HALF-YEARLY FINANCIAL REPORT PULSION Medical Systems SE as at June 30, 2013

HALF-YEARLY FINANCIAL REPORT PULSION Medical Systems SE as at June 30, 2013 PULSION Half-yearly Financial Report as at June 30, 2013 1

PULSION at a glance PULSION (Group) IFRS Q2 Q2 HY 1 HY 1 Change 2013 2012 2013 2012 2013-2012 Sales KEUR 9.080 8.914 18.534 17.269 7,3% Gross profit KEUR 6.266 6.200 12.983 12.081 7,5% Net operating expenses KEUR 4.011 3.322 8.006 7.329 9,2% Profit before interest and taxes (EBIT) KEUR 2.057 2.918 4.807 4.793 0,3% EBITDA KEUR 2.546 3.460 5.722 5.789-1,2% Group net profit KEUR 2.326 2.116 4.164 3.617 15,1% Earnings per share EUR 0,28 0,24 0,51 0,42 21,4% Cash flow from operating activities before changes in net working capital KEUR 2.086 2.927 3.199 5.060-36,8% Cash flow from operating activities after changes in net working capital KEUR 1.332 3.376 2.368 5.713-58,6% Free cash flow KEUR 795 2.974 1.430 5.012-71,5% Gross margin % 69,0% 69,6% 70,0% 70,0% 0,1% EBIT margin % 22,7% 32,7% 25,9% 27,8% -1,8% EBITDA margin % 28,0% 38,8% 30,9% 33,5% -2,6% Employees (average) Number 126 126 128 126 1,6% Sales per employee (annualized) KEUR 288 283 290 274 5,6% PULSION Half-yearly Financial Report as at June 30, 2013 2

Report of the Executive Director To the Shareholders, Ladies and Gentlemen After a buoyant start to the year, with first-quarter sales up by 13 %, the pace of growth returned to a normal level in the second quarter. At the mid-way stage of the year, Pulsion can report sales growth of 7.3 %, slightly ahead of the guidance for the full year 2013 of 6 %. Six-month sales of the Critical Care business unit were 5.6 % up on the previous year, while Perfusion business rose by 15.2 % the seventh quarter in succession with double-digit growth. The EBIT margin for the six-month period was 25.9 % compared to 27.8 % one year earlier. In the period from January to June 2013, write-downs on receivables in Spain and exchange rate losses had the effect of reducing the EBIT margin by 4.0 percentage points compared to the previous year. In current operating terms therefore, the EBIT margin was in fact 2.1 percentage points ahead of the previous year. Free cash flow for the six-month period, after adjustment for special factors, improved slightly by EUR 0.1 million. The actual amount reported for free cash flow decreased by EUR 3.6 million due to the negative impact of special tax-related factors (outflow of EUR 2.2 million) and the change in net current assets (net outflow of EUR 1.5 million). Earnings per share for the six-month period amounted to EUR 0.51 compared to EUR 0.42 in the previous year, an improvement of 21 %. In May 2013, the Company paid a dividend for the first time. This comprised an ordinary dividend of EUR 0.30 per share plus a special dividend of EUR 1.35 per share, giving a total of EUR 1.65 per share. Overall, the progress made over the course of the first six months of the year has been in line with expectations. In the meantime, we are becoming increasingly confident that we will reach our guidance figures for the year. These are: - Sales growth of at least 6 % - EBIT margin within a corridor of 24 % to 28 % - EPS of between EUR 0.95 and EUR 1.05 (2012: EUR 0.82). PULSION Half-yearly Financial Report as at June 30, 2013 3

Interim Group Management Report of PULSION Medical Systems SE for period from January 1 to June 30, 2013 Sales Business Units Q2 Q2 Change HY 1 HY 1 Change Business Unit 2013 2012 Q2 2013 2012 HY 1 KEUR KEUR 2013-2012 KEUR KEUR 2013-2012 Critical Care Monitors 1.608 1.494 8% 3.432 2.860 20% Disposables 5.662 5.730-1% 11.461 11.248 2% Subtotal 7.269 7.224 1% 14.892 14.108 6% Perfusion Monitors 61 119-49% 123 221-44% Disposables 1.750 1.571 11% 3.518 2.940 20% Subtotal 1.811 1.690 7% 3.641 3.161 15% Total 9.080 8.914 2% 18.534 17.269 7% Six-month sales of the Critical Care business unit grew by 6 % compared to the previous year. Sales of monitors developed particularly well during the period under report. The 20 % increase in new installations provides a good foundation for growing disposables business in the coming quarters. During the first half of the year itself, sales of disposables increased by only 2 %. Sales generated by companies directly managed by the Group rose by 4 %, slightly down on the medium-term growth rate, whereas sales to distributors fell by 7 % during six-month period. The variance is believed to reflect the cyclical pattern of ordering of our customers. Six-month sales of the Perfusion business unit rose by 15 %. Revenue from the sale of monitors was below the previous year's corresponding figure, whereas disposables business grew in the second quarter by 11 %, following on from the 29 % growth recorded in the first quarter. Overall, six-month sales generated in this line of business were 20 % up on the previous year. PULSION Half-yearly Financial Report as at June 30, 2013 4

