artnet AG — Interim / Quarterly Report 2014

Nov 14, 2014

Nine-Month Report 2014

Table of Contents

• 1 artnet AG Interim Group Management Report
• 7 artnet AG Consolidated Balance Sheet
• 8 artnet AG Condensed Interim Consolidated Income Statement
• 9 artnet AG Statement of Changes in Consolidated Equity
• 10 artnet AG Consolidated Cash Flow Statement
• 11 Notes to the Interim Consolidated Financial Statements
• 18 Authorities, Offices, Investor Relations, and Information on artnet Stock

artnet AG Interim Group Management Report Nine-Month Report 2014

Global Economic Situation and Art Market Development

In contrast to what is expected in the spring, the economy in the Eurozone has not recovered during the third quarter. Facing a weak economy, the European Central Bank continued its policy of low interest rates, which only provided a minor push to the economy. The military conflict in eastern Ukraine, and the resulting international sanctions against Russia, negatively affected economic relations between the European Union and Russia. Although only a small share of exports are allocated to Russia, the crisis led to a downturn in the expectations of companies. Growth forecasts have been revised downward. The UK and the United States remain the driving forces behind the moderate expansion of world production. The upturn will continue in these countries, but will lose some momentum.

After a strong second quarter, the auction market achieved further success. In the third quarter of 2014, the global art auction market increased compared to the same period last year by 10.3%, and rose from 1 billion USD to 1.1 billion USD. While the art market in China has lost some momentum over the previous year, a general upturn occurred in the US and the UK. Compared to last year, the US market grew by 8.9%. Sales of Fine Art rose significantly in Great Britain, where more than 572 million USD was made. Compared to the previous year, this represents a remarkable increase of 263 million USD. 131 of the offered lots in the third quarter were sold for more than 1 million USD. These high-priced lots generated more than 420 million USD in total, and thus represent more than 35% of the market share. Nine of those lots achieved a price of more than 10 million USD.

Results of Operations, Financial Position, and Net Assets

Revenue

After the positive sales trend in the first two quarters of 2014, during the seasonally weak third quarter, artnet realized a sales growth compared to the same period last year of 3.2%. In the first nine months of the current year, the Group's revenue in euros rose by 3.4% over the corresponding period in 2013, to 10,096,000 EUR. In US dollars, the currency in which the Group's

main business activities are processed, the revenue increased by 6.5%, from 12,853,000 USD to 13,868,000 USD. This increase was mainly driven by higher sales in the artnet Auctions, Price Database, and artnet Advertising segments. Only the artnet Gallery Network segment experienced a decline in revenue.

When compared with the third quarter of 2013, revenue from artnet Auctions remained at the same level. Compared to the first nine months of 2013, revenue from artnet Auctions increased in the first nine months of 2014 by 12.2% (15.5% in USD), or 198,000 EUR (331,000 USD), to 1,820,000 EUR (2,467,000 USD). While the average buyer and seller premiums remained stable at 23%, the average price of lots sold increased compared to the third quarter of 2013, by 1,302 USD, to 8,300 USD.

Compared to the previous quarter, revenue from the artnet Price Database remained at roughly the same level, amounting to 1,428,000 EUR (1,895,000 USD). When compared to the same quarter in 2013, the revenue increased in euros by 9.1%. In US dollars, the currency in which the Group's main business activities are processed, growth equaled 9.4%. Despite a slight decrease in the number of searches (-6.9% or 1,030,000), revenue from the artnet Price Database increased in the first nine months of 2014, from 3,795,000 EUR (4,998,000 USD) in the same period of the previous year, to 4.093,000 EUR (5.548,000 USD). This increase was mainly due to the increase in average price per search (+18%).

Compared to the first nine months of 2013, revenue for the artnet Gallery Network in the first nine months decreased by 257,000 EUR (209,000 USD), to 3,326,000 EUR (4,509,000 USD). The number of gallery memberships declined by 6.2%. According to a customer survey about the reasons for termination, only 6% of former gallery members during the third quarter switched to free or cheaper competitors. More than 12% canceled for financial reasons or a cessation of business, and about 27% of the canceled gallery memberships were terminated by artnet due to poor payment practices. The declining number of gallery memberships is partially compensated by the increase in revenue from Auction House Partnerships.

When compared to the corresponding period of the previous year, revenue from artnet Advertising for the third quarter of 2014 increased by 22.3% in euros (21.9% in US dollars). Compared to

the second quarter of 2014, revenue decreased due to seasonal influences, by 23.7% (20.9% in US dollars). The redesign of our site, as well as the newly introduced news platform, artnet News, contributed to the improved advertising space on our site, in addition to an increase in pageviews. Compared to the previous year, the revenue increased by 96,000 EUR (160,000 USD), from 761,000 EUR (1,002,000 USD) to 857,000 EUR (1,162,000 USD), corresponding to an increase of 12.7% (16.0% in US dollars), but is still clearly below expectations for 2014.

Changes in Costs and Results

In the first nine months of the 2014 fiscal year, gross profit increased by 11.3% (14.5% in US dollars), to 6,013,000 EUR (8,151,000 USD), compared to 5,404,000 EUR (7,117,000 USD) in the previous year. This improvement in earnings was due to increased revenue from artnet Auctions, the artnet Price Database, and artnet Advertising, and was also positively affected by lower personnel costs and fewer expenses for website maintenance, which were allocated to the cost of sales. In general, the cost of sales declined by 273,000 EUR (202,000 USD), to 4,083,000 EUR (5,535,000 USD), corresponding to a decrease of 6.3% (3.5% in US dollars).

With the introduction of the news platform, artnet News, and targeted marketing campaigns and collaborations during the last few months, artnet has continuously invested in building better brand awareness to establish its long-term market share in the growing online market. Sales and marketing expenses increased accordingly in the first nine months, and also affected the result. Compared to the same period of the previous year, sales and marketing expenses increased in the first nine months of 2014 by 61.1% (65.8% in US dollars), or 830,000 EUR (1,178,000 USD), to 2,188,000 EUR (2,966,000 USD). 563,000 EUR (763,000 USD) of this amount was incurred from the introduction of the news portal artnet News. Other sales and marketing expenses increased compared to the previous year by 23.9% (27.6% in US dollars). Compared to the previous quarter, sales and marketing expenses increased in the third quarter of 2014 by 9.2% (5.8% in US dollars).

When compared to the previous year, the general administrative expenses in the first nine months of 2014 totaled 2,267,000 EUR (3,073,000 USD). This represents a decrease

of 8.6% (5.9% in US dollars) compared to the previous year (2,479,000 EUR/3,264,000 USD). This decrease is mainly due to lower consultancy fees and personnel expenses.

