Semiannual Report of FJA AG

www.fja.com Semiannual Report of FJA AG 01.01.2008-30.06.2008 Contact FJA AG Elsenheimerstrasse 65 80687 Munich GERMANY Investor Relations Phone: + 49 89 76901-274 or -7002 Fax: + 49 89 7698813 Email: investor.relations@fja.com www.fja.com

FJA Key Figures (IFRS) for the first half-year 2008 2008 2007,000 Euro,000 Euro Turnover 31,206 30,045 EBITDA (Operating result before depreciation) 3,161 2,992 EBITDA-Margin 10.1% 10.0% EBIT (Operating result) 2,698 2,466 EBIT-Margin 8.6% 8.2% EBT (Result before income taxes) 2,588 2,353 Half-year result 2,092 1,853 Earnings per share 0.10 0.08 Equity 24,816 19,690 Equity ratio 56.9% 45.5% Total assets 43,578 43,297 Net cash 14,236 10,899 Free cash flow 316 1,116 Employees as at 30.06. 483 467 FJA Key Figures (IFRS) for the second quarter 2008 2008 2007,000 Euro,000 Euro Turnover 16,034 15,341 EBITDA (Operating result before depreciation) 1,909 1,355 EBITDA-Margin 11.9% 8.8% EBIT (Operating result) 1,684 1,094 EBIT-Margin 10.5% 7.1% EBT (Result before income taxes) 1,624 1,054 Quarterly result 1,336 821 Earnings per share 0.06 0.04 Dear Shareholders, Having successfully completed our change of name, we are pleased to issue this half-year report as FJA AG and in a new layout. Thanks to the support you gave us in the AGM resolution, we are creating a uniform group and product brand that will strengthen FJA's brand profile, especially as regards continued international expansion. Our main focus is on the strategic programme "FJA Insurance Platform", which will combine the existing, successful FJA systems into an integrated solution for all insurance lines. This will enable FJA AG to meet the increasing demand for service-oriented, internationalised solutions within the insurance sector. Initial reactions from customers have been extremely positive, enabling us to further harmonise the FJA Insurance Platform's solution components and add extra elements. This key further development of our corporate strategy is the result of intensive work by all of our management team, who are now working hard on its implementation. With our internationalised, state-of-the-art solutions, we are aiming to also position FJA globally as an "industry expert for insurers and related financial services providers". Although this is a medium-term project, the initial successes of this approach are already reflected in our key performance indicators. At 16 million Euro, we increased Q2 2008 turnover by 4.5% on the same quarter in the preceding year. Licence and maintenance turnover rose 30% on the preceding quarter to 2.9 million Euro. Reflecting our efforts to increase internationalisation, foreign turnover increased in both absolute terms and also in relation to domestic turnover. 1

With the cost structure remaining efficient, our second-quarter growth in turnover resulted in EBIT of 1.7 million Euro, a rise of around 54% on the same quarter in the preceding year. The earnings after taxes of 1.3 million Euro (Q2 2007: 0.8 million Euro) produced second-quarter earnings per share of 0.06 Euro (Q2 2007: 0.04 Euro). This success was largely due to continued billing efficiency for services. This is reflected in the annualised turnover per employee for Q2 2008 of 134 thousand Euro (preceding year: 131 thousand Euro; +2.3%). This further increase in this important parameter is especially pleasing given that over the same period, the number of employees rose to 483, representing a 3.4% increase on the same date in 2007. We are also optimistic about prospects for the remainder of the fiscal year. Our turnover for the first half-year as at the end of June 2008 gives us a secured turnover base of over 58 million for the 2008 fiscal year. To ensure that FJA AG's continuing success is also appropriately reflected in the share price, we will intensify our investor relations activities from the second half of the year. We also obtained AGM approval to repurchase treasury stock. We should like to express our sincere gratitude for the trust you have shown in us thus far and look forward to you, our shareholders, accompanying us as we progress to becoming an internationally successful industry expert for insurers and related financial services providers. The Executive Board Interim management report The increase in total turnover for the first half of 2008 to 31.2 million Euro compared with 30.0 million in the same period in the preceding year is particularly notable as regards the high proportion of turnover accounted for by services. At 26.2 million Euro, turnover from services was around 10% up on the same figure for the preceding year. It thus more than compensated for the share of turnover from maintenance and licences, which was below the seasonal average. In terms of the Group's earnings potential, this means that future growth in turnover from licences and maintenance will enable further marked increases. With annualised turnover per employee of 134 thousand Euro, this is a very promising prospect. 140 135 130 125 120 115 110 105 100 95,000 Euro 124 131 131 Q1 Q2 Q3 Q4 Q1 Q2 2007 2007 2007 2007 2008 2008 137 129 134 Annualised turnover per employee The success in the first half of the year was largely driven by the continuing growth in upgrade release business for existing customers and the successful productive rollout at Provinzial Rheinland Versicherung, which became a new customer in 2007. The continuing strong growth in the Migration division and at our US subsidiary also made important contributions to the pleasing result. 2 3