Sales by region Q2 Q2 Change HY 1 HY 1 Change Region 2013 2012 Q2 2013 2012 HY 1 KEUR KEUR 2013-2012 KEUR KEUR 2013-2012 DACH* 3.697 3.735-1% 7.703 7.707 0% Western Europe (ex DACH) 2.938 2.887 2% 5.961 5.702 5% Eastern Europe 318 289 10% 525 540-3% USA 1.137 980 16% 1.829 1.429 28% Japan 61 77-21% 316 278 14% Latin America 42 63-33% 71 106-33% Asia Pacific (ex Japan) 822 754 9% 2.002 1.283 56% ROW** 64 129-50% 126 224-44% Total 9.080 8.914 2% 18.534 17.269 7% * Germany, Austria, Switzerland ** Rest of World Sales in the DACH region in the first six months of 2013 were at a similar level to the previous year. The Western Europe region excluding DACH reported growth of 5 % for the six-month period, helped primarily by a good sales performance in France and the Benelux countries. The rate of contraction in the so-called PIGS countries (Portugal, Italy, Greece, Spain) slowed down to only 11 %, a noticeable improvement on the 58% drop recorded in the first quarter of the year. Eastern Europe was also able to turn round the negative trend recorded in the first quarter, when sales went down by 18 %. The second-quarter rise, however, was not sufficient to make up the shortfall, leaving sales for the six-month period still 3 % down on the previous year. The renewed increase in sales recorded in the USA was largely attributable to orders taken in by the Perfusion business unit. Our distributor in Japan was 14 % ahead of the previous year for the six-month period, and, not surprisingly, was unable to keep up the soaring growth rate of 27 % recorded in the first quarter. Six-month sales generated in emerging markets defined as the last three regions in the table above were 34% up on the previous year. Once again, the motor for this growth was the Chinese market. Following the receipt of a number of product approvals, the first sales were booked with our Mexican joint venture partner. The sales performance in Brazil, however, fell short of expectations. PULSION Half-yearly Financial Report as at June 30, 2013 5

Sales structure Q2 Q2 Change HY 1 HY 1 Change Distribution Channel 2013 2012 Q2 2013 2012 HY 1 KEUR KEUR 2013-2012 KEUR KEUR 2013-2012 Direct 7.068 6.032 17% 13.992 13.484 4% Joint ventures 145 157-8% 323 260 24% Distributors 1.867 1.981-6% 4.219 3.525 20% Total 9.080 8.170 11% 18.534 17.269 7% All three sales channels recorded positive growth over the first six months of the year. Direct sales in particular put on a spurt in the second quarter. Sales via joint ventures and distributors rose sharply for the six-month period, whereby cyclical ordering patterns by customers clearly favored the sales performance in the first quarter. Monitor utilization level It is well known that PULSION s business model is based on the razor/razor blade approach. Our aim is to continuously increase sales of our disposable products by expanding the installed base of monitors and encouraging more intensive use of those monitors. In keeping with the reporting standard normally used in the medical technology field, the number of monitors placed comprises all placements made in the last 7 years, since this corresponds to the expected useful life of a monitor. In the case of disposables, we have only taken PiCCO catheters into account: a) Accumulated PiCCO monitor sales and placements in the past 7 years (excluding modules placed with business partners): at June 30, 2013: 4,105 at June 30, 2012: 4,054 b) Disposables per monitor extrapolated to a 12-month period: at June 30, 2013: 21.9 at June 30, 2012: 22.2 Based on the above figures, the utilization intensity of monitors fell slightly during the first half of 2013. This development was influenced in particular by the lower level of disposables sold to distributors. PULSION Half-yearly Financial Report as at June 30, 2013 6

