Managing Difference of Andhead Aprofessor Javier Busquetsispresently [email protected] S Journal, Aswellesade’Sheadofresearch

Managing Difference of Andhead Aprofessor Javier Busquetsispresently Xavier.Busquets@Esade.Edu S Journal, Aswellesade’Sheadofresearch

AD PATRONOS_ING.indd 6 29/9/08 13:09:29 AD PATRONOS_ING.indd 7 29/9/08 13:09:30 052-54 Casos_ING.indd 52 BUSINESS CASES 52

JONATHAN WAREHAM JAVIER BUSQUETS The SpecialiSTernecase as acompetitiveadvantage Managing difference of andhead aprofessor Javier Busquetsispresently [email protected] S Journal, aswellESADE’sHeadofResearch. AIS Journal, Systemsandthe editorforInformation research theAISadjunct Heispresently Paper roceedings. Publishing, andtheAcademyofManagementBest I ofMedical Communication, theJournal M Systems, suchasDecisionSupport proceedings, conference and published inseveralspecializedjournals economics andstrategy. Hisstudieshavebeen intersection between information technologies, focusesonthe research University). Hisfieldof I Jonathan [email protected] conferences. several international inandorganized Systems andhasparticipated Technology, InnovationsandDecisionSupport ofInformation Communications ofACM,theJournal of theUSandCanada.Hehaspublicationsin Association (NACRA)forthebestcaseoutside AmericanCaseResearch theNorth from the award years consecutively, in 2006 and 2007, he received A strategy. theIBMFaculty In2007hereceived innovation processes and information systems intechnology specialization isthemanager’srole nternet nformation Systems at nnovation in Banking Services. Two Two forInnovationinBankingServices. ward anagement, E and functionaliyvalida specialists inareauchaSofTware TeSTingorda all ofthemwihsomevaria in danish)2001.hepreently employsmorethan50conul Thorkil SonnefoundedSpecialiSTerne(“thespecialists”, S ADE R ´s W esearch, IEEE areham is associate professor of I nformation Systems Transactions on IEEE Transactions on H arvard Businessarvard School E S ADE ( E R ngineering D amon first organizationthatdeliberately epartment. P rofessional L lull H is Sonne states:“We arethe tion. I ments, they prefer routine and and routine prefer they ments, - not acceptchangeableenviron implicit communication;theydo words, other in expressions, standing bodylanguage,facial they showdifficultyinunder- interaction; social low have they do: cannot people these that everything stresses autism on As Sonnestates:“theliterature alienation. and rejection suffer autismalsofrequently who suffer paid employment.Thus,people of type any have 6% only 1%, this 1% oftheworldpopulation.Of affects autism that today mated a diagnosisofautism.Itisesti- recognizes thestrong psychologist, who confirmed psychologist, whoconfirmed son’s youngest his with met n November1999,Sonne tion ofaSpergersyndromeandauTiSm, points ofautism” on detail. concentration and attention of deal great a requires that task boring,troublesome It isavery system. information any developing of cost the of 30% testing, whichconstitutesover tasksissoftware most repetitive knew thatoneofthetoughest, he developmentprojects, ware cause ofhisexperienceinsoft- working forfifteenyears.Be- hehadbeen company where the from contract first his got and business new the finance to onhishomeinorder a mortgage a technologycompany, askedfor advantage. Sonnelefthisjobat characteristics asacompetitive these byinterpreting isterne Special- Thorkil Sonnecreated FORMING THECOMPANY find whattheycando”. teams. However, didI nowhere they finditdifficulttowork in t a t ants, 17/10/08 09:36:44

220x140_ESADE_oct08 3/10/0813:38P�gina1

Composici�n Ningún sentido escapa a nuestra comunicación En Sono creamos comunicación integral, porque para nosotros lacomunicación significa convertir enrealidad lasideas denuestros clientes. Madrid Tel. +34 662 42 91 17IFax +34 662 45 91 42 Barcelona Tel. +34 93 480 1000IFax +34 93 480 1001 www.sono.es [email protected] C M Y CM MY CY CMY K para eventos Servicios deproducción BUSINESS CASES

Sonne states: “We are the first organization that deliberately recognizes the strong points of autism: extreme attention to detail, excellent memory and a great capacity for concentration and for very systematic work, and that uses these characteristics to perform specific tasks for Thorkil Sonne, important customers in the high founder of technology sector”. Specialisterne (left), next to Ignasi Carreras, Director of the CARE AND MANAGEMENT ESADE Institute for Innovation, during OF THE PEOPLE a presentation of Leading a company with these the case, organized by ESADE Alumni’s characteristics is not easy. BIT Club The first challenge facing the business is integrating the Specialisterne consultants in social interaction with other ap- Storm line of robots, program- their workplace. Software testing plication developers. mable in a Linux environment. requires that the Specialisterne Not all candidates interviewed The training process serves to consultants be physically present by Specialisterne are accepted. validate their ability to integrate at their clients’ location; this They must go through a training in the company. The objective circumstance is not always easy program which was designed of the training is for them to for the consultants who prefer jointly with LEGO education, and be able to recognize anomalies predictable routines and who is based on observing their abili- and deviations in software ap- 220x140_ESADE_oct08 3/10/08must 13:38 make P�gina an effort1 to establish ties while playing with the Mind- plications. According to Sonne, C M Y CM MY CY CMY K

Ningún sentido escapa a nuestra comunicación En Sono creamos comunicación integral, porque para nosotros la comunicación significa convertir en realidad las ideas de nuestros clientes.

Servicios de producción para eventos

Barcelona Tel. +34 93 480 10 00 I Fax +34 93 480 10 01 www.sono.es I [email protected] Madrid Tel. +34 91 662 42 17 I Fax +34 91 662 45 42

052-54 Casos_ING.indd 53 17/10/08 09:36:47 Composici�n BUSINESS CASES

Thorkil Sonne created Specialisterne by Strategic sometimes forget it, people are interpreting the characteristics and operational the key to results. In innovation, of autism as challenges it is precisely the “differences” a competitive advantage. The most important strategic that people bring to the table challenge is positioning the which are key in creating value. company and exploiting its spe- “Software activists”, musicians, cialization. Work performed by designers or consultants with As- persons with disabilities is often perger syndrome. Everyone can considered “social work” instead contribute value based on their of considering the quality of their differences. Everyone needs work. Early in the history of the care and inclusion, in contrast company, one customer decided to the human tendency to build to terminate the contract in favor of a cheaper alternative. Sonne An economy based on innovation recalls: “I could have lowered the relies on people’s talents, which prices, making an effort to keep often amount to idiosyncrasies the customer, but that might “simply speaking, they naturally have confirmed the perception “social circles” around people see details that most people do that Specialisterne really was like ourselves. The example of not notice.” more a philanthropic project than Specialisterne invites us to think The work is supervised by a team a first-class testing supplier. about tolerance and respect leader who coordinates the team After a tough deliberation, I toward others, and to turn the work. This person’s role is key decided not to change the price. management of differences and due to the necessary knowledge This step may have been painful diversity into a source of genuine of software development, for a initially, but it was worth it in the competitive advantage. pedagogical support and in order mid term. The customer returned to translate the idiosyncrasies of after becoming increasingly dis- the Specialisterne consultants satisfied with the alternative”. in the work settings where the activity is carried out. “This com- the economy petency is fundamental, since of innovation even the team leaders need This case should not be surpris- support here. Interacting with the ing to us. An economy based consultants is not always a simon innovation relies on people’s ple task”, one of the company’s talents, which often amount to managers admits. “idiosyncrasies”. Even though we

Presentation of the Specialisterne case at ESADE drew a large crowd

052-54 Casos_ING.indd 54 17/10/08 09:36:55 055 Anu Jabugo Real.indd 3 6/10/08 12:58:07 ESADE NEWS

Financial markets under debate

ESADE organized a round table debate with participation from the Conseller of Economy for the Catalonian regional government, Antoni Castells; President of La Caixa, Isidre Fainé; and Josep Oliu, from the Banc Sabadell.

Moderated by ESADE’s end of this economic crisis, risk has changed, especially director general, Carlos though all agreed that there with regard to sectors like Losada (Lic&MBA 79), some would be slow recovery. Oliu real estate, but he insisted of the principal players in stated that “we find ourselves that “the availability of the Catalonian economy in a serious situation”, to mortgages has not changed participated in a round table which Fainé added, “we will one iota”; Fainé concurred in whose main topic was the have this crisis for at least saying that the true conflict expectations and needs of our one more year”. is in lack of demand, due economy in its current state of to increased prices and crisis. Addressing an audience MORTGAGE interest rates. In response of 500, the guest speakers AVAILABILITY to several voices that note generally indicated that no Oliu explained that the a progressive shutdown of one can project a date for the institutions’ perception of credit that the banks could be extending, the presidents of the two largest Catalonian institutions recognized that less credit is being granted because business projects are being studied much more closely in order to determine their profitability. Some of the strategies to keep the crisis from worsening have to do with controlling inflation and insisting on improved productivity.

Alares Foundation Award for the balancing of work and personal life

ESADE received the Alares Foundation Award for balancing work, family and personal life as the business school whose philosophy most strengthens these values.

The Alares Foundation gave its Alares 2008 publications on equal opportunity and quality awards to businesses, institutions, the in the labor market, the series of Randstand media, audio-visual programs, business reports and the EUWorkclimate Study have schools and teachers in order to recognize conveyed these social values, which ESADE their contributions in the area of balancing also shares in. The Secretary General of work, family and personal life. According to Employment, Maravillas Rojo Torrecilla (SEP the foundation, ESADE identifies with these 08), and Javier Benavente Barrón, president objectives and they wished to highlight ESADE’s of the Alares Foundation, delivered the honors, work in favor of these social rights. It is worth in the name of a foundation whose objectives mentioning that ESADE’s Institute of Labor are research and development of innovative Studies (ILS) is particularly deserving of this proposals and solutions for the needs of this 56 recognition. Their research studies, recent new century.

056-59 Noticias Esade_ING.indd 56 8/10/08 14:06:22 ESADE NEWS

ESADE hosts the annual EABIS symposium

Managing diversity in the business schools was the common thread of the meeting of the European Academy for Business in Society, held June 23rd on ESADE’s Madrid campus. Mobile 2.0 comes to ESADE

For the first time, the conference on mobile business left its original host city, San Francisco, to become the mobile phone conference held at ESADE from July 3-8.

Just days before the worldwide launch of the new iPhone 3G, one of most eagerly- awaited milestones in mobile phones, Mobile 2.0 was held at ESADE Barcelona from July 3-8. Hosted for the first time outside the United States, conference presentations reviewed the current market for mobile communications, its trends The symposium began with Subsequent speakers were and technology research. Under the name talks by Conxita Folguera (CE Hans Jablonski, President of the of Casting Innovation, Mobile 2.0 and Lic&Master 88), Director of International Society for Diversity the International Conference on Mobile ESADE’s Department of Human Management; Wendy Papworth, Business, the speakers included prominent Resources Management; Alfons IBM’s Manager of Labor Diversity figures in the sector, including investors, Sauquet (MBA 90), Management (EMEA); and Celine Peudenier, manufacturers, software and application Dean of ESADE; Simon Pickard, Diversity Manager for Air developers and start-ups. Executive Director of EABIS, and France, all of whom spoke from Gesa Boeckermann, Director their experience in diversity General of Employment, Social management and good practices, Affairs and Equal Opportunity for also looking at challenges for the the European Commission. The future. Chairman of Focus Consultancy, The conference included Chris Mullard, and the President breakout sessions in order to of the European Institute for delve further into key success Managing Diversity, Myrtha factors for diversity management Casanova, focused their talks training, including trends and on diversity management and challenges for good practices, education. This was followed by a diversity management education presentation on state-of-the-art in in business schools, and diversity management in business research in this area. All this, schools, based on research plus analysis of current diversity carried out last spring, as well as management models. The a debate including the speakers session closed with discussion and the audience, moderated of a future partnership model by Conxita Folguera. Next, between business and the representing the ESSEC Business academic community in the School, Junko Takagi addressed field of diversity management the topic of good practices in education, and mechanisms to diversity management education. make this work. 57

056-59 Noticias Esade_ING.indd 57 8/10/08 14:06:30 ESADE NEWS

Two companies with historic ties to ESADE renew their participation in the Corporate Relations Program

Werfen Group will maintain its support COMSA joins the ESADE Corporate of the ESADE Foundation by joining Relations Program in the Senior the Partnership Circle of the Corporate Partnership Circle, and will contribute Relations Program. to the educational program over the next 4 years.