Expenses for product development increased by 19.2% (22.8% in US dollars) as compared to the previous year's level, to 1,734,000 EUR (2,350,000 USD), largely as a result of the efforts related to the development of the news platform and the ongoing redesign of the website.

Other expenses include a currency loss in the amount of 221,000 EUR (300,000 USD) due to the valuation of intercompany receivables, which additionally burdens the result.

The EBITDA for the period of January to September was negative, at -48,000 EUR (-64,000 USD), while the EBITDA for the corresponding period in 2013 was positive, at 309,000 EUR (490,000 USD).

Consolidated earnings in the first nine months of the 2014 fiscal year were down, at -433,000 EUR (-588,000 USD), below the same period last year, at 25,000 EUR (33,000 USD).

Currency Conversion

Currency conversion in the consolidated statement of comprehensive income is based on the average exchange rate for the period from January 1 to September 30, 2014 and 2013, respectively. For the first nine months of 2014, the average rate was 0.738 US dollars/euros, compared to 0.759 US dollars/euros for the first nine months of 2013. Currency conversion for the balance sheet is based on the exchange rate at the end of the period. As of September 30, 2014, the rate was 0.788 US dollars/ euros, compared to 0.726 US dollars/euros on December 31, 2013.

artnet is subject to exchange rate fluctuations since it invoices in euros, US dollars, and British pounds, but conducts most of its business in the United States. The Group attempts to reduce its exposure to exchange rate differences by billing European customers in euros and British customers in British pounds, and by paying vendors in the same currency with these cash funds.

Financial Position

As of September 30, 2014, the Group reported a negative operating cash flow of -24,000 EUR (-33,000 USD), which is below the previous year (previous year: 575,000 EUR/757,000 USD). The main reason for the negative cash flow is the downturn in earnings. The cash flow was additionally affected by higher cash outflows from changes in accounts payable and the increase in accounts receivable. This was enhanced by an increase in deferred revenue.

At 150,000 EUR (203,000 USD), the cash outflow from investing activities was lower than the previous year (previous year: 283,000 EUR/373,000 USD) due to investments in the development of the redesign of our website and the purchase of hardware and office equipment for the artnet News team.

The cash flow for financing activities amounted to -167,000 EUR (-226,000 USD) in the first nine months of 2014, and is essentially dominated by the repayment of liabilities from finance lease agreements. The cash inflow in the same period of the previous year (previous year: 347,000 EUR/439,000 USD) was affected by a loan granted by the main shareholder and the redemption payments for finance lease agreements.

Cash and cash equivalents amounted to 1,230,000 EUR (1,560,000 USD) as of September 30, 2014, compared to 1,361,000 EUR (1,841,000 USD) as of September 30, 2013.

The cash investment policy for the Group is conservative and based on short-term investments. This policy allows all cash to be liquid and available. Based on the average outstanding shares of 5,552,986, liquidity per share was 0.22 EUR (0.28 USD) on September 30, 2014, compared to 0.24 EUR (0.33 USD) on September 30, 2013.

Asset Position

The balance sheet total was 5,959,000 EUR (7,561,000 USD) on September 30, 2014, and was slightly below the previous year (December 31, 2013: 6,039,000 EUR/8,315,000 USD).

Trade accounts receivable decreased compared to December 31, 2013, by 15,000 EUR (87,000 USD), to 615,000 EUR (780,000 USD), while the overall maturity structure of receivables has improved.

Fixed assets decreased by 40,000 EUR (258,000 USD), to 1,877,000 EUR (2,382,000 USD). In the first nine months of 2014, the scheduled depreciation and amortization was offset by development costs for the redesign of the website, as well as necessary office equipment and hardware purchases.

The total current liabilities increased by 19.7% (10.3% in US dollars), from 2,850,000 EUR (3,923,000 USD) as of December 31, 2013, to 3,411,000 EUR (4,328,000 USD). This increase is due to the necessary allocation by September 30, 2014, of the main shareholder loan granted on March 31, 2013, under current liabilities, as it will conclude on May 1, 2015. Without this loan, the short-term liabilities would have increased by 31,000 EUR, while they would have decreased by 6.8% in US dollars (268,000 USD). This decrease in current liabilities is mainly due to the reduction in trade payables and the scheduled downpayments toward the finance leases.

As compared to December 31, 2013, long-term liabilities decreased by 60%, to 390,000 EUR (494,000 USD). This decrease is mainly due to the necessary allocation of the shareholder loan, as it will conclude on May 1, 2015. Long-term liabilities arising from finance leases were reduced as scheduled as well. This was partly offset by the scheduled increase in liability from office rent amortization.

The Group's consolidated equity decreased due to the negative net result, to 2,159,000 EUR (2,739,000 USD) on September 30, 2014, compared to 2,214,000 EUR (3,048,000 USD) on December 31, 2013.

The artnet Price Database constitutes an intangible asset that has been developed by gathering auction information, with results dating back to 1985. This valuable asset to the Group has not been attributed full earnings recognition on the balance sheet due to accounting rules. Balance sheet assets would be substantially increased if this recognition were allowed by law.

General Information and Business Activities

artnet AG is a holding company listed on the "Geregelten Markt" in the Prime Standard segment of the Frankfurt Stock Exchange. artnet AG's principal holding is its wholly owned subsidiary, Artnet Worldwide Corporation, which was founded in 1989 in New York. artnet AG ("artnet" or the "Company") and Artnet Worldwide Corporation ("Artnet Corp.," collectively the "artnet Group" or the "Group") operate under the trade name "artnet."

Artnet Corp. has two wholly owned subsidiaries: artnet UK Ltd. and artnet France sarl. artnet UK Ltd. provides sales and client support in the United Kingdom. As part of the restructuring, the closing of the Paris office was resolved in June 2012.

With a monthly average of 1.3 million unique visitors in the first nine months of 2014 on its domains, artnet.com, artnet.de, artnet.fr, and news.artnet.com, artnet offers the world's most comprehensive art market overview, enabling collectors and art professionals to better navigate the art market by providing timely information about artworks, artists, galleries, price developments, exhibitions, news, and reviews.

As of September 30, 2014, the artnet Gallery Network represented approximately 1,400 of the world's most prestigious art galleries from over 55 countries. Members of the Gallery Network are indexed by specialty and location, and feature approximately 170,000 works by nearly 35,000 artists. In addition to all forms of Contemporary, Modern, and Fine Art, the Gallery Network also offers Decorative Art and Design objects from the 1st century BC to the present.

With artnet Auction House Partnerships, auction houses have the flexibility to post complete or partial sales on artnet, with the option of linking every lot on artnet back to the same lot in their own online catalogue. All lots are linked to artnet's upcoming auctions calendar, and rank high on artnet and in Google search results. Auction House Partnerships provide reporting and direct traffic from artnet to the auction house website.