Earnings performance The gross margin for the six-month period was 70.0 % (HY 1 2012: 70.3 %) and hence right on line with target. This was achieved despite the fact that new user fees introduced by the US Food and Drug Administration (FDA) in 2013 reduced earnings by approximately KEUR 95 or 0.5 % of sales. Sales and marketing expenses for the first half of the year were 2.0 % higher than in the previous year at KEUR 5,244 (HY 1 2012: KEUR 5,142) and represented 28.3 % of sales (2012: 29.8%). PULSION's selling capacities were expanded in emerging countries and Latin America. At KEUR 823, six-month research and development expenses were KEUR 286 lower than in 2012 (KEUR 1,109). The reduction compared to the previous was due to the capitalization of development costs for two major near-market projects. Before capitalization of such costs, the R&D ratio for the six-month period was 7.0 % (HY 1 2012: 6.5 %). The R&D team was strengthened during the second quarter, as a result of which the R&D ratio can be expected to rise further over the course of the year. Six-month general and administrative expenses amounting to KEUR 1,905 were significantly higher than one year earlier (HY 1 2012: KEUR 1,677). The expense ratio for the six-month period increased accordingly from 9.7 % to 10.3 %. It remains our target to achieve a ratio below the 10 % mark. Net operational costs (i.e. net of other operating income) in the first six months increased by KEUR 677 from KEUR 7,329 in 2012 to KEUR 8,006 in 2013. The principal changes compared to the previous year related to the increase in the general allowance on trade accounts receivable in Spain (up by KEUR 547), measured in accordance with the Group's rules based on the number of days outstanding. We expect these receivables to be settled over the course of the year. The second major negative factor came from exchange rate losses totaling KEUR 210. Overall, PULSION reports an EBIT for the six-month period of KEUR 4,807, corresponding to an EBIT margin of 25.9 %. In the period from January to June 2013, write-downs on receivables in Spain and exchange rate losses had the effect of reducing the EBIT margin by 4.0 percentage points compared to the previous year. In current operating terms therefore, the EBIT margin was in fact 2.1 percentage points ahead of the previous year (HY 1 2012: KEUR 4,793; 27.8 %). Segment information shows that the EBIT margin for the Critical Care business unit over the six-month period was 26.1 %, unchanged from the previous year. Margins in the Perfusion business unit were lower than in the previous year, mainly as a result of newly introduced fees for product approvals in the USA as well as higher development and selling expenses. Group net profit for the six-month period amounted to KEUR 4,141, a 15% improvement on the previous year's KEUR 3,568. The net profit for the second quarter increased to KEUR 2,267 (HY 1 2012: KEUR 2,053). Earnings per share for the six-month period amounted to 51 cents, 21% higher than in the same period one year earlier (HY 1 2012: 42 cents). Second-quarter earnings per share increased to 28 cents (HY 1 2012: 24 cents). Treasury shares acquired by the Company have not been included in the calculation of the total number of shares in issue. PULSION Half-yearly Financial Report as at June 30, 2013 7

Net assets position Balance sheet structure No PULSION shares (treasury shares) were bought back during the second quarter 2013. In total, 40,568 shares were bought back during the first six months of 2013. Following the withdrawal of a total of 650,000 shares in accordance with the Administrative Board resolution dated March 14, 2013 and the related reduction in the number of outstanding shares to 8,250,000, the Company held 43,540 treasury shares held at June 30, 2013, corresponding to 0.5 % of the Company s new share capital. On a net basis (i.e. after offset of own shares), the total number of shares therefore remained unchanged at June 30, 2013 at 8,206,460. Working capital management Trade accounts receivable increased by KEUR 592 compared to December 31, 2012 to stand at KEUR 5,828 at the end of the reporting period (by comparison: June 30, 2012: KEUR 5,729). A number of major contracts were billed just before the end of the second quarter which fall due for settlement during the third quarter. As a result, the number of days of sales outstanding (DSO) increased to 60 days (compared to 56 days at December 31, 2012 and 54 days at June 30, 2012). At KEUR 6,788, inventories were KEUR 1,052 higher than at December 31, 2012 and also higher than at the end of the second quarter last year (TEUR 5,067). Inventories on hand at June 30, 2013 corresponded to 135 days (June 30, 2012: 116 days) of production costs. For December 31, 2013, we are targeting a DSO at a similar or lower level to the end of the previous financial year. Within current liabilities, trade accounts payables increased during the first six months of the year by KEUR 641 to KEUR 2,726. In direct response to the current assets management issues described above, PULSION has initiated a project to review and optimize the processes affecting this area of the business. First impressions are that the project will highlight a host of process improvements which can be implemented relatively quickly. Our intention is to ensure that trade accounts receivable and inventories levels are no higher at December 31, 2013 than at the end of the previous financial year. Net liquidity Cash and cash equivalents amounted to KEUR 973 at June 30, 2013. Net liquidity defined as cash and cash equivalents less bank and financial liabilities was a negative amount of KEUR 858 at June 30, 2013. The deterioration of EUR 11.3 million is primarily attributable to the dividend of EUR 13.5 million paid during the second quarter. PULSION Half-yearly Financial Report as at June 30, 2013 8