The new Release 4.6 of the FJA Life Factory policy administration system has already been licensed and delivered as an upgrade to seven insurers. Its main aim is to expand the product range to include innovative products such as dynamic hybrid products and variable annuities. The current release now offers several variations of dynamic hybrid products as samples; these cover both private and subsidised provision. Insurers are using the new dynamic hybrid products to meet the increasing pressures of competition from banks; due to their successful mix of security and yield opportunities, these products are equally attractive to insured parties and insurers alike. Actuarial functions have already been implemented to administer variable annuities, which represent another innovative product group. As already outlined in our report on the first quarter, new releases for the products FJA Zulagenverwaltung (subsidy management) and FJA RAN (pension settlement and documentation system) have also been developed and customers are expected to start using these in the second half of the year. At the beginning of May, just a year into the project and including a first migration tranche, Provinzial Rheinland successfully rolled out its new, SOA-based life insurance policy administration system. For the first time, the new system offers key features of FJA Life Factory as technical services in SOA format; these features are now in productive use in Provinzial's SOA landscape. Three new orders for the Migration division meant additional turnover of 1.5 million Euro for 2008 alone. The dynamic growth in turnover in the USA also continued during the first half of the year. In the second quarter, the US subsidiary secured three further health insurers as customers. The resulting expected additional turnover for 2008 is around 4 million Euro. With strong growth continuing, the US subsidiary plans to almost double its personnel capacities to up to 80 people by the end of 2008. The progress made at Provinzial Rheinland Versicherung in particular and also the sales successes on the American health insurance market confirm our strategy of the FJA Insurance Platform. It represents our answer to the increasing demands from customers and the market for service-oriented solutions that can be used at international level. The FJA systems that have until now been successfully offered for individual insurance lines and regional markets are being combined into an integrated, international, service-oriented solution for the insurance industry. The ongoing expansion of the FJA Insurance Platform enables customers to successively implement the specialist functions of FJA Life Factory and other services on an SOA-compliant basis. As part of this development, we also increased our share in FJA Oda Team d.o.o. (Slovenia) from 80% to 100% during the first half of the year. At the same time, the company underwent full organisational integration within the FJA Group's divisional structure. The development of a compact multi-line system that was previously known as SymAss II has been incorporated into the FJA Insurance Platform development program. Mr Richard Engström was appointed new General Manager of our Swiss subsidiary, FJA Feilmeier & Junker AG, Zurich, with effect from 1 April. With the FJA Group's extensive and efficient products and varied services, he will support Swiss insurance companies in meeting the challenges they face and drive expansion of the FJA Group's international business. 4 5

