SHARPENING STRATEGIC FOCUS

SHARPENING STRATEGIC FOCUS RESULTS FIRST HALF-YEAR 2014 August 1, 2014

Disclaimer This document contains certain statements and expectations that are forward looking, and which are based on information and plans that are currently available. By their nature, such forward-looking statements and expectations generate risk and uncertainty because they concern factors and events in the future and depend on circumstances that may not occur. Unforeseen factors that could influence the statements and expectations may, for instance, be changes in expenditures by companies in the markets we operate in; economic, political and foreign exchange fluctuations; possible statutory changes; changes in salary levels of employees; or future takeovers and divestitures. Exact can therefore not guarantee the accuracy and completeness of such statements and expectations, nor that such statements and expectations will be realized. Actual results may differ materially. Exact refuses to accept any obligation to update statements made in this document. 2 EXACT H1-2014 RESULTS

HIGHLIGHTS H1 2014 Erik van der Meijden CEO 3 EXACT H1-2014 RESULTS

Key messages Sharpening focus on core businesses Consecutive quarterly operational revenue growth Cloud Solutions: strong growth and overall international rollout on track Business Solutions: enduring headwind Specialized Solutions: solid improvements 4 EXACT H1-2014 RESULTS

Strategic highlights Divestment of Longview and Lohn enhances focus on core businesses JobBOSS, Macola and Max to support Exact Online in US market Decision on use of proceeds divestitures with FY2014 results Adjusted for divested businesses full year EBITDA guidance set at 41 to 44 million Exact evaluates announced expressions of preliminary interest for possible public offer 5 EXACT H1-2014 RESULTS

Continued strong growth of Cloud Solutions Online revenues up 44.3% to 7.1m in Q2 Annualized recurring revenues 29.2m; up 43.9% compared to Q2 year ago Paying cloud companies totals 164,470; up 36.4% compared to a year ago Adjustment to number paying companies; revenues not affected Annualized recurring revenues # paying companies ARR mix 30 +43.9% 180,000 +36.4% 100% Accountancy 21% 21% 22% 22% 23% 25 150,000 20 120,000 Accounting 63% 61% 57% 56% 54% 15 90,000 10 (mln) Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 60,000 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Industry solutions 17% 18% 21% 22% 23% Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 6 EXACT H1-2014 RESULTS

International rollout Exact Online on track Launch Paying companies Q1 Q2 ARR (in 000s) Status / Actions 2013-Q4 160 304 108 On plan; HW Fisher signed on 2013-Q4 26 29 60 Challenging start; US units to support Exact Online; offering integrated (accounting + industry) solution 2014-Q1 62 170 60 On plan, partnership with BBH 2015-H1 - - - On plan, controlled release in Q4 7 EXACT H1-2014 RESULTS

Executing Cloud Solutions strategy Q3 2014 Launch renewed App Center Introduce global accountancy program Controlled release of wholesale Distribution Premium Controlled release Manufacturing Advanced Q2 2014 Q4 Advanced integration App Center partners Launch Ipad Exact Online Starter for entrepreneur Introduce improved getting started Introduction Exact Online JobBOSS Controlled release France General availability Manufacturing Advanced Introduce improved getting started accountancy EXACT LIVE 14 Q4 2014 8 EXACT H1-2014 RESULTS

Business Solutions headwind endures License revenue declined in Q2 Maintenance revenue decline reflects migration to Exact Online and end-of-life DOS products Attrition 8.1% (7.6% H1-2013); increase reflects base change end-of-life certain products Value contract cancelations in H1 improved 1.7% to 3.2m License revenues Maintenance & support revenues In mln 8 6 6.5 5% 0% Operational growth rate License revenues 4 4.5 4.6 4.0 4.2 4.3-5% 2-10% In mln 0 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14-15% 9 EXACT H1-2014 RESULTS

Executing Business Solutions strategy Q3 2014 Launch new release Exact Financials Enterprise Launch mobile app: employee self service (ios + android) Launch mobile app: expense claim (ios + android) Launch new partnership Introduce new hosting offerings Q3 Launch mobile app: CRM (Android) Launch mobile app: time entry (PSA) app (ios) Launch new release Exact Globe Next Launch new release Exact Synergy Enterprise EXACT LIVE 14 Q4 2014 Q2 2014 10 EXACT H1-2014 RESULTS

