Interim Report and Quarterly Management Report by 31 March 2008

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1 QUARTERLY REPORT Interim Report and Quarterly Management Report by 31 March 2008

2 CONTENTS QUARTERLY REPORT BY 31 MARCH 2008

3 Contents The Company General information 04 Key figures 05 Shareholders letter 06 Quarterly Management Report Presentation of the course of business 09 Presentation of the situation 12 Risk and chance report 13 Events after the end of the reporting period 14 Business outlook 14 Financial Statements Income statement 18 Balance sheet 19 Cash flow statement 20 Statement of changes in equity 21 Notes 22 Quarterly Management Report Other Information Financial calendar 26 Imprint 27 Financial Statements 4SC AG 03 Other Information

4 GENERAL INFORMATION QUARTERLY REPORT BY 31 MARCH 2008 General information Security code number ISIN DE SE code VSC Principal Office 4SC AG Am Klopferspitz 19a Planegg-Martinsried Germany Management Board Dr Ulrich Dauer, CEO Dr Gerhard Keilhauer, CDO Dipl.-Kfm. Enno Spillner, CFO Dr Daniel Vitt, CSO IR Contact Bettina von Klitzing Phone 0049 (0)

5 KEY FIGURES Development of important key figures 4SC AG in KEUR resp resp Net sales Result from operating activities - 2,320-2,158 Period result - 2,221-2,156 Equity 17,472 5,753 Equity ratio 86.6% 71.9% Balance sheet total 20,172 7,998 Cash flows from operating and investing activities 1, Cash flows from financing activities 0 0 Net change in cash and cash equivalents 1, Cash and cash equivalents 1 11,672 2,214 Funds 15,137 3,264 Number of employees (at end of period) Quarterly Management Report The 4SC share Earnings per share (undiluted and diluted) [EUR] Shares in circulation (average, in thousands) 19,002 11,461 Percentage of freely tradeable shares 2 100% 64% 3 month high (Xetra) [EUR] month low (Xetra) [EUR] Open at the beginning of period (Xetra) [EUR] Close at the end of period (Xetra) [EUR] Market capitalisation at the end of period [TEUR] 56,055 38,969 Average daily turnover (Xetra, Units) 6,186 2,905 1: This position does not include securities with a original maturity of more than three months, since they are included in cash flows from investing activities (see cash flow statement). 2: According with the regulations of Deutsche Börse (stock exchange) in Frankfurt concerning the determination of the percentage of freely tradeable shares, the free float of 4SC AG is only about 28.7%. Accordingly, all of the shareholder s shares that make up an aggregate of at least 5% of a corporation s capital stock allocable to a share category are deemed to be largely held. Financial Statements 05 Other Information

6 SHAREHOLDERS LETTER QUARTERLY REPORT BY 31 MARCH 2008 Dear shareholders, The first quarter of the financial year 2008 has gone to plan. The cooperation with the Wuppertal-based company Ai- Curis, which is aimed at a long-term collaboration, has started successfully, which is last but not least reflected in our positive revenue trend. However, as expected, the expenses for research and development have also risen significantly. This development reflects the substantial progress made in the project pipeline of 4SC AG, the actual value engine of our company. Four preclinical projects are well on the way to readiness for clinical trials and further trials are under preparation for our lead compound SC Thus, our development team has prepared the full-study design for an in-depth phase II study for the treatment of rheumatoid arthritis over the last few months and arranged for the production of the required clinical material. In addition, a phase IIa study for the treatment of inflammatory bowel diseases is in the pipeline for the same substance. The fact that we are pushing ahead with our lead compound independently strengthens our position versus potential licensing partners and ensures that valuable patent life time is used efficiently. We are continuing to hold talks with several interested parties on this subject with regard to a licensing partnership and, in some cases, have also entered into detailed negotiations. Four pipeline projects on the threshold of clinical development Research and development activities over the last three months have concentrated on our four preclinical drug candidates. Our aim is to test two of these candidates on humans for the first time before the end of the current financial year. We have been able to make considerable progress with all the projects: The substance SC68896 for treating haematopoietic and solid tumours has been systematically further optimised, especially with regard to its possible formulation. In addition, we have initiated a new study to test its efficacy for treating colon carcinoma (colon cancer). As regards the drug candidate SC71710 from our 4iP project, we have jointly prepared the design for an initial clinical study for the indication acute myeloid leukaemia with our partner Pro- Qinase and developed a dosing schedule. Parallel to this, we are in the process of establishing a clinical expert network of leading oncologists for both substances these are also elementary premises for launching successful clinical testing. In the case of the project SC71492 for treating inflammatory diseases, our development team has been able to complete important animal studies that are also the basis for clinical testing. In this case too, we have already defined a corresponding study design and started the process for selecting suitable contract research organisations. Last but not least, we have been able to confirm and more closely define the activity already proven in 2007 for treating avian flu virus infections in the case of the substance SC Its efficacy against other types of viruses could also be repeatedly demonstrated, which makes its application in other indications conceivable, such as e.g. in the context of HCV infections. 06

