artnet AG — Interim / Quarterly Report 2014

Aug 15, 2014

Six-Month Report 2014

Table of Contents

• 1 artnet AG Interim Group Management Report
• 6 Responsability Statement
• 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 Six-Month Report 2014

Global Economic Situation and Art Market Development

The weak market performance, as well as geopolitical uncertainties, such as the crisis in the Ukraine, have affected economic developments during the second quarter of 2014. However, the upswing in world trade is anticipated to continue at a solid pace. Industrial nations, in particular, the United States, continue to be the primary driving force for growth. In contrast, the recovery in the euro zone remains fragile, and is progressing more slowly than expected.

So far this year, the art market has seen significant increases in value sold in the United States (+27%), the United Kingdom (+26%), and China (+7%). Together, the markets in these three countries accounted for approximately 80% of the total value of Fine Art sold at auction. Of the lots offered in the first half of 2014, the number of high-value works (works selling for over US\$1 million) increased 21% from 2013, reaching over 1,140. Collectively, high-value lots realized over US\$4.6 billion, representing over 50% of the art market by value. Of these high-value lots, 83 sold for over US\$10 million.

Results of Operations, Financial Position, and Net Assets

Revenue

Following the growth at the beginning of the year, artnet's revenue continued moving upward during the second quarter of 2014. In the first six months of the current year, the Group's revenue in euros rose by 3.6% over the corresponding period in 2013, to 6,799,000 EUR (9,322,000 USD). In US dollars, the currency in which the Group's main business activities are processed, the growth equaled 8.1%. This increase in revenue was mainly driven by the performance of two segments, artnet Auctions and the artnet Price Database. Only the artnet Gallery Network segment experienced a decline in revenue.

When compared with the second quarter of 2013, revenue from artnet Auctions remained at the same level, while in US dollars, revenue increased by 5.6%. As expected, due to seasonal changes, revenue in the second quarter was weaker compared to the first three months of the year. Auctions revenue in the second

quarter decreased by 20.5% compared to the first quarter of 2014. However, compared to the first six months of 2013, revenue from artnet Auctions increased in the first half of 2014 by 193,000 EUR (329,000 USD), to 1,290,000 EUR (1,768,000 USD). While the average buyer and seller premiums remained stable at 23%, the average price of lots sold increased compared to the first quarter of 2014, by 960 USD. When compared to the second quarter of 2013, the average price of lots sold increased, from 3,149 USD to 10,076 USD. The number of lots sold declined, due to seasonal changes, by 26% compared to the first quarter of 2014.

Compared with the previous quarter, the artnet Price Database gained revenue during the second quarter of 2014, with an increase of 8.2%. When compared to the same quarter in 2013, the revenue increased in euros by 13.5%. In US dollars, the currency in which the Group's main business activities are processed, growth equaled 19.2%. Despite a slight decrease in the number of searches (-3%), revenue from the artnet Price Database increased in the first six months of 2014, from 2,487,000 EUR (3,265,000 USD) in the same period of the previous year to 2,665,000 EUR (3,654,000 USD). This increase was mainly due to the increase in average price per search (+15%).

In comparison to the first quarter of 2014, revenue for the artnet Gallery Network increased in euros by 5.1% (in US dollars by 5.2%). However, revenue in the first six months of 2014 totaled 2,254,000 EUR (3,090,000 USD), which is 185,000 EUR (112,000 USD) below that of the previous year. The number of gallery memberships declined due to the delayed introduction of the redesigned membersites, as well as vacancies in the sales team, which is responsible for selling gallery memberships. However, since the successful introduction of the new membersites, the team has seen an increasing number of memberships.

When compared to the first quarter of the current year, revenue from artnet Advertising for the second quarter increased by 33%. Compared to the same quarter last year, revenue increased in the first six months of 2014 by 17% in euros (22.6% in US dollars). The redesign of our site, as well as the newly introduced news platform, artnet News, contributed to the improved advertising space found on our site, in addition to an increase in pageviews. Compared to the previous year, the revenue increase in the first six months of

2014 by 47,000 EUR (97,000 USD), from 453,000 EUR (712,000 USD) to 590,000 EUR (809,000 USD), corresponded to an increase of 8.8% (13.6% in US dollars).

