Outlook

Ordina had has a very positive start to the year 2008 with a number of large high profile projects being (provisionally) awarded to us. These include projects with the Dutch Immigration and Naturalisation Services and the Ministry of Agriculture, Nature and Food Quality.

The market continues to show a healthy demand for our services and to date we have seen no sign of negative impact from a possible economic downturn as result of the credit crisis.

Transferring existing clients to the standardised platforms is the central theme for our BPO services in 2008. Given the large number of transitions and transfers that have to be realised in 2008, it is realistic to expect that our BPO activities will still be generating losses in 2008 and will become profitable in 2009.

Should the market continue its positive development in the course of 2008, we expect to realise a revenue growth of at least 10% and at the same time, a slight improvement of our operating margin as well as growing the portion of revenue generated by long-term contracts with our clients. Please note that we have not taken into account the effect of the intended sale of Ordina Technical Automation in our outlook for 2008.

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