BTS Group — Interim / Quarterly Report 2012

Nov 8, 2012

Vision

"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."

1 | BTS interim report januarY–september 2012 BTS interim report january–september 2012 | 1 BTS Group AB is an international consultancy and training company active in the field of business acumen. BTS uses tailormade simulation models to support company managers in implementing change and improving profitability. BTS solutions and services train the entire organization to analyze and to take decisions centered on the factors that promote growth and profitability. This generates increased emphasis on profitability and market focus, and supports day-to-day decision-making, which in turn leads to tangible, sustainable improvements in profits. BTS customers are often leading major companies.

Continued growth, APG is having a negative impact

January 1–September 30, 2012

• Net turnover amounted to MSEK 556.7 (494.5). Adjusted for changes in foreign exchange rates, growth was 8 percent.
• Profit before tax increased by 16 percent to MSEK 62.7 (54.1).
• Profit after tax increased by 15 percent to MSEK 40.8 (35.6).
• Earnings per share increased by 15 percent to SEK 2.26 (1.97).

The third quarter 2012

• Net turnover amounted to MSEK 178.4 (164.3). Adjusted for changes in foreign exchange rates, growth was 7 percent.
• Profit before tax increased by 2 percent to MSEK 17.7 (17.3).
• Profit after tax increased by 2 percent to MSEK 11.8 (11.6).
• Earnings per share increased by 2 percent to SEK 0.65 (0.64).

The subsidiary APG is having a significant negative impact. During the nine-month period, revenue growth (currency-adjusted) was 8 percent including APG, 16 percent excluding APG; earnings growth was 16 percent including 16 APG and 25 percent excluding APG.

NET TURNOVER AND PROFIT BEFORE TAX Rolling 12 months

CEO COMMENTS

Continued growth in a tougher market.

BTS' revenue increased by 8 percent during the first nine months of 2012 and 7 percent during the third quarter. Excluding the subsidiary APG, BTS grew by 16 percent during the first nine months of the year.

BTS Europe and BTS Other markets continued to grow more than 20 percent during the third quarter, while BTS USA decelerated.

It is a tougher market. The slowdown in the global economy is a fact. Companies' willingness to invest is decreasing.

BTS' recipe for success in this market is 1: right clients, 2: right projects, 3: excellent quality and results. Our goal is to achieve continued growth during a weaker period in the global economy.

Stockholm, November 8, 2012

Henrik Ekelund President and CEO of BTS Group AB (publ)

OPERATIONS

XTurnover

BTS' net turnover during the nine-month period amounted to MSEK 556.7 (494.5). Adjusted for changes in foreign exchange rates, growth was 8 percent.

Growth varied among the units: BTS Other markets 29 percent, BTS Europe 14 percent, BTS USA 13 percent, and APG –25 percent (growth figure measured in local currencies).

XEarnings

Operating profit before amortization of intangible assets (EBITA) increased by 13 percent during the nine-month period and amounted to MSEK 64.5 (57.0). Operating profit (EBIT) increased by 16 percent during the nine-month period and amounted to MSEK 63.4 (54.9). Operating profit during the nine-month period was affected by MSEK 1.1 (2.1) for amortization of intangible assets attributable to acquisitions.

The operating margin before amortization of intangible assets (EBITA margin) was 12 (12) percent. The operating margin (EBIT margin) was 11 (11) percent.

The group's profit before tax for the nine-month period increased by 16 percent to MSEK 62.7 (54.1).

Earnings were positively impacted by improved earnings in BTS USA and in BTS Europe. Earnings were negatively impacted by weaker earnings in APG.

The third quarter

BTS' net turnover during the third quarter amounted to MSEK 178.4 (164.3). Adjusted for changes in foreign exchange rates, growth was 7 percent.

Operating profit before amortization of intangible assets (EBITA) increased by 1 percent during the third quarter and amounted to MSEK 18.4 (18.2). Operating profit during the third quarter was affected by MSEK 0.4 (0.7) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 3 percent to MSEK 18 (17.5).

The operating margin before amortization of intangible assets (EBITA margin) was 10 (11) percent. The operating margin (EBIT margin) was 10 (11) percent.

The group's profit before tax for the third quarter increased by 2 percent to MSEK 17.7 (17.3).

Earnings were positively impacted by improved earnings in BTS Europe. Earnings were negatively impacted by weaker earnings in APG.

Market development

The negative trend in the global economy is leading to more caution among companies when it comes to investments. However, many large global enterprises tend to adopt a longterm perspective, and are continuing to invest in the type of services BTS offers. BTS is focusing on this category of customers.

