Agenda

2

I. Introduction

II. Business description

III. Future Developments

IV. Financials

History Valor

2006 Valor B.V. was founded by 2 shareholders: Leonieke Stayen, and Armando dos Santos Gomes. Valor’s initial focus was on consultancy and implementations at media companies and SAP CRM.

2007 Valor joined the Superp Group

2007 Valor became SAP’s key player in the media market and developed Answers4Media

2009 Valor became SAP’s key player in the professional services market and developed Answers4Creditmanagement

2010 On May 27th Valor leaves the Superp groep due to stand alone expressive growth, future strategy as a stand alone SAP Services Provider.

Birth of the Valor Brand. Former Superp CEO/Founder J. Hoogendoorn joins.

On June 1st Valor signes the contract for its own office

On October 26th Valor signs Business Partnership agreement with SAP

3

General Management

4

John Hoogendoorn

Strategy, Marketing & Business

development

John Hoogendoorn got acquainted

with SAP during his job as CIO at

Tulip Computers in the mid ’90s.

John is founder of SAP Service

Provider Superp. He handed over the

operations of this company to join

Valor to enable its ambitious growth

strategy. He holds a Technical

University degree, specialization

Management

Leonieke Stayen

Financials, HRM, Delivery

management & Operations

Leonieke Stayen is one of the

founders of Valor since 2006. Before

joining Valor she worked for 8 years

as Sr Consultant at SAP Netherlands

and after that as a Business

Consultant at Atos KPMG. Leonieke

focusses on HR, Financials and

Delivery. She holds a University

degree in Industrial Engineering and

Management

Introduction proposition

• Founded in 2006 Valor delivers solutions and services in the areas of

implementation, optimization and the management of SAP solutions for medium

and large-sized organizations.

• Valor is specialized in SAP CRM, IS-Media, SAP BCM, SAP SD/MM and

Projectmanagement

• Valor has relationships with blue chip companies and offers general solutions to a

broad client base as well as specific solutions to businesses in the professional

services sector and in the media & events sector. Clients are Wolters Kluwer, NS,

Sanoma Publishers, M.G. de Jong, Schaap Holland and many more.

• Valor offers SAP templates and knowledge regarding the SAP Business AllinOne

solution for the media and professional services market. Valor is the only

dedicated SAP partner that offers solutions to this new markets. SAP brands

Valor as the parner with extensive knowledge in these markets.

• SAP also recognizes Valor as one of the key business partners in SAP Value

Engineering.

55

Table of Contents

6

II. Business description

III. Future Developments

IV. Financials

I. Introduction

Business description Valor

SAP Enterprise MarketValor is a SAP specialist whose focus it is to provide SAP implementations and SAP optimizations. The company goal is to employ 30-50 SAP consultants. Valor is one of the key players in media and professional services.

Valor specializes in the:

1. Implementation

2. Optimisation, and

3. Management

of SAP enterprise systems either in house with the customer or with Shared Services.

Valor is a high quality SAP partner:

SAP Value Engineering Partner

Special Expertise Partner SAP BCM

SAP Business AllinOne Partner

SAP Baseline Partner

SAP Media Partner

SAP Professional Services Partner

In process of becoming SAP Partner for Netweaver and CRM

SAP SMB Market

SAP Business AllinOne is a SAP module specifically designed for the Small and Medium-sized Enterprises (<250 employees) and subsidiaries of corporates .

Valor specializes in the:

1. Supply

2. Implementation and optimisation, and

3. Management

of SAP Business AllinOne.

Valor delivers solutions and services in the areas of implementation, optimization and the management of SAP solutions for small, medium and large-sized organizations.

7

Main focus Valor : Media / Professional Services

Media & Events

The consultants of Valor have specialized knowledge of SAP

CRM and the SAP Industry Solution IS-Media.

Valor assists companies in the Media market to optimize,

translate and implement their business processes in the SAP

Solution Portfolio (eg CRM and Financials) and the Industry

Solution IS-Media.

The Valor media consultants have a wide range of experience in

the field of Business Consulting for Media in Europe, Financials,

Media Serial sales, periodicals, call centers and the Internet. One

of Valor’s greatest strengths is the simplification – by means of,

amongst others, Six Sigma – of the Publishing companies core

business processes.

