YOU MUST HAVE A DREAM THAT’S WORTH MORE THAN YOUR SLEEP.

ACTIVITIESREPORT2014

copyrights BeMore Holding 2015

TABLE OF CONTENT

Annual Report 2014

Letter from our CEO

Key figures

The HR Indsutry (market trends)

Our vision

Our results (financial review)

Board members & General management

Our brands

Bemore Group

Value Job

BeMore

Agrafe

Contact

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Dear Clients, Employees, Partners and Shareholders,

2004-2014: a decade of continued growth for our Group, 6 years of global and then European financial crisis!

When we founded BeMore on a blank canvas on which our wonderful project would be outlined, we admittedly were brimming with all of the confidence of youth, but also pragmatism which comes from experience. We could not however have imagined that our development would have to take place against such an unfavourable backdrop. Many thanks therefore to all of those people who have supported us on this difficult journey, towards the peak, even if we had to shed blood, sweat and tears and stop at times to regain our breath. In 2014, we came close to our target of 100 million francs in turnover, and will in all likelihood exceed this in 2015 and our Group, your Group is still preparing for our next ascent.

2015, let’s accept the initial signs, could see the start of a turnaround in Europe. Our primary professions are directly correlated to the rate of growth in GDP. Below 1%, a sharp fall in our markets, between 1% and 2% in economic fluctuations, above 2% in growth. Rest assured, whilst we can have no influence on European economic growth, we are and shall continue to make every effort to make the most of even the slightest upturn.

The world is currently undergoing an historic turnaround, which is seeing the temporary decline? - of Western, and notably European economies, a rapid rise - for how much longer? - of Asia, the formidable demograph-ic rise of Africa and, to a lesser extent, South America. Faced with such changes, companies are doing all they can to reduce their costs, im-prove their productivity, and become increasingly flexible so as to adapt. The current trend is seeing our companies in the Old Continent redeploy their production centres towards companies with low labour costs.

LETTER FROM OUR CEO

It is interesting to note how the US has managed to reinvigorate its econ-omy at the price of drastic wage cuts. It is doubtful that social tensions underlying European politics can accept such sacrifices. Monetary pol-icy measures and the sharp fall of oil prices should support a certain stimulus, and we shall do all we can to benefit therefrom.

More fundamentally, BeMore Group should continue to adapt to contin-ue to offer companies more flexibility, productivity, and of course, more talent. We should continuously invent solutions which meet client require-ments.

Having started off in Switzerland, BeMore Group is today also present in France, Spain, Monaco and Dubai. We represent staff in over 15 different countries. This all responds to a single desire: that of always responding to client needs, wherever they may be. And, in a profession which only exists through the need for contact between an applicant and a job, we continuously keep our eyes fixed on the expectations of all those wishing to progress in life, by making progress in their career. This is the beauty of our profession.

By helping companies today to remain profitable and create jobs where we are, we also consider young generations to whom we wish to offer a future.

Bernard MorelCEO BeMore Group

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KEY FIGURES

With Sales of 80 million Frs (+ 34%) for 2014, an Operating Result of 5,3 millions Frs (+ 14%) and a headcount of 1,200 employees, the BeMore Group once again demonstrated its capacity to not only per-form in a difficult environment while also improving its results, but also to deliver results that were much stronger than the market. BeMore owes this success to the quality, motivation and, most importantly, to the hard work of its employees. Furthermore, the trust of its clients, banking partners and shareholders is the indispensable foundation that permits realization of an ambitious vision.

1200number of employees

310permanent staff

14countries of delegation

24branches

80millions of sales 2014

2004foundation

Annual Report 2014 4

34%y2y growth

To accomplish great things, we must not only act, but also dream; not only plan, but also believe.

Anatole France

THE H.R. INDUSTRY

Annual Report 2014

• More than one-third of all workers in the world are

contract workers, and most of the companies say their

need for contingent workers will keep growing over the

next three to five years.

• The on-demand workforce offers companies the ability

to tap into extensive networks of innovators, technical

experts, and seasoned professionals. To engage and

retain them, companies should think broadly about

how their HR programs, strategies, and analytics tools

could be applied not only to full-time employees, but

also to contingent and part-time workers.

Today’s workforce is no longer a set of em-ployees who come into the office or factory each morning or shift and go home each night.

Organizations are taking a new approch to talent ma-nagement, according to a new report by HR consultan-cy Bersin by Deloitte. Talent Managmeent should be a holistic and strategic system, rather than a set of discrete tasks or programs.

What are the main trends that we are facing in our industry ?

• Companies are taking a more sophisticated ap-

proach to managing all aspects of their workforce,

including the hourly, contingent, and contract

workforce.

