Activity report

Transcription

1 Activity report

2 1 content 2 Chairman's message 5 About Luxembourg for Business 6 Organisation 7 Management Board 9 Achievements in Timeline 15 Achievements in Facts and Figures Expenses and Human Resources 2012 & Appendices 2012 & Contact Note to the reader The following report concerns Luxembourg for Business' activities in 2012 and 2013 and outlines only those projects led and financed directly by Luxembourg for Business G.I.E.. Details about marketing projects including trade missions or national pavilions at trade fairs abroad run by individual founding members and other partners such as the Ministry of the Economy, the Ministry of State's Media and Communications Department (Luxembourg for Business Proud to promote ICT), Luxembourg's Trade and Investment Offices, or the Chamber of Commerce under the Luxembourg for Business brand can be found in their respective activity reports.

3 2 3 dear reader, Luxembourg for Business has achieved marvelous results since it was founded in It was my privilege to take over in 2012 and this report details our achievements since then. Luxembourg for Business has improved the coordination of our trade promotion work and streamlined the way we project ourselves globally. I am particularly pleased about the strong connections we have built with a wider circle of public and private partners over the last two years. Now the Luxembourg for Business brand is used to promote the Ministry of the Economy's foreign trade activities, the Ministry of State - Media and Telecommunication Department's ICT efforts, as well the public bodies dealing with logistics, intellectual property, maritime affairs, life sciences, clean technologies and - as of December the space industry abroad. Similarly, the country's public-private Clusters have also come on board to use and boost the Luxembourg for Business brand. These new partnerships strengthen our ability to beat the drum for our country. They also show how we have become a trusted, efficient and valued partner to help ministries and business promote what Luxembourg has to offer. We have developed and implemented marketing and communication tools across the globe, in partnership with Embassies, Trade & Investment Offices and Consulate Generals. As well, you may remember the launch of the country's first international TV charm offensive. I think you will agree that efforts such as these, show how over these first five years, Luxembourg for Business has contributed to the country's promotion with commitment and professionalism. Finally, let me thank everyone involved for having created the Luxembourg for Business success story. They have done a fabulous job bringing new players under a common identity, launching important promotional projects and fostering Luxembourg's competitiveness abroad. Yours faithfully, Etienne Schneider ETIENNE SCHNEIDER Deputy Prime Minister, Minister of the Economy Chairman, Luxembourg for Business

4 5 about luxembourg for business Luxembourg for Business (LfB) was founded in April 2008 as an initiative of the Ministry of the Economy and Foreign Trade, the Ministry of Small and Medium-Sized Businesses and Tourism, the Chamber of Commerce, the Office du Ducroire (the export credit agency), the National Credit and Investment Bank (SNCI), the Chamber of Crafts and the Luxembourg Business Federation (FEDIL). Luxembourg for Business is a network trade promotion agency, coordinating and supporting our members' efforts abroad. Operating with three staff members (a Secretary General, a project manager and an administrative assistant), LfB relies on the strengths of public and private partners. These include Luxembourg's Trade & Investment Offices, Embassies, Foreign Trade Counsellors and Honorary Consulates, as well as international promotion networks such as bilateral Chambers of Commerce. Luxembourg for Business contributes to the promotion of the economy as defined by the Minister of the Economy whereby the organisation's mission and activities centre mainly on strategic marketing. Luxembourg for Business' mission is to Develop and implement a coherent and efficient promotion of Made in Luxembourg goods and services in foreign markets Establish and supervise a harmonised appearance of trade promotion activities abroad, as well as supporting the development and transmission of coherent messages Act as a "one-stop shop" for the business media for any enquiries relating to the Luxembourg economy Develop innovative promotion tools to increase the international visibility of Luxembourg's economy and companies. This involves formulating and implementing marketing and communication tools Analyse our member's current work processes and skills with a view to identifying and suggesting potential improvements. This involves knowledge management, knowledge generation and capacity building projects

