FIRSTCLIENTS ApS

FirstClients ApS is the parent company of 7 subsidiaries which operates business centers or related activities. The activities are in Poland, Hungary, Czech Republic and Denmark.

The Company will continue to implement active marketing and operating strategies to increase occupancy from service agreements. In addition, the Company remains supported under an Intra-Group Facility Agreement that allows to receive advances as and when needed for the operation and management of its business and for generel corporate purposes.

Recognition and measurement uncertainty

As described in Note 1, Information on uncertainty with respect to going concern, and Note 2, Information on significant uncertainties at recognition and measurement, the Company is dependent on support from the Group. Reference is made to Notes 1 and 2 for a further description of these matters.

2 | Information on significant uncertainties at recognition and measurement

The measurement of the Receivables from affiliated enterprises is depending on the counterparties’ ability to generate sufficient cash inflows for the company to repay the Receivables from affiliated enterprises which requires that they continue as going concern.

This is dependent from financial support from IWG Group and therefore a related material uncertainty exists as described in note 1. Since management expects that IWG Group has the ability and intention to provide necessary financial support as in previous years these assets have not been impaired. For foreign counterparties we have as of the date of signing of the annual report, not been able to obtain sufficient information about the financial situation of the counterparties. But since management also expects these counterparties will repay the receivables, these assets have not been impaired.

Significant events after the end of the financial year

No events have occurred after the end of the financial year of material importance for the Company's financial position.

Regus Management ApS being the administration company, the company is subject to the Danish scheme ofjoint taxation and, as from the financial year 2013, unlimited jointly and severally liable with the other jointlytaxed companies for the total corporation tax.

As from 2012, the company is unlimited jointly and severally liable with the other jointly taxed companies forany obligation to withhold tax interest, royalties and dividends.

The company is jointly tax registered with other Regus companies and is therefore jointly liable for VATsettlement.