COMMUNIQUÉ DE PRESSE

BSB's increases 2011 revenues by 13% despite a challenging year BSB makes three significant investments to support growth in 2012 BSB maintains its goal of placing its financial software amongst the European top 5 BSB's SaaS (Software as a Service) platform positions it well to benefit from the IT outsourcing trend.

Louvain-la-Neuve, 30 March 2012, 17h30 - Regulated information

Despite a challenging economic situation, BSB increased its revenues by 13% over 2010, to
34.9 million EUR and laid the foundations to ensure its continued growth during 2012 and beyond. Nonetheless, 2011 was a bad year financially. BSB recorded a loss with an EBIT of
-2.5 million EUR and an EBITDA of -785,000 EUR. This counter-performance is attributable to significant investments made during 2011 in anticipation of an increased workload, which did not materialise. These were mainly recruitment and training-related costs. Another negative factor was the year-end economic downturn, which led many customers and prospects to defer software investments.
"This loss does not put our strategy into question and our goal to place our software solutions amongst the European Top 5, and subsequently amongst the Global Top 5, is unchanged", says Jean Martin, CEO, BSB. "Despite a challenging economic situation we completed three significant investments to help sustain our growth during 2012: We launched our SaaS (Software as a Service) platform, expanded our sales force and opened five local offices or
subsidiaries."
The trend in the insurance and asset management industries to outsource IT operations is accelerating and our new SaaS (Software as a Service) platform puts us in an excellent position to benefit from this development. Our Solfia subsidiary, which markets our SaaS solution, has been granted PSF (Financial Sector Professional) status by Luxembourg