1. Finance sustainable growth
Improving business performance
and preserving human capital
Via A. da Recanate 1, 20124 Milan
Tel. +39 02 80583223
Fax. +39 02 80583227
www.lowendalmasai.com

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425 EMPLOYEES IN THE WORLD
2,500 ACTIVE CLIENTS FROM ALL
BUSINESS SECTORS
CLIENTS FROM FTSE 100 AND FORTUNE
500
20 YEARS OF EXPERIENCE
Corporate Profile
We support our Clients at local and global level providing innovative solutions which lead to
measurable and sustainable results
ENTERPRISE COST MANAGEMENT
FINANCE SUSTAINABLE GROWTH, IMPROVING BUSINESS PERFORMANCE AND
PRESERVING HUMAN CAPITAL

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Enterprise Cost Management
An operational consulting model which leads to measurable results in working capital,
production, fiscal and social charges
DIAGNOSIS AND «QUICK WINS» IDENTIFICATION
IMPLEMENTATION OF TAILOR MADE ACTION PLANS
VALUE ADDED BUSINESS PROCESS OUTSOURCING
IMPROVING ORGANIZATIONAL STRUCTURE
Innovation
Funding
Labour
Cost
Risk
Management
Fiscal
Working
Capital
Purchasing &
Cost Performance
to increase cash
selling and fiscal risks
Transform tax
performanceandprocesses
Company efficiency into HR
Optimizingcashflow
Improving purchasing
Managingpurchasing,
processes
in opportunity
providingexternalfunds
Managing innovation

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Lowendalmasaï key assets
Lowendalmasaï offer is based on a mixed remuneration and applies a fixed fee and relevant
success fee depending on the objectives
Results
Lowendalmasaï
Variable Fee*
• Our fees are based on the results made for our clients
• Our interests and those of our clients are aligned
• Lowendalmasaï project must be measurable by the client
• Lowendalmasaï projects provide effective and durable results
Lowendalmasaï focuses on 4 priorities
Success Fee
Relationship
Expertise
• Not merely slides and
recommendations....
• ....but on-site presence and
action
• “Doers, not sayers”
Operational support
• Focus on Cost Optimization and
company turnaround
• Wide industry and segment
expertise
• Innovation and advanced
methodologies
• Pragmatic, professional and
result oriented approach
• Alignment of our interest and
those of the client
• Culture based on respect,
listening and good sense
• The quality of the relationship
with each of our counterparts is a
primary concern

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Our Clients
We are proud of our prestigious Client portfolio, which includes both international groups and
middle-sized dynamic companies

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Working Capital Optimization
Cash flow optimization to increase liquidity
A methodology that sets measurable
objectives
• Reduction of DSO and DIO, DPO
extension
• Reduction of Credit Risk
• Reduction of inventory levels and SLOBs
Contract To Cash – CTC
Sales and Quote
Management
Credit and Risk
Management
Order Processing Invoicing Terms
Collection
Management
Dispute
Management
Cash
Application
Procurement strategy,
budget and process
forecast
Sourcing, selecting
and contracting
Originating
requirements and
ordering
Tracking, receiving
and evaluating (goods
and documentation)
Invoice processing Terms Payment
Product range
management
Demand
forecasting
Sales order processing
and customer service
Material planning,
purchasing and
replenishment
Manufacturing
scheduling and
execution
Inventory
management
Finished goods
warehousing
distribution and
logistics
Procure To Pay – PTP
Forecast to Fulfill – FTF
• Development of tools for credit
management, tailored on client needs
• Algorithm design according to the sector
and to the kind of business
• Multi Language
• Outsourcing management of different
phases of Contract to Cash and procure to
Pay
• In-house collection to improve cash and
preserving relationship with the Clients
• Trade-off of short, medium and long
period objectives
• Multi-dipartimental trainings according to
Client needs
• Training based on business cases and
workshops
• Dashboard to monitor performances
Change management
Individual Training
Collective Training
Coaching
Process re-engineering
Revenue assurance
Policy and procedures
Reporting
Business Process Outsourcing
Cash Marathon
Cash Securitization
Temporary Management
Cash Flow Forecasting
Collection Management
Protests Management
Credit Risk Management

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Purchasing and Cost Performance
Improving purchasing performance and processes
From strategy to operational
implementation: our projects lead to
important changes and sustainable
savings
. Strategic thinking to optimize cost structure
(excluding employee related costs)
. Strategy and positioning of the purchasing
function
. Operational cost reduction
. BCC (Best Cost Countries) Sourcing
. Quick Win and long lasting results
. Optimization of communication and
coordination processes
. Purchasing outsourcing
. Improving the efficiency of information and
decision flows
. Site Hunting
. Partner Hunting
. Hosting – Exploitation of LM technical and
human resources
. Supplier screening
. Optimizing logistics and stock costs
. Reducing the stock level and improving the
service level
. Redesign to cost / design change
. Standardization of references
. Implementing a structured purchasing
organization
. Creating tools to control and measure
performance
Redefining the Cost Strategy
Achieving Savings
. Risk Management related to commodity
purchasing (MAK)
. Vendor rating
Optimizing and outsourcing
processes
Internationalization
Improving the
Supply Chain efficiency
Rethinking the
Product / Service
Improving the Organization
Risk Management