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Annual Report 2014

GLOBAL LABOR MARKET BAROMETER SHOWS REBOUND, BUT

STILL SLUGGISH GROWTH

The Global Jobs Index, a new metric introduced by the Economist Intelli-

gence Unit in collaboration with the IMF, is intended to provide a snapshot

of the global labor market. The index measures employment growth data

across 64 countries, which together represent 94% of global GDP and

80% of the global labor force.

The index, which uses Q1 2012 as its base, shows that global employ-

ment has grown 3,4% since the beginning of 2012, and nearly9% form

the labor market’s low point in mid-2009. From these figures, the EIU/IMF

estimate that 84 million jobs worldwide have been created since the start

of 2012, and 208 million since the trough of the recession.

The index also gives some insight into the rate of global job growht,

both before and after the recession. Prior to the downtum, employment

growth worldwide was averaging 2% to 2,5% year-over-year. After a dip

during the recession, the recovery brought job growth back to a 2% yearly

growth range in 2010-2011. However, employment growth has since

eased back to around 1,5%.

Ongoing weaknesesses in EU labor markets, along with the slowdown

in the Chinese economy, are factors in this subdued global employment

picture. It is unclear whether the slower employment growth rate is a new

normal, or just a temporary setback in a long period of recovery.

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Annual Report 2014

STAFFING INDUSTRY IN SWITZERLAND

More and more employees are engaged in temporary jobs in Switzerland, according to a report that says that demand for such interim work has been growing at an-nual rate of almost ten percent for the past 20 years. Around 300,000 workers were hired last year under contracts fixed for a limited period of time, Swissstaffing, an employers’ association that represents temporary staf-fing companies said.

The temporary staffing industry in Switzerland reported a turnover of 6.5 billion francs last year, up from 5.2 bil-lion francs in 2010, an increase of more than 21 percent.

In 2014, 69 percent of such employees had high profes-sional qualifications.Around 31 percent were engaged as auxiliary staff. A high number of temporary workers are young, with 27 percent under the age of 26, Swissstaffing said.

Half of temporary workers in the country were Swiss, while the majority of foreigners came from Germany, Por-tugal and the Balkans.

STAFFING INDUSTRY IN FRANCE

While the staffing industry in general shows a high de-gree of fragmentation, the French market is significantly concentrated: the three major players hold a total market share of around 55%. Adecco is the market leader in France, with a market share of about 22%.

The weak economic backdrop in France led to zero growth in the French staffing market in 2014 compared to a 7% decline in 2013.

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Annual Report 2014

OUR VISION

Success starts with a great vision.

The vision that breathed life into BeMore and which underlies its growth strategy is simple in its formulation, ambitious in its objectives, and shared by all employees of the Group.

This vision allows us, on a daily basis, to orient all activities and fuel constant efforts to make progress and improve quality. Like a needle on a compass, it refocuses individual initiatives on a common objective without allowing the team to veer from its progression.

To offer companies the best talents and the best solutions to manage their Hu-man Resources.

To offer our employees the best career opportunities.

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Annual Report 2014

2014 RESULTS

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Continued growth in ac-tivities and profits of the Group despite a persistent economic crisis in Europe.

Consolidated Group turn-over of CHF 80 millions (+34%).

Gross profit margin of CHF 16,3 millions (+14%).

EBITDA of CHF 5,3 mil-lions (+13,5%).

The development of Human Resource services markets in which our Group operates is closely correlated to the level of economic growth. The fundamentals were therefore once more poor in 2014, with the economic crisis continuing in Europe for the sixth consecutive year. In this rather unfavourable context, which saw the Temporary Labour Market continue to fall sharply in France and significantly in Switzerland, we managed to record organic growth of 34%. Despite a high level of competition, we never-theless stabilised our Gross Profit Margins at a high rate of 20,8%, up by more than two millions of swiss francs. Strict cost con-trol measures - all the more noteworthy due to the consolidation of our teams in the field - allowed us to record growth in EBITDA of 13,5% to CHF 5,3 millions. In 2014, we also continued with our external growth in a supported manner, with acquisitions of the Solujob placement agency in Fribourg in Switzerland and the IT service provider M. Planet in Sofia antipolis in France.

Annual Report 2014

BOARD MEMBERS & GENERAL MANAGEMENT

BERNARD MORELChairman of the Board and CEOFormer Global President of the Recruitment and e-Business Division of the Adecco Group.

