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Annual General Meeting of Shareholders 2012 24 May, 2012

Annual General Meeting of Shareholders 2012 24 May, 2012. Agenda. Opening and remarks Report of the Executive Board on 2011 Adoption annual report book year 2011* Release from liability members Executive Board* Release from liability members Supervisory Board*

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Annual General Meeting of Shareholders 2012 24 May, 2012

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  1. Annual General Meeting ofShareholders 201224 May, 2012

  2. Agenda • Opening and remarks • Report of the Executive Board on 2011 • Adoption annual report book year 2011* • Release from liability members Executive Board* • Release from liability members Supervisory Board* • Appointment member Supervisory Board* • Appointment BDO Audit & Assurance BV as accountant of the company * • Dividend policy * Voting item

  3. Cast Your Votes

  4. Agenda • Opening and remarks • Report of the Executive Board on 2011 • Adoption annual report book year 2011* • Release from liability members Executive Board* • Release from liability members Supervisory Board* • Appointment member Supervisory Board* • Appointment BDO Audit & Assurance BV as accountant of the company * • Dividend policy * Voting item

  5. Agenda • Opening and remarks • Report of the Executive Board on 2011 • Adoption annual report book year 2011* • Release from liability members Executive Board* • Release from liability members Supervisory Board* • Appointment member Supervisory Board* • Appointment BDO Audit & Assurance BV as accountant of the company * • Dividend policy * Voting item

  6. Financial analysis andbackgrounds • Financial key figures • Revenue and cost development • EBITDA development • Long term development • Working capital • Ratios • Conclusions

  7. Financial key figures * Excluded Infor and German hardware activities

  8. Financial key figures * Excluded Infor and German hardware activities

  9. Revenue and cost development • Comparable revenues in 2011 0.8% lower as in 2010: • More impact of holydays in third quarter • Effects of the economic recession • ICT budgets narrow and pressure on prices • Comparable cost level 13% lower

  10. EBITDA development • In each quarter a strong increase in EBITDA due to significant lower costs with a limited decrease of revenues

  11. Latest Twelve Months: Revenue and EBITDA Margin improvement of 2011 compared to 2010: clearly thanks to cost control and cost reductions, restructuring and improvement of operational efficiency (occupancy, sharing resources internationally, etc.)

  12. Non-operational cash out-flow • In 2010 and 2011 a total of € 12.5 million has been spent on capital reinforcement and strategy change of Qurius.

  13. Working capital • Debtors increase year end 2011 due to higher December revenue • Average DSO over 2011 improved from 61 to 53 days • Improvement overdue debtors

  14. Ratios • Solvability : • Ordina: 63% • Unit 4, Agresso: 43% • Ctac: 16% • Days Sales Outstanding (DSO) gives an indication of operational efficiency: • Ordina: 58 dagen • Unit 4, Agresso: 67 days • Ctac: 74 days

  15. In 2011 the financial performance of the continued business activities has been improved: Cost base decreased with euro 5.5 mln. Performance increased with euro 5.4 mln. Cash flow is positive (euro 0.740 mln.) Debt burdon decreased with euro 3.1 mln. Conclusions

  16. Context: restructuring in a changing market April 2010: paradigm shift already recognised and put down in vision document Summer 2010: start of three year plan (2010–2013) Restructuring: management, portfolio, country operaties, finance 2010: start of the process 2011: process in full swing Change is easy, changing is not! Looking back

  17. Adriaan Meij (AME Research): “I do appreciate the shift in strategy that Qurius is making. Without it, the company would be bankrupt by now. The process is so radical that it can’t be measured from quarter to quarter. It has even not widely been recognised that 2011 was already far less bad as 2010. In my latest report on Qurius I presume a further decrease in revenues while a turning point is to appear in the profitability of the company. Severe conditions have to be met. Whereas it is not only about money, but also the spirit in the workshops and whether new products meet enough demand to be profitable.” The look from an outsider

  18. Strong technology push: consumerisation, online, more functionalities in standard software Resellers (VARs) under pressure; Business software (ERP): replacement market Opportunities for larger IT suppliers (SI’s en ISV’s) Clients require an integrated solution Microsoft focusses on larger partners European economic outlook: unsure (except Germany) Change is imperative 2011: Market changes fast, economy unsure

  19. Three pillars: Sustainability, Innovation, New Way of Business From back office to front office (currently: administrative processes) From back door to front door (currently: client´s partner) From boring to sexy (currently: in culture and propositions) Pitch on alliance with Prodware (mass and power) Pitch on development of own products (IP) Pitch on innovation (distinctive and future proof) Operational excellence (top customer service & marge) Vision and strategy in short

  20.  Re-invent Qurius! From reseller of business software to ‘integrated social enterprise partner’ Social enterprise is the company of these days: Imbedded in a business eco-system 6 C’s from Google: community, conversation, content, creative, 1st Choice, top customer service Vision and strategy in short

  21. Alliance with Prodware (July) Focus on United Kingdom, Netherlands, Germany and Czech Republic Launch of QIPtree Increasingly non-administrative projects Seven client dialogues  sustainable partnership Continued with Corporate Social Responsibility (CSR policy) and reports according the world standard (GRI-reporting) 2011: process in full swing (1)

  22. Vision  strategy  structure plan  plateau planning Innovations: Qurius online, virtuele reality (AR), test tool, NAV-Kinect, Yammer Investment in training and technical competences (Microsoft and others) Establishment Qurius Business Consulting Twice as much near shore software production in Czech During the restructuring, the window remains open (large, new projects) 2011: process in full swing (2)