On September 5th, COMSA, through its foundation, confirmed its commitment to the ESADE Foundation by signing an agreement to join the Corporate Relations Program. In attendance were Mr Jorge Miarnau Banus, President of the Miarnau Private Foundation, and José Miarnau Montserrat, Managing Director of Comsa. On the part of ESADE, Mr. Carlos Losada (Lic&MBA 79), Director General, was present. The Miarnau Foundation collaborates with institutions whose activities focus on research and teaching, for the purpose of furthering academic projects and research, as well as social progress. The foundation also participates in projects that promote culture and social assistance. The agreement signed on September 3 formalized the Werfen Group’s commitment to ESADE, and their desire to be part of the pursuit of top level education and research. In attendance were Mr José María Rubiralta (CE Lic&Master 66), President of Werfen Group; and Mr Carlos Losada (Lic&MBA 79), Director General of ESADE. Werfen Group is a worldwide organization and a leader in the manufacture and distribution of products for in vitro diagnosis, of medical devices for hospitals and scientific instruments for industry and research.

CEMS Conference at ESADE The executive committee of the Community of European Management Schools and International Companies addresses university and post-graduate education at ESADE.

Bernard Ramanantsoa, president of CEMS university and post-graduate education within the (Community of European Management Schools and framework of the Bologna Declaration, recently being International Companies) gave a lecture at ESADE applied in the European educational context. Madrid, on the occasion of his executive committee’s bi-yearly meeting. Ramanantsoa explained the MORE INVESTMENT IN EDUCATION organization’s point of view on the situation of Ramanantsoa stressed that it is essential for Europe to invest more in higher education in order to continue being competitive. Participating in the meeting were Carlos Losada (Lic&MBA 79), Director General of ESADE, and Alfons Sauquet (MBA 90), ESADE Management Dean, who offered their views on the future of business schools in the context of 58 this educational legislation.

056-59 Noticias Esade_ING.indd 58 8/10/08 14:06:37 ESADE NEWS

The importance of CSR in SMEs ESADE participates in two events on Corporate Social Responsibility (CSR) and SMEs,.in Madrid and Barcelona.

Participants at ESADE Madrid of the business fabric. Similarly, in were Josep M. Lozano (PMD 87), Barcelona, the Social Program of professor and senior researcher at Caixa Sabadell and ESADE’s Insti- ESADE’s Institute for Social In- tute for Social Innovation presented novation; ESADE researcher David the first volume of the collection Murillo; Alejandra Polacci, Manag- Guías de RSE en la pequeña me- ing Director of the Madrid por la diana empresa [CSR Guides for Excelencia Foundation; Ramon the small and medium enterprise], Novell, Manager of Cafés Novell dedicated to the automotive sector. SA; and Rafael Fernández-Chillón, Salvador Soley, President of Caixa Director General of the Comisari- Sabadell; Ignasi Carreras (SEP ado Europeo del Automóvil (CEA). 06), director of ESADE’s Institute The speakers discussed the impor- for Social Innovation, and David tance of establishing CSR in SMEs, Murillo, coordinator for the collec- since they make up the largest part tion, presented the collection.

Presentation of the MERCO Study La Caixa, selected as the best company to work for in Spain, according to the MERCO study which was unveiled at ESADE Madrid.

La Caixa was again chosen as the best company to work for in Spain, according to the study Merco Personas 2008. The third edition of this business analysis, a business monitor that measures corporate reputation of companies, was presented on the ESADE campus in Madrid. Participating at the event were Pedro Navarro (MBA 67), Executive Vice-president of the ESADE Foundation Board of Trustees, Juan Alfaro, Secretary General of the Excelencia de Sostenibilidad Club, Justo Villafañe, Director of Merco,and Ángel Cano, Resources and Media Manager for BBVA Group. Cano gave a lecture where he highlighted the importance of managing worker talent in the business world. In this ranking, which presents the 100 best Spanish businesses to work for, La Caixa continued to take first place, followed by Microsoft, also for its second consecutive year; BBVA rose three positions in the ranking with respect to 2007, where it had taken sixth place.

056-59 Noticias Esade_ING.indd 59 8/10/08 14:06:41 ADVERTORIAL A leader in building industrial facilities in Catalonia

GruGESA was FOUNDED IN 1987 BY LuiS BATLLES. HIS GOAL WAS TO CREATE A COMPANY THAT WOULD PROVIDE comprehensive SERVICE in the construction of industrial facilities, with special care given to quality and design.

n the eighties, the business commercialization of industrial facilities on well-located, was a pioneer in the building. well-connected building sites I construction of industrial The work is accomplished by near large cities. facilities, offering their a multi-disciplinary team made The Group has always sought customers the technical and up of experienced technical to respond to the needs of administrative support they professionals, able to design, SMEs, especially to companies needed. Since then, Grugesa handle the paperwork, manage needing larger surface facilities, has come to offer customer and coordinate all the steps by offering them personalized service that covers everything needed to build industrial projects based on custom from drafting projects and facilities and shop units. building. We have land available processing licenses to starting The Group’s managerial skill for this purpose in cities like up the installations. Today, was demonstrated in the last Cervelló (Barcelona), Sta. with over 20 years’ experience decade by their partnership with Perpètua de Mogoda (Barcelona), in the industry, the Grugesa the building societies of two Massanes (Girona) and Perafort Group has grown from its financial institutions. Through (Tarragona). start as a family business to this partnership they formed real become expert in industrial estate development companies Grugesa offers companies facilities, now an industry that have planned and built personalized projects leader in Catalonia. The proof over 200 industrial facilities in is seen in over 300,000 recent years. Presently Grugesa At this moment, the Grugesa square meters built over the Group maintains one of these group has industrial facilities last two decades. companies. and shop units under way Vision for the future and an in the province of Barcelona HISTORY AND SERVICES understanding of the market (including Les Franqueses del Grugesa’s course over time have enabled us to acquire the Vallès, Cervelló and Sant has expanded it into a set most desirable land for building. Celoni), as well as in Girona of inter-related companies We are carrying out several (Massanes and Aiguaviva) and which do business in the commercial developments Tarragona (Perafort and sector of construction and with shop units and industrial Els Garidells).

060-61 PubliGrugesa_ING.indd 60 8/10/08 14:07:41 ADVERTORIAL DEVELOPMENTS FOR SALE OR RENT MASSANES

Shop units starting at 500 sq.m. on the ground level and industrial space starting at 700 sq.m. on the ground level. 70 km from Barcelona and 33 km from Girona.

CUSTOM CERVELLÓ

Customized industrial space in Santa Perpètua, Cervelló and Perafort.

Industrial facilities starting at 550 sq.m. on the ground level, 10 minutes from Barcelona.

LES FRANQUESES DEL VALLÈS

Industrial facilities starting at 550 sq.m. on the ground level, 30 minutes from Barcelona.

SANT CELONI

Shop units starting at 285 sq.m. on the ground level and industrial space from 350 sq.m. on the ground level. 53 km from Barcelona and 57 km from Girona.

OTHER INDUSTRIAL REAL ESTATE Aiguaviva, Perafort , Els Garidells, etc.

OFFERED BY GRUGESA GROUP, a leader in industrial real estate. 20 years in the industry and more than 350,000 square meters built are proof of our experience.

060-61 PubliGrugesa_ING.indd 61 8/10/08 14:07:48 ESADE NEWS ExEcutivE Education

Innovative program gEmba from EsadE and Georgetown, now a reality

BASED ON AN UNDERSTANDING THAT BUSINESS IS SOMETHING THAT EXTENDS BEYOND NATIONAL BORDERS, THE global ExEcutivE mba (gEmba) IS NOW UNDER WAY. THIS INNOVATIVE TRAINING PROGRAM IS DELIVERED JOINTLY BY ESADE AND GEORGETOWN UNIVERSITY, A WORLD LEADER IN THE AREA OF INTERNATIONAL RELATIONS.

he forty top executives A MulTI-SECTOr MILIEU who were selected for With over 15 years’ experience T the first GEMBA program on average, all participants began their course in June in this first GEMBA course on the Georgetown campus had to pass several tests in Washington, D.C. The first and demonstrate certain module deals with the global competencies and skills, in environment of business, addition to meeting other and included visits to local requirements, in order to be businesses and institutions. admitted. Another aspect The six 11-day modules which characterizes the which make up the program group is that students come were designed to immerse from quite diverse sectors, participants in different from investment banking cultures of commerce, and consumer goods to new characterized by their rich technologies, aeronautics and diversity, while equipping medicine. them with the more basic general management tools and a fundamentally global orientation. Global industry dynamics take the lead in Barcelona After Washington and Barcelona, São Paulo, Buenos Aires, The Barcelona module, which took place on the ESADE campus, Bangalore, Moscow and New focused on the dynamics of global industries and included courses on York will also play host to businesses in the industrial arena, corporate strategy and corporate financial management. The course ended with a game led by Xavier this prestigious, international Mir, former Managing Director of the Joyco confectioner’s business, academic program. The program and Juan José Pérez Cuesta, former Manager of Chupa Chups. comes to a close at the end of Participants divided into teams which took names of chocolate- and August 2009, and participants candy-producing businesses, and were given the objective of designing will receive a joint MBA degree a growth strategy for their organization. The Global Executive MBA returns to the ESADE campus in Barcelona from Georgetown University and in May of next year. 62 ESADE Business School.

062 NotExecutive_ING.indd 62 8/10/08 17:01:18 C M Y CM MY CY CMY K

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031_Publi Simo_CAST.indd 31 2/7/08 12:01:52 UPDATE MBA

New format, greater flexibility and more personalized Changes in ESADE’s MBA program

Participants in an ESADE MBA long these lines, the who feel it is important to gain Unit Management and international exposure through program are very diverse A Program Management the exchange program, can in geographic origin as have prompted a series of extend the length of the program well as in their sector or changes in the program’s to 15 or 18 months. professional background, curriculum, format and image, making the MBA program one The New Logo so their goals and needs of a kind. After the program The program’s new curriculum are also diverse. ESADE’s redesign, participants joining design and format, as well as MBA responds to this the ESADE MBA program in the underlying values that have diversity with flexibility and September 2009 will be able to driven it, required a change choose, in their first quarter, a of image to reinforce this new innovation, the best tools program duration of 12, 15 or era in the unit. The new logo for meeting the individual 18 months, according to their illustrates these changes and needs of those who join the specific needs. seeks to strengthen ESADE’s program each year. This way, those who are looking image and the image of our for a sector change and need MBA as one of the best a period of internship, or those programs in the world.

Commitment Personalisation

Your Choice

Innovation

An excellent Institution

064-65 NotMBA_ING.indd 64 8/10/08 14:10:28 UPDATE MBA

Our MBA in the Rankings Among the World’s Top 10

nce again, the been investing in recent years international rankings to place our MBA program in O have given us very the front row internationally. satisfactory results. The most But instead of leading us to recent one, América Economía, complacency, this motivates us places us for the first time to continue moving forward. In among the top 10 programs in the same way, the changes made the world. This international to our program spring from a (CE Lic&Master 85) recognition fills us with pride and nonconformist spirit, seeking Unit Director for the MBA and Executive compensates for the enormous to respond to the demand with

ori Gl ori a B atll Masters Programs effort that our whole unit has excellence and innovation.

Class of 2010 Profile Total participants: 116 Average age: 28 years Average professional experience: 5.9 years ESADE in the Rankings

• América Economía (Aug 2008, one of the most influential business magazines in LatAm) one of the top 8 MBA programs in the world • Financial Times (Jan 2008) one of the top 21 MBA programs in the world Recommended by alumni as one of the top 10 program in the world for Marketing and CSR • Aspen Institute (Oct 2007) Men 76% Women 24% 2nd best MBA program in Europe (innovative MBA programs incorporating issues of CSR into the curricula) • The Wall Street Journal (Sep 2006, Sep 2007) two years in a row, ESADE MBA graduates rated as top in the world in fulfilling recruiter needs. • Business Week (Oct 2006, based on recruiter and students surveys) one of the top 7 non-US MBA programs

Number of countries Academic Employment represented: 33 Background Background

Others Sciences Others

Law 5% Spain 7% General 10% Finances Asia 22% 4% Management 18% 17% 7% 35% Engineering Production/ 17% Operations 23% 17% 19% 42% USA & Econ./Bus. Analyst/ Canada Rest of 5% Consultant Europe 20% 20% 20% Advertising/ Communications Humanities/ Latin Others Sales/ America Marketing

064-65 NotMBA_ING.indd 65 8/10/08 14:10:30 ACTUALIZACIÓN Executive Language Center Spanish combined courses: the best of both worlds!

