Financial information Paris, 24 March 2015

SOLVING EFESO INTERNATIONAL

Increase in 20141 results

EBITDA margin: 10.6%, continued growth over the last 5 years Profit from recurring operations: €5.9 million (up 3% against 2013) Net profit: €4.0 million (up 10% against 2013) Group share of net profit: €3.3 million (up 17% against 2013) Proposed dividend: 4 cents per share

Solving Efeso International (Alternext: ALOLV), a consultancy firm specialised in strategy and operational excellence positioned in growing international markets, today announces its 2014 full-year financial results.

In a difficult environment, increased business momentum in the second half of the year and cost cutting efforts resulted in both higher profit from recurring operations and Group share of net profit, which grew by 3% (to €5.9 million) and 17% (to €3.3 million) respectively. This positive trend is in line with previous financial years.

Filippo Mantegazza, Chairman of Solving Efeso International, commented:

"In 2014, revenue gradually gained momentum and ended the year in line with previous financial years. Operating with great flexibility, the Group successfully absorbed the strong growth in France and Asia, whilst adjusting its costs and resources in other countries during a weak start to the year. In 2015, our objective is to continue to outperform the consultancy market, with a strengthening of our position in the most buoyant markets. Accordingly, we announced on 23 December 2014 that we had entered into exclusive negotiations with a consulting firm in Benelux, with a view to acquiring its entire share capital. This transforming transaction would provide significant leverage to broaden and diversify our client base, make us stronger in business sectors where the demand for consultancy services is high and expand our geographic presence at the heart of Europe. It would also enable the Group to significantly boost both its revenue and profit growth."

1 Financial statements approved by the Management Board and submitted to the Supervisory Board on 23 March 2015

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1/ Improved sales over the financial year and increased profitability

a) Slight decline of 2.6% in revenue in a difficult market

Strong momentum in France (up 17%) Continued expansion in Asia (up 49%)

Solving Efeso achieved revenue of €63.9 million in 2014, a slight decline of 2.6% compared with 2013 (down 2.0% at constant exchange rates).

Sales grew steadily throughout the year, going from a decline of 7.2% in the first half to growth of 2.9% in the second, following the gradual implementation of projects with major accounts that were signed in late 2013 and early 2014. The €1.7 million revenue shortfall between 2014 and 2013 was concentrated over the first quarter. France, the Group's leading country, representing 27% of revenue, recorded significant growth of 17% compared with 2013. This performance was achieved in a highly competitive market and within a business environment that remained lacklustre. It was driven in particular by the success of the innovative offer resulting from the Group's experience. This offer involves supporting major clients, globally- established and operating across many industries, in their transformation through collaboration between our consultants and their people. It produces significant and tangible results and unlocks our clients' human and operational potential. This range of services, deployed for historical clients, has also attracted new clients with high international development potential. It drives the strategy of securing new contracts in the countries in which the Group operates. Asia continued its expansion. At constant exchange rates, growth was particularly strong in China (up 99%), Egypt (up 50%) and other Asian countries (up 32%), which are all overseen from the Singapore office set up in

2013.

2014 revenue2

Revenue

Growth vs. 2013

Revenue analysis.

France

€17.3 million

+17%

27.0%

Europe (excl. France)

€27.8 million

-12.7%

43.67%

Emerging countries

€9.5 million

+0.5%

14.9%

North America

€9.3 million

-3.4%

14.5%

Total

€63.9 million

-2.6%

2 2014 and 2013 figures based on the location where projects are carried out. The total figure derived from the consolidated financial statements is the same but its geographical breakdown is different, as invoices are sometimes issued in a region other than the location in which the project is carried out. The Group has decided to make all revenue communications consistent by using the location of performance of projects as the benchmark.

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b) Increase in EBITDA (10.6% of revenue)

2014 EBITDA totalled €6.8 million, equating to 10.6% of revenue, compared with €6.6 million in 2013 (10.1% of revenue). Given the fall in sales recorded over the first half of 2014, as of the first quarter, the Group implemented cost control measures and adjusted its resources. These measures generated annual savings of €1.8 million and enabled the Group to record a fifth consecutive year of growth in EBITDA in 2014.

"Other non-recurring income and expenses" represented a net expense of €0.2 million and primarily included non-recurring items for the financial year relating to the discontinuation of Italian operations and the reorganisation of the Singapore subsidiary. Operating profit totalled €5.7 million, compared with €5.6 million in

2013.
The cost of gross financial debt was €0.5 million, in line with 2013.

"Other financial income and expenses represented a net income of €0.1 million compared with an expense of €0.3 million in 2013 due to translation gains resulting from the fall in the Euro.

The income tax charge totalled €1.4 million, against €1.2 million in 2013, and included a positive change in deferred tax assets of €0.2 million, compared with €0.5 million in 2013.

Consolidated net profit was €4.0 million compared with €3.6 million in 2013.

The Group share of net profit totalled €3.3 million, equating to an increase of 16.5%, whilst minority interests associated with certain equity interests represented €0.7 million (€0.1 million less than in 2013). Diluted net earnings per share (Group share) was €0.15, in comparison with €0.13 in 2013.

Condensed consolidated income statement

(€ K)

2014

2013

2014 vs. 2013

Revenue

63,884

65,588

-2.6%

EBITDA

6,775

6,606

+2.6%

Profit from recurring operations

5,926

5,778

+2.6%

Other operating income and expenses (exceptionals)

(222)

(206)

+7.4%

Operating profit

5,704

5,572

+2.4%

Cost of net financial debt

(474)

(485)

-2.3%

Income tax

(1,381)

(1,193)

+15.8%

Net profit

3,956

3,584

+10.4%

Group share of net profit

3,274

2,810

+16.5%

Source: Audited financial statements approved by the Management Board and submitted to the Supervisory Board on 23

March 2015

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c) Sound financial position and increase in equity Working capital requirements increased to €8.2 million at 31 December 2014, compared with €7.5 million at the end of 2013 within a context of a return to sales growth at the end of the financial year. Shareholders' equity grew from €39.5 million to €41.7 million, an increase of €2.1 million which reflected, inter alia, the gains made over the financial year less the dividends. Net consolidated financial debt was €5.4 million, a decrease of €1.0 million in comparison with €6.4 million at the end of 2013.

The "net financial debt to equity ratio" decreased to 12.9% compared with 16.3% at the end of 2013.

Condensed consolidated balance sheet

(€ K)

Dec -14

Dec -13

2014 vs. 2013

ASSETS

Non-current assets

40,380

40,149

0.6%

Current assets

30,728

29,365

4.6%

Total Assets

71,108

69,514

2.3%

EQUITY AND LIABILITIES

Shareholders' equity

41,663

39,542

5.4%

Non-current liabilities

of which long-term financial debt

3,558

2,036

5,529

3,830

-35.6%

-46.8%

Current liabilities

of which short-term debt

25,887

8,814

24,443

8,041

5.9%

9.6%

Total Assets

71,108

69,514

2.3%

Source: Audited financial statements approved by the Management Board and submitted to the Supervisory Board on 23

March 2015

Solving Efeso International SA, the parent company, recorded revenue of €10.5 million and net profit of €1.9 million.

2/ Note: exclusive negotiations for a merger and acquisition transaction

Solving Efeso International is pursuing its aggressive strategy to gain market share and to position itself in the most buoyant sectors, via the acquisition of companies recognised within their fields of excellence and through the expansion of its geographic coverage. The Group has made 5 strategic acquisitions since 2011.
On 23 December 2014 (press release dated 23/12/2014), the Group announced that it had entered into exclusive negotiations with a consulting firm in Benelux with a view to acquiring its entire share capital. The company concerned, the identity of which remains confidential at this stage, provides its services to major international accounts, primarily in the services industry. Based on a consultancy services model similar to that of Solving Efeso, this company anticipates 2014 revenue to be in the region of €9 million and EBITDA of approximately €2.2 million. The transaction would be partly financed by a €5 million capital increase reserved for the assignors at a price of €2.60 per Solving Efeso share. This merger and acquisition transaction would have an earnings-enhancing effect from 2015 with a potential increase in Net Earnings per Share.

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Full disclosure of the specific terms and conditions of this transaction will be released as soon as firm commitments are made.

3/ Outlook

According to the survey of 2,600 consultancy service clients worldwide conducted by "Sourceforconsulting.com", the propensity to use consultancy services increased in 2015 in comparison with 2014: 33% of respondents said they would make increased use of consultancy firms in 2015, compared with 12% in 2014.
In light of the increase in revenue during the 2014 financial year and the positive signs from the market, and in a macro-economic environment which remains uncertain, the Group aims to achieve organic growth in excess of that of the consultancy market in 2015 and to see its operating profitability grow more rapidly than sales. If completed, the above-mentioned merger and acquisition transaction would subsequently increase Group growth, in particular through the development of its activities in the financial services sector.
The Group's aggressive strategy will be based on the strengthening of its position in Europe, its international expansion, particularly in Asia, the acquisition of businesses with high added-value expertise, which will expand both its geographic coverage and sector-based footprint.

Next communication:

Sales for the first quarter of 2015: 23 April 2015 (after close of trading)

Contacts:

David AUREGAN, Chief Financial Officer

Tel: (+33-1) 53 53 57 00 - info.investor-relations@solvingefeso.com

Antoinette DARPY, Press

Tel: (+33-6) 72 95 07 92 - adarpy@tobnext.com

SOLVING EFESO INTERNATIONAL is a global leader in corporate strategy and operational performance improvement consulting and is positioned as a niche specialist, capable of providing unique long-term support.

Created in 2007 as a result of the merger of two leading niche corporate consultancy firms, the Solving International Group employs a workforce of more than 300 consultants and is established in 23 countries (Europe, Middle East, Asia and North and South America).

www.solvingefeso.com

Solving Efeso International shares trade on Alternext Paris.

Free float: 21% Date of IPO: 02/07/1998

Number of outstanding shares: 22,377,352 Code 6467

ISIN FR0004500106 Bloomberg: ALOLV:FP Ticker: ALOLV Reuters: ALOLV.PA

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This document may contain forward-looking financial information (particularly with regard to targets and trends) and forward-looking statements concerning Solving Efeso's financial position and performance, its operations and its strategy.

Such disclosures and statements are based on data or assumptions that could ultimately prove inaccurate and are subject to a number of risk factors, and in particular currency fluctuations and general economic and financial conditions. Solving Efeso does not assume any duty or responsibility towards investors or towards any other party to update or revise, whether as a result of new information, future events or otherwise, all or part of the

statements, forward-looking information, trends or targets provided in this document.

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