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Fiscal Cost Optimization
Turning taxation into opportunity
Training and
consultancyFixed Asset
Management
Optimization of
foreign and local
VAT
Compliance
Customs
Transfer
pricing
Management of the VAT refund process
with international staff, benefiting from
the well-established relation with Fiscal
Administrations:
• Document audit and formal and
substantial review
• Refund request preparation and
submission
• Queries follow up and management
• Refund achievement
Optimization of flows and VAT
compliance:
• Direct VAT registration
• Fiscal representation
• Vat Management
• E-commerce
Flow optimization (Customs Planning) and
risk area identification:
• Document analysis
• Flow mapping
• Revision of logistics related contract
• AEO certification
«On demand» consulting service:
• Due diligence projects
• Training on custom related themes
• Regulatory consulting
• Modular training
• E-shopping projectsDrafting of documents and continuous law updating
• Diagnosis and strategy
• Benchmarking
• Master and Country File
• Monitoring and follow-up with administrations
Audit and database creation of
physical inventory and reconciliation
with the ledger
IT tool which maps and monitors
cash income and expenses in
order to identify all potential
errors

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Labour Cost Optimization
Company efficiency in HR process
Social charges
Processes and tools
Mandatory insurances
• Process re-engineering
• Development of risk
scenarios and saving
opportunities
• Change management
• “As is” picture
• Developing strategies to
solve critical issues
• Processing policies and
procedures
• Checking operational
accuracy
• Saving opportunity
identification
• Operational support to
achieve the identified
opportunities
• Analysis of the adopted
funding mix
• Identification of not
exploited opportunities
• Support in fund
management
• Job position checking and
renewal
• Development of risk
scenarios and saving
opportunities
• Operational support to
solve critical issues and
achieve saving objectives
• Injury analysis
• Identification of
recoverable amount
• Operational support in
the recovering process
Process Analysis Compliance Payroll analysis Training funding scheme Employee safety insurance Appeal against third parties
Two methodological approaches:
Bottom Up
Focused on specific
issues
Top Down
Drawing a clear and
complete picture of the HR
area
360 analysis of personnel management processes and tools
focusing on three macro-areas:

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A dedicated project
team that overcomes
the specificities of your
line of business and
answers to your
particular difficulties all
along the mission
All companies carrying out:
• fundamental research,
• applied research,
• experimental development (tests,
experiments, simulations and/or
prototypes)
in order to develop/improve
products and processes
Financing Innovation
Managing innovation providing external funds
Follow-up and
reporting
Dossiers preparation
and submission
Caring of institutional
relations
Check-up of
exploitable
opportunities
Overview of technical
implications
Feasibility study
“As Is”
Photograph
Interviews
Communication of
the development
strategy
Data Collection
Creation of possible
scenarios
Funding
quantification
Potential funds
Support in creating
partnership
Kick-off
Meeting
Data collection Assessment “To be” proposals Implementation2 3 41
Strategic
Studies Patent Box
Management
Systems
International
Funding

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Risk Management
We use propriety tools to dynamically measure risks linked to purchasing, credits and tax
BUSINESS
FACTORS
Clients
Volumes engaged
Demand planning
ENDOGENOUS
FACTORS
Enterprise inputs
Purchasing contracts
Selling contracts
Risk Management Policy
EXOGENOUS FACTORS
Commodity and currency market
Market related risk
MaK
Metodologia Acquisto
Kommodity
MAK – Commodity Risk
The MAK model dynamically measures and quantified
the risk linked to commodity purchasing
Client & Vendor Rating
Tool used to support credit and supplier risk management,
generating an authomatic rating (monthly)
Objectives
• Reduce credit risk and monitor
supplier risk (solvency, financial
difficulties…)
• Define a client and supplier
rating model
• Evaluate the overdraft
• Speed-up inbound and outbound
order processing
• Improving reporting and control
systems
LM – Risk
• Interface with company systems
and external data sources
• Monthly evaluation of clients
and suppliers rating using n data
sources
• Monthly translation of the rating
into a dynamic reliability level
• Management of n moments of
risk evaluation (at the order,
shipment,…)
Risk
• DAU recovery and related customs documetns
Customs
• Redaction of Master File, Country File and Benchmark
Transfer Pricing
• Analysis of INAIL and INPS contribution
Labour Costs
Sanctionriskreductionand
processessecuritization
Strategicconsultingand
processes’optimization
Fiscal Compliance

12. Lowendalmasaï Italy
Via Antonio da Recanate 1 – 20124 Milan
Tel: +39 02 80 58 32 23 – Fax: +39 02 80 58 32 27
www.lowendalmasai.com
Paris - HQ
16 rue Washington,
75399 Paris Cedex 08
France
T : + 33 1 55 65 18 00
London
7 The Square, Stockley Park
Uxbridge, UB11 1FW,
London, United Kingdom
T: +44 (0) 203 178 54 41
Lisbon
Rua da Misericórdia 76,
1200-273,Lisbon Portugal
T: (+351) 213 210 219
Düsseldorf
Louise-Dumont-Str. 5
D-40211, Germany
T: +49 (0) 211 71 06 75 0
Madrid
Avenida de Bruselas, 7,
28108,Alcobendas, Spain
T : +34 91 319 28 75
Barcelona
Plaza Francesc Macia, 4
08029, Barcelona, Spain
T : + 34 93 201 07
Amsterdam
Mauritsstraat 11
2011 VN, Harlem, Netherland
T: +31 23 511 2980
Shanghai
Hong-Kong Plaza, 283 Middle
Huaihai Road, Room 1503,
Shanghai 200021, China
T: +86 (21)63411255
Tokyo
Kitasando DT Bldg. 5F,
4-16-7Sendagaya Shibuya-ku,
TOKYO 151-0051 - Japan
T : +81 (0)3 6661 4501
Rome
Via Francesco Antolisei 6
00173, Italy