Report on earnings position, financial situation and assets The number of employees as at 30 June 2008 was 483, representing a 3.4% rise on the same date in 2007 (467 employees). Earnings position During the second quarter of 2008, turnover amounted to 16.0 million Euro, 4.5% up on the same quarter in the preceding year. For the first six months of 2008, total turnover was thus 31.2 million Euro, representing a 3.9% increase on the same period in the preceding year (30.0 million Euro). There was a further increase in the already high billing efficiency of services. In the second quarter of 2008, annualised turnover per employee was 134 thousand Euro (preceding year: 131 thousand Euro; +2.3%). During the quarter under review, licence and maintenance business accounted for 18% of turnover. Compared with the first quarter of 2008, licence and maintenance business grew by 30% to 2.9 million Euro. Overall, it accounted for 16% (5.1 million Euro) of total turnover for the first half of 2008. Personnel expenses for the months April to June 2008 were 10.8 million Euro (Q2 2007: 10.1 million Euro; +6.7%). Alongside the increase in staff numbers, the rise on the same figure for the preceding year was also due to salary adjustments and accruals for bonuses. At 3.4 million Euro, other operating expenses were more than 9% below the previous year's figure of 3.7 million Euro. Total expenses before interest and taxes for the second quarter of 2008 were 14.9 million Euro (Q2 2007: 14.7 million Euro; +1.6%). In the first six months of 2008, personnel expenses rose to 20.8 million Euro (2007: 20.0 million Euro; +4%), with other operating expenses falling slightly to 7.3 million Euro (2007: 7.5 million Euro; -1.8%). Total expenses rose slightly by 1.4% from 29.1 million Euro to 29.5 million Euro. Other operating income for the second quarter remained unchanged at 0.5 million Euro (preceding year: 0.5 million Euro). The figure for the first half of 2008 was 0.8 million Euro, representing a fall of 30% on the same period in 2007 (1.1 million Euro). The result before interest and taxes (EBIT) for the second quarter of 2008 was 1.7 million Euro (Q2 2007: 1.1 million Euro; +54%). Despite the extraordinary burdens of the first quarter, the figure for the first six months of 2008 was 2.7 million Euro compared with 2.5 million Euro for the same period in 2007. At -0.1 million Euro, the net interest result revealed no major changes on the same period in the preceding year. Overall, the FJA Group recorded significantly higher earnings after taxes (EAT) of 1.3 million Euro for the second quarter of 2008 (Q2 2007: 0.8 million Euro; +63%). EAT for the first half of 2008 totalled 2.1 million Euro (first half of 2007: 1.9 million Euro; +13%). Earnings per share stood at 0.06 Euro for the second quarter of 2008 and 0.10 Euro for the first half of 2008 (2007: 0.04 Euro and 0.08 Euro). Looking back on the first half of 2008, the impairments experienced in the first three months were largely balanced by the extremely favourable development in the second quarter. The fact that turnover per employee rose in the second quarter despite an increase in staff numbers confirms that the new cost structures are sustainable even during periods of growth. 6 7

Financial situation Despite major cash outflows due to bonus payments and payment of a settlement, the second quarter revealed a positive cash flow from operating activities of 0.1 million Euro. At the same time, billed receivables rose slightly by around 0.1 million Euro to 11.3 million Euro compared with 31 March 2008. Based on quarterly turnover, this equates to 64 days sales outstanding (DSO). 14,106 14,345 14,236 13,778 14,000 12,000 11,421 10,898 10,000 8,000 6,000 4,000 Assets Most of FJA's added value is from licences and services. Besides the key current assets of cash and cash equivalents and trade receivables, the Group therefore also has important long-term assets such as off-balance sheet know-how and intangible assets. Currently, the only significant capitalised on-balance-sheet investment activity concerns the development to date of those elements of SymAss II which will in future form part of the FJA Insurance Platform. For these elements, an amount of 13 thousand Euro in own work was capitalised in the second quarter of 2008 (first half-year of 2008: 106 thousand Euro). Beyond this, we only capitalised that portion of the loss carryforwards available within the Group that we currently expect to use within the next three years. As at 30 June 2008, the equity ratio was reasonable at 57%. 2,000 0 2,000,000 Euro 588 154 3,187 475 503 Q1 Q2 Q3 Q4 Q1 Q2 2007 2007 2007 2007 2008 2008 115 In summary, the earnings position, financial situation and also the assets have developed extremely favourably in the first half of 2008. Net Cash OPCF Net cash / Cash flow from operating activities Viewed on a six-month basis, the cash flow from operating activities was 0.6 million Euro. Once again, this is a considerable improvement on the figure of -0.7 million Euro for the first half of 2007. The free cash flow for the second quarter of 2008 was -0.1 million Euro (preceding year: -0.4 million Euro), while the six-month figure was 0.3 million Euro (preceding year: -1.1 million Euro). As at 30 June 2008, the net cash position which for transparency reasons also includes liabilities under the sale and license-back agreements was 14.2 million Euro. At the end of the second quarter, cash and cash equivalents amounted to 18.4 million Euro, of which an amount of 16.3 million Euro was unrestricted. 8 9