XAssignments and new clients

New clients secured during the first nine months of 2012 included ANZ Bank, BenQ, Burlington Northern, Downer EDI, Green Cargo, Hilding Anders, Kemira, Lockheed Martin, Schnedier Electric, Selex Galileo, Transnet and Vimpelcom.

REVENUE BY QUARTER

PROFIT BEFORE TAX BY QUARTER

NET TURNOVER BY SOURCE OF REVENUE JANUARY 1–SEPTEMBER 30, 2012 (2011)

PROFIT BEFORE TAX AND OPERATING MARGIN (EBITA) BY QUARTER

OPERATIVE UNITS

BTS North America includes BTS' operations in North America as well as APG.

BTS Europe includes the operations in Sweden, Belgium, Finland, France, the Netherlands, the UK, and Spain.

BTS Other markets consists of the operations in Australia, Singapore, India, Thailand, Taiwan, South Korea, China, Japan, Mexico, Brazil and South Africa.

NET TURNOVER PER OPERATIVE UNIT JANUARY 1–SEPTEMBER 30, 2012 (2011)

NET TURNOVER PER OPERATIVE UNIT

MSEK	July–Sept 2012	July–Sept 2011	Jan–Sept 2012	Jan–Sept 2011	Oct–Sept 2011/12	Full-year 2011
North America*	108.6	106.9	361.4	333.7	493.6	465.9
Europe	33.4	26.7	98.5	86.4	136.0	123.9
Other markets	36.4	30.7	96.8	74.4	130.3	107.9
Total	178.4	164.3	556.7	494.5	759.9	697.7
*North America
BTS	85.6	82.2	287.8	241.3	392.3	345.8
APG	23.0	24.7	73.6	92.4	101.3	120.1
Total	108.6	106.9	361.4	333.7	493.6	465.9

OPERATING PROFIT BEFORE AMORTIZATION OF INTANGIBLE ASSETS (EBITA) PER OPERATIVE UNIT

	July–Sept	July–Sept	Jan–Sept	Jan–Sept	Oct–Sept	Full-year
MSEK	2012	2011	2012	2011	2011/12	2011
North America*	11.2	12.9	47.4	41.7	69.1	63.4
Europe	1.8	–0.1	6.6	5.1	13.2	11.7
Other markets	5.4	5.4	10.5	10.2	16.8	16.5
Total	18.4	18.2	64.5	57.0	99.1	91.6
*North America
BTS	11.5	12.4	48.6	38.6	68.7	58.7
APG	–0.3	0.5	–1.2	3.1	0.4	4.7
Total	11.2	12.9	47.4	41.7	69.1	63.4

BTS North America XBTS

Net turnover for BTS' North American operations amounted to MSEK 287.8 (241.3) during the nine-month period. Adjusted for changes in foreign exchange rates, revenue increased by 13 percent. Operating profit before amortization of intangible assets (EBITA) during the nine-month period amounted to MSEK 48.6 (38.6). The operating margin before amortization of intangible assets (EBITA margin) was 17 (16) percent.

Net turnover during the third quarter amounted to MSEK 85.6 (82.2). Adjusted for changes in foreign exchange rates, revenue was unchanged. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 11.5 (12.4) during the third quarter. The operating margin before amortization of intangible assets (EBITA margin) was 13 (15) percent.

Growth in BTS USA decelerated significantly during the third quarter due to increased uncertainty and less willingness to invest on the part of companies.

X APG

Net turnover during the nine-month period amounted to MSEK 73.6 (92.4). Adjusted for changes in foreign exchange rates, revenue decreased by 25 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK –1.2 (3.1) during the nine-month period. The operating margin before amortization of intangible assets (EBITA margin) was –2 (3) percent.

Net turnover during the third quarter amounted to MSEK 23.0 (24.7). Adjusted for changes in foreign exchange rates, revenue decreased by 11 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK –0.3 (0.5) during the third quarter. The operating margin before amortization of intangible assets (EBITA margin) was –1 (2) percent.

APG's performance during 2012 has been mainly negative. A change of strategy and business model was implemented during 2012 aimed at creating the basis for positive long-term growth.

BTS Europe

Net turnover for Europe amounted to MSEK 98.5 (86.4) during the nine-month period. Adjusted for changes in foreign exchange rates, revenue increased by 14 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 6.6 (5.1) during the nine-month period. The operating margin before amortization of intangible assets (EBITA margin) was 7 (6) percent.

