2014 OUTLOOK AND THE YEAR 2013 IN REVIEW

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1 2014 OUTLOOK AND THE YEAR 2013 IN REVIEW To serve you better, HL TRAD has added to our outstanding team by hiring new marketing and sales staff, whilst also expanding our production department. Our key figures, to date: - A 21% increase in turnover in 2013 over the previous year, despite a very difficult economic environment. - A team of more than 31 professionals working from 4 offices in Europe. We are at your service 7 days a week. Ready to respond to any request in 2 hours or less. - A network of more than 1,350 translators. Working in more than 50 different languages. - We opened a new office in Geneva at the end of 2013 to provide financial and legal translation services to the Swiss market. - Plans to continue to expand in Europe. We expect to open our first offices in Germany, Italy and Spain by the year These figures affirm our position as leading language service specialists, dedicated to serving professionals in the fields of Law and Finance.

2 NEWS BRIEFS / IN THE PRESS Largest-ever Jersey real estate fund to list in London Carey Olsen has advised on the establishment of Kennedy Wilson Europe Real Estate plc, a closedended collective investment fund incorporated in Jersey. It recently announced an unprecedented capital increase of up to 1 billion through its initial public offering (IPO) on the London Stock Exchange Main Market, making it the largest-ever real estate fund to be listed on the LSE. The Carey Olsen team was led by funds partner James Mulholland, who was assisted by senior associate Christopher Griffin and associates Stephanie Evans, Katrina Lindsay and Ashley Gribben. Carey Olsen's funds team worked alongside Ashurst who advised the fund on the English legal aspects of the launch, Freshfields Bruckhaus Deringer who acted for the manager and Herbert Smith Freehills who acted for Deutsche Bank and Bank of America Merrill Lynch, the joint global coordinators and joint bookrunners. Full story: Blake Lapthorn and Morgan Cole to merge on 1 July Blake Lapthorn and Morgan Cole recently said they will merge on 1 July to create a new firm called Blake Morgan. The merger will push both firms up the UK Top 100 rankings and create a Top 50 law firm with annual turnover of 72m. Full story: E-cigarette patent wars: a case of the vapours It is perhaps a truism that when big tobacco marches in, its lawyers are never far behind, The Economist reports. So it is proving with e-cigarettes. Earlier this month Fontem Ventures, a Netherlands-based subsidiary of Britain s Imperial Tobacco, sued 11 American e-cigarette makers in US federal court for a range of patent infringements. Among the companies Imperial wants to smoke out are NJoy, Logic Technology Development and LOEC, a subsidiary of tobacco giant Lorillard, which also owns e-cigarette maker Blu ecigs. The trio controls about three-quarters of high-street sales in America s swiftly growing $1.5 billion vaping market (business online, where many e-cigarettes are sold, is less concentrated). Full story:

3 PROJECT OF THE QUARTER January A global leader in luxury has chosen HL TRAD Geneva to translate its legal appeal. This complex document, consisting of 37 pages (about 15,800 words), needed to be translated from French to English in 5 days. HL TRAD immediately mobilised a team of legal experts to ensure the highest quality translations, as well as the timely delivery of the file. On the eve of its first anniversary, the Geneva office is a testament to our position as a language services specialist, available 7 days a week and exclusively dedicated to the legal and financial sectors. For nearly 8 years, our unique focus on catering to the needs of legal and financial professionals has allowed HL TRAD to continue to boast a 98% customer satisfaction rate (according to an annual satisfaction survey conducted by an independent company). CLIENT TESTIMONIAL Martine Cerceau, Marketing & Communications Manager in the Raymond Asset Management Company. HL TRAD: Would you describe your company and your area of expertise in a few words? Martine Cerceau: Raymond James Asset Management International (RJAMI) is a management company present in France since 1995 and active in three different areas (Institutional Asset Management, Private Banking and Employee Savings). HL TRAD: How long have you been working with HL TRAD? Martine Cerceau: We have been working with HL TRAD teams since HL TRAD: What kinds of documents has HL TRAD translated for you? Into what languages? Martine Cerceau: The main documents to be translated are essentially the presentation of our products, along with some reporting and legal documents. Primarily, the language requested is English, but sometimes it can be German. HL TRAD: Why did you choose HL TRAD? What are its advantages? Martine Cerceau: We chose HL TRAD for its responsiveness and the expertise of its teams, the respect for the client's request and excellent value for the price! HL TRAD: Thank you.

