INTERNATIONAL STRATEGY

The development of our Telecom activities in international markets is central to our strategy and we aim to achieve 50% of our sales in these markets within five years.

In 2011, we concentrated our activities on our most sustainable and dynamic subsidiaries:

• Tibco slovensko and Tibco polska in Central Europe,

• Tibco Morocco in North and West Africa.

Our Tibco international subsidiary, devoted to the deployment of international consultants has been fully integrated in Tibco Telecom since July 1 in order to increase our coherence and efficiency. This convergence is now producing results. Our commercial investment in our Tibco polska and Tibco slovensko subsidiaries has allowed us to diversify our clients portfolio and our activities in Central Europe. These subsidiaries are now actively engaged in the modernisation of wireless networks in Poland, Hungary, and Switzerland.

In Poland, the current context of operator reorganisation has opened up extremely interesting prospects for 2012. We shall now concentrate on Tibco Morocco in order to build on the full potential of our group dynamics and develop operations in a sustainable manner throughout North Africa.