Development of the segments Currently accounting for around 70% of overall business, the region of Germany still represents the largest segment. As the share for the second quarter of the preceding year was around 78%, this does, however, reflect our strategic objective of increasing the international side of business. 14.00 11.9 11.1 12.00 10.00 8.00 6.00 4.00 3.2 2.00 1.0 0.9 1.2 1.4 2.0 0.1 0.0 0.2 0.0 0.2 0.3 0.5 0.2 0.3 0.0 0.00 0.3 0.1 2.00 Turnover EBIT Turnover EBIT Turnover EBIT Turnover EBIT Turnover EBIT 4.00 Mio. Germany Austria Switzerland USA Slovenia Q2/2007 Q2/2008 Turnover and EBIT by segment (second quarter) In terms of the other regions, the USA and Switzerland are especially important for customer business, while Austria in particular and also Slovenia are increasingly acting as suppliers of internal services within the Group. 2,000 1,500 1,000 500 0,000 Euro 1,372 1,432 1,367 1,094 1,013 1,684 Q1 Q2 Q3 Q4 Q1 Q2 2007 2007 2007 2007 2008 2008 EBIT per quarter At 11.1 million Euro, the segment of Germany recorded Q2 2008 turnover on a par with the first quarter of 2008 (Q2 2007: 11.9 million Euro, -6.7%). Compared with the preceding year, therefore, growth in turnover was renounced in order to support US business. Compared with the same quarter in the preceding year, the level of income in Germany remained stable at 0.9 million Euro (Q2 2007: 1.0 million Euro). In the first half of 2008, turnover in the region fell by 6.8% to 22.1 million Euro compared with 23.7 million Euro in the same period of the preceding year. The special effects reported in the first quarter have affected the figures for half-year EBIT, which amounted to 1.2 million Euro for the first half of 2008 compared with 2.6 million Euro for the same period in 2007. The favourable and dynamic development of business in the USA also continued during the second quarter of 2008. Turnover for the months April to June 2008 was 3.2 million Euro (Q2 2007: 2.0 million Euro; +56%). Accumulated turnover for the first six months of the current fiscal year was 5.8 million Euro, 72% up on the figure of 3.3 million Euro for the same period in the preceding year. Despite the demands of growth, EBIT for this segment almost kept pace with the favourable development: In the second quarter of 2008, it amounted to 0.5 million Euro (Q2 2007: 0.3 million Euro; +52%), while for the first half-year it was 0.8 million Euro (preceding year: 0.4 million Euro). The segment of the USA thus proved very profitable in the first half of 2008. In the segment of Switzerland, the turnover of 1.4 million Euro for Q2 2008 was on a par with that of the preceding quarter (Q2 2007: 1.2 million Euro; +10%). Turnover for the first six months was 2.8 million Euro, 14% up on the same figure for the preceding year (2.4 million Euro). EBIT for the second quarter of 2008 was 0.2 million Euro compared with -0.3 million Euro in the preceding year. At 0.5 million Euro, there was a significant increase in EBIT for the six-month period compared with -1.2 million Euro for the same period in the preceding year. In the second quarter, the segment of Austria did not record any noticeable turnover directly with own customers. Turnover in this segment is achieved through intra-group services, especially in 10 11

actuarial consulting. At 0.1 million Euro, external turnover for the first half of 2008 was half that of the previous year. EBIT for the first six months of 2008 totalled 0.2 million Euro, below the figure for the same period in 2007 (0.4 million Euro). The situation in the segment of Slovenia in the first half of 2008 was largely characterised by the company's inclusion within the FJA Group's organisational structure as part of the FJA Insurance Platform strategy. Here, external turnover for the period January to June 2008 was 0.6 million Euro (first half of 2007: 0.4 million Euro; +26%). EBIT for the same period in 2008 was -0.1 million Euro compared with 0.2 million Euro for the first half of 2007. Forecasts The continuing pleasing development of orders on hand provides the basis for confirming our forecasts for the 2008 fiscal year. During the second quarter, the secured turnover base for 2008 comprising turnover, orders on hand and weighted incoming orders with a probability of more than 80% increased from 51.7 million Euro as at 31 March 2008 to over 58 million Euro as at 30 June 2008. The development of orders on hand for 2008 again reflects the strong growth of US business. During the second quarter of 2008 there were the following changes in the distribution of our secured turnover base: 28.00 24.00 23.7 22.1 4.1 20.00 5.4 23.2 Sales pipeline (probability >80%) 16.00 Orders on hand 12.00 31.1 Sales revenues 8.00 4.00 0.00 4.00 Mio. 2.6 1.2 0.2 0.1 0.4 0.2 2.4 2.8 Turnover EBIT Turnover EBIT Turnover EBIT Turnover EBIT Turnover EBIT Germany Austria Switzerland USA Slovenia 1.2 0.5 3.3 5.8 0.4 0.8 0.4 0.6 0.2 0.1 15.2 31.2 March 08 June 08 HY/2007 HY/2008 Secured turnover base (million Euro) Turnover and EBIT by segment (first half-year) Employees At the end of June 2008 the FJA Group employed 483 people (preceding year: 467). This represents a 3.4% year-on-year increase. Distribution by region: Germany 354 Austria 16 Switzerland 29 Slovenia 26 USA 58 For the second half of the year we expect to intensify release-related licence business with existing customers as well as securing potential new business. Supporting customers in replacing their legacy systems (migration) remains an important part of our business. Development over the first six months and the good prospects for the second half of the year reaffirm our forecast turnover of 64 to 68 million Euro and an associated EBIT margin of well over 10% for the 2008 fiscal year. 12 13