4 TRANSLATOR OF THE QUARTER Audrey Translator and Conference Interpreter English - French HL TRAD: Thank you for taking the time to answer these questions for our newsletter. Let's start by finding out your age, your nationality and where you were born. Audrey: I am 39 years old, I'm French (American mother, French father) and I was born in Saigon, Vietnam. HL TRAD: What is your academic background? Audrey: The traditional route: International Studies in Santa Barbara, California (1992 graduate); Translation Terminology Interpretation training at the Higher Institute of Interpretation and Translation in Paris (scored first place on entrance examination, automatic admission in second year, combination: French/English/Spanish, 1996 graduate); Obtained Associates Degree (DEUG) in English (with Honours) in 1997, followed by two years of Conference Interpreting at ISIT in Paris (combination: English A/French B, graduated with Honours in 2006). Taking my professors' advice, I started out as an interpreter in Paris with the so-called "Double A" language combination, meaning I have two native languages, English and French). HL TRAD: Why did you decide to become a translator and to specialise in finance? Audrey: The idea of becoming a translator/conference interpreter came to me when I was only 12 years old and has guided every step of my academic studies and professional career. I grew up in a bilingual home, went to school in both languages, and, as the daughter of an international educator, travelled from Turkey to Tunisia to Australia, according to the relocations of my father, who was an overseas maths teacher! These early travels gave me an opening to the world, where translation and interpretation seemed like a logical extension. With regards to finance, I would say it chose me rather than the other way around... Finance is ubiquitous in interpretation and the more you do, the better you do, whether at boards of directors meetings, analysts meetings or general shareholders meetings. HL TRAD: What is your day-to-day life like? Your routine? Audrey: I translate from 1,500 to 2,000 words per day, or 6 to 7 pages, depending on the subject and the complexity of the text. When it comes to interpretation, the workday varies, lasting from half an hour up to a full day, depending on the needs of the client. HL TRAD: In what areas do you feel most comfortable? Audrey: Finance, of course, and all its corollaries (economics, accounting). My other speciality is the legal field. Two high-profile areas, for sure, but I feel very skilled and am comfortable working in either field. HL TRAD: How has the profession of translator changed since you started out? Audrey: I would say that the pressure has increased. In a globalised environment where supply is abundant and where playing on time zones allows just-in-time deliveries, it is increasingly difficult to maintain reasonable rates alone as guarantees of high quality. I understand that some clients may be tempted to look elsewhere to reduce costs that is to be expected. But more often, they come back... HL TRAD: How do you see the future of translation? Audrey: There is a lot of talk about machine translation, and in some areas, this is a very useful tool. But nothing can replace knowing the right sense of a word, understanding the nuances, which only the human mind is capable of. It was by design that I specialised in two areas where excellence is a priority: finance and legal. Because even in times of crisis, the stakes are high enough that financial experts and attorneys continue to focus on quality.

5 HL TRAD: What do you see yourself doing if you had not become a translator? Audrey: I started playing the piano at age 3. My career as a pianist seemed mapped out, until an accident made me lose my fingering. Interpretation quickly filled the void; I was a born interpreter, whether it be words or musical notes. And then, thanks to playing the piano, I had a remarkable typing speed! HL TRAD: What are your hobbies, your favourite sports? Audrey: I read a lot and I love the cinema. On the sports side, I am a dedicated fitness buff. HL TRAD: What is your favourite vacation spot? Audrey: My husband is South African and every year in February, we spend a few weeks in Cape to enjoy the end of the austral summer. South Africa is my adopted country. HL TRAD: What can we wish you for the future? Audrey: Clients who put quality first! And more assignments where I can fully practice my vocation as interpreter by translating meanings and intentions, going beyond just the words. About HL TRAD - Paris l Brussels l London l Geneva HL TRAD was founded by two specialists in B2B language services, who wanted to create an innovative company aimed exclusively at the legal and financial sectors. For over 7 years, HL TRAD has been a unique partner for the key players in these sectors. Its specialist positioning, unique for a language service provider, has made HL TRAD a key reference point for the legal and financial sectors, allowing it to respond quickly and efficiently to their very specific needs with optimum cost effectiveness. This original and unique concept has allowed for a remarkable expansion. HL TRAD continues to grow and has expanded across Europe with its established London office servicing the needs of its UK client base, as well as the Brussels office servicing the Benelux area, and a new office in Geneva. For more information visit: