Carmen has always targeted and worked with one of the world's largest employers - the transportation industry: an industry that has the most difficult and complex logistical patterns. We have concentrated on the airline industry, which is currently going through a very difficult period. The tragedy on September 11th might change the way we value and look upon security, but it will not change the very fundamental need for people to meet. This basic and important need has helped airlines overcome many obstacles in the past and will do so now as well.

For any Carmenite throughout the world the main goal is to help our clients achieve success in a very complex and dynamic market.

We believe that we have learned a lot from the past. We live in the present and we are all working to improve and shape the future for our clients and ourselves. That is why Carmen annually invests 30-40% of its revenues in R&D.; We believe in the future, in our unique ability and we are striving to create and innovate and thereby improve our client's performance through our core competence in resource optimization.

We have also started to offer our technology and business concepts to another very dynamic branch of the transportation industry - the railways. Railway companies are going through the same 'rebirth' that the airlines did a few years ago and we are here to help.

I see that both the airline and railway industry are not only acknowledging, but also demanding integration. Today the integration between different processes is just as important as the process itself. This dramatically increases the need for a concept and technology that allow for integration. Carmen Rave is one of the most important core technologies available to any client demanding improved integration.

Many clients have already understood the power and attraction of Carmen's applications and services. If you are not one of the companies that have tested our abilities - I invite you to do so now. Maybe I am being a bit biased, but at the end of the day can you afford to say no to a 5% cut in costs and a return on your investment in just a few months?

Finally, we are here to help any client rapidly achieve a significant improvement in performance by focusing on the operating processes that deliver direct cost savings and that help the airlines and railways improve their financial position. To us it is easy; it's all about optimization.

My recommendation is that before you ask us; ask any of our clients about Carmen and our abilities. They will tell you about the added value Carmen can bring.

Per Norén
Chief Executive Officer