These courses tap into two very different yet complementary ways of learning a language: in the morning, you share experiences with a group of students whose goals are similar but whose interests, cultures, languages and worldviews are very diverse; in the afternoon, you work with a tutor at your own pace, using your learning style, your goals and your personal needs as an educational ‘road map’.

wo worlds in one. There is the social world - the one T that teaches us to share, to listen, to negotiate and to understand, and which opens the doors to vast geographical and personal worlds. And then there is the individual world - the one that takes into account our learning history, our strengths, our weaknesses, our determina- tion and our desire to grow. Two worlds that provide the ideal context for a single purpose: effective learning. Two cultures, two worlds. Your culture of origin and the culture Knowledge of rules is not easier and more enjoyable. of the language you are learning. enough to speak or write; these There is great richness in New words that evoke visions skills are acquired through the combination! Your ‘social and interpretations of reality. The practice in communication self’ and your ‘individual self’. code you know, which you use in situations with classmates, Your culture integrated with your everyday life, and the new under the invaluable guidance of that of the language you are code, which teaches you to see the teacher. learning and those of your things differently and question Learning and reflecting. If you classmates. Knowledge, know- assumptions. know your best learning method, how, knowing how to handle Two components: theory the activities that help you, and yourself, and knowing how and practice, knowledge and the resources that work most to learn. Doesn’t it sound skills, knowing and know-how. effectively, the journey will be fascinating?

Don’t forget that ESADE Alumni members are entitled to a special discount. To learn more about dates, schedules, prices, etc., visit our website: www.esade.edu/spanish. 66

066 Not ELC_ING.indd 66 8/10/08 14:11:31 Ricoh_PPP.indd033_Publi Ricoh_CAST.indd 1 33 11/06/20082/7/08 12:03:16 19:17:19 IN THE NEWS

1976 1981 1984 1987

Juan Fernández Santiago Morera, Peter Nijssen, new José Vicente Maza, Laporta, head of Vice-president and General Manager for General Manager of finance for Nissan- General Manager of Technogym Trading S.A., Lacasa Chocolates Europe Large Format Print and Iberia subsidiary José Vicente Maza (MBS 87) Juan Fernán- General Manager of the Peter Nijssen has been named General Man- dez Laporta HP Center in Sant Cugat (Lic&MBA ager of Chocolates Lacasa. Maza (MBA 76) Santiago Morera (MBA 81) has 84) has been has extensive experience within has been been appointed Vice-president and named Gen- the company; he acted as Finan- appointed the General Manager of HP’s Large eral Manager cial Manager for the last twelve new financial Format Print (LFP) business world- of Technogym years, and held other responsible head for wide. The appointment makes Trading S.A., positions during his career at Nissan-Europe. Morera the final authority for the the Iberian Arthur Andersen and Multicaja. Fernández Laporta has 35 years’ extensive line of HP Designjet and subsidiary (Spain and Portugal) experience in managerial ac- HP Scitex large format printers of Technogym tivities for industrial companies, and accessories. Since joining the Spa, a fitness equipment busi- 1989 having exercised leadership roles company in 1988 as a financial ness. He previously had com- in different areas such as Design analysis for the HP Division in Bar- bined consultancy jobs with his Marcos Urarte Engineering, Production Control, celona, Morera position as Managing Director of publishes Patologías en Industrial Planning and Sales. has held various Santa & Cole, following a long las organizaciones Fernández Laporta was recently responsible career at the multinational Philips Marcos Urarte (Mgmt recognized as one of the top 100 positions in the Electronics. Control 89) has published financial managers by the maga- finance area of Patologías en las organizaciones zine Actualidad Económica. the Image and [Organizational Pathologies] (LID Print business. 1985 Editorial) together with Javier Fernández Aguado and Francisco 1979 Joan Juliá i Dinarés, Alcaide. The book offers a diagno- 1983 Managing Partner sis of the most common “illness- Sergi Pastor, new of S&E Partners es” suffered by organizations, General Manager Raimón Cambra Joan Juliá i Dinarés (Lic&Master and suggests possible solutions of Scalextric Vergés, new 85) takes his place as the Man- for treatment and recovery. Urarte Tecnitoys, the company which General Manager aging Partner of is President markets the Scalextric brand in of LISTA Sistemas de S&E Partners, a company which of the Pha- countries like Spain and the UK, Almacenaje, S.A. he himself created a year ago. ros Group has appointed Sergi Pastor (MDE Raimón Cambra Vergés S&E Partners is devoted to strate- and an 79) new General Manager of the (Lic&MBA 83) has been gic consulting for businesses, pri- independ- company. Pastor joined Tecnitoys named General Manager of marily family businesses and risk ent board in October 2006, where he led the Spanish subsidiary of the capital funds. member the company’s growth plans. Tec- Swiss LISTA Group, specializing He formerly for several nitoys will increase exports and in the manufacture and sale of held several companies. expand its product spectrum over high quality modular industrial responsible po- the next three years. furniture. Cambra has solid sitions at Cirsa, experience in the business world, DSM Deretil, having carried out tasks in SATI and Arthur sales, marketing and Andersen y Cia, management at Unilever, S.R.C. Starlux, Apli Paper and Eurovalls. From 2003 to 2008 he broadened his professional experience in the world of consulting based on improved processes, as founding partner and consultant We want to hear about your career moves. for Crealor Send us your appointment and your photo addressed Consulting, to ESADE alumni: [email protected] de 68 S.L.

068-72 Nombramientos_ING.indd 68 8/10/08 14:12:52 IN THE NEWS

1991 1994 Joan Mercadé, new Eduard Mendiluce, Manager of Fresenius Managing Director David Calvet named Diego Montáñez, award Biotech Spain of PROCAM, SA. General Assistant for the Best Newly Joan Mercadé Real Estate Manager of Olympus Created Business (DGM 94) Eduard Mendiluce Fradera (MBA Spain Diego Montañéz (MBA 94) has been 97) will combine leading the Real received the award for the Best appointed Estate Area of Caixa Catalunya Newly Created Business for Lean new Manager with the post of Managing Direc- Focus, of which he is a founding of Fresenius tor of the real estate firm, partner and General Manager, in Biotech Spain. PROCAM, SA. Mendiluce previ- the 8th Cambra Awards. Mercadé ously worked in Criteria as Head began his of Corporate Real Estate Develop- career practicing medicine, and ment, and at later went into the pharmaceutical PortAventura industry, holding responsible posi- as Executive Olympus has appointed David tions in Roussel, Mercck KGaA Associate to Calvet Canut (Lic&MBA 91) to and Amgen. the President, the post of General Assistant responsible Manager in Spain. Calvet com- for Real Estate bines this new position with that 1996 Development. of General Manager for Portugal, which he has covered for the Jordi Sainz, Iberia last three years. Among other Supply Chain Controller 1998 activities, Calvet was formerly an Francesc Rabassa, for PepsiCO Iberia ESADE professor in International Commercial Business Jordi Sainz Salvador Grané, Business Policy. He is also co- Development Manager (Lic&MBA 96) new General Assistant author of the book Las Reclama- at CNP Vida and has been ap- Manager of Banco ciones de Cantidad en el General Manager of pointed Iberia Sabadell Ámbito de la Contratación Pública CNP Assurances Spain Supply Chain Salvador Grané (ADE 98) [Quantity Claims in the area of Controller has joined Banco Sabadell as Public Contracting], where he re- for PepsiCO general assistant manager, where views the difficulties which many Iberia, which he will be responsible for Real companies face when their cus- is a part of PepsiCo. Sainz has Estate Management, a field where tomers include public organiza- lengthy professional experience he has e experience, working tions with high purchasing power. within PepsiCO Iberia, where he for companies such as Astroc has worked for the departments Mediterraneo S.A., Afirma Grupo of Management Control, Financial Inmobiliario and Landscape Grupo 1992 Projects and Change Manage- Inmobiliario. ment, as well as others. Grané has Àngels Creus Marbà Francesc Rabassa (EDIK 94) also been founds Be a Local – has joined CNP Vida as Com- President of Handmade Travels mercial Business Development 1997 the ESADE After fulfilling different responsibil- Manager and as general manager ALUMNI Real ities at the Accenture consultancy of CNP Assurances’ branch in Ricardo Hernando, Estate Club and at Chupa Chups S.A., Àngels Spain. Formerly, Rabassa held new Manager for Cano since 2005. Creus Marbà the position of Financial Institu- Catalunya in Barcelona (Lic&MBA 92) tions Manager in the area of Aon Ricardo Hernando (DGM 97) has has launched Corporate Business in Aon Gil y been appointed Manager of the Be a Local, a Carvajal. Cano Catalunya branch office, a travel consul- BMW MINI dealer on Numancia tancy which street in Barcelona. offers personal- Hernando will lead the new busi- ized service ness strategy of Cano Automotive to businesses Group in the au- and individuals tomobile sector who want to in Barcelona, get to know their destination from based on a new the perspective of a local. expansion into the high-end segment. 69

068-72 Nombramientos_ING.indd 69 8/10/08 14:13:05 IN THE NEWS

Anna Casadellà 1999 2002 Andrea Rodés publishes joins the Corporate her first book Por China Development team of Xavi Puche, new head of Llucià Casellas, new con Palillos Criteria Caixa Corp Business Development President of AMEC Anna Casadellà (Lic&MBa 98) and Consulting for Llucià Casellas (The Creative becomes part of the Corporate Landor Associates and Innovative Business 02) has Development Department of Barcelona been appointed the new president Criteria Caixa Corp. Casadella has Xavier of the association by AMEC’s lengthy experience in the sector Puche (ADE Board of Directors; the appoint- of acquired risk capital during her Lic&MBA 99) ment coincides with the 40 year career at Caixa Capital Risc and is heading up anniversary celebration of AMEC at Fibanc Mediolanum. She has the new office next year. Andrea Rodés (Lic&MBA 02) has also worked in the investment of Landor just published her first book Por banking sector as a merger and Associates, Francesc Cruz, new China con Palillos [Around China acquisitions analyst for Merrill brand consultants, in Barcelona. Regional Manager for with chopsticks] (Ed. Destini, Lynch London. Puche, the new head of Business Catalonia and Balearic Imago Mundi). The book illus- Development and Consulting for Islands for Certum trates a view of today’s China as David Cerqueda, Landor in Barcelona, has extensive Francesc Cruz (PDG 02) joins seen through its cuisine new Strategic experience in brand strategy. Certum as the Regional Manager and restaurants. Development Manager for Catalonia and the Balearic Rodés is presently a correspond- for the Godó Group 2000 Islands. Certum is a Spanish ent in Peking for the new daily David Cerque- company specializing in techni- paper Público, from the Media da (Lic&MBA Iñaki Peralta, new cal services in the construction Pro group. 98) has General Manager of sector. In his new responsibility, joined the Sanitas Hospitals Cruz will be in charge of company Santiago Torres Sierra, Godó Group Iñaki Peralta (Master in Health growth by managing the offices new Communications as the Ctr Mgmt 00) has been appointed in his area. Formerly, Cruz had and Institutional Strategic General Manager of Sanitas Hospi- been employed with Geoplank, Relations Manager for Development tals. Peralta joined Sanitas in 1997 a company which belongs to the TMB Manager. His responsibilities and since that time he has held Consulting Santiago Torres Sierra (Mana- include the evaluation and positions of responsibility at the Group of gerial Function in Publ. Admin. start-up of collaboration and company. In his new responsibility, Obra Civil, 02) has been appointed the new partnership projects with other Peralta will be in charge of Sanitas’ Edificación, Communications and Institutional communications groups. Since two hospitals and 13 multi-special- Urbanismo Relations Manager for 2004, Cerqueda has been the ty centers across Spain. y Medio Transportes Metropolitanos de head of Equity Capital Markets for Ambiente, Barcelona (TMB). Torres has Spain and Portugal for Goldman Apia XXI. extensive experience in the Sachs, where he held the post of 2001 sector, having been in charge of Executive Director of the Invest- the Communications and Citizen ment Banking department for this Marien Bellod, new Participation Area for the City American bank in London. freelance consultant for of Sant Boi de Llobregat for 17 Abantia Group years. Presently he also boasts Marien Bellod (MBA 01) has the position of Vice-president of joined Abantia Group as a new the Asociación Catalana de freelance consultant. Bellod has Informadores extensive experience in Operations, de la Ad- especially in factory management ministración in the automotive sector (she was Local (ACIAL) Plant Manager in Expert Compo- [Catalonian nents and later Plant Director at Association Arvin Meritor). She has also been of Local Ad- Operations and Industrial Manager ministration for businesses in other sectors. Reporters].