Financial position The Group manages cash flow on the basis of the key performance indicator free cash flow, i.e. the cash inflow from operating activities less the cash flow resulting from changes in net current assets and the cash outflow for investing activities but before acquisitions and share buybacks. Cash flows for the periods under report are disclosed in the notes and commented on below. Cash flows from operating activities fell to KEUR 3,199 for the six-month period (HY 1 2012: KEUR 5,060). The main items contributing to the EUR 1.9 million decrease were as follows: a) deterioration of EUR 2.2 million in the net amount of line items relating to tax in the statement of cash flows. b) improvement EUR 0.3 million in net amount of all other line items in the statement of cash flows relating to cash flows from operating activities. The sharp increase in tax payments reflect the fact that tax loss carryforwards available in Germany up to the end of 2011 meant that no or only small amounts of tax (including advance tax payments) were required to be made in years though to 2012. In 2013, however, PULSION was required to make both current and advance tax payments. The change in timing of payments has now largely taken effect, so that the cash impact of tax payments should normalize at a lower level. Changes in net working capital gave rise to a cash outflow of KEUR 831 in the sixmonth period under report, a deterioration of KEUR 1,484 compared to the previous year, caused among other things by the fact that the previous year's figure had benefitted from exceptional, state-financed debt repayments in Spain. Within net current assets, trade accounts payable went up by KEUR 940, which did not, however, fully offset the impact of the EUR 1.5 million increase in inventories. Overall, cash flow from operating activities after changes in net current assets decreased in the first half of 2013 by KEUR 3,345 to KEUR 2,368 (HY 1 2012: KEUR 5,713). The cash outflow for investing activities for the six-month period went up from TEUR 701 in the previous year to TEUR 938 in the current year. Free cash flow decreased by KEUR 3,582 to KEUR 1,430 for the six-month period. The reasons for the decrease, described above, can be summarized as follows: Cash flow components Amounts in EUR million Tax-related items -2.2 Increase in net working capital -1.5 Increase in capital expenditure -0.2 Other operating items +0.3 Total: -3.6 The EBIT /free cash flow conversion rate in the first six months of 2013 was 30 % and was therefore significantly lower than our target of 70 % for the full year. The target remains and PULSION will do all in its power to at least reach this level by the end of the year. PULSION Half-yearly Financial Report as at June 30, 2013 9

Personnel Number of employees PULSION had an average worldwide workforce of 128 employees in the first half of 2013 (HY 2012: 126). The second quarter of 2013 saw a noticeable increase in the number of employees, with the worldwide workforce totaling 132 employees at June 30, 2013. Most of this increase related to the R&D function, in advance of product launches planned for 2014. Employee fluctuation The employee fluctuation rate is calculated on the basis of the average number of employees during the past 12 months - to the end of the reporting period - and the number of employees leaving the Group during that period (BDA formula: fluctuation rate = departures/average number of employees x 100). Temporary staff and apprentices are not included for the purposes of calculating the employee fluctuation rate. Average number of Employee Employees leaving employees fluctuation rate Field sales force 43 6 14% Other areas 82 22 27% Total 125 28 22% The fluctuation rate in the sales field force remained stable on a quarter-on-quarter comparison (14 % in both first and second quarters of the current year) The fluctuation rate in other areas (administration and R&D) fell slightly from 28 % in the first quarter to 27 % in the second. In the case of employees who have already been with the company for more than one year and who have not left on a temporary basis (i.e. employees on maternity leave), the employee fluctuation rate for the PULSION Group as a whole is 13 %. This level is considered to be satisfactory. The difference relates primarily to new recruits who leave during the first 12 months. For this reason, we remain committed to improving our selection and recruiting process on the one hand and to ensuring better integration of new members of staff on the other. Research and development New products A new software version (4.0) for PulsioFlex has been available since July 2013. The new release enables doctors to identify quickly which values are outside the normal range and which procedures need to be taken. PULSION Half-yearly Financial Report as at June 30, 2013 10

In June, a development prototype constructed by the Perfusion business unit successfully attained the "functionality test" milestone. This prototype illumination camera system is able to detect the fluorescence of PULSION-ICG. Significant milestones in terms of measurement concept and sensor technology were also achieved during the first half of the year in connection with the continual noninvasive measurement of blood pressure and other hemodynamic parameters. A prototype is scheduled to be presented in March 2014. Development of a CeVOX sensor for the US market is in line with schedule. It is planned to submit an approval application to the FDA in December 2013. Risk and opportunity report Risks and opportunities and the risk management system of PULSION SE are described in the Annual Report 2012. The situation described in that report has not changed significantly. Outlook PULSION recorded sales growth of 7 % for the first six months of 2013. For the full financial year 2013 we are targeting growth of at least 6 %, which would entail a slight acceleration in the growth rate compared to the previous year. We therefore remain committed to our sales target for the full year and, in the meantime, are becoming increasingly confident that we will reach this target. After the actual results for the first quarter 2013 became known, a target-ebit corridor of 24 % to 28 % was announced as guidance for the full year 2013; we consider that this guidance remains realistic. Earnings per share are expected to be within a range of EUR 0.95 to EUR 1.05, approximately 20 % higher than the previous year's figure of EUR 0.82. Feldkirchen, August 9, 2013 Patricio Lacalle Executive Director/ CEO PULSION Half-yearly Financial Report as at June 30, 2013 11

