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Study Association Rotterdam School of Management PO Box 1738 3000 DR Rotterdam The Netherlands _________________________________________________________________

STAR financial year 2012 results Highlights financial year 2012 (August 2011 – July 2012): Revenues down 4.5% or €74k driven by lower acquisition revenues due to a decreasing interest of corporate partners in the Interface, lower contribution from funds as no guarantees from the Erasmus Trust Fund needed to be used, less consultants for the International Business Study project and lower book sales Cost of organising projects decreased 4.9% or €73k in line with revenues, resulting in a gross result roughly equal to the previous financial year General and administrative expenses markedly up mainly due to increased project costs resulting from increased investment in representation of the brand STAR and an increase in provision costs Other income has sharply decreased as the result of several factors Significant investments have been made in the webshop Developed a new house style including the new STAR logo Accounts receivable up because of earlier invoicing of STAR Management Week acquisition, number and amount of debtors past due very limited Income statement Revenues for the financial year were down 4.5% or €74k compared to last year: i) lower acquisition revenues (5.6% or €30k) mainly due to a decrease of interest from corporate partners in the Interface and less consultants for the International Business Study project; ii) lower contribution from funds as no guarantees from the Erasmus Trust Fund needed to be used (45.2% or €10k); and iii) lower book sales (6.2% or €41k). Costs of organising projects for the financial year were down 4.9% or €73k compared to last year. This year’s costs were lower due to: i) cheaper postage costs for the Interface; ii) lower expenses on airplane tickets (17.6% or €36k) because STAR negotiated lower prices, and less consultants for IBS; iii) lower promotion costs for the projects, especially the STAR Management Week (65.6% or €37k) and iv) lower location costs driven by lower expenses for the International Business Study (10.4% or €20k), partly offset by an increase in food & beverages as the result of an increased number of events, especially by Master Study Clubs (+54.6% or +€44k). General and administrative expenses for the financial year were up with 11.2% or €21k. Main fluctuations compared to last year can be found in: i) project costs: this post represents the costs STAR makes to represent itself to its stakeholders, for example two movies made for STAR branding and the Premium Partner Dinner STAR organised for all its corporate and faculty related relations; and ii) provision costs: in the first half of the year the debt provision had increased and at the end of the year a large donation was made to the lustrum reserve.

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Study Association Rotterdam School of Management PO Box 1738 3000 DR Rotterdam The Netherlands _________________________________________________________________ Other income (excluding interest income) for the financial year has decreased sharply compared to last year, down to €45k from €130k. The main drivers for this decrease were: i) result provisions: last year saw several provisions being released, including the €30k provision for the innovation fund and a reduction of around €30k in the provision for bad debts; ii) incidental results: the previous and this financial year both saw incidental results of €11k and €25k respectively due to legacy items in the old bookkeeping system that were corrected; and iii) result liabilities1: €29k lower as the result of earlier invoicing of STAR Management Week acquisition. Balance sheet Tangible fixed assets of STAR have grown with 49.8% or €24k. STAR has invested in new computers for the active members to use and the development of a webshop. The webshop will be the main source via which STAR will provide products and in the future also projects to its members. A student will be able to buy its membership, books, projects participation and additional study goods in the webshop. Although it is still a work in progress, it will open many opportunities for STAR to provide added value to the student. Intangible fixed assets at the end of the financial year were €17k. Next year the STAR brand will have a new look, which has been developed over the course of the financial year to be used for the years to come. The new logo comes with a manual for our active members on how to use the new style of STAR. This will make sure that the communication to all relations of STAR will happen in a similar style and fashion. Accounts receivable for the financial year have doubled compared to last year with 105% or 98k. STAR still has a lot of receivables from the Erasmus Recruitment Days, which has grown with 76% or 15k. However this amount will decrease in the coming year. Another reason for the increase is due to the STAR Management Week 2012 which starts two weeks earlier compared to last year, resulting in earlier invoicing of the acquisition revenues. An aging analysis of debtors reflects very strong accounts receivable management over the past year, with only €5k of debtors over 30 days past due. For this, a provision for doubtful debtors of €2k has been created. Liquid assets for the financial year had a sharp decrease of 24% or €107k, as a result of investing in the webshop, the purchase of new computers and the development of the STAR brand manual. General reserves for the financial year have grown with €11k, due to a donation to the lustrum reserve and a small increase compared to last year in the reserve for membership fees.2 Current liabilities for the financial year have decreased 13.6% or €12k. Main reasons for this decline are: i) the sharp decrease of the still to pay account (8.01% or €29k) due to the removal of legacy items from the old bookkeeping system; and ii) the earlier deadlines compared to last year of the STAR Management Week 2012 which led to an increase in the amount of relations that are already invoiced 1 (73.4% or €23k).