We want to hear about your career moves. Send us your appointment and your photo addressed to ESADE alumni: [email protected] de 70

068-72 Nombramientos_ING.indd 70 8/10/08 14:13:14 IN THE NEWS

2003 Bruno Batlle, Football 2006 2008 and Marketing Manager Elena Garasa, Avalis for Prime Time Sport Roberto Torre, Finance Jordi Rubio named Representative in Lleida & Administration senior consultant for Elena Garasa (Lic&MBA 03) has Manager for Wanzl Abantia Group been appointed Avalis Repre- Equipamiento sentative for the new Lleida local Comercial, S.L office, created to serve SMEs Wanzl Equipamiento Comercial, and provide commercial support S.L., the Spanish subsidiary of to their SME Wanzl Metallwarenfabrik GmbH, customers’ has appointed Roberto Torre partner finan- (MDEF 06) Finance & Administra- cial institution Manager, tions and assistant to specifiers. Bruno Batlle (Lic&MBA 03) joins Management Prime Time Sport as the Football for furthering Jordi Rubio (MBA 08) has been and Marketing Manager. Prime their growth recruited by ABANTIA GROUP as a Fermín Rivas, named Time Sport, a company founded strategy in senior consultant. Rubio has sig- National Sales Manager by Esteve Calzada (Lic&MBA the Spanish nificant international experience, for Celgene Spain 90), carries out its activity in market. has worked on several projects Fermín Rivas (EMBA 03) has sports marketing. Formerly, Batlle in the automotive sector for been appointed National Sales was employed by Unilever, an Rubén Monjo, Volkswagen and Mercedes, and Manager for Celgene in Spain, a Anglo-Dutch company in mass new Country Manager as Project Manager in organiza- pharmaceutical company. With consumer products, where he for D-Link Iberia tion and installations projects for over 11 years’ experience in worked for five years in the area logistical services and production the pharmaceutical industry in of marketing. companies. responsible marketing and sales positions, Rivas has pursued his career in laboratories such 2005 as Janssen-Cilag (Johnson & Johnson), Alter and Merck Sharp Ignasi Masallé, new & Dohme of Spain. Marketing Manager for ACO Productos Polímeros D-Link has announced the ap- Ignasi Massallé (MBA 05) pointment of Rubén Monjo Tovar has been appointed the new (PMD 06) as the company’s new Marketing Manager for ACO Country Manager for Spain and Productos Polímeros. Masallé Portugal. In his new post, Monjo has extensive experience in is responsible for all business the sector and he has pursued processes in the company on the his entire career in the area Iberian peninsula, including local of marketing, specializing in marketing and sales, administra- industrial marketing at different tion and finance, marketing and companies in the automotive and customer service. Monjo joined construction sectors. He formerly the D-Link team in September held the post 2000 as a Channel Account of Marketing Manager, after having worked at Manager in 3Com for three years. In Decem- the automotive ber 2001 he was named Sales company DOGA Manager for Spain and Portugal, S.A. and since 2004 he has taken on this role for all countries in the Mediterranean area.

We want to hear about your career moves. Send us your appointment and your photo addressed to ESADE alumni: [email protected] de 72

068-72 Nombramientos_ING.indd 72 8/10/08 14:13:19 041_Publi Copcisa_CAST.indd 41 2/7/08 12:13:50 IN THE NEWS Activities

More than 150 alumni competed in the event Enthusiastic response to the 2nd ESADE Alumni Pádel Tournament “I’m the King of the Court” was the title of the second ESADE Alumni Pádel Tournament, which has already become a signature sport among our alumni. It was hard to outdo the success of the first event, but once again, expectations were surpassed. Participation was even higher –at 150 persons.

he same venue was champions, beating the chosen as last year, the previous winner Gema Ospital T Club Ciudad Diagonal. and her partner Arian Castro. This time there was no rain, Javier Alsina (ADE Lic&MBA and weather conditions were ’94) and Miguel Lorente won superb. ESADE Alumni and their the men’s consolation round, partners, both beginners and and Olga Barberà (DGM experienced players, delighted ’03) and Ariela Schorr took us with a good level of playing the women’s. They were all and of sportsmanship. awarded fantastic gifts as a In the men’s category, the courtesy of our sponsors and pair made up of Ramón Malet collaborators. Our challenge (MBA ’86) and Álvaro Malet for the next event is to beat Miquel Carbo and Pere continue this trend of growing Hernández. In the women’s participation, especially in category, also a very close women’s and mixed teams, as competition, Cristina Puig well as to promote networking and Cándida Argemi were among the Alumni.

Mini & ESADE Alumni sponsor a Madrid tournament

ESADE Alumni, along with our sponsor pádel courts, one of them is glass. everyone from our sponsors, and the Mini, invite us to the Mini Pádel Tourna- The pádel school is managed by María winners will receive fantastic prizes and ment that will take place in November Silvela Mendizábal, 13-time champion some other surprises. in Madrid. After the success of the of Spain. The competition will include two previous events in Barcelona, we both regular matches and consolation now feel bold enough to organize a new matches for those who are eliminated event in Madrid. The venue we have in the first round. The event, as al- chosen is the Golf Olivar de la Hinojosa ways, will be open to both students and club, a sports complex which is ideal alumni and also to their families and for this kind of sport, with six lighted friends. As usual, there will be gifts for

More information at: http://www.esadealumni.net

MINI, new sponsor for ESADE Alumni sports activities

073 Act Padel_ING.indd 73 8/10/08 14:14:34 IN THE NEWS Activities

The South Course of Port Aventura’s new ESADE Alumni facilities hosted the latest ESADE Alumni Golf Tournament Golf Tournament.

This course, with 18 holes from the sponsors, and and a 72 par, located on appetizers were served during land with natural contours presentation of the prizes, as and magnificent views of the a courtesy of the organizers. sea, made the experience a pleasurable one for all participants. The day was oriented toward playing in pairs using the Stableford scoring system, which is based on playing for points in a single category. The competition featured very high participation from the alumni, who were able to enjoy a pleasant day of golfing. All participants received gifts

Secrets of the Marimar Torres Estate Cellars

ESADE Alumni members were treated to a day’s presentation on wine by Marimar Torres, heiress to the secrets of the Torres wine cellars. The event filled the Centro Cultural del Vino to capacity, and was a rousing success. Alumni had the opportunity to be introduced to enological culture and get to know the Spanish wines that are produced in Marimar Torres’s Catalonian masia in California. Afterwards, attendees enjoyed winetasting of a selection of the best wines from this historic cellar, including Acero Chardonay and Doña Margarita Pinto Noir. This activity concluded the cultural activities for the past year. For the coming year, we have prepared several new outings, including a repetition of some of the most popular events like Beer Tasting or the Iberian ham presentation.

074 Act BodegaGolf_ING.indd 74 8/10/08 14:54:38 IN THE NEWS Class reunions

EMBA 06 – May 13th, 2008 EMBA 03 – May 15th, 2008 Lic&MBA 81 – May 16th, 2008

MBA 03 – May 22nd, 2008 Lic&MBA (CE & MBA) 68 – May 22nd, 2008 FGAP 04 EMBA 05 – May 22nd, 2008

Lic&MBA 79 and 80 – May 27th, 2008 SEP 06 – May 28th, 2008 SEP 07 – June 5th, 2008

PMD 07 – June 10th, 2008

More photos at www.esadealumni.net ➔ Alumni Network ➔ My class Annual Meeting, MK MADRID, June 10th, 2008 Lic&MD 05 – June 11th, 2008 75

075-76 Cenas_ING.indd 75 8/10/08 14:55:52 IN THE NEWS

Lic&MBA 88 – June 12th, 2008 MBA 05 – June 12th, 2008 MIM 92 – June 13th, 2008

EMBA 04 – June 17th, 2008 SEP and PMD MADRID – June 17th, 2008 EMBA 05 – June 27th, 2008

EMBA MADRID 06 – July 3rd, 2008 PMD 06 – July 10th, 2008 ADE 98 – July 10th, 2008

EMBA MADRID 07 – July 12th, 2008 EMBA MADRID 03 – July 17th, 2008 EMBA 07 – July 25th, 2008

More photos at www.esadealumni.net ➔ Alumni Network ➔ My class 76

075-76 Cenas_ING.indd 76 8/10/08 14:56:51 MEMBERS ONLY

Exclusive benefits for members New press clipping service free for members

DAILY UPDATES to keep you informed about what is happening in your INDUSTRY, now AT YOUR FINGERTIPS

Free to members. ESADE Alumni offers all members access to a daily selection of sector-based news items published in the financial and national press.

News is grouped into 22 sectors and is available to members through two channels:

Directly, through our website, in the ìPress Clippingsî 1 section.

By asking ESADE Alumni for a daily e-mailing of the press 2 clippings from your sector(s) of interest.

In addition, we can offer members customized press dossiers upon request. These might include, for example, all news items containing a word or several words in the full text published between two specific dates. This information will be delivered by email in multiple PDF or XML files, with links to each of the selected news items.

www.esadealumni.net � Benefits � Big benefits � Press Clippings Sample press clipping from the ESADE Alumni website

077-79 Solo socios_ING.indd 77 8/10/08 15:03:20 MEMBERS ONLY

New insurance policies LIFE AND HOMEOWNERS from Catalana Occidente

ESADE Alumni and Catalana Occidente have reached an excellent cooperative agreement whereby all ESADE Alumni members can purchase homeowners and life insurance policies at the most exclusive rates:

23% discount on the current rate for COMPREHENSIVE FAMILY / HOMEOWNERS INSURANCE With the best coverages in the market: 24-hour at-home technical assistance Legal assistance by telephone 24-hour medical consultation by telephone On-line computer assistance (PC incidents, software questions, etc.)

13% discount on the current rate for the Family Protection Life Insurance policy STARTING AT 60€ per year: 60,000€ minimum insured capital Medical consultation by telephone Cardiac rehabilitation program Legal counsel by telephone Other optional benefits available for orphans, cash advances for serious illness, etc.

FIND OUT MORE AT www.esadealumni.net � Benefits � Big Benefits To purchase insurance: Telephone the office of Sarrià at 93.280.48.99 or contact by e-mail: [email protected] and identify yourself as an ESADE Alumni member.

Have you got your new ESADE Alumni La Caixa card? CARNET Tarjeta La Caixa

Membership card + VISA credit card

This card gives you access to over 400 events organized by ESADE Alumni each year. Use it to identify yourself when taking advantage of new member benefits (insurance, press clippings, library, directory, etc.).

Whatís more, the ESADE Alumni card is an exceptional credit card with these plusses for you:

ZERO COST (it will never cost you anything) ESTRELLA POINTS (from La Caixa, can be exchanged for fantastic gifts) 2% DISCOUNT ON GASOLINE (Repsol, Campsa and Petronor, with a Activate your card and you will receive a maximum monthly benefit of 300€ per member) complimentary subscription to the daily La Vanguardia for three months! If you don’t have yours yet, request one and don’t be left out (when purchases exceed a total value of 100€) of ESADE events and services; take advantage of the introductory You can also request the new AMEX ESADE Alumni card, also free offer until 12/31/08. of charges, and you will receive double Estrella points.

Request your card by e-mail to [email protected] and activate it by telephoning 902 230 498. 78

077-79 Solo socios_ING.indd 78 8/10/08 15:03:24 MEMBERS ONLY

New Deutsche bank products: Exclusive retirement analysis, free to members

How much money do you need to enjoy your retirement? Deutsche bank has launched an innovative service in Spain called Gestión Futuro db which allows you to calculate your standard of living during retirement: what income will I need when I retire? How much money do I need to maintain my purchasing power? How much should I save every year in order to do so? By analyzing data such as age, investment profile, current salary, social security contributions and future aspirations, you can find out how much to save in order to maintain the lifestyle you want.

ESADE Alumni members can enjoy the following exclusive benefit at no cost:

A personal advisor from Deutsche Bank will visit your workplace or home to conduct an advisory interview free of charge. (This service is only available in Catalonia and the Madrid autonomous region.)