Consolidated Balance Sheet of PULSION Medical Systems SE as of June 30, 2013 IFRS ASSETS June 30, 2013 Dec. 31, 2012 KEUR KEUR Non-current assets 10.252 9.282 Intangible assets 3.590 3.459 Property, plant, equipment 5.005 5.113 Investment property 83 110 Other non-current assets 36 38 Deferred taxes asset 1.538 562 Current assets 14.773 23.481 Inventories 6.788 5.736 Trade accounts receivable 5.828 5.729 Other current assets 1.184 629 Cash and cash equivalents 973 11.387 Total assets 25.025 32.763 IFRS EQUITY AND LIABILITIES June 30, 2013 Dec. 31, 2012 KEUR KEUR Equity 14.363 23.838 Share capital 8.250 8.900 Additional paid-in capital 3.222 2.391 Treasury shares -445-4.776 Other reserves -719-732 Accumulated profit 3.878 17.921 Minority interests 177 134 Non-current liabilities 3.715 1.715 Provisions 164 167 Liabilities to banks 1.831 0 Other liabilities 239 103 Deferred taxes liabilities 1.481 1.445 Current liabilities 6.947 7.210 Provisions 142 238 Trade accounts payable 2.726 1.842 Taxes payable 2.024 2.617 Other liabilities 2.055 2.513 Total equity and liabilities 25.025 32.763 PULSION Half-yearly Financial Report as at June 30, 2013 12

Consolidated Income Statement of PULSION Medical Systems SE for the period for January 1 to June 30, 2013 IFRS Q2 Q2 HY 1 HY 1 KEUR 2013 2012 2013 2012 Sales 9.080 8.914 18.534 17.269 Cost of sales -2.814-2.714-5.551-5.188 Gross profit 6.266 6.200 12.983 12.081 % of sales 69,0% 69,6% 70,0% 70,0% Sales and marketing expenses -2.534-2.543-5.244-5.142 Research and development expenses -473-612 -823-1.109 General and administrative expenses -901-746 -1.905-1.677 Other operating expenses -166-125 -311-253 Other operating income 62 704 277 852 Operating profit 2.255 2.878 4.977 4.752 Exchange losses -174-38 -252-92 Exchange gains -24 78 83 133 Profit before interest and taxes (EBIT) 2.057 2.918 4.807 4.793 % of sales 22,7% 32,7% 25,9% 27,8% Interest expenses 0-7 -2-13 Interest income 14 30 31 44 Profit before taxes (EBT) 2.071 2.941 4.837 4.824 Income taxes 196-888 -696-1.256 Group net profit (before minority interests) 2.267 2.053 4.141 3.568 or which attributable to shareholders of the group parent company 2.326 2.116 4.164 3.617 of which attributable to minority interests -59-35 -23-49 Earnings per share Undiluted - ordinary operations after taxes (in EUR) 0,28 0,24 0,51 0,42 Diluted - ordinary operations after taxes (in EUR) 0,28 0,24 0,51 0,42 Average number of shares in circulation (undiluted) 8.195.641 8.689.415 8.195.641 8.689.415 Average number of shares in circulation (diluted) 8.218.783 8.699.865 8.218.783 8.699.865 PULSION Half-yearly Financial Report as at June 30, 2013 13

