BTS Group

Quarterly Report • May 14, 2020

BTS INTERIM REPORT JANUARY 1–MARCH 31, 2020

Profit decreases by 59 percent in the first quarter

• • Net sales amounted to MSEK 372 (376). Adjusted for changes in foreign exchange rates, sales decreased by 4 percent.
• • Operating profit (EBITA) decreased by 59 percent to MSEK 12 (30).
• • Operating margin (EBITA margin) was 3.2 percent (7.9).
• • Profit after tax decreased by 82 percent to MSEK 3 (16).
• • Earnings per share decreased by 82 percent to SEK 0.15 (0.85).
• • A global pandemic broke out in the first quarter of 2020 due to coronavirus COVID-19. The pandemic negatively affected the Group's sales and earnings at the end of the quarter.
• • From March 1 to the day of this report, BTS has won more than MSEK 350 in new digital and virtual projects in more than 150 customer projects for delivery as of the second quarter.

Q1

NET SALES AND OPERATING PROFIT (EBITA) Rolling 12 months

CEO COMMENTS

Record quarter in dramatic times

The first quarter of the year presented us with dramatic developments. In the third week of February, we published our Q4 2019 report, which was our fourteenth consecutive record-breaking quarter, and began the year with a record strong order book for 2020. The following week, the world turned on its head and our customers began to cancel deliveries and projects.

Due to the spread of COVID-19 to Europe, the US and the rest of the world, many of BTS's physical deliveries at the end of Q1 have been cancelled or postponed on short notice. This has led to lower revenues than expected while costs could only be marginally reduced during the quarter.

Revenue in the first quarter was MSEK 372, corresponding to a decline of 4 percent after adjustment of currency effects. Operating profit decreased by 59 percent to MSEK 12.

BTS has taken measures to strengthen the already good cash position at the beginning of the year and implemented selective cost savings.

At the same time, the spread of COVID-19 has created an increased demand for digital and virtual deliveries. BTS is well positioned after many years of investments in digital products and services. The two acquisitions in 2019 of SwissVBS and Rapid Learning Institute have further strengthened BTS's position.

From March 1 to the day of this report, BTS has won more than MSEK 350 in new digital and virtual projects in more than 150 customer projects for delivery as of the second quarter.

We believe that companies' transition to digital and virtual deliveries during the COVID-19 crisis creates new habits that will continue to persist after the crisis. This change in the market will provide additional growth opportunities for BTS within digital and virtual deliveries.

There is currently considerable uncertainty about how revenues for physical, digital and virtual deliveries will develop during the year, and we do not currently have sufficient data to provide a financial outlook for the year.

BTS's focus is to emerge stronger from the 2020 pandemic and recession and achieve a level of profit higher than before the recession and sustainably growing. Our goal is to have a larger and more profitable operation with a stronger organization, an expanded customer base, deeper customer relations, increased revenues from virtual and digital solutions combined with the physical deliveries for which there is significant pent-up demand.

Stockholm, May 14, 2020

Henrik Ekelund

President and CEO of BTS Group AB (publ)

OPERATIONS

Sales

BTS's net sales for the first quarter amounted to MSEK 372 (376). Adjusted for currency effects, total sales declined by 4 percent and organic sales by 7 percent.

Growth varied between the units: BTS Europe 16 percent, BTS North America 0 percent, APG –2 percent and BTS Other markets –27 percent (growth measured in local currency).

Earnings

Operating profit (EBITA) decreased by 59 percent in the first quarter to MSEK 12 (30). The operating margin (EBITA margin) was 3.2 percent (7.9).

Operating profit (EBIT) decreased by 75 percent in the first quarter to MSEK 6 (25). The operating margin (EBIT margin) was 1.7 percent (6.8). Operating profit (EBIT) for the first quarter was charged with MSEK 5.7 (4.3) for amortization of intangible assets attributable to acquisitions.

The Group's earnings before tax decreased by 82 percent to MSEK 4 (23).

The Group's profitability was positively affected by improved profit in BTS Europe and APG, while weaker earnings in BTS North America and BTS Other markets had a negative effect.

Market developments in the first quarter

The market continued to show a positive trend until the third week of February. As a result of the spread of COVID-19 and the subsequent social restrictions, demand for physical deliveries has decreased markedly. The resulting recession with cost savings carried out by many companies has also had a negative impact on demand. There remains high demand in certain industries and companies, particularly those dealing with digital and virtual solutions.