7 Quarterly Management Report Financial Statements 4SC AG Dr Ulrich Dauer Chairman of the Management Board Which of the four candidates will undergo clinical testing this year mainly depends on which of them is first to successfully complete the formal safety studies and thus meet all the conditions for official approval. It is common knowledge that we are also in regular contact with potential partners from the biotech and pharmaceutical industry with regard to these projects, which all, without exception, originate from our own research and development activities. These contacts are a guarantee that we develop our projects in line with the actual interests of our potential partners and do not ignore the needs of the market. After the successful capital increase last year, we are in a position to push ahead with all the projects in parallel under our own steam and therefore gradually increase the company s value. Dear shareholders, also on behalf of my colleagues on the Management Board, I would like to thank you for your trust in 4SC AG. Dr Ulrich Dauer Chairman of the Management Board Other Information 07

8 QUARTERLY MANAGEMENT REPORT QUARTERLY REPORT BY 31 MARCH 2008 Quarterly Management Report of 4SC AG During the reporting period the research and development activities of 4SC AG focused on the advancement of the preclinical projects in the direction of clinical development. 08

9 THE COURSE OF BUSINESS 1. Presentation of the course of business 4SC AG 1.1 Economic development and development of stock exchange segments The economic trend in the first quarter of 2008 continued to be shaped completely by the turmoil on the financial markets sparked by the so-called subprime mortage crisis. Whilst international banks in particular are reporting considerable write-down requirements in their financial statements, the capital markets are still signalling widely felt uncertainty and the capital market is suffering from the acute lack of liquidity, at least the European, and especially the German real economy, still seems to be relatively unaffected by these developments at the present time. Even though the growth forecasts by various groups of experts have now been corrected downwards, growth is still expected overall this year. On the other hand, in the USA there are growing signs of a recession, which, according to the experts, even the significant steps taken by the US Federal Reserve Fed to cut interest rates in the first quarter are only likely to be able counteract in the medium term. However, ultimately, there is still a lack of data to be able to conclusively confirm this as a trend. Another seriously challenge is the clear indication of increasing inflation, which especially also applies to Europe. Historically high energy prices, further rising commodity prices and, for some time now, sharply increasing food prices are heightening the general tension and therefore also fuelling consumer reticence. The trend of international stock markets was also shaped by the subprime mortage crisis in the USA in the last quarter. This has continued to push down all the indices substantially. Interestingly, the non-american indices are in the main now reacting much more strongly than the American indices themselves. Whilst the DOW Jones Industrial Average Index and the S&P 500 Index have fallen by 7.5% or 9.9% respectively since the start of the year, the Nikkei 225 Stock Average Index, for example, and the Hang Seng have dropped by well over 17%. The DAX also fell by 18.8% by the end of the first quarter compared to the beginning of the year, although the well-known overweighting of financial stocks is likely to have intensified the negative effect. The representative biotech indices were also hit by a generally negative trend in the first quarter of 2008, although in this case too the trend in the USA was less serious. The American indices reacted virtually in parallel, namely the NASDAQ Biotechnology Index and the AMEX Biotechnology Index have fallen by 6.4% and 6.2% since the start of the year to or points respectively. The German Daxsector Biotechnology Performance Index suffered considerably from the general market influences. This led to a minus of 12.4% compared to the start of the year; the index therefore closed at points. From a sectoral perspective, all the signs are still pointing to growth. Many companies are currently managing to make progress in key areas, such as clinical development data, patent approvals and industrial cooperations, despite difficult capital markets and minimal reward for positive news. The private capital market also appears to be gradually gaining momentum, which, for example, is indicated by the closing of several international funds. However, the number of significant venture capital-funded rounds of financing still remained manageable in the first quarter of The trend of international stock markets was also shaped by the subprime mortage crisis in the USA in the last quarter. 