Contents. 1 The OpenLimit Group 4. 2 Index Figures from 1 st January to 31 st December Highlights

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1 OpenLimit Group Annual Report 2008

2 Contents 1 The OpenLimit Group 4 2 Index Figures from 1 st January to 31 st December Highlights Annual Report of the Board of Directors Foreword to the Annual Report Financial Results Sales, marketing and business development Further development of products Changes to executive bodies Employees New designated sponsor New Auditors Transactions with related parties Termination of co-operations and legal proceedings Legal framework and the regulatory environment Economic Environment Important events that occurred after the reporting date of 31 st December Outlook 14 5 Chances and risk report Liquidity and economic environment Distribution and market demand for software solutions Competition environment Development risks Organizational realization of the planned growth Dependence upon key employees Financial risks Opportunities 17 6 Business Activities The OpenLimit Group Product Focus Product Portfolio Services 23

3 6.5 Vertical Focus General Anatomy of signatures Market Environment 25 7 Corporate Governance Introduction Group Structure and shareholders Capital structure Board of Directors Company management Indemnification, participation and loans Shareholder rights and participation Changes in controlling interest and preventive measures Auditors Information policy Substantial changes Assurance by the legal representatives 44 8 Consolidated Financial Statement Consolidated Income Statement Consolidated Balance Sheet as of 31 st December Statement of changes in equity per 31 st December Consolidated Cash Flow Statement Enclosure to the consolidated financial statements 49 9 Report by the Group Auditor OpenLimit Holding AG Financial Statement Income Statement Balance sheet as of 31 st December Notes to the Financial Statement Audit report Investor Information Disclaimer 74

4 1 The OpenLimit Group OpenLimit is an internationally recognized leading solution provider of electronic identity and signature software, headquartered in Baar, Switzerland and with a wholly-owned subsidiary in Berlin, Germany. The components of the solution can be easily integrated into existing applications, enable media-consistent workflows and the efficient management of electronic documents in all business areas. OpenLimit holds the very first certification recognizing world-wide compliance with the international security standard, Common Criteria EAL 4+, guaranteeing the highest degree of security and legal validity currently achievable. OpenLimit markets its products under the names OpenLimit and OpenLimit SignCubes. In addition to the Common Criteria EAL 4+ certification, the OpenLimit SignCubes Base Components have been awarded the Common PKI seal of approval for the Document Signing Client and SigG-Profile Compliant Document-Signing Client product classes by the Common PKI Board. Furthermore, the OpenLimit SignCubes Base Components have been confirmed, if required by national regulations, compliant in accordance with the respective signature laws of the target markets. Moreover, PricewaterhouseCoopers has attested that the joint Adobe and OpenLimit solutions fulfill all auditing requirements regarding audit-secure invoicing and verification in conjunction with electronic signatures in Germany. OpenLimit has also applied for the first certification of a signature / authentication software in conjunction with the ecard standard, the standard used for working with the German eid, health card, job card (also called ELENA), etc. The OpenLimit software products are supplied as standard solutions in different configurations. Due to the modular development of the software products, the modules can be repeatedly recombined and adapted to specific customer needs. OpenLimit products are extremely versatile. For example, OpenLimit products are already being deployed in B2B, G2B, G2G, B2C and G2C applications. Applicational uses for the signature / authentication components include in particular the following segments: electronic authentication, einvoicing, eforms, earchiving, ebanking, egovernment and in the future, emobile. The market development of signature application components is being primarily encouraged by a legally supported environment, increased pressure in the private and public sectors to save costs and increase efficiency through the use of media-consistent workflows, as well as by greater awareness of the hazards of data manipulations by third parties, phishing and identity theft. The OpenLimit products are marketed by our marketing and co-operation partners to the entire market spectrum of consumers, small and medium-sized enterprises (SMEs), major corporations