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PCV Belge Invests in Smart Technologies

PCV Belge has acquired 1,605,300 Class A Subordinate Voting Shares of SMART Technologies. Global private equity firm Apax Partners owns 34,795,491 Class B Shares of SMART Technologies.

PRESS RELEASE

PCV Belge SCS announced today it owns 1,605,300 Class A Subordinate Voting Shares of SMART Technologies Inc. (the “Issuer”) representing approximately 3.7% of the 43,652,307 Class A Subordinate Voting Shares issued and outstanding as of September 30, 2011 on a non-diluted basis or approximately 2.0% of the Class A Subordinate Voting Shares assuming the conversion of all of the Class B Shares of the Issuer held by the Apax Funds (as defined below) into Class A Subordinate Voting Shares.

PCV Belge SCS is an entity related to the group of entities advised by or managed by Apax Partners (being Apax US VII, L.P., the general partner of which is Apax US VII GP, LP, the general partner of which is the US General Partner, and Apax Europe V (a collective of nine partnerships comprised of Apax Europe V – A, L.P., Apax Europe V – B, L.P., Apax Europe V C GmbH & Co. KG, Apax Europe V – D, L.P., Apax Europe V – E, L.P., Apax Europe V – F, C.V., Apax Europe V – G, C.V., Apax Europe V – 1, LP and Apax Europe V – 2, LP), the general partner of which is Apax Europe V GP, LP, the general partner of which is Apax Europe V GP Co. Limited (collectively, the “Apax Funds”)), which own 34,795,491 Class B Shares of the Issuer.

Assuming full conversion of all outstanding Class B Shares owned by the Apax Funds into Class A Subordinate Voting Shares, the Apax Funds and PCV Belge SCS collectively own approximately 46% of the 78,447,798 Class A Subordinate Voting Shares that would be issued and outstanding.

The Class A Subordinate Voting Shares are being held by PCV Belge SCS and the Class B Shares are being held by the Apax Funds for investment purposes. In the future, PCV Belge SCS, Apax Partners and/or the Apax Funds may increase or decrease their control and/or ownership in the securities of the Issuer depending on the business and prospects of the Issuer as well as market conditions, whether in the open market, by privately negotiated agreements or otherwise.