - tel.: 01 42 93 94 00