and multinational groups, as well as state institutions. An overview of the distribution and co-operation partnerships is available in the section Partner on the OpenLimit website: OpenLimit generates revenues through three distinct offerings: Software Licenses: OpenLimit offers a portfolio of software solutions for client and server environments. Customers license the OpenLimit technologies based on a variety of standardized licensing models tailored to the product type or application scenario. Licensing fees are generally one-time fees, but may also be based on signature volume. Since IT security software becomes outdated periodically due to advances in technology, customers upgrade their OpenLimit products cyclically for a charge. Software Maintenance: OpenLimit offers software maintenance contracts to its customers that cover software updates, upgrades and support, depending on the individual arrangement. Software maintenance fees follow industry standards and generate recurring revenues for generally one to three years or as arranged. Consulting Services: OpenLimit offers consulting services in conjunction with projects. Consulting encompasses integration services, training and support as well as project consultation. Consulting fees are charged based on effort or are provided at fixed pricing, depending on the nature of the project. 4

5 st 2 Index Figures from 1 January to 31 st December 2008 Index Figures from INCOME STATEMENT Change in % Revenue Total Income EBITDA EBIT Profit for the year Result per share 0,10 0,06 BALANCE Balance Total Current Assets Non-Current Assets Current liabilities Equity CASH FLOW STATEMENT Cash flow from ongoing activities Net cash from operating acivities Cash flow from investment activities Cash flow from financing activities PERSONNEL Employees per end of 31 st December

6 3 Highlights 2008 OpenLimit increases revenues by 47% to CHF 7.14 million (same period previous year: CHF 4.85 million) to date sees the acquisition of important reference customers who have a signal effect on the respective vertical markets. The leading new key customers include Attorney and Notary Chambers in Germany, Eurofighter Jagdflugzeug GmbH, ISmed Gemeinschaft, Sixt GmbH & Co., Tally WEiJL Trading AG, Unfallkasse Post und Telekom and Verlag für Standesamtswesen. OpenLimit expands its partner network with further important technology and distribution partners, e.g. Fritz & Macziol, Oracle, Symantec, TC TrustCenter, X-Key and distributors in Israel and Japan. In 2008, OpenLimit finalized certifications of its technology for selected IBM and Microsoft forms server products in accordance with the internationally acknowledged IT security standards, Common Criteria EAL 4+. Presentation of the certificate to OpenLimit and Microsoft took place on 5 th March 2008, at the Microsoft booth at the CeBIT trade fair. Successful certification with IBM was concluded on 18 th December In conjunction with this certification, OpenLimit launched its new technologies for long-term archiving. External factors, such as the passing of Electronic Proof of Income Act (ELENA, formerly known as job card) and the decision in favor of the eid in Germany, are positive for potential future growth of OpenLimit. These ecard projects have the potential of moving the electronic signature market from infancy to an established market. OpenLimit is at the forefront of these developments and presented its eid solution at the German Chancellor IT-Summit in November 2008, where the OpenLimit technologies were used to authenticate / sign electronic data with the eid prototype, as part of the Technical University Darmstadt pilot project with the Technical University Darmstadt together with Fujitsu Technology Solutions, German Bundesdruckerei and T-Systems. This technology also received a very positive response at the CeBIT OpenLimit continued to expand its team of employees in the segments Product Development, Distribution & Marketing and Finance & Administration to provide the best possible support with a view to the successful sale of OpenLimit products for the growing network of partner companies. 6