Net turnover during the third quarter amounted to MSEK 33.4 (26.7). Adjusted for changes in foreign exchange rates, revenue increased by 28 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 1.8 (–0.1) during the third quarter. The operating margin before amortization of intangible assets (EBITA margin) was 5 (0) percent.

BTS Europe is continuing its positive trend, which began during the second quarter, with growth in revenue and earnings.

Other markets

Net turnover for Other markets amounted to MSEK 96.8 (74.4) during the nine-month period. Adjusted for changes in foreign exchange rates, revenue increased by 29 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 10.5 (10.2) during the nine-month period. The operating margin before amortization of intangible assets (EBITA margin) was 11 (14) percent.

Net turnover during the third quarter amounted to MSEK 36.4 (30.7). Adjusted for changes in foreign exchange rates, revenue increased by 22 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 5.4 (5.4) during the third quarter. The operating margin before amortization of intangible assets (EBITA margin) was 15 (18) percent.

The rapid growth in BTS Other markets is continuing. Due to additional investments in marketing and recruitment, earnings have not increased during the first nine months of 2012.

Financial position

BTS' cash flow from operating activities amounted to MSEK 32.7 (23.0) during the nine-month period.

Available cash and cash equivalents amounted to MSEK 70.5 (73.5) at the end of the period. The company's interest-bearing loans, which relate to previously completed acquisitions, amounted to MSEK 16.3 (25.4) at the end of the period.

BTS' solidity was 65 (65) percent at the end of the period. The company had no outstanding conversion loans at the balance sheet date.

Employees

The number of employees in BTS Group AB as of September 30 was 382 (335).

The average number of employees during the nine-month period was 358 (321).

Parent Company

The company's net turnover amounted to MSEK 1.5 (2.6) and the profit after net financial items amounted to MSEK 22.5 (16.9). Cash and cash equivalents amounted to MSEK 0 (0).

Outlook for 2012

Profit before tax is expected to be better than the previous year.

Risks and uncertainties

The group's material risks and uncertainties include market and business risks, operational risks as well as financial risks. Business and market risks may relate to larger customer exposures to particular sectors and companies as well as sensitivity to market conditions. Operational risks relate to dependence on people, supply of competence and intellectual property and that BTS meets the high demands imposed by clients in respect of quality. Financial risks mainly relate to foreign exchange and credit risks.

The management of risks and uncertainties is described in the annual report for 2011. BTS is considered to have a good diversification of risks as regards companies and sectors and the operational risks are deemed to be managed in a structured manner through well-established processes.

The day-to-day exposure to changes in exchange rates is limited since revenues and costs mainly relate to the same currency in each market and the credit risk is limited as BTS only accepts creditworthy counterparties. No new material risks or uncertainties are deemed to have arisen during 2012.

Critical estimates and assumptions

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

Accounting policies

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 adopted by the EU, RFR 1 Supplementary Accounting Rules for Groups and the Swedish Annual Accounts Act. The parent company's statements are prepared in accordance with RFR 2, Accounting for Legal Entities and the Annual Accounts Act. New or revised IFRS and interpretations from IFRIC have not had any effect on the group's or the parent company's results of operations or financial position.

Nominating Committee

As announced previously, a nominating committee has been appointed. BTS' two largest shareholders in consultation with the Chairman of the Board, Michael Grindfors have appointed the following persons to serve on the the nominating committee:

• • Anders Dahl, Master of Business Administration, representing Henrik Ekelund
• • Michael Grindfors, Chairman of the Board, BTS Group AB
• • Stefan af Petersens, BTS Group AB, representing himself.

Anders Dahl has been appointed Chairman of the Nominating Committee.

The duties of the nominating committee include making recommendations on candidates for the board of directors as well as submitting proposals for remuneration to board members and auditors.

Shareholders of BTS Group AB are welcome to submit proposals to the Chairman of the Nominating Committee at the following address: BTS Group AB, Grevgatan 34, 114 53 Stockholm.

It is intended to announce the nomination of board members in the notice convening the next Annual General Meeting.

Future reporting dates

Year-end report	February 19, 2013
Annual report 2012 A	pril 2013

Stockholm, November 8, 2012

Henrik Ekelund Chief Executive Officer

This report has not been reviewed by BTS' auditor.