Reconciliation of Result to Total comprehensive income of PULSION Medical Systems SE for period from January 1 to June 30, 2013 IFRS HY 1 HY 1 KEUR 2013 2012 Group net profit (before minority interests) 4.141 3.568 Income and expenses recognized directly in equity 20 93 Total comprehensive income 4.161 3.661 there attributable to other shareholders -6-76 there attributable to shareholders of PULSION Medical Systems SE 4.167 3.737 Total comprehensive income 4.161 3.661 Statement of Changes in Equity of PULSION Medical Systems SE as of June 30, 2013 IFRS Subscribed captial Additional paid-in capital Statutory reserve Treasury shares Other reserves Accumulated profit Minority interests Total KEUR Balances at January 1, 2013 2.013 2.391 2.012-4.776 2.013 17.921 134 23.838 Exchange differences 0 0 0 0 13-10 17 20 Groupt net profit 0 0 0 0 0 4.164-23 4.141 Total result for the period 0 0 0 0 13 4.154-6 4.161 Dividends 0 0 0 0 0-13.490 0-13.490 Employee share options programs 0 172 0 322 0-275 0 219 Other changes in capital reserves 0 9 0 0 0-9 0 0 Transfer to statutory reserves 0 0 0 0 0 0 49 49 Employee share options programs 0 0 0-415 0 0 0-415 Capital reduction / reduction of shares -650 650 0 4.424 0-4.424 0 0 Total Items directly recognised in equity -650 831 0 4.331 0-18.198 49-13.637 Total -650 831 0 4.331 13-14.044 43-9.476 Balances at June 30, 2013 8.250 3.222 0-445 -719 3.877 177 14.362 Balances at January 1, 2012 9.577 1.532 1-3.414-813 14.112 102 21.097 Exchange differences 0 0 0 0 120 0-27 93 Groupt net profit 0 0 0 0 0 3.617-49 3.568 Total result for the period 0 0 0 0 120 3.617-76 3.661 Employee share options programs 0 13 0 41 0 0 0 54 Transfer to statutory reserves 0 0 34 0 0-34 0 0 Employee share options programs 0 0 0-1.977 0 0 0-1.977 Capital reduction / reduction of shares -677-2.296 0 2.973 0 0 0 0 Total Items directly recognised in equity -677-2.283 34 1.037 0-34 0-1.923 Total -677-2.283 34 1.037 120 3.583-76 1.738 Balances at June 30, 2012 8.900-751 35-2.377-693 17.695 26 22.836 PULSION Half-yearly Financial Report as at June 30, 2013 14

Consolidated Cash Flow Statement of PULSION Medical Systems SE for period from January 1 to June 30, 2013 Current activities Q2-2013 KEUR Q2-2012 KEUR HY 1 2013 KEUR HY 1 2012 KEUR Group net profit after minority interests 2.326 2.214 4.164 3.617 Minority interests -59 35-23 49 + Amortization and depreciation of assets 489 542 915 996 + Interest expenses 0 7 2 13 Interest income -14-30 -31-44 + Income taxes -196 944 696 1.399 + Change in tax liabilities 1.114-3 929 0 +/ Decrease/Increase of other assets 119-28 -553-183 /+ Decrease/Increase of other liabilities -47-338 -193-135 /+ Decrease/Increase of other and tax provisions -99 0-99 52 /+ Profit/loss from the disposal of assets 0 0 27 0 /+ Decrease/Increase in deferred taxes -835-56 -940-143 Interests paid 0 0-2 -6 + Interests received 0 0 14 11 Taxes paid -990-286 -2.218-580 +/ Other non-cash income and expenses 278-74 511 14 = Cash flow from operating activities before changes in net working capital 2.086 2.927 3.199 5.060 +/ Decrease/Increase in inventories -1.234-199 -1.384 131 +/ Decrease/Increase of trade accounts receiveables -161 601-331 577 /+ Decrease/Increase of trade accounts payables 641 47 884-55 = Cash flow from changes in net-current assets -754 449-831 653 = Cash flow from operating activities after changes in net working 1.332 3.376 2.368 5.713 capital Investment activities Purchase of intangible assets -348-2 -522-13 + Sale of property, plant and equipment (incl. monitors) 0 0 96 28 Purchase of property, plant and equipment (incl. monitors) -189-400 -512-716 = Cash flow from investing activities -537-402 -938-701 Free cash flow 795 2.974 1.430 5.012 Purchase of minority interests/foundation aff. companies 0 0 49 0 + Raise of bank borrowings/financial liabilities 1.831 0 1.831 0 Bank deposit acquistion of treasury shares 177 0 181 0 Repayments of bank borrowings/financial liabilities 0-29 0-29 Acquisition of treasury shares 0-1.724-415 -1.977 Dividends -13.490 0-13.490 0 = Cash flow from financing activities -11.482-1.753-11.844-2.006 Net change in cash and cash equivalents -10.687 1.221-10.414 3.006 + Cash funds at the beginning of the period 11.660 10.543 11.387 8.758 Exchange related variations of cash funds = Cash funds at the end of the period 973 11.764 973 11.764 (Cash funds as stated in the balance sheet) PULSION Half-yearly Financial Report as at June 30, 2013 15