New mortgage Hipoteca Rompedora Euribor +0,12

* first year annual interest rate of Euríbor + 0.12 if the Db protected payment plan is selected and all conditions are met: payroll auto-deposited; checking account average balance equal to 1 loan payment; credit card minimum use of 3,000€; minimum 3,000€ contribution to PPi/Fi; online banking services and debit card are solicited; homeowners insurance with minimum value equal to appraisal, and life insurance for a minimum value of 50% of the loan amount. For each criterion which is not fulfilled, the differential increases 0.20 basic points.

FIND OUT MORE at www.esadealumni.net � Benefits � Big Benefits.To request services: visit www.deutsche-bank.es/aaaesade or telephone +34 902 343 500.deutsche-bank.es/aaaesade o llamando al 902 343 500

Other ongoing benefits

DKV Life Insurance Virtual banking 10% discount on Big benefits for with the best terms on which gives back 50% all hotels members the market of profits

BECOME A MEMBER Business School Executive + 34 93 495 20 98 Language Center www.esadealumni.net Programs discounted 12% discount on Get more details about these and other special agreements 10 to 25% ESADE language training that are posted regularly on www.esadealumni.net, in the Benefits section 79

077-79 Solo socios_ING.indd 79 8/10/08 15:03:41 New technology at the service of the executive Business Class

Optimizing production processes, getting the best results in the least possible time, and staying at the leading edge of innovation are all essential goals on the roadmap for today’s executive.

rofessionals demand Microsoft’s Public Sector Manager for Ricoh Spain, more and more Manager for Catalonia, assures asserts that the important thing Pquality in the products us that the “professional wants is for “the tool to adapt to the they acquire for carrying tools at his disposal that put process, and not the process out production processes. him in touch with colleagues to the tool. We are more and Consequently, executives see and give him access to more dependent on more and new technologies as a way to corporate information systems more information, and aligning reach ever greater efficiency anytime and anywhere”. the technology that sustains in their professional activity. Eduard Farga Fonollosa (CE the information with business Xavier Llobera (MBA-FT 00), Lic&Master 91), Marketing processes is fundamental”. Farga adds that “the equipment technology platform, the possibilities for automation and personalization, integrability in the IT structure, and service guarantee are key elements that need to be accompanied WINDOWS MOBILE 6.1 FROM MICROSOFT by the ability to work in tandem: automating complete document Tools like Windows Mobile Smartphones allow today’s managers to handle their professional processes, adopting end-to-end responsibilities more efficiently, for example, service, and interacting with any by reacting before the competition does, other element in the customers’ responding more quickly to customer inquiries, technology or business context.” and making decisions in real time, thanks to Thus, when it comes to their PDA dashboard, with a user interface just like their office PC, not to mention many investing in technology, the 80 entertainment tools. premise is no longer just to be

080-81 Business Class_ING.indd 80 10/10/08 10:42:21 SMARTPHONE BLACKBERRY® BOLD AND BLACKBERRY PEARL 8220 MACBOOK AIR BY APPLE The smartphone BlackBerry® Bold™ is The MacBook Air is almost as thin as your index the first BlackBerry smartphone that finger. It features a 13.3” panoramic LED screen, is compatible with HSDPA high-speed full keyboard and an enormous trackpad with triband networks internationally, Multi-touch technology. The backlit LED screen incorporating GPS and wi-fi, as well as allows for even further stylized structure. It is a broad range of multimedia functions. manufactured without mercury or arsenic and uses Similarly, BlackBerry® also offers energy more efficiently, so the battery also lasts the smartphone BlackBerry® Pearl™ longer. Includes Wi-Fi 802.11n and Bluetooth 2.1 + 8220, the brand’s first telephone EDR connections. that uses flip format. Based on EDGE quatriband technology, it weighs only 102 grams and measures 99x48x18 millimeters. Business Class

EPSON STYLUS OFFICE BX600FW @FACTURA BY RICOH Increasing office productivity is now easier @Factura is an example of with the new Epson Stylus Office BX600FW, an integrated document a system with Ethernet connectivity and solution with Ricoh integrated wi-fi wireless network which technology, for certified reaches print speeds up to 38 pages per digitalization of invoices. minute. It is intended for offices with multiple The application “talks to” users or home offices with a large volume of the multifunction device work. Furthermore, it includes an LCD screen and converts it, upon and slot for memory cards, making document request, into a scanning and photograph printing much simpler, center dedicated to without having to go through your PC. drastically simplifying the process and enabling unattended, bulk jobs.

the first, but also the best. In the opinion of María Zaragoza (DEC 00), Marketing Communications Manager for Epson Ibérica, “speed is not Executives demand more and more quality in MOBILE NOTE the products they acquire TAKER BY FUJITSU

the only office requirement The Mobile Note Taker for printing and document by Fujitsu is a pen which management. Other aspects digitalizes, stores and transmits what we have must be taken into account, written by hand to the such as sharp, quality text, long- computer via an infrared lasting printouts and affordable system. The information prices for consumables and is transmitted to the maintenance”. And that is PC through a USB 2.0 connection, in PDF the script that companies are format, and stores the following down to the letter in equivalent of 100 A4 their new product development. sheets. 81

080-81 Business Class_ING.indd 81 10/10/08 10:42:37 Special

Financial services

l Suma Capital l Gescobro l BDO Audiberia l M&A Fusiones y adquisiciones l Windcorp l Cofidis l Catalana d’Iniciatives l Criteria Caixa Corp l Irea l Riva y García Grupo Financiero l Management Solutions l Green Alliance l Acapital l Deutsche Bank l Lantares, the CPM Company 82

082_PortEspecial_ING.indd 82 8/10/08 15:06:03 SPECIAL FINANCIAL SERVICES

COMPANY: Suma Capital ALUMNI: ADDRESS: SECTOR: Private Equity, Enrique Tombas (Lic&MBA 90) BARCELONA Capital investment and buyouts David Arroyo (Lic&MBA 98) Avda. Diagonal, 464 08006 Barcelona SENIOR MANAGEMENT TEAM: MADRID Enrique Tombas, Managing Director Montalbán, 5, 1º B David Arroyo, Manager 28014 Madrid Pablo de Muller, Manager WEBSITE: www.sumacapital.es

reaching new goals by joining forces

uma Capital is a Spanish capital investment firm whose mis- INVESTMENT CRITERIA sion is to invest in Spain’s medium-sized enterprises. Suma • Sector: we invest across the busi- SCapital provides value-added solutions in many situations ness spectrum, with the exception in order to facilitate a company’s strategic development: financing of the real estate and financial growth in growing markets, company acquisitions in fragmented sec- sectors tors, business succession problems, or backing managerial teams in • Company: pre-existing enter- a management buy-out. prises, based in Spain, with a Suma Capital’s contribution goes beyond merely supplying financial successful business model, resources to the projects it is involved in; their professionals are good competitive position and a actively involved in developing the business, participating in the cor- solid, sustainable financial base. poration’s governing bodies, collaborating closely with partners and Appraised value between 10 and with the managerial team of the client business. 50 M€. Suma Capital aims to be a leader in the segment of medium-sized • Team: we look for teams who operations, investing over the time range which best suits the project, have a successful track record in and working in all business sectors. the professional sense and are quality individuals in the personal sense. Professional managers and entrepreneurs who are ex- cited about the project and want to be involved in ownership of market shares. • Project: we invest in ambitious business projects, capable of dou- bling or tripling the value of the company in a period of 4-5 years. • Operation: We prefer to buy a controlling share of the business, but we also work well with clients from a minority position.

FUNDS UNDER MANAGEMENT

Suma Capital presently manages 40 million euros. Add to these funds the co-investment resources which can be mobilized from our investors in order to take on larger projects. Currently, the capital being managed comes from private investors, normally successful businessmen from different sectors, who, in addition to providing funds, can contribute to the success of investments through their experience and network. 83

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COMPANY: Gescobro José Antonio Segura Gemar, ALUMNI: SECTOR: Financial Services consulting, collec- Financial Manager Carlos García Pons (EDIK 77) tions and purchasing of portfolios Jordi Curià Pinyol, Information Technology Gemma García Godall (Lic&MBA 94) SENIOR MANAGEMENT TEAM: and Communications Manager Juan Álvarez de Lara Cabrera (PMD 07) Carlos García Pons, President Joaquín Segura Torrents, ADDRESS: Mª Dolors Godall Ricart, Member of the Board Commercial Manager Metalurgia, 38-42, 4º 08038 Barcelona Gemma García Godall, Emilia Domínguez Saura, Tel. +34 932 296 800 - Fax +34 932 260 057 General Manager Head of Collections Ríos Rosas, 47 Juan Álvarez de Lara Cabrera, Gemma Massoni Camps, Oficina 2-C, entreplanta 28003 Madrid Assoc. General Manager Head of Human Resources Tel. +34 932 296 800 - Fax. +34 915 353 796 Joan Sapé Martras, Elisenda García Godall, E-MAIL: [email protected] Quality and Administration Manager Management Assistant WEBSITE: www.gescobro.com

OVER 25 YEARS IN COLLECTIONS MANAGEMENT

escobro is a leader in the collections sector in Spain, with over 25 years’ experience in recovery Gof all kinds of unpaid debt for banking institutions, financial institutions and large and medium companies. With 200 people on staff, Gescobro managed over 450,000 cases in 2007 and recovered fifty million euros in unpaid debts. Gescobro is a member and is on the Board of ANGECO (National Association of Collection Agencies), which belongs in turn to FENCA (Federation of European National Collection Associations). Gescobro guarantees the strict application of European- standard codes of conduct and professionalism. Gescobro holds the ISO 9001 quality certificate for its administration and customer service. Gescobro specializes in all kind of unpaid debt collection, from the most recent debts, using automated telephone messages, to the oldest, most difficult accounts, managed by a group of specialized agents. AREAS OF ACTION Offices are located in Barcelona (home office), Madrid and Gescobro professionals are especially well prepared for locating Valencia; additionally, the company has consolidated its debtors, negotiating with them and finding solutions through ami- structure throughout Spain. able means. If the amiable solution is not positive, and solvency During 2008, Gescobro has established itself in Andorra can be detected, the client is offered the possibility of continuing and Portugal, carrying out its international expansion the process through legal means, with our own team of specialized process. The target for recovery this year is over 60 in-house attorneys. million euros. The collection agent’s experience and knowledge are key to successful dealings. For this reason, Gescobro continuously invests in training, especially that which is oriented toward preparing highly effective collec- most noteworthy oPERAtIonS tions teams. Technology is also a determining factor; the most advanced admin- The significant increase in arrears over recent months, istrative systems are regularly implemented in house. This allows and the continued increase foreseen for the rest of us to work with large volumes of debt, receive periodic information 2008, make it essential to entrust debt collection on the state of cases managed, and be able to adapt to our cus- management to the firm with the most specialized, tomer’s needs with agility and speed. professional personnel in the sector. 27 years of • OTHER SERVICES TO BUSINESSES | Collection of arrears experience are our guarantee. 84

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COMPANY: BDO Audiberia Carlos Olazábal, Senior Manager Fax +34 932 007 509 SECTOR: Mergers and Acquisitions Raúl López, Senior Manager E-mail: [email protected] SENIOR MANAGEMENT TEAM: Santiago Anglada, Manager Rafael Calvo, 18 – 2ª planta Jordi Bellobí, Partner ALUMNI: 28010 Madrid, SPAIN Oriol Tapias , Partner Oriol Tapias (Lic&MBA 95) and Santiago Tel: +34 917 022 212 Marino Sánchez-Cid, Partner Anglada (Masters in Corporate Finance 08) Fax: +34 917 022 19 Eduardo Pérez, Director ADDRESSES: WEBSITE: www.bdo.es Javier Echeverría, Senior Manager San Elías, 29-35 Escalera B – 3ª Planta OFFICES IN SPAIN: Ana Valverde, Manager 08006 Barcelona, SPAIN Alicante, Barcelona, Bilbao, Castellón, Madrid, Josep Mª Realp, Senior Manager Tel. +34 932 418 960 Palma de Mallorca and Sotogrande (Cádiz)