NET SALES BY SOURCE OF REVENUE JANUARY 1–MARCH 31, 2020 (2019)

REVENUE BY QUARTER

MSEK 16 Q1 17 18 19 20 16 Q2 17 18 19 16 Q3 17 18 19 16 Q4 17 18 19 0 20 40 60 80 100

OPERATING PROFIT (EBITA) BY QUARTER

SEGMENT REPORTING

The effects of IFRS 16 are not included in the BTS Operating units reporting, which is why the effects are recognized as Group adjustments.

Operating units

BTS North America consists of BTS's operations in North America, excluding APG but including SwissVBS with its operations in Canada and Switzerland.

BTS Europe consists of operations in France, Germany, the Netherlands, the UK and Sweden.

BTS Other markets consists of operations in Argentina, Australia, Brazil, China, Costa Rica, India, Italy, Japan, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan, Thailand and the United Arab Emirates.

APG consists of operations in Advantage Performance Group in North America.

NET SALES PER OPERATING UNIT JANUARY 1–MARCH 31, 2020 (2019)

NET SALES PER OPERATING UNIT

MSEK	Jan–March 2020	Jan–March 2019	April–March 2019/20	Jan–Dec 2019
BTS North America	188	179	886	877
BTS Europe	86	73	400	386
BTS Other markets	70	97	463	490
APG	27	27	113	112
Total	372	376	1,862	1,865

OPERATING PROFIT (EBITA) PER OPERATING UNIT

MSEK	Jan–March 2020	Jan–March 2019	April–March 2019/20	Jan–Dec 2019
BTS North America	13.1	24.5	107.2	118.6
BTS Europe	8.8	3.9	68.2	63.3
BTS Other markets	–10.9	1.0	45.4	57.2
APG	–0.4	–0.5	1.7	1.5
Total	10.6	28.8	222.4	240.5

BTS North America

Net sales for BTS's operations in North America amounted to MSEK 188 (179) in the first quarter. Adjusted for changes in foreign exchange rates, revenue remained unchanged. Operating profit (EBITA) amounted to MSEK 13.1 (24.5) in the first quarter. The operating margin (EBITA margin) was 7.0 (13.7) percent.

In BTS North America, many deliveries during March were canceled or postponed at short notice. Demand for digital and virtual solutions grew most rapidly in this region.

BTS Europe

Net sales for BTS Europe amounted to MSEK 86 (73) in the first quarter. Adjusted for changes in foreign exchange rates, revenue grew by 16 percent. Operating profit (EBITA) amounted to MSEK 8.8 (3.9) in the first quarter. The operating margin (EBITA margin) was 10.1 (5.3) percent.

BTS Europe has been less affected by COVID-19 than other regions during the quarter due to a more favorable distribution of its sources of revenue.

BTS Other markets

Net sales for BTS Other markets amounted to MSEK 70 (97) in the first quarter. Adjusted for changes in foreign exchange rates, revenue declined by 27 percent. Operating profit (EBITA) amounted to MSEK –10.9 (1.0) in the first quarter. The operating margin (EBITA margin) was –15.5 (1.0) percent.

In BTS Other markets, which includes Asia, Italy and Spain, we noted the most striking effects on revenue and earnings as a result of COVID-19 and the subsequent social restrictions.

APG

Net sales for APG amounted to MSEK 27 (27) in the first quarter. Adjusted for changes in foreign exchange rates, revenue declined by 2 percent. Operating loss (EBITA) amounted to MSEK –0.4 (–0.5) in the first quarter. The operating margin (EBITA margin) was –1.5 (–2.0) percent.

APG has experienced cancellations of physical deliveries during the quarter, but the impact on the operating loss has been limited due to the entity's structure of a high proportion of variable costs.

OTHER INFORMATION

Financial position

BTS's cash flow from operating activities for the first quarter amounted to MSEK 67 (5).

Available cash and cash equivalents amounted to MSEK 429 (259) at the end of the period. The company's interest-bearing loans amounted to MSEK 158 (95) at the end of the period.

BTS's equity ratio was 45 percent (48) at the end of the period.

The company had no outstanding conversion loans at the balance sheet date.

Employees

On March 31, the number of employees at BTS was 865 (746).

