BTS Group

Quarterly Report • May 12, 2023

Q1

INTERIM REPORT JANUARY 1 – MARCH 31, 2023

Flat revenue growth (2 percent) in a challenging quarter

• • Net sales amounted to MSEK 579 (524). Adjusted for changes in foreign exchange rates, net sales increased 2 percent, whereof all organic.
• • Operating profit (EBITA) decreased 16 percent to MSEK 47 (56).
• • Operating margin (EBITA margin) was 8.2 (10.8) percent.
• • Profit after tax decreased 21 percent to MSEK 23 (29).
• • Earnings per share decreased 21 percent to SEK 1.17 (1.49).

CEO comments

Challenging quarter and increased efficiency improvements

I ended our Year-end report by stating that 2023 will undoubtedly be a challenging year – and unfortunately, this has proven to be true. We are seeing a more cautious market with longer decision-making processes and increased price sensitivity, especially in the North American market.

BTS is essentially flat in revenues (2 percent growth) in the first quarter compared to the same period last year – but with major differences among our geographies. BTS Europe and BTS Other markets showed good revenue growth in the quarter of 14 and 13 percent respectively, adjusted for currency. However, revenues for BTS North America decreased by 6 percent, adjusted for currency effects. The positive turnaround in the technology and software sector, that we noticed at the end of last year, ended abruptly in the quarter when a second wave of another 100,000 people working in the IT sector were given notice of redundancy. The slowdown mainly affects our operations in San Francisco, which accounts for about a third of our North American sales. To some extent, the decline was compensated for by the broadening we have made to other segments such as financial services, energy, consumer packaged goods (CPG), and pharmaceuticals, which grew strongly in the quarter.

The operating margin (EBITA) decreased to 8.2 (10.8) percent. In general, the strong inflation has resulted in increased costs that could not be fully compensated by increased prices, and implemented cost savings in the quarter. However, here we also see differences between the geographies. In BTS Other markets, the operating margin increased to 5.8 (1.5) percent, while it decreased slightly in BTS Europe to 10.2 (11.9) percent. Again, we saw the largest decrease in BTS North America where the EBITA margin amounted to 9.5 (15.3) percent. In addition to the general negative impact of inflation, the decrease is explained by the revenue decline and the increase in the number of consultants during the previous year.

We have already implemented several measures to intensify our sales efforts. For example, we are continuing to expand to more customers and industries, mainly in North America, increasing our presence in the Asia-Pacific region and stopping all non-core initiatives to free up resources for further customer activities.

The organizational changes implemented in BTS North America during the first quarter, to increase efficiency and reduce costs, are already starting to take effect. We are increasing our global resource utilization and automating a large part of our internal processes. To further reduce costs, we have stopped recruitment since the fourth quarter of 2022 and are implementing additional efficiency programs amounting to annual cost savings of approximately 60 MSEK. The cost benefits are expected to be fully realized in the second half of 2023.

After the end of the quarter, BTS acquired The Boda Group (Boda), which will contribute to both increased revenue and improved margins. Boda increases BTS' ability to support senior leaders in organizations by offering 1:1 Executive coaching. BTS and Boda have very limited customer overlap and Boda's business model is less cyclical, with a more flexible talent model, and with high margins.

With the measures now being implemented, I feel confident that we will return to the revenue growth and margin levels that BTS normally exhibits. We believe that earnings will be better than in 2022. However, given the challenging economic environment, our outlook is more uncertain than usual.

Stockholm, May 12, 2023

Jessica Skon

CEO of BTS Group AB (publ)

OPERATIONS

Sales

BTS's net sales for the first quarter amounted to MSEK 579 (524). Adjusted for changes in foreign exchange rates, total sales increased 2 percent.

Growth varied between the units: BTS Europe 14 percent, BTS Other markets 13 percent, BTS North America –6 percent, and APG –15 percent (growth measured in local currency).

Earnings

Operating profit (EBITA) decreased 16 percent to MSEK 47 (56) during the first quarter. The operating margin (EBITA margin) was 8.2 (10.8) percent.

Operating profit (EBIT) decreased 20 percent to MSEK 36 (46) during the first quarter. The operating margin (EBIT margin) was 6.3 (8.7) percent. Operating profit (EBIT) for the first quarter was charged with MSEK 11.1 (10.8) for amortization of intangible assets attributable to acquisitions.

