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<body bgcolor="#5D6D43" lang=NL-BE link=blue vlink=purple style='tab-interval:
35.4pt;word-wrap:break-word'>

<div class=WordSection1>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p2><span class=s1><span lang=EN-US style='font-family:Copperplate;
mso-ansi-language:EN-US'>AVALOR BV</span></span><span lang=EN-US
style='mso-ansi-language:EN-US'><o:p></o:p></span></p>

<p class=p3><span class=s1><span lang=EN-US style='font-family:Copperplate;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p4><span class=s1><span lang=EN-US style='font-family:Copperplate;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p4><span class=s1><span lang=EN-US style='font-family:Copperplate;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p4><span class=s1><span lang=EN-US style='font-family:Copperplate;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p4><span class=s1><span lang=EN-US style='font-family:Copperplate;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p5><span class=s1><span lang=EN-US style='font-family:Copperplate;
mso-ansi-language:EN-US'>Your experienced partner in</span></span><span
lang=EN-US style='mso-ansi-language:EN-US'><o:p></o:p></span></p>

<p class=p5><span lang=EN-US style='mso-ansi-language:EN-US'><o:p>&nbsp;</o:p></span></p>

<p class=p5><span lang=EN-US style='mso-ansi-language:EN-US'><o:p>&nbsp;</o:p></span></p>

<p class=p6><span class=s1><span lang=EN-US style='font-family:Copperplate;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p6><span class=s1><span lang=EN-US style='font-family:Copperplate;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p5 style='margin-bottom:18.0pt'><span class=s1><span lang=EN-US
style='font-family:Copperplate;mso-ansi-language:EN-US'>Private Equity</span></span><span
lang=EN-US style='mso-ansi-language:EN-US'><o:p></o:p></span></p>

<p class=p5 style='margin-bottom:18.0pt'><span class=s1><span lang=EN-US
style='font-family:Copperplate;mso-ansi-language:EN-US'>Interim Management</span></span><span
lang=EN-US style='mso-ansi-language:EN-US'><o:p></o:p></span></p>

<p class=p5><span class=s1><span lang=EN-US style='font-family:Copperplate;
mso-ansi-language:EN-US'>Strategy</span></span><span lang=EN-US
style='mso-ansi-language:EN-US'><o:p></o:p></span></p>

<p class=p7><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p7><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span lang=EN-US style='mso-ansi-language:EN-US'><o:p>&nbsp;</o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p8><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p9><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>For more information, please contact us at </span></span><span
class=s1><span style='font-family:Times'><a href="mailto:info@avalor.be"><span
class=s2><span lang=EN-US style='mso-ansi-language:EN-US'>info@avalor.be</span></span></a></span></span><span
lang=EN-US style='mso-ansi-language:EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

<p class=p1><span class=s1><span lang=EN-US style='font-family:Times;
mso-ansi-language:EN-US'>&nbsp;</span></span><span lang=EN-US style='mso-ansi-language:
EN-US'><o:p></o:p></span></p>

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