5 6 7 Organisation Luxembourg for Business is officially represented by its Honorary Chairman HRH Crown Prince Guillaume of Luxembourg and its Chairman Mr Etienne Schneider, Deputy Prime Minister and Minister of the Economy. By statutes, the Vice-Chairman is the President of the Luxembourg Chamber of Commerce, Mr Michel Wurth. The General Assembly is LfB's supreme governing body and it oversees the budget. Furthermore, Luxembourg for Business is headed by a Management Board made up of seven members (5 core members, 2 observers) and for the day-to-day management of activities it is supported by a Secretary General, a project manager as well as an administrative assistant. Management Board The Management Board is a collegial institution, functioning according to the principle of consensus. The Management Board is composed of the following members (in 2014) Mr Luc Decker Consul General and Executive Director of the Luxembourg Trade and Investment Office in Shanghai Mr Leon Delvaux Deputy Director at the Directorate for Economical and EU affairs at the Ministry of Foreign Affairs Mr Daniel Liebermann Mr Nicolas Soisson Director at the Directorate Director General of FEDIL for Logistics at the Ministry of the Economy Members of the General Assembly (in 2014) Honorary Chairman Chairman HRH Crown Prince Mr Etienne Schneider Deputy Prime Minister Guillaume of Luxembourg and Minister of the Economy Vice-Chairman Mr Michel Wurth President of the Luxembourg Chamber of Commerce Mr Emmanuel Baumann Director of SNCI, the Luxembourg Credit & Investment Bank Mr Robert Dennewald President of FEDIL, the Luxembourg Business Federation Mr Marc Gross Deputy Director of the Luxembourg Chamber of Crafts Mr Patrick Nickels Director General for Industry, Logistics and Infrastructure Ministry of the Economy Mr Etienne Reuter President of the Office du Ducroire Mr Carlo Thelen Director General of the Luxembourg Chamber of Commerce Mr Tom Theves General Coordinator Ministry of the Economy Note: Mr Jean-Claude Knebeler was member in the General Assembly until October His successor and representative for the Ministry of the Economy became Mr Tom Theves. In 2013, Mr Emmanuel Baumann replaced Mr Gaston Reinesch in the General Assembly as the representative for the SNCI. Furthermore Mr Pierre Barthelmé took the position in the General Assembly for Mr Emmanuel Baumann as the representative for the Ministry of Small and Medium-Sized Businesses. In 2014, Mr Carlo Thelen replaced Mr Pierre Gramegna as the representative for the Chamber of Commerce. Mr Carlo Thelen Director General at the Chamber of Commerce Founding members and their financial contributions to Luxembourg for Business in 2008: Ms Carole Tompers Secretary General at Luxembourg for Business Government of the Grand Duchy of Luxembourg: EUR 5,000,000 (plus an additional contribution of EUR 5,845,978 in 2012) Chamber of Commerce: EUR 1,000,000 Mr Jean-Claude Vesque International Department (non-european markets) at the Chamber of Commerce Note: Mr Léon Delvaux replaced Mr Roland Engeldinger as the representative for the Ministry of Foreign Affairs in August Mr Jean-Claude Knebeler and Mr Robert Biwer were board members until October Their successors as representatives for the Ministry of the Economy became Mr Daniel Liebermann and Mr Luc Decker in Office du Ducroire: EUR 500,000 SNCI: EUR 500,000 Chamber of Crafts: EUR 150,000 FEDIL: EUR 100,000

6 8 9 One face to the market achievements 2012 Into its fourth year of existence, Luxembourg for Business has continued a coherent, strong promotion effort together with its partners. To review its progress and identify the value of its performance as well as potential areas for improvement, LfB conducted an eight-month internal evaluation. During this exercise, we measured strengths and weaknesses, particularly the customer experience of current trade missions abroad. For example, we looked at the possibility of separating prospection and promotion activities during a trade mission and arranging smaller, targeted workshops, panels and round tables. Participating in trade missions or attending international fairs includes many aspects of supporting Luxembourg firms wishing to penetrate new markets. One of these aspects includes the opportunity to present Luxembourg as a prime business location and reliable partner to an international business audience. To this end, Luxembourg for Business has developed a storytelling project which comprises a tailor-made marketing toolbox for every local market created in cooperation with Luxembourg's network abroad. These tools range from sales speeches, fine-tuned PowerPoint presentations and even sector-specific brochures translated in various languages, to name but a few. Additionally, various success stories and testimonials from companies headquartered in Luxembourg complemented these initiatives. Hereafter are some highlights of our work in 2012 in this direction.

