WORK LIFE MANAGEMENT-AGENCY FOR B2B EXECUTIVE MBA

BESSON, Myriam - ECHTERMEYER, Renate - JAULENT, Frederic -

LIEB, Elke - MAUDERER, Sabine

January 2009

INDEX

1. The Company............................................................................................................................2

1.1. Business Model ......................................................................................................................2

1.2. Legal Form .............................................................................................................................3

2. Our Service................................................................................................................................4

2.1. Service Description of The Company ....................................................................................4

2.2. Innovation / Competitive Advantage......................................................................................6

2.3. Value Proposition to Customer...............................................................................................7

2.4. Target Customers....................................................................................................................8

2.5. Local Area ..............................................................................................................................9

3. Market Research.....................................................................................................................10

3.1. Market Research - Demand ..................................................................................................10

3.2. Market Research – Supply....................................................................................................14

3.3. Competition and Substitute ..................................................................................................18

4. Marketing and Sales...............................................................................................................19

4.1. Marketing and Sales Strategy...............................................................................................19

4.2. Positioning............................................................................................................................20

4.3. Sales and Distribution...........................................................................................................21

4.4. Special Services....................................................................................................................21

4.5. Pricing Strategy ....................................................................................................................22

4.6. Promotion .............................................................................................................................25

5. Risks and Opportunities ........................................................................................................26

5.1. Risks (Weaknesses and Threats) ..........................................................................................26

5.2. Opportunities And Strength..................................................................................................28

6. Business System and Organisation .......................................................................................29

7. Implementation Schedule ......................................................................................................30

7.1. First 2 years: The Business Development Phase or “Pilot”..................................................30

7.2. After the 3rd Year:................................................................................................................31

8. Financial Planning And Financing .......................................................................................31

8.1. Structure And Capitalization ...............................................................................................31

8.2. The Financial plan ................................................................................................................32

8.2.1 The Income Statement ............................................................................32 8.2.2 The Balance Sheet And Cash Flow Statement ....................................... 34 8.2.3 Break even and sensitivity analysis : ...................................................... 36 8.2.4 Valuation Of The Firm : .........................................................................37

9. Exit Options ............................................................................................................................38

EXECUTIVE SUMMARY

The Work Life Management-Agency (WLM-Agency) offers companies under

contract exclusively an online market place which enables their employees to order

per mouse click childcare, eldercare and services around household from certified

service providers. The WLM Care Center, which employees can call for free, takes

care of all special requests and gives general information. In order to ensure high

quality, only selected certified service providers will be put on the WLM platform.

According to our online-survey conducted, in Germany employees spend on average 26

minutes per day at work for organizing their private life. This means that for an

employee with an annual salary of 48,000 € a company pays him or her 3,036 € per year

for organizing private issues. In this B2B we offer companies under contract a unique

possibility to support their employees at coordinating work and private life while

fully concentrating on their job. Furthermore, it increases their attractiveness as

employer and helps to recruit and retain qualified employees. This is essential to

survive especially in a tough economic environment like today, but difficult to

implement due to demographic developments.

In Germany, our service is unique, as it guarantees high quality of a bundle of the most

needed services, which can be ordered 24 hours per day at a one-stop-shop simply

per mouse click. Our target customers are industrial companies which employ between

several hundred and several thousand employees. This is the result of interviews with

companies of various fields of activities and was confirmed by a workshop we carried

out with the Chamber of Commerce and Industry Rhine-Neckar and the Mannheim

Business School. Those companies showed the biggest interest, because they have the

financial power to invest in their employees and see the WLM platform mainly as a

solution for their HR-strategy to retain and recruit talented people. Nevertheless, also

other companies were very much interested, especially those which mostly employ top

qualified people like big law firms. But the latter expect top service quality that in the

beginning we cannot ensure. After having established an extensive network with

suppliers that ensure the availability of top quality services we might go additionally for

the highly profitable segment.

The WLM-Agency will start its business in Germany, because market research has

shown that throughout Germany there is a big need for solutions that enable employees

to coordinate work and private life easily. We will start in the area of Rhine-Neckar as

there are many industrial enterprises and some of them already asked for the

implementation of the WLM platform. Furthermore, we were asked by the Chamber

of Commerce and Industry Rhine-Neckar for strategic cooperation, since the CoC

implements certifications for family-friendly companies and wants to build a network.

In order to grow and increase profitability we will expand within the first five years to

five other German areas where target customers are based.

The success of the WLM-Agency is linked to the availability of high quality services.

Selected and certified service providers look for cooperating with us in order to increase

significantly their number of customers with the same quality expectations within the

same region. Furthermore, we offer them access to their potential customers whose

income is above average and who are willing and able to pay higher prices. Therefore,

the service providers agree on doing business with the employees of the companies

under contract only via the WLM-Agency. Our main income sources are fixed monthly

fees paid by the companies. Provisions will be paid by the service providers for ordered

services and finally, family-oriented companies will pay for advertisement on the WLM

web page.

The founders, a team of five top executives of various fields, will start their business in

spring 2009 by founding a GmbH and hiring a highly qualified manager who will be

supported by “minijobers”. The goal of the WLM-Agency is to grow while mitigating

risk. Therefore, we will start with a pilot phase for the first two years based on a lean

structure which still allows us to serve the middle tier market with the expected quality

level. Afterwards, we will expand to a sizeable business in order to accelerate growth

and to build a strong cash position. At that time the number of staff will increase. Our

operations are worth a value of 1,000,000 € within five years yielding an average 43

% return on equity and a net margin of 12 %. We offer 35 % of our shares to

investors for financing 65 % of the equity in two rounds: a firm commitment of

62,000 € out of 95,000 € in total on the first round and an option of 223,000 € out of

347,000 € for the second round. It is a highly profitable opportunity for an investment

with moderate risk. Both, long term investment and exit by sale are promising, since the

market for work life management will increase significantly.

1/40

BUSINESS PLAN

2/40

1. THE COMPANY

1.1. BUSINESS MODEL

The Work Life Management-Agency (WLM-Agency) is an electronic marketplace for

companies under contract (our customers). We enable their employees (consumers) to

order per mouse click services that simplify the organization of private life. The WLM-

Agency offers an electronic hub for connecting demand of employees and supply of

high quality services. Employees can order in particular:

• childcare,

• eldercare,

• services around household.

These are the most requested services by employees according to our online survey1 and

our workshop at the Chamber of Commerce and Industry Rhine-Neckar (CoC)2. For

special requests or general information employees can also call the WLM Care Center

16 hours a day, seven days per week. Our Care Center will take care of any request that

might come up regarding such sensitive services. We guarantee high quality standards

for the offered services. We will only put service offers from selected certified service

providers on the WLM platform and implement a feedback system to ensure the

expected quality level. This B2B business helps our customers to recruit and retain

especially high potentials and talents and improve their image as attractive employer.

According to interviews we had with HR-directors and CEO’s3 of various company

types, this will be an important competitive advantage for the future4. Due to

demographic developments, the competition among companies to hire qualified and

talented people will increase significantly especially in Germany. In particular during

tough economic times which Germany faces today, those talented employees are crucial

to keep the business on the right track. The WLM platform furthermore enables

employees to fully concentrate on their career, while having a well-organized private

1 See Annex 1 - Results of the Online-Survey with Employees 2 See Annex 2 - Results of the Workshop of WLM-Agency at the Chamber of Commerce and Industry 3 See Annex 3 - Results of the Interviews with Companies 4 See Annex 4 – A – Quotation from CEO & HR Director of DePuy, a Johnson & Johnson company and Annex 4 – B – Extracts from studies, Business Week and USA Today.

3/40

life. The efficiency of the employees will increase, so that the company saves resources

and money.

Company(Customer)

Employee(Consumer)

Service Supplier

Work-Life Management

Agency

Offer access to WLM Service Platform as employee´s benefit

High quality services by certified supplier

Availability of highquality services

WLM Service Platformhelps to attract andretain qualified people

Increase of efficiency, performance andcommitment WLM-CC provides

information anddeals with specialrequest

Growth due to newchannels & customers

Chart 1: Business Model Overview

1.2. LEGAL FORM

The WLM-Agency will be founded in Germany and should therefore have a legal form

under German law. Legal forms of other countries might have implications on tax and

other issues that are difficult to handle. The founders of the WLM-Agency want to

establish an entity which legal form is recognized by customers, suppliers and investors.

Therefore, the company is going to be established as a GmbH under German law. The

GmbH must have a minimum founding capital of 25,000 EUR, which we can use for

doing business only under very restrictive conditions, since this is the minimum

ordinary share capital the law requires. Although the shareholders are not individually

liable, creditors can always fall back on these capital creditors. A GmbH can be run by

the managing directors. A supervisory board is not required since the WLM-Agency

4/40

will employ less than 500 employees. The German Parliament has just amended the

GmbH law which came into force on November 1st, 2008. These reforms make the

foundation of a GmbH much easier, quicker and less expensive. The new version of

GmbH called “Unternehmergesellschaft (haftungsbeschränkt)“ which can be founded

without a minimum of capital has not been recognized among the German society and

will therefore not be taken into account as a real alternative to the well-known GmbH.

2. OUR SERVICE

2.1. SERVICE DESCRIPTION OF THE COMPANY

The WLM-Agency offers companies under contract exclusively access to an electronic

marketplace via internet, where their employees can order per mouse click services that

help him or her to better coordinate work and private life. This electronic hub connects

supply and demand of the most required services of employees which are childcare,

eldercare, all services around household and shopping assistance. This is the result of

our workshop at the Chamber of Commerce and Industry, our interviews with HR-

directors and CEO’s and the online survey with employees. In the beginning, we will

focus on these services in order to ensure high quality standards. Only selected suppliers

that guarantee high quality services will have access to the marketplace and can offer

their services through the WLM platform. Suppliers have to proof our defined quality

requirements by certifications.

Furthermore, we will implement a feedback system. Users of the platform (employees)

are asked to fill out a feedback form in order to evaluate the quality of services they

ordered. These feedbacks will be published at the WLM platform so that potential users

can inform themselves in order to be sure that they get the expected quality. The

feedback system is also an important tool for quality control for the WLM-Agency and

their service suppliers.

Employees of the companies under contract get access to the platform via internet, so

that they can order services 24 hours per day, seven days per week. A company PIN-

Code ensures that only employees of companies under contract have access to the

WLM-platform. Our service enables employees to organize their private life in a very

simple, convenient and time-saving way. For special requests or general information the

5/40

employees can call the free hotline of the WLM Care Center which deals with all raised

questions, concerns and requests. This is important since we deal with very sensitive

services. At least in the beginning users might want to have personal contact and later

on they want to be sure that they can call somebody who takes care of his or her issues.

Especially in cases of emergency it is important to have someone available for

immediate responds.

Furthermore, the WLM-platform offers advice and useful hints that are related to the

offered services (e.g. tax regulation, legal advice regarding employment of East

European care takers). Our platform also shows advertisement of companies that offer

special services that are interesting for employees, e.g. advertisement of gyms that take

care of children or family friendly restaurants and shopping areas.

The WLM-Agency agreed with several suppliers that they will offer their services for a

special price, if the agency will forward requests from the employees to them. The

suppliers agreed that there will be no direct contact between the employees and them.

They are willing to agree on that because the WLM-Agency gives them the chance to

get a lot more customers within the same region that have the same quality expectations.

Furthermore, the WLM-Agency offers them access to consumers whose income is

above average are who are willing and able to pay more for the requested services.

Chart 2: The Whole Product Model

Unexpected Services - > delightful: ROI tools (great place to work®, reduced absence rate, reduced salary increase), special advice (tax hints, legal issues, feedback system.

Augmented Services -> competitive advantage: Customer Care Centre available 16 hours a day / 7 days per week , higher work capacity

Expected Service - > buying decision: high quality standard, availability

Generic Service- electronic hub for connecting supply and demand for special services

Unexpected Services - > delightful: ROI tools (great place to work®, reduced absence rate, reduced salary increase), special advice (tax hints, legal issues, feedback system.

Augmented Services -> competitive advantage: Customer Care Centre available 16 hours a day / 7 days per week , higher work capacity

Expected Service - > buying decision: high quality standard, availability

Generic Service- electronic hub for connecting supply and demand for special services

6/40

2.2. INNOVATION / COMPETITIVE ADVANTAGE

In Germany, the business idea of the WLM-Agency is unique for several reasons. For

many years, in Germany, people did not see a need to deal with the coordination of

work and private life issues. Mostly, there were traditional families with house wives

that took care of all private issues. Several years ago this changed dramatically.

Especially women with an university degree want to have both, family and career

opportunities. According to our market research results and our personal experience,

almost everyone in Germany is aware of this change, but the needs of people who have

to coordinate business and private life in Germany are not satisfied. There are

institutions, companies and individuals that offer services that are especially requested

by working people, but their solutions do not fully satisfy customer’s needs. We have

analysed the needs of employees that have to deal with work and private life issues, and

filled the gaps accordingly.

Mostly, individuals that offer services like house cleaning, childcare or eldercare are on

the black market, e.g. many women from East Europe offer cleaning services for

German households although they are not allowed to do so according to EU-law5/6 The

WLM-Agency only cooperates with suppliers (individuals or companies) that are

officially registered. Consumers are aware of the legal risks and want to hire people on

a legal basis. Furthermore, on the current market ordering services is usually time

consuming and the suppliers are barely flexible. For instance most German

kindergartens are owned by the local government or the church. Those institutions are

less customer-oriented. Ordering via WLM platform is quick, easy and 24 hours a day,

seven days a week possible. All the employees of our customers have to do, is ordering

per mouse click. Private institutions might be different to public kindergartens, but they

usually do not offer services on an “ad hoc-basis”. We offer services on ad hoc-basis or

regular basis (once a week, daily services, etc. or only in case of emergency).

The WLM-Agency is also unique, because it is a one-stop shop for the most requested

services. Although, there are several internet platforms that offer services around

household or childcare, but either those platforms only offer one of these services not a

5 There is a huge black market especially in the service sector. In 2001, the police controlled 350 households in Frankfurt. 211 of those households employed foreigners illegally. See Annex 6.

7/40

bundle of the most requested services or they offer several services, but do not ensure

quality standards nor offer a comprehensive service package with a Care Center like we

do.7 We analysed that the quality issue is the key to success, because the demand side is

dominated by qualified employees that expect high quality standards. Therefore, the

quality aspect is a very important competitive advantage of the WLM-Agency. The

same goes for the special prices our suppliers offer the employees of our customers.8

2.3. VALUE PROPOSITION TO CUSTOMER

There are two main aspects on value proposition to our customers (companies). Firstly,

the WLM-Agency increases the efficiency of their employees significantly. The WLM

platform enables employees to fully concentrate on their daily business, since they do

not have to spend much time on organizing their private life. According to our online-

survey, today employees on average spend daily 26 minutes at work for organizing their

private life. This means that for an employee with an annual salary of 48,000 € a

company pays him or her 3,036 € per year for organizing private issues.9 Nearly half an

hour per day is needed, because in Germany, there is still missing an efficient way to

organize private life. By having access to the WLM platform the amount of time needed

will decrease significantly, since the WLM platform offers the most required services at

a high quality standard which can be ordered in a very easy and quick way. The

employees save time and our customers save significantly resources and money.10

The second important aspect on value proposition is recruiting and retaining qualified

and talented people. The WLM-Agency helps companies under contract to recruit and

retain especially high potentials and talents, since especially those employees expect

more than only a monthly payment by their employer. According to our interviews with

HR-directors,11 nowadays, qualified people who look for a job in Germany prefer

companies which enable them to have a career and a private life. This support is not

only expected by qualified women, but by all qualified employees that founded a family

6 See Chapter 3.2. Market Research Supply: reasons are explained 7 See Chapter 3.3. Competition and Substitutes 8 See chapter 2.1 – Service Description of the WLM-Agency 9 See Annex 1 - Results of the Online-Survey with Employees 10 See Annex 7 - A Prognos AG / BMFSFJ 11 See Annex 3 and 4 A/B – Results of the Interviews with Companies

8/40

(or intend to have children) together with a highly qualified partner, who also wants to

have a career and not stay at home (dual career). Additionally, hard working employees

without family also look for support. The interviewed HR-directors and CEO’s

confirmed that supporting employees at work life management will be an important

competitive advantage for the future. Due to demographic developments, the

competition among companies to hire qualified people will significantly increase,

especially in Germany. As a result of these aspects, companies that offer their

employees access to the WLM platform will:

• have a competitive advantage in recruiting and retaining qualified employees,

• increase the motivation and satisfaction of their employees,

• reduce fluctuation and absenteeism and

• get a reputation as good (best) place to work for.

BENEFITSBENEFITS

Functional: efficiencyretention of HPconvenient

Emotional: attractivenessreliability/quality

FEATURESFEATURES- intranet platform- internet access- service offers- call center- quality certification

IDEASIDEAS-tailored assistance via customer care center (phone)

- bundle of services- partnerships with suppliers =� better tariffs� address real needs of

employees for WLM

VALUEVALUE

happy customer & consumer

BENEFITSBENEFITS

Functional: efficiencyretention of HPconvenient

Emotional: attractivenessreliability/quality

FEATURESFEATURES- intranet platform- internet access- service offers- call center- quality certification

IDEASIDEAS-tailored assistance via customer care center (phone)

- bundle of services- partnerships with suppliers =� better tariffs� address real needs of

employees for WLM

VALUEVALUE

happy customer & consumer

Chart 3: WLM Value Creation

2.4. TARGET CUSTOMERS

Our target customers are companies that understand the essential need to support their

employees in organizing private life. Our interviews with HR-directors and CEO`s of

many different companies showed what kind of customers the WLM-Agency should

focus on. First of all, the more qualified people a company employs, the more it is

9/40

interested in the WLM platform. Consequently, the more blue collar worker a company

employs, the less interested it is. At the same time the interviews made clear that

companies that mostly employ top qualified people like big international law firms are

very much interested in our services, but expect a maximum service quality that at least

in the beginning we cannot ensure (e.g. nannies which are German native speakers and

holding a university degree). Many smaller companies said they prefer an individual

solution for their employees and see no need to offer everybody within the company

access to a services platform. On the other hand, for ethical reasons they deny to offer

only a few people access to the WLM-Agency.

The workshop at the Chamber of Commerce and Industry Rhine-Neckar (CoC)12 and

the exchange with staff of the CoC made clear the target group of the WLM-Agency are

companies of the industry that employ several hundred people, up to 10,000. Those

companies showed in general the biggest interest, because they are too big to offer their

employees individual solutions, have the financial power to invest in their employees

and see the WLM platform mainly as a solution for their HR-strategy to retain and

recruit talented people. Nevertheless, also companies outside the industry or with less or

more employees were very much interested.

2.5. LOCAL AREA

The WLM-Agency will start in Germany, because there is a big need for solutions that

enable employees to coordinate work and private life easily.13

We will start in spring 2009 in the Rhine-Neckar area around Mannheim. Our workshop

at the CoC with potential customers showed that this area has a wide range of industrial

enterprises which either already said they want to implement the WLM platform or at

least signalled that they are very much interested. Furthermore, the CoC asked us

whether we want to build a strategic cooperation, since the CoC intends to implement

certifications regarding family-friendliness of companies and looks for a network. The

WLM-Agency and the CoC will have to negotiate the details like provisions, etc. This

12 See Annex 2 - Results of the Workshop of WLM-Agency at the Chamber of Commerce and Industry 13 See Chapter 2.2. Innovation and Competitive Advantage: background of this special need in Germany

10/40

cooperation will be a door opener for the WLM-Agency, because the CoC in Mannheim

has a very good reputation.

18 months after our start, we will expand in other areas with many companies that

belong to the target group in Berlin, Bielefeld, Frankfurt, Hamburg, Stuttgart. Each year

one or two new areas will be covered.14

3. MARKET RESEARCH

A flood of secondary market research information serves as proof for the success of the

business model of the WLM-Agency. The following structure helps to gain insights

from different perspectives from WLM customers (companies) and their employees

(consumers). The statements that are gathered through numerous available studies are

supported by pointed primary research methods that get to the heart of WLM business

model.

3.1. MARKET RESEARCH - DEMAND

Currently a main subject of discussion in economy, society, and politics is the challenge

to combine private life – especially family – with professional life15. We notice that

companies now are starting to calculate the benefits of family friendly activities into

economic figures. Surveys by the German government suggest that employers

motivations to invest in such activities are to:

• retain high qualified employees (for 83.4%);

• increase the job-satisfaction (for 81.1%);

• reduce fluctuation and number of persons on sick leave (for 78.4%).16

On the one hand, 84% of top managers are convinced that family friendliness is a

economic factor for Germany17; the deficit of qualified employees becomes acute, this

is why employers want to offer them striking features. On the other hand, politics are

concerned about the reversed demographic pyramid and try to enable supportive

14 See Chapter 7. Implementation Plan

15 Source: „Familienfreundlichkeit auf Wachstumskurs, Bundesministerium für Familie, Senioren, Frauen und Jugend, August 2008“

16 Source: „Unternehmensmonitor Familienfreundlichkeit 2006, Institut der Deutschen Wirtschaft Köln“ 17 Capital-Elite Panel, 2007

11/40

measures with various government actions, like tax deduction. Especially childcare

services and services around the household are tax deductible,18 since the German

government wants to increase the demand for those services and to give an incentive for

avoiding the black market.

Secondary Market Research

Employer

Due to the demographic development and the unsatisfying German education system there

is a growing lack of qualified employees in the German labor market. Therefore, staff

marketing and employer branding become more important. Employee retaining is now

considered as an important Key Performance Indicator. According to a survey of the Boston

Consulting Group and the World Federation of Personnel Management Association, there is

no other resort of HR activities that German personal manager find more important than the

demographic change.19

In the Rhine-Neckar Area, 10,678 companies are listed at the CoC. The area is quite

healthy. The unemployment rate of 3.9% in Baden-Württemberg, the state where Rhine-

Neckar is located, is much lower than the average rate of 7.1% in total Germany20.

18 See Annex 8 – Lecture by Dr. Zuber (PCW) acc § 35 a EStG (German Regulation on Income Tax) 19 See whole study at: http://www.bcg.com/impact_expertise/publications/files/Creating_People_Advantage_German_Exec_Summ_April_2008.pdf 20 Source: German Federal Agency for Labour Affairs, Data from November 2008: http://www.arbeitsagentur.de/zentraler-Content/A01-Allgemein-Info/A011-Presse/Publikation/pdf/Landkarten-Eckwerte-2008-11.pdf

Age structure of the German population in 2006 (Source: Federal Office for Statistics of Germany)

12/40

WLM-Agency has decided to start its business in the region of “Zukunft

Metropolregion Rhine-Neckar (ZMRN)”. 37 companies are member of the ZMRN-

project with a total sales volume of 48,139 Mio € and 158,320 employees21. The

population growth forecast of ZMRN area is, with over 102 %, more optimistic than for

total Germany22.

Employee

A strong employer branding is an essential asset in the “war for talent”.

While the amount of work-related accidents decreases, behavioural and psychological

disturbances of employees drastically increase. The ratio of absence days increases from

6.6% to 10.5% reports the confederation of German psychologists23 in its evaluation

about psychotically health in 2008.

A survey24 of 528 employers from companies in Rhineland-Palatinate showed that a

well balanced work-private life is very much appreciated amongst the persons

questioned. More than two third are convinced that employee’s performance increase

with more family-liked service supplies. In the recruitment of workers, family-friendly

measures are seen as an advantage by almost two thirds. In terms of employee turnover

(76%) and absenteeism (70%), family-friendly measures are predominantly recognized.

Moreover 89% of the employees think that their work performance increases under

family-friendly conditions.

We also expanded our research abroad. The US research firm Universum conducted a

survey among 44,000 undergraduates in the US and found out that the future generation

wants work-life balance, because “they know they will be working more hours”.25

Several experts who have been interviewed by the USA Today made the same

conclusion.26

With a look on the different generations on the work place, nowadays, four generations

are present: Veterans, Boomers, GenXers, and Generation Y (or Millennials). Each

21 See Annex 10 - Members of ZMRN e.V. 22 See Annex 11 – Situation in Metropolregion Rhine-Neckar, June 2007 23 Berufsverband Deutscher Psychologen - BDP 24 See Annex 12 - Family-friendly working conditions in Rhineland-Palatinate - Present and Future 25 Business Week, September 18, 2007, The Bottom Line on Next Gen Workers 26 USA Today, June 11, 2005, Generation Y: They've arrived at work with a new attitude

13/40

generation has different perceptions of leadership and work27: Amongst a total of

758,458 employees in the ZMRN area, the most represented are GenXers followed by

Boomers. GenXers want work life balance “now”, Boomers are the “Sandwich

Generation” which have to manage childcare and eldercare at the same time. The

number of employees that themselves hire people for private issues increases, but there

is still a gap between potential and actual utilization. Needs for developing a more

balanced life are there and very promising for the WLM-Agency28.

Primary Market Research

Employer

We did our primary research especially in the fields of our potential customers. We started

first in gathering information during 14 interviews with CEO’s or HR directors of many

different companies and various industries and sizes throughout Germany29. These

interviews showed that companies that employ qualified employees and talents recognized

the importance of offering family friendly actions and other supporting measures in order to

meet this request in the labor market. However, only few companies, mostly large

corporations, offer work life management activities like childcare, holiday camps for kids or

concierge services to cover daily life’s needs. This gap between expectation and reality

explains why most of the interviewed companies were very much interested in our services.

We concluded from these interviews, that the higher the number of qualified employees, the

bigger the interest.

In cooperation with the CoC, the MBS, and the Metropolitan Region Rhine-Neckar, we

then organized a company workshop in order to present our business model and to check

the demand and the need of services. The CoC invited for us industrial companies from the

Rhine-Neckar area which are members of the network of family friendly companies of the

“Forum Vereinbarkeit Familie und Beruf”. The discussions showed that big corporations

like Roche Diagnostic, MVV or John Deere offer family friendly actions, while middle size

and smaller companies like Pfalzwerke and MBS do not have the HR resources to organize

27 See Annex 13 – Actual Number of Employees in the Metropolregion 28 See Annex 14 - Employees as Employers 29 See Annex 3 and 4A/B - Results of the Interviews with Companies, CEOs and HR, study extracts

14/40

these supporting services. All of them have a high demand in these services, which are not

yet all covered.

This workshop helped us to determine the target group of customers and the main services

requested from employer side, which are again childcare, eldercare and all services around

household. Further it gave insights about additional service expectations.

Employee

To identify the real need of German employees we undertook an extensive online

survey.30 Responses from about 320 employees throughout Germany have been

collected and analyzed. Participants were members from BPW (Business Professional

Woman Association), MBS, students and alumni, and others. Industry branches and

sizes representation were dominant in services and research/University. Their company

culture are mainly German style.

The most interesting and important outcome of the survey is the fact that a German

employee spends about 26 minutes of his/her working time for private issues. This time

is used for organizing their private life: individual and family needs. The most wanted

services are all kind of care: for children, elder people, pets, but also services around

household and car washing. Whatever personal issues are solved during this 26 minutes,

the costs for the employer are significant. An average of 26 minutes per day means 92

hours per year, 11 working days per year. This leads to costs of 3.036 €, lost per year

and per employee! The calculation is based on 211 working days per year and an

average yearly salary of 48,000 €.

3.2. MARKET RESEARCH – SUPPLY

According to the results of the online survey31 and the company workshop32, the most

requested services from companies and employees are childcare, eldercare and all

services around household. In general there is a wide and growing range of service

offers available, mostly offered by B2C companies. This includes local offices, regional

30 See Annex 1 – Results of the Online-Survey with Employees 31 See Annex 1 – Results of the Online-Survey with Employees 32 See Annex 2 – Results of the Workshop of WLM-Agency at the Chamber of Commerce and Industry

15/40

and interregional organizations, municipal institutions, individuals, and finally, a lot of

internet platforms with a selection of service offers, which deliver the requested services

directly or just link demand and supply. Interviews with selected service providers

demonstrated the high interest in future collaboration with the WLM-Agency, in order

to enter in the B2B business and increase turnover33. As we will start our business in the

Rhine-Neckar area, the supply research was mainly focused on this region34, but also in

Frankfurt and Berlin.

Childcare

According to the Federal Statistical Office, currently just 17.8 % of children below 3

years are provided with external childcare service (12.2 % in West Germany, 42.4% in

East Germany). The coverage of children that are between three and six years old is

about 89%.35 According to the law for expansion of childcare for children under the age

of 3 years (TAG) and the law of child advancement (Kinderförderungsgesetz - KiföG)

the Federal Government aims to cover 35 % of those children by 201336. This means the

creation of 230,000 additional seats in childcare institutions and the increase of care

quality. In 2008, the German Chamber of Commerce (DIHK) 37 executed a survey with

6,700 public childcare institutions. According to this survey, there is still a high lack of

childcare beyond the opening hours, emergency care, holiday support and also of

qualified personnel. Only 6% of these childcare institutions are cooperating with

companies by offering some contingents.

A good alternative to childcare institutions are “day mothers” which are organized by

day mother associations or youth welfare offices. Main difference to childcare

institutions is that they offer a higher flexibility regarding the individual needs of

childcare and cover the lack of childcare for children under three years. The Federal

Government started initiatives to optimize the framework of “day mother” regulation in

order to increase their qualification and to ease the organization38.

33 See Annex 15 B - Quotations of Service Providers that are willing to cooperate with WLM-Agency 34 See Annex 15 A/B/C – Interviews and Quotations with Supply Rhine-Neckar 35 Federal Office for Statistics, Press Releases No. 54 and 495 from 2008

36 http://www.bmfsfj.de/Politikbereiche/Familie/kinderbetreuung.html

37 http://www.dihk.de/inhalt/informationen/news/meldungen/meldung011092.main.html 38 http://www.handbuch-kindertagespflege.de/bmfsf

16/40

The CoC Rhine-Neckar just developed a databank for childcare with exclusive access

for their members39. This databank includes all services around childcare, including

childcare institutions, day mothers, babysitting, holiday camps and school tutoring. In

order to offer their clients an optimal quality, the CoC organized education programs for

babysitters and day mothers. As the CoC offered us future collaboration, this databank

could be linked with our service platform. In addition to that, a lot of B2C service

providers offer in their portfolios childcare executed by their own certified staff. Those

service providers showed the most interest to work with us since they have a big interest

in expanding and getting in touch with high income clients. The main challenge for the

WLM-Agency is to organize a reliable concept for childcare out of a high variety of

offers.

Eldercare

By 2030, one of three citizens will be older than 60 years. Furthermore, the German

population is decreasing. In order to cover the growing need in eldercare the Federal

Ministry for Family Affairs developed a concept to promote the attractiveness and to

optimize the qualification of the care and nursery profession40. Our company workshop

showed that the demanded services of eldercare are not the nursery services, as these are

well organized on a professional level. Most important is the daily support of elderly

people or their families, like organization of household, cooking, shopping or just

entertainment. Therefore, our main goal is to cover the demand for eldercare by offering

services around household.