The average number of employees for the first quarter was 847 (722).

Parent Company

The Parent Company's net sales amounted to MSEK 1.1 (0.8) and profit before tax totaled MSEK 11.8 (1.2). Cash and cash equivalents amounted to MSEK 2.1 (5.6).

BTS'S OFFICES AROUND THE WORLD

San Francisco (2)

Acquisitions

As previously communicated in a press release on the same date, BTS acquired Rapid Learning Institute (RLI) on January 6, 2020. The acquisition encompasses all operations including talent, technology, intellectual property, customer relations, brands and equipment.

With the acquisition of Rapid Learning, BTS gained a library of more than 200 proprietary learning modules centered on short research-backed videos, and in addition a collection of more than 2,500 articles on leadership and sales authored by the company's editorial team, which together with the RLI team will significantly strengthen BTS's scalable digital solutions. The company also brought with it a set of clients who subscribe to RLI's programs or license its content.

The acquisition consisted of an initial cash consideration and an additional payment that will be paid out in 2023 provided the business meets specific targets 2020– 2022 based on the entire measurement period.

Acquisition calculation ratified at the date of acquisition translated at the exchange rate prevailing on the balance sheet date of March 31, 2020.

MSEK
Tangible assets	1.1
Intangible assets	15.9
Receivables	2.2
Current liabilities	–15.5
Identifiable assets	3.7
Goodwill	63.5
Total purchase price	67.2
Estimated additional cash purchase price	–5.4
Provision for conditional purchase price	–34.3
Purchase price paid in cash	27.5

Goodwill consists of expected future synergy effects in the form of an expanded product range and services. Alongside synergy effects, the addition of qualified employees and future profitability components are included in the goodwill item.

Risks and uncertainties

The Group's material risks and uncertainties include market and business risks, operational risks and financial risks. Business and market risks may relate to greater customer exposure for specific sectors and companies as well as sensitivity to market conditions. Operational risks include dependence on individuals, skill supply and intellectual property as well as BTS meeting the high-quality demands of its clients. Financial risks mainly relate to foreign exchange rates and credit risks. The management of risks and uncertainties is described in the 2019 Annual Report.

A global pandemic broke out during the reporting period due to COVID-19. The pandemic had a significant impact on the general market climate and global economy. The pandemic negatively affected the Group's sales and earnings at the end of the quarter. This is an effect of several countries in the markets in which the Group's companies operate introducing severe restrictions regarding free movement, which in turn reduced demand for the company's services since many customers decided to postpone physical deliveries.

To minimize the risks of long-term negative consequences for BTS, Group Management and the Board are continuously analyzing and evaluating underlying trends and changes in the market. Action plans are drawn up based on these analyses and immediate action is taken to manage or mitigate risks.

Critical accounting estimates and assumptions

In order to prepare the financial statements in conformity with IFRS, Corporate Management is required to make estimates and assumptions that affect the application of accounting principles and the recognized amounts of assets, liabilities, revenues and costs. Estimates and assumptions are based on historical experience and a number of other factors that are regarded as reasonable under prevailing conditions. Actual outcomes can deviate from these estimates and assumptions. Estimates and assumptions are reviewed regularly.

Accounting principles

This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the EU, RFR 1 Supplementary Accounting Rules for Groups, and the Swedish Annual Accounts Act. The Parent Company's statements have been prepared in accordance with RFR 2 Accounting for Legal Entities and the Annual Accounts Act.

Financial calendar

Interim report Jan–June 2020 August 18, 2020 Interim report Jan–June 2020 November 11, 2020 Year-end report 2020 February 24, 2021

Stockholm, May 14, 2020

Henrik Ekelund President and CEO

Contact information

Henrik Ekelund CEO		Tel: +46 8 587 070 00
Stefan Brown	CFO	Tel: +46 8 587 070 62
	Michael Wallin Head of Investor	Tel: +46 8 587 070 02
	Relations	Mobile: +46 70 878 80 19

For further information, visit our website www.bts.com

BTS Group AB (publ) Grevgatan 34 SE-114 53 Stockholm SWEDEN

Tel. +46 8 587 070 00 Company registration number: 556566-7119

BTS is a global professional services firm headquartered in Stockholm, Sweden, with more than 860 professionals in 35 offices located on six continents. We focus on the people side of strategy, working with leaders at all levels to help them make better decisions, convert those decisions to actions and deliver results. At our core, we believe people learn best by doing. For more than 30 years, we've been designing fun, powerful experiences™ that have a profound and lasting impact on people and their careers. We inspire new ways of thinking, build critical capabilities and unleash business success. It's strategy made personal.