Explanatory notes 1. Accounting policies The Half-Yearly Financial Report of PULSION Medical Systems SE as of June 30, 2013 complies with currently valid International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Boards (IASB) and with currently valid Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC), as applicable in the EU. The same consolidation, accounting, computational methods and estimates have been applied in the half-yearly financial report to June 30, 2013 as in the consolidated financial statements for the financial year ended December 31, 2012. A description of the Group s accounting policies is provided in the notes to the consolidated financial statements for the financial year 2012 (see Annual Report 2012). The current income tax expense in the interim financial statements is based on the expected effective tax rate for the full year. 2. Group reporting entity The group reporting entity is unchanged from December 31, 2012 and is listed on page 92 of the Annual Report 2012. 3. Balance sheet items Intangible assets comprise approvals, patents, capitalized product development costs, software and goodwill. Capital expenditure on property, plant and equipment relates primarily to monitors loaned out to customers and used for trial purposes. Deferred tax assets and liabilities are presented separately in the balance sheet. Inventories comprise the following at June 30, 2013: Inventories June 30, 2013 Dec. 31, 2012 KEUR KEUR Raw materials and supplies 2.629 3.247 Work in progress 814 519 Finished goods and goods for resale 3.345 1.970 Total inventories 6.788 5.736 PULSION Half-yearly Financial Report as at June 30, 2013 16

4. Other operating income Other operating income in the six-month period comprises mainly income from the private use of company vehicles (KEUR 75), rental income (KEUR 11) income from the reversal of provisions (KEUR 129) and income from usage rights granted (KEUR 50) 5. Segment information IFRS 8 requires operating segments to be identified on the basis of internally used criteria (the management approach ). Accordingly, external segment reporting is based on PULSION's internal organizational and management structure and on the way information is reported internally to the "Chief Operating Decision Maker" (Executive Director). IFRS 8 requires an entity to report financial and descriptive information about its reportable segments. At PULSION, the individual segments are managed on the basis of the operating result achieved. Segment results are measured after taking account of directly attributable income and expenses and costs allocated for cross-segment functions. Segment information at June 30, 2013 is analyzed as follows: Q2 2013 HY 1 2013 Critical Care Perfusion Group Critical Care Perfusion Group Total sales 7.269 1.811 9.080 14.893 3.641 18.534 Cost of sales -2.047-767 -2.814-4.122-1.429-5.551 Gross profit 5.222 1.044 6.266 10.771 2.212 12.983 % of sales 72% 58% 69% 72% 64% 70% Operating expenses - Selling and marketing expenses -2.096-438 -2.534-4.501-743 -5.244 - Research and development expenses -312-161 -473-559 -264-823 - General and administrative expenses -788-113 -901-1622 -283-1905 Other operating expenses -166 0-166 -311 0-311 Other operating income 62 0 62 277 0 277 Exchange gains/losses -198 0-198 -169 0-169 EBIT (Profit before interest and taxes) 1.725 331 2.056 3.887 921 4.808 % of sales 23,7% 18,3% 22,7% 26,1% 25,3% 25,9% PULSION Half-yearly Financial Report as at June 30, 2013 17

Segment information at June 30, 2012 was as follows: Q2 2012 HY 1 2012 Critical Care Perfusion Group Critical Care Perfusion Group Total sales 7.224 1.690 8.914 14.108 3.161 17.269 Cost of sales -2.125-590 -2.714-4.071-1.117-5.188 Gross profit 5.100 1.100 6.200 10.037 2.044 12.081 % of sales 71% 65% 70% 71% 65% 70% Operating expenses - Selling and marketing expenses -2.377-165 -2.543-4.669-473 -5.142 - Research and development expenses -519-93 -612-913 -196-1.109 - General and administrative expenses -649-97 -746-1.417-260 -1.677 Other operating expenses -125 0-125 -253 0-253 Other operating income 704 0 704 852 0 852 Exchange gains/losses 40 0 40 41 0 41 EBIT (Profit before interest and taxes) 2.173 745 2.918 3.678 1.114 4.793 % of sales 30,1% 44,1% 32,7% 26,1% 35,3% 27,8% As a result of the new fee introduced by the FDA in the USA, the Perfusion segment's gross margin fell to 58 % in the second quarter 2013. 6. Stock option programs 30,550 stock options were exercised by employees during the second quarter 2013. As of June 30, 2013, 62,400 stock options were held by employees and 50,000 by the Company s Executive Director. PULSION Half-yearly Financial Report as at June 30, 2013 18