The artnet Price Database, which is comprised of the Price Database Fine Art and Design and the Price Database Decorative Art, is an online database with over 8 million color-illustrated auction results from more than 1,600 leading international auction houses, giving price transparency to an otherwise secretive market. Subscribers to the Price Database have access to current results, as well as auction records dating back to 1985, and with that, the most up-to-date and impartial appraisal value of artworks they would like to buy, sell, or value. The Price Database is widely subscribed to by appraisers, dealers, auctioneers, and financiers, as well as by private and government institutions, including the IRS and the FBI. Most importantly, it provides an illustrated "blue book" for private collectors with which to appraise the works they own, and measure opportunities at upcoming auctions or on the dealer

market. Dealers and auctioneers also use comparable sales from the Price Database to support the valuation and sale of important works of art.

artnet Market Alerts, a derivative of the Price Database, informs subscribers via email when artworks by their favorite artists come up at auction, or are offered in the Gallery Network or on artnet Auctions.

artnet Analytics, which was launched in May 2012, is the first art index that allows users to monitor the performance of artists, customer-specified groups of artworks, and art categories, such as Asian or Modern Art, with the option to compare market performance against financial indices, such as the Dow Jones or the S&P 500. artnet Analytics Reports cover over 600 artists and approximately 46,000 groups of comparable artworks.

With artnet Auctions, artnet has become a consumer-to-consumer transaction platform, that also acts as an integrated information resource. The main advantages for buyers and sellers on artnet Auctions are the attractive transaction costs and fast turnaround, which can be finalized in a few weeks, compared to the six months or a year required by brick-and-mortar auctioneers. artnet Auctions routinely sees works by blue-chip Modern and Contemporary artists sell in the five- and six-figure range.

artnet Monographs is an online art library developed in close collaboration with artists, estates, foundations, and galleries. This growing resource of Modern and Contemporary artists' monographs features comprehensive artwork selections and 149 biographies. artnet Monographs can be viewed free of charge on the artnet website.

Risks and Opportunity Report

The risk situation has not changed materially compared to the 2013 reporting year. A detailed overview of risks and opportunities can be found in the 2013 Group Management Report. All statements included therein regarding risks and opportunities continue to be valid.

There are no risks that could endanger the company's existence, and, at present, none can be identified for the future.

Subsequent Events and Outlook

Subsequent Events

Between the end of the third quarter of 2014 and the publication of this report, the following events appeared that may have a significant impact on the results of operations, net assets, and financial position of the Group:

On November 6, 2014, Artnet Worldwide Corporation and its principal bank agreed on an overdraft facility of 750,000 USD. In this context, the loan granted by the majority shareholder, Hans Neuendorf, in the amount of 500,000 EUR, and due on May 31, 2015, has been extended until August 31, 2016. Both parties agreed on a repayment of the loan in uninterrupted installments of 25,000 EUR starting on January 31, 2015, under the condition that the cash balance of the group doesn't fall below the amount of 1.5 million USD at the end of each month.

Outlook

Over the past two years, Management has successfully implemented measures to make the Group more efficient. To achieve this, expenses were cut, personnel changed, and product fees gradually increased. At the same time, customer benefits were increased through improvements to our services, and the appeal of our site was strengthened through the redesign. The site and all products and services are being updated in several phases, which began in April 2014.

Earlier this year, Management decided to launch artnet News, an online art news platform, with the intention of expanding artnet's recognition within the art world, and to increase pageviews and demand for artnet products and services. Within a few months, artnet News became the world's most widely read, dedicated art news site, almost doubling artnet's overall pageviews.

As stated in the 2013 financial report, operating costs increased considerably due to the development of artnet News, as well as significantly higher sales and marketing expenses. A swift implementation of these vital developments was prioritized over the annual profit, and the expenditures were approved. The profit-and-loss forecast for 2014 had to be lowered accordingly, to -0.5 million EUR. The Company was expecting the final results to be around 0.6 million EUR for the current year. One reason

for the correction is that the expenses required for the launch of artnet News could only be partly compensated by revenue from advertising sales. Furthermore, a loss resulted from a currency exchange valuation of an internal debt claim of 0.2 million EUR between Artnet Worldwide Corp. and artnet AG, which did not result in a cash outflow. The forecasted total revenue for 2014 was corrected, from between 14 and 15 million EUR to 13 million EUR. The main reason for the change in forecast is the lower-thananticipated revenue from artnet Advertising and lower revenues from the artnet Gallery Network.

Management anticipates an increase in membership numbers in the Gallery Network due to an improved representation of the artworks as part of the redesign of the site. However, so far, membership numbers have been decreasing in 2014, resulting in 7.2% lower revenues in euros (4.4% in US dollars) compared to the first nine months of 2013. Therefore, our prediction of a small revenue growth for the Gallery Network will not be reached in 2014. We believe the decline is still largely due to a challenging art market, especially for galleries. Additionally, competitors offer alternatives, which are often free of charge. Due to a lack of revenue potential for these free services, we are convinced that this strategy is unsustainable in the long run, and we therefore anticipate a consolidation of the art market with respect to these offerings. To improve the appeal of the Gallery Network, we are further improving our services in order to generate more traffic to membersites. Also, as part of the redesign, artist pages were updated during the third quarter, helping our users to more easily find artworks within the Gallery Network. In addition, the events calendar, where visitors can find upcoming exhibitions and openings, will be overhauled later this year.

During the third quarter, the search screen was upgraded with new features, and the search functionality was updated with faster, more advanced technology to further improve the Price Database segment. During the fourth quarter, artnet Market Watch will be launched, which will offer reports based partly on artnet Analytics. These reports, which will be highlighted in articles on artnet News, will be sold to clients, and will provide in-depth information on the art market. During the first nine months, revenue increased by 7.8% in euros (11% in US dollars). Due to improvements to the Price Database and a new institutional client, who purchased a

subscription during the fourth quarter, we maintain our projection of a small revenue increase for this segment in 2014.

The artnet Auctions site was also redesigned in early November, marking a milestone in the process of enhancing the appearance of the brand this year. The new auctions site includes a more intuitive navigation and an optimized presentation of the artworks. In the coming months, the site will be improved to further simplify the process of buying and selling artworks. Revenue for artnet Auctions increased by 12.2% in euros (15.5% in US dollars) during the first nine months compared to the same period last year. Between now and the end of the year, several special sales are scheduled, and the artnet Auctions team expects good sell-through rates. We therefore reaffirm our expectation of achieving a double-digit increase in revenue for artnet Auctions in 2014.

In light of the rising interest in the art market globally and a competitive market environment, Management is convinced that the investments in product development and improvement will lead to a long-term expansion of the brand. During the current year, artnet has already reached considerable milestones and laid the groundwork for achieving our desired goals.