7 online We brought graphical coherence to the websites dedicated to the eight Luxembourg Trade and Investment Offices events and provided on-going communication support. As these offices are the point of contact for many foreign investors and Besides our numerous trade fairs and trade missions during 2012, print Luxembourg exporters, LfB considers the support to LTIOs a priority. LfB published an internal training guide (3) for newly-hired employees, Luxembourg Trade and Investment Offices and the diplomatic network. It features Luxembourg's competitive advantages and its key sectors, and for the first time, brings together all key information in one document in an easy-to-understand language. As part of our storytelling efforts, a new brochure was developed targeting young entrepreneurs, international students, start-ups or just anyone interested in Luxembourg. Get to Know Luxembourg (7) takes the reader on a journey of discovery including learning of the language, advice on how to set up a business and tips on the local culture. The Luxembourg economy and landscape is explained in an attractive, dynamic and fresh manner. we worked on a range of targeted events. 29 February 2012 LUXEMBOURG'S FIRST NATION BRANDING CONFERENCE LE LUXEMBOURG VU DE L ÉTRANGER (in collaboration with the Nation Branding committee) April 2012 HOSTING OF THE GLOBAL RUSSIAN BUSINESS MEETING (coordinated by the Ministry of the Economy, presented under the Luxembourg for Business brand) 5 October 2012 CONSULAR DAY (in collaboration with the Ministry of Foreign Affairs) EUROPEAN TRADE PROMOTION ORGANISATIONS' (ETPO) 53 RD ANNUAL MEETING (co-organised by LfB) 28 October TH EDITION OF GO4EUROPE CONFERENCE (led by the Tel Aviv Luxembourg Trade and Investment Office) Luxinnovation and Statec use the LfB brand and layout for their international publications. 28 September 2012 SEMINAR ON ENERGY PERSPECTIVES AND STRATEGIES FOR 2050 (led by the Ministry of the Economy) 20 November 2012 LfB BUSINESS BREAKFAST HOW TO CREATE VALUE IN LUXEMBOURG THROUGH PRIVATE EQUITY 3 (in collaboration with the Ministry of the Economy) 2 November 2012 LIFE SCIENCES CONFERENCE 1 Seminar on Energy Perspectives and Strategies for 2050 (led by the Ministry of the Economy) Furthermore, Luxembourg for Business and the Ministry of the Economy jointly engaged in a series of economic training Prime Business and 2 E-Business brochure in Chinese 3 LfB training guide 4 Market entry guides (Russia, South Korea and Turkey) 5 Luxembourg in figures 6 Focus magazine 7 Get to Know Luxembourg sessions with the Ministry of Foreign Affairs regarding life sciences and logistics. LfB also participated actively in the Luxembourg Nation Branding committee.

8 FEBRUARY Nation Branding Conference APRIL Global Russian Business Meeting 3 MAY Video testimonial launch: Luxembourg, an inspiring clean technology player 28 SEPTEMBER Seminar on Energy Perspectives and Strategies for OCTOBER Kick-start: Internal trade mission audit NOVEMBER Brochure: LfB training guide Translations of LfB promotional brochures 20 NOVEMBER LfB Business Breakfast How to create value in Luxembourg through private equity MID-TO-END DECEMBER END DECEMBER Brochure: Get to Know Luxembourg 20 JANUARY Video testimonial launch: Invest in Luxembourg 5 OCTOBER Consular Day Revamp of eight Luxembourg Trade and Investment Office websites 2012 MILESTONES January February March April May June July August September October November December JULY 23 DECEMBER Revamp of LfB's main website 20 FEBRUARY Launch of the European Trade Promotion Organisations' website 29 APRIL Video testimonial launch: Luxembourg, truly good part 2 25 SEPTEMBER Launch of LfB's revamped monthly newsletter OCTOBER Video testimonial launch: Luxembourg, truly good part 3 8 APRIL Video testimonial launch: Luxembourg, truly good part 1 13 APRIL Brochure: New market entry guide on Austria Video testimonial launch: Luxembourg, THE logistics hub in Europe 15 APRIL Luxembourg's first international charm offensive Launch of spot 1 14 MAY Launch of the new website dedicated to logistics 27 MAY Luxembourg's first international charm offensive Translation of Spot 1 in German, French and Turkish 30 AUGUST LfB extends its online presence and joins Google+ 10 OCTOBER Luxembourg's first international charm offensive Launch of Spot OCTOBER Luxembourg's first international charm offensive Translation of Spot 2+3 in German, French and Turkish

9 15 Luxembourg, truly good achievements 2013 Too often Luxembourg is faced with misunderstandings and ignorance when trying to put the country on the map, both in Europe and outside the continent. A recent survey by a consulting firm of local business opinion pointed out the need for a global strategy to build and reinforce Luxembourg's brand image and reputation abroad to help attract investors and skilled people. We have heard leading consulting firms and renowned international players supporting this view during many high-level meetings in 2012 and Furthermore, during these exchanges, Luxembourg's exceptional quality of life was highlighted frequently as an important selling point to our target audience of international business people. In collaboration with the Nation Branding Committee, LfB launched Luxembourg's very first international TV charm offensive, based on the concept of the Grand Duchy's Is it true what they say about Luxembourg films, stressing the country's remarkable quality of business and social life. Produced by a Luxembourg company, the charm offensive comprised a series of three spots in four languages (English, French, German and Turkish), telling a multi-faceted story to differentiate Luxembourg from its competitors. Targeted at an international business audience, the 20-second long spots were part of an integrated marketing campaign including print, web and business press. Luxembourg's international charm offensive aired on international TV channels Eurosport (April- May 2013, October-November 2013) and LCI (June-July 2013) and complemented several trade missions in 2013, as defined by the Ministry of the Economy, such as France, Austria, Switzerland and Turkey. For the long-term sector-branding exercises, Luxembourg for Business worked in 2013 on three further sectors, bringing them under the Proud to promote tagline. Thus logistics, life sciences and clean technologies were added to existing resources promoting ICT, intellectual property and maritime affairs. In collaboration with a range of public and private actors, Luxembourg for Business also developed a set of marketing and communications tools for these three new sectors. We began with the most important element: the storytelling. This was supported with targeted sales speeches for international markets and marketing material such as a website, dedicated brochures, success stories and video testimonials. As part of our strategy of putting Luxembourg on the map, several other projects stood out in 2013.