7. Earnings per share Earnings per share are calculated in accordance with IAS 33 on the basis of consolidated earnings for the first six months of the year and the weighted average number of shares and exercisable option rights in circulation during the reporting period. HY 1 2013 HY 1 2012 Weighted average number of shares (undiluted) Number 8.195.641 8.689.415 Dilutive effect of options Number 23.142 10.450 Weighted average number of shares (diluted) Number 8.218.783 8.699.865 Group net profit (after minority interests) KEUR 4.164 3.617 Earnings per share (undiluted) EUR 0,51 0,42 Earnings per share (diluted) EUR 0,51 0,42 8. Dividends In accordance with the resolution passed at the Annual General Meeting held on May 16, 2013, PULSION declared and paid a dividend for the first time in its corporate history. An amount of EUR 13,490,251.50 out of the unappropriated profit of PULSION Medical Systems SE at December 31, 2012 was used to pay a dividend of EUR 0.30 per share plus a special dividend of EUR 1.35 per share, giving a total of EUR 1.65 per share on 8,175,910 shares entitled to receive a dividend. The remaining amount of EUR 250,421.97 was carried forward. The dividend was paid on or after May 17, 2013. 9. Order book and price trends Since PULSION processes customer orders within a few days, it has virtually no order backlog. Despite the launch of a competitor s product, the Group does not consider at present that it is exposed to price pressure. Revenues are, however, increasingly shifting in favor of disposal products as a result of the competitive situation on the one hand and reticence on the part of customers to make investments on the other. The Group s products require a high degree of explanation and are marketed with the help of intensive and expert advice. PULSION Half-yearly Financial Report as at June 30, 2013 19

10. Seasonal and cyclical influences As a group with worldwide operations, PULSION is exposed to various economic trends. As a result of its innovative and cost-saving technologies, the impact of cyclical economic factors on the business model is not currently significant. 11. Subsequent events There have been no significant events after the balance sheet date. 12. Litigation Neither the parent company nor any of the group companies were involved in legal disputes or arbitration or similar procedures which could have a significant impact on the financial position of the PULSION Group. 13. Related parties The parent company is PULSION Medical Systems SE, based in Feldkirchen, Germany. Transactions between PULSION SE and its subsidiaries that are also related parties are eliminated on consolidation. These transactions are not commented on in this note on related parties. Transactions with related parties are charged on the basis of arm s length principles. In accordance with IAS 24, the Group also reports all transactions between it and its related parties (including family members). Executive Directors and members of the Administrative Board (and their relatives) have been defined as related parties. Shares held by Executive Directors and Administrative Board June 30, 2013 June 30, 2012 Shares Options Shares Options Executive Directors 56.000 50.000 56.000 0 50.000 thereof Patricio Lacalle 56.000 50.000 56.000 0 50.000 Members of the Administrative Board gave notice to the Company at June 30, 2013 that they held the following number of shares at that date: Based on the conclusion of a shareholders agreement, Dr. Burkhard Wittek held 4,541,676 shares at June 30, 2013 which are attributable jointly to pool participants pursuant to 30 (2) sentence 1 of the German Securities Acquisition and Takeover Act (WpÜG). Close family members of Dr. Wittek hold a further 4,355 shares at June 30, 2013. Jürgen Lauer directly holds 10,525 shares of the Company at June 30, 2013. PULSION Half-yearly Financial Report as at June 30, 2013 20

Frank Fischer, together with close family members, holds 56,611 of the Company s shares at June 30, 2013. In total, 607,231 shares are attributable directly and indirectly via Mr. Fischer's activities as management board member of Shareholder Value Management AG and Shareholder Value Beteiligungen AG. In accordance with the resolution passed at the Annual General Meeting held on May 16, 2013, Patricio Lacalle was elected as member of the Administrative Board, alongside his mandate as Executive Director. The number of shares and share options held by Mr. Lacalle is disclosed in the above table. 14. Contingent assets and liabilities There were no contingent assets or liabilities at the balance sheet date. 15. Unusual items No further items that are unusual because of their nature, size or incidence existed at the balance sheet date. Feldkirchen, August 9, 2013 PULSION Medical Systems SE Patricio Lacalle Executive Director/ CEO PULSION Half-yearly Financial Report as at June 30, 2013 21

Responsibility Statement by the Executive Director To the best of my knowledge, and in accordance with the applicable principles for interim financial reporting, I confirm that the Interim Group Financial Statements give a true and fair view of the net assets, financial position and results of operation of the Group, and that the Interim Group Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year. Feldkirchen, August 9, 2013 PULSION Medical Systems SE Patricio Lacalle Executive Director/ CEO PULSION Half-yearly Financial Report as at June 30, 2013 22

Contacts & Timetable Contacts Ralph Schäfer Investor Relations Tel.: Fax +49 (0)89 45 99-211 E-Mail: investor@pulsion.com Important dates for our investors in 2013: 9-month Financial Report November 8, 2013 This Half-yearly Financial Report contains forward-looking statements. These forwardlooking statements represent the judgment of PULSION Medical Systems SE at the date of publication of the Half-yearly Financial Report. The actual results achieved by PULSION Medical Systems SE may diverge significantly from the comments made in the forward-looking statements. PULSION Medical Systems SE disclaims any obligation to update any of these forward-looking statements. PULSION Half-yearly Financial Report as at June 30, 2013 23