Berlin, November 14, 2014

Jacob Pabst CEO, artnet AG

artnet AG Consolidated Balance Sheet

	9/30/14 USD	12/31/13 USD	9/30/14 EUR	12/31/13 EUR
Assets
Current Assets
Cash and Cash Equivalents	1,560,325	2,104,778	1,229,848	1,528,763
Accounts Receivable-Net	780,474	867,645	615,170	630,197
Other Current Assets	540,276	408,200	425,846	296,488
Total Current Assets	2,881,075	3,380,623	2,270,864	2,455,448
Non-Current Assets
Property, Plant, and Equipment	835,824	1,021,334	658,796	741,826
Intangible Assets	1,545,879	1,618,905	1,218,462	1,175,859
Security Deposit	390,465	386,167	307,765	280,485
Deferred Tax Assets	1,907,577	1,907,577	1,503,552	1,385,530
Total Non-Current Assets	4,679,745	4,933,983	3,688,575	3,583,700
Total Assets	7,560,820	8,314,606	5,959,439	6,039,148
Equity and Liability
Current Liabilities
Accounts Payable	500,531	641,167	394,519	465,699
Accrued Expenses and Other Liabilities	833,416	851,754	656,898	618,654
Provisions	164,770	164,770	129,872	119,677
Short-Term Liabilities from Finance Leases	250,858	302,797	197,726	219,931
Deferred Revenue	1,905,615	1,962,823	1,502,006	1,425,657
Loans	672,422	-	530,003	-
Total Current Liabilities	4,327,612	3,923,311	3,411,024	2,849,618
Long-Term Liabilities
Office Rent Amortization	387,377	352,645	305,331	256,137
Long-Term Liabilities from Finance Leases	106,914	281,414	84,270	204,399
Loans	-	709,044	-	515,000
Total Long-Term Liabilities	494,291	1,343,103	389,601	975,536
Total Liabilities	4,821,903	5,266,414	3,800,625	3,825,154
Shareholders' Equity
Common Stock	5,941,512	5,941,512	5,631,067	5,631,067
Treasury Stock	(269,241)	(269,241)	(264,425)	(264,425)
Additional Paid-In Capital	52,291,766	52,252,827	50,900,914	50,872,189
Accumulated Deficit	(54,872,246)	(54,925,977)	(53,868,969)	(53,909,439)
Current Net Profit	(587,582)	53,731	(433,459)	40,470
Foreign Currency Translation	234,708	(4,660)	193,686	(155,868)
Total Shareholders' Equity	2,738,917	3,048,192	2,158,814	2,213,994
Total Liabilities and Total Shareholders' Equity	7,560,820	8,314,606	5,959,439	6,039,148

artnet AG Consolidated Income Statement

	1/1–9/30/14 USD	1/1–9/30/13 USD	1/1–9/30/14 EUR	1/1–9/30/13 EUR	7/1–9/30/14 USD	7/1–9/30/13 USD	7/1–9/30/14 EUR	7/1–9/30/13 EUR
Revenue
artnet Gallery Network	4,509,095	4,718,159	3,326,359	3,582,970	1,418,786	1,515,968	1,072,288	1,144,181
artnet Price Database	5,548,315	4,997,716	4,092,992	3,795,266	1,894,547	1,732,276	1,427,934	1,308,307
artnet Advertising	1,162,042	1,001,642	857,238	760,647	352,508	289,301	266,764	218,128
artnet Auctions	2,466,815	2,135,474	1,819,769	1,621,679	698,781	695,997	530,165	525,373
Total Revenue	13,686,267	12,852,990	10,096,359	9,760,562	4,364,622	4,233,541	3,297,151	3,195,989
Cost of Sales	5,534,795	5,736,436	4,083,018	4,356,249	1,826,479	1,908,014	1,378,172	1,440,523
Gross Profit	8,151,472	7,116,554	6,013,341	5,404,313	2,538,143	2,325,527	1,918,979	1,755,466
Operating Expenses
Sales and Marketing	2,966,465	1,788,780	2,188,361	1,358,400	1,074,441	597,644	808,319	451,231
General and Administrative	3,072,777	3,264,341	2,266,788	2,478,941	1,074,649	902,849	809,353	680,429
Product Development	2,349,881	1,914,339	1,733,507	1,453,749	870,525	725,617	654,465	548,418
Non-Cash Compensation	38,939	10,380	28,725	7,883	17,813	1,988	13,316	1,492
Total Other Operating Expenses	8,428,062	6,977,840	6,217,381	5,298,973	3,037,428	2,228,098	2,285,453	1,681,570
Operating Income	(276,590)	138,714	(204,040)	105,340	(499,285)	97,429	(366,474)	73,896
Interest Expenses	51,960	41,639	38,331	31,621	16,735	16,118	12,638	12,184
Interest Income	58	173	43	131	-	53	1	40
Other Income/(Expenses)	(249,559)	(67,711)	(184,100)	(51,420)	(269,148)	26,499	(198,388)	20,330
Earnings Before Taxes	(578,051)	29,537	(426,428)	22,430	(785,168)	107,862	(577,499)	82,082
Income Taxes	(9,531)	2,998	(7,031)	2,277	-	(8,655)	(79)	(6,598)
Net Profit/(Loss)	(587,582)	32,535	(433,459)	24,707	(785,168)	99,207	(577,578)	75,484
Other Comprehensive Income
OCI Recycled: Differences from Foreign Currency Translation
	239,368	51,587	349,554	(42,666)	214,567	21,490	311,902	(95,459)
Total Comprehensive Income	(348,214)	84,122	(83,905)	(17,959)	(570,601)	120,697	(265,676)	(19,975)
Result per Share
Basic and Diluted	-0.11	0.01	-0.08	0.00	-0.14	0.02	-0.10	0.01

artnet AG Consolidated Statement of Changes in Shareholders' Equity (USD)

As of September 30, 2014

		Common Stock				Foreign
	Shares Issued	Amount	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Currency Translation	Total
Balance as of 12/31/2012	5,631,067	5,941,512	(269,241)	52,240,459	(54,925,977)	144,067	3,130,820
Net Profit/(Loss)	-	-	-	-	32,535	51,587	84,122
Remuneration from Stock Options	-	-	-	10,380	-	-	10,380
Balance as of 9/30/2013	5,631,067	5,941,512	(269,241)	52,250,839	(54,893,442)	195,654	3,225,322
Balance as of 12/31/2013	5,631,067	5,941,512	(269,241)	52,252,827	(54,872,246)	(4,660)	3,048,192
Net Profit/(Loss)	-	-	-	-	(587,582)	239,368	(348,214)
Remuneration from Stock Options	-	-	-	38,939	-	-	38,939
Balance as of 9/30/2014	5,631,067	5,941,512	(269,241)	52,291,766	(55,459,828)	234,708	2,738,917

artnet AG Consolidated Statement of Changes in Shareholders' Equity (EUR)