10 Luxembourg's first international TV charm offensive Luxembourg's charm offensive on Eurosport In 2013, EUR 388, was spent on the charm offensive. This included production Cycling costs, TV air time, business press publications and online marketing. Production costs for the three spots were shared by the members of the Luxembourg Nation Branding committee, including the Government Press and Information Service, the Ministry of the Economy, the Ministry of Foreign Affairs, the Ministry of Tourism, the Ministry of Culture, The Ministry of Finance and Luxembourg for Finance. Tennis 28 spots Classic Races and National Tour, Basque Country Tour, Amstel Gold Race 35 million viewers 58% upmarket audience Snooker 47 spots WCH Snooker, World Championships 56 million viewers 57% upmarket audience Luxembourg's New Charm Offensive Trilogy (Concept) was awarded at the 25 th Distinction of Masters Corporate Media with a Master of Excellence and an additional Award of Master was granted for the best media supported location concept. 28 spots WTA tour ESTORIL, Luxembourg and Linz 22 million viewers 59% upmarket audience Wednesday Selection Wintersports 20 spots Alpine skiing, Ski jumping and Biathlon Wcup, Figure skating 46 million viewers 58% upmarket audience 27 spots Dedicated zone on Eurosport for prestigious sports reaching upmarket profiles 60% upmarket audience Football 27 spots Marathon 8 spots Marathon of Paris, London and New York 13 million viewers 62% upmarket audience Other 14 spots Golf: US P.G.A. Tour, the European Tour Equestrianism: Saut Hermès, Global Champions Tour Source: Mediasphere, Eurosport Summary of the campaign per channel A powerful campaign in a targeted environment The TV advertisements aired on international TV channels Eurosport (April-May 2013, October-November 2013) and LCI (June-July 2013) Media Channel Dates of campaign Number of spots Impacts Upmarket impacts Contacts Upmarket contacts Average frequency 5th April - 5th May ,1 >> Trilogy of TV spots, each lasting 20 seconds, aim to illustrate the exceptional quality of life in Luxembourg in all its facets and dimensions. The target audience includes expatriates and potential investors. TV 12th October - 16th November ,6 Total ,0 8th June - 5th July Source: Mediasphere

11 18 online 19 With the objective emphasising the country's human high-tech company commented: Excellent initiative. informing an international audience of their own marvellous place to live. Hope to stay for long. qualities, we filmed expatriates and returning natives stories about living and working in Luxembourg. Luxembourg for Business strengthened the economy's digital presence, with impressive results. These three video testimonials presented a personal, The videos engaged the emotions of expatriates and as their home. story of people arriving here with little idea of what intimate view on why people have chosen Luxembourg There was a strong online dimension to the integrated At Luxembourg Trade and Investment Office The videos were only presented online, for example and TV exposure. The web campaign was rolled out in implementation of the campaign online, and provided the last video of the series, a local PR campaign called international charm offensive which included print level, Luxembourg for Business assisted with the target markets to complement trade missions using targeted editorial content for print communication. a variety of online promotion tools including social The campaign was further extended to incorporate media advertisements, search engine advertising, a series of video testimonials. Google AdWords and Google Display Network. on all expatriates to participate and share the videos in their home countries. Many have responded and this has resulted in many comments on social media returning natives. We sought to convey the common the country was about, and that years later they are still here, raising families and being successful in their careers with no intention of leaving. The video testimonials are an explicit endorsement from people who are part of Luxembourg and are an honest and objective view on what quality of life in Luxembourg means. Luxembourg is an exceptional place to live and work due to its quality of life. This series of three Luxembourg, truly good videos featured expatriates A successful campaign which brought powerful visibility to Luxembourg or returning Luxembourgers living and working in Luxembourg. in a premium, positive and targeted environment number of unique views on our website and shared through social media. For channels. For example, an employee from a large Search Engine Advertising (SEA) I do share the view that Luxembourg is an unknown >> Youtube views with impact of the online charm offensive (2013) and without (2012) JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC are convincing. Visits to by target country compared Various articles in the local press on the video testimonials Visits 2013 Visits FRANCE SWITZERLAND 585 TURKEY