7 4 Annual Report of the Board of Directors 4.1 Foreword to the Annual Report 2008 Dear Shareholders: The year 2008 was another record breaking year in terms of growth, and OpenLimit was able to complete the year with a positive net income for the second time in a row. The market for our products continued to grow, although the entire market size remains small in absolute terms. Nonetheless, we see light at the end of the tunnel. The most noteworthy developments in 2008 were the decisions and corresponding laws passed for so-called ecard projects. One of the most anticipated ecard projects is the German eid project, scheduled for rollout towards the end of This ecard project will accelerate the market penetration of smartcard technologies, a key component for electronic authentication and signature application scenarios, to the tune of ca. 9 million cards per annum. This will accelerate the market dynamics for our technologies and allow the market to move from infancy to an established market. OpenLimit currently has the only software product in certification according to the internationally accepted IT security standard Common Criteria that enables working with the eid both on the citizen and business / public authority side. We are confident that the development work that has been invested in this state of the art technology since 2006 will pay off in the future. It has been our strategy from the beginning to develop a universally applicable certified authentication / signature solution, and these recent developments have shown that our strategy is correct. We are thus optimistic about our medium-term growth potential and will continue to invest to follow through with our strategy. At this time we again thank our shareholders, employees and partners for their commitment to OpenLimit and hope this report will update you on the success we continue to build and enjoy together. If you have any questions or comments please feel free to contact us at anytime. 4.2 Financial Results OpenLimit was able to increase revenue in 2008 by 47% from CHF 4.85m in 2007 to CHF 7.14m. The revenue in the 4 th quarter reached CHF 4.77m, an increase of 31% in comparison to the same period 2007, and equals 67% of the total revenue for the year. The revenue development 2008 is the same as in previous years. Through company produced additions to software development, total income for the year reached CHF 9.28m (compared to 2007: CHF 6.57m), an increase of 41%. The positive development shows clearly that the market acceptance for the OpenLimit products has again increased substantially, as well as the willingness of businesses and public entities to invest in legally-binding electronic processing. OpenLimit continued to invest in additional personnel resources and marketing in The number of employees augmented by 15 to 46 employees by the year s end. Operational expenses, as a result, increased from CHF 4.71m to CHF 6.12m. EBITDA increased by 70% from CHF 1.85m in 2007 to CHF 3.16m in EBIT also improved from CHF 0,85m in 2007 to CHF 2.04m, even though depreciation increased in comparison to the previous year, reaching CHF 1.12m. OpenLimit was profitable for the second year in a row with net profit reaching CHF 1.60m or 17% of total income. Non-current assets increased by 35% from CHF 2.78m in 2007 to CHF 3.74m in The increase is predominately based on an increase in intangible assets, as the company has made additions to software development. Current assets benefited by an increase in trade and other receivables by 45% over the same period of the previous year, mainly due to a very strong 4 th quarter. Of concern was the very low cash balance at the year s end of CHF 0,10m. In order to have sufficient liquidity going into 2009, OpenLimit was aware of the necessity of speedy payments on account receivables and / or the possibility of having to rely on working capital loans or other capital measures. Current assets total CHF 5.54m in 2008, compared to CHF 4.82m in The balance sheet total in 2008 increased by 22% from CHF 7.60m in 2007 to CHF 9.28m. The increase in total assets, with no change in share capital and share premium, resulted in a reduction of the accumulated loss and thus an increase in shareholder equity from CHF 7.19m for 2007 to CHF 8.61m for the current year. Cash flow from operating activities was positive for year 2008, up 353% from CHF -0,53m in 2007 to CHF 1.33m in The positive development is primarily based on increased profits in 2008 over Net cash from operating activities with minor interest received and taxes paid also increased by 273% in 2008 from 2007 from CHF -0,74m to CHF 1.28m. Investments in intangible assets and equipment increased by 18% over the previous year and reached CHF 2.26m. Net cash and cash equivalents decreased by CHF -0,98m to CHF 0,10m for the year ended