		Common Stock
	Shares Issued	Amount	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Foreign Currency Translation	Total
Balance as of 12/31/2012	5,631,067	5,631,067	(264,425)	50,862,873	(53,909,439)	48,390	2,368,466
Net Profit/(Loss)	-	-	-	-	24,707	(42,666)	(17,959)
Remuneration from Stock Options	-	-	-	7,883	-	-	7,883
Balance as of 9/30/2013	5,631,067	5,631,067	(264,425)	50,870,756	(53,884,732)	5,724	2,358,390
Balance as of 12/31/2013	5,631,067	5,631,067	(264,425)	50,872,189	(53,868,969)	(155,868)	2,213,994
Net Profit/(Loss)	-	-	-	-	(433,459)	349,554	(83,905)
Remuneration from Stock Options	-	-	-	28,725	-	-	28,725
Balance as of 9/30/2014	5,631,067	5,631,067	(264,425)	50,900,914	(54,302,428)	193,686	2,158,814

artnet AG Consolidated Cash Flow Statement

	1/1–9/30/14 USD	1/1–9/30/13 USD	1/1–9/30/14 EUR	1/1–9/30/13 EUR
Cash Flow from Operating Activities
Net Profit/(Loss)	(587,582)	32,535	(433,459)	24,707
Adjustments to Reconcile Net Profit to Net Cash from Operating Activities
Depreciation and Amortization	461,747	418,525	340,631	317,828
Impairment/Write-Offs for Receivables	161,234	205,815	118,942	156,296
Non-Cash Compensation from Stock Options	38,939	10,380	28,725	7,883
Other Non-Cash Transactions	284,705	(7,200)	210,027	(5,467)
Changes in Operating Assets and Liabilites
Accounts Receivable	(74,063)	1,613	(54,636)	1,225
Other Current Assets	(132,076)	222,480	(97,432)	168,951
Security Deposits	(4,298)	(6,924)	(3,171)	(5,258)
Accounts Payable	(140,636)	(35,125)	(103,747)	(26,674)
Provisions	-	(5,271)	-	(4,003)
Accrued Expenses and Tax Liabilities	16,394	(216,303)	12,094	(164,260)
Deferred Revenue	(57,208)	136,492	(42,202)	103,652
Total Adjustments	554,738	724,483	409,231	550,172
Cash Flow from Operating Activities	(32,844)	757,018	(24,228)	574,879
Cash Flow from Investing Activities
Purchase of Property and Equipment	(23,187)	(6,916)	(17,105)	(5,252)
Purchase and Development of Intangible Assets	(180,024)	(366,147)	(132,804)	(278,052)
Net Cash used in Investing Activities	(203,211)	(373,062)	(149,909)	(283,303)
Cash Flow from Financing Activities
Repayment of Finance Leases	(226,439)	(201,330)	(167,044)	(152,890)
Loans Received	-	640,503	-	500,000
Net Cash used in Financing Activities	(226,439)	439,173	(167,044)	347,110
Effects of Exchange Rate Changes on Cash	(81,959)	22,796	42,266	(30,220)
Change in Cash and Cash Equivalents	(544,453)	845,924	(298,915)	608,466
Cash and Cash Equivalents—Start of Period	2,104,778	994,773	1,528,763	752,546
Cash and Cash Equivalents—End of Period	1,560,325	1,840,697	1,229,848	1,361,012
Supplemental Disclosures of Cash Flow
Income Tax Receipts/(Payments)	(9,531)	2,998	(7,031)	2,277
Interest Paid	(31,622)	(41,639)	(23,328)	(31,621)
Interest Received	58	173	43	131

Notes to the Interim Consolidated Financial Statements

Corporate Information

artnet AG (hereafter referred to as "artnet AG" or the "Company") is a publicly traded corporation headquartered in Berlin, Germany. The address of its registered office is Oranienstraße 164, 10969 Berlin. artnet AG was incorporated under the laws of Germany in 1998.

artnet AG holds 100% of the shares in Artnet Worldwide Corporation ("Artnet Corp."), which is located in New York, United States. Artnet Corp. holds 100% of the shares in artnet UK Ltd. and artnet France sarl. artnet AG and Artnet Corp., together with Artnet Corp.'s wholly owned subsidiaries, are referred to as the "Group" or the "artnet Group."

The Group's mission is to provide a website to art collectors, galleries, publishers, auction houses, and art enthusiasts, where they can research artists and prices of artworks, and find artworks that are currently available at art galleries and auctions around the world. Additionally, artworks can be sold on artnet Auctions, a web-based auction platform.

The consolidated financial statements were authorized for issuance by the chairman and CEO on November 14, 2014.

Basis of Presentation

These unaudited interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and its interpretations adopted by the International Accounting Standards Board (IASB) for interim financial information effective within the EU. In particular, they correspond to the "Interim Financial Reporting" guidelines of IAS 34. They also comply with the German accounting Standard (DRS) No.16 on interim reporting, as well as with §§ 37x, 37w of the Securities Trading Act. These financial statements do not include all of the information and footnotes required by IFRS for complete financial statements for year-end reporting purposes.

The following new or revised standards and interpretations became mandatory in fiscal 2014:

	Standard (IFRS) or Interpretation (IFRIC)	Mandatory Application in the EU	Endorsed by the European Commission
IFRS 10	Consolidated Financial Statements	1/1/2014	12/29/2012
IFRS 11	Joint Arrangements	1/1/2014	12/29/2012
IFRS 12	Disclosure of Interests in other Entities	1/1/2014	12/29/2012
IAS 27*	Consolidated and Separate Financial Statements	1/1/2014	12/29/2012
IAS 28*	Shares in Associated Companies	1/1/2014	12/29/2012
IAS 32*	Financial Instruments: Presentation— Offsetting Financial Assets and Financial Liabilities	1/1/2014	12/29/2012
Amend. IFRS 10, IFRS 12, IAS 27	Separate Financial Statements— Exception of Duty to Consolidation of Investment Companies	1/1/2014	11/20/2013
IAS 36*	Impairment of Assets—Information on the Recoverable Amount of Non Financial Assets	1/1/2014	Exp. Q1/2014
IAS 39*	Novation of Derivatives	1/1/2014	Exp. Q4/2013
IFRIC 21	Information	1/1/2014	Exp. Q1/2014

*Amendments (changes to existing standards)

The first-time application of these standards does not have an impact on the presentation of the interim consolidated financial statements in 2014.

The same accounting and valuation methods have been applied to this interim report as were applied to the most recent annual financial statements. A detailed description of the accounting policies is published in the notes to the 2013 annual consolidated financial statements.

The Management of the Company is convinced that the interim consolidated financial statements include all adjustments of a normal and recurring nature considered necessary for a fair presentation of results for the interim period. Results for the period ended September 30, 2014, are not necessarily indicative of future results.

