Strategic Partnership with Studley
	More info

I am happy to announce that AOS has recently signed a strategic partnership with Studley. Studley is a North American firm, founded in 1954 and head quartered in New York. Today the company is a leader in the U.S. market for commercial real-estate services. It has a staff of 500 working in twenty or so offices located in the country's main cities, and in 2005 posted sales of US$ 180 million (for more information go to www.studley.com). Studley and AOS share the same vision of offering fully independent services.

The signing of this agreement means that Adyal completely withdraws from AOS' capital, while Studley takes a minority equity share, since the majority of AOS' capital is owned by the management and myself, following an LMBO.

I believe that this partnership represents a key new stage in AOS' development and will enable us to further enrich our portfolio and our service quality for your projects. We shall soon be in contact to tell you more about our plans. Thank you for your trust in us.

Yours sincerely
Gilles Betthaeuser
Chief Executive Officer