Changes in Costs and Results

In the first six months of the 2014 fiscal year, gross profit increased by 12.2% (17.2% in US dollars), to 4,094,000 EUR (5,613,000 USD), compared to 3,649,000 EUR (4,791,000 USD) in the previous year. This improvement in earnings was primarily due to increased revenue from artnet Auctions and the artnet Price Database, and was additionally 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 211,000 EUR (120,000 USD), to 2,705,000 EUR (3,708,000 USD), corresponding to a decrease of 7.2% (3.1% in US dollars).

Compared to the first quarter of 2014, costs of sales in the second quarter increased slightly by 33,000 EUR (47,000 USD). This increase is due to higher depreciation on capitalized external development costs for the redesign, which launched at the end of April.

At 1,380,000 EUR (1,892,000 USD), expenses for sales and marketing were up 52.1% (58.8% in US dollars), or 473,000 EUR (701,000 USD), over the previous year in the first six months of the 2014 fiscal year. The introduction of artnet News, a unique news platform for the international art market, resulted in additional costs amounting 331,000 EUR (453,000 USD). Other sales and marketing expenses increased by 15.6% (20.8% in US dollars) compared to the first six months of 2013 as a result of a bigger marketing budget. Compared to the previous quarter, expenses for sales and marketing in the second quarter of 2014 increased by 16%. While other sales and marketing expenses remained stable, expenses for artnet News increased by 65%, largely due to hiring costs. The artnet News team is now complete.

When compared to the previous year, the general administrative expenses in the first six months of 2014 totaled 1,457,000 EUR (1,998,000 USD), a decrease of 19.0% (15.4% in US dollars) compared to the previous year (previous year: 1,799,000 EUR or 2,361,000 USD). This decrease is mainly due to lower consultancy fees and personnel expenses. Compared to the previous quarter,

general administrative expenses increased in the second quarter of 2014 by 14.3%. This increase was largely due to increased legal fees and raised office rent, as well as higher travel and bad debt expenses.

Expenses for product development increased by 19.2% (24.4% in US dollars) as compared to the previous year's level, to 1,079,000 EUR (1,479,000 USD), largely as a result of the efforts related to the development of the news platform and the launch of the redesign. Compared to the previous quarter, expenses for product development increased in the second quarter of 2014 by 6%. This increase is due to capitalized external development costs in Q1, and the filling of vacant positions in Q2.

The performance indicator EBITDA increased by 241% (251% in US dollars) compared to the same period in the previous year, to 391,000 EUR (536,000 USD).

Consolidated earnings in the first six months of the 2014 fiscal year were up, at 144,000 EUR (198,000 USD), well above the same period last year, which reported a loss of 51,000 EUR (67,000 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 June 30, 2014 and 2013, respectively. For the first six months of 2014, the average rate was 0.729 euros/US dollars, compared to 0.762 euros/US dollars for the first six months of 2013. Currency conversion for the balance sheet is based on the exchange rate at the end of the period. As of June 30, 2014, the rate was 0.733 euros/US dollars, compared to 0.726 euros/US dollars 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 June 30, 2014, the Group reported a slightly negative operating cash flow of -16,000 EUR (-23,000 USD), which is below the previous year (previous year: 276,000 EUR/363,000 USD). The main reasons for the negative cash flow were the higher cash outflows from changes in accounts payable and the increase in accounts receivable. This was enhanced by an increase in deferred revenue.

At 146,000 EUR (200,000 USD), the cash outflow from investing activities was lower than the previous year (previous year: 255,000 EUR/335,000 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 -112,000 EUR (-154,000 USD) in the first six 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 (418,000 EUR/533,000 USD) was affected by a loan granted by the main shareholder in March 2013.