1.2 Development of the company Research and Development (Drug Discovery & Development) During the reporting period the research and development activities of 4SC AG focused on the advancement of the preclinical projects in the direction of clinical development. In doing so, key prerequisites for clinical trial readiness could be met, especially with regard to the oncological projects SC68896 and SC The development team of 4SC AG completed important preparatory animal studies for a clinical trial with regard to the SC71492 project for treating inflammatory diseases. During the reporting period, 4SC AG has also created other basic prerequisites for the swift further development of the leading clinical project SC12267 for the treatment of rheumatoid arthritis and other autoimmune diseases. 09 Quarterly Management Report Financial Statements Other Information

10 QUARTERLY MANAGEMENT REPORT _ THE COURSE OF BUSINESS QUARTERLY REPORT BY 31 MARCH 2008 SC12267 (autoimmune diseases) During the reporting period, the company processed in detail the results of the phase IIa study in rheumatoid arthritis carried out in The study report was finalised and the documents on the study were archived according to the guidelines.the development team optimised the tablet composition in preparation for further studies. In addition, other preclinical pharmacological studies in a cell culture model with cells from a joint fluid (synovial cells) demonstrated the positive efficacy of SC12267 and therefore supported the clinical efficacy trends from phase IIa. 4SC AG is working continuously on making sure enough new projects are in the research pipeline. SC68896 (cancer) The new small molecule proteasome inhibitor is currently undergoing preclinical development. A considerable effect with statistical significance could already be proven for SC68896 in 2007 in an animal model for brain tumours (glioblastoma). In addition, an efficacy study in a colon carcinoma (colon cancer) model was initiated during the reporting period, with the aim of developing the potential in another oncological indication. In the drug supply segment, development activities during the reporting period mainly concentrated on the formulation. In addition, the drug was further optimised. An extensive characterisation showed that a special salt form of SC68896 demonstrated significantly improved properties for use on humans.the production of this salt form has now been commissioned, in order to push ahead with the future development of the substance in this direction. By establishing a network of experts in the clinical field and evaluating commissioned clinical research institutions, the company is rigorously preparing an initial clinical trial on humans. SC71492 (inflammatory diseases) During the reporting period, 4SC AG carried out further studies to clarify the drug mechanism. The results from detailed studies relating to chronic inflammatory bowel diseases showed that the substance had an outstanding effect. An efficacy study aimed at proving the potential for the indication rheumatoid arthritis was commissioned. As planned, a programme was launched to examine possible toxicity. Initial results showed good levels of tolerance in animal models. When preparing the planned clinical trials, a manufacturing process was established that allows the production of larger amounts of the substance under industrial conditions.the synthesis for the GMP-certified material required for clinical trials was commissioned by the company. In addition, extensive testing with regard to stability and the physicochemical properties of the drug lay the foundations for scheduled further development. During the reporting period 4SC AG defined the study design for the first clinical trial on test persons and started the selection process for suitable contract research institutions. SC71710 / 4iP Project (cancer) During the quarter under review, 4SC AG prepared a clinical dosage schedule for the treatment of patients with successful studies for dose titration in cooperation with Freiburg-based ProQinase GmbH. An already initiated tox study programme will be carried out on a commission basis. In preparation for the clinical trials, the company has embarked on the selection process for clinical contract research institutions and has also prepared the design for the first clinical trial. In addition, the establishment of a clinical expert network of leading oncologists is intended to lay the foundations for the successful execution of an initial clinical trial. SC75741 (virus infections) SC75741 is the prototype for a whole category of new study drugs from the 4SC research programme, which is showing pronounced antiviral activity. These molecules act via the so-called NFκB signal pathway. In contrast to other drugs, they do not target the virus itself, but rather the host cell and therefore prevent further multiplication of viruses. As early as 2007, 4SC AG was able to prove activity of the drug candidate on avian flu viruses, such as, in particular, the H5N1 strain, which is highly pathogenic for humans. These results could be confirmed by further studies during 10