12 The revamp of the main Luxembourg for Business website (luxembourgforbusiness.lu and investinluxembourg.lu) was a major project in This revamp followed the updates to the Luxembourg Trade and Investment Office sites in The revamp of one of Luxembourg's most important websites incorporated: Web responsive design (mobile- and tablet- friendly) Enhanced visibility of key sections for investors and exporters Step-by-step guide on how to set up a business in Luxembourg has been extended jointly with Guichet.lu (online business portal) Simplified registration process for Luxembourg-based companies to showcase their company profile to enhance visibility to potential investors Extremely intuitive and user-friendly navigation to ensure a direct access to information No matter how much effort is spent on online campaigning and sector promotion, there is no way around social media. It has become ubiquitous and a vital tool for reaching the Luxembourg network and new audiences abroad. We have increased the visibility of the Luxembourg economy through our online presence on LinkedIn, Twitter, Facebook, and since September 2013, Google+. We feed these channels daily with targeted, timed and easy-to-share content. Did you know we have our own dedicated Youtube channel? All our videos are also shared on the video platforms Vimeo and Youmake.tv. LfB's website in figures - overview 2013 Visitors to the website Feed the social networks on a daily basis Main social media channels in a compared view Average visits per month: Total visits during 2013: Overall increase: 113,5% Best months for visits: July and November 2013 number of visits LinkedIn 63% Twitter 6% >> Visits to the website with impact of the online campaign (shown with peaks) during 2013 are convincing 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Visitors website 2013 Linear (Visitors website 2013) Facebook 31%

13 The monthly LfB newsletter was re-launched in September with a refreshed look, focused themes and updated html format. It is sent to over subscribers via LfB's customer relationship management database (I-Net). The format has also been adapted to match the newsletters from the Luxembourg Trade and Investment Offices. Supporting the wider network Sector promotion Branding the sectors logistics, life sciences and clean technologies. Luxembourg benefits from representatives in more than 150 locations worldwide supporting companies with an interest in Luxembourg. Highlights of how we have helped this network include: Another LfB online project worth mentioning is the launch of the new, dedicated website Proud to promote Logistics (in collaboration with the Ministry of the Economy) during the Transport Logistics Fair in Munich, Germany. With its excellent connectivity to international markets, Luxembourg has established itself as an ideal platform for logistics activities with strong growth potential. The new website thereby aims to inform all stakeholders, including international companies in the field of logistics, on Luxembourg's key assets. Among other features, the new website features a variety of services offered, such as a simplified guide on import and export procedures, how to set up a business in Luxembourg, and a section called 'we can assist' which aims to support foreign companies with their queries. Furthermore, LfB together with a set of public and private partners started the branding of the life sciences and clean technologies sectors. The relevant marketing toolboxes for these two sectors will be ready for The launch of a dedicated Luxembourg Trade and Investment Office (LTIO) Intranet for resources such as the internal training guide, the corporate identity guideline and sector-specific PowerPoint presentations Training and support of I-Net - the customer relationship management database Delivery of quarterly statistics reports on LTIO websites' performance Promotion and maintenance of websites with news alerts and regular information updates Development and support with annual media plans Online and print marketing support for trade missions, trade fairs and conferences. This includes tailor-made PowerPoint presentations for keynote speakers, corporate material, support in organising events and other public relations' activities. Media promotion EU-level support European Trade Promotion Organisations (ETPO) Homepage of the dedicated website to logistics: LfB also supported the network with international business press management, including foreign journalist visits, business-magazine inserts and business-press conferences. We assist the Ministry of the Economy and the Luxembourg Trade and Investment Offices with media awareness-raising visits. Examples include press visits from China (November 2012), Israel (June 2013), Turkey (June 2013) and India (December 2013). LfB has taken an active role within the European Trade Promotion Organisations, a network for the national trade promotion agencies from across the EU. Luxembourg for Business hosted the 52 nd annual meeting in 2011 and co-organised the 2012 ETPO meeting in Budapest. LfB also took the lead in creating and co-funding the organisation's new website, a content-rich platform to aid communication and through which members can exchange, store and share material. As well, Facebook and LinkedIn pages were generated by LfB to reinforce the ETPO social media presence.

14 print Several sectorial brochures were updated, continuing the work from These included Luxembourg, your prime business location and A next generation logistics hub, both translated for the Luxembourg network abroad. Translations of various brochures included: Luxembourg, your prime business location in Spanish and German A next generation logistics hub brochure in German Luxembourg, your European e-business platform in German An automotive specialist in German Luxembourg, an attractive IP destination in German In the context of the State Visits to Austria and Turkey and trade missions to France, Switzerland and China, a delegation brochure was developed on each occasion in collaboration with our partners, notably the Chamber of Commerce and Luxembourg for Finance. industries and business environments, providing comprehensive analysis and guidelines. The brochures cover all aspects related to market entry, including economic, financial and legal frameworks. Currently, Luxembourg for Business manages 17 market entry guides available under en/export/market-entry-guides. The LfB brand and layout was used for several of our partners' international publications, including Focus magazine for Luxinnovation, Luxembourg in figures for Statec (translated in French, German and English) and ICTNation, a new magazine focusing on Luxembourg as an ICT hub and Luxembourg and ICT:snapshot developed by the Media and Communications Department of the Ministry of State Furthermore, a series of market entry guides were updated, including: Russia, South Korea, Austria, China, Norway, Singapore, Sweden, Thailand and Turkey. Market entry guides is a brochure series which focuses on specific international markets, 7 1 Prime Business in Spanish 2 Delegation brochure (Austria) Market entry guides: 3 Sweden, 4 Thailand, 5 Austria 6 Luxembourg in figures 7 Focus magazine 5 6 Luxinnovation and Statec use the LfB brand and layout for their international publications.