Contact information

Henrik Ekelund President and CEO Phone: +46 8 587 070 00 Stefan Brown CFO Phone: +46 8 587 070 62 Thomas Ahlerup Senior Vice President, Investor and Corporate Communications Phone: +46 8 587 070 02 Mobile: +46 768 966 300

For additional information visit our home page www.bts.com

BTS Group AB (publ) Grevgatan 34 114 53 Stockholm

Phone. +46 8 587 070 00 Fax. +46 8 587 070 01 Corporate registration number: 556566-7119

GROUP INCOME STATEMENT, SUMMARY

KSEK	July–Sept 2012	July–Sept 2011	Jan–Sept 2012	Jan–Sept 2011	Oct–Sept 2011/12	Full-year 2011
Net turnover	178,437	164,342	556,714	494,499	759,945	697,730
Operating expenses	–158,602	–145,147	–488,031	–434,695	–655,452	–602,116
Depreciation tangible assets	–1,473	–968	–4,218	–2,813	–5,441	–4,036
Amortization intangible assets	–357	–712	–1,071	–2,115	–1,365	–2,409
Operating profit	18,005	17,515	63,394	54,876	97,687	89,169
Financial income and expenses	–349	–200	–680	–813	–771	–904
Profit before tax	17,655	17,315	62,713	54,063	96,915	88,265
Taxes	–5,899	–5,690	–21,887	–18,470	–33,993	–30,576
Profit for the period	11,756	11,625	40,826	35,593	62,921	57,689
attributable to equity holders of the parent	11,756	11,625	40,826	35,593	62,921	57,689
Earnings per share, before dilution of shares, SEK	0.65	0.64	2.26	1.97	3.49	3.20
Number of shares at end of the period	18,048,300	18,048,300	18,048,300	18,048,300	18,048,300	18,048,300
Average number of shares before dilution of shares	18,048,300	18,048,300	18,048,300	18,048,300	18,048,300	18,048,300
Earnings per share, after dilution of shares, SEK	0.63	0.63	2.20	1.94	3.46	3.16
Average number of shares after dilution of shares	18,591,561	18,308,604	18,591,561	18,308,604	18,165,746	18,278,660
Dividend per share, SEK						1.60

GROUP STATEMENT OF COMPREHENSIVE INCOME

KSEK	July–Sept 2012	July–Sept 2011	Jan–Sept 2012	Jan–Sept 2011	Oct–Sept 2011/12	Full-year 2011
Profit for the period	11,756	11,625	40,826	35,593	62,921	57,689
Other comprehensive income:
Income/expenses in shareholders' equity	–18,740	17,329	–19,044	–1,140	–18,771	–867
Other comprehensive income for the period, net of tax	–18,740	17,329	–19,044	–1,140	–18,771	–867
Total comprehensive income for the period	–6,984	28,954	21,782	34,453	44,150	56,822
attributable to equity holders of the parent	–6,984	28,954	21,782	34,453	44,150	56,822

GROUP BALANCE SHEET, SUMMARY

KSEK	30 Sept 2012	30 Sept 2011
Assets
Goodwill	134,928	141,218
Other intangible assets	10,797	12,076
Tangible assets	17,049	15,049
Other fixed assets	8,823	3,903
Accounts receivable	129,256	127,531
Other current assets	93,773	72,899
Cash and cash equivalents	70,541	73,498
Total assets	465,167	446,174
Equity and liabilities
Equity	303,202	287,828
Interest bearing – non current liabilities	–	135
Non interest bearing – non current liabilities	614	363
Interest bearing – current liabilities	16,303	25,409
Non interest bearing – current liabilities	145,048	132,439
Total equity and liabilities	465,167	446,174

GROUP CASH FLOW STATEMENT, SUMMARY

KSEK	Jan–Sept 2012	Jan–Sept 2011
Cash flow from current operations	32,659	23,003
Cash flow from investment activities	–11,629	–7,938
Cash flow from financing operations	–28,705	–27,173
Change in liquid funds	–7,675	–12,108
Liquid funds, opening balance	84,419	88,441
Effect of exchange rate changes on cash	–6,203	–2,835
Liquid funds, closing balance	70,541	73,498

GROUP CHANGES IN CONSOLIDATED EQUITY

KSEK	Total equity 30 Sept 2012	Total equity 30 Sept 2011
Opening balance	310,247	280,146
Dividend to shareholders	–28,877	–27,072
Miscellaneous	50	301
Total comprehensive income for the period	21,782	34,453
Closing balance	303,202	287,828

