PRESENTED BY - InfoVista

- a risk-free rate of 2.48%, calculated as the difference between the expected return on the market 4
(Associés en Finance, six-month average at December 31, 2011) and the risk premium described above;
- a debt-free financial structure thanks to the positive cash situation of most comparable listed companies
as well as of InfoVista.
On this basis, the discount rate, which corresponds to the cost of equity capital, is 13.02%.
The flows were discounted at mid-period, starting on January 1, 2012.
Growth rate to infinity
We used a growth rate of 1.75% to infinity as the central value, corresponding to a range from 1.5% to 2%, in
line with long-term inflation expectations for the euro zone.
Calculating valuation
Based on these underlying assumptions and data, the global enterprise value is €45.4 million and the value
of the equity is €58 million, or €3.28 per share.
4 E(Rm) according to Associés en Finance data at September 30, 2011.
The proposed offer and this draft reply document are subject to review by the AMF
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