Household: International comparisons show that the key to success for the introduction

of household services is the reduction of administration and easy organization for

service providers. The continuously increase of so called “Minijobs” in private

households of Germany, demonstrates that this is a real alternative to the “black market”

on a legal base. Minijobers are people who work part time, earn up to 400 EUR net per

month and do not have to pay social security contributions. Income tax of 20 % can be

paid by the employer. These attractive conditions encourage people who only want to

39 http://www.phpserver001.de/mrn/kinderbetreuung.html 40 http://www.bmfsfj.de/bmfsfj/generator/Politikbereiche/aeltere-menschen.html

17/40

work a few hours per month to do so rather on a legal base than on the black market.

Another activity to promote family supporting services is the innovation competition

“Unternehmen Familie” (= company family). The German Minister for Family Affairs,

Ursula von der Leyen, awarded the 12 best projects “Company family - innovation

through family supporting services”.41

Besides B2C service providers, who are offering a range of services around household,

gardening and pet care, a lot of local offices and shops cover daily needs, like washing

and cleaning services, car washing, shopping services, delivery of beverages, window

cleaning etc.

In brief , there is a high offer of service supply. The main challenge for the WLM-

Agency is to identify out of the variety of service providers the right mix of reliable and

qualified suppliers. There are internet companies, that offer a range of B2C services

provided by their own certified staff. These companies which have a network all over

Germany due to franchise concepts are potential future suppliers. But also the

collaboration with local institutions and shops are essential, because of the proximity to

the customer. Finally, strategic alliances with institutions like the regional CoC are

qualified sources for supply.

41 The Innovation competition “Unternehmen Familie” (company family) based on BOSCH foundation and BMFSFJ http://www.unternehmen-familie.de/

18/40

3.3. COMPETITION AND SUBSTITUTE

Generally there is only a small number of competitors, which offer WLM services B2B

and only a few substitutes. The following table shows the main competitors and

substitutes. The most important features are categorized and evaluated in comparison to

the WLM-Agency.42

Table 1: List of Competitors and Substitutes

42 * low, ** medium, *** good, ****excellent

Company Exclusivity Local Excellence WLM Service Offer Ease of Handling Quality Payment system

WLM Agency **** **** **** **** **** ****Electronic Marketplace only available for strong local focus, bundle of WLM services quick and easy, per mouse- high quality due to clearly simple,

companies customer proximity childcare, eldercare, click and hotline, high quality due to clearly fixed membership fee for under contract, household services preselection + control of defined quality standards companies,B2B certified service poviders and quality control employee pays services

PME Familienservice GmbH **** *** ** ** ** **Consulting only available located in focus mainly on childcare, time consuming due to quality standard according complicatedService placement for companies 26 cities in own kindergartens, extensive consulting before individual demand credit point system,

under contract, Germany, Austria organize nanny education, service placement lack due missing competition company pays for consulting B2B Switzerland starts eldercare, WLM and service placement,

employee pays servicesdirectly to the provider

Besser betreut GmbH * * ** ** * ***Electronic Marketplace available for all over Germany childcare, eldercare permanent service offers no quality control simple,

everybody, pet care, after registration, contact no quality standards monthly user fee, B2C no houshold services to service provider via payment of

email, no hotline, service provider directlyprocess of selection difficult by users

Caretaker GmbH **** no information ** no information ** no informationConcierge System only companies present in 5 cities no specialisation on WLM, inhouse concierge system quality of WLM not reliable fixed payment for allocation

under contract, in Germany offices, estates, seniors. (no further information) due to missing experience of concierge system,B2B employees, neighbor ship in this area payment of provided services

Public Institutions * **** * ** ** **(i.e. municipal kindergarten) available for strong local focus no bundle of WLM services, selection process difficult, quality standard depends on complicated payment system

everbody, B2C / B2B focus on individual services limited availability institution and region, due to the mixture ofvery small offer of like i.e. childcare suffer due to lack of finance public and individualcompany contingents payment systems

Black Market * **** * * * *available for strong local focus offer of individual services, time consuming quality standard depends on payment directly,everybody, B2C, mainly housecleaning limited availability individual skills, no reliability legal risks legal risks lack of certification and control

19/40

The biggest competitor is the “PMEFamilienservice GmbH”. Our interviews as well

as our workshop at the CoC showed that many companies are not completely satisfied

with the collaboration with the “Familienservice”: on the one hand they mainly do

intensive and time consuming consulting of employees and on the other hand their

payment system is very complicated. The companies under contract have to pay

according to a credit point system, which most of the interviewed companies could not

even explain. “Besser Betreut GmbH”: does not have any quality control. Everybody

is allowed to register and to offer services. The interviews and the workshop showed

that quality control is crucial for all of our potential customers, so that “betreut.de” is

not a real competitor. “CareTaker GmbH” is not specialized on the services we offer

and has no quality guarantee.

Substitutes:

Public institutions do mostly not cover the needs of fulltime employees and have a

limited availability. The main substitute for the WLM-Agency could be the black

market. Especially household services and eldercare are offered on the black market,

because of the lack of sufficient infrastructure in Germany. The WLM-Agency deals

with this lack by coordinating supply and demand in the selected areas. Furthermore,

consumers prefer to order services on a legal basis, since the majority fears the legal

risks of hiring people illegally. For companies these legal risks are even higher, so that

the black market is not a real alternative to the WLM-Agency.

4. MARKETING AND SALES

4.1. MARKETING AND SALES STRATEGY

The Marketing and sales strategy reflects the vision, mission and values of the WLM-

Agency.43 The strategy is focused on the value creation for companies who want to

offer WLM services to their employees in order to have on one hand a competitive

advantage in recruiting and retaining qualified employees, on the other hand an increase

20/40

in work efficiency. Additionally, the strategy is focused on the need of these qualified

employees.

4.2. POSITIONING

As mentioned44 the WLM-Agency targets industrial companies which employ between

several hundreds up to 10,000 people. These target companies expect high quality. Not

only the services that employees can order per mouse click have to be of high quality,

but also all other issues around the business relation between us and the company and

their employees. This means that the platform must be reliable, the WLM Care Center

available and led by qualified staff and finally the payment system has to be simple and

comprehensible. This expected level of quality is different from those of big

international law firms and consulting companies. Consulting and law firms which

demonstrated a very high interest in the service platform expect not only high quality

but top quality standards45. As this cannot be guaranteed in the beginning, we will start

at the industrial segment. Later, with growing experience, we might enter the top tier

segment. Manufacturing companies which employ mostly blue collar workers are not

interested in our services at all, not even at a low quality level. Even if those production

companies would get interested they probably will not ask for our quality segment.

Therefore these companies are not potential future clients.

Chart 4: Positioning in the Market Pyramid

43 See Annex 17 - Vision, Mission, and Value of WLM-Agency 44 See Chapter 2.4. Target Group and Local Area 45 See Chapter 2. Target Customer

Top Quality expected by big international law firms, consulting companies etc. with a very high number of high potentials

High quality expected by industry, banks, insurance companies, with a high number of qualified employees

No significant need, not even for low quality; Production sides and plants

21/40

4.3. SALES AND DISTRIBUTION

A strategic cooperation with the CoC Rhine-Neckar will be an important way to get in

touch with our target companies, since the CoC has a significant network of family

friendly companies and a very good reputation. Our second distribution channel will be

direct contacts to CEO’s or the HR directors of companies that might be interested.

Since it is difficult to get in touch with unknown and busy managers, our general

manager has to look for ways that allow him to meet those people. So he has to join

business organizations, interest groups, participate in local activities, as described in

chapter 4.5. In a later stage, after having developed a brand name and a reputation, sales

will be proceeded by a sales and key account manager.46 The same concept of

distribution channels applies for the other regions we will do business at. In the long run

the distribution through a franchise concept could be considered.

Contracts 2009 2010 2011 2012 2013

Total 6 20 42 126 205

Rhine Neckar 6 15 22 36 50

Berlin 5 15 30 40

Bielefeld 5 13 20

Frankfurt 30 40

Hamburg 20 30

Stuttgart 25

Table 2: Number of Contracts within the first 5 years

4.4. SPECIAL SERVICES

It is an important strategic goal to achieve customer loyalty and retention. Therefore, we

will offer in addition to the service platform a selection of supporting services to the

companies and their employees. At the beginning of a business relationship with our

customer an online survey will be proceeded, in order to find out which services the

46 See Chapter 7. - Implementation Plan.

22/40

employees of our customers exactly need. Installation, maintenance and actualization of

the platform are evident services which are included. In addition to that, the

establishment of a ROI (Return of Investment) tool is planned. By this tool the company

will be provided with monthly or yearly statistics about the number of users and the

number of requested services. In order to optimize the services to the final consumers

(employees) we establish the WLM Care Center which has comfortable opening hours

and well trained staff. Based on a feedback system of the employees, a rating system

with information about the service quality will be published. The platform will also

publish general information and news about family friendly institutions, like restaurants

and shopping areas, as well as local child related activities and education programs,

information about tax deductions for childcare services, etc. In the long run, we plan the

further development of the service platform with an advanced functionality for the users

such as personalized discount package to employees, voucher mechanism, billing and

invoice details. We will target a roadmap of functionalities to consumers such as online

booking of services, and online payment of services.

4.5. PRICING STRATEGY

The pricing strategy follows the general marketing and sales strategy which is, on one

hand, focused on the value creation for our customer (company) and the final consumer

(employee) and, on the other hand, on our value proposition, which is described with

the three keywords: quality, reliability and efficiency.

The pricing concept includes:

• a monthly membership fee for the companies under contract

• the costs of services provided by service providers

• the provision for the ordered services

• the revenues from affiliated marketing.

23/40

CompanyCompany

Employee Employee

Service SupplierService SupplierWork-Life

Management Agency

Work-Life Management

Agency

Membership Fee

Payment of the services to the supplier

Financial Support

Provision

Chart 5: Pricing concept

Membership fee

The customer (company) has to pay a fixed monthly membership fee, based on a yearly

contract. The company workshop has confirmed that a fixed membership fee is the

preferred payment system, justified by two reasons: less administration and tax

advantages. The price of the membership fee is related to the value proposition to the

customer and mainly based on three aspects:

I We sell high quality, reliablility and efficiency and offer a unique solution

which includes a comprehensive service package:

• process of making our platform available for company’s employees

• pre-selection and availability of high quality and reliable services via our platform

• matching demand of employees and supply of requested services

• guaranteeing the flow of the requested services and

• special service package described in part 4.4.

II Increase attractiveness of companies as employer by offering the WLM

platform to their employees.

III Increase efficiency of employees: Savings of the company due to the increase

of employee’s efficiency.

In the pricing model there is no differentiation between big, medium or small

companies. The financial effort in offering the service platform does not depend on the

company size, but on the number of users. A scaled pricing system, calculated on the

24/40

estimated quantity of users will be implemented. The number of real users can be

revised due to the ROI tool.

Number of employees that use WLM services

Average fee per user Yearly membership

50 200 € 10,000 €

50- 200 120 € 15,000 €

200 – 500 57 € 20,000 €

500 – 1000 40 € 30,000 €

1000 – 5000 24 € 40,000 €

Table 3: Membership fee

Service Prices

The service prices are based on two facts:

• The final consumers are primarily qualified employees and high potentials who have a higher income.

• It is a clear strategic goal to offer reliable services with a guarantee of high quality, executed by certified service providers.

Therefore, the pricing is based on the right price performance ratio and not on

competition with the low price segment or the black market. Good quality, reliability,

flexibility, certification and the ease of booking are the competitive advantages, which

justify higher service prices. Nevertheless, there will be a price reduction for employees

that order through the WLM platform, since the WLM-Agency negotiated a price

reduction with suppliers, who agreed on that because they expect increasing turnovers

and benefits from economy of scale.

Service Price per hour

Household services 16€ - 19€

Childcare / eldercare 18€ - 22€

Babysitting, tutoring of homework etc. 9€ - 12€

Others, i.e. concierge services, shopping, pet sitting etc. 7€ - 10€

Table 4: Service Prices

25/40

Provision

The supplier has to pay a provision to the WLM- Agency in two ways:

• 3% - 5% of the service turnover, (tailored, depending on sort of services used) or

• unique allowance, based on fixed service contracts (full time, half time etc.).

The service provider will agree on the payment of provision as he will achieve an

increasing service turnover with lower payment risks due to solvent customers.

Additionally, he will gain a competitive advantage against the increasing number of

B2C service companies.

Affiliated Marketing

The WLM-Agency will provide on the service platform information about family

friendly locations, like child orientated restaurants, shopping areas with childcare

service, etc. This additional service is based on the results of the workshop at the CoC

Rhine-Neckar, where the participants asked for that kind of information on the WLM

platform.47 The advertisement of the family friendly companies offers an additional

income source based on the concept of affiliated marketing. (Internet banners).

4.6. PROMOTION

Our promotion strategy is focused on the development of the brand name and the

reputation as a high quality and reliable service company. Promotion activities will

mainly be addressed to the target companies but also to their employees. If there are a

lot of employees interested in our services, the motivation for a company to invest in the

WLM platform will increase. Furthermore, the monthly fee with increase with the

number of employees using our services. The development of a web page which is

available for both, employer and employee is an important marketing action.

Furthermore, high presence on the internet supported by high hit-rates at search engines

like Google or Yahoo are very important.

In the first year we plan a budget for flyers with information about the company and the

services offered. The most important communication channels are the strategic partners,

47 See Annex 2 - Results of the Workshop of WLM-Agency at the CoC Rhine-Neckar

26/40

like the CoC Rhine-Neckar, and memberships in professional institutions and

organization. They offer an useful network and also the tool to provide flyers, to publish

the internet link of the WLM-Agency. Furthermore, the network enables to enter in

direct contact with the relevant persons (i. e. BWP, Chamber of Commerce, Industry

Clubs). Partnerships with family orientated organizations like “Bündnis Familie”

(alliance family) or “Erfolgsfaktor Familie” (success factor family) are important door

opener to family orientated companies and can be promoted on our homepage and vice

versa.

Participation on competitions for WLM or family friendly awards as well as

certifications will lead to highly welcome publicity. The participation in professional

fairs or HR fairs (PERSONAL 2008) will also be considered.

In the following years we plan to publish advertising in some selected business journals

in order to reach the CEOs or HRs. (PERSONAL, HRM.de, Human Resources News,

Manager Magazin, or WirtschaftsWoche etc.). Finally, we will also put ads on

newspapers and magazines employees read reguarly.

5. RISKS AND OPPORTUNITIES

SWOT - Analysis of the WLM-Agency:

Strengths: • First entrance - open new market • Guarantee for high quality services • One-stop shop • Access to comprehensive service

package

Weaknesses: • WLM Care Center is labor intensive • Quality management

Opportunities: • War on talents • Awareness of German government

concerning WLM • Strategic alliance with Chamber of

Commerce • Top tier of market pyramid

Threats: • Limited availability of high quality

services • Competition • Being copied by other companies • WLM not considered as strategic asset

5.1. RISKS (WEAKNESSES AND THREATS)

The business model of the WLM-Agency is based on a low investment, especially in the

first two years. Furthermore, exit is simple and feasible in short term. All in all, the risks

we face are low.

27/40

The WLM Care Center is labor intensive and its value creation is sensitive to the

number of consumers using it. We therefore create a very user-friendly platform and

evaluate the issues addressed to the WLM Care Center. The quality management is also

very important, since quality is a key competitive advantage and our value proposition.

In the beginning our general manager will do the quality management, afterwards we

hire a quality manager. Furthermore, we developed a pre-selection process for the

suppliers we will collaborate with and using our feedback and rating system for

controlling.

Our success depends on the availability of high quality services. The main task of our

company will be to ensure cooperation with selected certified service providers, who

can guarantee the availability of the requested services at the expected quality level. We

have therefore contacted several certified service providers to ensure that many of them

are willing to cooperate48. Especially B2C service providers are very interested in

cooperation in order to increase their turnover and to get in touch with promising

customers. On the long run a backward integration of the supply might be an option.

Like all successful business models, ours might be copied at some stage. Copy rights

are not applicable, since our business idea is no patentable invention. We are aware of

future competition. We will take the advantages of being first market entrant, gather

experience in the pilot phase and develop the concept in order to ensure the competitive

advantage. The gathered experience will allow us to expand in other areas in a short

time. Furthermore, we have the chance to build a network with suppliers that allow us to

enter additionally the very profitable top tier market. Backward integration would also

be a major competitive advantage. Finally, cooperation with competitors might be

considered, e.g. connections with electronic market places that cannot ensure high

quality services on their own.

Finally, work life management might not be seen as a strategic asset by the companies.

In times of cost cutting it will be a major challenge for us to convince our potential

customers that our services will increase employee’s efficiency and that work life

management generally increases productivity.

48 See Annex 15 A/B/C - List of service providers that showed interest in cooperation with the WLM-Agency

28/40

For quantitative analysis of the risks see sensitivity analysis.49

5.2. OPPORTUNITIES AND STRENGTH

The extensive market research has shown that we have considerable strength and

opportunities. Our business model just comes up at the right time.

As first market entrant we create and capture considerable value. We keep the

competitive advantage by continuously developing the business concept and expanding

in other areas while benefiting from synergies. Our one-stop shop and the

comprehensive service package are unique on the German market. As mentioned we

developed a reliable process to ensure the expected quality level.

As shown in chapter 3.1 there will be a “war on talents” due to the demographic

development in Germany and due to the unsatisfying German education system. For

companies it is therefore essential to offer not only high salaries but also support on

work life management.

The awareness of the German government that work life management has an impact on

the demographic and economic development has increased and will lead to a rising

demand on WLM services. There are already tax deductions on income tax for

childcare, services around household and others. The employee does not have to pay

income tax nor social security contribution for childcare that is provided by the

employer. Furthermore, the German government intends to increase childcare for

children under three by 2013 significantly50.

The Chamber of Commerce Rhine-Neckar asked for strategic alliance. This is a real

opportunity to get in touch with many companies that are interested in our business.

Finally, we will have the opportunity to enter the top tier market after having

established a reliable network with top service supplier. This segment is very profitable.

49 See Annex 17 – Sensitivity Analysis and Risk Mitigation 50 For Details see Chapter 3.1. Market Research Demand

29/40

6. BUSINESS SYSTEM AND ORGANISATION

Year 1 Year 2 Year 3 Year 4 Year 5

No. of customers: 6 20 42 126 205

No. of employees:

WLM Care Center 751 71 5 8 9

Quality Manager 0 0 0 1 1

Trainer Tool Support 0 0 0 1 1

Supply Manager 0 0 1,5 2 2

Sales Force 0 0 2 5 6

General Management 1 1 1 2 2

IT 0 0 1 1 1

Total 8 8 10,5 21 22

Table 5: Summary Staff Planning and Functions

Our value proposition focuses on three main key words: quality, reliability and

efficiency. Therefore, our business organization has to reflect our ability to fulfill

these values through appropriate work force, organization and implementation

schedule.

Our solution is at first delivered trough out a valued network. This valued network is

relying on dedicated organisation to the family awareness such as regional chamber of

commerce, etc. Our sales force will heavily leverage those network to gain access to

B2B (target customers).

Our strategic sourcing is a key success factor and will be supported by a supplier

homologation process relying on key certification. We intend to develop a strong

continuous evaluation process using online rating by employee using a moderation step.

Solution access is granted through an e-platform which we intend to develop in five

steps, one per year, funded by our earnings.

Business delivery function is implemented with a Care Center that we expect to be the

main contact point of employees when starting using our solution. We expect each

51 Minijob contracts during the first two years

30/40

employee to call at least 3 times a year for 30mn workload at the beginning of our

operation (inclusive of the request assessment, search and contact and delivery of the

service). We expect this call rate to drop as we improve our e-platform and gain

experience.

We will start up using minijobs contract type and a light organisation requiring a

“virtual” phone network, before converting our WLM Care Center into a full time

position and physical office structure in order to leverage our know-how and improve

our quality to employee. Depending on our structure the number of positions will

evolve over time. We plan to invest in a knowledge database (similar to a customer

business intelligence tool support) in order to leverage our WLM Care Center.

7. IMPLEMENTATION SCHEDULE

We reasonably foresee two main parts in our development: a business development step

and a business roll out phase.

7.1. FIRST 2 YEARS: THE BUSINESS DEVELOPMENT PHASE OR “P ILOT ”

The first 2 years as a start-up, the WLM-Agency will mainly focus on sales and related

supply. The challenge is to gain first sales contracts, and build reliability and quality

image through chosen suppliers. This is why the first two years, our manager will deal

directly with supply issues in order to select, follow and manage partnerships with

adequate suppliers. The quality issue will be his or her main topic to ensure that our

value proposition is respected. For this, suppliers will be selected proving their

certification for childcare, and other services. These certifications will be regularly

challenged and measured via follow-ups and customer feedbacks.

Our second main focus will be on the WLM Care Center as it is the personalisation tool

to the final consumers (employees). To animate this Care Center, while keeping costs

under control, we intend to hire minijobers (home office) that will be trained regularly

to ensure quality and reliability. To facilitate the ease of use of the services the WLM-

Agency will give to their final consumers the possibility to request services online

through out a website.

31/40

The Rhine-Neckar and Berlin area will provide the necessary learning experience to

redesign a scalable business operation and e-platform.

7.2. AFTER THE 3RD YEAR:

We think that at the beginning of the third year our manager will be able to hire a full

time person to take this quality & supply issue in charge as it is one of our main value

proposition. During the third year we will strengthen the business by converting “mini-

jobs” into hired professionals and build our knowledge support database. We will

prepare our main investment in our e-platform by hiring a IT professional and develop a

sales team. The Bielefeld area will be the main target with this new sized-up business.

During the forth year, we should be able to hire additive people to insure a sustainable

development while keeping our customer value high. To improve our quality and skills

levels align with our value proposition we intend to hire a permanent internal trainer.

To deal and manage our “customer relationship” we will invest in the construction of

our e-platform: from a simple website during the first two years, we target a platform

enabling advanced functionality for our corporate users such as personalized discount

package to employee, voucher mechanism, billing and invoice detail. We will target a

roadmap of functionalities to consumers such as online booking of services, rating of

services, online payment of services, etc. At the same time, we intend to expand our

sales force to assist the general manager in gaining and following customer’s contracts.

Our target during the forth year will be Frankfurt and Hamburg. All other functions

such as accounting, payment, administration, legal issues will be outsourced.

8. FINANCIAL PLANNING AND FINANCING

8.1. STRUCTURE AND CAPITALIZATION

The WLB-Agency intends to grow from a “seed” company the first two years to a

sizeable business model from the third to fifth year. Therefore, the legal form has to be

both suitable to a German start up but also limit owner’s liability in order to mitigate

risk. This is why we have decided to establish our company as a GmbH with 25,000 €

of fixed capital52. The management team intend to develop our activities into two steps:

52 For further details on the legal form see Chapter 1.2.

32/40

First step (year 1 and 2): The management team will settle the company on the market

with offering the expected quality level with minimum investments (light platform

development, lean structure composed of “minijobs” and a general manager). For this

step one, the company needs a total of 95,000 € from which 25,000 € are fixed capital

needed for founding the GmbH and 70,000 € for the settling of operations. Once this

“pilot” model is validated, the team intends to go one step further in developing our

activities. The second step (year 3 to 5) will allow to develop very quickly professional

database knowledge, a fine-tuned website, and to hire skilled staff.

These two steps are mandatory in order to become a leading player on the market and

bring cash in what would allow the WLM-Agency to enter additionally the 3rd the top

tier of the pyramid as a third step. WLB-Agency intends to capitalize the company with

full equity during the starting phase then to use debt as leverage in order to reduce the

costs of financing. We will then be in a position to accumulate cash and invest heavily

in the 6th year. To enter this business with us, the team offers investors 35 % shares of

WLM-Agency for 65 % of the total investments. This means a first investment of

62,000 € to start the business and an option to invest 225,000 € in a second round. The

founders will bring the remaining capital.

8.2. THE FINANCIAL PLAN53

As stated in this business model, the company aims at being a service provider to

companies that want to retain high potentials and offer “alternative” solutions to their

managers to improve efficiency.

8.2.1 THE INCOME STATEMENT

Given these hypotheses, the main estimations concerning revenues are derived from the

number of contracts54 settled both with potential customers and related business with

the suppliers. WLM-Agency’s potential customers have been evaluated according to the

extensive market research, statistics and figures given by the CoC or other sources.55

53 See Annex 18 – Financial plans 54 For number of contracts with customers see Part 4.3. 55 See annex for interview results, statistics and result of workshop at the Chamber of Commerce.

33/40

The essential streams of revenues come from the customers, the suppliers and in a later

stage from advertisement56. The flow of the revenues is in line with the company’s

forecast of geographical expansion.

Income Statement of WLM-Agency 2009-2013 (base case):

The main streams of costs are related to operating activities and investments in the

platform. The first two years costs concerning operating activities are quite low as the

management team begins with minijobs with relatively low wages level and no office

location costs. As well the investments for the platform remain quite reasonable. This

leads to a loss of 57,480 € the first year but a small profit of 77,992€ in the second year

due to an increase in number of contracts.

In the third year the costs will skyrocket because of the switch from minijobers to

skilled full time employees. As well, WLM-Agency supports a big investment in the

56 See Annex 19 – Examples of Prices for Banners on Web Sites

2009 2010 2011 2012 2013

Realistic Realistic Realistic Realistic Realistic

Operating Revenue 106 126 € 355 993 € 758 979 € 2 385 451 € 3 925 065 €

Total Revenue 106 126 € 355 993 € 758 979 € 2 385 451 € 3 925 065 €

Cost of Sales 148 358 € 189 147 € 528 773 € 927 758 € 1 042 128 €

Gross Margin 44 357 €- 151 496 € 188 406 € 1 371 269 € 2 750 637 €

Gross Operating Profit 42 232 €- 166 846 € 230 206 € 1 457 694 € 2 882 937 €

Cost of sales 148 358 € 189 147 € 528 773 € 927 758 € 1 042 128 €

R&D - € - € - € - € - €

G&A 12 405 € 28 602 € 254 116 € 451 233 € 506 397 €

Selling (sales & mkg) 1 242 € 4 285 € 186 210 € 655 211 € 750 001 €

Advertising 0 0 0 0 0

Operating Profit 55 879 €- 133 959 € 210 120 €- 351 250 € 1 626 539 €

Operating Profit before Depreciation (EBITDA)55 879 €- 133 959 € 210 120 €- 351 250 € 1 626 539 €

Depreciation 2 125 € 15 350 € 41 800 € 86 425 € 132 300 €

Operating Income After Depreciation 58 004 €- 118 609 € 251 920 €- 264 825 € 1 494 239 €

Interest Income 524 € 1 379 € - € 12 704 € 31 082 €

Total Income Avail for Interest Expense (EBIT)57 480 €- 119 988 € 251 920 €- 277 529 € 1 525 321 €

Interest Expense - € - € 5 841 € 10 978 € 47 375 €

Income Before Tax (EBT) 57 480 €- 119 988 € 257 760 €- 266 551 € 1 477 946 €

Income Taxes - € 41 996 € - € 93 293 € 517 281 €

Net Income from Continuing Operations 57 480 €- 77 992 € 251 920 €- 184 236 € 1 008 040 €

Net Income from Total Operations 57 480 €- 77 992 € 257 760 €- 173 258 € 960 665 €

Total Net Income 57 480 €- 77 992 € 257 760 €- 173 258 € 960 665 €

Tax Rate 35% 35% 35% 35% 35%

2009 2010 2011 2012 2013

Realistic Realistic Realistic Realistic Realistic

Operating Revenue 106 126 € 355 993 € 758 979 € 2 385 451 € 3 925 065 €

Total Revenue 106 126 € 355 993 € 758 979 € 2 385 451 € 3 925 065 €

Cost of Sales 148 358 € 189 147 € 528 773 € 927 758 € 1 042 128 €

Gross Margin 44 357 €- 151 496 € 188 406 € 1 371 269 € 2 750 637 €

Gross Operating Profit 42 232 €- 166 846 € 230 206 € 1 457 694 € 2 882 937 €

Cost of sales 148 358 € 189 147 € 528 773 € 927 758 € 1 042 128 €

R&D - € - € - € - € - €

G&A 12 405 € 28 602 € 254 116 € 451 233 € 506 397 €

Selling (sales & mkg) 1 242 € 4 285 € 186 210 € 655 211 € 750 001 €

Advertising 0 0 0 0 0

Operating Profit 55 879 €- 133 959 € 210 120 €- 351 250 € 1 626 539 €

Operating Profit before Depreciation (EBITDA)55 879 €- 133 959 € 210 120 €- 351 250 € 1 626 539 €

Depreciation 2 125 € 15 350 € 41 800 € 86 425 € 132 300 €

Operating Income After Depreciation 58 004 €- 118 609 € 251 920 €- 264 825 € 1 494 239 €

Interest Income 524 € 1 379 € - € 12 704 € 31 082 €

Total Income Avail for Interest Expense (EBIT)57 480 €- 119 988 € 251 920 €- 277 529 € 1 525 321 €

Interest Expense - € - € 5 841 € 10 978 € 47 375 €

Income Before Tax (EBT) 57 480 €- 119 988 € 257 760 €- 266 551 € 1 477 946 €

Income Taxes - € 41 996 € - € 93 293 € 517 281 €

Net Income from Continuing Operations 57 480 €- 77 992 € 251 920 €- 184 236 € 1 008 040 €

Net Income from Total Operations 57 480 €- 77 992 € 257 760 €- 173 258 € 960 665 €

Total Net Income 57 480 €- 77 992 € 257 760 €- 173 258 € 960 665 €

Tax Rate 35% 35% 35% 35% 35%

34/40

platform and database knowledge. Although the team continues to expand

geographically, to gain contracts and uses debt to reduce financing costs, these heavy

investments won’t allow us to be in a profitable situation. WLM-Agency will recover

from these investments on 4th and 5th year due to the business development and gains in

productivity based to more professional staff and IT systems.

8.2.2 THE BALANCE SHEET AND CASH FLOW STATEMENT

To be consistent with its business model, the management team intends to keep its

earnings from year to year to consolidate its cash position for its 6th year deployment. In

this perspective, WLM-Agency will place 80 % of its cash in security bonds at 3.5 %

and 20 % of its cash in stocks of companies operating in the same value chain as its

business model (yielding an estimated average return of 12 %). The two main financial

ratios adequate for the activity concern the return on equity and the net margin. Return

on equity yield an average 43 % if the team accepts the two years of equity funding. As

well the net margin is close to 12% in average on global activities.