As of September 30, 2014, the interim financial statements and the interim management report have not been audited in accordance with § 317 of the German Commercial Code or reviewed by an auditor.

The consolidated financial statements have been prepared on a historical cost basis. The balance sheet date is September 30, 2014.

Reporting Period

The consolidated financial statements were prepared for the reporting period from January 1 through September 30, 2014. The fiscal year for all Group companies coincides with the calendar year.

Foreign Currency Translation and Transactions

Amounts mentioned in the interim consolidated financial statements, and notes to the interim consolidated financial statements, are stated in euros (EUR), unless otherwise noted.

The currency of the primary economic environment in which the artnet Group operates is US dollars, which is the functional currency of the operating subsidiary Artnet Corp. Transactions in currencies other than US dollars are recorded at the exchange rates prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses from foreign currency transactions are recognized as other income/expenses.

On consolidation, the assets and liabilities of the Group's operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. The accumulated gains and losses resulting from translation are recorded as a separate component of the Group's equity.

Currency exchange rates significant to the artnet Group are the translation of US dollars to euros, and of US dollars to British pounds (GBP). The following exchange rates have been used for the currency translation in the periods presented:

		USD to EUR			USD to GBP
	9/30/14	12/31/13	9/30/13	9/30/14	12/31/13	9/30/13
Spot Rate	0.788	0.726	0.739	0.616	0.606	0.620
Average Rate	0.738	0.753	0.759	0.599	0.631	0.647

Basis of Consolidation and Consolidated Companies The consolidated financial statements include the legal parent company, artnet AG, its wholly owned subsidiary, Artnet Corp., as well as the subsidiaries of the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities (IFRS 10).

On February 23, 1999, artnet AG entered into a transaction with Artnet Corp. that was treated as a recapitalization of Artnet Corp., with Artnet Corp. as the acquirer of artnet AG (reverse acquisition). The Company accounted for the business merger of artnet AG and Artnet Corp. as a reverse acquisition in accordance with IFRS 3, B1 et seq.

On November 1, 2007, Artnet Corp. established artnet UK Ltd., which is a wholly owned subsidiary that acts as a sales agent for Artnet Corp. in the United Kingdom.

Artnet Corp. established artnet France sarl, which is a wholly owned subsidiary of Artnet Corp. As part of its restructuring, artnet resolved to close the Paris office of artnet France sarl in June 2012. The key French market is now supported from our headquarters in New York and Berlin.

All significant inter-company transactions, balances, income, and expenses are eliminated.

Authorized Capital

The Shareholders' Meeting of artnet AG on July 16, 2014, authorized the Board of Directors, with the approval of the Supervisory Board, to increase the capital stock by up to 2,800,000 EUR before July 15, 2019, through the issue of 2,800,000 new no-par value bearer shares in exchange for cash contributions or contributions in kind (Authorized Capital 2014).

No shares have been issued from Authorized Capital 2014 at this point.

Treasury Shares

As of September 30, 2014, artnet AG held 78,081 of its own shares, representing 1.4% of common stock.

The Shareholders' Meeting of artnet AG on July 14, 2010, authorized the Board of Directors, with the approval of the Supervisory Board, to acquire its own shares until the end of July 13, 2015, up to a 10% stake in the current share capital. At no point may the acquired shares, together with other shares owned by the Company or attributable to the Company under Articles 71 et seq. AktG (German Stock Corporation Act), constitute more than 10% of the share capital. The time limit applies only to acquiring—and not holding—the shares.

Related-Party Transactions

As of September 30, 2014, financial liabilities of the artnet Group comprise, in addition to the accounts payable and other liabilities, a loan granted by the main shareholder (including interest) in the amount of 530,000 EUR, repayable on May 1, 2015. These measures serve as collateral to potential temporary liquidity bottleneck, which could result from seasonal changes of cash collections.

Income Taxes

Income tax expense is recognized in the interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year. Due to its tax loss carry forward, Artnet Corp. only has to pay the alternative minimum corporation tax.

The Group reviews the carrying amount of its deferred tax asset once per year, and will review the deferred tax asset in the fourth quarter of 2014 based on the most recent budget for the fiscal years 2015 through 2017.

Segment Reporting

The Group reports on the operating segments in the same way it reports operating segment information to the Management and Supervisory Boards.

The Group's reporting is based on the following four segments:

• The artnet Gallery Network segment presents artworks from member galleries online
• The artnet Price Database comprises all database-related products, including the Price Database Fine Art and Design and the Price Database Decorative Art, as well as the products based thereupon, including artnet Market Alerts, artnet Monographs, and artnet Analytics
• artnet Advertising produces banner, as well as national and international, advertising on the site
• artnet Auctions provides a platform to buy and sell artworks online

Segment performance is evaluated based on profit or loss before taxes. Non-directly attributable expenses are allocated to the reportable segments primarily based on the headcount and revenue for each reportable segment.

A measure of total assets or liabilities for each reportable segment is not provided to the Management. Therefore, total assets or liabilities are not disclosed for each reportable segment.

For the Period Ended September 30, 2014
EUR	Revenue	Profit Before Tax
artnet Gallery Network	3,326,000	266,000
artnet Price Database	4,093,000	781,000
artnet Advertising	857,000	(183,000)
artnet Auctions	1,820,000	(1,290,000)
Total	10,096,000	(426,000)

For the Period Ended September 30, 2013 EUR	Revenue	Profit Before Tax
artnet Gallery Network	3,583,000	740,000
artnet Price Database	3,795,000	336,000
artnet Advertising	761,000	165,000
artnet Auctions	1,622,000	(1,218,000)
Total	9,761,000	23,000

Earnings per Share

Basic earnings per share are calculated by dividing net income by the weighted-average number of common shares outstanding during the year.

Diluted earnings per share are calculated in the same manner as basic earnings per share, with the exception that the average number of shares outstanding increases by adding the potential number of shares from stock option conversions.

The calculation of earnings per share is based on the following data:

	1/1–9/30/14 EUR	1/1–9/30/13 EUR
Numerator (Earnings)
Consolidated Result for the Period	(426,429)	24,707
Denominator (Number Of Shares)
Weighted Average Number of Ordinary Shares used to Calculate Basic Earnings per Share (Issued and Fully Paid Ordinary Shares)	5,552,986	5,552,986
Effect of Potential Dilutive Shares from Stock Options	-	-
Weighted Average Number of Ordinary Shares used to Calculate Dilutive Earnings Per Share	5,552,986	5,552,986

The weighted average exercise price is higher than the average share price in 2014. As a result, there are no diluted shares.

Employees

On September 30, 2014, there were 116 full-time employees, as compared with 109 in the first nine months of 2013. Additionally, the Group employed four part-time employees as of September 30, 2014, as compared to nine in the same period last year. Sales and other consultants working for the Group as of September 30, 2014, totaled 11, as compared to eight in the same period last year.