We serve a wide range of client needs, including: Strategy execution, Leadership development programs, Assessment, Developing business acumen, Transforming sales organizations, Coaching, and Digital solutions, events and services.

We partner with nearly 450 organizations, including over 30 of the world's 100 largest global corporations. Our major clients are e.g.: ABB, Chevron, Coca-Cola, Ericsson, EY, HP, Mercado Libre, Salesforce.com, SAP, and Tencent.

BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B.

For more information, please visit www.bts.com.

Group income statement, summary

KSEK	Jan–March 2020	Jan–March 2019	April–March 2019/20	Jan–Dec 2019
Net sales	372,177	375,824	1,861,853	1,865,499
Operating expenses	–343,683	–331,408	–1,566,589	–1,554,314
Depreciation of property, plant, and equipment	–16,405	–14,654	–67,606	–65,855
Amortization of intangible assets	–5,724	–4,304	–21,090	–19,670
Operating profit	6,365	25,458	206,568	225,660
Net financial items	–2,058	–1,994	–9,834	–9,771
Associated company, profit after tax	–98	–476	963	585
Profit before tax	4,209	22,988	197,696	216,475
Estimated tax	–1,250	–6,827	–60,150	–65,726
Profit for the period	2,959	16,161	137,547	150,748
Attributable to the shareholders of the parent company	2,959	16,161	137,547	150,748
Earnings per share, before dilution of shares, SEK	0.15	0.85	7.13	7.84
Number of shares at end of the period	19,318,292	19,143,439	19,318,292	19,318,292
Average number of shares before dilution	19,318,292	19,057,090	19,286,543	19,221,242
Earnings per share, after dilution of shares, SEK	0.15	0.84	7.13	7.84
Average number of shares after dilution	19,318,292	19,270,493	19,286,543	19,221,242
Dividend per share, SEK				0.001

1 Proposed dividend

Group statement of comprehensive income

KSEK	Jan–March 2020	Jan–March 2019	April–March 2019/20	Jan–Dec 2019
Profit for the period	2,959	16,161	137,547	150,748
Items that will not be reclassified to profit or loss	–	–	–	–
	–	–	–	–
Items that may be reclassified to profit or loss
Translation differences in equity	35,789	30,978	30,922	26,111
Other comprehensive income for the period, net of tax	35,789	30,978	30,922	26,111
Total comprehensive income for the period	38,748	47,139	168,469	176,859
Attributable to the shareholders of the parent company	38,748	47,139	168,469	176,859

Group balance sheet, summary

KSEK	March 31, 2020	March 31, 2019	Dec 31, 2019
Assets
Goodwill	627,219	471,156	535,916
Other intangible assets	99,749	71,071	82,467
Tangible assets	223,586	200,342	219,778
Financial assets	13,585	14,955	13,147
Total non-current assets	964,138	757,523	851,308
Trade receivables	392,526	361,127	514,132
Other current assets	181,359	198,601	186,983
Cash and cash equivalents	428,818	259,238	316,388
Total current assets	1,002,703	818,966	1,017,503
TOTAL ASSETS	1,966,840	1,576,489	1,868,812
Equity and liabilities
Equity	878,945	762,780	839,678
Provisions	173,316	178,189	134,052
Non-current liabilities	236,596	221,683	230,245
Current liabilities	677,983	413,837	664,838
Total liabilities	1,087,896	813,708	1,029,134
TOTAL EQUITY AND LIABILITIES	1,966,840	1,576,489	1,868,812

Group cash flow statement, summary

KSEK	Jan–March 2020	Jan–March 2019	Jan–Dec 2019
Cash flow before changes in working capital	19,609	25,933	235,809
Cash flow from changes in working capital	47,115	–21,425	–18,096
Cash flow from operating activities	66,724	4,508	217,712
Acquisition related	–30,604	–	–14,260
Other	–8,8011	–3,556	–23,405
Cash flow from investing activities	–39,405	–3,556	–37,665
Dividend	–	–	–69,231
New issue	–	9,367	22,899
Other	72,583	–18,907	–85,743
Cash flow from financing activities	72,583	–9,539	–132,074
Cash flow for the period	99,903	–8,587	47,973
Cash and cash equivalents, opening balance	316,388	262,357	262,357
Translation differences in cash and cash equivalents	12,527	5,468	6,058
Cash and cash equivalents, closing balance	428,818	259,238	316,388