GROUP CONSOLIDATED KEY RATIOS

	July–Sept 2012	July–Sept 2011	Jan–Sept 2012	Jan–Sept 2011	Oct–Sept 2011/12	Full-year 2011
Net turnover, KSEK	178,437	164,342	556,714	494,499	759,945	697,730
EBITA (Profit before interest, tax and amortization), KSEK	18,361	18,227	64,465	56,992	99,052	91,578
EBIT (Operating profit), KSEK	18,005	17,515	63,394	54,876	97,687	89,169
EBITA margin (Profit before interest, tax and amortization margin), %	10	11	12	12	13	13
EBIT margin (Operating margin ), %	10	11	11	11	13	13
Profit margin, %	7	7	7	7	8	8
Operational capital, KSEK					244,619	222,574
Return on equity, %					21	20
Return on operational capital, %					40	40
Solidity at end of the period, %	65	65	65	65	65	60
Cash flow, KSEK	24,226	10,759	–7,675	–12,108	509	–3,924
Liquid funds at end of the period, KSEK	70,541	73,498	70,541	73,498	70,541	84,419
Average number of employees	368	328	358	321	362	325
Number of employees at end of the period	382	335	382	335	382	335
Revenues for the year per employee, KSEK					2,099	2,147

PARENT COMPANY'S INCOME STATEMENT, SUMMARY

KSEK	July–Sept 2012	July–Sept 2011	Jan–Sept 2012	Jan–Sept 2011	Oct–Sept 2011/12	Full-year 2011
Net turnover	380	0	1,540	2,625	1,540	2,625
Operating expenses	–356	–823	–1,622	–1,870	–2,189	–2,437
Operating profit	24	–823	–82	755	–649	188
Financial income and expenses	9,054	–230	22,555	16,107	28,373	21,925
Profit before tax	9,078	–1,053	22,473	16,862	27,724	22,113
Taxes	0	0	0	0	161	161
Profit for the period	9,078	–1,053	22,473	16,862	27,885	22,274

PARENT COMPANY'S BALANCE SHEET, SUMMARY

KSEK	30 Sept 2012	30 Sept 2011
Assets
Financial assets	104,464	124,483
Other current assets	502	470
Cash and cash equivalents	–	–
Total assets	104,966	124,953
Equity and liabilities
Equity	98,867	98,073
Liabilities	6,099	26,880
Total equity and liabilities	104,966	124,953

DEFINITIONS

Earnings per share

Earnings attributable to the parent company´s shareholders divided by number of shares.

EBITA margin (Profit before interest, tax and amortization margin) Operating profit before interest, tax and amortization as a percentage of revenues.

EBIT margin (Operating margin) Operating profit after depreciation as a percentage of revenues.

Profit margin Profit for the period as a percentage of revenues.

Operational capital

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

Return on equity Profit after tax as a percentage of average equity.

Return on operational capital Operating profit as a percentage of average operational capital.

Solidity Equity as a percentage of total balance sheet.

Every care has been taken in the translation of this report. In the event of discrepancies, however, the Swedish original will supersede the English translation.

The global leader in accelerating strategic alignment and execution

Vision

"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."

Mission

"We build commitment and capability to accelerate strategy execution and improve business results."

Financial Goals

BTS' financial goals shall over time be:

• • An organic growth, adjusted for changes in exchange rates, of 20 percent.
• An EBITA margin of 15 percent.
• An equity ratio that does not fall below 50 percent over extended periods.

Value Proposition

"We deliver betterresults, faster.The unique BTS process offers fast strategic alignment and rapid capability building. Our key differentiators:

• • Simulations and experientialsolutions the most effective way to help organizations understand, align and execute on strategies and business initiatives.
• • In-depth customization to whatisrelevant and actionable on the job.
• • A results-focused approach that comprehensively and efficiently secures and measures business impact."

BTS STOCKHOLM

Grevgatan 34 114 53 Stockholm Sweden Tel. +46 8 58 70 70 00 Fax. +46 8 58 70 70 01

BTS AMSTERDAM

Thomas R. Malthusstraat 1-3 1066JR Amsterdam The Netherlands Tel. +31 20 615 15 14 Fax. +31 20 388 00 65

BTS AUSTIN

401 Congress Avenue Suite 1510 Austin, Texas 78701 USA Tel. +1 512 751 9333 Fax. +1 512 692 1840

BTS BANGKOK

BTS Business Consulting (Thailand) Co.,Ltd. 128/27 Phyathai Plaza Building (4th Floor) Phyathai Rd. Kwaeng Thung Phyathai Khet Ratchathewi Bangkok 10400 Thailand Tel: +66 2 216 5974