Report on opportunities and risks During the first six months of the year there has been no major change in the risk position compared with the end of 2007. No further risk groups have been added to the risks mentioned in the end-of-year report. There are currently no indications of any risks that could, either individually or in combination, jeopardise the Company's existence. Similarly, on the reporting date, there was no need for the Company to make significant individual accruals for critical projects. Consequently, the medium and long-term statements on opportunities and risks contained in the 2007 Annual Report remain valid. The forecasts for turnover and results for 2008 remain unchanged. We expect the following issues to be relevant in the second half of the year: As regards existing customer relations, we expect licence turnover associated with the delivery of the new releases of our standard software FJA Zulagenverwaltung (subsidy management) and FJA RAN, the development of which is already at an advanced stage. In addition, talks are currently underway with customers about making parts of the next scheduled release of FJA Life Factory available as an advance delivery in 2008 as the delivery that is planned for 2009 is obviously highly relevant to the market. New business also offers good potential. The current sales pipeline reveals a relatively high proportion of Life Factory canvassing projects in Germany. The order position for FJA-US, Inc. has already developed well in the first half of the year and we expect to conclude additional licence and customising agreements for the FJA-US Product Machine in the second half of the year. The extremely favourable response to the new FJA Insurance Platform is significant for future business. If things go well, corresponding canvassing projects in international markets could result in additional incoming orders in 2008. In all these cases it is important to note that such orders generally also lead to turnover in subsequent years. Initiating high-volume projects that are currently under negotiation will require significant run-up times that are difficult to calculate. It is therefore not possible to predict exactly when they will be concluded. With turnover from licence projects, there is also some uncertainty as to when this turnover will be realised. Realising this turnover depends on the dates when contracts are concluded and on the contractual agreements. Since the contribution to results from licence turnover is considerably greater than from services, if expected licence revenue from individual projects currently under negotiation fails to materialise or is delayed, this can have consequences, especially in terms of results. 14 15

FJA-US, Inc. has responded to the strong growth in orders by making a number of new appointments and planning others. The significant growth in staff numbers requires major organisational adjustments. The success of our US business will therefore largely depend on local management continuing to make the necessary organisational adjustments and integrating the new employees within the company without jeopardising the high levels of motivation present among longstanding members of staff. Report on major transactions with related parties During the period under review there were no major transactions with related parties for which special reporting was required. The charging-on of intra-group services is currently being redefined as part of the new corporate strategy. In connection with these new guidelines, the effects on the valuation of subsidiaries must be examined. This may require an adjustment in the book values of participating interests with corresponding write-ups or write-downs. 16 17

Consolidated Income Statement (IFRS) first half-year 2008 and 2007 Turnover Change in stocks of finished goods and work in process Own work capitalised Cost of purchased services and materials Personnel expenses Other operating income Other operating expense Depreciation/amortisation of property, plant and equipment and of intangible assets Operating result Interest income Interest expense Result before income taxes Income tax Half-year result Allocation of result: Profits/losses attributable to equity holders of the parent company Profits/losses attributable to minority interests Half-year result Earnings per share (basic) in Euro Earnings per share (diluted) in Euro Average shares outstanding (basic / diluted) 01.01. - 30.06.2008 01.01. - 30.06.2007,000 Euro,000 Euro 31,206 30,045 81 110 106 258 834 1,038 20,832 20,014 772 1,104 7,338 7,471 463 526 2,698 2,466 316 251 425 364 2,588 2,353 496 500 2,092 1,853 2,092 1,809 0 44 2,092 1,853 0.10 0.08 0.10 0.08 21,289,353 21,289,353 18 19