Solid earnings improvement Specialized Solutions Longview and Lohn divested Total revenues, including Longview and Lohn, amounted 20.1m; operational increase 6.5% in Q2 Total revenues Americas amounted 11.8m; up operational 5.1% in Q2 Specialized Solutions operational revenues Specialized Solutions operational EBITDA Americas operational EBITDA 40 30 20 10 0 In mln +3.0% 37.2 15.4 38.4 15.8 Lohn + Longview 21.8 22.5 Americas H1 13 H1 14 In mln 9 6 3 0 5.9 3.1 2.8 2013 +43.5% 8.4 4.0 4.5 2014 Q1 Q2 9 6 3 0 In mln 6.2 3.0 3.2 2013 +26.8% 7.8 3.8 Q1 4.1 Q2 2014 1) Operational financial figures consider the impact of foreign exchange rates by translating prior year s results at current year s exchange rates. 11 EXACT H1-2014 RESULTS

FINANCIAL OVERVIEW H1 2014 Onno Krap CFO 12 EXACT H1-2014 RESULTS

Revenue growth continues Consecutive quarterly operational revenue growth driven by Exact Online Business mix shifting to Cloud Solutions % 6.0 4.0 Operational (excl Orisoft) total revenue growth 5.2% 0.6% Business mix shifting towards Cloud Solutions (revenues) 24.7% 15.3% 2.0 0.0-2.0-4.0-2.6% Q1 13-1.6% Q2 13 2.7% Q3 13 3.2% Q4 13 1.8% Q1 14 4.6% Q2 14 Longview + Lohn 60.0% Cloud Solutions Business Solutions Specialized Solutions (exc disposals) 13 EXACT H1-2014 RESULTS

EBITDA bridge H1 2014 versus H1 2013 Adjusted for currency impact 28 27 26 25 4.4 1.9 1.1 0.1 3.9 24 23.4 0.0 23.4 23 22 0.7 0.5 0.9 21.8 21 Total revenue + 3.6m Total OPEX + 5.2m 0 Eur mln H1 13 reported FX rates H1 13 Cloud Business Specialized Capitalized Personnel Revenue Other Sales & H1 14 Operational Solutions Solutions Solutions R&D expenses related operating Marketing expenses expenses expenses 14 EXACT H1-2014 RESULTS

Cash flows funding investments in strategy and dividend Profit before taks 16,737 Cash flow from operations 24,694 Free cash flow 11,884 Depreciation 1,532 Interest received / paid (147) Dividend paid (16,656) Amortization 3,840 Payment of finance lease liabilities (393) Impairment trade receivables 584 Taxes paid (7,272) Cash flow from financing activities (17,049) Change in provisions (excl. tax) 694 Net capex (5,391) Other 491 Net change in cash (5,165) Change in deferred revenu 5,393 Change in other current assets and liabilities (4,133) Cash and cash equivalents at January 1 63,990 Result of divestments (444) Exchange rate fluctuations on cash held 46 Cash flow from operations 24,694 Free cash flow 11,884 Closing balance cash 58,871 15 EXACT H1-2014 RESULTS

Strong balance sheet (in thousands) 30/6/2014 30/6/2013 Property, plant and equipment 8,330 10,064 Intangible assets and goodwill 74,919 92,210 Deferred tax assets 1,364 5,553 Long-term receivables and prepayments 3,823 1,587 Total non-current assets 88,436 109,414 Inventories 71 50 Trade receivables 21,037 28,532 Other receivables and prepaid expenses 25,303 6,300 Current tax assets 1,963 3,143 Cash and cash equivalents 56,539 60,947 Assets held for sale 4,295 0 Total current assets 109,208 98,972 Total assets 197,644 208,386 30/6/2014 30/6/2014 Share capital 488 488 Share premium 64,758 64,758 Reserves 13,076 18,862 Retained earnings 23,674 20,363 Shareholders' equity 101,996 104,471 Loans and borrowings 3,470 3,566 Provisions 963 560 Deferred tax liabilities 5.067 6,209 Total non-current liabilities 9,500 10,335 Deferred revenue 54,169 63,470 Provisions 2,839 3,736 Loans and borrowings 683 988 Accounts payable and other liabilities 3,712 3,932 Current tax liabilities 1,870 4,302 Other taxes and social securities 5,938 5,500 Accrued liabilities 12,239 11,652 Liabilities held for sale 4,698 0 Total current liabilities 86,148 93,580 Total liabilities 95,648 103,915 Total equity and liabilities 197,644 208,386 16 EXACT H1-2014 RESULTS