BDO AuDIBErIA CORPORATE FINANCE

DO Audiberia Corporate Finance is the Financial Advisory service and commitment to results. As a result of the globaliza- Services Division of BDO Audiberia. tion process and of our own will to serve, BDO offers a national BBDO is the world’s fifth-largest auditing and professional and international network of offices which guarantees proximity, services group serving businesses, with over 32,000 employ- local service with global access, professionalism and compre- ees, invoicing of 3.2982 billion euros and 626 offices located in hensive support. 110 countries. The BDO Audiberia team is made up of over 750 profession- BDO has established itself in Spain through its three profes- als working in 10 offices throughout Spain. Their professional sional services firms: BDO Audiberia Auditores represents the practice follows guidelines of neutrality, maximum quality, multi- auditing services division, BDO Audiberia Abogados y Asesores disciplinary practice, international focus, training and highly Tributarios represents the group’s legal and tax services corpora- specialized preparation. tion in Spain, and BDO Audiberia Finanzas Corporativas offers financial advising for corporate transactions, M&A, Due Diligence and assessments. BDO AuDIBErIA CORPORATE FINANCE The firm’s philosophy focuses on advising entrepreneurial busi- At BDO Corporate Finance we advise persons and corporations nesses in the public and private sectors, giving direction or hold- who are in the process of buying and selling businesses or ing their property, always from the perspective guaranteed quality handling other corporate operations. In 2007, BDO Audiberia Corporate Finance solidified its position as a leader in advising mid-market transactions (business operations valued up to €100M), having participated in over 50 transactions. At BDO we consider specialization to be fundamental for providing adequate service to the customer. BDO Corporate Finance is formed exclusively by a team of over 30 experienced professionals, dedicated full-time to management and independent financial advising on transactions. Our philosophy: solvency and technical rigor, involvement, agility and commitment to our customers.

most noteworthy oPERAtIonS SERVICES

BDO Audiberia Corporate Finance carries out several activities • Due Diligence and transactional services • M&A • Assessments • Professional advice on restructuring of debt • Other specific advising services 85

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COMPANY: M&A Fusiones y adquisiciones ALUMNI: ADDRESS: SECTOR: Mergers & Acquisitions Jordi Alberich (Lic&MBA 81) Travessera de Gràcia, 29, 4º 1ª SENIOR MANAGEMENT TEAM: Armand Calvo (MBA 79) 08021 Barcelona Carlos Güell de Sentmenat, President Marcos Chicharro (ADE 98) SPAIN Jordi Alberich, Partner Ramon Palacín (MBA 95) Tel. +34 93 217 37 47 Ramón Palacín, Partner Fax +34 93 217 51 51 E-MAIL: [email protected] WEBSITE: www.fusionesyadquisiciones.net

AN EXCLUSIVE SOURCE FOR ADVISING ON BUYING AND SELLING BUSINESSES

ur work as advisors in the buying and selling of Obusinesses since 1988 has allowed us to constantly improve our exclusive services, incorporating our growing experience and knowledge. Our customers are:

• Businessmen who wish to sell their business for lack of a successor, or due to the pressure of an increasingly competitive environment • Companies that wish to take on a new partner (venture capital or industrial partner) in order to undertake a business growth project. • Senior Managers who wish to buy a company through a Management Buy Out or Management Buy In. • Companies who wish to grow by purchasing other complementary businesses. from left to right.: Jordi Alberich, Carlos güell de Sentmenat AND Ramon Palacín

FINANCIAL PRODUCTS COMPANY CHARACTERISTICS

• Buying and selling businesses Our company’s signature traits • Mergers • Continuity in partners and managers • Management Buy Out (MBO) • Very close involvement with the operational reality • Development capital or venture capital of small and medium enterprises • Appraisal of businesses • Specialized exclusively in mergers and acquisitions

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COMPANY: Windcorp ALUMNI: ADDRESS: SECTOR: Mergers and Acquisitions Enrique Tombas (Lic&MBA 90) Av. Diagonal, 453 bis, 1º SENIOR MANAGEMENT TEAM: Antonio Garí (Lic&MBA 87) 08036 Barcelona, SPAIN Miguel Garí, Antonio Plana, Tel. +34 93 419 49 00 - Fax +34 93 439 91 24 Narciso Marfá, Enrique Tombas, E-MAIL: [email protected] Antonio Garí, Domingo Miret WEBSITE: www.windcorp.net

AN EXCLUSIVE SOURCE FOR ADVISING ON BUYING AND SELLING BUSINESSES CorPorAtE fInAnCE and fAMILy offICE

We advise the businessman in both of his spheres • Financial/strategic consulting: restructuring of shares, of concern: his company and his assets. project financing, etc. WWe develop a strategy for managing his financial interests as a whole, advising on business questions through Our Family Office services are: Corporate Finance and on asset questions through the Family • Advising in liquid asset management Office, as well as on how these two inter-relate. • Advising in property asset management Windcorp is led by a group of professionals who have been • Diversification interests working in investment banking since the late 80s, and is held • Asset management paperwork in part by Privat Bank (Banque Degroof Groupe).

PrInCIPAL financial ProduCtS and services competitive advantages Our Corporate Finance services fall into three areas: • Commitment: we establish stable relationships (one client- one advisor) • Mergers and acquisitions, buying and selling businesses, which go beyond isolated encounters (one operation- one advisor). search for industrial and financial partners, shareholders’ • Neutrality: a fundamental asset which we contribute in the optimiza- power of attorney, strategic partnerships, etc. tion of your wealth. • Assessments and studies: viability studies, fairness opin- • Experience: extensive local and international track record. ions, etc. 87

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COMPANY: COFIDIS Joaquín Montal, Organization Santiago Albarracín (EDIK 98, MDMC 03) SECTOR: Financial, Consumer Credit and Information Systems Manager Alberto Longas (MBA 07) SENIOR MANAGEMENT TEAM: Sonia Manasanch, ADDRESS: Juan Sitges, General Manager Human Resources Manager COFIDIS HISPANIA EFC Jaime Subirana, Partners Manager ALUMNI: Pl. de la Pau s/n Ignacio Rico, Customer Sales Manager Juan Sitges (MBA 82) Edif. World Trade Center Almeda Park 1 Carolina de la Calzada, Financial Manager Jaime Subirana (CE Lic&Master 83) 08940 Cornellá de Llobregat (Barcelona) SPAIN Aída Miguel, Risk Manager Carolina de la Calzada (ADE Lic&MBA 95) Tel. +34 93 253 56 00 Manuel Fernández, Collections Manager Sonia Manasanch (ADE Lic&MBA 95) WEBSITE: www.cofidis.es

COFIDIS, SELL ON TIME AND GET PAID UP FRONT

OFIDIS Hispania specializes in rapid extension of Our Partners Division develops innovative products adapted to consumer credit. The French group COFIDIS has been each company’s characteristics, so that all our partners have Cpresent in Spain through their Spanish subsidiary a financing option which fits their particular needs. We work since 1990, and forms part of the 3 Suïsses International closely with clients, contributing our extensive experience of over Group, specialized in distance selling and in financial 15 years in consumer credit. Presently we have agreements services. As an EFC, Entidad Financiera de Crédito [Financial with more than 1600 Spanish companies. Credit Entity], the activities of COFIDIS are regulated by the central Bank of Spain. BUSINESS VOLUME At COFIDIS we provide financing services to businesses so In recent years COFIDIS has experimented constant growth in its they can offer their customers payment by installment. This activity, in number of customers and in employees. In the first way COFIDIS acts as a business partner, ensuring your cash four months of the year we grew beyond 975 million euros in live payment up front and with no risk. risk (loans in the process of being repaid). At COFIDIS we cur- With our personalized service, we facilitate the financing of our rently have more than 700,000 active customers, and foresee partners’ products and services, helping them optimize their reaching a million users by 2010. commercial strategy, improve sales and build customer loyalty. Over 800 professionals work at the COFIDIS main office, at the World Trade Center Almeda Park in Cornellá, where we enjoy 15,000 sq.m. of office space.

WHO WE DO BUSINESS WITH

Any company, regardless of its business sector, can partner with COFIDIS to finance its customers’ purchases. We work with online companies, which do business strictly over Internet, as well as with direct sale companies, retail outlets, and so on. A single Internet contact or telephone call is enough to begin your partnership with COFIDIS. After this first contact, our Partners department will design a financial product to suit your company and its particular needs for financing goods and services. As a partner you increase your range of services and your added value in the eyes of your customers, while staying focused on your company’s core business. At COFIDIS we assign a representative to each partner who will provide support and follow-up, and who will be responsible to work closely with you and provide personalized service at all times. 88

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COMPANY: Catalana díIniciatives ALUMNI: ADDRESS: SECTOR: Private Equity Rafael Suñol, Paseo de Gracia, 2, 2º B - 08007 Barcelona SENIOR MANAGEMENT TEAM: Executive Vice-president (ADE 80) Tel. 93 3178161 Fax 93 3189287 Rafael Suñol, Executive Vice-president Manuel Albanell, [email protected] Manuel Albanell, General Manager General Manager (MBA 81) Príncipe de Vergara, 17, 6º dcha. Alfredo Gatius, Investment Manager Antoni Ttrallero, 28001 Madrid Antoni Trallero, Investment Manager Investment Manager (DAF 90) Tel. 91 4260303 Fax 91 4260304 Josep Lluís Artigot, Investment Manager Josep Lluís Artigot, [email protected] Josep Mª Huch, Associate Investment Manager (Lic&MBA 94) WEBSITE: www.iniciatives.es

“CAtALAnA D’InICIAtIVES CrEAtes VALue in spanish businesses”

atalana díIniciatives, a MOST NOTEWORTHY OPERATIONS pioneer in private equity Cin Spain, is dedicated For the 2007 period, Catalana díIniciatives highlights the fol- to creating value in Spanish lowing operations: businesses from the financial perspective, while giving special INVESTMENT: emphasis to strengthening the MEPSA: Catalana díIniciatives, along with the Barcelona Port Spanish business sector. Authority, led the acquisition of MEPSA through a LBO operation. MEPSA is a corporate licensee which handles operation FINANCIAL CAPITAL AND of the flammable products dock in the Barcelona port. INTELLECTUAL CAPITAL Catalana díIniciatives seeks to DEINVESTMENT: Rafael Suñol, Executive Mabyc-Ibersegur: Catalana díIniciatives sold its 87.07% Vice-president of Catalana meet its objectives through ef- díIniciatives fort in two major areas: share of the companies Mabyc and Ibersegur Systems to the • Large-scale investments, MCH Private Equity and Suma Capital funds. The companies that is, financial capital sold are Spainís leaders in technology design for parking investments which acquire a spaces and parking meters. The operation meant an IRR of majority interest. Thus, the in- 28% for Catalana díIniciatives, and an investment multiplier vestment tranche per investee of 2.2. is analyzed through a capital contribution of 6- to 12-million euros. • Contribution of intellectual capital and management sup- TYPES OF OPERATIONS port, on the part of Catalana Catalana díIniciatives, through its presence on the Board of díIniciatives, to our inves- Directors of the investee companies, actively works on the tee companies. Through our strategy definition of each company, as well as in the process of Manuel Albanell, General involvement in the companies, implementing the companyís plans to accelerate value creation, in Manager of Catalana we drive the development of díIniciatives operations such as: large Spanish enterprises • Build up processes, with precise identification of project part- and groups who are present ners, future plans, etc. in national and international • Investment in leading-edge development projects ñCapital markets. In summary, promot- Developmentñ, such as: internationalization, industrial plans, ing larger enterprises who research, etc. have the possibility of further • Converting managers into businessmen, by having them partici- extending their activity. pate in the capital through MBO or MBI operations. 89

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COMPANY: Criteria CaixaCorp External Communications Manager, 98), Raquel Torrents (ADE Lic&Master 03), SECTOR: Holdings / Investment groups Xavier Moragas Freixa, Financial Manager, Eduard Tarrés (MBA 97), Olga Durich SUBSECTOR: Investment Groups Jordi Morera Conde, Portfolio Manager for (MIM 92), Ainhoa Velasco (MBA 97), SENIOR MANAGEMENT TEAM: Bank Investments, Lluis Vendrell Pi, Mónica Afonso (MBA 00), Roser Balcells Francesc Bellavista Auladell, Internal Auditing Legal Counsel Manager (MBA 94), Carmen Vallés (AGT 00), and Risk Control Manager, Almudena Gallo ALUMNI: Jordi Llimós (MDEF 07) and David García Martínez, Human Resources and Corporate Xavier Moragas (CE Lic&Master 86), Rosa (MDEF 07) Social Responsibility Manager, Antoni Garriga Bruguera (CE Lic&Master 87), Jordi Morera ADDRESS: Torres, Media & Investment Relations, Conde (CE Lic&Master 90), Josep Castells Criteria CaixaCorp Manager, Carmen Gimeno Olmos, Portfolio (CE Lic&Master 91), Elena Castellví Av. Diagonal, 621-629, Torre II, Planta 8 Manager for Insurance and Financial Services (CE Lic&Master 95), Silvia Jarauta (ADE 08028 Barcelona, SPAIN Investments Juan María Hernández Puértolas, Lic&MBA 97), Anna Casadellà (ADE Lic&MBA WEBSITE: www.criteria.com

CRITERIA CAIXACORP: INVESTING WITH RIGOR

riteria CaixaCorp is an investment group with participations Future strategy foresees increasing the weight of the in financial and industrial businesses; it adds value for financial business, an ambitious project for which it has a Cthe shareholder in the long term through active portfolio particular advantage: the banking experience of its namesake management ñ driving growth, development and profitability in its shareholder ìla Caixaî, and their ability to generate value and investee companies, with a controlled risk criterion. synergies in acquisitions. Criteria seeks to generate value in the companies where they are present, adopting shareholding positions which allow them to be part of the governing bodies, of decision making and of developing new business strategies. INVESTMENT VOLUME The portfolio is multi-sector, and combines investment in publicly- The Criteria CaixaCorp investment portfolio, valued at 25.925 B € and privately-held companies which are leaders or well-known in in June of 2008, is the largest in Spain in volume of assets. their field, thus forming a diversified, irreplicable portfolio. The company’s net profit reached 2.316 B € for the 2007 fiscal Criteria CaixaCorp is part of the Ibex 35 and recently was included period, a 26% increase from the prior period, while the Group was in the Dow Jones Sustainability Index. It is among the top ten attributed 1.726 B € in profits, with a notable increase in recur- in stock-market capitalization, up to 12.813 billion euros in rent net profit of 31% over the prior period. June 2008.

