Areopa Introduction Areopa is the leading integrated

Areopa: Introduction

Areopa is the leading integrated intellectual capital and change management consulting organisation.

Strengths Areopa’s distinctive reputation is founded on a commitment to implementation and measurable results. The company’s consultants are focused on the crucial importance of valuing intellectual capital and managing corporate change. Each consultant is linked by a common set of values: • • Customer driven organisation structure Every consultant fully empowered to define and deliver on customers’ demands No fixed costs Every consultant considered an entrepreneur

Strategy Extend development of cutting-edge technology and products • Accelerate partnerships and joint-venture agreements that maximise Areopa’s strengths • Stimulate market growth • IPO to endorse Intellectual Capital/ Change Management and give acquisition currency •

Organization • • • 250 Consultants Average revenue per consultant € 215. 000 5 year CAGR of over 100% Revenues totaling € 54 m 400 Customers 117 Strategic Alliances 7 administrative centres IC Cap: € 210 M Presence in EMEA, AAA and US

History Repositioning Intellectual Capital - 2001 Introduction IC Calculation Method - 2001 € 54 million in revenue Introduction Areopa Change Academy - 2001 Introduction VIP/ INS concept - 2000 Extension to US - 1999 Extension to AAA - 1997 Introduction Strategic Alliance Concept - 1997 Repositioning Total Change - 1994 Founded 1990 Revenue Growth FY 94 € 2. 00 M FY 97 € 3. 75 M FY 99 € 27. 25 M

Client Sample

The Change Management Market • • • Increased corporate activity and volatile markets have led to fragmentation across all industries Failure of major IT projects launched in 1980 s/ 1990 s has forced companies to re-assess business priorities Re-assessment of business dynamics demands new valuation tools to maximise productivity

The Intellectual Capital Market • • Awareness of need to update accounting models Increasing importance of IC in business circles “In today’s knowledge economy…it is the ability to create, protect and exploit intellectual property that set a company apart. Yet understanding of intellectual property issues among directors in boardrooms is almost nonexistent. ” Financial Times 22 October 2001 “Intangibles are now estimated to account for 75% of a company’s worth. ” Marketing “ August 2001 “Corporates no longer have an excuse to ignore this vital issue. ” Financial Times 22 October 2001 “The accounting system doesn’t account for anything really. ” Judy Lewent, CFO, Merck (? )

Concept development Change management consulting Key to change = people How to measure and value people’s input into the firm? Areopa devises a formula to assess this value New focus on valuing and boosting this intellectual capital for clients

Organization Intellectual Capital • 6 profit centres • Agreed targets to be met • Centred around concept of Areopa Knowledge Center AREOPA INTELLECTUAL CAPITAL AREOPA CHANGE ACADEMY AREOPA COMPANY PRODUCTS AREOPA PRODUCTION HOUSE Areopa Knowledge Center Change AREOPA STRATEGIC ALLIANCES AREOPA SPECIAL PROJECTS

Organization cont’d Intellectual Capital: Change Management: Areopa Intellectual Capital Management: leading edge in the field of IC calculation and management Areopa Company Products: brings AREOPA products to market through virtual participating, insourcing and franchising Areopa Change Academy: the result of AREOPA’s development of a new concept to create a strategic tool to improve organizational effectiveness Areopa Production House: end-user projects Areopa Strategic Alliances: builds, develops and manages AREOPA’s strategic alliances Areopa New Companies: optimises South-East Asian companies with nonperforming loans through temporary ownership, in co-operation with Howarth & Howarth

Key Management Executive Committee External Advisory Committee Ludo Pyis Gert Van der Linden William Janssens Jan Van de Kraats Paul Vanmaldeghem Jan Stevens Wim Candries Philippe Leliaert Harold Plasschaert Martin Van Houtte Andre Verhelst Mark Maddox Timo Helles Finance Director Kone International Prof. Leif Edvinsson Skandia, Former CEO Global IC guru Prof. Walter Missorten Managing Partner Horwath & Horwath Auditors Louis Lafillie Owner and Managing Partner

Opportunity Generate high value in upside revenue opportunities • Access to the unique and leading edge implementation know-how and the Areopa concepts • Major power of growth without the classical limitations such as capital etc • Early return on investment •

Contacts Ludo Pyis Gert Van der Linden Rob van Agteren Researchpark – Kranenberg 6 B-1731 Zellik - Belgium Phone: +32 2 481 60 50 Fax: +32 2 463 17 06 info@areopa. com www. areopa. com