Professional Services

Valor delivers solutions and services in the areas of

implementation, optimization and the management of SAP

solutions as a dominant specialist in the Professional

Services market.

The characteristics of the Professional Services market can

be found in the next slide. Valor is SAP’s Value Engineering

partner in this area.

Valor is specialized in Credit Management and Collection

Management. These solutions were developed by SAP for

the Professional Services market..

8

Main focus Valor : Value Engineering

9

Project kengetallen o.b.v.

horizon van 7 jaar

NPV €5M

IRR 19%

Payback 54 Months

3 Month Cost

of Delay€0,057M

Uitgangspunten:

De case is gebaseerd op

huidige inzichten en zal

verfijnd worden o.b.v. nadere

overeenstemming met

betrekking tot scope en

aanpak.

After Tax Cash Flows (€Millions)

€1,3M€0,6M9. Front Office

€0,6M€0,4M12. IT

€1,5M€0,8M7. Incasso€0,3M€0,1M1. Planning & Sturing

€0,6M€0,3M11. Document Management

€0,4M€0,2M2. Accountmanagement

€0,1M€0,0M3. SLA Management

€0,04M€0,03M5. Integratie

€0,2M€0,2M4. Rapportage & Analyse €0,8M€0,6M10. Finance

€0,5M€0,2M8. Gerechtelijk en executie

€0,2M€0,1M6. Debiteurenbeheer

Conservatief

Optimistisch€3,6M €6,5MPotentiele Jaarlijkse Benefit:

Services Valor B.V.

• Onsite managed servicesValor is specialized in performing onsite management of SAP systems. From all the consultants who are

employed by Valor, the majority works on site.

• Remote managed services and Housing&HostingValor offers a wide range of remote services to it’s customers. Often used strategy is starting

management in house with remote managed services and gradually moving the management to the

Service Center. Apart from remote managed services Valor also offers Housing & Hosting. With this

solution all burden of looking after the SAP system is taken from the customer. Valor has contracted a

dedicated company which can handle 24*7 support.

• Managed Services ProjectsFrom the regular management of SAP systems some special projects are spun off, a.o. upgrades,

migrations, consolidations.

• TestingSAP offers several possibilities to support their customers with the challenges they encounter in their

organization. No company can afford to start using a SAP system or execute updates without mitigating

the risk that the SAP system, and with it, the complete organization, comes to a standstill. Mitigating this

risk can only be done by structured SAP testing.

10

Some customers of Valor B.V.

11

Project examples Valor B.V.: Sanoma Magazines (I)

1212

Project Subscription Management and Customer Relations

• Blueprint and Implementation of SAP IS-Media for periodicals and SAP Financials.

• Implementation SAP CRM customer service including integration with SAP Business Communication Services (BCM)

• Develop SAP IS-M, CRM interfaces

• Optimizing SAP IS-M and CRM Integration

Role Valor:

• Design, realization, migration

• Training

• Maintenance and Support

Project examples Valor B.V.: De Jong (II)

13

Project SAP Business Communication Mgt

• Setting up IT infrastructure for SAP BCM and future projects

• Blueprint and Implementation of SAP BCM

• Value Engineering

• Deployment of test organization

• Facilitate training (materials/expertise)

Role Valor:

• Business Consulting

• Design & Realization

• Project Management

• Test Management

• Training

• Maintenance and Support

13

Agenda

14

III. Future Developments

IV. Financials

I. Introduction

II. Business description

Strategic growth: buy & build

• Experience

- Valor is interested in strategic growth as long as it fits in the strategy

- Valor is experienced in product development in close partnership with SAP

which may cause strategic decisions regarding growth

- Double digit growth in 2011

• Buy and build strategy differs in 3 concepts

- Joint Ventures

- Exclusive Business Partnerships for Business development

- New initiatives (netweaver, testing)

1515

Agenda

1616

I. Introduction

II. Business description

III. Future Developments

IV. Financials

Goals Valor

Revenues: € 0,5 mln Revenues: € 2 mln

17

Ebit: 5% Ebit: 8%

Employees: 5 Fte Employees: 15 Fte

External consultants: 0 External consultants: 1-2

Buy & build: recruitingpeople

Buy & build: StrategicGrowth

From 2007 To 2011