35/40

Balance Sheet of WLM-Agency 2009-2013 (base case): All amounts € , 2009 2010 2011 2012 2013

Realistic Realistic Realistic Realistic Realistic

Assets

Cash and Equivalents (yc blocked account)24 698 € 33 608 € 70 192 € 25 701 € 851 385 €

Receivables 8 723 € 29 260 € 62 382 € 196 064 € 322 608 €

Inventories 0 0 0 0 0

Other Current Assets 0 0 0 0 0

Total Current Assets 33 421 € 62 867 € 132 574 € 221 765 € 1 173 993 €

Gross Fixed Assets (Plant, Prop, & Equip,)8 500 € 61 400 € 167 200 € 345 700 € 529 200 €

Accumulated Depreciation & Depletion 2 125 € 17 475 € 59 275 € 145 700 € 278 000 €

Net Fixed Assets 6 375 € 43 925 € 107 925 € 200 000 € 251 200 €

Intangibles & other Non current assets - € 15 598 € 15 598 € 50 250 € 242 383 €

Total Non Current Assets

Total Assets 39 796 € 122 391 € 256 098 € 472 015 € 1 667 576 €

Liabilities

Payables 2 276 € 6 879 € 14 617 € 24 912 € 30 876 €

Short Term Debt - € - € - € - € - €

Accrued Accounts - € - € - € - € - €

Other Current Liabilities - € - € - € - € - €

Total Current Liabilities 2 276 € 6 879 € 14 617 € 24 912 € 30 876 €

Long Term Debt - € - € 36 730 € 69 092 € 298 022 €

Other Non-Current Liabilities 0 0 0 0 0

Total Non-Current Liabilities - € - € 36 730 € 69 092 € 298 022 €

Total Liabilities 2 276 € 6 879 € 51 346 € 94 004 € 328 898 €

Stockholder's Equity

Ordinary Shares 70 000 € 70 000 € 417 000 € 417 000 € 417 000 €

Locked in capital 25 000 € 25 000 € 25 000 € 25 000 € 25 000 €

Retained Earnings (accum deficit) 57 480 €- 20 512 € 237 249 €- 63 991 €- 896 674 €

Total Equity 37 520 € 115 512 € 204 751 € 378 009 € 1 338 674 €

Total Liabilities & Stock Equity 39 796 € 122 391 € 256 098 € 472 013 € 1 667 572 €

Retained Earnings

Opening retained earnings 0 - 57 480 € 20 512 € - 237 249 € - 63 991 €

Net profit of the year - 57 480 € 77 992 € - 257 760 € 173 258 € 960 665 €

Preference Dividends 0 0 0 0 0

Ordinary Dividends 0 0 0 0 0

Closing retained earnings - 57 480 € 20 512 € - 237 249 € - 63 991 € 896 674 €

All amounts € , 2009 2010 2011 2012 2013Realistic Realistic Realistic Realistic Realistic

Assets

Cash and Equivalents (yc blocked account)24 698 € 33 608 € 70 192 € 25 701 € 851 385 €

Receivables 8 723 € 29 260 € 62 382 € 196 064 € 322 608 €

Inventories 0 0 0 0 0

Other Current Assets 0 0 0 0 0

Total Current Assets 33 421 € 62 867 € 132 574 € 221 765 € 1 173 993 €

Gross Fixed Assets (Plant, Prop, & Equip,)8 500 € 61 400 € 167 200 € 345 700 € 529 200 €

Accumulated Depreciation & Depletion 2 125 € 17 475 € 59 275 € 145 700 € 278 000 €

Net Fixed Assets 6 375 € 43 925 € 107 925 € 200 000 € 251 200 €

Intangibles & other Non current assets - € 15 598 € 15 598 € 50 250 € 242 383 €

Total Non Current Assets

Total Assets 39 796 € 122 391 € 256 098 € 472 015 € 1 667 576 €

Liabilities

Payables 2 276 € 6 879 € 14 617 € 24 912 € 30 876 €

Short Term Debt - € - € - € - € - €

Accrued Accounts - € - € - € - € - €

Other Current Liabilities - € - € - € - € - €

Total Current Liabilities 2 276 € 6 879 € 14 617 € 24 912 € 30 876 €

Long Term Debt - € - € 36 730 € 69 092 € 298 022 €

Other Non-Current Liabilities 0 0 0 0 0

Total Non-Current Liabilities - € - € 36 730 € 69 092 € 298 022 €

Total Liabilities 2 276 € 6 879 € 51 346 € 94 004 € 328 898 €

Stockholder's Equity

Ordinary Shares 70 000 € 70 000 € 417 000 € 417 000 € 417 000 €

Locked in capital 25 000 € 25 000 € 25 000 € 25 000 € 25 000 €

Retained Earnings (accum deficit) 57 480 €- 20 512 € 237 249 €- 63 991 €- 896 674 €

Total Equity 37 520 € 115 512 € 204 751 € 378 009 € 1 338 674 €

Total Liabilities & Stock Equity 39 796 € 122 391 € 256 098 € 472 013 € 1 667 572 €

Retained Earnings

Opening retained earnings 0 - 57 480 € 20 512 € - 237 249 € - 63 991 €

Net profit of the year - 57 480 € 77 992 € - 257 760 € 173 258 € 960 665 €

Preference Dividends 0 0 0 0 0

Ordinary Dividends 0 0 0 0 0

Closing retained earnings - 57 480 € 20 512 € - 237 249 € - 63 991 € 896 674 €

36/40

Cash Flow of WLM-Agency 2009-2013 (base case):

8.2.3 BREAK EVEN AND SENSITIVITY ANALYSIS :

The business model is especially sensitive to the number of contracts as part of the costs

are either sunk (platform) or

cannot be downsized to a low

level of activity ( WLM Care

Center 16/24h – 7/7d).

WLB-Agency reaches its break-

even with 130 contracts during

the fifth year. On a realistic

scenario, break-even with the

forth year of business roll out

2009 2010 2011 2012 2013

All amounts in € , Realistic Realistic Realistic Realistic Realistic

Operating Activities

Cash received from customers 97 403 € 335 456 € 725 857 € 2 251 769 € 3 798 521 €

Cash paid to suppliers 25 416 €- 79 090 €- 170 099 €- 292 799 €- 369 693 €-

Cash paid to employees 134 312 €- 138 341 €- 791 262 €- 1 731 106 €- 1 922 866 €-

Cash generated from operation 62 325 €- 118 025 € 235 504 €- 227 864 € 1 505 962 €

Interest paid - € - € 5 841 €- 10 978 €- 47 375 €-

Income tax paid - € 41 996 €- - € 93 293 €- 517 281 €-

Cash flow from operating activities 62 325 €- 76 029 € 241 345 €- 123 593 € 941 306 €

Investing activities

Proceeds from sale of eqtp plants - € - € - € - € - €

Interest received 524 € 1 379 € - € 12 704 € 31 082 €

Purchase of equipement & plants 8 500 €- 52 900 €- 105 800 €- 178 500 €- 183 500 €-

Investment In WLF financial Instrument - € 15 598 €- - € 34 652 €- 192 133 €-

Acquisition of goodwill - € - € - € - € - €

Cash Flow from investing activities 7 976 €- 67 120 €- 105 800 €- 200 448 €- 344 551 €-

Financing Activities

Proceeds from issuance of share capital 70 000 € 347 000 €

Lock in capital (Gmbh) 25 000 €

Change in bank overdraft - € - € - € - € - €

Proceeds from non-current borrowings - € - € 38 000 € 35 000 € 240 000 €

Repayement of borrowings - € - € 1 270 €- 2 638 €- 11 070 €-

Dividends paid - € - € - € - € - €

Cash flow from financing activities 95 000 € - € 383 730 € 32 362 € 228 930 €

Net increase/decrease in cash and cash equivalent24 698 € 8 909 € 36 585 € 44 492 €- 825 684 €

Cash & cash equivalent at begening of the year 0 24 698 € 33 608 € 70 192 € 25 701 €

Cash & cash equivalent at end of the year 24 698 € 33 608 € 70 192 € 25 701 € 851 385 €

2009 2010 2011 2012 2013

All amounts in € , Realistic Realistic Realistic Realistic Realistic

Operating Activities

Cash received from customers 97 403 € 335 456 € 725 857 € 2 251 769 € 3 798 521 €

Cash paid to suppliers 25 416 €- 79 090 €- 170 099 €- 292 799 €- 369 693 €-

Cash paid to employees 134 312 €- 138 341 €- 791 262 €- 1 731 106 €- 1 922 866 €-

Cash generated from operation 62 325 €- 118 025 € 235 504 €- 227 864 € 1 505 962 €

Interest paid - € - € 5 841 €- 10 978 €- 47 375 €-

Income tax paid - € 41 996 €- - € 93 293 €- 517 281 €-

Cash flow from operating activities 62 325 €- 76 029 € 241 345 €- 123 593 € 941 306 €

Investing activities

Proceeds from sale of eqtp plants - € - € - € - € - €

Interest received 524 € 1 379 € - € 12 704 € 31 082 €

Purchase of equipement & plants 8 500 €- 52 900 €- 105 800 €- 178 500 €- 183 500 €-

Investment In WLF financial Instrument - € 15 598 €- - € 34 652 €- 192 133 €-

Acquisition of goodwill - € - € - € - € - €

Cash Flow from investing activities 7 976 €- 67 120 €- 105 800 €- 200 448 €- 344 551 €-

Financing Activities

Proceeds from issuance of share capital 70 000 € 347 000 €

Lock in capital (Gmbh) 25 000 €

Change in bank overdraft - € - € - € - € - €

Proceeds from non-current borrowings - € - € 38 000 € 35 000 € 240 000 €

Repayement of borrowings - € - € 1 270 €- 2 638 €- 11 070 €-

Dividends paid - € - € - € - € - €

Cash flow from financing activities 95 000 € - € 383 730 € 32 362 € 228 930 €

Net increase/decrease in cash and cash equivalent24 698 € 8 909 € 36 585 € 44 492 €- 825 684 €

Cash & cash equivalent at begening of the year 0 24 698 € 33 608 € 70 192 € 25 701 €

Cash & cash equivalent at end of the year 24 698 € 33 608 € 70 192 € 25 701 € 851 385 €

Scenarios Financial expectations

3647

1043

-241-500

0

500

1000

1500

2000

2500

3000

3500

4000

Thou

sand

s €

NPV High Growth NPV Base option NPV Low Awarness

37/40

can be reached. Nevertheless this business model also shows a special sensitivity to

pricing, cost of capital and operating costs.

This model is build to support 6 areas in Germany with global competencies (WLM

Care Center, IT, training, human resource management and quality) to support the

development and an e-platform which is intended to automate the end-user experience

and increase the productivity of WLM’s Care Center. Any increase in manpower cost

will have a negative impact on the net income. Some downsizing of the operations can

be implemented in order to limit the risk.

Total investment relies on the capacity to generate earnings and was phased out over

several periods. In a very depressed economy the management team may not be able to

sustain its investment plan and loose customer retention as a result. Similarly a lower

pricing strategy will adversely affect its net income. The company’s financial

development plan is highly modular and will help mitigate risk from an economic down

turning.

Using this pilot run to adjust to more realistic trends and sizing the team may consider

several alternatives for the second round of fund raising or exit business.

8.2.4 VALUATION OF THE FIRM :

The valuation of the firm has been calculated according to the firm value model as

WLM-Agency is using both equity and debt in the developing stage. We took

following assumptions to ensure the calculation of the discount rate:

Based on German government bonds we estimated a risk free rate of 3.5 %. The risk

premium was evaluated at a market average of 6 %. However we estimate that we can

apply a 17 % market practice spread based on a high default risk that reflects a risky

start up company.57

57 See Annex 20 – Default Spread Risk

38/40

For the beta, we have performed a peer group study with some other services companies

that gave us an average beta of 1.558 As a start up we consider ourselves as more risky

but as investment remains quite low, we have estimated that the beta concerning our

company could be of 1.9. Given these assumptions the net present value can be

discounted with a rate of 32 %, the 2 first years with full equity then to around 28 %

with mix of equity and debt. We also assessed a perpetual growth rate of 1.5 %.59

After five years, the discount rate was approximated to decrease to around 15 %.

The firm valuation is very sensitive to the three hypotheses the agency took as low,

realistic and high.

The low hypothesis gives a negative NPV of 240,740€. The difference in value between

the realistic estimation (1,043,096€) and the highest one (3,647,432€) is weighted with

a factor 3 which once again stresses the sensitiveness of our model to the number of

contracts and prices.

We have also decided to introduce debt during the 3 rd year with a minimum leverage

of total assets on equity of 25 % to save financing costs and reduce tax. This mix

financing allows us to gain 4 % return on equity at least the 4th year (compared to no

debt introduction) and to have a strong cash flow position throughout all periods of

activities.

These financial figures confirm that our business model will be healthy and

sustainable even on a quite though market.

The management team is sure that the WLM-Agency will be able to capture

additionally value from the top tier of the market pyramid. This way the agency will

switch from a “small fish in a big pound” to a “big fish in a small pound”!

9. EXIT OPTIONS

The founders of the WLM-Agency do neither want to sell their business nor to merge or

to float it. For investors a long term investment will be profitable, so will an exit by

58 See Annex 21 – Example of beta for service companies 59 See Annex 20 and 21

39/40

sale, since the market on work life management is very promising.60 A sale of shares

would be simple, because the WLM-Agency will be a GmbH, a limited company.61

In case the business has to be shut down for whatever reasons total exit is also feasible

in a short term. First of all, the financial engagement of WLM-Agency is low -

especially in the pilot phase, and so is the risk of this business project as such.

Furthermore, the WLM-Agency as a limited company will keep a low risk profile for

the shareholders.

We need to be able to terminate all evergreen contracts without cause on short notice.

There are different categories of evergreen contracts:

1. Employment and the like,

2. Suppliers and customers,

3. Facilities, telephone etc.,

4. Service contracts like cleaning, security, web-services etc.

Employment Contracts: We do not have any direct influence on termination periods of

employment contracts as these are subject to mandatory employment laws. However,

initial termination periods are short, even under German law. Moreover, employees do

not have any protection against dismissal as long as WLM-Agency does not employ

more than 10 full time employees (Minijobers do not count as full heads).

Other Contracts (points 2.to4.): WLM-Agency can not expect to negotiate 30 days

notice for each of these categories. However, for most evergreen contracts it is realistic

to assume that a notice period between 30 and 60 days can somehow be agreed upon

with the partner – if need be, at slightly higher ongoing costs. The real estate market for

larger offices may require long term leases, but small offices such as WLM-Agency

needs after the pilot phase are available under short term notice periods.

We valued two exit scenarios at the end of each of our business milestones. An exit at

the end of the pilot phase is valued at around 25,000€ and a termination in five years

60 See Chapter 3.1. 61 See Chapter 1.2.

40/40

time is valued at 270,000€ (using a 30% discount rate that reflects our WACC adjusted

by a market practice excess spread)

Exit Option EstimateContracts Notice Unit Cost Exit cost Contracts Notice Uni t Cost Exit cost

Employment and the like 7 30 600 4 200 € 22 90 160 239 480 716 € Suppliers and customers 20 30 1 475 29 500 € 205 30 1 475 302 375 € Facilities, telephone 1 90 2 342 7 025 € 2 30 166 756 166 756 € Service contract (Computer rental) 1 90 813 2 439 € 1 90 19 953 59 859 € Exit Cost Estimate 43 164 € 1 009 707 € Present value of the option 25 541 € 271 944 €

Deployment PhasePilot PhaseExit Option EstimateContracts Notice Unit Cost Exit cost Contracts Notice Uni t Cost Exit cost

Employment and the like 7 30 600 4 200 € 22 90 160 239 480 716 € Suppliers and customers 20 30 1 475 29 500 € 205 30 1 475 302 375 € Facilities, telephone 1 90 2 342 7 025 € 2 30 166 756 166 756 € Service contract (Computer rental) 1 90 813 2 439 € 1 90 19 953 59 859 € Exit Cost Estimate 43 164 € 1 009 707 € Present value of the option 25 541 € 271 944 €

Deployment PhasePilot Phase

REFERENCES

• Allensbacher Archiv, IfD-Umfrage 10015, Januar 2008.

• Arbeitsbericht Zukunft für Familie. Material für die Medien, Kompetenzzentrum für

familienbezogene Leistungen im Bundesministerium für Familie, Senioren, Frauen

und Jugend (BMFSFJ) ; April 2008.

• Audit Beruf und Familie. Mehr Erfolg mit mehr Familie. Eine Initiative der Hertie-

Stiftung, 2006.

• Benchmarking Studie, IZA Bonn/ ExAkt Berlin 2007.

• Betriebswirtschaftliche Effekte familienfreundlicher Maßnahmen, Kosten-Nutzen-

Analyse. Studie der Prognos AG im Auftrag des BMFSFJ ; Berlin 2003.

• Das richtige Mass an Beteilung von Mitarbeitern. Coaching Newsletter von

Christopher Rauen, Ausgabe 2008-01, JG.8.

• Development of a methodology for the collection of harmonised statistics on

childcare. Luxembourg : Office for Official Publications of the European

Communities, 2004.

• Die Entwicklung der Akademikerbeschäftigung. Christina Anger, Christiane

Konegen-Grenier, Trends Februar 2008.

• Echte Mitarbeiterbindung, so erzeugen Chefs ein Gefühl der Zugehörigkeit S.20. Dr.

Klaus Dehner, Andreas Schnabel; Wirtschaft + Weiterbildung, Das Magazin für

Führung, Personalentwicklung und E-Learning; 06.2008.

• Eltern pflegen, so können Arbeitgeber Beschäftigte mit zu pflegenden Angehörigen

unterstützen – Vorteile einer familienbewussten Personalpolitik. Beruf und Familie

eine Inititative der gemeinnützigen Hertie Stiftung, in Zusammenarbeit mit Prognos

AG. März 2007.

• Familienfreundliche Maßnahmen im Handwerk. Potenziale, Kosten-Nutezn-

Relationen, im Auftrag des BMFSFJ, 2004.

• Familienfreundlichkeit auf Wachstumskurs – Handlungsfelder, Zahlen, gute

Beispiele. BMFSFJ, Europäischer Sozialfonds für Deutschland, Europäische Union,

2008.

• Family-friendly working conditions in Rhineland-Palatinate – Present and Future –.

Prof. Dr. Norbert F. Schneider, Dipl.-Soz. Julia C. Häuser, Dipl.-Soz. Silvia M.

Ruppenthal; Johannes Gutenberg Universität Mainz, Institute of Sociology ; 2007

• Fit for Family, Gobal HR, Information for Parents in Germany. SAP , December

2005.

• Forum Vereinbarkeit von Beruf und Familie in der Metropolregion Rhine-Neckar.

P. Neureither, A. Kiefer, B. Prismantas ;brochure from 2008.

• Jedes Kind zählt. Neue Wege der frühkindlichen Bildung, Erziehung und Betreuung.

Zukunftsforum Politik, Konrad-Adenauer-Stiftung. ISBN 3-937731-09-1, Sankt

Augustin, Mai 2004.

• Karrierewege von Professorinnen in Deutschland. Westfälsische Willhelms

Universität Münster, BMFSFJ 2006.

• Kluge Köpfe - vergeblich gesucht ! Fachkräftemangel in der deutschen Wirtschaft.

Ergebnisse einer Deutscher Industry und Handelskammer (DIHK)

Unternehmensbefragung, Herbst 2007.

• Leben und Arbeiten in Deutschland, Tabellenband zum Sonderheft 1, Familien und

Lebensformen. Ergebnisse des Mikrozensus 1996 bis 2004 Statistisches Bundesamt,

Wiesbaden, 2006.

• Managing tomorrow’s people, the future of work to 2020. PricewaterhouseCoopers

LLP ;2007.

• Pflegestatistik 2005, Pflege im Rahmen der Pflegeversicherung

Deutschlandergebnisse. Statistisches Bundesamt, Wiesbaden 2007.

• Stärkung familienuntestützender Dienstleistungen. Kompetenzzentrum

familienbezogene Leistungen, im Auftrag des BMFSFJ, 2004.

• Unternehmenskultur, Arbeitsqualität und Mitarbeiterengagement in den

Unternehmen in Deutschland. Ein Forschungsprojekt des Bundesministeriums für

Arbeit und Soziales. Frank Hauser, Andreas Schubert, Mona Aicher, Psychonomics

AG, BMFSFJ. 2005.

• Work Life Balance. Motor für wirtschaftliches Wachstum und gesellschaftliche

Stabilität, Analyse der volkswirtschaftlichen Effekte - Zusammenfassung der

Ergebnisse. BMFSFJ ;August 2005.

• Vereinbarkeitsmaßnahmen von Familie und Beruf anhand des Modellprojekts einer

nationalen Koordinierungstelle, Modellrechung für Kosten und Nutzen einer

familienbewussten Personalpolitik. BMFSFJ, 2005.

• Vereinbarkeitsstudie der Metropolregion Rhine-Neckar, Ergebnisse einer

repräsentativen Unternehmensbefragung. Mannheimer Zentrum für Europäische

Sozialforschung (MZES), Universität Mannheim, Dr. Andreas M. Wüst, Dipl.-Soz.

Christian Stumpf ;Heidelberg 2007.

Annexes

ANNEX 0 Founders

ANNEX 1 Results of the Online-Survey with Employees

ANNEX 2 Results of WLM-Workshop at the Chamber of Commerce and Industry

ANNEX 3 Results of the Interviews with Companies

ANNEX 4 A - Quotation from CEO & HR Director of DePuy, Johnson & Johnson

B - Extracts from Studies, Business Week and USA Today

ANNEX 5 PEST- Model, Germany

ANNEX 6 Black Market in Frankfurt

ANNEX 7 Prognos AG / BMFSFJ Study

ANNEX 8 Lecture about tax benefits by Dr. Zuber (PCW) during Customer Focus

Workshop 27th October 2008, Mannheim

ANNEX 9 Employees within the scope of national insurance in Metropolregion Rhine-

Neckar, June 2007

ANNEX 10 Members of ZMRN e.V. (Zukunft Metropolregion Rhine Neckar, registered

society)

ANNEX 11 Situation in Metropolregion Rhine-Neckar, June 2007

ANNEX 12 Family friendly Working Conditions in Rhineland-Palatinate

ANNEX 13 Actual Number of Employees in the Metropolregion

ANNEX 14 Employees as Employers

ANNEX 15 A - Interviews with Supply Area Rhine Neckar

B - Companies who confirmed their high interest in future collaboration

C – Quotations of Supply

ANNEX 16 Vision – Mission – Value - Statement of WLM

ANNEX 17 Break Even-, Scenario-, Sensitivity-Analysis, and Risk Mitigation

ANNEX 18 Financial Plans

ANNEX 19 Examples of Prices for Banners on Web Sites Example

ANNEX 20 Default Spread Risk

ANNEX 21 Firm Valuation, NPV of FCF, Example of Beta for Service Companies

Annex 0-1

0. ANNEX 0 THE FOUNDERS

• Myriam Besson Finance

• Renate Echtermeyer Product Management, Key Account Management

• Frederic Jaulent Finance, Supply Management, Strategy

• Elke Lieb Product Management, Marketing

• Sabine Mauderer Law, Strategy

Annex 1-2

3,55%

0

22,26%

36,77%

30,97%

4,52%

1,94%

no r eply < 20 y 20 - 35 y (A2) 35 - 45 y 45 - 55 y (A4) 55 - 65 y > 65 y

1. ANNEX 1 RESULTS OF THE ONLINE -SURVEY WITH EMPLOYEES

Link in page: http://freesurveytoday.com/go/index.php?sid=11142&lang=de

Sign in page: http://freesurveytoday.com/go/admin

Username: emba.wlb Password: r04hge37

Final up-date: 1st November 2008 Size: 317 responses

Participants: BPW (Business Professional Women, MBS Alumni, class mates, colleagues,

family & friends and others)

Age Range: => Representative age-group of working people with dominant private needs

Gender and marital Status: => 87% women, 66% married or living in partnership, 29% single

Income Distribution

Yearly Salary in Euro

31,29%

14,52%

10,00%

7,10%5,48% 5,48%

26,13%

< 40,000 40,000 -

50,000

50,000 -

60,000

60,000 -

75,000

75,000 -

90,000

> 90,000 no reply

Annex 1-3

Industry Branches and Sizes: => Dominant in services and research/university

Company Culture: => Mainly German business style

Industry Branches

5% 1%

41%

5%5%

11%

11%

5%

16% bank / insurance

const ruct ion

services

research / universit y

commerce

indust ry

IT

public service

Ot her

Company Size

41,29%

17,74%16,13%

2,90%

15,81%

5,81%

very small (< 10

st af f )

small (10 - 99 st af f ) middle (100 - 2499

st af f )

big (2500 - 4999

st af f )

coporat e (> 5000

st af f )

no reply

C o mp a n y N a t i o n a l i t y

8 3 %

6 %

11%

Ger man An glo- Saxon Ot her

Annex 1-4

Children : => 47% no children, 46% 1 to 4 children

How much Time during Work for organizing private Issues?

=> in average 26 minutes per day are spent for non business related activities. This equals 92 hours per year, or 11 days per year. Without other breaks i.e. toilette, smoking, coffee, talks.

Age of Children

37 33

47

107

0-3 3-6 6-10 >10

N umbe r of Chi l dr e n

47%

14%

24%

7%1%0%7%

0 1 2 3 4 > 4 no r eply

Private Time during Work

percent 30,00% 22,58% 15,16% 16,77% 3,23%

number or responses 93 70 47 52 6

0 - 10 min 10 - 20 min 20 - 30 min 30 - 60 min > 120 min

Annex 1-5

Time spend for Services

16,77%4,19%

8,06%20,97%

17,10%8,39%

3,55%36,13%

19,35%11,94%

67,74%33,87%

11,94%10,65%

child care

house hold

car w ash

events (party, birthday etc)

holiday, vacation

What costs one Employee per Day?

What does this mean for lost time that employer pay in EURO ?

=> in average 26 minutes per day = 92 hours per year = 11 working days per year (based on 211

working days per year with the cost of 276,- EUR per employee)

Summary: 3.036,- EUR money lost per year per employee!

Which Services needs this Time ?: => Both: individual and family needs

Copyright 2007: http://www.akademie.de

STUNDENSATZKALKULATION

Year/Employee 2007 Person1

Calculation of productive

days in calendar per year 365 Saturday + Sunday 104 Bank Holiday per Year 13 Days of Annual Leave 30 Working Days per Year 218 Statistic Lost Days per Year (Illness, move, council offices, etc.) 3,00% Working Days per Year 211

Calculation of Personal Costs Gross Income per Month (Annual Salary / 4.000,0

Working Time per Week / 40,00 Gross Hourly Wage (w/o wage 23,08 Employer's Contribution for Social Security 19,90% 796,00 Trade Association according Risk Level 1,50% 60,00 Other supplementary charges 0,20% 8,00 Gross Monthly Wages (incl.wages costs) 4.864,00 Gross Hourly Wage (incl. wage costs) 28,06

Total Annual Labor Costs 58.368,00 Personnal Costs per Day 276,02 Real Labour Costs per Hour 34,50 Real Calculation Surcharge per Hourly 49,5

Annex 1-6

Importance of Services

childcare

elder care

pet care

house hold

wash service

ironing

car wash

shopping / beverage

gifts

events (party, birthday etc)

appointments (hairdresser, doctor, cosmetics etc.)

leisure (sport, theater, cinema, concert etc.)

holiday, vacation

not important less important neutral important very important

Services with Intranet

14,52%

8,71%

6,13%

28,06%

34,19%

30,32%

22,26%

34,84%

20,97%

19,03%

25,81%

30,00%

19,35%

child care

elder care

pet care

house hold

wash service

ironing

car wash

shopping / beverage

gifts

events (party, birthday etc)

appointments (hairdresser, doctor, cosmetics etc.)

leisure (sport, theater, cinema, concert etc.)

holiday, vacation

How Important is this Service?

Would you do Online-Booking?: => Caution in online-booking for care-services

How Important is following Criteria?: => Childcare is most sensitive in personal contact for those who have children (*caution: 47% have no child)

Importance for Childcare

internet booking

intranet booking

personal contact

references

costs

flexibility

service at home

service not at home

urgency

service at night

not important less important neutral important very important

Annex 1-7

How Important is following Criteria?: => Household is most sensitive in reliability & quality

How often which Service is used?:=> Childcare, household and leisure

It’s a Benefit if one Agency cares all? => Yes

How many times/year

6

3

15

17

2

gif t s event s (part y, bir t hday et c)

appoint ment s (hairdresser, doctor, cosmet ics et c.) leisure (sport , t heater, cinema, concert et c.)

holiday, vacat ion

Importance for Household

internet booking

intranet booking

personal contact

quality

reliability

references

costs

flexibility

not important less important neutral important very important

How many times/week

1,5

10,5

1,5

wash service ironing car wash shopping / beverage

How many hours/week

6

1

1

3,5

childcare elder care pet care house hold

Annex 1-8

Would you pay more for more Quality?: (It`s expected that care-services are provided in non

commercial style)

One Agency for All Services?

43,87%

29,03%26,77%

yes no no reply

Agree on Quality for Higher Price

14,52%

8,71%

6,13%

28,06%

34,19%

30,32%

22,26%

34,84%

20,97%

19,03%

25,81%

30,00%

19,35%

child care

elder care

pet care

house hold

wash service

ironing

car wash

shopping / beverage

gifts

events (party, birthday etc)

appointments (hairdresser, doctor, cosmetics etc.)

leisure (sport, theater, cinema, concert etc.)

holiday, vacation

Annex 2-9

2. ANNEX 2 RESULTS OF THE WORKSHOP OF WLM-A GENCY AT THE

CHAMBER OF COMMERCE AND INDUSTRY

Kickoff: 23rd September 2008, Chamber of Commerce and Industry, Rhine-Neckar 2PM to

4PM,

Participants: Andrea Kiefer (Chamber of Commerce and Industry, Rhine-Neckar), Ursula

Hornung (John Deere & Company), Armin Krebs (Pfalzwerke AG), Heike Lenz (Roche

Diagnostics GmbH), Bianca Prismantas (MRN GmbH), Renate Echtermeyer (Mannheim

Business School), Elke Lieb (Mannheim Business School)

Subject: Presentation of WLM- Agency in the context of project “Forum Vereinbarkeit Familie

und Beruf” (forum coordination family and career) of the Chamber of Commerce and Industry,

Rhine-Neckar, and the Metropolregion Rhine-Neckar (MRN GmbH)

Workshop: “ Efficient Work Life Management in Companies”, 27th October 2008,

Education Center Dahlbergplatz (ECD) Mannheim, from 10AM to 5PM,

Participants: Andrea Kiefer (Chamber of Commerce and Industry, Rhine-Neckar), Ursula

Hornung (John Deere & Company), Armin Krebs (Pfalzwerke AG), Heike Lenz (Roche

Diagnostics GmbH), Katrin Geeb (MVV Energy AG) Bianca Prismantas (MRN GmbH), Britta

Schnabel (MRN GmbH) Bettina Kosiel (Mannheim Business School) Renate Echtermeyer

(Mannheim Business School), Elke Lieb (Mannheim Business School)

Guests: Dr. Sabine Winkelmann (Mannheim Business School), Dr. Barbara Zuber

(Pricewaterhouse Coopers AG )

Agenda:

1. Introduction

2. Presentation Mannheim Business School, Dr. Sabine Winkelmann, MBS

3. Work Life Management – offer in companies: experience exchange of participants

4. Lecture from Dr. Barbara Zuber, PWC, about tax advantages due the offer of WLB activities

5. Workshops about key points regarding WLM –service offer

Outcome:

Demand on CHILDCARE:

- limited seats available in kindergartens and crèches

Annex 2-10

- for external childcare and day mothers official certifications are needed (Chamber of

Commerce and Industry Rhine-Neckar offers additional day mother education, which is

requested))

- nanny who does in-house care (costs about 1.200,-€/month) and au pairs an official

certification is not necessary, but police clearance certificate and driving licence are requested,

transparency about qualification very important

- emergency care in case of illness or business travel over night

- childcare outside opening hours of kindergarten and school

- accompanying children from kindergarten back home

- shuttle service for afternoon activities

- babysitter with qualification ( i.e. “babysitting diploma” by Chamber of Commerce and

Industry)

- tutoring of homework (qualification: grading system for pupils according their school grades)

- childcare during school holidays, holiday camps, offers important in the beginning of the year

- there are few schools that work with star ranking, offer shuttle service, holiday occupation,

holiday camps, etc.