8 4.3 Sales, marketing and business development The market for the OpenLimit signature solutions continued to develop positively and in line with estimates in the target markets of Germany, Austria and Switzerland (GAS) in 2008, which allowed OpenLimit to increase its revenues substantially, despite the financial crisis and downturn in the economy. Administrative cost-cutting pressures, the need for increased IT-security and the desire for augmented workflow efficiency and legal conformity are the main drivers for the purchase of OpenLimit products in the industry and state segments, which appear to be the counterarguments to the reality of a slowing economy and resulting budget cuts. Companies and public authorities continued to actively seeking technologies in 2008 for the implementation of legally binding and / or provable electronic processes to lower their costs. OpenLimit generated most of its revenues through client software and IT-projects, delivering server software solutions for mail-in box, e-invoicing and workflow solutions in the verticals: public, retail, manufacturing, financial services, communication and life sciences. OpenLimit invested a lot of its resources in order to serve developing ecard projects in Germany, which management views as the key market dynamic to advance the electronic signature market from infancy to an established market. ECard projects describe projects centered on the German electronic health card (egk / HBA), eid, electronic proof of income (job card) etc., scheduled for roll-out in 2009 / 2010, 2010 and 2012 respectively. The latter two ecard projects were initiated with the respective laws passed in The significance of these projects is that beginning with the rollout of the respective smartcards, card recipients, businesses and public authorities require client and server signature solutions. The ecard projects thus are a driving force for the development of the electronic signature market. OpenLimit has the only authentication / signature solution in certification according the internationally recognized IT-security standard, Common Criteria EAL 4+, to service these projects currently, and developments are supported by companies such as Adobe, Fujitsu Technology Solutions, IBM, Microsoft and Sun Microsystems. The product development phase has advanced significantly, culminating in the first public presentation at the German Chancellor IT-Summit in November 2008, where the OpenLimit technologies were used to authenticate / sign electronic data with the eid prototype, as part of the TU Darmstadt pilot project with the TU Darmstadt together with Fujitsu Technology Solutions, Bundesdruckerei and T-Systems. These technologies were also a central focus at the CeBIT 2009 with companies such as HSH, Fujitsu Technology Solutions, Microsoft Steria Mummert, SAP and T-Systems implementing the OpenLimit technologies for various show cases. Additionally, management expects a spill-over effect from the German projects to other EU-countries, and countries that have modeled their electronic signature legislation very closely after the EU-model, such as Japan, where OpenLimit was also able to sell technologies in In the course of implementing and establishing an optimized distribution and marketing unit within OpenLimit s organization, based on the revised company strategy effective since the end of 2007, OpenLimit significantly increased its distribution and sales team, leading to a professional and systematic partner management. New partners join a two level partner model, whereas existing partners were introduced to the model during Overall, this led to joint successes between OpenLimit and various partners by way of substantial increases in revenue. Sales cycles remain lengthy, however, due to the complex nature of the IT projects and the required procedural changes. As a result, there is a time lag between the positive market developments, the sales acquisition activities of OpenLimit and its partners and the resulting or expected project revenues. OpenLimit acquired thousands of new customers and several key reference customers during Projects with Attorney and Notary Chambers, Eurofighter Jagdflugzeug GmbH, ISmed Gemeinschaft, Sixt GmbH & Co., Tally WEiJL Trading AG, Unfallskasse Post und Telekom and Verlag für Standesamtswesen, to name a few, have a signal effect in the relevant vertical markets and pioneer character for further solutions of a similar kind. The main application scenarios of these IT projects pertain to mail-in box, einvoicing and workflow processes. OpenLimit also benefited from new legislation, aside from the eid and job card, pertaining to electronic collection procedures for unpaid receivables, for the electronic refuse authentication process and legislation pertaining to electronic civil registries. The law pertaining to electronic collection procedures greatly facilitated sales to members of Attorney and Notary Chambers in Germany. Collection of unpaid receivables must be submitted electronically with an electronic signature since The law mandating the electronic refuse authentication process is legally binding for all waste management companies from 2010 onwards. OpenLimit developed a specific technology for IBM Lotus Forms, which was certified by the German Federal Office for Information Security (BSI) in December Fritz & Macziol, one of IBM s largest distributors, applies the components in its portal for the electronic refuse authentication process. 8