Net income, tax and dividend Net income decline reflects lower EBITDA and expected higher depreciation Effective tax rate 18.2% compared to 17.3% same period last year Interim dividend 0.60 per share in cash (100% pay-out) Variance net income Net income Interim dividend ( per share) In mln 0.0-0.5-1.0-1.5-2.0-2.5 1.6 EBITDA 0.6 D&A 0.4 Net finance expense 0.2 Income tax expense 1.6 Var. Net Income 20.0 16.0 12.0 8.0 4.0 0.0 In mln 15.3 H1 2013-10.6% 13.7 H1 2014 1.00 0.80 0.60 0.40 0.20 0.00 0.67 2013-10.4% 0.60 2014 17 EXACT H1-2014 RESULTS

Outlook Long term revenue objectives Total revenue growth of 4-7% per year Cloud Solutions continuing to grow 30% - 50% Business Solutions and Specialized Solutions at low single-digit growth Outlook 2014 Adjusted for divested businesses full year EBITDA guidance in range of 41 to 44 million 18 EXACT H1-2014 RESULTS

Key messages Sharpening focus on core assets Consecutive quarterly operational revenue growth Cloud Solutions: strong growth and overall international rollout on track Business Solutions: enduring headwind Specialized Solutions: solid improvements 19 EXACT H1-2014 RESULTS

Q&A Erik van der Meijden CEO Hartmut Wagner MD Cloud Solutions Onno Krap CFO Marinus ter Laak MD Business Solutions 20 EXACT H1-2014 RESULTS

FINANCIAL ADDENDUM H1 2014 results 21 EXACT H1-2014 RESULTS

Exact H1 2014 Financial Highlights Amounts in '000 Q2 2014 Q2 2013 % % operat l H1 2014 H1 2013 % % operat l Cloud Solutions 7,267 4,942 47.0 47.0 13,933 9,535 46.1 46.1 Business Solutions 27,364 28,405 (3.7) (3.0) 54,573 56,855 (4.0) (3.4) Specialized Solutions 20,057 19,766 1.5 6.5 38,350 38,900 (1.4) 3.0 Total revenue 54,688 53,113 3.0 5.2 106,856 105,290 1.5 3.5 OPEX excluding D&A 43,654 42,664 2.3 5.1 85,044 81,919 3.8 6.5 EBITDA 11,034 10,449 5.6 5.3 21,812 23,371 (6.7) (6.7) EBITDA margin 20.2% 19.7% 20.4% 22.2% Depreciation and amortization 2,724 2,395 13.7 19.0 5,398 4,804 12.4 17.5 EBIT 8,310 8,054 3.2 1.5 16,414 18,567 (11.6) (12.6) Net finance expenses (92) (316) (70.9) (35.2) (323) 43 n.m. n.m. Income tax expense 1,200 1,039 15.5 14.1 3,041 3,201 (5.0) (3.6) Net Income 7,202 7,331 (1.8) (1.1) 13,696 15,323 (10.6) (11.2) EPS (in ) 0.32 0.32 - - 0.60 0.67 - - * Operational change considers the impact of foreign exchange rates by translating prior year's results at current year's exchange rates. 22 EXACT H1-2014 RESULTS

Cloud Solutions H1 2014 results Amounts in '000 Q2 2014 Q2 2013 % % operat l H1 2014 H1 2013 % % operat l Online 7,076 4,903 44.3 44.3 13,553 9,394 44.3 44.3 Service 191 39 389.7 389.7 380 141 169.5 169.5 Total revenue 7,267 4,942 47.0 47.0 13,933 9,535 46.1 46.1 OPEX 10,490 7,886 33.0 33.9 20,596 14,728 39.8 40.8 EBITDA (3,223) (2,944) - - (6,663) (5,193) - - EBITDA margin (44.4%) (59.6%) - - (47.8%) (54.5%) - - Depreciation and amortization 792 391 102.6 102.6 1,558 825 88.8 88.8 EBIT (4,015) (3,335) - - (8,221) (6,018) - - 23 EXACT H1-2014 RESULTS