- childcare on spot during company events

=> in summary: there is a high need of childcare, especially outside the opening hours of

kindergarten and school, high quality and transparency about the quality standards are very

requested

Demand on ELDERCARE

- coordination for qualified eldercare

- information about institutions and laws

- all services around household and administration to support elderly people as well as their

family

- social care (to take elderly people for a walk, reading out books etc.)

- emergency care

- “day mothers” for elderly people

Demand on HOUSHOLD

- all kind of services around household are very important: cleaning, washing, shopping,

gardening, pet care etc.

Annex 2-11

OTHER RESULTS

- demand on information about tax advantages for employees

- demand on information about child friendly institutions (restaurants, shopping centres etc.)

- fixed membership fee for employer, employee pays services directly to supplier

- offer of WLM service platform for all employees available, not only for high potentials due tax

reasons

- ROI (return on investment) tool welcomed

-competition: “PME-Familienservice GmbH”: focus on organization of childcare, time

consuming, complicated payment system, starts now with WLM activities and eldercare

“Betreut.de”, electronic market place to link demand and supply. No quality control, not locally

organized, no exclusivity for companies, available to everybody who registered.

Annex 3-12

3. ANNEX 3 RESULTS OF THE INTERVIEWS WITH COMPANIES

COMPANY Contactname & Function Sales Mio. €

Empl.with children HighPo's Academics Regionality

EmployeeRetention

Competitor Advantage Additional Services

OLHO-Technik oHGIn den Fichten 2432544 Löhne

Karsten Oleff, CEO+49 5731 4807 248date: 6 Aug (Elke)

WorldWide: 1650Germany: 600 (350 W) 87,3 400 20 (3 W) 100 (10 W)

mainly Nordrhein-Westphalen

releave indiv barriers for leadership, reward with personal contacts, individ. Solutions i.e. financial support (mini credit) Salary

Car, pension, stopp with programs like backpain, tennis etc. due to lack of empl. Acceptance. Still fitness center 1 month free (about 40€ per head)

SPORTOMED GmbHWilly-Brandt-Ring 1267592 Försheim-Dalsheim

Thorsten Teschner, CEO+49 172 8684 000date: 6 Aug (Elke)

54 (17W) + 25 (22W) part time (soon 160 due tocompany centralisation) 5 6 3 1 (CEO)

10 (2W) yes, rest Rheinland Pfalz

Leadership style, personal contact

Stability (20y company)high unemployment area

free time, flexible working timeno other

Mannheim Business School gGmbHL 5, 668131 Mannheim

Bettina Kosiel, Director+49 621 181 1480date: 6 Aug (Elke) 22 (19) 3 6 20

Baden-Württemberg no no standard social benefits

DEPUY (subsidiary of Johnson&Johnson)Konrad-Zuse Str. 1966459 Kirkel-Limbach

Kira Goertz, HR, +49 68411893719, date: 19 Aug (Sabine) 200 (ca. 80 W)

not supposed to be public 40 (w) 15 50

all over Germany

high flexiblity at work, social benefits (company pensions scheme, casualty insurance)

well known parent company, high flexiblity at work free access to gym

VOLVO Construction Equipment GmbH & Co.KGMAX-PLANCK-STR. 754329 KONZ

Matthias Keller, HR+49 172 6729372date: 8 Aug (Elke)

1000 (plus 200 interims)100 women 500 100 100 (W)

20 yes, rest Rheinland Pfalz

salary on market standardbranding product, information politicqualification & leadershipmentsocial benefits, canteene, charity, eventstraining & development

blue collar: no problemcritical for middle Mngmt & Ingeneers -> high school marketing

standard social benefits, High Po's courses (7 habits of corvey)

CURRENT STAFF RETENTION & ADDITIONAL SERVICESCURRENT DEMOGRAPHICS

Work Force Council

Current WLB Who caresOutsourcing Serviceplatform

Service Importance (5=important, 1=not important)

% of sales for WLB

€ per year per empl. Total €

Interesting Remarks of Interview Partners

Yes. No negativ impact on service offer. Helps & organizes. no HR

Yes, i.e. moderation

Intranet & hotline-> more security

household: 5child care: 5elder care: 3shopping: 1ticketservice: 0 3.5% 50,-€ 30.000,- €

no no yes Intranet + hotline

household: 4child care: 4elder care: 1shopping: 1ticketservice: 3 500,-

noafter work drink nobody yes

Intranet (more habit), contact button, telephone

household: 5child care: 5elder care: 3shopping: 2ticketservice: 3 1000,-

yes, recently founded. Will be involved in the future.

so far no, but for the future an issue HR

in general conceivable, but it has to be checked whether there is a need (in general employees have their own network) Intranet+hotline

Post services

household: 3child care: 5elder care: 3shopping: 2ticketservice: 1 300-400,-

Ms Goertz worked for a big company just some time ago and said that she is sure that some kind of service platform or hotline would be interesting for bigger companies with a lot of well educated employees that do overtime and live in big cities.

yes, good cooperation §87

future: fitness, sigma green belt for reductiton of absenteism HR yes!

Intranet & hotlineblue collars have no PC

household: 4 (only HighPo's)child care: 5elder care: 5shopping: 4ticketservice: 4

white collar 1.000,-blue collar ??HighPo's 3.000,-

no wide distribution amongst blue collars!in total range from 500 to 3.000

EXISTING ACTIONS ON EFFICIENCY

Annex 3-13

ARKEMA GmbH (Diversified chemicals manufacturer), Tersteegenstr. 28, 40474 Duesseldorf

Hartmut Erhardt, HR-Director, +49-211-4552-336, date: 14 Aug (Sabine)

700 in Germany (at headquarter 50 % women, at plants less)

30 % of employed women have children 5 80

several cities in East und West Germany company pension scheme

it is hard to compete with big companies like BASF

immunisations and other health programs to keep blue colar workers healthy

Dalkia GmbH (Engery Company), Carl-Ulrich-Straße 4, 63263 Neu-Isenburg

Mr. Kruse, HR-Director, +49 172 747019918 August (Sabine) 300 (75 women) 60 unknown 30 unknown

several cities in East und West Germany salary salary

company pension scheme, 50 % of cost for child care (as far as tax deductable), lots of other social benefits

Conuit GmbH (Consultancy), Schleussnerstr. 42 D-63263 Neu-Isenburg

Jörg Uwer, Founder und CEO, +49 06102-...date 20 Aug (Sabine) 20 (3 women)

not supposed to be public

most male employees have children (number unknown), one women has a child 12 to 15 17

Headquarter in area of Frankfurt, further office in Düsseldorf

company pensions scheme, in future: company participation / share

high flexibility, responsibility company pension scheme

MVV Energie AG, Luisenring 49, 68159 Mannheim

Mrs. Geeb, 0621-2903234 HR / responsible for WLB

6300 employees , (1600 in Mannheim) 25% women, 2,3 Mrd.

in Mannheim: 727 with family, 120 with children

Headquarter in Mannheim, decentral organization

salary according senority, flexible working time, canteene, see also add. Services Audit "Familie und Beruf"

1/2 jobticket organisation and contingent in childcare institution, (parentscoop. for childcare under 3) parents-child office, cooperation with the city of Mannheim, health management, relocation service and cooperation with PME familyservice for high potencials only, start project for elder care and need of care

BakerMcKenzie (Law Firm), Office Frankfurt

Mrs. Trillig HR director Tel. 069 - 299086 (Sabine) 450 in Germany

40% Women, 30% of them with children 180 200

4 cities in Germany

education and professional training, professional development plan, child care support and cost sharing

education and international orientation

cost reduction on fitness studio, special insurance package, the higher position and income the higher the benefits

§87 absenteism HR yes! no PC ticketservice: 4 3.000,- 3.000

yes, gets involved no nobody no no neednot relevant for company WLB not crucialWLB are seen as privat issue.

Mr. Erhardt thinks that rekruiting and retaining talents is not a question of WLB but of offering career perspective, job rotation, etc.

Yes, is involved.future: evt. Kindergarten HR

no, comany too small

no, company too small

household: 3child care: 4elder care: 5shopping: 1ticketservice: 2 WLB privat issueWLB privat issue

Mr.Kruse worked in a company with 7,000 employees before and thinks that companies of that size are interested in a service platform/hotline.

No No Nobody.

yes, if number of female employees would increase significantly. Intranet + hotline

household: 3child care: 4-5elder care: 3shopping: 1-2ticketservice: 1

for employees with annual salary of 50,000 € company could imagine to spend 2-3 % of salary

Mr. Uwer said that small companies like his own prefer individual solutions for private issues. Bigger companies rather need standardized solutions.

yes yes HR

yes quality is very important

intranet / internet + hotline

no grades! Important are all services which cannot be relocated in the evening

50,-€ per employee will be still too much

Mrs. Geeb knows about our project through CC.M, she will participate in our workshop, interesting is, that the cooperation with our competitor PME familyservice is not succesful adopted.

no

yes (child care support,Telejob HR yes

Intranet (no need for hotline if intranet platform)

house hold: 4 child care :5 elder care: 3 shopping service 3 ticket service 2

15 - 20 T €/ year for headquarter F. (100 layer)

WLB platform is not an important competitive advantage for recruiting, but nice to have. Very interested to use our WLB platform. Ask for further contact in the near future.

Annex 4-14

4. ANNEX 4-A QUOTATIONS FROM CEO & HR D IRECTOR OF DEPUY, A

JOHNSON & J OHNSON COMPANY

Johnson & Johnson company, ranked as the world's most respected company by Barron's Magazine (September 2008). Its common stock is a component of the Dow Jones Industrial Average and the company is listed among the Fortune 500.

Harald F. Stock, PhD., Chairman & Managing Director DePuy Germany, a Johnson & Johnson company

“The one and only future competitive advantage will be to attract and retain a new generation of talents who value work-life-balance equally high as they pursue career opportunities. For companies to offer them options to lead a family life AND have a

successful professional career will be crucial. Such a service will be a key cornerstone!”

Kira Goertz, HR Manager DePuy Germany, a Johnson & Johnson company

“In the past, the candidates most frequently asked questions about their career opportunities in our company, but today, these questions focus more and more on their work-life balance. That shows quite clearly that both, their job and their families, are highly important to them. By expressing a clear message like that, the candidates will not ruin their careers. Quite on

the contrary, they will display strength as they prove that their personal environment impacts their career just as much as good professional networking for example.

These candidates, to my mind, are the ones that we ought to attract by innovative concepts!”

Annex 4-15

ANNEX 4-B EXTRACTS FROM STUDIES, BUSINESS WEEK , AND USA TODAY .

“Of the 37,000+ undergraduates surveyed by Universum this year, the No. 1 career goal was to balance personal and professional life. Building a sound

financial base ran a distant third.” “Bait for the Brightest— No time clocks, please. Recent grads don’t mind long hours—if they

can work them on their own time.”

BusinessWeek, September 18, 2006. The Bottom Line on Next Gen Workers. ______________________________________________________

“Unlike boomers who tend to put a high priority on career,

today's youngest workers are more interested in making their jobs accommodate their family and personal lives. They want jobs with flexibility, telecommuting options and the ability to go

part time or leave the workforce temporarily when children are in the picture.”

USA Today, July 2007 ______________________________________________________________________

Employment potentials IW Köln 2008:

- Existing potential through black market legalization and realization of demands

- Scenario analysis resulted into minimum 177,000 and maximum 766,000 full

employment. Realistic is about 300.000 household employees (= mean EU-15)

Benchmarking study, IZA Bonn / ExAkt Berlin 2007

- Germany can learn from good experiences with agencies in France and Belgium

- Supply of services through service checks should be in the centre of promotion

Instruments of employment politics, Uni Duisburg / Essen 2007

- Promotion of setting ups of self-employment business activities

- Financial government support does not reach families and aged people, solutions are

the transfer through check service ticket system

- Subsidies mainly for service agencies

Municipal Praxis, ISS Frankfurt a.M. 2007

- good concepts are existing often in combination with honorary office

- supply offers are existent however absence of aggregated platform

Accent study: Expectations and Achievement: Empowering Women from Within

According an online survey of 2,246 executives from middle and upper management,

German mothers want to go back to work as soon as possible after the child birth. 91%

Annex 4-16

believe that it would be possible to combine their family life, children and job

requirements. The same opinion are only 41% in Great Britain and all the same 70% in

the USA.

______________________________________________________________________

“Most of HR departments are not prepared for the new demographic changes. This HR

manager esteem their own ability dealing with aging staff quite low: on a scale from 0 to 13

they rate their current competence with 2. That’s really low in view of the urgency of the

subject, because they want already tomorrow deal with high priority the consequences of our

aging and reducing population. There is no other resort of HR activities that german personal

manager find more important than the demographic change. On the second priority place we

find talent management and the introduction of learning organisations.”

These are the most important results of the study „Creating People Advantage. How to

address HR Challenges worldwide through 2015“ that was carried out from Boston

Consulting Group (BCG) and World Federation of Personnel Management Associations

(WFPMA) and presented mid April 2008 in London for the first time.

The head of the study, Prof. Dr. Rainer Strack from BCG-office in Düsseldorf, and his

colleagues asked in an online survey worldwide about 4.741 manager, mainly from HR

departments. This survey was completed with 220 HR managers in deep-interviews. In

Germany participated on the interviews the HR directors Matthias Malessa (Adidas),

Zygmunt Mierdorf (Metro), Ulrich Weber (RAG), Ernst Baumann (BMW) and others. Other

exerpts from business journals and benchmark studies confirm the change in HR recruitment

and their consequences.

Annex 5-17

5. ANNEX 5 PEST - MODEL

P olitical

Socio-cultural

E conomical

- Federal, parliamentary, representative democratic republic

- Federal states and federal republic have legislative power

- enhanced income tax subsidies and employment laws for WLM services

-female chancellor and female minister for family affairs leads to political environment that supports working parents

- reversed demographic pyramid

- lowest birth rate in Europe in 2006

- lowest rate for working women in Europe

- increasing number of female high potentials

-lack of qualified employees / war on talents due to demographic developments and unsatisfying German education system

GERMANY

- e-business will increase

- use of internet will increase

Technological

- Recession expected, so that efficiency of humam resources gets important

- due to cost cutting trend to outsourcing

- option to reduce employee’s taxable salary up to 4,000 EUR by ordering WLM services

- option to reduce employee’s income tax up to 2,400 EUR by ordering WLM services

Annex 6-18

6. ANNEX 6 BLACK MARKET IN FRANKFURT

www.joerg-alt.de/Publikationen/Materialanlagen/04Statistik.doc

Summary: In 2001, the Police in Frankfurt controlled 350 households. More than 200

households employed foreigners illegally.

…“Ein weiteres Indiz bezüglich der Verbreitung illegaler Ausländerbeschäftigung in

Privathaushalten ist die 'Trefferquote' einer Razzia, die die Frankfurter

Staatsanwaltschaft durchführen ließ: 350 Wohnungen und Häuser wurden untersucht,

über 200 illegal beschäftigte Haushaltshilfen wurden noch am selben Tag ausgewiesen,

gegen 214 Familien wird ermittelt, d.h. mehr als jeder zweite Haushalt (61 % aller

kontrollierten Haushalte) beschäftigte illegale ausländische Haushaltshilfen. Freilich

sind diese Zahlen per se nicht sonderlich aussagekräftig: Es muss ja bedacht werden,

dass etwa im Bereich der illegalen Haushalts-Putzhilfe hier tätige Personen bis zu sechs

Arbeitsplätze zugleich bedienen, während im Bereich der Alten- und Krankenpflege bis

zu zwei-drei Personen nach einem Rotationssystem ein und dieselbe Person betreuen

(vgl. IV/1.4.).“

Annex 7-19

7. ANNEX 7 PROGNOS AG / BMFSFJ STUDY

Calculation about Costs and economic Benefits for family friendly Activities

Some results:

- a company that does not offer work life balance activities, having 1,500 employees

(45% women ratio), results in about 696,000€ costs per year for parental leave.

- However if the company offers total investments of about 304,000€ for: consulting

and stay-in-contact (about 81,000€), flexible working time (about 10,500€), installation

of 5 home office jobs per year (about 30,000€), and 30 childcare places for own

expenses (about 182,500€) – then the investments for parental leave are reduced to at

least 156,500€. The company saves maximal 235,500€. (Expenses for which no

working performance is delivered) www.work-and-life.de

Annex 8-20

8. ANNEX 8 LECTURE ABOUT TAX BENEFITS BY DR. ZUBER (PCW)

DURING CUSTOMER FOCUS WORKSHOP, 27TH OCTOBER 2008,

MANNHEIM

Tax Advantages for Companies due to the Offer of family friendly Activities for their

Employees:

Example for the comparison of salary increase and childcare subsidy (2 children)

Annex 8-21

Calculated on a base salary (gross) of 2.500€ per month, an investment of 200€ in

childcare subsidy, instead of an equivalent pay raise, results in a benefit of 112€ for the

employee and 25€ for the employer, per month.

Example for the comparison of salary increase and childcare subsidy (2 children)

Calculated on a base salary (gross) of 5,400€ per month, an investment of 200€ in

childcare subsidy, instead of an equivalent pay raise, results in a benefit of 111€ for the

employee and 0€ for the employer, per month.

Annex 9-22

Agriculture & ForestryProducing Industry

Commerce, Gastronomy, and

TransportOther Services

Total Branches of Industry **

IHK (chamber of commerce and industry) Rhine-NeckarHeidelberg, City 281 15.018 13.560 46.669 75.597

Mannheim, City 356 52.358 37.686 68.245 158.785

Neckar-Odenwald-District 408 17.880 6.289 15.211 39.791

Rhein-Neckar-District 1.123 50.558 30.495 58.126 140.315

Total 2.168 135.814 88.030 188.251 414.488

IHK PfalzFrankenthal (Pfalz), City 133 6.784 3.170 5.447 15.534

Landau in der Pfalz, City 91 3.281 4.706 10.687 18.767

Ludwigshafen am Rhein, City 383 46.042 10.606 29.618 86.652

Neustadt an der Weinstraße, City 252 3.225 3.989 7.427 14.952

Speyer, City 56 6.300 4.926 11.460 22.742

Bad Dürkheim 835 7.873 6.712 11.995 27.417

Germersheim 538 19.937 7.858 9.935 38.271

Südliche Weinstraße 784 7.454 5.847 8.817 22.905

Rhein-Pfalz-District 2.260 6.467 6.547 7.031 22.308

Gesamt 5.332 107.363 54.361 102.417 269.548

IHK Darmstadt

Bergstraße 792 31.898 20.969 34.477 88.143

IHK Rheinhessen

Worms, City 222 8.624 7.067 10.847 26.771

Metropolregion 8.514 283.699 170.427 335.992 798.950

** Including employees without indication about industrial sector

Administrative District

9. ANNEX 9 EMPLOYEES WITHIN THE SCOPE OF NATIONAL

INSURANCE IN METROPOLREGION RHINE -NECKAR , JUNE 2007

Population Forecast

97%

98%

99%

100%

101%

102%

103%

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Metropolregion Rhein-Neckar Westdeutschland Deutschland

Annex 10-23

2006 Sales in Mio € Number of Employees in ZMRNUnternehmensgruppe Freudenberg,Weinheim 4.837 33.420Wincanton GmbH,Mannheim 2.600 30.000Südzucker AG,Mannheim/Ochsenfurt 5.347 19.903SAP AG,Walldorf 9.400 14.200TÜV Pfalz Anlagen und Betriebstechnik GmbH,Ludwigshafen 796 9.227Roche Deutschland Holding GmbH,Roche Diagnostics GmbH,Mannheim 3.715 7.044MVV Energie AG,Mannheim 2.275 6.338Röchling-Gruppe,Mannheim 105 6.041SV Sparkassen Versicherung,Mannheim 2.800 5.000Universitätsklinikum Mannheim,Mannheim 250 4.470MLP AG, Wiesloch 588,1 4.306Pepperl & Fuchs GmbH,Mannheim 310 3.450SRH Holding, Heidelberg 170 2.700TÜV Süd Baden-Würtemberg GmbH,Mannheim 199 1.625Sparkasse Heidelberg,Heidelberg 5.543 1.300Saint-Gobain Isover G+H AG,Ludwigshafen 361 1.213Siemens AG Niederlassung Mannheim,Mannheim 350 1.160Technische Werke Ludwigshafen am Rhein AG (TWL),Ludwigshafen 213 1.052Sparkasse Rhein Neckar Nord,Mannheim 4.349,90 993Pfalzwerke Aktiengesellschaft,Ludwigshafen 1.023 787SAS Institute GmbH,Heidelberg 152 730Sax + Klee GmbH Bauunternehmung,Mannheim 65 570Rhein Chemie Rheinau GmbH,Mannheim 302 550ProMinent Dosiertechnik GmbH,Heidelberg 91 515Quoka Verlag GmbH,Lampertheit no information 505Volksbank Rhein-Neckar eG,Mannheim 2.126 439Paul Fierek Spedition GmbH,Weinheim 20 150MTG Mannheimer Transport Gesellschaft Bayer, Mannheim 23,1 150WOB AG,Viernheim 79,3 102Odenwälder Kunststoffwerke Gehäusesysteme GmbH,Buchen 13 81SHE Informationstechnologie AG,Ludwigshafen 9 80Palatin Kongresshotel und Kulturzentrum GmbH,Wiesloch 4 69Weldebräu GmbH & Co. KG,Plankstadt 11 45zetVisions AG,Heidelberg no information 40Müllerdruck Mannheim,Mannheim 4 35Planungsbüro PISKE,Ludwigshafen 2,2 20

10. ANNEX 10 MEMBERS OF ZMRN E.V. (ZUKUNFT

METROPOLREGION RHINE NECKAR , REGISTERED SOCIETY )

Annex 11-24

42%43%43%44%44%45%45%46%46%

30.6.199

9

31.12.19

99

30.6.200

0

31.12.20

00

30.6.200

1

31.12.20

01

30.6.200

2

31.12.20

02

30.6.200

3

31.12.20

03

30.6.200

4

31.12.20

04

30.6.200

5

31.12.20

05

30.6.200

6

Metropolregion Rhein-Neckar Westdeutschland Deutschland

Employees within the scope of national insurance in Metropolregion Rhine-Nackar, June 2007

2005 2006 2007

12%

0

100.000

200.000

300.000

400.000

500.000

600.000

700.000

800.000

900.000

1 2 3

Year

Num

ber of E

mpl

oye

es

42%

44%

46%

48%

50%

52%

Jan

05

Mrz

05

Mai

05

Jul 0

5

Sept 0

5

Nov 0

5

Jan

06

Mrz

06

Mai

06

Jul 0

6

Sep 0

6

Nov 0

6

Jan

07

Metropolregion Rhein-Neckar Westdeutschland Deutschland

6%

7%

8%

9%

10%

11%

12%

13%

Jan 05

Mrz 05

Mai 05

Jul 0

5

Sept 05

Nov

05

Jan 06

Mrz 06

Mai 06

Jul 0

6

Sep 06

Nov

06

Jan 07

Metropolregion Rhein-Neckar Westdeutschland Deutschland

11. ANNEX 11: SITUATION IN METROPOLREGION RHINE -NECKAR ,

JUNE 2007

Women ratio amongst employees within the scope of national insurance

Unemployment rate

Women ratio within unemployment rate

Annex 12-25

12. ANNEX 12 FAMILY FRIENDLY WORKING CONDITIONS IN

RHINELAND -PALATINATE

http://www.familienfreundlichkeit-rlp.soziologie.uni-

mainz.de/Dokumente/executive_summary.pdf

Annex 13-26

Generation Veteran Boomer Xer Generation YMillennial

Leadership Hierarchy Consensus Competence Pulling together

Feedback No news is good news

Once a year withdocumenta-tion

ATM-Interrupts and asks how they are doing

“Gamer Generation”—touch of a button; 500 X

Work Ethic Work hard, save money;

what is play?

Work hard; play hard; worry about

money

Work hard, if it doesn’t interfere with play; save

money

Good grades; make others pay; save money

Balance Don’t quite get it

Sandwich generation Want balance now Need flexibility to create it

Generation Veteran Boomer Xer Generation YMillennial

Leadership Hierarchy Consensus Competence Pulling together

Feedback No news is good news

Once a year withdocumenta-tion

ATM-Interrupts and asks how they are doing

“Gamer Generation”—touch of a button; 500 X

Work Ethic Work hard, save money;

what is play?

Work hard; play hard; worry about

money

Work hard, if it doesn’t interfere with play; save

money

Good grades; make others pay; save money

Balance Don’t quite get it

Sandwich generation Want balance now Need flexibility to create it

13. ANNEX 13 ACTUAL NUMBER OF EMPLOYEES IN THE

METROPOLREGION

Metropolregion Rhine Neckar 2006, total population 758.458Age

Veterans 63-81 20.000Boomers 44-62 260.000GenXers 29-43 310.000Millennials 6-28 160.000

Source: MRN Wirthsaftsmontoring

Birth Year1927

Birth Year 2002

Birth Year 1946

Birth Year 1965

Birth Year 1980

Veterans

1927 to 1945

Boomers

1946 to 1964

GenXers

1 965 to 1979

Millennials

Generation Y

1980 to 2002

100.000

200.000

300.000

400.000

Source: MRN Wirthsaftsmontoring

Birth Year1927

Birth Year 2002

Birth Year 1946

Birth Year 1965

Birth Year 1980

Veterans

1927 to 1945

Boomers

1946 to 1964

GenXers

1 965 to 1979

Millennials

Generation Y

1980 to 2002

100.000

200.000

300.000

400.000

Annex 14-27

14. ANNEX 14 EMPLOYEES AS EMPLOYER

Private households as employer

- The number of employment within the scope of national insurance stuck for

years in 35 000 among 6 400 so called Mini-jobs up to 400 Euro.

- Home help are required only for 4 to 5 hours per week.

Gap between potential and actual utilization

Annex 14-28

- 11% of households (about 4.5 Mio) have a paid ‘home help’

- further 24% could imagine so

Barriers not to use a home help (blue: would not use this service, orange: would

use this service in future):

1 – I do not need help for such work, my family members help

2 – I can do the necessary work for my own

3 – a external help is too expensive

4 – I prefer to do everything alone

5 - I don’t want to have a foreigner in my household

6 – the whole organizational expenditure is not profitable for me i.e. to look for

somebody, the payment etc.

7 – I am afraid about the administration needs from institutions and departments

8 – I don’t have time to look after a suitable person for help

9 – I cannot find somebody suitable

Source: Allensbacher Archiv, IfD-Umfrage 10015, Januar 2008

Annex 15-29

Supplyer / Organisation Services costs employees qualification notes

www.m-r-n.com all types of childcare direct contact,

internetportal to link creche, kindergarden offer of future collaboration

demand with supply, nanny company workshops

(search engine) babysitter

Chamber of Commerce,Mannheim homework

Metropolregion Rhein Neckar schools

( still non profit) holiday camps

could be future supplier

Familiengenossenschaft e.G. childcare, nannys, urgency service

Metropolregion Rhein Neckar

B2B, direct support to

member companies

daymother association

www.familienservice.de childcare, nannys, babysitter allocation service fixed qualificated biggest competitor

B2B serviceprovider company own kindergarden paid by company, individual staff, personal

interregional, Austria, Swizz elder care services by search check

references with a lot of big homecare employees additional

companies concierge services qualification

coaching, consulting services

Childcare

certification by youth welfare offices

special nanny/ day mother qualification programm

babysitter diplom

organized in collaboration with companies

15. ANNEX 15 - A INTERVIEWS WITH SUPPLY AREA RHINE NECKAR

Annex 15-30

Supplyer / Organisation Services costs employees qualification notes

www.asl-rhein-neckar.de All services around houshold 29,99€ / h one-time fixed clearence phone or e-mail

Tel. 06222 / 768062 Child care 21,99 / h regulary cerificate contact on e-mail

Mob. 0177 / 797 1108 Elderly care (not nursery services) 25,99 / h weekend personal check with prompt reply

Serviceprovider B2C Home sitting incl. environment phone call with the head

Franchise Pet sitting brokerfees: and home office & Rhine Neckar

interregional in 30 cities Private Concierge Service 390,-€ - 590,-€ and home potential future supplier!

interest in colaboration

www.diehaushaltshilfen.de Cleaningservice (B2B and B2C) 16,-€ / h fixed clearence contact on phone

Tel.06202-9259575 Homecare (cleaning, washing, ironing 15,-€ / h (20h) insurances certificate

Serviceprovider cooking , shopping, errands) 2,-€ weekendsupl. personal check main demand in

mainly B2C, some B2B Childcare, Babysitting, Homework 3.80€ allocation cleaningservices

(Offices,medical practices) Eldercare (without nursery service) less childcare

Franchise, 16 partners Shoppingservice, Conciergeservice potential future supplier!

covers Rhine -Neckar aera in Gardening, Winterservice, Reparation interest in collaboration

20 cities! Petsitting

Homesitting

www.myservicecompany.de Homecare (cleaning, washing, ironing, no availability on

Tel. 06204 / 918396 carwash, shopping, cooking, errands) phone, no answer

Mob. 0178 / 8267521 Homesitting machine

Serviceprovider B2B / B2C Petsitting contact on e-mail

regional Rhein-Neckar Gardening no feedback

broad serviceoffer Leisureservices (partyorganisation, according later contact

presents, tickets, Restaurantreserv.) no interest for colaboration

Travelservices (holiday, rent a car,

hotel etc.)

Eldercare (no medical care!)

B2B services: Cleaning, Travelservices

Partyorganisation, Relocation, Office-

and Marketing services..