SECTORS OF OPERATION

Activity is organized along two lines of business: Services Business: encompasses participations in companies which are leaders in their markets, able to generate value and recurrent profitability, in strategic sectors such as energy, telecommunications and infrastructures. This line presently includes participations in Gas Natural, Repsol, Abertis, Agbar, Telefónica, Bolsas y Mercados Españoles and PortAventura.

Financial Business: this includes, on one hand, participations in international banking activities, and on the other hand, subsidiary corporations that are involved in business domesti- cally in the area of insurance and specialized financial services. This line presently includes participations in Banco Portugués de Investimento (BPI), Boursorama, The Bank of East Asia, GF Inbursa, Grupo CaiFor, GDS-Correduría de Seguros, InverCaixa Gestión, FinConsum, CaixaRenting and GestiCaixa.

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COMPANY: Irea Ignacio Iturriaga, Managing Partner, ADDRESS: SECTOR: Real Estate Mergers & Acquisitions Corporate Finance Paseo de la Castellana 141, planta 18 SENIOR MANAGEMENT TEAM: Miguel Vázquez, Managing Partner, Edificio Cuzco IV Mikel Echavarren, Managing Director Hotels & Resorts 28046 Madrid, SPAIN Joan García, Managing Partner, ALUMNI: Tel. + 34 91 579 84 00 Corporate Finance Joan García (Lic&MBA 92) WEBSITE: www.irea.es

STRATEGIC AND FINANCIAL ADVISING

rea was launched in 2002 with the objective of meeting a clear need We also offer additional consulting services for real estate develop- in the market: differentiated strategic and financial advisory services ers involved in the hotel or leisure industry, such as looking for a hotel Ifor companies in the real estate sector. We employ 40 professionals operator, negotiation of management contracts or buying and selling of who are trained in finance and specialized in the real estate sector, hotel or real estate corporations. placing us in a privileged market position. At Irea we understand that our thorough knowledge of the real estate sector allows us to give our clients financial advice with high added value. Our advisory services can be broken down into four areas: • Mergers and acquisitions • Financing projects INVESTMENT VOLUME • Strategic consulting In the last five years we have successfully completed corporate • Corporate Recovery transactions in the real estate and hotel sector with a volume of over 3 billion euros. Noteworthy for 2007 were the closings of M&A options in the real estate sector when the market SECTORS OF OPERATION was showing signs of weakness, such as the sale of Agofer corporation, or Doughty Hansonís buy-in to Aranco. Furthermore, We advise companies within the framework of the real estate in June we felt that the real estate market needed specialized market in general, and who may be active in any sectoróresidential, support in refinancing debt, whereupon we organized our offices, shopping centers, industrial, land, facilities for seniors, Corporate Recovery services, designed for real estate hotels and resorts, etc. who may require either financial or strategic companies that are affected to a greater or lesser extent by the specialized consulting for their decision making. current market situation.

FROM LEFT TO RIGHT: MIguEL VázquEz, JoAn gArCíA, MIkEL EChAVArrEn, IgnACIo IturrIAgA 91

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COMPANY: Riva & García Financial Group Lic&MBA 97), Ana Castillo (ADE Lic&Master ADDRESS: SECTOR: Investment Banking 06), Margarita Cerrada (ADE Lic&Master 02), BARCELONA SENIOR MANAGEMENT TEAM: Albert Ferrer (ADE Lic&Master 98), Guillermo Casa Berenguer - Diputación, 246, pral. - 08007 Borja García-Nieto, President González-Concheiro (MBA 99), Alberto Barcelona - Tel. 93 270 12 12 - Fax 93 270 12 13 Arturo Mas-Sardá, Vice-President Martínez (ADE Lic&Master 02), Arturo Mas- [email protected] Ignacio García-Nieto, Managing Director Sardá (Lic&MBA 85), Llorenç Montaner (ADE MADRID Lagasca, 92, 2º d - 28006 Madrid Pere Viñolas, Board Member Lic&Master 07), Miren Pujol (ADE Lic&Master Tel. 91 360 06 39 - Fax 91 360 08 60 Xavier Adserà, Secretary of the Board 04), Blanca Raventós (ADE Lic&Master 06), [email protected] ALUMNI: Montserrat Rius (Corporate Finance 05), Juan VALENCIA: [email protected] Xavier Adserà (CE Lic&Master 86), Núria Sanz (ADE Lic&Master 05) and Pere Viñolas PONTEVEDRA: vigo@rivaygarcía.es Amador (ADE Lic&Master 07), Mario Bonet (Lic&MBA 86) MOROCCO: [email protected] (ADE Lic&MBA 00), Elena Carrera (ADE WEBSITE: www.rivaygarcia.es

RIVA & gARCíA, guiding our clients for over 15 years

ormed in 1992, Riva & García Financial Group is an SECtoRS of operation independent investment bank which offers financial advising F in the areas of Corporate Finance, Private Banking, Capital The Corporate Finance area carries out financial operations Market, Asset Management and Private Equity, through its current in the stock market; mergers and acquisitions; management member companies: Grupo Financiero Riva y García, S.L.; Riva y buy-outs; debt and capital issuance in private markets; and García Proyectos, S.A.; Riva y García-1877, S.V. S.A.; Riva y García business assessment. Private Banking analyzes each customer’s Gestión, S.G.I.I.C., S.A. and Riva y García Maroc (S.A.R.L). The individual situation, risk profile, profit expectations and taxes principal goal of Riva & Garcia’s strategic plan is to offer clients in order to establish a suitable investment plan. Capital Market service which is based on excellence, and which continually adapts analyzes stocks and markets daily, in order to give continuous to the financial environment and the particular needs of each guidance for making the right decisions. Asset Management customer. offers a wide range of investment alternatives from what is available on the market (investment funds, stock or fund BUSINESS VOLUME portfolios, SICAVs, structured products, etc.). Private Equity With income of 11.2 M€, before-tax profits of 1.5 M€, and assets presently administers two venture capital businesses (Spinnaker € of 11 M at financial close of 2007, and as a clear demonstra- Invest, S.C.R. and WebCapital, S.C.R.) and 3 venture capital tion of the company’s financial progress and strategic plan, Riva & funds (Invercat Exterior, F.C.R., Tirant Inversión, F.C.R. and Fons García has brought new professionals on board this year in each Mediterrània Capital, F.C.R.). of their business areas. Approximately 70 persons are currently on staff, most noteworthy operations most of them trained Advising for SARE (South Asian Real Estate Ltd.) on 2 capital at the best business expansions for the company. Riva & García acted as a placement schools in Europe and the sub-agent. Advising for DUET (Duet India Hotels Ltd.) on capital U.S. Operations carried expansion for the company. Riva & García acted as a placement out over the year have sub-agent. Advising for NATRA, S.A. on the acquisition of 100% brought about great syner- of All Crump NV stock. Riva & García acted as financial adviser. gies between the Group’s Advising for NATRA, S.A. on the acquisition of 100% of NUTKAO business areas, and have stock. Riva & García acts as financial advisor. Advising for allowed Riva & García DOGI on the acquisition of 100% of EFA HOLDINGS, LLC. Riva to maintain a leadership & García acted as an advisory entity. Acquisition of a minority position in Catalonia and to continue establishing share in MAT GROUP and EPHE by the Invercat Exterior F.C.R. their presence in Madrid, fund, managed by Riva & García. Acquisition of a minority share Valencia, Vigo and start- in FILMAX and STEP FLOOR by the Tirant Inversión F.C.R. fund, ing this year, internation- managed by Riva & García. ally, in North Africa. 92

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COMPANY: Management Solutions ALUMNI: ADDRESS: SECTOR: Management Nuria Navarro (Lic&MBA 95), BARCELONA SENIOR MANAGEMENT TEAM: Juan Fabios (MBA 99), Av. Diagonal, 654 08034 Barcelona Alfonso Serrano-Suñer, Fernando Castiñeiras*, Ricardo Gómez Gil (MBA 05), Tel. 93 393 11 50 Ignacio Layo, José Ramón Gorrochategui, Fara Costa (Lic&MBA 04), Fax 93 393 11 60 Carlos Camps, José Luis Carazo, Pedro Erika Sánchez de la Roda (Lic&MBA 05), MAdRId Martínez, Raúl García de Blas, Marcos Alejandra Ortiz Moliné (Lic&MBA 07), Plaza Pablo Ruiz Picasso, 1 Fernández, Nuria Navarro *, David Coca, Carlos Sonia Castelló (Lic&MBA 08), Torre Picasso Carnicero, Manfred Nolte, Alberto Rilo, Rafael Aranxa Torme (Lic&MBA 08) and 28020 Madrid Guerra and Miguel Ángel Poblet Ángel Sáiz (Lic&MBA 08) Tel. 91 183 08 00 Fax 91 183 09 00 * Partners in the Barcelona office WEBSITE: www.msspain.com

PROFESSIONAL BUSINESS CONSULTING SERVICES

anagement Solutions is an international consultancy firm which advises M on business, risks, finances, organization and processes, both in their functional aspect as well as in implementing related technologies. With a multi-disciplinary team of over 800 professionals (functional, mathematicians, technical, etc.), Management Solutions works out of 12 offices (6 in Europe and 6 in America).

LINES OF SERVICE

Strategy Searching out and building the best alternatives for growth, through a well-suited corporate strategy and/or business unit strategy.

Marketing and sales management We support company growth through our risks, business risks, etc.), as well as the programs in sales effectiveness, multi-channel overall management of the risks themselves approach and business intelligence. (optimizing capital allocation).

Organization and processes Managerial and financial information SECTORS Management Solutions approaches customer Management Solutions responds to the require- OF OPERATION projects from a three-fold perspective –function- ments of each managerial level, validating, al, organizational and technological–, obtaining modifying and establishing the sources of infor- Management Solutions significant improvements in efficiency, increased mation; defining the transformation processes organizes its professional user and customer satisfaction, along with ap- (calculations and metrics); and intervening in practice by industry (finan- propriate cost reduction. new technology implementations as required to cial institutions, energy ensure proper start-up. and telecommunications) Risk management and control and by type of activity Management Solutions provides the best so- Applied technology (Financial and Commodities lutions and tools on the market for effectively Management Solutions is a specialist in defin- Risk Consulting, Retail handling unavoidable organizational risks ing and implementing the technology which is Business Consulting, New (whether risks in credit, the market, opera- best suited to each organization’s needs and Technologies). tions, liquidity, structural risks, reputational budget. 93

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COMPANY: Green Alliance ALUMNI: ADDRESS: SECTOR: Private Equity, Renewable Energies Andrea Tinagli (Master C.E.M.S. 90 and Senior Edificio Masters SENIOR MANAGEMENT TEAM: Executive Programme 05) Pedro i Pons, 9-11, 3º 3ª Andrea Tinagli, CEO Sergio Martínez (MBA 06) 08034 Barcelona, SPAIN Ramón Tomàs, Business Ramón Tomàs (C.E. 80) Tel. +34 934 443 071 Development Manager Fax +34 934 105 685 Oriol Serra, Finance & Administration Manager E-MAIL: [email protected] Sergio Martínez, Investment Manager WEBSITE: www.greenalliance.es

GREEN ALLIANCE SGECR, S.A.

reen Alliance, based in Barcelona, is an administrator of venture capital institutions, regulated by the CNMV. GIts first Private Equity fund is specialized in projects for producing renewable energies in Spain, providing a basis for small and medium-sized independent developers to grow and become stronger. The management team covers all the competencies needed to ensure successful investment in the field of renewable energies, a project’s initial promotion, technical and financial due diligence, Project Finance structuring and de-investment. Green Alliance evaluates renewable energy projects in their development phase, mainly in the production of electricity from eolic parks, photovoltaic plants and bio-mass, without excluding investments in thermoelectric solar energy plants, as well as the production of second- and third-generation biofuel. Green Alliance is expanding its team in order to structure an international fund for sustainable development (energy infrastructures, water and clean-tech).