Cloud Solutions H1 results cont d Amounts in '000 Revenue Q2 2014 Revenue growth Number of paying companies Annualized Recurring Revenues Netherlands 6,584 46.1% 145,992 26,460 Belgium 620 42.9% 17,975 2,520 UK 36 304 108 Germany 14 170 60 Americas 13 29 60 Total 7,267 47.0% 164,470 29,208 24 EXACT H1-2014 RESULTS

Business Solutions H1 results Amounts in '000 Q2 2014 Q2 2013 % % operat l H1 2014 H1 2013 % % operat l License 4,260 4,625 (7.9) (7.1) 8,425 9,098 (7.4) (6.6) Maintenance 19,967 20,880 (4.4) (3.8) 39,746 41,755 (4.8) (4.3) Service 2,956 2,843 4.0 5.3 6,064 5,895 2.9 4.3 Subscription based revenue 181 57 217.5 217.5 338 107 215.9 215.9 Total revenue 27,364 28,405 (3.7) (3.0) 54,573 56,855 (4.0) (3.4) OPEX 14,886 15,307 (2.8) (1.7) 29,874 30,603 (2.4) (1.3) EBITDA 12,478 13,098 (4.7) (4.5) 24,699 26,252 (5.9) (5.7) EBITDA margin 45.6% 46.1% - - 45.3% 46.2% - - Depreciation and amortization 877 1,064 (17.6) (17.5) 1,764 1,886 (6.5) (6.5) EBIT 11,601 12,034 (3.6) (3.3) 22,935 24,366 (5.9) (5.6) 25 EXACT H1-2014 RESULTS

Specialized Solutions H1 results Amounts in '000 Q2 2014 Americas Q2 2014 Lohn Q2 2014 Longview Q2 2014 Total Q2 2013 Total % % operat'l License 2,737 276 1,219 4,232 3,519 20.3 26.3 Maintenance 6,420 1,577 1,918 9,915 10,442 (5.0) (0.5) Service 2,609 635 2,665 5,909 5,805 1.8 7.0 Subscription based revenue 1 0 0 1 0 n.m. n.m. Total revenue 11,767 2,488 5,802 20,057 19,766 1.5 6.5 OPEX 7,710 2,507 5,386 15,603 16,830 (7.3) (2.9) EBITDA 4,057 (19) 416 4,454 2,936 51.7 60.7 EBITDA margin 34.5% (0.8%) 7.2% 22.2% 14.9% - - Depreciation and amortization 185 31 781 997 1,076 (7.3) 1.2 EBIT 3,872 (50) (365) 3,457 1,860 85.9 93.6 26 EXACT H1-2014 RESULTS

Specialized Solutions H1 results cont d Amounts in '000 H1 2014 Americas H1 2014 Lohn H1 2014 Longview H1 2014 Total H1 2013 Total % % operat'l License 4,686 498 1,969 7,153 6,932 3.2 8.2 Maintenance 12,802 3,156 3,755 19,713 20,683 (4.7) (0.7) Service 5,031 1,370 5,082 11,483 11,285 1.8 6.4 Subscription based revenue 1 0 0 1 0 n.m. n.m. Total revenue 22,520 5,024 10,806 38,350 38,900 (1.4) 3.0 OPEX 14,697 4,847 10,380 29,924 32,691 (8.5) (4.6) EBITDA 7,823 177 426 8,426 6,209 35.7 43.5 EBITDA margin 34.7% 3.5% 3.9% 22.0% 16.0% - - Depreciation and amortization 375 67 1,565 2,007 2,143 (6.3) 2.3 EBIT 7,448 110 (1,139) 6,419 4,066 57.9 64.3 27 EXACT H1-2014 RESULTS

Maintaining Business Solutions Maintenance revenue 46 45 0.9 44 43 3.1 3.7 42 41.8 +0.8% 41 1.6 40 0.8 39.7 39 0 Eur mln H1 13 New licenses Indexation Attrition End-oflife DOS Migration to Exact Online H1 14 28 EXACT H1-2014 RESULTS

Contact Investor relations Michel Hülters michel.hulters@exact.com +31 15 7115001 +31 6 55862237 29 EXACT H1-2014 RESULTS

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