Consolidated Income Statement (IFRS) second quarter 2008 and 2007 Turnover Change in stocks of finished goods and work in process Own work capitalised Cost of purchased services and materials Personnel expenses Other operating income Other operating expense Depreciation/amortisation of property, plant and equipment and of intangible assets Operating result Interest income Interest expense Result before income taxes Income tax Quarterly result Allocation of result: Profits/losses attributable to equity holders of the parent company Profits/losses attributable to minority interests Quarterly result Earnings per share (basic) in Euro Earnings per share (diluted) in Euro Average shares outstanding (basic / diluted) 01.04. - 30.06.2008 01.04. - 30.06.2007,000 Euro,000 Euro 16,034 15,341 76 177 13 137 481 534 10,815 10,137 469 462 3,386 3,737 225 261 1,684 1,094 140 145 200 185 1,624 1,054 288 233 1,336 821 1,336 825 0 4 1,336 821 0.06 0.04 0.06 0.04 21,289,353 21,289,353 20

Consolidated Balance Sheet (IFRS) Assets Current assets: Cash and cash equivalents Marketable securities Trade accounts receivable billed receivables unbilled receivables Inventories Current income tax assets Other financial assets Other current assets Total current assets Fixed assets: Goodwill Intangible assets Property, plant and equipment Financial investments Deferred tax assets Current income tax assets Other financial assets Total fixed assets Total assets 30.06.2008 31.12.2007,000 Euro,000 Euro 18,439 18,894 3 3 11,318 7,950 9,916 7,203 1,402 747 82 1 79 172 119 180 981 841 31,022 28,041 3,583 3,583 1,724 1,776 1,798 2,053 6 6 4,163 4,182 920 905 362 263 12,556 12,768 43,578 40,809 Liabilities and Equity Current liabilities: Trade accounts payable Current income tax liabilities Other accruals Other current liabilities Other financial liabilities Total current liabilities Long-term liabilities: Other accruals Other financial liabilities Deferred tax liabilities Pension provision Total long-term liabilities Total liabilities Equity: Share capital Capital reserves Retained earnings Shares of parent company's shareholders Minority interest Total Equity 875 789 840 375 1,442 1,987 3,455 1,196 6,542 7,329 13,155 11,677 409 374 2,949 3,589 608 646 1,641 1,611 5,607 6,220 18,762 17,897 21,289 21,289 10,294 10,294 6,767 8,832 24,816 22,750 0 162 24,816 22,912 22 Total liabilities and Equity 43,578 40,809 23

Consolidated Cash Flow Statement (IFRS) Net income/loss Income tax Result before income tax Adjustments: Depreciation/amortisation of property, plant and equipment and of intangible assets Gain/loss from the disposal of property, plant and equipment Gain/loss from the disposal of intangible assets Adjustments on accounts receivable Increase in pension provision Interest income Interest expenditure Changes in: Trade accounts receivable Inventories Other assets/other financial assets/current income tax assets Other accruals Trade accounts payable Other debts/financial liabilities Income tax refunded Income tax paid Cash flow from operating activities 01.01. - 30.06.2008 01.01. - 30.06.2007,000 Euro,000 Euro 2,092 1,853 496 500 2,588 2,353 463 526 3 15 0 305 0 139 29 27 316 251 425 364 3,273 2,177 81 125 53 2,950 512 1,680 82 795 1,363 3,891 0 3 95 111 619 742 Table continued on following page 24 25

Consolidated Cash Flow Statement (IFRS) Cash flow from investing activities: Investments in property, plant and equipment Investments in intangible assets Inpayments from the disposal of property, plant and equipment Payment from the purchase of minority shares in consolidated enterprises Total cash flow from investing activities Cash flow from financing activities: Repayment of financial debts Borrowing of long-term debts Interest received Interest paid Total cash flow from financing activities Exchange-rate related changes not relevant for cash flow Change in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 01.01. - 30.06.2008 01.01. - 30.06.2007,000 Euro,000 Euro 72 132 106 258 6 16 130 0 302 374 585 1,003 0 2,922 316 251 425 330 695 1,841 77 4 456 720 18,894 16,176 18,439 16,896 26 27