Accounting Estimates and Assumptions

The preparation of the consolidated financial statements in accordance with IFRS necessitates estimates and assumptions that influence assets and liabilities, income and expenses, as well as information in the notes to the financial statements. Actual results and developments may differ from those estimates and assumptions.

Estimates made by the Management that have a significant effect on the interim consolidated financial statements include the recognition of deferred tax assets and development costs, the measurement of provisions and accruals, the useful lives of non-current assets, and the assessment of bad debt provisions on accounts receivable.

Notification Concerning Transactions by Persons Performing Managerial Responsibilities in Accordance with § 15a of the Securities Trading Act

The Company was not informed about transactions by persons performing managerial responsibilities to § 15a of the Securities Trading Act.

Notification Pursuant to § 26 (1) of the

Wertpapierhandelsgesetz (WpHG—German Securities Trading Act)

In accordance with Section 21 of the Securities Trading Act (WpHG), shareholders are required to report the level of their shareholdings if they exceed or fall below certain thresholds. The thresholds for reporting are 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50%, and 75%.

artnet AG was notified about the following voting rights announcements pursuant to section 26 WpHG (German Securities Trading Act):

January 2, 2014

1. Redline Capital Management S.A. with its registered office in Luxemburg, Luxemburg, informed us on December 27, 2013 that its share of the voting rights in artnet AG fell below the threshold of 3% on December 24, 2013 and on this date amounts to 0.00% (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

2. Instacom International S.A. SPF with its registered office in Luxemburg, Luxemburg, informed us on December 27, 2013 that its share of the voting rights in artnet AG fell below the threshold of 3% on December 24, 2013 and on this date amounts to 0.00% (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

3. Mr. Vladimir Evtushenkov, Russia, informed us on December 27, 2013 that his share of the voting rights in artnet AG fell below the threshold of 3% on December 24, 2013 and on this date amounts to 0.00% (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

4. Skate Capital Corp. with its registered office in Road Town, Tortola, British Virgin Islands, informed us on December 27, 2013 that its share of the voting rights in artnet AG exceeded the thresholds of 3% and 5% on December 27, 2013 and on this date amounts to 5.68% (320,035 voting rights of the total of 5,631,067 voting rights in artnet AG).

5. Mr. Sergey Skaterschikov, Russia, informed us on December 27, 2013 that his share of the voting rights in artnet AG exceeded the thresholds of 3% and 5% on December 27, 2013 and on this date amounts to 5.68%, (320,035 voting rights of the total of 5,631,067 voting rights in artnet AG). The entire voting rights are attributable to Mr. Sergey Skaterschikov pursuant to sec. 22 para. 1 sent. 1 no. 1 WpHG via Skate Capital Corp.

January 8, 2014

1. Weng Fine Art AG with its registered office in Krefeld, Germany, informed us on January 4, 2014 that its share of the voting rights in artnet AG fell below the threshold of 5% on December 28, 2013 and on this date amounts to 3.55% (200,000 voting rights of the total of 5,631,067 voting rights in artnet AG).

2. Mr. Rüdiger K. Weng, Germany, informed us on January 4, 2014 that his share of the voting rights in artnet AG fell below the threshold of 5% on December 28, 2013 and on this date amounts to 3.55%, (200,000 voting rights of the total of 5,631,067 voting rights in artnet AG). The entire voting rights are attributable to Mr. Rüdiger K. Weng pursuant to sec. 22 para. 1 sent. 1 no. 1 WpHG via Weng Fine Art AG.

February 24, 2014

1. Skate Capital Corp. with its registered office in Road Town, Tortola, British Virgin Islands, informed us on February 19, 2014 that its share of the voting rights in artnet AG fell below the thresholds of 5% and 3% on February 14, 2014 and on this date amounts to 0.00% (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

2. Mr. Sergey Skaterschikov, Russia, informed us on February 19, 2014 that his share of the voting rights in artnet AG exceeded the thresholds of 3% and 5% on February 14, 2014 and on this date amounts to 0.00%, (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

3. Abbey House Group S.A. with its registered office in Warsaw, Poland, informed us February 19, 2014 that its share of the voting rights in artnet AG exceeded the thresholds of 3% and 5% on February 14, 2014 and on this date amounted to 8.29% (466,609 voting rights of the total of 5,631,067 voting rights in artnet AG). Of this total, 2.60% (146,574 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Abbey House Group S.A. pursuant to Section 22 para. 2 WpHG.

4. Abbey Asset Management Sp. z o.o. SKA with its registered office in Warsaw, Poland, informed us February 19, 2014 that its share of the voting rights in artnet AG exceeded the thresholds of 3% and 5% on February 14, 2014 and on this date amounted to 8.29% (466,609 voting rights of the total of 5,631,067 voting rights in artnet AG). Of this total, 7.62% (429,330 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Abbey Asset Management Sp. z o.o. SKA pursuant to Section 22 para. 2 WpHG, including the voting rights of the following shareholder whose holdings of voting rights amount to 3% or more: Abbey House Group S.A.

5. Abbey Asset Management Sp. z o.o. 2 SKA with its registered office in Warsaw, Poland, informed us February 19, 2014 that its share of the voting rights in artnet AG exceeded the thresholds of 3% and 5% on February 14, 2014 and on this date amounted to 8.29% (466,609 voting rights of the total of 5,631,067 voting rights in artnet AG). Of this total, 7.79% (438,804 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Abbey Asset Management 2 Sp. z o.o. SKA pursuant to Section 22 para. 2 WpHG, including the voting rights of the following shareholder whose holdings of voting rights amount to 3% or more: Abbey House Group S.A.

6. Abbey Asset Management Sp. z o.o. 3 SKA with its registered office in Warsaw, Poland, informed us February 19, 2014 that its share of the voting rights in artnet AG exceeded the thresholds of 3% and 5% on February 14, 2014 and on this date amounted to 8.29% (466,609 voting rights of the total of 5,631,067 voting rights in artnet AG). Of this total, 6.84% (385,119 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Abbey Asset Management 3 Sp. z o.o. SKA pursuant to Section 22 para. 2 WpHG, including the voting rights of the following shareholder whose holdings of voting rights amount to 3% or more: Abbey House Group S.A.

7. Abbey Asset Management Sp. z o.o. with its registered office in Warsaw, Poland, informed us February 21, 2014 that its share of the voting rights in artnet AG exceeded the thresholds of 3% and 5% on February 14, 2014 and on this date amounted to 8.29% (466,609 voting rights of the total of 5,631,067 voting rights in artnet AG). Of this total, 2.60% (146,574 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Abbey Asset Management Sp. z o.o. pursuant to Section 22 para. 1 sent. 1 no. 1 WpHG. Furthermore, of this total, 8.29% (466,609 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Abbey Asset Management Sp. z o.o. pursuant to Section 22 para. 2 WpHG, including the voting rights of the following shareholder whose holdings of voting rights amount to 3% or more: Abbey House Group S.A.