MOST NOTEWORTHY OPERATIONS

Green Alliance administers the Green Alliance I FCR Fund, with assets of 50 million euros, for institutional investors. A second fund is in its structuring phase.

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COMPANY: Acapital ALUMNI: ADDRESS: SECTOR: Private Banking Juan Pablo Tusquets Trías de Bes Av. Diagonal, 413, 2º 1ª SENIOR MANAGEMENT TEAM: (Lic&MBA 86) 08008 Barcelona Juan Pablo Tusquets Trías de Bes, President- Tel. 93 396 86 61 Managing Director Fax 93 511 56 77 Enrique Salat Esteba, Managing Partner E-MAIL: [email protected] WEBSITE: www.acapital.es

DISINTERESTED management and commitment to the customer

capital is a private banking firm specialized in advising pri- • Solidity. Partnership with the Banco vate investors in the definition and implementation of their de Santander. Acapital has a two- Ainvestment strategy. fold agreement with the Bank of Acapital’s team of partners and professionals have wide experi- Santander: they carry out adminis- ence and training, most of which pertains to working jointly in the tration of Acapital’s UCITS and they Corporate Finance and investment banking sector, both nationally are also the depository institution. and internationally. • Commitment. A commitment to provide the customer with the product basic PILlars that best suits his characteristics. • Impartiality. Since we do not belong to any financial or business group, Since we have delegated adminis- there are no conflicts of interest. trative tasks to Bank of Santander, the Acapital team devotes all their efforts to the management and commercial work. FINANCIAL PRODUCTS FINANCIAL SERVICES RANGE OF FUNDS • Acapital Tesorería dinámica [Dynamic treasury] FINANCIAL ADVISING Objective: to obtain performance higher than Euribor with low Acapital advises high-wealth customers in building their volatility (around 3%). investment portfolio: Investment policy: 50-75% of the fund in Market Neutral, the • advising in the selection of assets best suited to the rest in the money market, fixed income, structured products customer’s risk profile and conservative alternative management funds • constantly monitoring the markets in order to make • Acapital mixto [Mixed] adjustments to each portfolio, always following the Description: global mixed fund, both in types of assets as well guidelines previously agreed on with the customer. as in geographies. Investment policy: invests mainly in investment funds and typi- MANAGEMENT OF SICAVs cally invests between 30% and 75% in variable income. The management team has ample experience in all areas: • Acapital Estrategia global [Global strategy] • Setting up the SICAV, carrying out legal paperwork and Mixto Flexible Global Investment Fund. The investment philoso- necessary authorizations (CNMV, stock market, etc.). phy consists of searching for absolute positive performance • Administration of the company in a broad sense, covering all regardless of market indices and benchmarks. Consistent per- administrative, legal and accounting requirements formance of around 8-12% annually is the goal, with special • Wealth management: handling the actual management to the emphasis on protecting capital in bear market periods. The extent that the customer requires, avoiding use of standard Fund has a global investment nature, and carries out diversi- or model portfolios. fied management with different types of assets. Acapital presently manages three sicavs. 95

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COMPANY: Deutsche Bank ALUMNI: ADDRESS: SECTOR: Corporate Banking Javier González Álvarez (Lic&MBA 92) BARCELONA SENIOR MANAGEMENT TEAM: Javier Espurz (Lic& MBA 93) Ronda General Mitre 72-74 Alfonso Gómez-Acebo, Hans Narberhaus (MBA 94) 08017 Barcelona Head of Global Banking Iberia Juan Carlos Onieva (Executive MBA 06) MADRID Jordi Óliva, Head of Global Santiago del Solar (Lic& MBA 03) Paseo de la Castellana, 18 Transaction Banking Iberia Marta Monreal (Lic& MBA 06) 28046 Madrid íñigo Errandonea, Businesses Area Manager Eduard Ros (Lic& MBA 06) Tel. +34 902 24 01 24 Juan de Dios Aguirre (Lic&MDE 07) WEBSITE: www.deutsche-bank.es

a GLoBAL bank At THE SERVICE OF your business

IN THE WORLD Deutsche Bank is a worldwide bank, with powerful investment banking and commercial banking divisions. A leader in Germany and Europe, it is steadily growing in North America, Asia and key emerging markets. With over 80,000 employees and offices in 75 countries, it is traded on the Frankfurt and New York stock exchanges.

IN SPAIN In Spain, Deutsche Bank is one of the principal international banks, and its activity encompasses all areas of the banking business: investment banking, business corporate banking, private banking and custodian banking. In the area of corporate banking, Deutsche Bank offers high value- added services and consulting, innovative products and strong international experience. Deutsche Bank enjoys one of the most extensive global networks worldwide and offers its customers financial solutions that facilitate internationalization of their business.

PRoduCTS AND SERvICES STRATEGIC FINANCIAL SOLUTIONS • Advising for mergers and acquisitions • Advising on going public • Syndicated loans • Leverage Finance

FINANCIAL SOLUTIONS in TRANSACTIONAL BANKING • Cash management: collections, payments, Zero Balance Accounts and electronic banking, both national and international • International trade: letters of credit, guarantees, factoring, confirming • Structured solutions for financing exports • Risk management (currency, interest rate, commodities, etc.) • Custodian banking

CAPITAL MARKETS • Variable income / fixed income • Foreign exchange market, interest rate, commodities, etc. 96

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COMPANY: ALUMNI: MADRID Lantares Europe S.L. Óscar Hernández Agustín de Betancourt, 21, 8º SENIOR MANAGEMENT TEAM: (EDIEF 89) 28003 (Madrid) Óscar Hernández ADDRESS: Tel.: +34 91 788 53 31 General Manager BARCELONA WEBSITE: www.lantares.com Rafael Fernández Constitución, 3, 2º 2ª Manager, Madrid office 08960 Sant Just Desvern Meibeth Hernández (Barcelona) Operations Manager Tel.: +34 93 470 60 00

LEADER IN IMPLEMENTING CPM AND bI SOLUTIONS

reated with the objective of providing businesses with SECTORS OF OPERATION solutions for maximizing profitability in their data, Lantares C has become a leader in implementing strategic Corporate Lantares’ 120+ customers come from all sectors: insurance and benefit Performance Management (CPM) solutions. societies, banking, pharmaceutical, logistics, mass consumer products, automotive, the public sector, construction, etc. Integrated CPM solutions help the business to understand its behavior through integrating the answers to three key management CUSTOMER TESTIMONIALS questions: “The project’s success was due not only to the Cognos tool, but also How are we doing? to the degree of involvement from the Lantares professionals and their Why do our business variables behave as they do? collaboration with us” (Miguel Freire, Novartis). “The combination of How should we have behaved, and how will we behave in the Cognos products for budgeting and analysis allows us to anticipate the future? close processes and to adapt surprisingly well to changes” (Fernando Blasco, Serunión). “One philosophy behind our Business Intelligence ABOUT LANTARES project was to be the information guarantor and distributor, instead of • We are specialists in implementing CPM and BI. the systems person taking that role. With Cognos this has been pos- • We implement Cognos technology exclusively; Cognos is the sible” (Antonio Ramos, Liberty Seguros). world’s leading supplier of BI and CPM • We have received the Platinum Reseller Partner award from Cognos for 2005, 2006 and 2007. • We are the Cognos Training Center. • We have specific implementation methodology for analysis and reporting, balanced scorecard, and planning and budgeting. • We are the only certified partner for Cognos solutions in Spain. • The only Cognos partner on the Iberian peninsula which has received the Cognos Partner Sales Excellence award (2007). • We are Cognos’ leading partner in offering IBM Cognos Controller and IBM Cognos TM1.

PRINCIPAL PRODUCTS and SERVICES

• Consulting services: Lantares’ consulting service covers the span from project definition to architecture design. • Training services: Lantares, as the Cognos Training Center and official Cognos BI distributor, delivers official Cognos training courses. • Outsourcing and BICC services: Lantares offers a total outsourcing service for its Corporate Performance Management solutions. 97

083-97 Esp ServFinan_ING.indd 97 8/10/08 17:04:41 The Tale

Condolences

nce upon a time there was a man who lost words, then forget them, he imagined the moment of a friend unexpectedly. A heart attack, a the encounter, he mustn’t make any mistake, what O stroke, he never found out the cause. He could he say that would convey his sorrow without discovered it in the local paper, glancing through seeming like a hypocrite? On the other hand, if he the obituaries, a habit he had formed since his were too brief, she would think that he did not feel youth. The obituary gave the address of the funeral the loss. How should he act? home and the time designated for paying last At last his turn came. The widow looked at him respects and extending condolences to the family. inquiringly. The man took a few seconds to get star- The man hesitated about going, these situations ted. At last, he said: made him nervous, he didn’t know how to act and “You see, I’ve been thinking for a long time, and I on more than one occasion he had said the wrong still have not managed to find something appropriate thing. But he was a good friend, and his wife would to say. I suppose that you remember me well and be despondent. He must make the effort and know that I am an extremely reserved person, afraid express his condolences to the widow. of not expressing myself properly. However, I should The funeral home was packed. He arrived in not do myself injustice. I am shy, yes, but I haven’t the middle of the service and took his place at the put my foot in it so often as to justify the discomfort back of the room, leaning against the wall through I am feeling in these moments. I usually can commu- the whole proceedings. He was thinking of what he nicate with ease. But there are difficult situations, might say to the widow when the moment came. His such as the present. You cannot imagine how I hands were sweating. It bothered him how everyone feel, dear God, what a rough time, standing here in else seemed so sure of themselves. front of you, the poor little widow of my dear friend, When the ceremony ended, he took his place at seated there in silence, looking at me and waiting the end of the line of friends and family members for me to find some words for your desolation. It is who passed in orderly fashion to give their condo- a complicated, uncomfortable situation for me. You lences to the widow. Overcome by a morbid timidity, could not see me earlier, but I have spent the whole he let the others behind him pass on ahead. He was ceremony in distress, and since I didn’t know what feeling nervous, he would come up with the right to say to you, at the last moment I decided the best thing was to proceed in this fashion, clearly explai- ning to you my situation, embarrassing as it is. I am feeling very, very bad, with you sitting there silently, FERNANDO TRÍAS DE BES (LIC&MBA 90) Degree in Business Sciences and MBA from ESADE and the waiting for me to rise to the occasion of circumstan- University of Michigan. Founding partner of Salvetti&Lombart, ces which only you can know and which you do not instructor at ESADE, lecturer and writer. Together with Philip share with me. This is an awful time for me, some- Kotler, he authored Marketing Lateral, and he is also coauthor of Good Luck, with Álex Rovira. As a single author he also published thing I wasn’t expecting to go through today. I wasn’t El vendedor de tiempo, El libro negro del emprendedor, and expecting it, truly, I was not expecting it.” fictional works Relatos Absurdos, Palabras bajo el mar and El And the widow replied: coleccionista de sonidos. He is a regular contributor to El País 98 and La Vanguardia newspapers. “I’m sorry”.

098 ElRelato_ING.indd 98 8/10/08 15:09:39 Nos mojamos contigo

En sabemos por experiencia que implicarse es obtener resultados. Porque somos la consultora líder en la im- plementación de cambios que aseguran la mejora continua en la gestión de sus operaciones. La clave de nuestro servicio es la co- laboración en la base de las diferentes áreas de su organización garantizando así el compromiso con los resultados de su empresa.

BARCELONA / MADRID / www.alfaconsulting.com

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