15 Facts and Figures visitors to the LfB website 21 Luxembourg embassies abroad 9 Luxembourg Trade and Investment Offices 29 LfB publications views of the Quality of life spots 7 LfB publication languages 9 LfB video testimonials 6 economic sectors under the LfB branding 17 market entry guides 7 trade missions LfB newsletter subscriptions 10 trade fairs 750+ LfB promotional material worldwide views of the truly good video testimonials 3 new sector branding projects involving 10+ partners 5 LinkedIn requests per day 3 LfB employees 1 team, many players!

16 28 expenses and human resources General Note According to its statutes, Luxembourg for Business is financed through the proceeds of the invested founding capital. In principle, expenses for the year n+1 cannot exceed the revenues generated in year n (determined by mark to market accounting at the start and at the end of each financial year), thus preserving the founding capital and guaranteeing the future existence of the organisation. Considering however the rather weak market performances since 2008, it has become a challenge for LfB in recent years to cover its spending budget merely from estimated portfolio revenues. The General Assembly therefore agreed in 2011, that a potential difference between the spending budget and estimated portfolio revenues should be covered from the funding capital. Please note that LfB's founding capital of EUR 7,250,000 is managed by two financial institutions of Luxembourg origin and is invested according to conservative guidelines. The Management Board is briefed regularly on the portfolio and participates in the strategic decision-making. Expenses 2012 A surplus of EUR 14, was generated in Human Resources 2012 LfB employed two full-time employees in 2012: the Secretary General and a fulltime administrative assistant Expenses 2013 From a mark to market perspective, a loss of EUR 627, was incurred. The loss can be explained due to two factors: Firstly, the poor evolution of the world equities markets and secondly, the costs of EUR 388, borne by the international charm offensive. Human Resources 2013 In 2013, Luxembourg for Business had three employees: the Secretary General, a project manager and an administrative assistant. Appendices

17 appendices Yearly accounts 2012 (in French) GIE Luxembourg for Business Bilan au 31 décembre 2012 (exprimé en EUR) Actif Actif immobilisé 0,00 Actif circulant Créances dont la durée résiduelle est inférieure ou égale à un an ,28 Valeurs mobilières ,03 Avoirs en banques, avoirs en compte de chèques postaux, chèque et en caisse ,57 Comptes de régularisation 337,44 Passif ,32 Capitaux propres Capital souscrit ,00 Résultats reportés ,62 Charges Consommation de marchandises et de matières premières et consommables 1.118,30 Autres charges externes ,26 Frais de personnel Salaires et traitements ,31 Charges sociales couvrant les salaires et traitements ,78 Corrections de valeur sur frais d établissement et sur immobilisations corporelles et incorporelles 0,00 Autres charges d exploitation 0,00 Corrections de valeur et ajustement de juste valeur sur éléments financiers de l actif circulant. Moins-values de cessions des valeurs mobilières ,49 Intérêts et autres charges financières autres intérêts et charges ,09 Autre impôts ne figurant pas sous le poste ci-dessous 621,15 Résultat de l exercice ,26 Dettes non subordonnées dont la durée résiduelle est inférieure ou égale à un an ,84 dont la durée résiduelle est supérieure à un an ,84 Comptes de régularisation 0, ,32 Profit de l exercice ,26 Produits ,64 Autres produits d exploitation ,41 Produits des éléments financiers de l actif circulant autres produits ,44 Autres intérêts et autres produits financiers autres intérêts et produits financiers , Luxembourg for Business' yearly accounts have been audited by MAZARS Luxembourg SA. Opinion (in French) «A notre avis, les comptes annuels donnent une image fidèle du patrimoine, de la situation financière du Groupement d intérêt économique Luxembourg for Business au 31 décembre 2012, ainsi que des résultats pour l exercice clos à cette date, conformément aux obligations légales et réglementaires relatives à l établissment et la présentation des comptes annuels en vigueur au Luxembourg.» Luxembourg, le 13 mars 2013 Pour MAZARS Luxembourg, Cabinet de révision agrée Philippe CORBARD Réviseur d entreprises agréé