Provider of bundled services 1/2

Annex 15-31

Supplyer / Organisation Services costs employees qualification notes

www.notmütterdienst.de childcare, nanny 12,50 / h freelance qualification (phone contact)

Familien- und Senioren- eldercare 100,-€ all day depends on 24h hotline!

service.eV, member of housecare (i.e. in case of illness) need

Deutscher Paritätischer familysupport personal future supply source in

Wohlfahrtsverband check case of emergency

Organisation, which

arrange temporary urgency and

and bridgeover services

non profit

www.betreut.de childcare, nannys, homework depends on depends on no quality only via internet

member of "Erfolgsfaktor babysitting agreement individual check, just link of

Familie", TÜV certification eldercare agreement supply and demandfuture supply source,

Internetplatform to link petsitting but transparence to contact day mothers,

demand and supply , 55.000 members due user grading babysitters, etc. but

registration is necessary system qualification has to be

registration is gratuit but for use improved by WLM-Agency

membership fee between 9,-€ / 29,-€

www.diefamilienagentur.de childcare, au pair, brokerfee 1.5 / 2x fixed qualification via internet or hotline

Internetplatform homecare (including all services) of monthly pay roll employees depends on (contact on phone)

to link demand and supply eldercare 23,80€ / h for direct i. Frankfurt individual

interregional service need potential future supplier

direct service in the area of personal interest in colaboration

Frankfurt and Taunus establishment of local

organisation of cheaper branch in Rhine-Neckar

est europeen employees possible

www.haushelden.de childcare, babysitting no qualification only via internet

Internetplatform eldercare check future supply source, but

to link demand and supply homecare, gardening qualification has to be

interregional improved by WLM-A.

Provider of bundled services 2/2

Annex 15-32

www.deutsche-seniorenbetreuung.de24h of nursery service and elderly care broking of direct phone contact

contact :089 / 203 210 7 - 0. german and potential future supplyer!

Mr. Meyer east european interest in colaboration

staff

www.pflegeagentur24.de 24h of nursery service and elderly care 49,50€ per day, 1485,-€ perbroking of certification basing

montzh german and on individual need

east european

staff

Supplyer / Organisation Services costs employees qualification notes

www.caretaker.de different concierge services: company pays monthly direct phone contact

B2B concierge services employee concierge services with a fee for allocation of not open for giving

Hamburg, München, Stuttgart, very broad offer to cover all needs concierge service detailed information

Berlin, Düsseldorf, Kiel of employees in WLB, including employee pays services competitor !!

open to go under contract in childcare

Mannheim

(clients: DB, T-mobile)

www.cleanpark.de

car wash service chain

Rhein Neckar aerea,

and interregional

www.autowaschen.de

internet portal to find

local carwash services

www.branchen-info.net

internet portal to find

local car wash services

www.pfitzenmeier.de high quality fitness studios with

12 branches in Rhein-Neckar spa area and good services

B2B contracts (personal experiance)

Supply for Elderly Care

Car Wash

Fitness

Concierege services

Annex 15-33

"Shirtrunner"

local Serviceprovider,

fetch-and bring service

www.Gemüsekiste.de biological vegetables and fruits

Internetplatform, interegional

www.dirksbiokiste.de biological vegetables and fruits

online shop, Rhein Neckar

www.obstline.de fresh fruits, delivered to employees

onlineshop, interregional

focused on B2B

www.bio-logisch.es bio food

onlineshop interegional

www.bauckhof.de demeter / bio food

onlineshop interegional comprehensive product offer

www.obstkiste.de fruits

onlineshop interregional

www.aqualieferung.de drinks

onlineshop interregional

www.getränkesurfer.de drinks

internetportal to find

local drink supplyer

Food / Shopping Services

Cloth Washing and Ironing

Annex 15-34

ANNEX 15 B - COMPANIES WHO CONFIRMED THEIR HIGH INTEREST IN

FUTURE COLLABORATION WITH WLM-A GENCY:

www.asl-rhein-neckar.de

Service company offers services around household, child care and elderly, franchise concept with 30

franchise partners in Germany Ccontact with Mrs. Octavia Sauer)

www.diehaushaltshilfen.de

Service company offers services around household, child care and elderly, franchise concept with 20

franchise partners in Germany, just started in the Rhine-Neckar aerea with main focus on services around

household (Contact with Mrs. Stoiber)

www.diefamilienagentur.de

Service company offers services around child care, elderly care and household. Fixed employees in the

area of Frankfurt and Main-Taunus to provide services on a hourly base. Broking of East European staff

and au pairs, all over Germany. Possibility to open a branch in Rhine-Neckar area. (Contact with Mrs.

Kubis)

www.deutsche-seniorenbetreuung.de

Service company offers mainly care and nursery services for elder people. Broking of East European

staff. (Contact with Mr. Meyer)

www.persigno.de

Service company, offers services around child care, elderly care and household. Located in Berlin. Fixed

certified employees available on a hourly contract. Award of best house cleaning company. (Contact with

Mrs. von Gierke)

Annex 15-35

ANNEX 15 - C QUOTATIONS OF SUPPLIERS IN AREA RHINE

NECKAR

“We just discussed about our next strategic steps in entering directly in contact with companies to offer

our services”

Christiane von Gierke, Manager of Persigno GmbH, Service provider company, Berlin . - Potential future

supplier.

“ We have a growing request of our services from persons, who have to manage the balance between

their professional live and their private live”

Monika Müller, ASL GmbH, Service provider company with franchise partners all over Germany. -

Potential future supplier.

„Ursula von der Leyen awards the 12 best projects of the programm „Company family – innovation

through family supporting services“ - Family supporting services create dividends!“

Newsservice, Berlin 08.04.2008, Bundesministerium Familie, Senioren, Frauen und Jugend

Annex 16-36

16. ANNEX16 COMPETITIVE COMPARISON VERSUS WLM-A GENCY

*low, **medium, ***good, ****excellent

Company Exclusivity Local Excellence WLM Service Offer Ease of Handling Quality Payment system

WLM Agency **** **** **** **** **** ****Electronic Marketplace only available for strong local focus, bundle of WLM services quick and easy, per mouse- high quality due to clearly simple,

companies customer proximity childcare, elderly care, click and hotline,

high quality due to clearly defined quality standards fixed membership fee for

under contract, household services preselection + control of and quality control companies,

B2B certified service poviders employee pays services

PME Familienservice GmbH **** *** ** ** ** **Consulting only available located in focus mainly on childcare, time consuming due to quality standard according complicated

Service placement for companies 26 cities in own kindergartens, extensive consulting before individual demand credit point system,

under contract, Germany, Austria organize nanny education, service placement lack due missing competition company pays for consulting

B2B Switzerland starts elderly care, WLM and service placement,

employee pays services

directly to the provider

Besser betreut GmbH * * ** ** * ***Electronic Marketplace available for all over Germany childcare, elderly care permanent service offers no quality control simple,

everybody, pet care, after registration, contact no quality standards monthly user fee,

B2C no houshold services to service provider via payment of

email, no hotline, service provider directly by users

process of selection difficult

Caretaker GmbH **** no information ** no information ** no information

Concierge System only companies present in 5 cities no specialisation on WLM, inhouse concierge system quality of WLM not reliable fixed payment for allocation

under contract, in Germany offices, estates, seniors. (no further information) due to missing experience of concierge system,

B2B employees, neighbor ship in this area payment of provided services

Public Institutions * **** * ** ** **(i.e. municipal kindergarten) available for strong local focus no bundle of WLM services, selection process difficult, quality standard depends on complicated payment system

everbody, B2C / B2B focus on individual services limited availability institution and region, due to the mixture of

very small offer of like i.e. childcare suffer due to lack of finance public and individual

company contingents payment systems

Black Market * **** * * * *available for strong local focus offer of individual services, time consuming quality standard depends on payment directly,

everybody, B2C, mainly housecleaning limited availability individual skills, no reliability legal risks

legal risks lack of certification and control

Annex 17-37

17. ANNEX 17 VISION – MISSION – VALUE – OF THE WLM-A GENCY

Our Vision

Our Work-Life Management-Agency enables companies to make a difference in being an

attractive employer on the labor market. We support the company's efforts in hiring and

retaining high potential employees. On short term we increase efficiency and effectiveness of

employees, and we enhance sustainable economic benefits for the company's business profit.

Our Mission

Our first responsibility is to deliver WLM services, with the highest speed, quality, and

reliability to companies through various service suppliers, contributing to the productivity and

health of its employees. We combine regional service suppliers with surrounding clients who

want to offer Employee Assistance Programs to their workforce. We are exclusive and

specific in our service portfolio.

Our Value

We share our clients' commitment to excellence. We appreciate that each of our partnership is

unique and requires the balance of proven strategies, creative thinking and a tailored plan. Our

innovative and unique programming design features provide our partners with leading edge

approaches necessary to solve the complex issues related to the design, implementation and

management of a service line of distinction. Our partners enjoy the benefit of working with

the WLM-Agency, because strong employer branding is an essential asset in its “war for

talent”.

Annex 18-38

18. ANNEX 18 BREAK EVEN-, SCENARIO -, SENSITIVITY -ANALYSIS ,

AND RISK M ITIGATION

BREAK EVEN ANALYSIS

Using our base scenario we can project our revenues from “all markets”, our cost functions and the progression

of our net income. Using this “accounting” view we determine a break even of 130 sales of contract and a

payback period of less than four years. Taking the time value into account will lead to a different break-even

analysis (see sensitivity analysis).

Our costs are mainly composed of salaries (WLM CC services) on the one hand and on investment on the other

one (e-platform and Knowledge center). We can notice that our investment policy should start getting its return

back in the fourth to fifth year were service costs starts to growth slower than revenues.

We expect a compounded growth in revenue of around 300% during the first four years and much lower rate of

growth during the fifth year to eventually turn to steady pace of 1,5% per annum later on. We actually foresee a

more mature and competitive market in six to seven year time. This is the reason why our strategy roadmap is

pointed toward “high flying” brick & mortar services after five year of service brokerage. In this top pyramid

segment, services are broader, more customized and the market is global (transnational).

-8 000 €

-6 000 €

-4 000 €

-2 000 €

- €

2 000 €

4 000 €

6 000 €

8 000 €

10 000 €

6 20 42 129 205

Thousands CUM REVENUES (€)

CUM COSTS

Cum Net Income

Polynomial (CUM COSTS)

Polynomial (CUM REVENUES (€))

Annex 18-39

From an equity owner viewpoint we are interested in a payback period or break-even analysis based on a more

accurate cash analysis or even on a discounted cash analysis (see sensitivity analysis).

Our business starts to generated a positive and growing free cash flow during the fourth year, the payback period

is 4,3 years on the basis of the cash generated, it is five years when taking into account the time value (see firm

valuation for detail of the NPV computation).

Figure 2 WLM Free Cash Flow Figure 1 WLM Cumulative FCF

Base option

Free Cash Flow

-600

-400

-200

-

200

400

600

800

1 000

1 2 3 4 5 6 7

Thousands €

Years

Base option

Free Cash Flow

-600

-400

-200

-

200

400

600

800

1 000

1 2 3 4 5 6 7

Thousands €

Years

Base option

Cumulative Free Cash Flow

-600

-400

-200

-

200

400

600

800

1 000

1 2 3 4 5

Thousands €

Years

Base option

Cumulative Free Cash Flow

-600

-400

-200

-

200

400

600

800

1 000

1 2 3 4 5

Thousands €

Years

Annex 18-40

SCENARIO ANALYSIS

To anticipate on various conditions as well as to understand the profitability limits of our business we elaborated

three different business scenarios, each with its own costs, investment timing and amounts as well as funding and

marketing execution programs.

The first scenario (or high growth hypothesis) made an emphasis on a steep and strong growth rate during the

first five years. To cope with this environment the number of employees in sales, supply and in the customer care

center is important. Revenues will sore to 13M€ in the fifth year, 3.5 times the sales of our base case.

Cumulative Free Cash flow reaches 2,5 M€ and the business is valued at around 3,6 M€ (Net present value).

The second scenario (or base case) is an ambitious development of our business model yet realistic. We have

chosen this scenario as the red line of our business plan and we strongly believe we can achieve the development

presented. Revenues reach 3,9 M€ in the fifth year, cumulative free cash flow reaches 0,8 M€ and the business is

valued at around 1 M€.

The third scenario (or low hypothesis awareness) take into account a slow market penetration and reflects a

lower pace of “family awareness” than we expect. This scenario leads to destruction of value creation under the

assumption we made, yet it would be viable and of a better value creation under a downsized cost structure (i.e.

full roll out with mini jobs, less IT investment). Revenues amounts for 1,5 M€ in the fifth year, cumulative FCF

reaches 115K€ and the business as a negative NPV of 240K€.

We can notice that our growth hypothesis do not proportionally unfold an equivalent free cash flow as our base

scenario (3,5 times the revenue and only 2 times the value). As our model is labor intensive at this stage, a

particular attention shall be given to master our growth. Figure 3 below shows the different business resources

for each scenario and the global costs of each function. We made the same assumptions on pricing for the three

scenarios

Free Cash Flow

-1 000

-500

-

500

1 000

1 500

2 000

2 500

3 000

1 2 3 4 5 6 7

Thousands €

Years

Free Cash Flow Base option

Free Cash Flow High Growth

Free Cash Flow Low Awarness

Free Cash Flow

-1 000

-500

-

500

1 000

1 500

2 000

2 500

3 000

1 2 3 4 5 6 7

Thousands €

Years

Free Cash Flow Base option

Free Cash Flow High Growth

Free Cash Flow Low Awarness

Scenarios Financial expectations

3 647

1 043

-241 -500

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

Tho

usan

ds €

NPV High Growth NPV Base option NPV Low Awarness

Annex 18-41

We can notice the that resources unfold faster than revenues in our scenarios, the growth scenarios generated 3,5 times more revenue than our base case, yet it requires 5 times

more resources costs to deliver. Also there are synergies in sales and sourcing, teams request to be managed and generate line managers staffing meanwhile our customer care

center remains staffed to the same level.

Figure 3 Scenarios Resources Details

Input Data Y1 Y2 Y3

High Realistic Low High Realistic Low High

Global Metrics

TOTAL FUNCTION COST 167 075 € 162 005 € 158 461 € 336 462 € 222 034 € 207 902 € 1 721 698 € Wage growth Rate 3% 3% 3% 3% 3% 3% 3%Coupounded wage Rate 103% 103% 103% 106% 106% 106% 109%Price Inflation rate 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5%Coupounded Inflation Rate 104% 104% 104% 107% 107% 107% 111%Employee Headcount 8 8 8 10 8 8 19 Nb of line managers - - - - - - 3 1. Call center / Customer services 62 878 € 60 810 € 59 259 € 112 151 € 97 991 € 88 767 € 691 071 €

Nb of expert 7 7 7 7 7 7 8Manager (1 from 7 to 20 persons) 20 0 0 0 0 0 0 1

2. Supply Management 88 169 € 87 548 € 87 341 € 95 727 € 91 156 € 90 728 € 120 959 € Nb supplier B2B 8 5 4 16 10 8 40Nb of supply Manager 10 1 1 1 2 1 1 4

3. Sales & Marketing 2 070 € 1 242 € 621 € 88 851 € 4 285 € 2 692 € 393 679 € Sale force (Nb) 1 0 0 0 1 0 0 4Sales Managers 20 0 0 0 0 0 0 0

4. IT Support 6 875 € 6 875 € 6 875 € 23 136 € 17 636 € 17 636 € 130 444 € Nb of IT Poeple 0 0 0 0 0 0 1

5. General administration 7 083 € 5 530 € 4 365 € 16 598 € 10 966 € 8 079 € 385 547 € Quality Manager 70 000 € 0 € 0 € 0 € 0 € 0 € 0 € 76 491 €Trainer 0 0 0 0 0 0 2Quality Manager nb 0 0 0 0 0 0 1Nb of people (General Management) 0 0 0 0 0 0 0 1

Y4 Y5

Realistic Low High Realistic Low High Realistic Low

969 099 € 775 677 € 3 908 995 € 2 034 202 € 1 123 666 € 7 371 117 € 2 298 526 € 1 303 462 € 3% 3% 3% 3% 3% 3% 3% 3%

109% 109% 113% 113% 113% 116% 116% 116%3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5%111% 111% 115% 115% 115% 119% 119% 119%10 7 35 17 11 57 18 12 1 1 5 4 1 7 4 2

427 557 € 430 132 € 1 691 541 € 820 131 € 535 951 € 2 922 381 € 931 414 € 542 669 € 5 5 18 8 6 30 9 60 0 1 1 0 2 1 0

101 215 € 96 468 € 131 482 € 107 627 € 105 791 € 155 510 € 110 714 € 108 813 € 18 10 45 20 12 45 20 121,5 1 5 2 2 8 2 2

186 210 € 91 674 € 1 433 747 € 655 211 € 196 435 € 2 726 302 € 750 001 € 312 453 € 2 1 10 5 2 13 5 30 0 1 1 0 1 1 0

122 744 € 33 984 € 186 130 € 161 130 € 148 430 € 683 058 € 200 598 € 106 788 € 1 0 1 1 1 4 1 0,5

131 373 € 123 420 € 466 095 € 290 104 € 137 060 € 883 866 € 305 799 € 232 739 € 0 € 0 € 78 786 € 78 786 € 0 € 81 149 € 81 149 € 81 149 €

0 0 1 1 0 2 1 00 0 1 1 0 1 1 11 1 2 1 1 3 1 1

Annex 18-42

SENSITIVITY ANALYSIS

A major issue, difficult to solve using our scenario analysis, is to understand which business driver will have the

major influence over the company results. To understand the main driver we choose four different parameters of

our business model:

• Contract revenues (Sales)

• Pricing option

• Customer Care Center Activity (related to the number of call)

• Cost of equity (WACC)

The two first drivers are marketing drivers, the second is an operational driver and the fourth represents our

capacity to access to financial resources.

We conducted a sensitivity analysis on the firm NPV by driving the change on each lever while keeping a constant

perimeter on other business drivers. Our base case scenario is use as reference in each simulation (marked in green

in) .

Main results:

As shown by the summary in graph (Figure 4 Main business drivers) the WLM agency value is very sensitive to

the marketing execution in term of pricing and sales. To start creating value our business needs to market 130

contracts at an average pricing of 17,7K€.

On pricing:

Over the 5 years growth period, a pricing policy of –35% is bringing a loss of value and a positive perpetuity. All

other drivers being fixed, a pricing policy of around –37% in average (vs. our base case) will start destroying

value. Taking into account our pricing “spread” and sales volume, the contract average revenue for our base case

is 17,7 K€. The average revenue to reach the break even is 11,1 K€. This is leading to a total of 2,2 M€ revenue to

break even.

Price Sensitivity Growth Perpetuity (Y0) Price var Nb of Contracts Y5Revenue/contractDisount Rate H0 39% 30% 1,5%Beta H0 1,90 1,70 Risk Premiun 18,5% 15,5%Risk Free Rate 3,5% 3,5%

NPV HR 1 065 809,50 € 1 903,29 € 1 063 906,21 € 0% 205

NPV H0 3 438 212,06 € 1 251 170,78 € 2 187 041,28 € 100% 205 NPV H1 -526 573,13 € -503 343,58 € -23 229,56 € -50% 205 NPV H2 -1 559 983,96 € -944 399,17 € -615 584,79 € -75% 205 NPV H3 312 525,28 € -105 596,73 € 418 122,01 € -30% 205 NPV H4 104 896,16 € -200 897,19 € 305 793,35 € -35% 205 NPV H5 -72 479,18 € -287 172,95 € 214 693,77 € -40% 205

Price Sensitivity Growth Perpetuity (Y0) Price var Nb of Contracts Y5Revenue/contractDisount Rate H0 39% 30% 1,5%Beta H0 1,90 1,70 Risk Premiun 18,5% 15,5%Risk Free Rate 3,5% 3,5%

NPV HR 1 065 809,50 € 1 903,29 € 1 063 906,21 € 0% 205

NPV H0 3 438 212,06 € 1 251 170,78 € 2 187 041,28 € 100% 205 NPV H1 -526 573,13 € -503 343,58 € -23 229,56 € -50% 205 NPV H2 -1 559 983,96 € -944 399,17 € -615 584,79 € -75% 205 NPV H3 312 525,28 € -105 596,73 € 418 122,01 € -30% 205 NPV H4 104 896,16 € -200 897,19 € 305 793,35 € -35% 205 NPV H5 -72 479,18 € -287 172,95 € 214 693,77 € -40% 205

Annex 18-43

On Sales:

Value creation on sales volume start at around –40% of our base scenario, which give 165 contracts sales over the

five years growth period to break-even

Nevertheless, the firm value is also sensitive to our customer care center activity in a more linear way (yet not

totally) and to our access to reasonable funding cost.

Sales Sensitivity Growth Perpetuity (Y0) CCC Activity Y5Contracts Y5 VarDisount Rate H0 38% 18% 1,5%Beta H0 1,90 1,70 Risk Premiun + Comp Specific 18,5% 15,5%Risk Free Rate 3,5% 3,5%

NPV HR 1 065 809,50 € 1 903,29 € 1 063 906,21 € 29 615 205 %

NPV H0 2 612 965,83 € 968 282,43 € 1 644 683,41 € 59 230 410 100%NPV H1 798 496,45 € 157 253,65 € 641 242,80 € 29 615 205 0%NPV H2 -273 937,16 € -375 400,65 € 101 463,49 € 14 807 103 -50%NPV H3 397 099,10 € -25 589,99 € 422 689,10 € 23 692 164 -20%NPV H4 157 644,33 € -141 608,81 € 299 253,13 € 20 730 144 -30%NPV H5 -1 142 474,09 € -769 464,69 € -373 009,40 € 7 404 50 -76%

CCC Activity sensitivity Growth Mature Perpetuity (Y0) CCC Activity Y5 Contracts Y5Disount Rate H0 31% 31% 15% 2%Beta H0 1,90 1,90 1,70 Risk Premiun 6% 6% 6%Risk Free Rate 4% 4% 4%Market Practice 16% 16% 1%NPV HR 1 065 809,50 € 1 903,29 € 0,00 € 1 063 906,21 € 205 29 615 %

NPV H0 1 546 610,93 € 191 861,22 € 0,00 € 1 354 749,72 € 205 59 230 -50%NPV H1 1 065 809,50 € 1 903,29 € 0,00 € 1 063 906,21 € 205 29 615 0%NPV H2 663 630,35 € -209 297,64 € 0,00 € 872 927,99 € 205 14 807 50%NPV H3 189 021,18 € -497 671,35 € 0,00 € 686 692,53 € 205 88 844 100%NPV H4 -16 520,24 € -609 741,33 € 0,00 € 593 221,09 € 205 74 037 125%NPV H5 -334 694,50 € -930 225,11 € 0,00 € 595 530,61 € 205 44 422 150%

Annex 18-44

NPV Sensitivity Analysis

WACC 18%

Sales +100%

Price +100%

Activity -50%

Market P

rices

Market S

ales

CCC activity

WACC

WACC 40%

Price -30%

Sales -20%

Activity +50%

WACC 50%

Sales -30%

Price -35%

Activity +100%

Sales -75%

Activity +125%

Price -50%

Acticity +150%

Sales -50%

Price = -40%

Price -75%

-2 000 000

-1 000 000

-

1 000 000

2 000 000

3 000 000

4 000 000

Fig

ure 5 M

ain busine

ss drivers

Annex 18-45

RISKS M ITIGATION

From our various analyses we can identify the fundamental risks of our model and mitigate them.

Growth burst and Growth uncertainty

Our scenario analysis shows that growing with profitability is possible under accurate tuning of our resources.

Training, timing and workload is key to our model this is why we intend:

To invest into an e-platform in order to automate most basic interaction like choosing, ordering, paying and rating

a service.

To invest into a knowledge center (share database) allowing economy of scales

To recruit a professional Trainer/HR manager and a quality Manager in the course of the fourth year of business

Uncertainty on our growth rate may obliged us to change the course of action during our business implementation,

this is one of the reason we choose to go in two phases, each one allowing new funds to sustain the business.

Marketing execution

We are faced with two issues, one regarding our pricing level and model, the other one with the sales

effectiveness.

• Regarding our pricing model level, our service relies on:

Quality: our membership fee comprises an exclusive access to our CCC, the possibility to rate the services and the

option to order on line.

Sourcing of “Good enough family services” to broker: we intend to hire sourcing managers and a quality manager

after the first two years of operation.

Regarding our sales effectiveness we intend to initiate sales trough valued network such as the chamber of

commerce, the national organization dedicated to “family awareness” while at the same time building a strong

image around our platform.

• Cost of labor

Annex 18-46

As our business is labor intensive we will have to carefully control our recruitment in term of volume and salary

level. We may be using “mini jobs” contracts system in order to reduce our wages, at least during the “seed” phase

(two first year of growth period).

As a service broker, supporting our members with a customer care center a particular attention shall be given to

our cost per call. We can see that our model cannot support, in average, more than a 2,5 fold increase in time

spend per active user more specifically once our model switched to a more establish organization (after 2 years).

Our CCC activity is estimated based on two parameters, the usage rate of our brokerage platform on the one hand,

and the average time spend (per annum) to support membership requirement on the other one. During our

deployment phase, the WLM brokerage platform usage rate growths from 30% to 40% and the average time per

(derived from the number of supported transaction per user) decrease from 3,5 hrs to 1,1hours. To mitigate the risk

here we intend to invest in an IT platform (in order to automate part of the service request) and to select the

suppliers with a strong focus on reliability.

• Cost of funds

The actual financial crisis does not ease our search for a low cost of capital. We prefer to keep the financial

leverage of equity for a better timing, after two years of business operation.

Annex 19-47

19. ANNEX 19 FINANCIAL PLANS INPUT DATA MARKET RESEARCH

B2B Statistics

Targeted Sectors Input Metrics Backing Stages

Distribution of compagnies

Total Employees

Qualified employee = "HP" Total Market

Nb of "HP" per "company"

Total "HP" Market

TOTAL Potential 7770 7 770 1 471 938

RHEIN-NECKARTOTAL 2150 453 142

1.1 Industrial Companies 1500Number of companies ( A ) 1% 15000 18% 15 2700 40500Number of companies ( B ) 5% 7000 15% 75 1050 78750Number of companies ( C ) 15% 3000 15% 225 450 101250Number of companies ( D ) 20% 1500 12% 300 180 54000Number of companies ( E ) 59% 700 10% 885 70 61950

1.2 Pharmaceuticals companies 300

Number of companies ( A ) 1% 10000 20% 3 2000 6000Number of companies ( B ) 5% 7000 20% 15 1400 21000Number of companies ( C ) 15% 2000 20% 45 400 18000Number of companies ( D ) 20% 700 20% 60 140 8400Number of companies ( E ) 59% 200 20% 177 40 7080

1.3 Banks & Insurance Companies 150Number of companies ( A ) 1% 8000 32% 2 2560 3840Number of companies ( B ) 5% 3000 32% 8 960 7200Number of companies ( C ) 15% 1000 32% 23 320 7200Number of companies ( D ) 20% 300 32% 30 96 2880Number of companies ( E ) 59% 100 32% 89 32 2832

1.4 Others Companies 200Number of companies ( A ) 1% 10000 10% 2 1000 2000Number of companies ( B ) 5% 7000 10% 10 700 7000Number of companies ( C ) 15% 3000 10% 30 300 9000Number of companies ( D ) 20% 1500 10% 40 150 6000Number of companies ( E ) 59% 700 10% 118 70 8260

BERLINTOTAL 2200 421 728

1.1 Industrial Companies 1000Number of companies ( A ) 1% 15000 18% 10 2700 27000Number of companies ( B ) 5% 7000 15% 50 1050 52500Number of companies ( C ) 15% 3000 15% 150 450 67500Number of companies ( D ) 20% 1500 12% 200 180 36000Number of companies ( E ) 59% 700 10% 590 70 41300

1.2 Pharmaceuticals companies 100Number of companies ( A ) 1% 10000 20% 1 2000 2000Number of companies ( B ) 5% 7000 20% 5 1400 7000Number of companies ( C ) 15% 2000 20% 15 400 6000Number of companies ( D ) 20% 700 20% 20 140 2800Number of companies ( E ) 59% 200 20% 59 40 2360

1.3 Banks & Insurance Companies 100

Number of companies ( A ) 1% 8000 32% 1 2560 2560Number of companies ( B ) 5% 3000 32% 5 960 4800Number of companies ( C ) 15% 1000 32% 15 320 4800Number of companies ( D ) 20% 300 32% 20 96 1920Number of companies ( E ) 59% 100 32% 59 32 1888

1.4 Others Companies 1000Number of companies ( A ) 1% 10000 10% 10 1000 10000Number of companies ( B ) 5% 7000 10% 50 700 35000Number of companies ( C ) 15% 3000 10% 150 300 45000Number of companies ( D ) 20% 1500 10% 200 150 30000Number of companies ( E ) 59% 700 10% 590 70 41300

BEILEFELDTOTAL 720 137 140

1.1 Industrial Companies 500Number of companies ( A ) 1% 15000 18% 5 2700 13500Number of companies ( B ) 5% 7000 15% 25 1050 26250Number of companies ( C ) 15% 3000 15% 75 450 33750Number of companies ( D ) 20% 1500 12% 100 180 18000Number of companies ( E ) 59% 700 10% 295 70 20650

1.2 Pharmaceuticals companies 20Number of companies ( A ) 1% 10000 20% 0 2000 400Number of companies ( B ) 5% 7000 20% 1 1400 1400Number of companies ( C ) 15% 2000 20% 3 400 1200Number of companies ( D ) 20% 700 20% 4 140 560Number of companies ( E ) 59% 200 20% 12 40 472

1.3 Banks & Insurance Companies 100Number of companies ( A ) 1% 8000 32% 1 2560 2560Number of companies ( B ) 5% 3000 32% 5 960 4800Number of companies ( C ) 15% 1000 32% 15 320 4800Number of companies ( D ) 20% 300 32% 20 96 1920Number of companies ( E ) 59% 100 32% 59 32 1888

1.4 Others Companies (Energy) 100

Number of companies ( A ) 1% 8000 10% 1 800 800Number of companies ( B ) 5% 3000 10% 5 300 1500Number of companies ( C ) 15% 1000 10% 15 100 1500Number of companies ( D ) 20% 300 10% 20 30 600

Annex 19-48

FRANCFURTTOTAL 1450 256 910

1.1 Industrial Companies 700Number of companies ( A ) 1% 15000 18% 7 2700 18900Number of companies ( B ) 5% 7000 15% 35 1050 36750Number of companies ( C ) 15% 3000 15% 105 450 47250Number of companies ( D ) 20% 1500 12% 140 180 25200Number of companies ( E ) 59% 700 10% 413 70 28910

1.2 Pharmaceuticals companies 50Number of companies ( A ) 1% 10000 20% 1 2000 1000Number of companies ( B ) 5% 7000 20% 3 1400 3500Number of companies ( C ) 15% 2000 20% 8 400 3000Number of companies ( D ) 20% 700 20% 10 140 1400Number of companies ( E ) 59% 200 20% 30 40 1180