11 4SC AG the quarter under review and defined more closely. In addition, the compound's efficacy against other types of viruses could also be repeatedly demonstrated, which makes its application in other indications conceivable, such as e.g. in the context of HCV infections. During the reporting period, activities in this project focused mainly on the identification of other substances that can also be administered orally and therefore extend the application potential against wide-spread influenza viruses. Kv1.3 (Multiple Sclerosis) With the aid of computer modelling and electrophysiological measurements, 4SC researchers have developed very active and, above all, selective Kv1.3 blockers, which are now being tested in the further course of lead optimisation with regard to their safety and efficacy. The focus is on treating patients suffering from multiple sclerosis (MS). The target protein Kv1.3, which is highly expressed in immune cells, plays a key role in this autoimmune disease. The research work in this project has been accelerated since the start of the year by using a specially automated system for determining cellular efficacy. Further projects 4SC AG is working continuously on making sure enough new projects are in the research pipeline. As an example, 4SC AG has found new compound molecules which show particularly strong activity against malaria-causing organisms.these molecules are now to be developed, using subsidies from the European Commission, to the status of a clinical drug candidate, which can subsequently be licensed to a partner. Another project is aimed at the development of cancer treatments for solid tumours. This class of drugs is displaying initial successes in cellular tests, making it an interesting follow-up project to the development projects that are already further advanced. The third project addresses the identification of new compounds for treating autoimmune diseases on the basis of kinases targets Research collaborations (Collaborative Business) In the Collaborative Business segment, the emphasis during the reporting period was on collaboration with Wuppertal-based AiCuris GmbH & Co. KG for research of anti-inflammatory drug candidates. AiCuris is a spin-off of Leverkusen-based Bayer HealthCare AG's anti-infective research. In addition to the R&D collaboration in the context of several on-going projects of AiCuris, we are currently evaluating the possible expansion of our collaboration to include new targets of both partners. The cooperation with QuoNova LLC., Melbourne, Florida, USA, is also still developing positively.through its 10% stake in QuoNova, 4SC AG will also have the possibility, in future, to benefit from any successful developments in QuoNova's product line in addition to sales through the R&D cooperation. In the Collaborative Business segment, the emphasis during the reporting period was on collaboration with Wuppertal-based AiCuris GmbH & Co. KG for research of anti-inflammatory drug candidates Personnel During the quarter under review, technical assistants were recruited for the chemistry and analytics departments as well as a receptionist. In addition, a few positions which had become vacant at short notice could be filled immediately. Consequently, on 31 March SC AG had a total workforce of 74 employees (including the Management Board); in the previous year, 60 employees were reported at this point in time. 54 employees were employed in research and development, 18 in administration and distribution and two in the area of information technology. Quarterly Management Report Financial Statements 11 Other Information