8. Kenedix Investments Limited with its registered office in Nicosia, Cyprus, informed us February 21, 2014 that its share of the voting rights in artnet AG exceeded the thresholds of 3% and 5% on February 14, 2014 and on this date amounted to 8.29% (466,609

voting rights of the total of 5,631,067 voting rights in artnet AG). Of this total, 2.60% (146,574 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Kenedix Investments Limited pursuant to Section 22 para. 1 sent. 1 no. 1 WpHG. Furthermore, of this total, 5.68% (320,035 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Kenedix Investments Limited pursuant to Section 22 para. 2 WpHG, including the voting rights of the following shareholder whose holdings of voting rights amount to 3% or more: Abbey House Group S.A.

1. Mr. Ioannis Zavros, Cyprus, informed us February 21, 2014 that his share of the voting rights in artnet AG exceeded the thresholds of 3% and 5% on February 14, 2014 and on this date amounted to 8.29% (466,609 voting rights of the total of 5,631,067 voting rights in artnet AG). Of this total, 2.60% (146,574 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Mr. Zavros pursuant to Section 22 para. 1 sent. 1 no. 1 WpHG. Furthermore, of this total, 5.68% (320,035 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Mr. Zavros pursuant to Section 22 para. 2 WpHG, including the voting rights of the following shareholder whose holdings of voting rights amount to 3% or more: Abbey House Group S.A.

2. Abbey Art Fund FIZAN with its registered office in Warsaw, Poland, informed us February 21, 2014 that its share of the voting rights in artnet AG exceeded the thresholds of 3% and 5% on February 14, 2014 and on this date amounted to 8.29% (466,609 voting rights of the total of 5,631,067 voting rights in artnet AG). Of this total, 2.60% (146,574 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Abbey Art Fund FIZAN pursuant to Section 22 para. 1 sent. 1 no. 1 WpHG. Furthermore, of this total, 8.29% (466,609 voting rights of the total of 5,631,067 voting rights in artnet AG) are attributed to Abbey Art Fund FIZAN pursuant to Section 22 para. 2 WpHG, including the voting rights of the following shareholder whose holdings of voting rights amount to 3% or more: Abbey House Group S.A.

April 4, 2014

1. Abbey Asset Management Sp. z o.o. SKA with its registered office in Warsaw, Poland, informed us on April 2, 2014, that its share of the voting rights in artnet AG fell below the thresholds of 5% and 3% on April 2, 2014 and on this date amounts to 0.00% (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

2. Abbey Asset Management Sp. z o.o. 2 SKA with its registered office in Warsaw, Poland, informed us on April 2, 2014, that its share of the voting rights in artnet AG fell below the thresholds of 5% and 3% on April 2, 2014 and on this date amounts to 0.00% (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

3. Abbey Asset Management Sp. z o.o. 3 SKA with its registered office in Warsaw, Poland, informed us on April 2, 2014, that its share of the voting rights in artnet AG fell below the thresholds of 5% and 3% on April 2, 2014 and on this date amounts to 0.00% (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

4. Abbey Asset Management Sp. z o.o. with its registered office in Warsaw, Poland, informed us on April 2, 2014, that its share of the voting rights in artnet AG fell below the thresholds of 5% and 3% on April 2, 2014 and on this date amounts to 0.00% (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

5. Kenedix Investments Limited with its registered office in Nicosia, Cyprus, informed us on April 2, 2014, that its share of the voting rights in artnet AG fell below the thresholds of 5% and 3% on April 2, 2014 and on this date amounts to 0.00% (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

6. Mr. Ioannis Zavros, Cyprus, informed us on April 2, 2014, that his share of the voting rights in artnet AG fell below the thresholds of 5% and 3% on April 2, 2014 and on this date amounts to 0.00% (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

7. Abbey Art Fund FIZAN with its registered office in Warsaw, Poland, informed us on April 2, 2014, that its share of the voting rights in artnet AG fell below the thresholds of 5% and 3% on April 2, 2014 and on this date amounts to 0.00% (0 voting rights of the total of 5,631,067 voting rights in artnet AG).

June 4, 2014

1. Weng Fine Art AG with its registered office in Krefeld, Germany, informed us on June 2, 2014 that its share of the voting rights in artnet AG exceeded the threshold of 5% on May 30, 2014 and on this date amounts to 5.01% (282,000 voting rights of the total of 5,631,067 voting rights in artnet AG).

2. Mr. Rüdiger K. Weng, Germany, informed us on June 2, 2014 that his share of the voting rights in artnet AG exceeded the threshold of 5% on May 28, 2014 and on this date amounts to 5.02%, (282,400 voting rights of the total of 5,631,067 voting rights in artnet AG). The entire voting rights are attributable to Mr. Rüdiger K. Weng pursuant to sec. 22 para. 1 sent. 1 no. 1 WpHG, including the voting rights of the following shareholder whose holdings of voting rights amount to 3% or more: Weng Fine Art AG.

The Company published these notifications verbatim on its Investor Relations site.

Berlin, November 14, 2014

Jacob Pabst CEO, artnet AG

artnet AG

Supervisory Board John Hushon, Chairman Hans Neuendorf, Deputy Chairman Piroschka Dossi Management Board Jacob Pabst, CEO

Artnet Worldwide Corporation

Jacob Pabst, CEO

artnet UK Ltd. Jacob Pabst, CEO

artnet France sarl Jacob Pabst, CEO

Addresses

artnet AG

Oranienstraße 164 10969 Berlin info@artnet.de T: +49 (0)30 209 178-0 F: +49 (0)30 209 178-29

Artnet Worldwide Corporation

233 Broadway, 26th Floor New York, NY 10279 USA info@artnet.com

T: +1-212-497-9700 F: +1-212-497-9707

artnet UK Ltd.

Morrell House 98 Curtain Road London EC2A 3AF United Kingdom info@artnet.co.uk T: +44 (0)20 7729 0824 F: +44 (0)20 7033 9077

Investor Relations

You can find information for investors and the annual financial statements at artnet.com/investor-relations.

If you have further queries, please send an email to ir@artnet.com or send your inquiry by mail to one of our offices.

Information on artnet Stock

The common stock of artnet AG is traded on the Prime Standard of the Frankfurt Stock Exchange under the symbol "ART." You can find notices of relevant company developments at artnet.com/investor-relations.

German Securities Code Number

[WKN] A1K037

ISIN DE000A1K0375

Concept and Production Artnet Worldwide Corporation

©2014 artnet AG, Berlin