1.3 Banks & Insurance Companies 500Number of companies ( A ) 1% 8000 32% 5 2560 12800Number of companies ( B ) 5% 3000 32% 25 960 24000Number of companies ( C ) 15% 1000 32% 75 320 24000Number of companies ( D ) 20% 300 32% 100 96 9600Number of companies ( E ) 59% 100 32% 295 32 9440

1.4 Others Companies (Energy) 200

Number of companies ( A ) 1% 8000 10% 2 800 1600Number of companies ( B ) 5% 3000 10% 10 300 3000Number of companies ( C ) 15% 1000 10% 30 100 3000Number of companies ( D ) 20% 300 10% 40 30 1200Number of companies ( E ) 59% 100 10% 118 10 1180

STUTTGARTTOTAL 1250 203 018

1.1 Industrial Companies 700Number of companies ( A ) 1% 15000 18% 7 2700 18900Number of companies ( B ) 5% 7000 15% 35 1050 36750Number of companies ( C ) 15% 3000 15% 105 450 47250Number of companies ( D ) 20% 1500 12% 140 180 25200Number of companies ( E ) 59% 700 10% 413 70 28910

1.2 Pharmaceuticals companies 50Number of companies ( A ) 1% 10000 20% 1 2000 1000Number of companies ( B ) 5% 7000 20% 3 1400 3500Number of companies ( C ) 15% 2000 20% 8 400 3000Number of companies ( D ) 20% 700 20% 10 140 1400Number of companies ( E ) 59% 200 20% 30 40 1180

1.3 Banks & Insurance Companies 100Number of companies ( A ) 1% 8000 32% 1 2560 2560Number of companies ( B ) 5% 3000 32% 5 960 4800Number of companies ( C ) 15% 1000 32% 15 320 4800Number of companies ( D ) 20% 300 32% 20 96 1920Number of companies ( E ) 59% 100 32% 59 32 1888

1.4 Others Companies (Energy) 400Number of companies ( A ) 1% 8000 10% 4 800 3200Number of companies ( B ) 5% 3000 10% 20 300 6000Number of companies ( C ) 15% 1000 10% 60 100 6000Number of companies ( D ) 20% 300 10% 80 30 2400Number of companies ( E ) 59% 100 10% 236 10 2360

HAMBURGTOTAL 4500 203 018

1.1 Industrial Companies 1000Number of companies ( A ) 1% 15000 18% 7 2700 18900Number of companies ( B ) 5% 7000 15% 35 1050 36750Number of companies ( C ) 15% 3000 15% 105 450 47250Number of companies ( D ) 20% 1500 12% 140 180 25200Number of companies ( E ) 59% 700 10% 413 70 28910

1.2 Pharmaceuticals companies 100

Number of companies ( A ) 1% 10000 20% 1 2000 1000Number of companies ( B ) 5% 7000 20% 3 1400 3500Number of companies ( C ) 15% 2000 20% 8 400 3000Number of companies ( D ) 20% 700 20% 10 140 1400Number of companies ( E ) 59% 200 20% 30 40 1180

1.3 Banks & Insurance Companies 3000Number of companies ( A ) 1% 8000 32% 1 2560 2560Number of companies ( B ) 5% 3000 32% 5 960 4800Number of companies ( C ) 15% 1000 32% 15 320 4800Number of companies ( D ) 20% 300 32% 20 96 1920Number of companies ( E ) 59% 100 32% 59 32 1888

1.4 Others Companies (Energy) 400Number of companies ( A ) 1% 8000 10% 4 800 3200Number of companies ( B ) 5% 3000 10% 20 300 6000Number of companies ( C ) 15% 1000 10% 60 100 6000Number of companies ( D ) 20% 300 10% 80 30 2400Number of companies ( E ) 59% 100 10% 236 10 2360

Annex 19-49

Pricing Model Input Data

High Realistic Low High Realistic Low

40 000 € 40 000 € 40 000 € 40 000 € 40 000 € 40 000 € 30 000 € 30 000 € 30 000 € 30 000 € 30 000 € 30 000 € 20 000 € 20 000 € 20 000 € 20 000 € 20 000 € 20 000 € 15 000 € 15 000 € 15 000 € 15 000 € 15 000 € 15 000 € 10 000 € 10 000 € 10 000 € 10 000 € 10 000 € 10 000 €

50% 50% 50% 50% 50% 50%10% 10% 10% 10% 10% 10%30% 30% 30% 30% 30% 30%3% 3% 3% 3% 3% 3%3% 3% 3% 3% 3% 3%4% 4% 4% 4% 4% 4%

500 500 500 500 500 500

Y4 Y5

High Realistic Low High Realistic Low High Realistic Low

CONTRACTS PRICE PRICE ON "High Potential Ranges" Max range of HP

Member Ship Fee Company HP > 1000 99999 40 000 € 40 000 € 40 000 € 40 000 € 40 000 € 40 000 € 40 000 € 40 000 € 40 000 € Member Ship Fee Company 500< HP <1000 1000 30 000 € 30 000 € 30 000 € 30 000 € 30 000 € 30 000 € 30 000 € 30 000 € 30 000 € Member Ship Fee Company 200< HP <500 500 20 000 € 20 000 € 20 000 € 20 000 € 20 000 € 20 000 € 20 000 € 20 000 € 20 000 € Member Ship Fee Company 50 < HP < 200 200 15 000 € 15 000 € 15 000 € 15 000 € 15 000 € 15 000 € 15 000 € 15 000 € 15 000 € Member Ship Fee Company 50 < HP 50 10 000 € 10 000 € 10 000 € 10 000 € 10 000 € 10 000 € 10 000 € 10 000 € 10 000 €

TRANSACTIONS Price/transaction Avrg Price/H %feeHousehold Services 0,5 € 17 € 3% 50% 50% 50% 50% 50% 50% 50% 50% 50%Baby sitting Services 0,6 € 11 € 5% 10% 10% 10% 10% 10% 10% 10% 10% 10%Eldercare / Kindengarden Services 1,0 € 20 € 5% 30% 30% 30% 30% 30% 30% 30% 30% 30%Shopping Services 0,3 € 7 € 4% 3% 3% 3% 3% 3% 3%Pet services 0,5 € 10 € 5% 3% 3% 3% 3% 3% 3%Other concierge services 0,5 € 9 € 5% 10% 10% 10% 4% 4% 4% 4% 4% 4%

ADVERTISEMENT

Banner Price per Month 0 0 0 0 0 0 500 500 500

RHEIN-NECKAR CUSTOMER SEGMENTATION Seg%Company HP > 1000 2%Company 500< HP <1000 5%Company 200< HP <500 38%Company 50 < HP < 200 45%Company 50 < HP 10%

BERLIN Company HP > 1000 2%Company 500< HP <1000 5%Company 200< HP <500 38%Company 50 < HP < 200 45%Company 50 < HP 10%

BEILHENDER Company HP > 1000 2%Company 500< HP <1000 5%Company 200< HP <500 38%Company 50 < HP < 200 45%Company 50 < HP 10%

FRANKFURT Company HP > 1000 2%Company 500< HP <1000 5%Company 200< HP <500 38%Company 50 < HP < 200 45%Company 50 < HP 10%

HAMBURG Company HP > 1000 2%Company 500< HP <1000 5%Company 200< HP <500 38%Company 50 < HP < 200 45%Company 50 < HP 10%

STUTTGART Company HP > 1000 2%Company 500< HP <1000 5%Company 200< HP <500 38%Company 50 < HP < 200 45%Company 50 < HP 10%

OFFER MIX

Y1 Y2 Y3

Spread of WLM Agency costumer per High

Profile Segment

Pricing model:

1 - Membership Fee per HP segment

2 – Transaction fee on supply

3- Per Banner price per Month

Annex 19-50

.

INPUT DATA DEMAND

CONTRACTS High Realistic Low High Realistic Low High Realistic Low High Realistic Low High Realistic

CONTRACTS DEMAND

RHEIN-NECKAR AWARE SHARE 4,65% 5,58% 13,95% 11,63% 13,95% 46,51% 15,50% 10,23% 17,44% 25,58% 16,74% 15,50% 26,74% 23,26%

RHEIN-NECKAR TOTAL MARKET - AWARE MARKET 2150 215 108 22 215 108 22 323 215 86 430 215 129 860 215

1.1 Market Target 10 6 3 25 15 10 50 22 15 110 36 20 230 50

BERLIN AWARE SHARE 0,00% 0,00% 0,00% 11,63% 13,95% 46,51% 15,50% 10,23% 17,44% 25,58% 16,74% 15,50% 26,74% 23,26%

TOTAL MARKET - AWARE MARKET 2200 220 110 22 220 110 22 330 220 88 440 220 132 880 220

1.1 Market Target - - - 13 5 5 51 15 15 113 30 20 235 40

BIELEFELD AWARE SHARE 15,50% 10,23% 17,44% 25,58% 16,74% 15,50% 26,74% 23,26%

TOTAL MARKET - AWARE MARKET 720 72 36 7 72 36 7 108 72 29 144 72 43 288 72

1.1 Market Target - - - - - - 17 5 5 37 13 7 77 20

FRANCFURT AWARE SHARE 25,58% 16,74% 15,50% 26,74% 23,26%

TOTAL MARKET - AWARE MARKET 1450 145 73 15 145 73 15 218 145 58 290 145 87 580 145

1.1 Market Target - - - - - - - - - 74 30 13 155 40

HAMBURG AWARE SHARE 25,58% 16,74% 15,50% 26,74% 23,26%

TOTAL MARKET - AWARE MARKET 1250 125 63 13 125 63 13 188 125 50 250 125 75 500 125

1.1 Market Target - - - - - - - - - 64 20 12 134 30

STUTTGART AWARE SHARE 26,74% 23,26%

TOTAL MARKET - AWARE MARKET 1250 125 63 13 125 63 13 188 125 50 250 125 75 500 125

1.1 Market Target - - - - - - - - - - - - 134 25

TRANSACTIONS

Avrg (Nb of transactions / HP) 2 2 2 8 8 8 15 15 15 30 30 30 40 40

Usage rate per company (% of HP) 20% 20% 20% 20% 20% 20% 30% 30% 30% 30% 30% 30% 40% 40%

Min Number of user under contract 1 440 866 436 5 428 2 875 2 174 16 925 6 032 5 081 57 051 18 517 10 377 138 472 29 423

RHEIN-NECKAR TOTAL MARKET - TARGET MARKET 453 142 574 345 172 5 744 3 446 2 298 32 310 14 216 9 693 142 164 46 526 25 848 528 448 114 880

BERLIN TOTAL MARKET - TARGET MARKET 421 728 - - - 2 939 1 149 1 176 33 061 9 693 9 918 145 470 38 772 26 449 540 737 91 904

BEDELFELD TOTAL MARKET - AWARE MARKET 137 140 - - - - - - 10 820 3 231 3 246 47 608 16 801 8 656 176 969 45 952

FRANKFURT TOTAL MARKET - TARGET MARKET 256 910 - - - - - - - - - 95 878 38 772 17 432 356 395 91 904

HAMBURG TOTAL MARKET - TARGET MARKET 203 018 - - - - - - - - - 82 653 25 848 15 028 307 237 68 928

STUTTGART TOTAL MARKET - TARGET MARKET 203 018 - - - - - - - - - - - - 307 237 57 440

WLB Awarness 10% 5% 1% 10% 5% 1% 15% 10% 4% 20% 10% 6% 40% 10%

Y4 Y5Y1 Y2 Y3

High Realistic Low

26,74% 23,26% 19,38%

860 215 129

230 50 25

26,74% 23,26% 19,38%

880 220 132

235 40 26

26,74% 23,26% 19,38%

288 72 43

77 20 8

26,74% 23,26% 19,38%

580 145 87

155 40 17

26,74% 23,26% 19,38%

500 125 75

134 30 15

26,74% 23,26% 19,38%

500 125 75

134 25 15

40 40 40

40% 40% 40%

138 472 29 423 15 056

528 448 114 880 57 440

540 737 91 904 58 776

176 969 45 952 19 236

356 395 91 904 38 739

307 237 68 928 33 395

307 237 57 440 33 395

40% 10% 6%

Y5

Annex 19-51

DEMAND FORECAST BACKING

MARKETS

High Realistic Low High Realistic Low High Realistic Low High Realistic Low High Realistic

TOTAL ALL MARKETS (€) 176 876 € 106 126 € 53 063 € 559 142 € 355 993 € 223 657 € 1 494 388 € 758 979 € 448 316 € 5 309 900 € 2 385 451 € 965 436 € 13 601 785 € 3 925 065 €Fee turnover 176 500 € 105 900 € 52 950 € 554 440 € 353 000 € 221 776 € 1 459 578 € 741 300 € 437 873 € 5 068 159 € 2 276 850 € 921 483 € 12 538 560 € 3 618 250 €

Nb of target transactions 574 345 172 7 217 4 595 2 887 53 438 27 140 16 031 371 110 166 720 67 475 1 632 215 471 008 Nb of target customers 10 6 3 31 20 13 83 42 25 287 129 52 710 205

1. Rhein-Neckar (€) 176 876 € 106 126 € 53 063 € 444 992 € 266 995 € 177 997 € 903 547 € 397 561 € 271 064 € 2 034 106 € 665 707 € 369 837 € 4 403 731 € 957 333 €

Membership Fees 176 500 € 105 900 € 52 950 € 441 250 € 264 750 € 176 500 € 882 500 € 388 300 € 264 750 € 1 941 500 € 635 400 € 353 000 € 4 059 500 € 882 500 €

Transaction revenues 376 € 226 € 113 € 3 742 € 2 245 € 1 497 € 21 047 € 9 261 € 6 314 € 92 606 € 30 307 € 16 837 € 344 231 € 74 833 €

Advertisement revenues - €

Number of contracts 10 6 3 25 15 10 50 22 15 110 36 20 230 50 Company HP > 1000 0,20 0,12 0,06 0,50 0,30 0,20 1,00 0,44 0,30 2,20 0,72 0,40 4,60 1,00

Company 500< HP <1000 0,50 0,30 0,15 1,25 0,75 0,50 2,50 1,10 0,75 5,50 1,80 1,00 11,50 2,50

Company 200< HP <500 3,80 2,28 1,14 9,50 5,70 3,80 19,00 8,36 5,70 41,80 13,68 7,60 87,40 19,00

Company 50 < HP < 200 4,50 2,70 1,35 11,25 6,75 4,50 22,50 9,90 6,75 49,50 16,20 9,00 103,50 22,50

Company 50 < HP 1,00 0,60 0,30 2,50 1,50 1,00 5,00 2,20 1,50 11,00 3,60 2,00 23,00 5,00

Number of transactions 574 345 172 5 744 3 446 2 298 32 310 14 216 9 693 142 164 46 526 25 848 528 448 114 880 Number of adv - - - - - - - - 1 000 1 000 1 000 1 000 1 000 1 000

2. Berlin (€) 0 € 0 € 0 € 114 150 € 88 998 € 45 660 € 463 559 € 271 064 € 139 068 € 1 043 585 € 554 756 € 189 743 € 2 259 305 € 765 866 €

3. Beilhender (€) 0 € 0 € 0 € 0 € 0 € 0 € 127 282 € 90 355 € 38 185 € 286 544 € 240 394 € 52 099 € 620 352 € 382 933 €

4. Franckfurt (€) 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 972 833 € 554 756 € 176 879 € 2 106 132 € 765 866 €

5. Hamburg (€) 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 972 833 € 369 837 € 176 879 € 2 106 132 € 574 400 €

6. Stuttgart (€) 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 2 106 132 € 478 666 €

REVENUES STREAMS

Y5Y4Y1 Y2 Y3

High Realistic Low

13 601 785 € 3 925 065 € 1 478 455 €12 538 560 € 3 618 250 € 1 362 887 €

1 632 215 471 008 177 415 710 205 77

4 403 731 € 957 333 € 478 666 €

4 059 500 € 882 500 € 441 250 €

344 231 € 74 833 € 37 416 €

230 50 25 4,60 1,00 0,50

11,50 2,50 1,25

87,40 19,00 9,50

103,50 22,50 11,25

23,00 5,00 2,50

528 448 114 880 57 440 1 000 1 000 1 000

2 259 305 € 765 866 € 245 577 €

620 352 € 382 933 € 67 430 €

2 106 132 € 765 866 € 228 927 €

2 106 132 € 574 400 € 228 927 €

2 106 132 € 478 666 € 228 927 €

Y5

Annex 19-52

FUNCTION COSTS “A NALYTICS ”

Input Data Y1 Y2 Y3 Y4 Y5

High Realistic Low High Realistic Low High Realistic Low High Realistic Low High

Global Metrics

TOTAL FUNCTION COST 167 075 € 162 005 € 158 461 € 336 462 € 222 034 € 207 902 € 1 721 698 € 969 099 € 775 677 € 3 908 995 € 2 034 202 € 1 123 666 € 7 371 117 € Wage growth Rate 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%Coupounded wage Rate 103% 103% 103% 106% 106% 106% 109% 109% 109% 113% 113% 113% 116%Price Inflation rate 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5%Coupounded Inflation Rate 104% 104% 104% 107% 107% 107% 111% 111% 111% 115% 115% 115% 119%Employee Headcount 8 8 8 10 8 8 19 10 7 35 17 11 57 Nb of line managers - - - - - - 3 1 1 5 4 1 7 1. Call center / Customer services 62 878 € 60 810 € 59 259 € 112 151 € 97 991 € 88 767 € 691 071 € 427 557 € 430 132 € 1 691 541 € 820 131 € 535 951 € 2 922 381 €

1.1 Expertise 62 878 € 60 810 € 59 259 € 98 443 € 84 282 € 75 058 € 677 100 € 413 586 € 416 160 € 1 677 298 € 805 888 € 521 708 € 2 907 857 € Knowledge Expert salary / year (Minijobs) 7 200 € 51 912 € 51 912 € 51 912 € 53 469 € 53 469 € 53 469 € - - - - - - -Knowledge Expert salary / year (Full Time Jobs)65 000 € 568 218 € 355 136 € 355 136 € 1 316 845 € 585 265 € 438 948 € 2 260 584 € Call Center Manager salary / Year (when > 3)100 000 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 112 551 € 112 551 € 0 € 231 855 €Office Full cost per year / person 2 400 €- - - - - - 23 948 € 13 305 € 13 305 € 52 327 € 24 786 € 16 524 € 91 214 €Telecom expenses (free call number) 0,10 € 5 170 € 3 102 € 1 551 € 38 974 € 24 814 € 15 590 € 76 951 € 40 711 € 43 285 € 178 133 € 75 024 € 60 727 € 293 799 € Phone set & Computer for 1 year / person 800 € 5 796 € 5 796 € 5 796 € 5 999 € 5 999 € 5 999 € 7 983 € 4 435 € 4 435 € 17 442 € 8 262 € 5 508 € 30 405 €

1.2 Tool support - € - € - € 13 709 € 13 709 € 13 709 € 13 971 € 13 971 € 13 971 € 14 243 € 14 243 € 14 243 € 14 524 € Knowledge DataBase Hosting / Year 6 000 € 6 210 € 6 210 € 6 210 € 6 210 € 6 210 € 6 210 € 6 210 € 6 210 € 6 210 € 6 210 € Software Licence fee 2 000 € 2 142 € 2 142 € 2 142 € 2 217 € 2 217 € 2 217 € 2 295 € 2 295 € 2 295 € 2 375 € Software Evolution/year (10 days) 5 000 € 5 356 € 5 356 € 5 356 € 5 544 € 5 544 € 5 544 € 5 738 € 5 738 € 5 738 € 5 938 €

WorkloadNb of Call (Nb transactions * call rate) 1 723 1 034 517 21 652 13 786 8 661 64 126 33 926 24 047 148 444 83 360 50 606 408 054 Call rate per transaction 3 3 3 3 3 3 1,2 1,25 1,5 0,40 0,5 0,75 0,25Workload per transaction in hr 0,5 0,5 0,5 0,3 0,3 0,3 0,2 0,2 0,3 0,2 0,15 0,2 0,12Total Days of service 365Yearly hours per FullJob 1687,5Yearly hours per MiniJobs 960Service Time Availibilty (Yearly) 6H00 - 22H00 16 5840 5840 5840 5840 5840 5840 5840 5840 5840 5840 5840 5840 5840Effective time workload per year 862 517 258 6496 4136 2598 12825 6785 7214 29689 12504 10121 48966Nb of expert 7 7 7 7 7 7 8 5 5 18 8 6 30Manager (1 from 7 to 20 persons) 20 0 0 0 0 0 0 1 0 0 1 1 0 2

2. Supply Management 88 169 € 87 548 € 87 341 € 95 727 € 91 156 € 90 728 € 120 959 € 101 215 € 96 468 € 131 482 € 107 627 € 105 791 € 155 510 € Supply expert salary (general manager the 2 1st years)80 000 € 82 400 € 82 400 € 82 400 € 84 872 € 84 872 € 84 872 € 87 418 € 87 418 € 87 418 € 90 041 € 90 041 € 90 041 € 92 742 € Telecom expenses (3h/day) 0,05 € 3 285 € 3 285 € 3 285 € 6 570 € 3 285 € 3 285 € 13 140 € 4 928 € 3 285 € 16 425 € 6 570 € 6 570 € 27 375 € Phone set & Computer for 3 year / person 800 € 828 € 828 € 828 € 857 € 857 € 857 € 887 € 887 € 887 € 918 € 918 € 918 € 950 € Office Full cost per year / person 2 400 € 10 644 € 3 991 € 2 661 € 13 770 € 5 508 € 5 508 € 23 754 €Juridic Expertise per hour 200 € 1 656 € 1 035 € 828 € 3 428 € 2 142 € 1 714 € 8 870 € 3 991 € 2 217 € 10 328 € 4 590 € 2 754 € 10 689 € Nb supplier B2B 8 5 4 16 10 8 40 18 10 45 20 12 45Nb of supply Manager 10 1 1 1 2 1 1 4 1,5 1 5 2 2 8

Realistic Low

2 298 526 € 1 303 462 € 3% 3%

116% 116%3,5% 3,5%119% 119%18 12 4 2

931 414 € 542 669 € 916 890 € 528 145 €

- -678 175 € 452 117 € 115 927 € 0 €28 504 € 17 103 €

84 781 € 53 224 € 9 501 € 5 701 €

14 524 € 14 524 € 6 210 € 6 210 € 2 375 € 2 375 € 5 938 € 5 938 €

141 302 88 707

0,3 0,50,1 0,1

5840 584014130 8871

9 61 0

110 714 € 108 813 € 92 742 € 92 742 € 6 570 € 6 570 €

950 € 950 € 5 701 € 5 701 €

4 751 € 2 850 € 20 122 2

Annex 19-53

3. Sales & Marketing 2 070 € 1 242 € 621 € 88 851 € 4 285 € 2 692 € 393 679 € 186 210 € 91 674 € 1 433 747 € 655 211 € 196 435 € 2 726 302 € Phone set & Computer for 3 year / person 1 000 € - € - € - € 1 071 € - € - € 4 435 € 2 217 € 1 109 € 12 623 € 6 885 € 2 295 € 16 628 € Juridic Expertise per hour 200 € 2 070 € 1 242 € 621 € 6 730 € 4 285 € 2 692 € 18 337 € 9 313 € 5 501 € 65 902 € 29 606 € 11 982 € 168 746 € Telecom expenses 0,03 € - € - € - € 2 628 € - € - € 10 512 € 5 256 € 2 628 € 28 908 € 15 768 € 5 256 € 36 792 € Office Full cost per year / person 2 400 € 0 € 0 € 0 € 0 € 0 € 0 € 10 644 € 5 322 € 2 661 € 30 295 € 16 524 € 5 508 € 39 906 €Sales Forces fixed 70 000 € - € - € - € 74 263 € - € - € 305 964 € 152 982 € 76 491 € 787 856 € 393 928 € 157 571 € 1 054 939 € Variable sales incentive (%fee) 0,8% - € - € - € 4 158 € - € - € 43 787 € 11 120 € 3 284 € 380 112 € 85 382 € 13 822 € 1 222 510 € Sales & Marketing Manager Incentive 1% - € - € - € - € - € - € - € - € - € 38 011 € 17 076 € - € 94 039 € Sales & Marketing Manager Fixed salary(when sales > 2)80 000 € - € - € - € - € - € - € - € - € - € 90 041 € 90 041 € - € 92 742 €

Sale force (Nb) 1 0 0 0 1 0 0 4 2 1 10 5 2 13Sales Managers 20 0 0 0 0 0 0 0 0 0 1 1 0 1Nb of sales person per B2B 20Fee turnover 176 500 € 105 900 € 52 950 € 554 440 € 353 000 € 221 776 € 1 459 578 € 741 300 € 437 873 € 5 068 159 € 2 276 850 € 921 483 € 12 538 560 € Nb customer B2B 10 6 3 31 20 13 83 42 25 287 129 52 710

4. IT Support 6 875 € 6 875 € 6 875 € 23 136 € 17 636 € 17 636 € 130 444 € 122 744 € 33 984 € 186 130 € 161 130 € 148 430 € 683 058 € Telecom expenses 0,03 € - € - € - € - € - € - € 1 314 € 1 314 € - € 1 314 € 1 314 € 1 314 € 5 256 € Phone set & Computer for 3 year / person 1 000 € - € - € - € - € - € - € 1 109 € 1 109 € - € 1 148 € 1 148 € 1 148 € 4 751 € Office Full cost per year / person 2 400 € 0 € 0 € 0 € 0 € 0 € 0 € 2 661 € 2 661 € 0 € 2 754 € 2 754 € 2 754 € 11 402 €Web site hosting / year 20% 1 700 € 1 700 € 1 700 € 17 780 € 12 280 € 12 280 € 41 140 € 33 440 € 28 440 € 94 140 € 69 140 € 56 440 € 321 840 € Platform evolution (10 days) 5 000 € 5 175 € 5 175 € 5 175 € 5 356 € 5 356 € 5 356 € 5 544 € 5 544 € 5 544 € 5 738 € 5 738 € 5 738 € 5 938 € IT Support (Junior) 72 000 € - € - € - € - € - € - € 78 676 € 78 676 € - € 81 037 € 81 037 € 81 037 € 333 871 €

Nb of IT Poeple 0 0 0 0 0 0 1 1 0 1 1 1 45. General administration 7 083 € 5 530 € 4 365 € 16 598 € 10 966 € 8 079 € 385 547 € 131 373 € 123 420 € 466 095 € 290 104 € 137 060 € 883 866 €

Office GM expenses 800 € 800 € 800 € 1 000 € 800 € 800 € 7 284 € 6 134 € 5 884 € 14 431 € 7 316 € 6 416 € 22 490 € Telecom expenses 0,03 € - € - € - € - € - € - € 1 314 € 1 314 € 1 314 € 2 628 € 1 314 € 1 314 € 3 942 € Phone set & Computer for 3 year / person1 000 € - € - € - € - € - € - € 1 109 € 1 109 € 1 109 € 2 295 € 1 148 € 1 148 € 3 563 € Office Full cost per year / person 2 400 € 0 € 0 € 0 € 0 € 0 € 0 € 2 661 € 2 661 € 2 661 € 5 508 € 2 754 € 2 754 € 8 551 €

Office furnitures / year / person 100 € 800 € 800 € 800 € 1 000 € 800 € 800 € 2 200 € 1 050 € 800 € 4 000 € 2 100 € 1 200 € 6 433 €Others

Advisors / Expertize 6 283 € 4 730 € 3 565 € 14 598 € 10 166 € 7 279 € 261 586 € 16 309 € 12 033 € 157 573 € 157 573 € 20 273 € 243 451 €Accounting expertize 22€ for 1K€ revenue 22 € 3 883 € 2 330 € 1 165 € 12 198 € 7 766 € 4 879 € 32 111 €16 309 € 9 633 € 0 € 0 € 20 273 € 0 €Legal & juridic per hour 200 €

Training Person salary 70 000 € 0 € 0 € 0 € 0 € 0 € 0 € 152 982 € 0 € 0 € 78 786 € 78 786 € 0 € 162 298 €Quality Manager 70 000 € 0 € 0 € 0 € 0 € 0 € 0 € 76 491 € 0 € 0 € 78 786 € 78 786 € 0 € 81 149 €

750 001 € 312 453 € 7 126 € 3 563 €

48 695 € 18 342 € 15 768 € 7 884 € 17 103 € 8 551 €

405 746 € 243 448 € 135 684 € 30 665 € 27 137 € - € 92 742 € - €

5 31 0

3 618 250 € 1 362 887 € 205 77

200 598 € 106 788 € 1 314 € 657 € 1 188 € 594 € 2 850 € 1 425 €

105 840 € 56 440 € 5 938 € 5 938 €

83 468 € 41 734 €

1 0,5305 799 € 232 739 €

7 552 € 6 702 € 1 314 € 1 314 € 1 188 € 1 188 € 2 850 € 2 850 €

2 200 € 1 350 €

162 300 € 111 134 €0 € 29 984 €

81 149 € 0 €81 149 € 81 149 €

IT Maintenance/month 200 € 2 400 € 2 400 € 2 400 € 2 400 € 2 400 € 2 400 € 0 € 0 € 2 400 € 0 € 0 € 0 €General Management - € - € - € 1 000 € - € - € 116 677 € 108 930 € 105 503 € 294 091 € 125 215 € 110 372 €

Payroll 100 000 € 0 € 0 € 0 € 0 € 0 € 0 € 100 000 € 100 000 € 100 000 € 200 000 € 100 000 € 100 000 €Perfromance Package 1% 0 € 0 € 0 € 0 € 0 € 0 € 11 677 € 5 930 € 3 503 € 81 091 € 18 215 € 7 372 €Other expenses Per person/year 1 000 € 0 € 0 € 0 € 1 000 € 0 € 0 € 5 000 € 3 000 € 2 000 € 13 000 € 7 000 € 3 000 €

Nb of people (General Management) 0 0 0 0 0 0 0 1 1 1 2 1 1

0 € 0 € 0 €617 925 € 135 946 € 114 903 € 300 000 € 100 000 € 100 000 €300 925 € 28 946 € 10 903 €

17 000 € 7 000 € 4 000 €

3 1 1

Annex 19-54

INVESTMENT PLAN (3 SCENARIOS) Y1 Y2 Y3 Y4 Y5

High Realistic Low High Realistic Low High Realistic Low High Realistic Low High Realistic LowTOTAL 8500 8500 8500 80400 52900 52900 116800 105800 80800 265000 178500 140000 1138500 183500 0

Project Release variable CostDay man workload

Unit price/day Cost

Web Platform Basic Graphic charting 5 700 3500 3500 3500 3500Web Platform Basic Design 2 500 1000 1000 1000 1000Web Platform Basic Build 10 400 4000 4000 4000 4000

Web Platform Interactive Design 5 700 3500 3500 3500 3500Web Platform Interactive Build 15 400 6000 6000 6000 6000Web Platform Interactive Test 2 400 800 800 800 800