Relates to projects for which revenues and costs have been made, yet for which no result can be recognised as the projects yet have to be completed. 2 When received, membership fees are equally spread over the current year and the following four years. 1

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Study Association Rotterdam School of Management PO Box 1738 3000 DR Rotterdam The Netherlands _________________________________________________________________

BALANCE SHEET FOR THE YEAR 2012 For the year ended 31 July 2012 ASSETS 31-7-2012 EUR EUR Fixed assets Tangible fixed assets Intangible fixed assets Current assets Inventory Accounts receivable Liquid assets

EUR

31-7-2011 EUR

72.407 16.840

48.350 -

481 190.380 336.928

4.885 92.849 444.643

Total assets

527.789

542.376

617.036

590.726

EQUITY AND LIABILITIES 31-7-2012 EUR EUR Equity Retained earnings General reserves Exploitation surplus/deficit

Current liabilities Total equity and liabilities

403.269 107.636 24.262

EUR

31-7-2011 EUR

276.654 96.093 126.615 535.167

499.361

81.869

91.365

617.036

590.726

INCOME STATEMENT FOR THE YEAR 2012 For the year ended 31 July 2012 31-7-2012 EUR Revenues Costs of organising projects Gross result

31-7-2011 EUR

1.579.933 (1.401.800) 178.134

1.653.790 (1.474.704) 179.086

(205.915) (27.781)

(185.217) (6.131)

Other income Interest income

45.270 6.773

129.810 2.935

Exploitation surplus

24.262

126.615

General and administrative expenses Operating result

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Study Association Rotterdam School of Management PO Box 1738 3000 DR Rotterdam The Netherlands _________________________________________________________________

NOTES TO THE FINANCIAL STATEMENTS 2012 For the year ended 31 July 2012 General STAR (Study Association Rotterdam School of Management) was incorporated on September 27, 1977. STAR aims to provide development opportunities for Rotterdam School of Management students. These development opportunities are staged on and off the university and are organised together with the faculty, the university and other organisations who take interest in Rotterdam School of Management students. STAR is not required to publish financial statements, using the exemption option as laid down in Article 396, Title 9, Book 2 of the Netherlands Civil Code. These statements are primarily drawn up to inform the members of STAR and other stakeholders. The financial statements are prepared according to the stipulations in chapter 9 Book 2 of the Netherlands Civil Code. Historical cost is used as the measurement basis, unless otherwise indicated. The reporting and functional currency of the association is Euro. Comparative figures Certain comparative figures have been reclassified to be consistent with the classification applied in the current year.

Summary of significant account principles Balance sheet Unless stated otherwise, assets and liabilities are stated at face value. Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation, calculated on a straight-line or accelerating basis, over the estimated useful life's of the assets (3-10 years). Impairment losses The carrying amounts of tangible fixed assets are reviewed at each balance sheet date to determine whether there is an indication of impairment. If any such indications exist, the asset's recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the income statement. The recoverable amount is the greater of the net selling price and value in use. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount among that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Accounts receivable Receivables are stated at face value less provisions considered necessary for doubtful debts. Income taxes The Association is in principle not liable for income taxes to the extent that it operates as an non-profit organisation and does not conduct commercial activities. Under that assumption these financial statements have been drawn up.

Income statement Income and expenses are recognised on an accrual basis.