9 The first sales successes are expected in Finally, to support sales in conjunction with the changes mandated for civil registries, OpenLimit acquired the partner Verlag für Standesamtswesen. Together a pilot project was initiated to enable the electronic administration of the registry for births, deaths and marriages. The OpenLimit technologies have been successfully integrated into the administrative IT-infrastructures. Once the pilot has been completed, the Verlag für Standesamtswesen intends to offer the combined solution to the communal data processing centers in Germany in In addition to the Verlag für Standesamtswesen, OpenLimit acquired several new distributors in 2008 and 2009 to date respectively. OpenLimit acquired X.KEY GmbH in the first half year As a competence center for solutions in the areas of Public Key Infrastructure (PKI), PDF and PDF/A, X.KEY s core competencies are marketing, consulting and support of secure, efficient and trustworthy solutions for electronic communication. The OpenLimit technologies represent the core of the X.KEY product portfolio. The recommendation for the OpenLimit technology, OpenLimit CC Sign, by the Austrian Broadcast and Telecom Regulations GmbH (Rundfunk und Telekom Regulierungs-GmbH) and the Trust Center, A-Trust, has led to a positive start for the mutual marketing and sales activities. TC TrustCenter was acquired as a partner in the third quarter 2008 and is an accredited trust center in Germany with operations in Europe and the US. TC TrustCenter offers the OpenLimit technologies in conjunction with its trust center services and products. Finally, distributorships for Japan and Israel were entered into in December 2008 and January 2009 respectively. Details about the distributors remain confidential at this stage, but exemplify the international appeal of OpenLimit technologies. OpenLimit was also able to enter into additional technological co-operations during the first half-year 2008, as exemplified by the cooperation between OpenLimit and Oracle Deutschland GmbH together with the existing distribution partner, Fujitsu Technology Solutions GmbH (FTS). This co-operation is based on the groundwork laid in 2007, and concentrates on the development of a secure middleware for electronic administrative processes which in future, due to EU guidelines and national legislation, will have to enable working with electronic signatures. Additional technological co-operations include the cooperation in the technology enabled program with Symantec Corporation, Mountain View, USA, focused on the topic of long-term archiving with electronic signatures, and the cooperation with Adobe Systems GmbH and brainbuxx Ltd. & Co KG, focused on backend e-mobile applications in conjunction with electronic signatures to enable capturing and audit-proof archiving of transaction data. With respect to the implementation of a new strategic marketing plan and increased personnel resources, OpenLimit has put forth significant efforts in increasing its market visibility and awareness. As a consequence thereof, OpenLimit has augmented the professionalism of its portfolio presentation with the launch of the new OpenLimit website, which has added clarity to product descriptions, product use cases, corporate and investor information. OpenLimit, furthermore, has increased its participation in exhibitions and product road shows. In 2008, this included the CeBIT in Hannover, Germany, ITnT (Trade Fair for Information Technology and Communication) in Vienna, Austria, Deutscher Verwaltungskongress Effizienter Staat (Efficient State) in Berlin, Germany, International PDF/A Conference in Amsterdam, Holland, Berliner Signaturkonferenz (Berlin Signature Conference), Germany, Adobe 2008 Security Partner Summit in San Jose, USA, the Citrix iforum 2008 in Munich, Germany, the CIAB 2008 in Sao Paulo, Brazil, the DMS Expo in Cologne, Germany, dbb Akademie on archiving and electronic signatures in Berlin, Germany, the DLR Congress in Bonn, Germany, Congress of Physician s Chamber Nordrhein in Düsseldorf, Germany, the Chancellor IT-Summit in Darmstadt, Germany and the egovernment Forum in Warnemünde, Germany. At these events, new OpenLimit technologies were released, prototypes of the next OpenLimit product generations were exhibited and the close collaboration between OpenLimit and its distribution partners was demonstrated. The participation at the exhibitions resulted in numerous articles in dozens of publications and online portals, as well as more importantly an increasing number of acquired projects. The first exhibition in 2009 is the CeBIT in Hannover, Germany. Here, a strong focus was placed on OpenLimit technologies for the German eid and new products for earchives, development of which was completed in December In summary, the development in the areas of sales, marketing and business development progressed as planned and demonstrated the effectiveness of the new sales and marketing strategies adopted towards the end of Milestone market developments, such as the German eid, provide OpenLimit with a solid basis for future growth and confirm the strategic focus on certified signature software and eid solutions for client and server applications. 9