18 appendices Yearly accounts 2013 (in French) GIE Luxembourg for Business Bilan au 31 décembre 2013 (exprimé en EUR) Actif Actif immobilisé 0,00 Actif circulant Créances dont la durée résiduelle est inférieure ou égale à un an ,67 Valeurs mobilières ,99 Avoirs en banques, avoirs en compte de chèques postaux, chèque et en caisse ,49 Charges Consommation de marchandises et de matières premières et consommables 1.043,40 Autres charges externes ,37 Frais de personnel Salaires et traitements ,55 Charges sociales couvrant les salaires et traitements ,22 Corrections de valeur sur frais d établissement et sur immobilisations corporelles et incorporelles 0,00 Autres charges d exploitation 1.237,16 Comptes de régularisation 536,80 Passif ,95 Capitaux propres Capital souscrit ,84 Résultats reportés ,36 Résultat de l exercice ,17 Provisions ,50 Dettes non subordonnées dont la durée résiduelle est inférieure ou égale à un an 6.186,14 dont la durée résiduelle est supérieure à un an 0.00 Comptes de régularisation 0, ,95 Corrections de valeur et ajustement de juste valeur sur éléments financiers de l actif circulant. Moins-values de cessions des valeurs mobilières ,15 Intérêts et autres charges financières autres intérêts et charges 2.796,49 Impôts sur le résultat 58,20 Autres impôts ne figurant pas sous le poste ci-dessus 562,49 Profit de l exercice 0,00 Produits ,03 Autres produits d exploitation ,00 Produits des éléments financiers de l actif circulant autres produits ,81 Autres intérêts et autres produits financiers autres intérêts et produits financiers ,05 Perte de l exercice , ,03 Luxembourg for Business' yearly accounts have been audited by MAZARS Luxembourg SA. Opinion (in French) «A notre avis, les comptes annuels donnent une image fidèle du patrimoine, de la situation financière du Groupement d intérêt économique Luxembourg for Business au 31 décembre 2013, ainsi que des résultats pour l exercice clos à cette date, conformément aux obligations légales et réglementaires relatives à l établissment et la présentation des comptes annuels en vigueur au Luxembourg.» Luxembourg, le 14 mars 2014 Pour MAZARS Luxembourg, Cabinet de révision agrée Cyril CAYEZ Réviseur d entreprises agréé