12 QUARTERLY MANAGEMENT REPORT _ PRESENTATION OF THE SITUATION QUARTERLY REPORT BY 31 MARCH Presentation of the situation 2.1 Earnings position Net sales in the first quarter of 2008 originated from the Collaborative Business segment and amounted to KEUR 640 after KEUR 287 in the same period of the previous year. Whilst the previous year s sales resulted solely from the research and development cooperation with the US-American company QuoNova LLC., 4SC AG was also able to generate revenue within the scope of the new cooperation with Wuppertal-based AiCuris GmbH & Co. KG during the quarter under review. In order to be able to provide additional capacity for research, the team in the scientific segments was strengthened at the same time. A 30.1% increase to KEUR 1,973 was posted for research and development costs in the first quarter of 2008 (corresponding period in the previous year: KEUR 1,517). The main factor was the further development of the project pipeline, combined with increased external services and patent costs. In order to be able to provide additional capacity for research, the team in the scientific segments was strengthened at the same time, which led to an increase in personnel costs. Administrative costs fell in the first three months of 2008 despite increased personnel costs to KEUR 678 after KEUR 698 in the previous year.the background to this were considerable accruals in the previous year, which were connected with the capital increase carried out in the second quarter of Thus, the result from operating activities for the first quarter 2008 was KEUR - 2,320 after KEUR - 2,158 in the same quarter last year. The financial result for the first three months of 2008 could be improved to KEUR 99 (corresponding period in the previous year: KEUR 2). The finance income increased above all thanks to the interest-bearing investment of the liquid funds and the income-statement related valuation of securities from KEUR 64 to KEUR 209. However, finance expenses increased as well from KEUR 25 to KEUR 110. This mainly resulted from exchange losses due to the closing rate of the US dollar. In addition, the pro rata loss arising from the financial assets accounted for by the equity meth- od in connection with the associated company QuoNova LLC. was recorded in the financial result in the previous year (KEUR 0 in 2008 after KEUR - 37 in 2007). Consequently, the period result for the first quarter of 2008 amounted to KEUR - 2,221 after KEUR - 2,156 in the first three months of Undiluted and diluted earnings per share amounted to EUR compared to EUR in the corresponding period in the previous year. 2.2 Net assets position The non-current assets declined compared to 31 December 2007 from KEUR 5,689 to KEUR 5,081. While the intangible assets stayed virtually unchanged and an increase could be posted for the fixed assets, the non-current receivables from associated companies and the other financial assets fell. The current assets also fell to KEUR 15,091 (31 December 2007: KEUR 16,374). The main factor was the reduction of the other financial assets from KEUR 4,886 to KEUR 1,980, however part of it could be compensated for by increasing cash and cash equivalents. The background to the change in the equity from KEUR 19,616 at the end of the last financial year to KEUR 17,472 as of 31 March 2008 is mainly the negative period result of KEUR - 2,221. Therefore, the equity ratio fell by 2.3 percentage points to 86.6% (88.9% as of 31 December 2007). The long-term debts rose from KEUR 53 at the end of the previous year to KEUR 85 at the end of the quarter under review, and the short-term debts from KEUR 2,394 to KEUR 2,615. Contrary effects played a role here, namely whilst the accounts payable to associated companies were repaid in full, the trade accounts payable rose as per the cutoff date from KEUR 480 to KEUR 528. At the same time, other liabilities increased by KEUR 261 to KEUR 1,212, mainly due to the external services and patent costs not yet billed. The balance sheet total fell due to the described effects from KEUR 22,063 on 31 December 2007 to KEUR 20,172 as of 31 March