1 Acquisition of assets.

Group changes in consolidated equity

KSEK	March 31, 2020	March 31, 2019	Dec 31, 2019
Opening balance	839,678	704,203	704,203
Dividend to shareholders	–	–	–69,231
New issue	–	11,440	26,657
Other	519	–1	1,190
Total comprehensive income for the period	38,748	47,139	176,859
Closing balance	878,945	762,780	839,678

Parent Company's income statement, summary

KSEK	Jan–March 2020	Jan–March 2019	April–March 2019/20	Jan–Dec 2019
Net sales	1,095	825	3,200	2,930
Operating expenses	–143	876	–2,165	–1,146
Operating profit	952	1,701	1,035	1,784
Net financial items	10,846	–520	51,442	40,077
Profit before tax	11,797	1,181	52,477	41,861
Estimated tax	–	–	–878	–878
Profit for the period	11,797	1,181	51,599	40,983

Parent Company's balance sheet, summary

KSEK	March 31, 2020	March 31, 2019	Dec 31, 2019
Assets
Financial assets	303,761	302,306	302,332
Other current assets	115,787	44,794	21,905
Cash and cash equivalents	2,062	5,616	1,883
Total assets	421,610	352,717	326,120
Equity and liabilities
Equity	167,087	169,502	155,290
Non-current liabilities	40,000	147,802	40,000
Current liabilities	214,523	35,412	130,830
Total equity and liabilities	421,610	352,717	326,120

Group consolidated key ratios

KSEK	Jan–March 2020	Jan–March 2019	April–March 2019/20	Jan–Dec 2019
Net sales	372,177	375,824	1,861,853	1,865,499
Operating profit (EBITA)	12,089	29,761	227,658	245,330
Operating margin (EBITA margin), %	3.2	7.9	12.2	13.2
Operating profit (EBIT)	6,365	25,458	206,568	225,660
Operating margin (EBIT margin), %	1.7	6.8	11.1	12.1
Profit margin, %	0.8	4.3	7.4	8.1
Operating capital1			610,556	599,687
Return on operating capital, %			34	39
Return on equity, %			16	20
Equity ratio, at end of the period, %	45	48	45	45
Cash flow	99,903	–8,587	156,463	47,973
Cash and cash equivalents, at end of the period	428,818	259,238	428,818	316,388
Average number of employees	847	722	811	779
Number of employees at end of the period	865	746	865	832
Revenues for the year per employee			2,295	2,393

1 The calculation included the item of non-interest-bearing liabilities amounting to 930,315 (718,997) KSEK.

Net sales according to business model

MSEK	Jan–March 2020					Jan–March 2019
	BTS North America	BTS Europe	BTS Other markets	APG	Total	BTS North America	BTS Europe	BTS Other markets	APG	Total
Programs	71	48	46	24	189	84	38	70	21	213
Development	75	29	18	–	123	64	27	20	–	112
Licenses	35	4	2	3	44	20	4	3	6	32
Other revenue	8	5	4	–	17	11	4	4	–	20
TOTAL	188	86	70	27	372	179	73	97	27	376

DEFINITIONS

Earnings per share

Earnings attributable to the parent company's shareholders divided by number of shares before dilution.

Operating margin (EBITA margin)

Operating profit before interest, tax and amortization as a percentage of net sales.

Operating margin (EBIT margin)

Operating profit after depreciation as a percentage of net sales.

Profit margin

Profit for the period as a percentage of net sales.

Operating capital

Total balance sheet reduced by liquid funds and other interest-bearing assets and reduced by non-interest bearing liabilities.

Return on operating capital

Operating profit (EBIT) as a percentage of average operating capital.

Return on equity

Profit after tax as a percentage of average equity.

Equity ratio

Equity as a percentage of total balance sheet.