The Group's profit before tax decreased 21 percent to MSEK 33 (42) during the first quarter.

The Group's result was positively affected by improved profit in BTS Europe and BTS Other markets, and negatively by BTS North America and APG.

Market development

During the first quarter, significant market delays were felt for our tech and software clients, specifically in North America. They were primarily a result of organizational restructuring and chaos that followed the second round of layoffs (e.g. 100,000 more people) in January and some clients doing a third round in March. The three U.S. bank failures have caused some delays in our work with a few of our payments clients, and has caused distraction across the Financial Services sector. Moderate delays were experienced in other industries in BTS North America, BTS Europe and BTS Other markets. 1) Excluding forgiven PPP loan.

NET SALES AND OPERATING PROFIT (EBITA) ROLLING 12 MONTHS

REVENUE BY QUARTER

OPERATING PROFIT (EBITA) BY QUARTER

0

20

40

60

80

100

PROFIT BEFORE TAX AND OPERATING MARGIN (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 the USA, excluding APG but including VBS with its operations in Canada and Switzerland.

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

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

APG consists of operations in Advantage Performance Group in the USA.

NET SALES BY SOURCE OF REVENUE JANUARY 1–MARCH 31, 2023 (2022)

NET SALES PER OPERATING UNIT JANUARY 1–MARCH 31, 2023 (2022)

NET SALES PER OPERATING UNIT

MSEK	Jan–Mar 2023	Jan–Mar 2022	Apr–Mar 2022/23	Jan–Dec 2022
BTS North America	291	276	1,268	1,254
BTS Europe	105	89	475	459
BTS Other markets	152	125	687	661
APG	31	33	154	156
Total	579	524	2,585	2,530

OPERATING PROFIT (EBITA) PER OPERATING UNIT

MSEK	Jan–Mar 2023	Jan–Mar 2022	Apr–Mar 2022/23	Jan–Dec 2022
BTS North America	27.5	42.2	155.5	170.2
BTS Europe	10.8	10.6	82.5	82.4
BTS Other markets	8.8	1.8	93.7	86.7
APG	–1.5	0.1	0.7	2.3
EBITA per operating unit	45.6	54.7	332.4	341.5
Effects of IFRS 16	1.9	1.8	6.8	6.8
Total	47.5	56.5	339.3	348.3

BTS North America

Net sales for BTS's operations in North America amounted to MSEK 291 (276) for the first quarter. Adjusted for changes in foreign exchange rates, revenue decreased 6 percent. Operating profit (EBITA) amounted to MSEK 27.5 (42.2) for the first quarter. The operating margin (EBITA margin) was 9.5 (15.3) percent.

BTS North America's revenue shrank by 6 percent in the first quarter, due primarily to the implications from the second and then in some cases third wave of layoffs in the tech sector. Client conservatism was also felt throughout North America mainly in project delays and companies taking longer to make decisions. The decline in EBITA margin is due to the shrinking revenue, combined with a higher cost base due to inflation, and a higher number of consultants. The action program to streamline operations and reduce costs has been expanded and is expected to take full effect in the second half of 2023.

BTS Europe

Net sales for BTS Europe amounted to MSEK 105 (89) for the first quarter. Adjusted for changes in foreign exchange rates, revenue grew 14 percent. Operating profit (EBITA) amounted to MSEK 10.8 (10.6) for the first quarter. The operating margin (EBITA margin) was 10.2 (11.9) percent.

BTS Europe grew double digits again in the first quarter. However, slightly longer decision-making processes and greater price sensitivity among the customers are also noted in Europe. The EBITA margin decreased slightly due to increased inflation and higher consulting costs compared with the first quarter of 2022.

BTS Other markets

Net sales for BTS Other markets amounted to MSEK 152 (125) for the first quarter. Adjusted for changes in foreign exchange rates, revenue increased 13 percent. Operating profit (EBITA) amounted to MSEK 8.8 (1.8) for the first quarter. The operating margin (EBITA margin) was 5.8 (1.5) percent.

BTS Other markets had a 13 percent growth compared with the first quarter of 2022. The EBITA margin improved due to efficiencies in the operations and increased prices.

APG

Net sales for APG amounted to MSEK 31 (33) for the first quarter. Adjusted for changes in foreign exchange rates, revenue decreased 15 percent. Operating profit (EBITA) amounted to MSEK –1.5 (0.1) for the first quarter. The operating margin (EBITA margin) was –4.7 (0.2) percent.