13 QUARTERLY MANAGEMENT REPORT _ RISK AND CHANCE REPORT 4SC AG 2.3 Financial position In the first quarter of 2008 the cash flows from operating activities amounted to KEUR - 1,795 with a negative pe-riod result of KEUR -2,221 (corresponding period in the previous year: KEUR - 1,190 with a period result of KEUR - 2,156). This was mainly due to the reduction in trade accounts receivables and the increase in other liabilities. Cash flows from investment activities could be generated both during the reporting period and in the corresponding period in 2007 mainly due to the sale of financial investments. They amounted to KEUR 3,400 in the first quarter of 2008 after KEUR 900 in the same period last year. In the months January to March 2008, KEUR 268 was invested in intangible assets and fixed assets (2007: KEUR 18), so that the cash flows from investment activities amounted to KEUR 3,132 in total (2007: KEUR 882). No cash flows were generated from financing activities in either the quarter under review or in the corresponding period in the previous year. Hence cash and cash equivalents at the end of the quarter under review amounted to KEUR 11,672. Other monies in the amount of KEUR 1,980 were held in short-term fixed and variable interest-bearing securities and fixed deposits. In addition, KEUR 1,485 are held in financial instruments with a maturity period of more than one year, so that a total cash balance to the amount of EUR remains (31 December 2007: KEUR 17,193). Quarterly Management Report 3. Risk and chance report The risk and opportunity situation of the company has largely remained unchanged compared to the last reporting within the scope of the annual report as at 31 December Financial Statements 13 Other Information

14 QUARTERLY MANAGEMENT REPORT _ EVENTS _ OUTLOOK QUARTERLY REPORT BY 31 MARCH Events after the end of the reporting period Only recently, 4SC AG announced a change in the Supervisory Board with effect as from the end of the annual general meeting taking place on 5 June 2008.The current members of the Supervisory Board Dr Robert B. O Connell and Dr Brian Morgan intend to resign their seats. The nominations of Dr Thomas Strüngmann and Helmut Jeggle, both representatives of Santo Holding (Deutschland) GmbH, the largest single shareholder of 4SC AG, are proposed. 5. Business outlook 4SC AG has developed largely as planned in the first three months of the financial year 2008 and the objectives set for the year as a whole also endure. In the main segment Drug Discovery & Development the company is currently concentrating on ongoing negotiations with several biotech and pharma companies regarding a possible licensing partnership for the most advanced development candidate SC12267 for the treatment of rheumatoid arthritis. In the main segment Drug Discovery & Development the company is currently concentrating on ongoing negotiations with several biotech and pharma companies regarding a possible licensing partnership for the most advanced development candidate SC12267 for the treatment of rheumatoid arthritis.to avoid losing any time, 4SC AG is preparing a clinical phase II trial on rheumatoid arthritis and a clinical phase IIa trial for chronic inflammatory bowel diseases for this development candidate parallel to this. The company is also concentrating on further developing the four preclinical projects (see chapter 1.2). These will progress swiftly through the formal preclinical phase, in order to be able to obtain approval for a phase I clinical trial for at least two of them before the end of In the Collaborative Business segment, the established cooperations with AiCuris GmbH & Co. KG and QuoNova LLC. are to be continued and also intensified where possible. With AiCuris 4SC AG is currently assessing the possibility of extending the cooperation to new targets set by both partners. In addition hereto, new projects and new clients are to be acquired in this segment in the current year. The establishment of a comprehensive, sustainable pipeline with drug candidates that are attractive for the pharmaceutical industry is and will remain the primary goal of 4SC AG and a major lever for increasing the company value. The company is expecting to conclude one or several substantial licensing agreements in the short and especially mid term, but the scope and actual timing remain difficult to estimate.according to the management, 4SC AG 14

15 Quarterly Management Report 4SC AG has sufficient freedom to operate to conduct corresponding negotiations without time pressure and to ensure the swift further development of the drug candidates in the pipeline parallel to this. Management Board of 4SC AG (from left to right): Dipl.-Kfm. Enno Spillner, Dr Daniel Vitt, Dr Ulrich Dauer and Dr Gerhard Keilhauer Financial Statements Planegg-Martinsried, 5 May 2008 Dr Ulrich Dauer, CEO Dr Gerhard Keilhauer, CDO Dipl.-Kfm. Enno Spillner, CFO Dr Daniel Vitt, CSO 15 Other Information