BTS BILBAO

c/o Simon Bolivar 27-1º, oficina nº 4 Bilbao 48013 Spain Tel. +34 94 423 5594 Fax. +34 94 423 6897

BTS BRYSSEL

BTS Brussels NV Rue d'Arenberg 44 1000 Bryssel Belgium Tel. +32 0 2 27 415 10 Fax. +32 0 2 27 415 11

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

Fax.+1 312 509 4781 BTS HELSINKI Korkeavuorenkatu 47 B 00130 Helsinki Finland Tel. +358 9 8622 3600 Fax. +358 9 8622 3611

BTS JOHANNESBURG

267 West Avenue 1st Floor 0046 Centurion, Gauteng South Africa Tel. +27 12 663 6909 Fax. +27 12 663 6887

BTS LONDON

37 Kensington High Street London W8 5ED UK Tel. +44 207 348 18 00 Fax. +44 207 348 18 01

BTS LOS ANGELES

2029 Century Park East Suite 1400 Los Angeles, CA 90067 USA Tel. +1 424 202 6952

BTS MADRID

Calle José Abascal 42, 2º dcha 28003 Madrid Spain Tel. +34 91 417 5327 Fax. +34 91 555 2433

BTS MELBOURNE

Suite 404, 198 Harbour Esplanade Docklands VIC 3008 Australia Tel. +61 3 9670 9850 Fax. +61 3 9670 9569

BTS MEXICO CITY

Luis G.Urbina No. 4-Desp. 201 Col. Polanco Chapultepec C.P.11560. México, D.F., Mexico Tel. +52 55 5281 6972 Fax. +52 (55) 5281 6972

BTS MUMBAI

901, Techniplex - II, 9th Floor Goregaon Flyover, Off S.V Road Goregaon (West), Mumbai 400 062 India Tel +91 22 6196 6800

BTS NEW YORK

60 E. 42nd Street Suite 2434 New York, NY, 10165 USA Tel. +1 646 378 3730 Fax. +1 646 378 3731

BTS PARIS

12 Rue Vivienne 75002 Paris France Tel. +33 1 40 15 07 43

BTS PHILADELPHIA

6 Tower Bridge, Suite 540 181 Washington Street Conshohocken, PA 19428 USA Tel. (toll free) +1 800 445 7089 Tel. +1 484 391 2900 Fax. +1 484 391 2901

BTS SAN FRANCISCO

456 Montgomery Street Suite 900 San Francisco, CA 94104 USA Tel. +1 415 362 42 00 Fax. +1 415 362 42 70

BTS SAO PAULO

Rua Geraldo Flausino Gomes, 85, cj 42 04575-060 Sao Paulo - SP Brazil Tel. +55 11 5505 2070 Fax. +55 11 5505 2016

BTS SCOTTSDALE

9455 E. Ironwood Square Drive, Ste. 100 Scottsdale, AZ 85258 USA Tel. +1 480 948 2777 Fax. +1 480 948 2928

BTS SHANGHAI

BTS Consulting (Shanghai) Co., Ltd. Suite 506B, West Office Tower Shanghai Centre 1376 Nanjing Road West Shanghai 200040 China Tel. +86 21 6289 8688 Fax. +86 21 6289 8311

BTS SEOUL

1220 24 Sajik-ro 8 gil Jongno Gu – Seoul South Korea 110-871 Tel. +82 2 539 7676 Fax. +82 2 2233 4451

BTS SINGAPORE

BTS Asia Pacific Pte Ltd 110 Amoy Street #02-11 Singapore 069930 Tel. +65 6221 2870 Fax. +65 6224 2427

BTS STAMFORD

300 First Stamford Place Stamford, CT 06902 USA Tel. +1 203 316 2740 Fax. +1 203 316 2750

BTS SYDNEY

Suite 2, Level 9, 39 Martin Place Sydney, NSW, 2000, Australia Tel +61 02 8243 0900 Fax +61 02 9299 6629

BTS TAIPEI

BTS Asia-Pacific Pte. Ltd., Taiwan Branch 7F, No. 307, Tun-Hua, North Road Taipei 105 , Taiwan Tel. +886 2 8712 3665

BTS TOKYO

Kojimachi Brighton Bldg 2F 6-4-17 Kojimachi Chiyoda-ku, Tokyo 102-0082 Japan Tel. +81 3 6272 9973 Fax. +81 3 6672 9974

Advantage Performance

Group 700 Larkspur Landing Circle, Suite 125 Larkspur, CA 94939 USA Tel. +1 800 494 6646 Fax. +1 415 925 9512