CHRISTIAN MARSVice-ChairmanBusiness Development director of Nice MatinCEO of the Monaco Telecom MultimediaDirector of the office at the Conseil Général of Alpes Maritimes

JOSEPH IN ALBONBoard MemberFormer CEO and Chairman of Swissport International

JOHN BOWMERBoard MemberFormer CEO of the Adecco Group

FRANCOIS VASSARDBoard MemberFormer Global Chief Marketing Officer of the Adecco Group

JEAN-PIERRE BUTTETBoard MemberFounder and CEO of SmartData

CLAUDE FRIEDERICHBoard Secretary

DANIEL JACCOUDCFOFormer CFO of Adecco Switzerland

PHILIPPE GALLAZDirector of BeMore Switzerland, Unites Arab Emirates, UK, SpainFormer Founder and GM of e-Business SA

LAURENT GIVELDirector of Staffing Operations SwitzerlandFormer Director Suisse romande at Kelly Services

NICOLAS NERVIHead of Marketing Former EMEA Marketing Manager at Kelly Services

DENIS GENDARMEDirector of Staffing Operations France

VERONIQUE BOURONDirector of BeMore France

The board members and the general management team bring together broad experience, national and internatio-nal networks, and unique expertise in Human Resources services. This clearly constitutes a strength for the growth strategy of the Group.

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Annual Report 2014

OUR BRANDS

BeMore Group is a diversified international holding company active in the HR and IT industry. We provide efficient solutions to companies thanks to our individual brands.

• BeMore: global IT solutions• Value Job: general staffing• Agrafe: specialized staffing difficult access work• Exceed EMEA: executive search• M-Planet: IT delegation• Solujob: general staffing• Compliance Company: IT delegation• Aria formation: training and education

The brand strategy of the BeMore group aim to regroup the brands into three main leading names within the end of 2015:

• BeMore• Value Job• Agrafe

TRAVAUX D’ACCES DIFFICILES

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BEMORE GROUP

Annual Report 2014

The Group is organized into two large domains of activity:

• On one hand, the activities of fixed and temporary place-

ment in general and specialized areas

• On the other hand, recruitment, delegation, project man-

agement and consulting, particularly in the fields of IT and

Engineering.

BeMore Management and Consulting provides the Group with various services of general management (Administration, Finance, Marketing...) Each domain is present and active in France, Mo-naco and Switzerland, with an office in London and two recent openings in Dubai and Madrid.

The activities of fixed and temporary placement operate under the ValJob, Solujob and Agrafe brands, and the activities of delega-tion/recruitment/projects operate under the BeMore brand.

In 2014, Sales for the Group were distributed at around half in France and half in Switzerland.

HR Consulting

Outsourcing

IntegratedHR solutions

Professional delegation

General & specialized staffing

TRAVAUX D’ACCES DIFFICILES

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Annual Report 2014

VALUE JOB

Value Job, known under its brand ValJob, is an international com-pany that has been active for nearly 20 years in placement and in Human Resources services. With more than ten agencies in Switzer-land and France, ValJob is a leading company that is recognized and appreciated for its quality and local culture. The difference? Within an entrepreneurial structure that is agile and flexible, ValJob employees know their region well and support companies in re-spect of the local culture.

Valjob mission is to help companies achieve their growth objectives by providing talent and high level solutions in the following areas of specialization:

Industry Construction Watch making

Office

Valjob is a partner of the SAWI group (sawi.com) – this strategic collaboration offers students and graduates a concrete preparation to help them pursue real professional opportunities. With this exclu-sive partnership, Valjob can offer to local companies the best talents in marketing, communication and sales.

www.sawi.com

OUR BRANCHES

• Sion• Visp• Monthey• Lausanne Industry• Lausanne Office• Geneva Industry & watch-making

the performance of Valjob was consolidated by acquisition of the Solujob agency in Freiburg, which is today a leading agency well positioned with clients having strong potential in development across the whole of Switzerland. In respect of existing situations, SoluJob will be renamed ValJob in due course.

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• Geneva Office• Biel• Neuchâtel• Baden• Fribourg (solujob)• Lyon

SHIFT TO HIGHER MARGIN BUSINESS AND REBALANCE THE RISKS

During all 2014, important operational efforts have been realized in order to shift from a low to a higher margin business and reduce the risks of being dependant of the construction field. Value Job did a significant transition focusing on industries such as watch-making, office, marketing and specialized industries. Furthermore, branches efficiency has been one of the main target in 2014.

Marketing efforts were supporting this business shift and worked on repositioning the brand - historically known as a specialist in the construction field - and today also recognized on the market as a player in specialized industries and office areas.