16 16 FINANCIAL STATEMENTS QUARTERLY REPORT BY 31 MARCH 2008

17 Financial Statements of 4SC AG (IFRS) Income statement 18 Balance sheet 19 Cash flow statement 20 Statement of changes in equity 21 Notes 22 Financial Statements Quarterly Management Report 4SC AG 4SC AG has developed largely as planned in the first three months of the financial year 2008 and the objectives set for the year as a whole also endure. Other Information

18 FINANCIAL STATEMENTS _ INCOME STATEMENT QUARTERLY REPORT BY 31 MARCH 2008 Income statement for the period from 1 January to 31 March 2008 (unaudited) in KEUR Notes Net sales Cost of sales Gross profit Distribution costs Research and development costs - 1,973-1,517 Administrative costs Other operating income Result from operating activities - 2,320-2,158 Financial result Result from an associate accounted for by the equity method 0-37 Finance income Finance expenses Financial result 99 2 Period result - 2,221-2,156 Earnings per share (undiluted and diluted) [EUR] : The other operating expenses, reported separately in the previous years interim report, were assigned to the individual areas of activities. 18

19 FINANCIAL STATEMENTS _ BALANCE SHEET Balance sheet for the period ended 31 March 2008 (unaudited) 4SC AG in KEUR ASSETS Non-current assets Intangible assets 1,870 1,865 Fixed assets 1,265 1,072 Other financial assets 1,485 1,972 Accounts receivables from associated companies Other non-current assets Total non-current assets 5,081 5,689 Current assets Inventories Trade accounts receivables Accounts receivables from associated companies Other financial assets 1,980 4,886 Cash and cash equivalents 11,672 10,335 Other current assets Total current assets 15,091 16,374 Quarterly Management Report Total assets 20,172 22,063 EQUITY AND LIABILITIES Equity Subscribed capital 19,002 19,002 Additional paid-in capital 28,395 28,395 Reserves Balance sheet loss - 30,632-28,411 Total equity 17,472 19,616 Non-current liabilities Other liabilities Total non-current liabilities Financial Statements Current liabilities Trade accounts payable Accounts payable to associated companies Financial liabilities Other liabilities 1, Total current liabilities 2,615 2,394 Total equity and liabilities 20,172 22, Other Information

20 FINANCIAL STATEMENTS _ CASH FLOW STATEMENT QUARTERLY REPORT BY 31 MARCH 2008 Cash flow statement for the period from 1 January to 31 March in KEUR Cash flows from operating activities Period result before taxes - 2,221-2,156 Corrections for: Depreciation on fixed assets and intangible assets and impairment of goodwill Financial result Non-cash affecting ESOP Non-cash affecting expenses and income 95-3 Interest received Interest paid Decrease of trade accounts receivables Decrease of accounts receivables from associated companies Increase of Inventories Increase/Decrease of other current assets Increase/Decrease of trade accounts payable Decrease of accounts payable to associated companies Increase of other liabilities Cash flows from operating activities - 1,795-1,190 Cash flows from investing activities Payments for investments in intangible assets Payments for investments in fixed assets Purchase of financial assets that are no cash equivalents 0 0 Sales of financial assets that are no cash equivalents 3, Cash flows from investing activities 3, Cash flows from financing activities 0 0 Net change in cash and cash equivalents 1, Cash and cash equivalents at the beginning of the period 10,335 2,522 = Cash and cash equivalents at the end of the period 11,672 2,214 1: ESOP = Employee stock option programme for employees and Management Board The cash flow statement was prepared in accordance with the provisions of IAS 7. 20

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