The macroeconomic turmoil continues to have a major negative impact on APG with extended decision-making processes, which resulted in a decline in revenues in the quarter. However, BTS see several positive signs of a turnaround for APG with high sales activity and an increased sales pipeline, which led to several major deals being closed during the quarter. The negative EBITA is due to the revenue decline.

BTS'S OFFICES AROUND THE WORLD

OTHER INFORMATION

Financial position

BTS's cash flow from operating activities for the first quarter amounted to MSEK –95 (–49). Weaker cash flow in the first quarter matches BTS's normal seasonal fluctuations, with a weaker first half of the year and a stronger second half. The weaker cash flow compared to last year pertained exclusively to a larger reduction in current liabilities in the first quarter.

Available cash and cash equivalents amounted to MSEK 449 (537) at the end of the period. The company's interest-bearing loans amounted to MSEK 225 (279) at the end of the period.

BTS's equity ratio was 51 (45) percent at the end of the period.

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

Employees

As of March 31, 2023, the number of employees at BTS was 1,192 (1,095).

The average number of employees for the first quarter was 1,185 (1,083).

Parent company

The Parent company's net sales during the first quarter amounted to MSEK 0.9 (1.4) and profit before tax totaled MSEK –1.3 (21.6). Cash and cash equivalents amounted to MSEK 0.9 (23.8).

Events after the end of the period

To further strengthen BTS' capability to serve their clients' senior leaders, specifically as their Executive coach, BTS signed an agreement to acquire The Boda Group in the U.S. Details regarding the acquisition were communicated in a press release on May 2, 2023.

Risks and uncertainties

The Group's material risks and uncertainties include market and business risks, operational risks and financial risks. Business risks include significant exposure to individual customers or markets, as well as the negative influence of changes in the economy. Operational risks include dependence on key individuals, insufficient skills supply, and an inability to take advantage of intellectual property, as well as if BTS does not meet the stringent quality requirements of its clients. Financial risks mainly relate to foreign exchange rates and credit risks. The management of risks and uncertainties is described in the 2022 Annual report.

Russia's invasion of Ukraine has created great uncertainty in the world. BTS has terminated all customer and supplier relations in Russia and is not directly affected to any significant extent by the war. However, the repercussions on the global economy, especially rising inflation, has had a significant impact on BTS.

Group management and the Board are making ongoing assessments of the effects from the pandemic,

potential recession, other macro-economic trends, and geopolitical risks on BTS operations, and based on these, are designing adequate action plans.

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, revenue 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–Jun 2023 August 18, 2023 Interim report Jan–Sep 2023 November 10, 2023 Year-end report Jan–Dec 2023 February, 2024

Stockholm, May 12, 2023

Jessica Skon CEO

Contact information

Jessica Skon 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 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

About BTS Group AB

BTS is a global professional services firm headquartered in Stockholm, Sweden. BTS has about 1,200 professionals in 37 offices located on six continents. BTS competes in both talent and HR consulting as well as the traditional consulting markets. BTS's services support a broad range of client challenges including top-to-bottom and on-demand leadership development, talent selection and readiness, strategy creation and strategy implementation, as well as culture and broad-scale change. For over 35 years, BTS has been focused on the people-side of change and uses proprietary simulation, learning, coaching, and assessment methodologies to power better performance.

We partner with nearly 1,200 organizations, including over 40 of the world's 100 largest global corporations. Some of our major clients include Astra Zeneca, Chevron, Coca-Cola, EY, HP, Mercado Libre, Mondelez, Salesforce and SAP.

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–Mar 2023	Jan–Mar 2022	Apr–Mar 2022/23	Jan–Dec 2022
Net sales	578,841	523,641	2,584,834	2,529,634
Operating expenses	–512,923	–449,024	–2,173,587	–2,109,688
Depreciation of property, plant and equipment	–18,445	–18,121	–71,954	–71,630
Amortization of intangible assets	–11,082	–10,850	–45,298	–45,065
Operating profit	36,391	45,647	293,996	303,251
Net financial items	–3,389	–3,232	–14,037	–13,879
Associated company, profit after tax	56	–324	675	295
Profit before tax	33,058	42,091	280,634	289,667
Estimated tax	–10,413	–13,252	–88,422	–91,261
Profit for the period	22,645	28,839	192,212	198,405
Attributable to the shareholders
of the parent company	22,645	28,839	192,212	198,405
Earnings per share, SEK 1)	1.17	1.49	9.92	10.24
Number of shares at end of the period 1)	19,374,347	19,374,347	19,374,347	19,374,347
Average number of shares	19,374,347	19,374,347	19,374,347	19,374,347
Dividend per share, SEK				5.40 2)
1) Before and after dilution of shares.