Sweden

Head Office Grevgatan 34 114 53 Stockholm SWEDEN Tel. 08 58 70 70 00

Argentina

Reconquista 657 PB 3 CP1003 CABA. Buenos Aires Tel. +54 1157955721

Australia

198 Harbour Esplanade, Suite 404 Docklands VIC 3008 Tel. +61 3 9670 9850

Level 6 10 Barrack St Sydney NSW 2000 Tel. +61 02 8243 0900

Brazil

Rua Geraldo Flausino Gomes, 85, cj 42 04575-060 São Paulo – SP Tel. +55 (11) 5505 2070

Canada

SwissVBS 460 Richmond Street West Suite 700 Toronto, ON M5V 1Y1 Tel. +1 416 848 3744

China

1376 West Nanjing Road Suite 531, East Office Tower Shanghai Centre Shanghai 200040 Tel. +86 21 6289 8688

Costa Rica

Office 203 Prisma Business Center San Jose Tel: +506 22 88 48 19

France

57 Rue de Seine 75006 Paris Tel. +33 1 40 15 07 43

Germany

Ritterstraße 12 D-50668 Cologne Tel +49 221 270 70 763

India

Vatika Business Center Divyashree Chambers, 2nd Floor, Wing A O'Shaugnessy Road, Langford Town Bangalore 560025 Tel. +91 80 4291 1111 Ext 116

801, 8th Floor, DHL Park Opposite MTNL, Staff quarters, S.V. Road, Goregaon (West). Mumbai - 400062 Maharashtra, Tel. +91 22 6196 6800

Italy

Viale Fulvio Testi 223 20162 Milan Tel. +39 02 6611 6364

BTS Design Innovation Viale Abruzzi, 13 20131 Milan Tel. +39 02 69015719

Japan

TS Kojimachi Bldg. 3F 6-4-6 Kojimachi Chiyoda-ku Tokyo 102-0083 Tel. +81 (3) 6272 9973

Mexico

Edificio Torre Moliere Calle Moliere 13 – PH Col Chapultepec Polanco C.P. 11560 México, D.F. Tel. +52 (55) 52 81 69 72

The Netherlands

Barbara Strozzilaan 201 1083 HN Amsterdam Tel: + 31 (0)20 615 15 14

Singapore

1 Finlayson Green Suite 16-01 Singapore 049246 Tel. +65 6304 3032

Spain

Simon Bolivar 27-1, Office No. 4 Bilbao 48013 Tel. +34 94 423 5594

Calle José Abascal 55, piso 3ºDcha 28003 Madrid Tel. +34 91 417 5327

South Africa

267 West Avenue, 1st Floor Centurion 0046, Gauteng Tel. +27 12 663 6909

South Korea

Room 103, 1st Floor Wonseo Building 13, Changdeokgung 1-gil Jongnogu Seoul 03058 Tel. +82 2 539 7676

Switzerland

SwissVBS Winkelriedstrasse 35 9000 St. Gallen Tel: +41 71 845 5936

Taiwan

7 F, No. 307, Dun-Hua, North Road Taipei 105 Tel. +886 2 8712 3665

Thailand

128/27 Phyathai Plaza Building (4th Floor) Phyathai Rd. Kwaeng Thung Phyathai Khet Ratchathewi Bangkok 10400 Tel. +66 2 216 5974

UK

1 Queen Caroline Street London W6 9YN Tel: +44 20 7368 4180

Holbrook Court, Cumberland Business Centre, Hampshire, PO5 1DS Portsmouth Tel: +44 2393 162686

United Arab Emirates

10th Floor, Swiss Tower Jumeirah Lakes Towers Dubai Tel. +971 4 279 8341

USA

Frost Bank Building 401 Congress Avenue Suite 2740 Austin, Texas 78701 Tel. +1 512 474 1416

200 South Wacker Drive Suite 925 Chicago, IL 60606 Tel. +1 312 509 4750

101 West Elm Street Suite 310 Conshohocken, PA 19428 Tel. (toll free) +1 800 445 7089 Tel. +1 484 391 2900

350 Fifth Avenue Suite 5020 New York, NY 10118 Tel. +1 646 378 3730

4742 North 24th Street Suite 120 Phoenix, AZ 85016 Tel. +1 480 948 2777

222 Kearny Street Suite 1000 San Francisco, CA 94108 Tel. +1 415 362 4200

Advantage Performance Group

100 Smith Ranch Road, Suite 306 San Rafael, CA 94903 USA Tel. +1 800 494 6646

Strategy made personal

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