Web Platform Grading Design 4 700 2800 2800 2800 2800Web Platform Grading Build 25 400 10000 10000 10000 10000Web Platform Grading Test 3 400 1200 1200 1200 1200

Web Platform Platform Design 15 700 10500 10500 10500 10500Web Platform Platform Build 100 400 40000 40000 40000 40000Web Platform Platform Test 7 400 2800 2800 2800 2800

Web Platform Platform Design 20 700 14000 14000 14000 14000Web Platform Platform Build 300 400 120000 120000 120000 120000Web Platform Platform Test 15 400 6000 6000 6000 6000

Web Platform Platform Design 4 700 2800 2800 2800Web Platform Platform Build 40 400 16000 16000 16000Web Platform Platform Test 3 400 1200 1200 1200

Web Platform Infrastructure Basic 1 25000 25000 25000 25000Web Platform Infrastructure Advanced 1 50000 50000 50000 50000Web Platform Infrastructure Performance 1 0 0 - - - 75 000 - - 1 080 000 75 000 -

Knowledge Database Simple Design 10 700 7000 7000 7000 7000Knowledge Database Simple Build 50 400 20000 20000 20000 20000Knowledge Database Simple Test 4 400 1600 1600 1600 1600

Knowledge Database Expert Design 5 700 3500 3500 3500 3500Knowledge Database Expert Build 50 400 20000 20000 20000 20000Knowledge Database Expert Test 10 400 4000 4000 4000 4000

Knowledge Database Advanced Design 15 700 10500 10500 10500 10500 10500Knowledge Database Advanced Build 60 400 24000 24000 24000 24000 24000Knowledge Database Advanced Test 10 400 4000 4000 4000 4000 4000Web Platform Cum 8500 8500 8500 32800 32800 32800 111100 111100 86100 376100 251100 226100 1476100 396100 226100Knowledge Database Total cum 0 0 0 56100 28600 28600 94600 56100 56100 94600 94600 56100 133100 133100 56100FIXED ASSET COSTCost of fixed asset brougth forward 0 0 0 8500 8500 8500 88900 61400 61400 205700 167200 142200 470700 345700 282200Cost of fixed asset brought into use on 1st Day of period 8500 8500 8500 80400 52900 52900 116800 105800 80800 265000 178500 140000 1138500 183500 0

Depreciable cost carried forward 8500 8500 8500 88900 61400 61400 205700 167200 142200 470700 345700 282200 1609200 529200 282200

Cost of fixed asset brought into use on last day of period 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Historic cost of disposal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Historic cost of fuly depreciated asset 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Cost of fixed asset carried forward 8500 8500 8500 88900 61400 61400 205700 167200 142200 470700 345700 282200 1609200 529200 282200ACCUMULATED DEPRECIATIONAccumulated cost brought forward 0 0 0 2125 2125 2125 24350 17475 17475 75775 59275 53025 193450 145700 123575Accumulated depreciation on disposal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Charge of the year 2125 2125 2125 22225 15350 15350 51425 41800 35550 117675 86425 70550 402300 132300 70550Accumulated depreciation on fully depreciated assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Accumulated depreciation carried forward 2125 2125 2125 24350 17475 17475 75775 59275 53025 193450 145700 123575 595750 278000 194125

Net Fixed Asset 6375 6375 6375 64550 43925 43925 129925 107925 89175 277250 200000 158625 1013450 251200 88075Depreciation Rate 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

Annex 19-55

BACKING INCOME STATEMENTS (3 SCENARIOS) Y1 Y2 Y2 Y3 Y3 Y4 Y4

High Realistic Low High Realistic Low High Realistic Low High Realistic Low

Revenues 176 876 € 106 126 € 53 063 € 559 142 € 355 993 € 223 657 € 1 494 388 € 758 979 € 448 316 € 5 309 900 € 2 385 451 € 965 436 €

Cost of sales 151 047 € 148 358 € 146 600 € 207 878 € 189 147 € 179 494 € 812 029 € 528 773 € 526 600 € 1 823 023 € 927 758 € 641 741 € 1.1 Expertise 62 878 € 60 810 € 59 259 € 98 443 € 84 282 € 75 058 € 677 100 € 413 586 € 416 160 € 1 677 298 € 805 888 € 521 708 € 1.2 Tool support - € - € - € 13 709 € 13 709 € 13 709 € 13 971 € 13 971 € 13 971 € 14 243 € 14 243 € 14 243 € 2. Supply Management 88 169 € 87 548 € 87 341 € 95 727 € 91 156 € 90 728 € 120 959 € 101 215 € 96 468 € 131 482 € 107 627 € 105 791 €

3. Sales & Marketing 2 070 € 1 242 € 621 € 88 851 € 4 285 € 2 692 € 393 679 € 186 210 € 91 674 € 1 433 747 € 655 211 € 196 435 €

G&A 13 958 € 12 405 € 11 240 € 39 734 € 28 602 € 25 715 € 515 990 € 254 116 € 157 403 € 652 225 € 451 233 € 285 490 € 4. IT Support 6 875 € 6 875 € 6 875 € 23 136 € 17 636 € 17 636 € 130 444 € 122 744 € 33 984 € 186 130 € 161 130 € 148 430 € 5. General administration 7 083 € 5 530 € 4 365 € 16 598 € 10 966 € 8 079 € 385 547 € 131 373 € 123 420 € 466 095 € 290 104 € 137 060 €

Tax Rate 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% 35%

Expense Detail 32 763 € 27 693 € 24 149 € 119 700 € 83 693 € 69 560 € 296 483 € 177 836 € 149 845 € 573 837 € 303 094 € 234 875 € 1. Call center / Customer servicesOffice Full cost per year / person - - - - - - 23 948 € 13 305 € 13 305 € 52 327 € 24 786 € 16 524 € Telecom expenses (free call number) 5 170 € 3 102 € 1 551 € 38 974 € 24 814 € 15 590 € 76 951 € 40 711 € 43 285 € 178 133 € 75 024 € 60 727 € Phone set & Computer for 1 year / person 5 796 € 5 796 € 5 796 € 5 999 € 5 999 € 5 999 € 7 983 € 4 435 € 4 435 € 17 442 € 8 262 € 5 508 € 1.2 Tool support - € - € - € 13 709 € 13 709 € 13 709 € 13 971 € 13 971 € 13 971 € 14 243 € 14 243 € 14 243 € 2. Supply ManagementTelecom expenses (3h/day) 3 285 € 3 285 € 3 285 € 6 570 € 3 285 € 3 285 € 13 140 € 4 928 € 3 285 € 16 425 € 6 570 € 6 570 € Phone set & Computer for 3 year / person 828 € 828 € 828 € 857 € 857 € 857 € 887 € 887 € 887 € 918 € 918 € 918 € Office Full cost per year / person - € - € - € - € - € - € 10 644 € 3 991 € 2 661 € 13 770 € 5 508 € 5 508 € Juridic Expertise per hour 1 656 € 1 035 € 828 € 3 428 € 2 142 € 1 714 € 8 870 € 3 991 € 2 217 € 10 328 € 4 590 € 2 754 € 3. Sales & MarketingPhone set & Computer for 3 year / person - € - € - € 1 071 € - € - € 4 435 € 2 217 € 1 109 € 12 623 € 6 885 € 2 295 € Juridic Expertise per hour 2 070 € 1 242 € 621 € 6 730 € 4 285 € 2 692 € 18 337 € 9 313 € 5 501 € 65 902 € 29 606 € 11 982 € Telecom expenses - € - € - € 2 628 € - € - € 10 512 € 5 256 € 2 628 € 28 908 € 15 768 € 5 256 € Office Full cost per year / person - € - € - € - € - € - € 10 644 € 5 322 € 2 661 € 30 295 € 16 524 € 5 508 € 4. IT SupportTelecom expenses - € - € - € - € - € - € 1 314 € 1 314 € - € 1 314 € 1 314 € 1 314 € Phone set & Computer for 3 year / person - € - € - € - € - € - € 1 109 € 1 109 € - € 1 148 € 1 148 € 1 148 € Office Full cost per year / person - € - € - € - € - € - € 2 661 € 2 661 € - € 2 754 € 2 754 € 2 754 € Web site hosting / year 1 700 € 1 700 € 1 700 € 17 780 € 12 280 € 12 280 € 41 140 € 33 440 € 28 440 € 94 140 € 69 140 € 56 440 € Platform evolution (10 days) 5 175 € 5 175 € 5 175 € 5 356 € 5 356 € 5 356 € 5 544 € 5 544 € 5 544 € 5 738 € 5 738 € 5 738 € 5. General administrationTelecom expenses - € - € - € - € - € - € 1 314 € 1 314 € 1 314 € 2 628 € 1 314 € 1 314 € Phone set & Computer for 3 year / person - € - € - € - € - € - € 1 109 € 1 109 € 1 109 € 2 295 € 1 148 € 1 148 € Office Full cost per year / person - € - € - € - € - € - € 2 661 € 2 661 € 2 661 € 5 508 € 2 754 € 2 754 € Office furnitures / year / person 800 € 800 € 800 € 1 000 € 800 € 800 € 2 200 € 1 050 € 800 € 4 000 € 2 100 € 1 200 € Others - € - € - € - € - € - € - € - € - € - € - € - € Accounting expertize 22€ for 1K€ revenue 3 883 € 2 330 € 1 165 € 12 198 € 7 766 € 4 879 € 32 111 € 16 309 € 9 633 € - € - € 20 273 € Legal & juridic per hour - € - € - € - € - € - € - € - € - € - € - € - € IT Maintenance/month 2 400 € 2 400 € 2 400 € 2 400 € 2 400 € 2 400 € - € - € 2 400 € - € - € - € Other expenses Per person/year - € - € - € 1 000 € - € - € 5 000 € 3 000 € 2 000 € 13 000 € 7 000 € 3 000 €

6.Total Invest 8 500 € 8 500 € 8 500 € 80 400 € 52 900 € 52 900 € 116 800 € 105 800 € 80 800 € 265 000 € 178 500 € 140 000 €

Payroll Detail 134 312 € 134 312 € 134 312 € 216 763 € 138 341 € 138 341 € 1 425 213 € 791 262 € 625 832 € 3 335 155 € 1 731 106 € 888 791 € General Management - € - € - € - € - € - € 111 677 € 105 930 € 103 503 € 281 091 € 118 215 € 107 372 € Training Person salary - € - € - € - € - € - € 152 982 € - € - € 78 786 € 78 786 € - € Quality Manager - € - € - € - € - € - € 76 491 € - € - € 78 786 € 78 786 € - €

Accouting & Finance persons (when outsourcing > 45K - € - € - € - € - € - € - € - € - € - € - € - € IT Support (Junior) - € - € - € - € - € - € 78 676 € 78 676 € - € 81 037 € 81 037 € 81 037 € Sales Forces fixed - € - € - € 74 263 € - € - € 305 964 € 152 982 € 76 491 € 787 856 € 393 928 € 157 571 € Variable sales incentive (%fee) - € - € - € 4 158 € - € - € 43 787 € 11 120 € 3 284 € 380 112 € 85 382 € 13 822 € Sales & Marketing Manager Incentive - € - € - € - € - € - € - € - € - € 38 011 € 17 076 € - € Sales & Marketing Manager Fixed salary(when sales > 2) - € - € - € - € - € - € - € - € - € 90 041 € 90 041 € - € Supply expert salary (general manager the 2 1st years) 82 400 € 82 400 € 82 400 € 84 872 € 84 872 € 84 872 € 87 418 € 87 418 € 87 418 € 90 041 € 90 041 € 90 041 € Knowledge Expert salary / year (Minijobs) 51 912 € 51 912 € 51 912 € 53 469 € 53 469 € 53 469 € - - - - - -Knowledge Expert salary / year (Full Time Jobs) - € - € - € - € - € - € 568 218 € 355 136 € 355 136 € 1 316 845 € 585 265 € 438 948 € Call Center Manager salary / Year (when > 3) - € - € - € - € - € - € - € - € - € 112 551 € 112 551 € - €

Financing OperationInterest expenses - € - € - € - € - € - € 5 841 €- 5 841 €- 2 920 €- 34 803 €- 10 978 €- 7 103 €-

0 585 € 524 € - € 1 935 € 1 379 € - € - € - € - € 19 049 € 12 704 € - €

Annex 19-56

INCOME STATEMENTS (3 SCENARIOS)

2009 2009 2009 2010 2010 2010 2011 2011 2011 2012

High Realistic Low High Realistic Low High Realistic Low High

Operating Revenue 176 876 € 106 126 € 53 063 € 559 142 € 355 993 € 223 657 € 1 494 388 € 758 979 € 448 316 € 5 309 900 €

Total Revenue 176 876 € 106 126 € 53 063 € 559 142 € 355 993 € 223 657 € 1 494 388 € 758 979 € 448 316 € 5 309 900 €

Cost of Sales 151 047 € 148 358 € 146 600 € 207 878 € 189 147 € 179 494 € 812 029 € 528 773 € 526 600 € 1 823 023 €

Gross Margin 23 705 € 44 357 €- 95 662 €- 329 039 € 151 496 € 28 812 € 630 933 € 188 406 € 113 834 €- 3 369 202 €

Gross Operating Profit 25 830 € 42 232 €- 93 537 €- 351 264 € 166 846 € 44 162 € 682 358 € 230 206 € 78 284 €- 3 486 877 €

Cost of sales 151 047 € 148 358 € 146 600 € 207 878 € 189 147 € 179 494 € 812 029 € 528 773 € 526 600 € 1 823 023 €

R&D - € - € - € - € - € - € - € - € - € - €

G&A 13 958 € 12 405 € 11 240 € 39 734 € 28 602 € 25 715 € 515 990 € 254 116 € 157 403 € 652 225 €

Selling (sales & mkg) 2 070 € 1 242 € 621 € 88 851 € 4 285 € 2 692 € 393 679 € 186 210 € 91 674 € 1 433 747 €

Advertising 0 0 0 0 0 0 0 0 0 0

Operating Profit 9 802 € 55 879 €- 105 398 €- 222 679 € 133 959 € 15 755 € 227 311 €- 210 120 €- 327 361 €- 1 400 906 €

Operating Profit before Depreciation (EBITDA) 9 802 € 55 879 €- 105 398 €- 222 679 € 133 959 € 15 755 € 227 311 €- 210 120 €- 327 361 €- 1 400 906 €

Depreciation 2 125 € 2 125 € 2 125 € 22 225 € 15 350 € 15 350 € 51 425 € 41 800 € 35 550 € 117 675 €

Operating Income After Depreciation 7 677 € 58 004 €- 107 523 €- 200 454 € 118 609 € 405 € 278 736 €- 251 920 €- 362 911 €- 1 283 231 €

Interest Income 585 € 524 € - € 1 935 € 1 379 € - € - € - € - € 19 049 €

Total Income Avail for Interest Expense (EBIT) 8 261 € 57 480 €- 107 523 €- 202 389 € 119 988 € 405 € 278 736 €- 251 920 €- 362 911 €- 1 302 279 €

Interest Expense - € - € - € - € - € - € 5 841 € 5 841 € 2 920 € 34 803 €

Income Before Tax (EBT) 8 261 € 57 480 €- 107 523 €- 202 389 € 119 988 € 405 € 284 576 €- 257 760 €- 365 831 €- 1 267 476 €

Income Taxes 2 891 € - € - € 70 836 € 41 996 € 142 € - € - € - € 443 617 €

Net Income from Continuing Operations 5 370 € 57 480 €- 107 523 €- 131 553 € 77 992 € 263 € 278 736 €- 251 920 €- 362 911 €- 858 662 €

Net Income from Total Operations 5 370 € 57 480 €- 107 523 €- 131 553 € 77 992 € 263 € 284 576 €- 257 760 €- 365 831 €- 823 860 €

Total Net Income 5 370 € 57 480 €- 107 523 €- 131 553 € 77 992 € 263 € 284 576 €- 257 760 €- 365 831 €- 823 860 €

Tax Rate 35% 35% 35% 35% 35% 35% 35% 35% 35% 35%

2013 2013 2013High Realistic Low

13 601 785 € 3 925 065 € 1 478 455 €

13 601 785 € 3 925 065 € 1 478 455 € 3 077 891 € 1 042 128 € 651 482 €

10 121 594 € 2 750 637 € 756 423 € 10 523 894 € 2 882 937 € 826 973 €

3 077 891 € 1 042 128 € 651 482 € - € - € - €

1 566 924 € 506 397 € 339 527 € 2 726 302 € 750 001 € 312 453 €

0 0 06 230 668 € 1 626 539 € 174 993 €

6 230 668 € 1 626 539 € 174 993 €

402 300 € 132 300 € 70 550 € 5 828 368 € 1 494 239 € 104 443 €

40 597 € 31 082 € 24 418 €

5 868 965 € 1 525 321 € 128 861 €

170 120 € 47 375 € 9 845 € 5 698 844 € 1 477 946 € 119 016 € 1 994 595 € 517 281 € 41 655 € 3 874 369 € 1 008 040 € 87 205 € 3 704 249 € 960 665 € 77 360 €

3 704 249 € 960 665 € 77 360 €

35% 35% 35%

Annex 19-57

INPUT DATA BALANCE SHEET

Opening BalanceBalances brought forward at 1st January 2009

Fixed asset cost 0Fixed asset accumulated depreciation 0Inventory 0Trade receivables 0Cash 0Senior debt 0Trade Payables 0Taxes Payable 0Retained earnings 0

Balance sheet DataCurrent asset & liabilitiesInventory days held (days inventory usage) 0Receivable days (days of sales made) 30Payable days (days of purchases made 30Days in year 365

Y1 Y2 Y2 Y3 Y3 Y4 Y4 Y5 Y5High Realistic Low High Realistic Low High Realistic Low High Realistic Low High Realistic

Interest RatesRisk Free Rate 3,50% 3,50% 3,50% 3,50% 3,50% 3,50% 3,50% 3,50% 3,50% 3,00% 3,00% 3,00% 3,00% 3,00%Overdraft Margin 14,00% 14,00% 14,00% 14,00% 14,00% 14,00% 13,00% 13,00% 13,00% 13,00% 13,00% 13,00% 11,00% 11,00%Deposit Rate 2,00% 2,00% 2,00% 2,00% 2,00% 2,00% 1,75% 1,75% 1,75% 1,75% 1,75% 1,75% 1,75% 1,75%Default Spread (Senior Debt Margin) 12,00% 12,00% 12,00% 12,00% 12,00% 12,00% 12,00% 12,00% 12,00% 10,00% 10,00% 10,00% 10,00% 10,00%Loan KFW 6,80% 6,80% 6,80%Loan 3Net Principal begening of period 38 000 € 38 000 € 19 000 € 36 730 € 36 730 € 18 365 € 35 262 € 35 262 € Reimbursement for the period 1 270 €- 1 270 €- 635 €- 1 467 €- 1 467 €- 734 €- 1 695 €- 1 695 €- Interest for the period 5 841 €- 5 841 €- 2 920 €- 5 598 €- 5 598 €- 2 799 €- 5 329 €- 5 329 €- Net principal end of period 36 730 € 36 730 € 18 365 € 35 262 € 35 262 € 17 631 € 33 567 € 33 567 € Loan Period 1 1 1 2 2 2 3 3 Loan 4Net Principal begening of period 190 000 € 35 000 € 28 000 € 183 648 € 33 830 € Reimbursement for the period 6 352 €- 1 170 €- 1 059 €- 7 337 €- 1 352 €- Interest for the period 29 205 €- 5 380 €- 4 304 €- 27 991 €- 5 156,23 €- Net principal end of period 183 648 € 33 830 € 26 941 € 176 311 € 32 478 € Loan Period 1 1 1 2 2 Loan 5Net Principal begening of period 890 000 € 240 000 € Reimbursement for the period 29 755 €- 8 024 €- Interest for the period 136 800 €- 36 890 €- Net principal end of period 860 245 € 231 976 € Loan Period 1 1

Net debt End of period - € - € - € - € - € - € 36 730 € 36 730 € 18 365 € 218 910 € 69 092 € 44 572 € 1 070 123 € 298 022 € Interest expenses - € - € - € - € - € - € 5 841 €- 5 841 €- 2 920 €- 34 803 €- 10 978 €- 7 103 €- 170 120 €- 47 375 €- Net Reimbursement of the period - € - € - € - € - € - € 1 270 €- 1 270 €- 635 €- 7 820 €- 2 638 €- 1 792 €- 38 787 €- 11 070 €- Dibursment of loan - € - € - € - € - € - € 38 000 € 38 000 € 19 000 € 190 000 € 35 000 € 28 000 € 890 000 € 240 000 €

8 000 € 5 000 € 6 000 € 29 000 € 17 000 € 11 000 € #NOMBRE! #NOMBRE! - € - € - € 22 000 € 4 000 € Target leverage 1,25 1,25 1,25 1,25 1,25 1,25 1,25 1,25 1,25 1,25 1,25 1,25 1,25 1,25 Debt proportion 2 693 € 2 276 € 1 985 € 9 838 € 6 879 € 5 717 € 61 101 € 51 346 € 30 681 € 266 080 € 94 006 € 63 877 € 1 164 114 € 328 902 € Total Assets (TA) 58 063 € 39 796 € 40 462 € 196 761 € 122 391 € 87 458 € 304 447 € 256 098 € 151 590 € 1 333 285 € 472 015 € 319 903 € 5 935 568 € 1 667 576 € Financial levarage 1,05 1,06 1,05 1,05 1,06 1,07 1,25 1,25 1,25 1,25 1,25 1,25 1,24 1,25 Financial InstrumentsNet Income 5 370 € 57 480 €- 107 523 €- 131 553 € 77 992 € 263 € 284 576 €- 257 760 €- 365 831 €- 823 860 € 173 258 € 235 883 €- 3 704 249 € 960 665 € Investment Portfolio in WLM Firms (%NI) 20% 0 0 0 26 311 € 15 598 € 53 € - € - € - € 164 772 € 34 652 € 740 850 € 192 133 € Accumulated Book value Investment 26 311 € 15 598 € 53 € 26 311 € 15 598 € 53 € 191 082 € 50 250 € 53 € 931 932 € 242 383 € Coumpounded Value 1 579 € 936 € 3 € 31 236 € 18 518 € 63 € 9 886 € 2 079 € - € 229 167 € 50 010 € Coumpouded intrument End of period 27 889 € 16 534 € 56 € 174 658 € 36 731 € 970 016 € 242 143 €

Annex 19-58

BALANCE SHEET & C ASH FLOW STATEMENT BACKING STAGES (3 SCENARIOS)

Y1 Y2 Y3 Y4 Y5High Realistic Low High Realistic Low High Realistic Low High Realistic Low High Realistic

Revenues 176 876 106 126 53 063 559 142 355 993 223 657 1 494 388 758 979 448 316 5 309 900 2 385 451 965 436 13 601 785 3 925 065

Trade receivables closing balancesOpening trade receivables 0 0 0 14 538 8 723 4 361 45 957 29 260 18 383 122 826 62 382 36 848 436 430 196 064 Sales mades 176 876 106 126 53 063 559 142 355 993 223 657 1 494 388 758 979 448 316 5 309 900 2 385 451 965 436 13 601 785 3 925 065 Receivables Days 30 30 30 30 30 30 30 30 30 30 30 30 30 30Days in year 365 365 365 365 365 365 365 365 365 365 365 365 365 365

Closing trade receivables 14 538 8 723 4 361 45 957 29 260 18 383 122 826 62 382 36 848 436 430 196 064 79 351 1 117 955 322 608

Cash received from customers 162 338 - 97 403 - 48 702 - 527 723 - 335 456 - 209 635 - 1 417 518 - 725 857 - 429 851 - 4 996 296 - 2 251 769 - 922 933 - 12 920 260 - 3 798 521 -

Trade Payables closing balancesOpening trade payables 0 0 0 2 693 € 2 276 € 1 985 € 9 838 € 6 879 € 5 717 € 24 368 € 14 617 € 12 316 € 47 165 € 24 912 € Purchases made 32 763 € 27 693 € 24 149 € 119 700 € 83 693 € 69 560 € 296 483 € 177 836 € 149 845 € 573 837 € 303 094 € 234 875 € 1 143 459 € 375 658 € Payables Days 30 30 30 30 30 30 30 30 30 30 30 30 30 30Days in year 365 365 365 365 365 365 365 365 365 365 365 365 365 365

Closing trade receivables 2 693 € 2 276 € 1 985 € 9 838 € 6 879 € 5 717 € 24 368 € 14 617 € 12 316 € 47 165 € 24 912 € 19 305 € 93 983 € 30 876 €

Cash paid to suppliers 30 070 € 25 416 € 22 164 € 112 554 € 79 090 € 65 828 € 281 952 € 170 099 € 143 246 € 551 041 € 292 799 € 227 886 € 1 096 640 € 369 693 €

Annex 19-59

BALANCE SHEET (3 SCENARIOS)

All amounts € , 2009 2009 2009 2010 2010 2010 2011 2011 2011 2012 2012

High Realistic Low High Realistic Low High Realistic Low High Realistic

Assets

Cash and Equivalents (yc blocked account) 37 150 € 24 698 € 29 726 € 59 943 € 33 608 € 25 097 € 25 385 € 70 192 € 25 514 € 428 523 € 25 701 €

Receivables 14 538 € 8 723 € 4 361 € 45 957 € 29 260 € 18 383 € 122 826 € 62 382 € 36 848 € 436 430 € 196 064 €

Inventories 0 0 0 0 0 0 0 0 0 0 0

Other Current Assets 0 0 0 0 0 0 0 0 0 0 0

Total Current Assets 51 688 € 33 421 € 34 087 € 105 900 € 62 867 € 43 480 € 148 212 € 132 574 € 62 362 € 864 953 € 221 765 €

Gross Fixed Assets (Plant, Prop, & Equip,) 8 500 € 8 500 € 8 500 € 88 900 € 61 400 € 61 400 € 205 700 € 167 200 € 142 200 € 470 700 € 345 700 €

Accumulated Depreciation & Depletion 2 125 € 2 125 € 2 125 € 24 350 € 17 475 € 17 475 € 75 775 € 59 275 € 53 025 € 193 450 € 145 700 €

Net Fixed Assets 6 375 € 6 375 € 6 375 € 64 550 € 43 925 € 43 925 € 129 925 € 107 925 € 89 175 € 277 250 € 200 000 €

Intangibles & other Non current assets - € - € - € 26 311 € 15 598 € 53 € 26 311 € 15 598 € 53 € 191 082 € 50 250 €

Total Non Current Assets

Total Assets 58 063 € 39 796 € 40 462 € 196 761 € 122 391 € 87 458 € 304 447 € 256 098 € 151 590 € 1 333 285 € 472 015 €

Liabilities

Payables 2 693 € 2 276 € 1 985 € 9 838 € 6 879 € 5 717 € 24 368 € 14 617 € 12 316 € 47 165 € 24 912 €

Short Term Debt - € - € - € - € - € - € - € - € - € - € - €

Accrued Accounts - € - € - € - € - € - € - € - € - € - € - €

Other Current Liabilities - € - € - € - € - € - € - € - € - € - € - €

Total Current Liabilities 2 693 € 2 276 € 1 985 € 9 838 € 6 879 € 5 717 € 24 368 € 14 617 € 12 316 € 47 165 € 24 912 €

Long Term Debt - € - € - € - € - € - € 36 730 € 36 730 € 18 365 € 218 910 € 69 092 €

Other Non-Current Liabilities 0 0 0 0 0 0 0 0 0 0 0

Total Non-Current Liabilities - € - € - € - € - € - € 36 730 € 36 730 € 18 365 € 218 910 € 69 092 €

Total Liabilities 2 693 € 2 276 € 1 985 € 9 838 € 6 879 € 5 717 € 61 098 € 51 346 € 30 681 € 266 075 € 94 004 €

Stockholder's Equity

Ordinary Shares 25 000 € 70 000 € 121 000 € 25 000 € 70 000 € 164 000 € 366 000 € 417 000 € 569 000 € 366 000 € 417 000 €

Locked in capital 25 000 € 25 000 € 25 000 € 25 000 € 25 000 € 25 000 € 25 000 € 25 000 € 25 000 € 25 000 € 25 000 €

Retained Earnings (accum deficit) 5 370 € 57 480 €- 107 523 €- 136 923 € 20 512 € 107 260 €- 147 654 €- 237 249 €- 473 091 €- 676 206 € 63 991 €-

Total Equity 55 370 € 37 520 € 38 477 € 186 923 € 115 512 € 81 740 € 243 346 € 204 751 € 120 909 € 1 067 206 € 378 009 €

Total Liabilities & Stock Equity 58 063 € 39 796 € 40 462 € 196 761 € 122 391 € 87 458 € 304 444 € 256 098 € 151 590 € 1 333 280 € 472 013 €

Retained Earnings

Opening retained earnings 0 0 0 5 370 € - 57 480 € - 107 523 € 136 923 € 20 512 € - 107 260 € - 147 654 € - 237 249 €

Net profit of the year 5 370 € - 57 480 € - 107 523 € 131 553 € 77 992 € 263 € - 284 576 € - 257 760 € - 365 831 € 823 860 € 173 258 €

Preference Dividends 0 0 0 0 0 0 0 0 0 0 0

Ordinary Dividends 0 0 0 0 0 0 0 0 0 0 0

Closing retained earnings 5 370 € - 57 480 € - 107 523 € 136 923 € 20 512 € - 107 260 € - 147 654 € - 237 249 € - 473 091 € 676 206 € - 63 991 €

2012 2013 2013 2013

Low High Realistic Low

81 875 € 2 872 231 € 851 385 € 190 644 €

79 351 € 1 117 955 € 322 608 € 121 517 €

0 0 0 0

0 0 0 0

161 226 € 3 990 186 € 1 173 993 € 312 161 €

282 200 € 1 609 200 € 529 200 € 282 200 €

123 575 € 595 750 € 278 000 € 194 125 €

158 625 € 1 013 450 € 251 200 € 88 075 €

53 € 931 932 € 242 383 € 15 525 €

319 903 € 5 935 568 € 1 667 576 € 415 760 €

19 305 € 93 983 € 30 876 € 20 606 €

- € - € - € - €

- € - € - € - €

- € - € - € - €

19 305 € 93 983 € 30 876 € 20 606 €

44 572 € 1 070 123 € 298 022 € 61 767 €

0 0 0 0

44 572 € 1 070 123 € 298 022 € 61 767 €

63 877 € 1 164 106 € 328 898 € 82 373 €

940 000 € 366 000 € 417 000 € 940 000 €

25 000 € 25 000 € 25 000 € 25 000 €

708 974 €- 4 380 454 € 896 674 € 631 614 €-

256 026 € 4 771 454 € 1 338 674 € 333 386 €

319 903 € 5 935 560 € 1 667 572 € 415 759 €

- 473 091 € 676 206 € - 63 991 € - 708 974 €

- 235 883 € 3 704 249 € 960 665 € 77 360 €

0 0 0 0

0 0 0 0- 708 974 € 4 380 454 € 896 674 € - 631 614 €

Annex 19-60

CASH FLOW STATEMENT (3 SCENARIOS)