10 4.4 Further development of products The product development department of OpenLimit was very productive in With the engagement of additional software specialists, OpenLimit successfully concluded dozens of projects, finalized several new product versions (including certification), developed new technologies and significantly advanced in the completion of its next major release, scheduled for the first half of The main releases in 2008 are based on the OpenLimit Base Components version , which were certified and released in February 2008, and version 2.5, certified in December 2008 and released in the first quarter Generally, the new releases support additional peripheral hard and software products, support additional operating systems and are compliant with the increased security requirements effective as of July 2008 in Germany. Unique versions of the new releases are focused on specific use case scenarios: OpenLimit SignCubes Base Components 2.1, version for Microsoft InfoPath Technology: During the CeBIT 2008, Dr. Udo Helmbrecht, President of the German Federal Office for Information Security (BSI), handed over the certification documents for the OpenLimit SignCubes Base Components version for Microsoft to Mr. Achim Berg, Managing Director, Microsoft Deutschland GmbH, and Henry Dattler, CEO, OpenLimit. The certification documents confirm the certification of the OpenLimit technologies according to the internationally recognized IT-security standard, Common Criteria, and compliance with the German Signature Act. Beyond the standard functions, users can utilize the new OpenLimit signature software to electronically sign (legally-binding) browser-based forms from Microsoft InfoPath Forms Services and Microsoft Office SharePoint Server The confirmation according to the German Signature Act also applies to Windows Terminal Server technologies. BKK OpenLimit 2.1, version : BKK OpenLimit was released in March 2008 and represents a unique OpenLimit product for exclusive distribution by the German Federal Association of Company Health Insurers (Bundesverband der Betriebskrankenkassen, BKK) and its partners. BKK represents an important niche market for OpenLimit technologies and encompasses its association members and their respective customers, over 14 million insured. The software product enables legally-binding processes between health insurers and their customers. S-TRUST Sign-it, version : S-TRUST Sign-it, an OpenLimit technology for exclusive distribution by the Sparkassen (Deutscher Sparkassen Verlag), was released in June Sparkassen customers will be able to utilize their S-TRUST Sign-it software in conjunction with the new online banking systems, based on the 45 million Sparkassen debit cards with electronic signature, a card reader and the OpenLimit technology. This alternative online banking system, which is currently in its test phase, is expected to go live in OpenLimit SignCubes Base Components, version 2.5: This OpenLimit version, certified in December 2008, was released in the first quarter The product provides significant added value by supporting XML-signatures and legally binding signatures for Lotus Forms from IBM. With the release, OpenLimit has specific Common Criteria certified technologies for three of the major form server technologies: Adobe LiveCycle, Microsoft InfoPath and SharePoint technologies and Lotus Forms by IBM. Additionally, version 2.5 supports elliptical curves, a very important feature for specific use-case scenarios. New technologies based on the OpenLimit core technology were also developed: OpenLimit now offers an Applet component which can be used for electronic signature and encryption services in browser based processes by accessing the OpenLimit middleware on the client. The Applet component eases the integration of OpenLimit technology into web applications and has successfully been introduced in Brandenburg. As of March 2008, the certified OpenLimit signature application is Citrix ready, i.e. the signature generation and verification is now possible in a Citrix environment, as well as in other terminal server environments. OpenLimit, on the basis of the certified core technology, developed a verification service for signed documents, which provides PDF/A compliant validation protocols. This solution offers the possibility for portal developers to integrate signature validation technology easily into their applications. 10