Cash and cash equivalents amounted to 1,267,000 EUR (1,729,000 USD) as of June 30, 2014, compared to 1,180,000 EUR (1,535,000 USD) as of June 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 0.23 EUR (0.31 USD) on June 30, 2014, compared to 0.21 EUR (0.28 USD) on June 30, 2013.

Asset Position

The balance sheet total was 5,991,000 EUR (8,179,000 USD) on June 30, 2014, and was slightly below the previous year (previous year: 6,039,000 EUR/8,315,000 USD).

Trade accounts receivable increased compared to December 31, 2013, by 239,000 EUR (319,000 USD), to 869,000 EUR (1,187,000 USD), while the overall maturity structure of receivables has improved. Compared to March 31, 2014, trade account receivables decreased by 6%.

Fixed assets decreased by 52,000 EUR (93,000 USD), to 1,866,000 EUR (2,547,000 in US dollars). 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.

At the end of the reporting period, the total current liabilities increased by 11.6% (10.6% in US dollars), from 2,850,000 EUR (3,923,000 USD) as of December 31, 2013 to 3,180,000 EUR (4,341,000 USD) as of June 30, 2014. This increase is due to the necessary allocation of the 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 decreased by 195,000 EUR (299,000 USD). This decrease in current liabilities is mainly due to the reduction in trade payables. This development was partly offset by the increase in deferred revenue due to changes in contract durations and payment cycles.

As compared to the previous year, long-term liabilities decreased by 59%, to 401,000 EUR (547,000 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 amounted to 2,411,000 EUR (3,292,000 USD) on June 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 six months of 2014 on its three domains, artnet.com, artnet.de, and artnet.fr, 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 June 30, 2014, the artnet Gallery Network represents approximately 1,500 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 for artworks they would like to buy or sell. 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 pricing 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 2013. A detailed overview of risks and opportunities can be found in the 2013 annual 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 first half of 2014 and the publication of this report, there were no material events or changes that management expects to have a significant impact on the results of operations, net assests, and financial position of the Group.

Outlook

The first six months of 2014 were successful for artnet. Compared to the same period in 2013, the artnet Price Database, artnet Auctions, and artnet Advertising segments achieved an increase in revenue. Only the artnet Gallery Network lagged behind, and remained below expectations, with a decrease of 3.5% in US dollars. The Company successfully introduced two major developments during the first half of the year: the redesign of the artnet site and the launch of the 24-hour global art market newswire, artnet News. The site redesign, which introduced a new interface and optimized technology, has enabled artnet to further strengthen itself as a brand, enhancing usability for our clients and visitors. From the successful rollout of the new design, we expect an increase in revenue for the Gallery Network compared to the same period last year. artnet News has become the art world's definitive go-to source for news, recording one million visits in a one-month period only four months after its launch in February. Building on this momentum, we expect to increase pageviews and drive interest in, and demand for, our other products and services.

Revenue for the Gallery Network decreased 3.5% in US dollars during the first six months, compared to the same period last year. We attribute this decrease to the postponed launch of the redesign and the loss of sales personnel. However, we were able to add new members to the sales team, which has been under new leadership since mid-June. Following the redesign, and the introduction of a more attractive layout for artworks on gallery membersites, membership numbers stabilized, and we expect more galleries to subscribe to our network during the second half of the year. Together with the launch of the redesign and the expanded service offering for Gallery Network members, prices were increased by 8 to 21%. For the 2014 fiscal year, our outlook for this segment remains positive, and we expect a slight increase in revenue.