19 notes (in French) Annexes des comptes annuels au 31/12/2013 Note 1 I Généralités Le Groupement d intérêt économique G.I.E. Luxembourg for Business a été constitué en date du 21 avril 2008 entre les Membres suivants : L État du Grand-Duché de Luxembourg Société Nationale de Crédit et d Investissement Office du Ducroire Chambre de Commerce du Grand-Duché de Luxembourg Chambre des Métiers du Grand-Duché de Luxembourg La Fédération des Industriels du Luxembourg Le siège social est établi au: 19-21, Boulevard Royal, L-2914 Luxembourg. L exercice social commence le 1 er janvier et se termine le 31 décembre de chaque année. Le Groupement est constitué pour une durée illimitée. L objet du Groupement est la création, le financement, l administration, et la gestion d une Agence de Promotion appelée G.I.E. Luxembourg for Business dont l objet est d une part la promotion et l aide aux entreprises établies au Luxembourg dans le but d accroître leurs exportations de biens et de services et de développer leurs activités à l étranger et, d autre part, la promotion à l étranger des investissements au Luxembourg. G.I.E. Luxembourg for Business peut accomplir toutes les opérations se rapportant à son objet social, dont notamment: l organisation et l exécution d actions de promotion, de marketing et de communication en vue d une promotion coordonnée et cohérente des exportations luxembourgeoises dans le monde ; la mise en place des structures financières et administratives requises, pour autant qu elles ne font pas double emploi avec des structures existantes auprès des membres du Groupement ; la coordination des projets de promotion économique du Luxembourg réalisés en commun entre deux ou plusieurs Membres, organismes, institutions, établissements, associations et fédérations, sans préjudice des activités mises en oeuvre sous la seule autonomie et responsabilité d un Membre du Groupement, organisme, institution, établissement, association et fédération ; G.I.E. Luxembourg for Business Groupement d intérêt économique 19-21, Boulevard Royal, L-2914 Luxembourg RCS Luxembourg C 83 la coordination des actions de promotion économique du Luxembourg réalisées avec toutes les entreprises luxembourgeoises prenant part aux activités du G.I.E. Luxembourg for Business ; les relations avec les autorités luxembourgeoises et étrangères ; toutes les activités de communication et de promotion du G.I.E. Luxembourg for Business lui-même. G.I.E. Luxembourg for Business peut réaliser, tant pour son propre compte que pour le compte de tiers, toutes opérations qui seraient utiles ou nécessaires à la réalisation de son objet social ou qui se rapporteraient directement ou indirectement à cet objet, y compris des opérations financières. Note 2 I Principes, règles et méthodes d évaluations 2.1 Principes généraux Les comptes annuels ont été établis conformément aux dispositions légales et réglementaires en vigueur, selon la méthode du coût historique et aux principes comptables généralement admis au Grand-Duché de Luxembourg. Les transactions en devises autre que l euro sont enregistrées au cours de change en vigueur à la date de transaction. Les investissements réalisés dans une devise autre que l euro sont convertis en euro au cours de change en vigueur à la date de transaction. Toutes les pertes de change réalisées et non réalisées et les gains de change réalisés résultant de cette conversion sont comptabilisés dans le compte de profits et pertes, attendu que les gains de change non réalisés ne sont pas comptabilisés Principales règles d évaluation Immobilisations corporelles Les immobilisations corporelles sont évaluées au prix d acquisition et sont amorties sur une durée de 3 ans Créances Les créances sont enregistrées à leur valeur nominale Valeurs mobilières Les valeurs mobilières sont évaluées au plus bas de leur prix d acquisition ou de la valeur de marché, exprimée dans la devise de préparation des comptes annuels. Une correction de valeur est enregistrée lorsque le prix d acquisition est supérieur au prix de marché. Ces corrections de valeurs ne sont pas maintenues lorsque les raisons qui ont motivé leur constitution ont cessé d exister Dettes Les dettes sont inscrites au bilan à la valeur nominale ou, le cas échéant, à leur valeur résiduelle Comptes de régularisation actif et passif Les comptes de régularisation actif comprennent les charges comptabilisées pendant l exercice mais qui sont imputables à un exercice ultérieur. Les comptes de régularisation passif comprennent les produits perçus durant l exercice et qui sont imputables à un exercice ultérieur Prise en charge de frais pour les membres du G.I.E. Les frais de promotion en relation avec des missions et des foires sont pour la plupart directement pris en charge et financés par les membres du G.I. E. dont surtout le Ministère de l Economie et la Chambre de Commerce. Les frais qui ne sont pas directement pris en charge par les membres du G.I.E. sont occasionnellement préfinancés par le G.I.E. puis refacturés aux membres concernés du G.I.E.. Note 3 I Immobilisations corporelles 31/12/ /12/2012 EUR EUR Valeur brute au début de l exercice Acquisitions de l exercice Cessions de l exercice Valeur brute à la fin de l exercice Corrections de valeur au début de l exercice (1.940) (1.940) Dotations de l exercice Reprises de l exercice Corrections de valeur à la fin de l exercice (1.940) (1.940) Valeur nette à la fin de l exercice Note 4 I Valeurs mobilières La banque CBP Quilvest, ainsi que la banque privée Edmond de Rotschild sont mandatées pour gérer la trésorerie du G.I.E. Luxembourg for Business et le type de titres détenus tels que produits structurés, actions, obligation, et d autres. Note 5 I Capitaux propres Le Groupement est financé par des apports de chacun de ses Membres. Le capital du G.I.E. Luxembourg for Business s élève à ,84 EUR, suite à l augmentation de capital d un montant de ,84 EUR de l Etat Luxembourgeois le 19 mars Capital Résultats Résultat reportés de l exercice Au 31 décembre , , ,24 Augmentation du capital , , ,24 Affectation du résultat de l exercice précédent Résultats de l exercice ,17 Au 31 décembre , , ,17 Note 6 I Personnel Le Groupement a employé 3 personnes à temps plein en Note 7 I Avances et crédits accordés aux membres des organes d administration et de surveillance Aucune avance, ni aucun crédit n ont été accordés aux membres des organes d administration et de surveillance au cours de l exercice. Note 8 I Engagements hors-bilan Le Groupement n a pas pris d engagements (garanties) pour le compte des membres des organes d administration et de surveillance au cours de l exercice. Le Groupement s est engagé à acheter à terme les devises comme suit : ,97 USD contre EUR , 10 NOK contre , 11 EUR USD contre ,45 EUR Le résultat attendu sur ces opérations à terme de devises. basé sur le taux forward au 31 décembre 2013 est un profit de 6.759, 10 EUR. Note 9 I Autres indications Conseil de gérance en fonction jusqu à l assemblée générale qui se tiendra en 2014 est composé comme suit : Léon Marcel Delvaux, résidant à 8, rue Marguerite-Séraphine Beving, L-1234 Luxembourg; Luc Decker, résidant à 8, rue 1900, L-2157 Luxembourg ; Daniel Liebermann, résidant à 16, rue d'orange, L-2267 Luxembourg; Carlo Thelen, demeurant professionnellement à 7, rue Alcide de Gasperi, L-2981 Luxembourg ; Jean-Claude Vesque, demeurant professionnellement 7, rue Alcide de Gasperi, L-2981 Luxembourg. Note 10 I Régime fiscal Le Groupement est transparent fiscalement et est soumis à l impôt Commercial Communal.

20 38 Your contact partners in 2014 Mrs Carole Tompers Secretary General Luxembourg for Business 19-21, boulevard Royal L-2449 Luxembourg T F Mrs Laura Vizcaya Administrative Assistant Mrs Kim Miranda Project Manager laura.vizcaya@luxembourgforbusiness.lu kim.miranda@luxembourgforbusiness.lu copyright photos: Christophe van Biesen, LfB, Michel Brumat, Ministère de l'économie, Patrick Galbats, Jean Offermann