2) Proposed dividend.

Group statement of comprehensive income

	Jan–Mar	Jan–Mar	Apr–Mar	Jan–Dec
KSEK	2023	2022	2022/23	2022
Profit for the period	22,645	28,839	192,212	198,405
Items that will not be reclassified
to profit or loss	–	–	–	–
	–	–	–	–
Items that may be reclassified to profit or loss
Translation differences in equity	217	36,023	88,770	124,576
Other comprehensive income for the period, net of tax	217	36,023	88,770	124,576
Total comprehensive income for
the period	22,862	64,862	280,982	322,981
attributable to the shareholders
of the parent company	22,862	64,862	280,982	322,981

Group balance sheet, summary

	31 Mar	31 Mar	31 Dec
KSEK	2023	2022	2022
Assets
Goodwill	909,524	841,826	908,882
Other intangible assets	115,708	111,925	120,564
Tangible assets	183,546	174,791	186,405
Financial assets	27,000	22,385	27,682
Total non-current assets	1,235,778	1,150,927	1,243,533
Trade receivables	482,872	424,892	723,145
Other current assets	281,356	220,126	214,780
Cash and cash equivalents	449,239	537,313	577,061
Total current assets	1,213,466	1,182,331	1,514,986
TOTAL ASSETS	2,449,245	2,333,258	2,758,519
Equity and liabilities
Equity	1,237,581	1,047,325	1,213,930
Non-current liabilities	438,464	535,840	508,196
Current liabilities	773,199	750,093	1,036,393
Total liabilities	1,211,663	1,285,933	1,544,589
TOTAL EQUITY AND LIABILITIES	2,449,245	2,333,258	2,758,519

Group cash flow statement, summary

KSEK	Jan–Mar 2023	Jan–Mar 2022	Jan–Dec 2022
Cash flow before changes in working capital	43,250	63,807	350,572
Cash flow from changes in working capital	–138,272	–112,522	–151,558
Cash flow from operating activities	–95,022	–48,715	199,014
Acquisition related	–10,354	–6,253	–14,968
Acquisition of assets	–9,638	–3,333	–60,946
Cash flow from investing activities	–19,992	–9,587	–75,914
Dividend	–	–	–92,997
Other	–9,748	–15,581	–115,283
Cash flow from financing activities	–9,748	–15,581	–208,280
Cash flow for the period	–124,762	–73,883	–85,181
Cash and cash equivalents, opening balance	577,061	594,435	594,435
Translation differences in cash and cash equivalents	–3,060	16,762	67,807
Cash and cash equivalents, closing balance	449,239	537,313	577,061

Group changes in consolidated equity

KSEK	31 Mar 2023	31 Mar 2022	31 Dec 2022
Opening balance	1,213,930	983,250	983,250
Dividend to shareholders	–	–	–92,997
Other	789	–787	695
Total comprehensive income for the period	22,862	64,862	322,981
Closing balance	1,237,581	1,047,325	1,213,930

Parent company's income statement, summary

KSEK	Jan–Mar 2023	Jan–Mar 2022	Apr–Mar 2022/23	Jan–Dec 2022
Net sales	855	1,375	3,740	4,260
Operating expenses	505	–1,238	–1,012	–2,755
Operating profit	1,360	137	2,728	1,505
Net financial items	–2,616	21,510	89,511	113,637
Profit before tax	–1,256	21,647	92,240	115,142
Estimated tax	–	–	–3,631	–3,631
Profit for the period	–1,256	21,647	88,609	111,512

Parent company's balance sheet, summary

KSEK	31 Mar 2023	31 Mar 2022	31 Dec 2022
Assets
Financial assets	437,138	431,325	436,222
Other current assets	84,659	122,267	83,996
Cash and cash equivalents	950	23,821	685
Total assets	522,747	577,413	520,904
Equity and liabilities
Equity	203,470	207,858	204,726
Non-current liabilities	132,776	171,337	132,776
Current liabilities	186,501	198,219	183,402
Total equity and liabilities	522,747	577,413	520,904