Having achieved an increase in revenue in the first quarter, revenue for the Price Database also increased in the second quarter by 19.2%, and remains 11.9% above the first half of last year in US dollars. This success can be attributed to gradual price increases in our subscription packages. Following the redesign of the Price Database product page, the search screen and results page are also undergoing improvements, which are expected to be completed by the end of this year. In response to client feedback, we have made individual searches simpler and more efficient with an improved search algorithm. In order to stabilize the decreasing number of users, we have launched a marketing initiative offering limited-time discounted rates to past subscribers. During the second half of the year, we will continue to focus on generating revenue for artnet Analytics Reports, which remains a challenge. Through a new, targeted campaign and an increase in sales efforts, we aim to establish a wider client base for this product. Due to the promising results during the first half of this year, and upcoming special and seasonal auctions in the coming months, we expect a slight increase in revenue for the Price Database in the 2014 fiscal year.

As collectors continue to become more comfortable buying and selling art online, we are confident in the high potential of artnet Auctions. Revenue for this segment increased by 22.8% in US dollars compared to the same period last year. In addition, the artnet Auctions site will be redesigned by the end of the year. Improvements will affect site navigation, as well as the check-out process for buyers and sellers. Following the promising start to the year, we anticipate that the redesign will support the positive development of our auctions platform. We therefore reaffirm our expectation of achieving a double-digit increase in revenue for artnet Auctions in 2014.

artnet Advertising, in particular, benefitted from the redesign. The new design provides more placement options and larger dimensions for advertising, allowing us to better market ourselves to international luxury brands. Companies that have purchased placements on our site since the redesign include Chanel, Bottega Veneta, and Cartier. During the first half of the year, revenue increased by 13.6% compared to last year. In addition, artnet Advertising has benefited from a wider audience since the launch of artnet News, an audience that continues to grow.

Through improvements to our newsletter service, Gallery Network members can use ads to target specific collectors with an interest in particular artists, thereby increasing traffic to their gallery membersites. Overall, we are confident that we will achieve strong growth for this segment in 2014.

Through the redesign, artnet not only improved its interface, but also improved its technological platform. System advancements made artnet faster, more flexible, and more secure for its users and clients. These technological improvements have lowered ongoing costs because we have fewer licenses, and less maintenance is required. These improvements, together with the redesign, the reinforced sales team, and the increasing pageviews due to artnet News, have strengthened the Company. We will continue to work hard to achieve a clear increase in revenue in the 2014 fiscal year, connecting art lovers, collectors, buyers, and sellers to all artnet products and services.

Responsibility Statement

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position, and profit or loss of the Group. The interim management report of the Group 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 month of the financial year.

Berlin, August 15, 2014

Jacob Pabst Chairman and CEO, artnet AG

Berlin, August 15, 2014

Jacob Pabst Chairman and CEO, artnet AG

artnet AG Consolidated Balance Sheet

For the Six Months as of June 30, 2014

	6/30/14 USD	12/31/13 USD	6/30/14 EUR	12/31/13 EUR
Assets
Current Assets
Cash and Cash Equivalents	1,729,446	2,104,778	1,266,819	1,528,763
Accounts Receivable-Net	1,186,507	867,645	869,116	630,197
Other Current Assets	416,282	408,200	304,927	296,488
Total Current Assets	3,332,235	3,380,623	2,440,862	2,455,448
Non-Current Assets
Property, Plant, and Equipment	905,148	1,021,334	663,021	741,826
Intangible Assets	1,641,668	1,618,905	1,202,522	1,175,859
Security Deposit	392,861	386,167	287,771	280,485
Deferred Tax Assets	1,907,577	1,907,577	1,397,300	1,385,530
Total Non-Current Assets	4,847,254	4,933,983	3,550,614	3,583,700
Total Assets	8,179,489	8,314,606	5,991,476	6,039,148
Equity and Liability
Current Liabilities
Accounts Payable	385,024	641,167	282,030	465,699
Accrued Expenses and Other Liabilities	680,061	851,754	498,145	618,654
Provisions	164,770	164,770	120,694	119,677
Short Term Liabilities from Finance Leases	281,997	302,797	206,563	219,931
Deferred Revenue	2,112,289	1,962,823	1,547,252	1,425,657
Loans	716,726	-	525,002	-
Total Current Liabilities	4,340,867	3,923,311	3,179,686	2,849,618
Long-Term Liabilities
Office Rent Amortization	398,825	352,645	292,139	256,137
Long-Term Liabilities from Finance Leases	148,092	281,414	108,477	204,399
Loans	-	709,044	-	515,000
Total Long-Term Liabilities	546,917	1,343,103	400,616	975,536
Total Liabilities	4,887,784	5,266,414	3,580,302	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	52,273,953	52,252,827	50,887,598	50,872,189
Accumulated Deficit	(54,872,246)	(54,925,977)	(53,868,969)	(53,909,439)
Current Net Profit	197,586	53,731	144,119	40,470
Foreign Currency Translation	20,141	(4,660)	(118,216)	(155,868)
Total Shareholders' Equity	3,291,705	3,048,192	2,411,174	2,213,994
Total Liabilities and Total Shareholders' Equity	8,179,489	8,314,606	5,991,476	6,039,148