Facebook

Linkedin

Instagram

Google+

Twitter

WE ARE ACTIVE ON THE FOLLOWING SOCIAL MEDIAS

• Geneva Office• Biel• Neuchâtel• Baden• Fribourg (solujob)• Lyon

VALUE JOB IS OFFICIAL SPONSOR OF MIKE AIGROZ Mike Aigroz is a swiss professional Ironman triathlete. In 2011, he reached an amazing 6th place at the Ironman world championship in Hawaï, finishing the 3.9 swim, 180 km bike and 42.5 km run in less than 9 hours.

mikeaigroz.chfacebook.com/mikeaigroz

Annual Report 2014

BEMORE

In Switzerland and in France, BeMore Ressources and BeMore Solutions are the companies of the Group specialized in Hu-man Resources principally for Information Systems and Engi-neering. From their agencies in France (Sophia Antipolis, Lyon, Paris), and Switzerland (Geneva, Lausanne), they provide their clients with effective responses thanks to teams of consultants specialized in recruitment, delegation, project management and consulting.

Two new offices were opened in 2014 in Dubai and Madrid to assist certain international clients. In order to support its fast business development, BeMore Management has been creat-ed in Monaco with the will to be the central platform for all activities in France.

Today, business continuity depends on optimized business pro-cesses and effective IT infrastructures. Thus, on a daily basis, IT departments are confronted with new demands for operations and increasing complexity, without overlooking challenges re-lated to security, which have become critical. To respond to the various needs of companies, BeMore proposes consulting and services to assist, plan, implement, secure, manage and optimize the IT environment.

BEMORE SERVICES

• Recruitment• Consulting• Sales• Outsourcing• Technical support

BEMORE IS OFFICIAL BUSINESS PARTNER OF:

BEMORE HAS A PRESENCE IN:

• Switzerland• France• Spain• UK• Monaco• Dubai

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Annual Report 2014

M-PLANET, A STRATEGIC ACQUISITION

With this acquisition BeMore becomes one of the most impor-tant ESN Company of the French Riviera.

BeMore group has significantly expanded its French presence , opening offices in Lyon, Paris and Toulouse . With this new acquisition in the technology , it becomes one of the most im-portant companies in digital services French Riviera with 200 engineers and employees a consolidated turnover of nearly 20 million. Among the customers of the new entity : Amadeus , the various entities of Crédit Agricole in France ( CATEC , CASA , CAAGIS , SILCA , ) , HSBC , UBS, grouping Covea insurers Pro BTP Vinci Energie helicopter Airbus , Orange, Questel , Lazersymag , etc ...

2008 2009 2010 2011 2012 2013 2014

515

27

6073

92

105

M-PLANETSTAFFING EVOLUTION

SOME REFERENCES

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Annual Report 2014

AGRAFE

Since 1999, Agrafe has dispatched its technicians in France and abroad, thereby responding to the different needs of com-panies that work in urban, industrial or nuclear environments or in public works.

Agrafe is also very present in the sector of renewable ener-gies, solar heating, production with solar technology or wind turbines.

Relying on proven experience entirely dedicated to controlling the risks related to falls from heights, Agrafe has acquired a reputation without which it could not be an effective partner to companies with regard to safety and work at heights.

Its expertise and flexibility permit it to assist its clients with the management of their human resources for both temporary as-signments and permanent contracts. The Agrafe network of technicians trained in the rules of working at heights are able to adapt perfectly to each of the working conditions imposed by multiple worksites. This rigorous management is the quality signature of the company.

AGRAFE AREAS OF EXPERTISE

Wind energy

Civil Engineering and Public Construction

Urban and public works

Industry

Photovoltaic and solar

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Annual Report 2014

CONTACT

BEMORE HOLDING S.A.Rue du Puits-Godet 82000 Neuchâtel, Switzerland

Tel. +41 (0)21 804 18 00Fax +41 (0)21 804 18 09E-mail communication@bemore.comWeb www.bemore.comContact Nicolas Nervi Head of Marketing & Communication nicolas.nervi@bemore.com

BeMore on the web

WEBSITES

bemore.com

bemore.ch

bemore.fr

valuejob.ch

valuejob.fr

agrafe.fr

agrafe-suisse.fr

exceed-emea.com

m-planet.fr

solujob.ch

FACEBOOK

facebook.com/valuejob

facebook.com/bemoreit

LINKEDIN

bemoreholding

bemore

valuejob

TWITTER

bemoreholding

valjob

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DREAM, BELIEVE,

DO, REPEAT.

Annual Report 2014

BEMORE HOLDING S.A.Rue du Puits-Godet 8

2000 Neuchâtel, Switzerland

Tel. +41 (0)21 804 18 00Fax +41 (0)21 804 18 09

E-mail: communication@bemore.comWeb: www.bemore.comANNUAL REPORT 2014

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