  23. 310 employees (292 fte) Mark Cockings general manager (starting in 2012) Products via internet (Qurius online, preferred partner Microsoft CRM online) First virtual reality projects (Augmented Reality, AR) Improved operations, positive EBIT (before restructuring costs) Development of IT-model (Qanvas) to be rolled out throughout the entire group Developments in the Netherlands

  24. 45 employees (39 fte) and growing From supplier of business software to partner offering comprehensive business solutions, not just IT Waste management and Recycling, Distribution, Holiday Parks Profitable Developments in the United Kingdom

  25. 160 employees (154 fte) Healthy contribution from the separate entity Business Information (30 employees) Strong development in Retail and products via internet Large projects: extra capital requirement (upfront financing, guarantees) Longer initial project phase as foreseen Loss making Extra attention required for project management Developments in Germany

  26. 21 employees Rendered services to both Qurius and Prodware Specialism: business software (AX en NAV), mobile devices (tablet, smartphone, BizTalk) Two Dutch senior managers Developments in the Czech Republic

  27. CSR also integral part of the 2011 annual report, (including the leading Global Reporting Initiative table) Introduction of the New Way of Working is behind schedule, but can be caught up Diversity of employees amply achieved External dialogues amply achieved CO2 reduction mixed: results on mobility insufficient, building and technology over-achieved Sustainability

  28. Pragmatic approach: synergy quick wins Mutual deployment of staff on projects Active deployment specialists from Prodware Israel Swift transaction Qurius Belgium and Spain Joint market research and development Joint international acquisition projects Joint customers Approaching partners jointly Joint training and development of specialists Strategic alliance with Prodware

  29. Unsure market circumstances in the Netherlands and United Kingdom, managing German operations more tightly Ongoing reinforcement alliance with Prodware Continue with innovations and QIPtree Renew Qurius to become a sustainalbe, comprehensive partner for (upper)-mid market companies And don’t forget passion: our world cannot do without ICT 2012

  30. Questions

  31. Agenda • Opening and remarks • Report of the Executive Board on 2011 • Adoption annual report book year 2011* • Release from liability members Executive Board* • Release from liability members Supervisory Board* • Appointment member Supervisory Board* • Appointment BDO Audit & Assurance BV as accountant of the company * • Dividend policy * Voting item

  32. Cast Your Votes

  33. Agenda • Opening and remarks • Report of the Executive Board on 2011 • Adoption annual report book year 2011* • Release from liability members Executive Board* • Release from liability members Supervisory Board* • Appointment member Supervisory Board* • Appointment BDO Audit & Assurance BV as accountant of the company * • Dividend policy * Voting item

  34. Cast Your Votes

  35. Agenda • Opening and remarks • Report of the Executive Board on 2011 • Adoption annual report book year 2011* • Release from liability members Executive Board* • Release from liability members Supervisory Board* • Appointment member Supervisory Board* • Appointment BDO Audit & Assurance BV as accountant of the company * • Dividend policy * Voting item

  36. Cast Your Votes

  37. Agenda • Opening and remarks • Report of the Executive Board on 2011 • Adoption annual report book year 2011* • Release from liability members Executive Board* • Release from liability members Supervisory Board* • Appointment member Supervisory Board* • Appointment BDO Audit & Assurance BV as accountant of the company * • Dividend policy * Voting item

  38. Cast Your Votes

  39. Agenda • Opening and remarks • Report of the Executive Board on 2011 • Adoption annual report book year 2011* • Release from liability members Executive Board* • Release from liability members Supervisory Board* • Appointment member Supervisory Board* • Appointment BDO Audit & Assurance BV as accountant of the company * • Dividend policy * Voting item

  40. Cast Your Votes

  41. Agenda • Opening and remarks • Report of the Executive Board on 2011 • Adoption annual report book year 2011* • Release from liability members Executive Board* • Release from liability members Supervisory Board* • Appointment member Supervisory Board* • Appointment BDO Audit & Assurance BV as accountant of the company * • Dividend policy * Voting item

  42. Agenda (continued) • Corporate Governance • Authority to acquire own shares* • - aExtension of the authority of the Executive Board to issue shares or to grant rights to acquire shares* • - b Extension of the authority of the Executive Board to limit or exclude pre-emptive rights * • Closing and roundtable * Voting item

  43. Agenda (continued) • Corporate Governance • Authority to acquire own shares* • - aExtension of the authority of the Executive Board to issue shares or to grant rights to acquire shares* • - b Extension of the authority of the Executive Board to limit or exclude pre-emptive rights * • Closing and roundtable * Voting item

  44. Cast Your Votes

  45. Agenda (continued) • Corporate Governance • Authority to acquire own shares* • - a Extension of the authority of the Executive Board to issue shares or to grant rights to acquire shares* • - b Extension of the authority of the Executive Board to limit or exclude pre-emptive rights * • Closing and roundtable * Voting item

  46. Cast Your Votes

  47. Agenda (continued) • Corporate Governance • Authority to acquire own shares* • - aExtension of the authority of the Executive Board to issue shares or to grant rights to acquire shares* • - b Extension of the authority of the Executive Board to limit or exclude pre-emptive rights * • Closing and roundtable * Voting item

  48. Cast Your Votes

  49. Agenda (continued) • Corporate Governance • Authority to acquire own shares* • - aExtension of the authority of the Executive Board to issue shares or to grant rights to acquire shares* • - b Extension of the authority of the Executive Board to limit or exclude pre-emptive rights * • Closing and roundtable * Voting item

  50. Thank you for comingand for your commitment

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