2009 2009 2009 2010 2010 2010 2011 2011 2011 2012 2012

All amounts in € , High Realistic Low High Realistic Low High Realistic Low High Realistic

Operating Activities

Cash received from customers 162 338 € 97 403 € 48 702 € 527 723 € 335 456 € 209 635 € 1 417 518 € 725 857 € 429 851 € 4 996 296 € 2 251 769 €

Cash paid to suppliers 30 070 €- 25 416 €- 22 164 €- 112 554 €- 79 090 €- 65 828 €- 281 952 €- 170 099 €- 143 246 €- 551 041 €- 292 799 €-

Cash paid to employees 134 312 €- 134 312 €- 134 312 €- 216 763 €- 138 341 €- 138 341 €- 1 425 213 €- 791 262 €- 625 832 €- 3 335 155 €- 1 731 106 €-

Cash generated from operation 2 043 €- 62 325 €- 107 774 €- 198 406 € 118 025 € 5 466 € 289 647 €- 235 504 €- 339 227 €- 1 110 100 € 227 864 €

Interest paid - € - € - € - € - € - € 5 841 €- 5 841 €- 2 920 €- 34 803 €- 10 978 €-

Income tax paid 2 891 €- - € - € 70 836 €- 41 996 €- 142 €- - € - € - € 443 617 €- 93 293 €-

Cash flow from operating activities 4 935 €- 62 325 €- 107 774 €- 127 570 € 76 029 € 5 324 € 295 488 €- 241 345 €- 342 148 €- 631 681 € 123 593 €

Investing activities

Proceeds from sale of eqtp plants - € - € - € - € - € - € - € - € - € - € - €

Interest received 585 € 524 € - € 1 935 € 1 379 € - € - € - € - € 19 049 € 12 704 €

Purchase of equipement & plants -8500 8 500 €- 8 500 €- 80 400 €- 52 900 €- 52 900 €- 116 800 €- 105 800 €- 80 800 €- 265 000 €- 178 500 €-

Investment In WLF financial Instrument - € - € - € 26 311 €- 15 598 €- 53 €- - € - € - € 164 772 €- 34 652 €-

Acquisition of goodwill - € - € - € - € - € - € - € - € - € - € - €

Cash Flow from investing activities 7 915 €- 7 976 €- 8 500 €- 104 776 €- 67 120 €- 52 953 €- 116 800 €- 105 800 €- 80 800 €- 410 723 €- 200 448 €-

Financing Activities

Proceeds from issuance of share capital 25 000 € 70 000 € 121 000 € 43 000 € 341 000 € 347 000 € 405 000 €

Lock in capital (Gmbh) 25 000 € 25 000 € 25 000 €

Change in bank overdraft - € - € - € - € - € - € - € - € - € - € - €

Proceeds from non-current borrowings - € - € - € - € - € - € 38 000 € 38 000 € 19 000 € 190 000 € 35 000 €

Repayement of borrowings - € - € - € - € - € - € 1 270 €- 1 270 €- 635 €- 7 820 €- 2 638 €-

Dividends paid - € - € - € - € - € - € - € - € - € - € - €

Cash flow from financing activities 50 000 € 95 000 € 146 000 € - € - € 43 000 € 377 730 € 383 730 € 423 365 € 182 180 € 32 362 €

Net increase/decrease in cash and cash equivalent37 150 € 24 698 € 29 726 € 22 794 € 8 909 € 4 628 €- 34 558 €- 36 585 € 417 € 403 138 € 44 492 €-

Cash & cash equivalent at begening of the year 0 0 0 37 150 € 24 698 € 29 726 € 59 943 € 33 608 € 25 097 € 25 385 € 70 192 €

Cash & cash equivalent at end of the year 37 150 € 24 698 € 29 726 € 59 943 € 33 608 € 25 097 € 25 385 € 70 192 € 25 514 € 428 523 € 25 701 €

2012 2013 2013 2013Low High Realistic Low

922 933 € 12 920 260 € 3 798 521 € 1 436 289 € 227 886 €- 1 096 640 €- 369 693 €- 249 403 €- 888 791 €- 6 227 655 €- 1 922 866 €- 1 052 757 €-

193 744 €- 5 595 964 € 1 505 962 € 134 129 €

7 103 €- 170 120 €- 47 375 €- 9 845 €- - € 1 994 595 €- 517 281 €- 41 655 €-

200 847 €- 3 431 248 € 941 306 € 82 628 €

- € - € - € - € - € 40 597 € 31 082 € 24 418 €

140 000 €- 1 138 500 €- 183 500 €- 0- € 740 850 €- 192 133 €- 15 472 €- - € - € - € - €

140 000 €- 1 838 753 €- 344 551 €- 8 946 €

371 000 €

- € - € - € - € 28 000 € 890 000 € 240 000 € 20 000 € 1 792 €- 38 787 €- 11 070 €- 2 805 €-

- € - € - € - €

397 208 € 851 213 € 228 930 € 17 195 €

56 361 € 2 443 709 € 825 684 € 108 769 €

25 514 € 428 523 € 25 701 € 81 875 € 81 875 € 2 872 231 € 851 385 € 190 644 €

Annex 19-61

VALUATION & PERFORMANCE

2009 2009 2009 2010 2010 2010 2011 2011 2011 2012 2012

High Realistic Low High Realistic Low High Realistic Low High Realistic

ROE 9,70% -153,20% -279,45% 70,38% 67,52% 0,32% -116,94% -125,89% -302,57% 77,20% 45,83%

with ROE = m*t*l

Operating efficiency = NI/SA 3% -54% -203% 24% 22% 0% -19% -34% -82% 16% 7%

Asset use efficiency= SA/TA 305% 267% 131% 284% 291% 256% 491% 296% 296% 398% 505%

Financial Leverage = TA/EQ 1,05 1,06 1,05 1,05 1,06 1,07 1,25 1,25 1,25 1,25 1,25

with

Net Income(NI) 5 370 € 57 480 €- 107 523 €- 131 553 € 77 992 € 263 € 284 576 €- 257 760 €- 365 831 €- 823 860 € 173 258 €

Sales (SA) 176 876 € 106 126 € 53 063 € 559 142 € 355 993 € 223 657 € 1 494 388 € 758 979 € 448 316 € 5 309 900 € 2 385 451 €

Total Assets (TA) 58 063 € 39 796 € 40 462 € 196 761 € 122 391 € 87 458 € 304 447 € 256 098 € 151 590 € 1 333 285 € 472 015 €

Equity (EQ) 55 370 € 37 520 € 38 477 € 186 923 € 115 512 € 81 740 € 243 346 € 204 751 € 120 909 € 1 067 206 € 378 009 €

CC 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

ROE - CC 0,20% -162,70% -288,95% 60,88% 58,02% -9,18% -126,44% -135,39% -312,07% 67,70% 36,33%

2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010

ROA 9% -144% -266% 67% 64% 0% -93% -101% -241% 62% 37%

Beta 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9

Risk free Rate 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5%

Risk Premium 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6%

Market Practice 17% 17% 17% 17% 17% 17% 17% 17% 17% 17% 17%

Default spread 12% 12% 12% 12% 12% 12% 12% 12% 12% 10% 10%

WACC 32% 32% 32% 32% 32% 32% 29% 29% 29% 28% 28%

ROA - WACC -23% -176% -298% 35% 32% -32% -123% -129% -270% 34% 8%

EBITDA 9 802 € 55 879 €- 105 398 €- 222 679 € 133 959 € 15 755 € 227 311 €- 210 120 €- 327 361 €- 1 400 906 € 351 250 €

EBITDA Margin 5,5% -52,7% -198,6% 39,8% 37,6% 7,0% -15,2% -27,7% -73,0% 26,4% 14,7%

Profit margin (NI/SA) 3,0% -54,2% -202,6% 23,5% 21,9% 0,1% -19,0% -34,0% -81,6% 15,5% 7,3%

2013 2013 2013

High Realistic Low

77,63% 71,76% 23,20%

27% 24% 5%

229% 235% 356%

1,24 1,25 1,25

3 704 249 € 960 665 € 77 360 €

13 601 785 € 3 925 065 € 1 478 455 €

5 935 568 € 1 667 576 € 415 760 €

4 771 454 € 1 338 674 € 333 386 €

10% 10% 10%

68,13% 62,26% 13,70%

2010 2010 2010

62% 58% 19%

1,9 1,9 1,9

3,5% 3,5% 3,5%

6% 6% 6%

17% 17% 17%

10% 10% 10%

28% 28% 28%

35% 30% -10%

6 230 668 € 1 626 539 € 174 993 €

45,8% 41,4% 11,8%

27,2% 24,5% 5,2%

High Realistic Low

ROE 69,26% 43,22% -76,05%

with ROE = m*t*l

Operating efficiency = NI/SA 21% 12% -20%

Asset use efficiency= SA/TA 270% 294% 312%

Financial Leverage = TA/EQ 124% 123% 122%

with

Net Income(NI) 4 380 454 € 896 674 € 631 614 €-

Sales (SA) 21 142 091 € 7 531 614 € 3 168 927 €

Total Assets (TA) 7 828 124 € 2 557 875 € 1 015 173 €

Equity (EQ) 6 324 298 € 2 074 466 € 830 539 €

CC 10% 10% 10%

ROE - CC 59,76% 33,72% -85,55%

ROA 56% 35% -62%

Beta 1,9 1,9 1,9

Risk free Rate 3,5% 3,5% 3,5%

Risk Premium 6,0% 6,0% 6,0%

Market Practice 17,0% 17,0% 17,0%

Default spread 11,2% 11,2% 11,2%

WACC 29,7% 29,7% 29,9%

ROA - WACC 26% 5% -92%

EBITDA 7 636 744 € 1 845 749 € 400 241 €-

EBITDA Margin 36,1% 24,5% -12,6%

Profit margin (NI/SA) 20,7% 11,9% -19,9%

Five years average

Five years average

Annex 19-62

FIRM VALUATION (NET PRESENT VALUE ON 3 SCENARIOS)

2009 2009 2009 2010 2010 2010 2011 2011 2011 2012 2012 2012 2013 2013 2013

Hypothesis High Realistic Low High Realistic Low High Realistic Low High Realistic Low High Realistic LowWorking Capital

Accounts Receivable 14 538 € 8 723 € 4 361 € 45 957 € 29 260 € 18 383 € 122 826 € 62 382 € 36 848 € 436 430 € 196 064 € 79 351 € 1 117 955 € 322 608 € 121 517 € Accounts Payable 2 693 € 2 276 € 1 985 € 9 838 € 6 879 € 5 717 € 24 368 € 14 617 € 12 316 € 47 165 € 24 912 € 19 305 € 93 983 € 30 876 € 20 606 €

Investment & Depreciation

Total Capex 8500 8500 8500 80400 52900 52900 116800 105800 80800 265000 178500 140000 1138500 183500 05 yr Deprec 2125 2125 2125 22225 15350 15350 51425 41800 35550 117675 86425 70550 402300 132300 70550

Annual Depreciation 2125 2125 2125 22225 15350 15350 51425 41800 35550 117675 86425 70550 402300 132300 70550

YEAR 1 1 1 2 2 2 3 3 3 4 4 4 5 5 5 High Realistic

Operating Cash FlowEBIT after Tax 5370 -57480 -107523 131553 77992 263 -278736 -251920 -362911 858662 184236 -228780 3874369 1008040 87205Depreciation 2125 2125 2125 22225 15350 15350 51425 41800 35550 117675 86425 70550 402300 132300 70550Interest to Debt 0 0 0 0 0 0 -5841 -5841 -2920 -34803 -10978 -7103 -170120 -47375 -9845

Working CapitalReceivables -14538 -8723 -4361 -31419 -20537 -14021 -76870 -33122 -18465 -313604 -133683 -42503 -681525 -126544 -42166Payables 2693 2276 1985 7146 4603 3732 17223 10014 8584 29942 14898 10721 64041 15978 9885

InvestmentCapex -8500 -8500 -8500 -80400 -52900 -52900 -116800 -105800 -80800 -265000 -178500 -140000 -1138500 -183500 0

0,65 CF=Perp

Free Cash Flows -12850 -70302 -116274 49104 24508 -47576 -409598 -344869 -420963 392873 -37602 -337115 2350565 798899 115629 1527867 519284

Cum FCF -12850 -70302 -116274 36254 -45794 -163850 -360494-320361 -468539 -16725 -382470 -758077 2743438 761297 -221486

Perpetual Discount Rate 15% 15% PGRate

Discount Rate 32% 32% 32% 32% 32% 32% 29% 29% 29% 28% 28% 28% 28% 28% 28% 1,5% 1,5%

0,7582 0,7582 0,7582 0,5748 0,5748 0,5748 0,4454 0,4470 0,4455 0,3481 0,3484 0,3468 0,2727 0,2728 0,2703

Present Values FCF -9742 -53299 -88153 28225 14087 -27346 -182453 -154166 -187538 136760 -13099 -116901 640930 217950 31256Residual Value 3033713 1031623

NPV 3 647 432 1 043 096 -240 740 11125923

YEAR 1 1 1 2 2 2 3 3 3 4 4 4 5 5 5 BE BE

Annual Cash Flow -12 850 -70 302 -116 274 49 104 24 508 -47 576 -409 598 -344 869 -420 963 392 873 -37 602 -337 115 2 350 565 798 899 115 629 1 527 867 519 284Cumulated Free Cash Flow -12 850 -70 302 -116 274 36 254 -45 794 -163 850 -360 494 -320 361 -468 539 -16 725 -382 470 -758 077 2 743 438 761 297 -221 486Cumulated NPV Free Cash Flow -9 742 -53 299 -88 153 18 482 -39 212 -115 500 -163 971 -193 379 -303 038 -27 211 -206 477 -419 939 613 719 11 473 -388 683Operating Profit (EBIT) 8 261 -57 480 -107 523 202 389 119 988 405 -278 736 -251 920 -362 911 1 302 279 277 529 -228 780 5 868 965 1 525 321 128 861Cumulated Income 5 370 -57 480 -107 523 136 923 20 512 -107 260 -153 024 -179 769 -365 568 539 283 -84 503 -601 714 4 528 108 1 133 923 -158 523Net Income 5 370 -57 480 -107 523 131 553 77 992 263 -284 576 -257 760 -365 831 823 860 173 258 -235 883 3 704 249 960 665 77 360

Default spread 12,00% 12,00% 12,00% 12,00% 12,00% 12,00% 12,00% 12,00% 12,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00%1 - Taxe rate 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65% 65%Risk free Rate 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5% 3,5%Market Practice 17% 17% 17% 17% 17% 17% 17% 17% 17% 17% 17% 17% 17% 17% 17% 3%Risk Premium 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6% 6%Beta 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 1,9 Cost of equity 32% 32% 32% 32% 32% 32% 32% 32% 32% 32% 32% 32% 32% 32% 32% 18%Cost of debt 10,08% 10,08% 10,08% 10,08% 10,08% 10,08% 10,08% 10,08% 10,08% 8,78% 8,78% 8,78% 8,78% 8,78% 8,78% 8,78%

Equity / (Debt + Equity) 1,00 1,00 1,00 1,00 1,00 1,00 0,87 0,85 0,87 0,83 0,85 0,85 0,82 0,82 0,84 0,70 Debt (Debt + Equity) - - - - - - 0,13 0,15 0,13 0,17 0,15 0,15 0,18 0,18 0,16 0,30

Perpetual Growth

Annex 20-63

20. ANNEX 20 EXAMPLES OF PRICES FOR BANNERS ON WEBSITES

Monthly Advertisement Rates

Scope Including index page and all

subsequent pages in each section

Top Banner 468×60

Side Button 120×60

Bottom Banner 468×60

Front Page

including all pages at the root level

such as news, chat, and search.

$1,250/mo N/A $500/mo

Forum $1,000/mo $500/mo $250/mo

Units and Constants $1,000/mo $500/mo $250/mo

Formulas $800/mo $400/mo $200/mo

Materials $800/mo $400/mo $200/mo

Design Center $500/mo $250/mo $125/mo

Mathematics $500/mo $250/mo $125/mo

Processes $300/mo $150/mo $75/mo

All rates effective 12/1/2001. Rates are subject to changes without prior notice.

ALL CAMPAIGNS ARE INVOICED UPON POSTING. AT THE END OF EACH MONTH, A

SUMMARY WILL BE SENT TO ALL ADVERTISERS DETAILING THE NUMBER OF

IMPRESSIONS AND CLICK-THROUGH RATES FOR THEIR ADS.

HowHowHowHow much much much much do banner ads cost?do banner ads cost?do banner ads cost?do banner ads cost?

Home > How much

Banner ads are like everything else in life: You get what you pay

for...Quality doesn't come cheap.You get the picture. But, at the same

time, we believe we offer some of the best valuevaluevaluevalue on the Web for

Annex 20-64

professional awardawardawardaward----winningwinningwinningwinning banner design and production.

TermsTermsTermsTerms

If you pay in advance, get an extra 5% OFF quoted price AND your If you pay in advance, get an extra 5% OFF quoted price AND your If you pay in advance, get an extra 5% OFF quoted price AND your If you pay in advance, get an extra 5% OFF quoted price AND your

order gets PRIORITY. Order three or more banners and alsorder gets PRIORITY. Order three or more banners and alsorder gets PRIORITY. Order three or more banners and alsorder gets PRIORITY. Order three or more banners and also get 5% o get 5% o get 5% o get 5%

OFF.OFF.OFF.OFF.

RateRateRateRate card card card card

We do all sizes, just ask.

New prices take effect Jan. 1, 2007

Size Animated Price

YES

$75.00

NO

$75.00

468 x 60 IMU - (Full Banner)

120 x 240 IMU - (Vertical Banner)

180 x 150 IMU - (Rectangle)

250 x 250 IMU - (Square Pop-Up)

234 x 60 IMU - (Half Banner)

88 x 31 IMU - (Micro Bar)

120 x 90 IMU - (Button 1)

120 x 60 IMU - (Button 2)

125 x 125 IMU - (Square Button)

FLASH $225.00

* A 5% discount is given for orders of three or more animated .gif banners.

There is no price break for flash.

Size Animated Price

Yes/No $90.00

Annex 20-65

FLASH $250.00

* A 5% discount is given for orders of three or more animated .gif banners.

There is no price break for flash.

Size Animated Price

HTML email

Samples here

Yes/No $199.95

Size Animated Price

Landing page Yes/No $500.00

* A 5% discount is given for orders of three or more banners.

SourceSourceSourceSource files files files files

Sourcce .PSD files can be obtained for $25 each.

TurnaroundTurnaroundTurnaroundTurnaround time time time time

The turn-around time for a normal job, up to three banner ads, is around

seven days. If we get them done sooner, you'll receive them sooner.

Banner ads can be produced faster, but at a premium.

BannerBannerBannerBanner placement placement placement placement

I can also do research and place your banner ads for you. Market

research as to the best sites to place your banners is $50 an hour with

a minimum of two hours. This offer is for creative clients only. Also, my

fee is 15% of the media buy (e.g., you spend $1000, my fee is $150).

Annex 20-66

1. To be effective, your banner ad must be displayed on web pages that receive a high volume of

web traffic. Also, the banner ad should be visible on the initial page load, window frame.

2. Your banner advertising display must be entirely relevant to the material and content that exists

on the page it is displayed.

Fill these shoes first and foremost and you'll run away with a substantial increase in genuine targeted

visitors to your website. Properly executed, banner ad displays can pay off where all too often buried text

links go unnoticed.

Naturally, your banner ad display should be a high quality graphic- crisp, clean and professional looking.

It should easily state its purpose and request an action. Avoid excessive flare, fan-fare, blinking and

flashing episodes. Banner ads should closely match and fit easily into the web page theme and the flow

of the page design.

Your Advertising Banner Arsenal

There are many, many banner ad graphic programs to choose from, should you decide to take the time to

create your own banner ads. If you're not truly creative you'll probably be wasting valuable time, because

many high-traffic volume web sites will more than likely reject your creations. It's best to leave banner

ad creations to the website's graphics team. They should know what's best to fit their site's page theme

and design. Besides that, oftentimes you'll need more than a few different designs, colors and in some

cases different sizes.

What does banner advertising cost?

Website banner advertising rates vary from site to site. Primarily there three payment types.

1. Cost per thousand impressions (views) - You are charged a fixed fee for every 1,000 people who

see your ad, regardless if they click it.

2. Cost per click - You are charged a fee for each person who clicks on your banner ad, sending

them to your site.

3. Cost per visitor - You are charged for each visitor that is delivered to your website.

Annex 21-67

21. ANNEX 21 DEFAULT SPREAD RISK

Class Tranche Tranche Tranche Rating Launch spread Weighted average Life

(EURm) % CE % (Moody?s/ S&P)

A 137,8 69,07% 30,92% [Aaa]/[AAA] 3m Euribor

+0.28%

[6,50]

years

B 20.0 10,02% 20,90% [Aa2]/[AA] 3m Euribor

+0.50%

[6,75]

years

C 10.5 5,26% 15,64% [A2]/[A] 3m Euribor

+0.70%

[6,75]

years

D 14.5 7,27% 8,37% [Baa2]/[BBB] 3m Euribor

+3.90%

[6,75]

years

E 7.7 3,86% 4,51% [Ba1]/[BB] 3m Euribor

+3.90%

[6,75]

years

F 9.0 4,51% Excess

Spread

NR 17 + 3% fixed [6,75]

years

Michael Gerlach, responsible for structuring the capital markets exit for CB MezzCAP, said: "The transaction documents

the successful interaction of the bank's Corporate banking franchise and its securitisation expertise. The pattern of

generating assets tailored for securitisation programmes will be re-used for succeeding transactions." Dalibor Jarnevic.

Annex 22-68

22. ANNEX 22 FIRM VALUATION , NPV OF FCF, EXAMPLE OF BETA

FOR SERVICE COMPANIES

In order to value our WLM agency business, many possibilities can be used:

We could compare to a similar business listed in the stock and derive a certain value of the agency using

multiples like P/E ratio, Price to Sales ratio, Price to Cash ratio, market value to EBIT or revenues to

EBIT.

We can value the stream of cash generated by the business, discounted to the present value.

We can value the stream of cash using probable outcome of each of our business options (6 in our 5 year

plan) or even consider an infinite number of option and outcome using a Black-Scholes option-pricing

model.

The first method is often used in the sales of small cap businesses or with the private businesses (once the

multiples adapted). This method does not provide a single and simple answer to our question and it does

require similar type of businesses in order to compare. Furthermore it only applies to a business with

some historical records.

The second approach, the discounted cash flow, accounts for future assumptions in a clear, simple and

structured framework, while deriving a firm value.

The third is the valuation (at present value) of probable outcomes of each area development (derive either

by the B&S equation or by a decision tree). This last method fits perfectly our model, yet we believe it

introduces a too large complexity to our purpose and does not provide a simple valuation view of our

start-up business. This last method could be used to revise the firm valuation in further steps (second

round of funding or in five years).

VALUATION USING THE NPV OF FCF

Using the NPV method to derive the firm valuation we must first answer to a certain number of questions

and tune the parameters used along the NPV computation.

First we will need to understand which viewpoint will provide the “best” firm valuation: discounted cash

to the equity or to the firm (equity + debt)?

Second, we will have to consider which cash can be discounted?

Annex 22-69

Third, we will determine the discount rate as the cost of capital of the firm using the weighted average

method. The WACC will be based on the firm beta, the risk free rate and the risk premium. Each of these

parameters will be discussed in this appendix.

Cash Flow Equity Valuation or Cash Flow Firm Valuation?

Having done at first valuation of our company with only equity and compared with a debt leverage we

have assessed better results in cash using debt even though differences accounts for a 3% increase on

return on equity and a 4%decrease in cost of capital.

This is why we will value the WLM agency using the firm method.

The WLM agency Free Cash Flow

We will use the free cash flow (FCF) generated by our model. The Free Cash Flow is the net cash

available after having paid all taxes and after the funding of the projects (with positive NPV). The FCF is

available, aside from buying market securities, for dividends, share buy back or acquisition.

It is composed of three elements, the operating cash flow, the decrease in working capital and the

investment cash flow.

THE OPERATING CASH FLOW

We use the EBIT after tax proxy to determine the cash generated by the recurring

activities to which we add-up the depreciation of our IT tools (e-platform and KM

database). Our operation is generating a positive net cash flow.

The Net Working Capital Decrease

Cash flow from a decrease in working capital is being free to equity holders. Our operation shows an

increase in net working capital that reflects our business growth. The increase in net working capital is

mainly driven by the customer credit.

The Investment Cash Flow

Annex 22-70

Cash flow from net operation on assets (disposal of assets minus investment) is negative as we

progressively invest in our e-platform and our knowledge database without any divestiture of assets.

The WLM Agency’s WACC.

Our Weighted average cost of capital is the cost of equity and debt (used in the 3rd year).

The cost of capital can be determined using the “security market line” (SML), the Risk premium for

Germany is estimated to be around 6%. We estimate our beta to be around 1,9 and we add a market

practice of 17% to our cost of equity in order to account for the lack of market experience.

Cost of Equity = Rf + Beta(Rp) + mp = 3,5% + 1,9 (6%) + 17 %= 32%

Cost of debt = (Rf + ds) * Tr = 10 %

The Risk Free Rate (Rf) is evaluated for the German market at 3,5% using a 10 year bond1.

The Risk Premium stated as the difference between the expected of the market portfolio and the risk free

rate in the SML equation is adjusted by a market practice rate in order to reflect our start-up situation

using the following assumption: the excess in expected return (above the risk premium) is equivalent to

the debt interest rate with a default spread rate in excess. Today the spread rate in excess is above 17%2.

1 See Annex 19 2 See Annex 19, 20, 21

2009 2010 2011 2012 2013Hypothesis Realistic Realistic Realistic Realistic Realistic

Working CapitalAccounts Receivable 8 723 € 29 260 € 62 382 € 196 064 € 322 608 € Accounts Payable 2 276 € 6 879 € 14 617 € 24 912 € 30 876 €

Investment & Depreciationwebsiteknowledge databaseTotal Capex 8500 52900 105800 178500 1835005 yr Deprec 2125 15350 41800 86425 132300

Annual Depreciation 2125 15350 41800 86425 132300Perpetual Growth

YEAR 1 2 3 4 5 Realistic

Operating Cash FlowEBIT after Tax -57480 77992 -251920 184236 1008040Depreciation 2125 15350 41800 86425 132300Interest to Debt 0 0 -5841 -10978 -47375

Working CapitalReceivables -8723 -20537 -33122 -133683 -126544Payables 2276 4603 10014 14898 15978

InvestmentCapex -8500 -52900 -105800 -178500 -183500

Free Cash Flows -70302 24508 -344869 -37602 798899 519284Cum FCF -70302 -45794 -320361 -382470 761297

Annex 22-71

We choose a default spread risk of 17% giving a discount rate of 32% during the first two years,

decreasing to 28% in the fifth be leveraging the firm to 1,25

We choose a Beta of 1,9 which is well above beta’s of pure service companies such as Cap Gemini (beta

of 1,45) or Steria (beta of 1,46) but closer to pure Internet platform service player such as Healthgrades3

(beta of 1,6) taking into account our mixed internet model (E-platform and Call center).

During the 3rd year we will introduce debt in order to decrease the cost of capital and reduce payment of

tax.

Our assumptions were to make a leverage of minimum 25 % starting the 3rd year.

The WLM Agency Value (Base Scenario).

Our 32% cost of equity reflects the WACC during our starting phase (3 first years) then we will use debt

that will decrease cost of capital to around 28 %. To simplify our computation we made three

assumptions for the perpetual growth:

We will reach a steady growth of 1,5% after these five years of growth

Our WACC will lower to 15% in line with good business records and market practice

We expect the market to be more competitive after the first five years and cash generated from operation

should decrease while investment will be renew in order to keep a cost advantage, we then expect the

cash “perpetuity” to be at 65% of the fifth year cash level.

Given those assumptions the net present value of the WLM Agency is 1 Mio €.

3 See annex 20

Perpetual Discount Rate 15% Perpetual GrowthRateDiscount Rate 32% 32% 29% 28% 28% 1,5%

0,7582 0,5748 0,4470 0,3484 0,2728Present Values FCF -53299 14087 -154166 -13099 217950Residual Value 1031623

NPV 1 043 096

YEAR 1 2 3 4 5 BEAnnual Cash Flow -70 302 24 508 -344 869 -37 602 798 899 519 284Cumulated Free Cash Flow -70 302 -45 794 -320 361 -382 470 761 297Cumulated NPV Free Cash Flow -53 299 -39 212 -193 379 -206 477 11 473Operating Profit (EBIT) -57 480 119 988 -251 920 277 529 1 525 321Cumulated Income -57 480 20 512 -179 769 -84 503 1 133 923Net Income -57 480 77 992 -257 760 173 258 960 665

Default spread 12,00% 12,00% 12,00% 10,00% 10,00%1 - Taxe rate 65% 65% 65% 65% 65%Risk free Rate 3,5% 3,5% 3,5% 3,5% 3,5%Market Practice 17% 17% 17% 17% 17%Risk Premium 6% 6% 6% 6% 6%Beta 1,9 1,9 1,9 1,9 1,9 Cost of equity 32% 32% 32% 32% 32%Cost of debt 10,08% 10,08% 10,08% 8,78% 8,78%

Equity / (Debt + Equity) 1,00 1,00 0,85 0,85 0,82 Debt (Debt + Equity) - - 0,15 0,15 0,18

Annex 22-72

CALL FOR ACTION

We intend to develop the business using private investors by founding the business in two rounds:

1. A seed round in order to prove the concept and pilot two years of business and prepare the expansion, with a 62K€ round from investors for a 35% share of equity.

2. A deployment phase during three years in order to expend the business into a leadership position in the life management for B2B, with a 225K€ from investors maintaining a 35% share of equity.

Perspective for development in the life management service for B2B may continue to shine in five years, yet with growth at a much slower pace, before starting to stagnate after seven years. At that time we will be ready to propose an expansion phase into the top tiers market for “highflying decision maker” and diversify our brokerage agency into a top “brick and mortar” life management and children education service company.

EXAMPLE OF BETA FROM TYPICAL SERVICE COMPANY

Company Description Market Ticker Sources Beta

Cap Gemini Consulting &

IT services

Paris Stock

Exchange

CAPP http://www.reuters.com/finance/stocks

06/12/2008

1,41

Steria Consulting &

IT services

Paris Stock

Exchange

http://www.techrules.com

02/12/2008

1,46

Healthgrades Business

services

NASDAQ HGRD http://www.clearstation.com

05/12/2008

1,60

225 550 347 000 € 121 450 65% 35% Round 261 750 95 000 € 33 250 65% 35% Round 1

287 300 442000 154 700 65% 35%Investors Total Founders

Investors FoundersSHARES 30% 70%

FINANCING