Consolidated Statement of Changes in Equity (IFRS) Share capital Capital reserves Retained earnings Subtotal Equity capital Equity Valuation reserves Exchange equalization Net Investment Other Shares of parent company s shareholders Minority interests,000 Euro,000 Euro,000 Euro,000 Euro,000 Euro,000 Euro,000 Euro,000 Euro,000 Euro Position 01.01.2007 21,289 10,294 0 1,149 888 14,092 17,752 139 17,891 Net Investment 0 0 0 0 215 0 215 0 215 Differences due to currency conversion 0 0 0 161 0 0 161 0 161 Changes in equity capital not affecting operating result 0 0 0 161 215 0 54 0 54 Net income/loss 0 0 0 0 0 1,809 1,809 44 1,853 Total income and expenditure for the period 0 0 0 161 215 1,809 1,755 44 1,799 Position 30.06.2007 21,289 10,294 0 1,310 1,103 12,283 19,507 183 19,690 12,076 Position 01.01.2008 21,289 10,294 0 1,750 1,746 8,837 22,750 162 22,912 Transfer posting from minorities in profit reserves 0 0 0 0 0 32 32 32 0 Separation minorities by payment 0 0 0 0 0 0 0 130 130 Differences due to currency conversion 0 0 0 58 0 0 58 0 58 Changes in equity capital not affecting operating result 0 0 0 58 0 32 26 162 188 Net income/loss 0 0 0 0 0 2,092 2,092 0 2,092 Total income and expenditure for the period 0 0 0 58 0 2,124 2,066 162 1,904 Position 30.06.2008 21,289 10,294 0 1,692 1,746 6,713 24,816 0 24,816 6,767 28 29

Annex Accounting policies The consolidated annual financial statements of FJA AG for the year ending 31 December 2007 were prepared in Euro and in accordance with the International Financial Reporting Standards (IFRS). The interim financial statements as at 30 June 2008 that have been prepared in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting" have in principle been drawn up based on the same accounting methods as those used in the 2007 consolidated annual financial statements. Scope of consolidation On 10 April 2008, FJA AG acquired the remaining 20% of shares in FJA Oda Team, Maribor, and thus became the sole shareholder. The purchase price was 130 thousand Euro. There is also an earn-out provision, which depending on whether specified performers and team members remain, may lead to an additional payment of up to 170 thousand Euro. At the time of purchase, materialisation of the conditions for the earn-out provision could not be reliably estimated; consequently, it has not been included in the accounts as at the reporting date. Segments For details on segment reporting, please refer to the statements in the interim management report. Management and control Mr Stephan Schulak resigned his position as a member of the Company's Executive Board with effect from the end of 15 April 2008. His early departure involved a settlement of 249 thousand Euro. Share capital As at 30 June 2008, the share capital was divided into 21,289,353 shares with a nominal value of 1.00 Euro. FJA AG does not hold any treasury stock. No dividend was proposed or paid out during the period under review. The AGM issued an authorisation, valid until 20 December 2009, for the Company to purchase treasury stock pursuant to 71 para. 1 No. 8 of the German Stock Corporation Act [AktG]. Supplementary report No events of relevance to reporting have occurred after the closing date for this interim report (30 June 2008). Auditing by the Auditors Neither these interim financial statements nor the interim management report have been audited in accordance with 317 of the German Commercial Code [HGB]; similarly, they have not been subject to a review by the auditors. Assurance by the Company's legal representatives To the best of our knowledge, we issue an assurance that in accordance with the applicable accounting principles for interim reporting, the consolidated interim financial statements present a true and fair view of the FJA Group's assets, financial situation and earnings position and that the consolidated interim management report presents a true and fair view of business performance including the Group's results and position, and also describes the main opportunities and risks relating to the Group's forecast development over the remainder of the fiscal year. Munich, August 2008 The Executive Board 30 31

FJA Share Stock exchange segment Prime Standard, Frankfurt Number of shares 21,289,353 Stück ISIN DE0005130108 German code (WKN) 513 010 IPO 21.02.2000 32