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Study Association Rotterdam School of Management PO Box 1738 3000 DR Rotterdam The Netherlands _________________________________________________________________

Balance sheet as at 31 July 2012 Tangible fixed assets

31-7-2012 EUR

Furniture Computers and peripheral devices Marketing items Software and licences

28.209 15.883 463 27.852 72.407

31-7-2011 EUR 30.779 9.335 380 7.855 48.350

Inventory Inventory comprises mainly office supplies and other small items which are used by the Association. Intangible assets Intangible assets comprises of assets that are not physical in nature, including intellectual property, goodwill and the brand name of the Association. Accounts receivable

31-7-2012 EUR

Joint venture projects Provision Bad Debts Other receivables

34.549 (2.234) 158.066 190.380

31-7-2011 EUR 19.609 (6.486) 79.725 92.849

Liquid assets The liquid assets represent mainly bank balances that are freely available. Equity Changes in equity during the year are specified as follows. Retained earnings EUR Balance as of 31 July 2011 Appropriation of result 2011 Mutation general reserves 2012 Exploitation surplus Balance as of 31 July 2012

276.654 126.615 403.269

General reserves EUR 96.093 11.544 107.636

Exploitation Surplus EUR 126.615 (126.615) 24.262 24.262

Total EUR 499.361 11.544 24.262 535.167

Provision Bad Debts EUR

Provisions

Balance as of 31 July 2011 Additions Releases Use of provision Balance as of 31 July 2012 Current liabilities

6.486 7.970 (5.964) (6.258) 2.234 31-7-2012 EUR

Accounts payable

81.869

31-7-2011 EUR 91.365

Repayment of current liabilities will take place within one year.

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Study Association Rotterdam School of Management PO Box 1738 3000 DR Rotterdam The Netherlands _________________________________________________________________

Income statement for the year 2012 For the year ended 31 July 2012 31-7-2012 EUR

Net income Contribution students Acquisition revenues Contribution faculty Contribution funds Sales books Contribution other

388.070 497.693 58.247 12.692 613.338 9.894 1.579.933

Costs of organising projects Office supplies Usage and depreciation Project costs Day programme costs Travelling costs Recruitment and marketing costs Costs books Other costs

General and administrative expenses Office supplies Usage and depreciation Project costs Day programme costs Travelling costs Board costs Marketing costs Other costs

31-7-2012 EUR 16.675 1.741 360.015 75.109 210.599 105.460 617.164 15.038 1.401.800 31-7-2012 EUR 18.992 20.218 70.701 40 2.433 58.848 9.573 25.110 205.915 31-7-2012 EUR

Other income Cash register surplus Interest revenues Result joined events Incidental results Result assets Result provisions Result liabilities Other results Incidental results exact

1.447 6.773 39.289 25.278 1.753 (22.544) 48 52.043

31-7-2011 EUR 377.225 527.218 62.280 23.175 654.046 9.846 1.653.790 31-7-2011 EUR 23.008 362 345.779 70.382 238.247 156.103 637.848 2.974 1.474.704 31-7-2011 EUR 24.588 20.805 55.680 4.234 1.979 57.820 6.535 13.577 185.217 31-7-2011 EUR 4.513 2.935 42.963 10.725 60.478 6.595 4.537 (0) 132.746

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Study Association Rotterdam School of Management PO Box 1738 3000 DR Rotterdam The Netherlands _________________________________________________________________

Employees The association has no employees. All work is performed on a voluntary basis. Exploitation surplus The association has no objective to have an exploitation surplus. However the Association will use this exploitation surplus to improve its liquidity, which means a possible exploitation surplus is added to the retained earnings.

Other information Audit obligation Under section 396 (6) Book 2 of the Netherlands Civil Code, the association is exempt from the obligation to have the financial statements audited by an auditor. Consequently, no audit has been requested and therefore no auditor's report has been issued. Rotterdam, September 8, 2012 On behalf of the Board,

Karl Kluun Treasurer STAR Board 2011-2012

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STAR Financial Results 2011-2012