Group consolidated key ratios

KSEK	Jan–Mar 2023	Jan–Mar 2022	Apr–Mar 2022/23	Jan–Dec 2022
Net sales	578,841	523,641	2,584,834	2,529,634
Operating profit (EBITA)	47,473	56,496	339,293	348,316
Operating margin (EBITA margin), %	8.2	10.8	13.1	13.8
Operating profit (EBIT)	36,391	45,647	293,996	303,251
Operating margin (EBIT margin), %	6.3	8.7	11.4	12.0
Profit margin, %	3.9	5.5	7.4	7.8
Operating capital			1,013,452 1)	857,527
Return on operating capital, %			31	40
Return on equity, %			17	18
Equity ratio, at end of the period, %	51	45	51	44
Cash flow	–124,762	–73,883	–136,060	–85,181
Cash and cash equivalents, at end of the period	449,239	537,313	449,239	577,061
Average number of employees	1,185	1,083	1,154	1,129
Number of employees at the end of the period	1,192	1,095	1,192	1,180
Revenues for the year per employee			2,240	2,241

1) The calculation includes the item of non-interest-bearing liabilities as of March 31, 2023, amounting to KSEK 987 (1,007).

Net sales according to business model

MSEK	Jan–Mar 2023				Jan–Mar 2022
	BTS North America	BTS Europe	BTS Other markets	APG	Total	BTS North America	BTS Europe	BTS Other markets	APG	Total
Programs	153	75	106	25	359	157	55	90	31	333
Development	76	23	40	–	138	64	25	31	–	120
Licenses	56	6	3	6	72	54	8	3	2	67
Other revenue	6	1	3	–	10	1	1	1	–	4
TOTAL	291	105	152	31	579	276	89	125	33	524

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 the total balance sheet.

Sweden

HEAD OFFICE Grevgatan 34 114 53 Stockholm Tel: +46 8 587 070 00

Argentina

Reconquista 657 PB 3 CP1003 CABA. Buenos Aires Tel: +54 911 5795 5721

Australia

Level 24 570 Bourke Street Melbourne VIC 3000 Tel: +61 3 7001 1811

Level 6 10 Barrack Street 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

460 Richmond Street W. 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

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

1701, 17th Floor, DLH Park Near MTNL Staff quarters, S.V. Road, Goregaon (West). Mumbai - 400062 Tel: +91 22 6196 6800

10th Floor, Parinee Crescenzo, G block, Bandra Kurla Complex, Bandra East, Mumbai - 400051 Tel: +91 98 1993 4615

Italy

Corso Venezia 7 20121 Milan Tel: +39 02 6611 6364

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

Malaysia

Suite 8 & 9 Level 23, NU Tower 2, Jalan Tun Sambanthan, KL Sentral, 50470 Kuala Lumpur Tel: +603-2727 1616

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 63043032

Spain

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

Paseo de la Castellana 91 5th Floor 28046 Madrid Tel: +34 91 417 5327

Netmind SL. Carrer dels Almogàvers 123 08018 Barcelona Tel: +34 93 304 1720

Netmind SL. Calle Bambú 8v 28036 Madrid Tel: +34 914 427 703

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

South Korea

2nd Floor, Golden Nugget 3 Itaewon-ro 55ga-gil Yongsan-gu, Seoul 04348 Tel: +82 2 539 7676

Switzerland

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

Phayathai Plaza Building, 4th Floor, Room D-128/38, Phayathai Road, Thungphayathai Sub-District, Ratchathewi District, Bangkok Metropolis 10400 Tel: +66 2 216 5974

UK

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

Unit 307 East Wing Building 1000 Lakeside North Harbour Western Road Portsmouth PO6 3EN Tel: +44 2393 162686

United Arab Emirates

14th Floor, Suite 1401, Reef Tower Cluster O, Jumeirah Lakes Towers Dubai Tel: +971 4 589 6143

USA

200 South Wacker Drive Suite 850 Chicago, IL 60606 Tel: +1 312 509 4750

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

4742 N. 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

Rapid Learning Institute 435 Devon Park Drive, Bldg. 510, Wayne, PA 19087 Tel: (toll free) +1 877 792 2172

Bates Communications Inc. 40 Walnut Street Suite 302 Wellesley, MA 02481 Tel: +1 800 908 8239

Advantage Performance Group

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

Strategy made