11 In addition to the already existing Software Development Kit (SDK) technology, OpenLimit extended the SDK with new samples and documentation to facilitate an easier integration of the OpenLimit technology into third party applications. Ready to use samples ease the integration of the OpenLimit products into third party scenarios. Implementation of two server based products, MigSafe and OverSign. MigSafe has been implemented along the ArchiSafe approach of the German National Metrology Institute (PTB, Physikalisch Technische Bundesanstalt) and helps customers to migrate their data between different logical and physical storages. The products address all customers with long term archiving requirements. Moreover, the product OverSign has been developed for the purpose of signature renewal to keep the safety of electronically signed documents. Both products have been implemented on J2EE basis and are state of the art server applications. Intensive work continued on the development of the next OpenLimit release, OpenLimit Signature Middleware version 3.0. In addition to the porting of the OpenLimit software to operating systems other than Windows, in particular to Sun Solaris, various Linux derivatives and MacOS X, the OpenLimit signature middleware solution is characterized by a new software architecture and user interface. The significance of the OpenLimit middleware is that it supports ecards and ecard applications. ECard projects describe smart card projects, such as electronic health cards, electronic identity cards, job cards, European Citizen Cards etc. and their corresponding software applications. OpenLimit is developing a middleware technology that could serve as a connector for many applications in such projects. This development is supported by enterprises such as Adobe, the German Federal Association of Company Health Insurers (Bundesverband der Betriebskrankenkassen, BKK), CSC Deutschland Solutions, DGN Services, Fujitsu Technology Solutions, Giesecke und Devrient, IBM, PDF/A Competence Center and Sun Microsystems. The prototype was presented at the German Chancellor IT-Summit in November 2008, where the OpenLimit technologies were used to authenticate / sign electronic data with the eid prototype, as part of the TU Darmstadt pilot project with the TU Darmstadt together with Fujitsu Technology Solutions, Bundesdruckerei and T-Systems a world premiere. The certified version is scheduled for release by mid The development of a mobile signature middleware with Adobe Germany also progressed, but a lot of work still remains in this area. There is no scheduled release date for this technology yet, as the focus on the ecard projects is considered more important at this time. Standard aspects of product maintenance include the integration of the latest signature cards and card readers in the OpenLimit solutions, the observance of national security criteria in the target markets, the adaptation of OpenLimit technologies for its international partners, as well as support for new product versions with Adobe, IBM and Microsoft technologies. The OpenLimit technologies comply with current legal stipulations in OpenLimit s core markets. 4.5 Changes to executive bodies In October 2008, it was decided that Dr. Thomas Hügi, Chief Operating Officer of OpenLimit at the time, would assume the overall management of OpenLimit as per 1 st January 2009 because Heinrich (Henry) Dattler (63) wanted to retire from the day to day operational duties as CEO. Henry Dattler would remain President of the Board, as before. Dr. Thomas Hügi resigned his position effective 15 th February 2009 due to diverging views since taking on the position relating to the medium-term strategy of the company. Marc Gurov, the previous CFO and deputy CEO, assumed the position as CEO, effective 16 th February He also assumes the duties as CFO, until such time a new CFO is implemented. Other changes to the executive bodies may be summarized as follows and are based on the board resolution, dated 1 st December 2008: René C. Jäggi was elected Vice-President of the Board of OpenLimit Holding AG. Andra Dattler was removed from her position as Director of OpenLimit Holding AG. All of the above changes were registered with the commercial registry on It was furthermore decided that: st As of 1 January 2009, Mr. Dirk Arendt, formerly a member of the OpenLimit extended management, was promoted into the Executive Committee of the Group, as Vice-President Business Development. In addition to the responsibility for the area of business development, Mr. Arendt is also responsible for the area of Marketing. 11

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