artnet AG Condensed Interim Consolidated Income Statement

For the First Six Months Ended June 30, 2014

	1/1/14–6/30/14 USD	1/1/13–6/30/13 USD	1/1/14–6/30/14 EUR	1/1/13–6/30/13 EUR	4/1/14–6/30/14 USD	4/1/14–6/30/13 USD	4/1/14–6/30/14 EUR	4/1/14–6/30/13 EUR
Revenue
artnet Gallery Network	3,090,309	3,202,192	2,254,071	2,438,789	1,584,273	1,636,714	1,155,117	1,253,252
artnet Price Database	3,653,768	3,265,440	2,665,058	2,486,959	1,899,470	1,593,078	1,384,947	1,220,479
artnet Advertising	809,534	712,341	590,474	542,519	462,279	376,896	337,082	288,487
artnet Auctions	1,768,034	1,439,477	1,289,604	1,096,306	783,216	741,679	570,982	567,863
Total Revenue	9,321,645	8,619,449	6,799,208	6,564,573	4,729,238	4,348,366	3,448,128	3,330,080
Cost of Sales	3,708,316	3,828,422	2,704,846	2,915,726	1,877,735	1,907,418	1,369,071	1,460,950
Gross Profit	5,613,329	4,791,027	4,094,362	3,648,847	2,851,503	2,440,948	2,079,057	1,869,130
Operating Expenses
Sales and Marketing	1,892,024	1,191,136	1,380,042	907,169	1,015,610	581,053	740,523	445,153
General and Administrative	1,998,128	2,361,492	1,457,435	1,798,512	1,065,689	1,182,702	777,034	905,814
Product Development	1,479,356	1,188,722	1,079,042	905,331	761,057	570,441	554,899	437,107
Non-Cash Compensation	21,126	8,392	15,409	6,391	19,138	3,754	13,958	2,879
Total Other Operating Expenses	5,390,634	4,749,742	3,931,928	3,617,403	2,861,494	2,337,950	2,086,414	1,790,954
Operating Income	222,695	41,285	162,434	31,442	(9,991)	102,998	(7,357)	78,176
Interest Expenses	35,225	25,521	25,693	19,437	17,505	16,922	12,763	12,925
Interest Income	58	120	42	91	19	40	14	30
Other Income/(Expenses)	19,589	(94,210)	14,288	(71,750)	(6,986)	(64,211)	(5,104)	(49,032)
Earnings Before Taxes	207,117	(78,325)	151,071	(59,652)	(34,463)	21,906	(25,210)	16,251
Income Taxes	(9,531)	11,653	(6,952)	8,875	(5,403)	14,649	(3,940)	11,144
Net Profit/(Loss)	197,586	(66,672)	144,119	(50,777)	(39,866)	36,555	(29,150)	27,395
Other Comprehensive Income
OCI Recycled: Differences from Foreign Currency Translation	24,801	30,097	37,652	52,793	22,392	57,908	34,175	3,307
Total Comprehensive Income	222,387	(36,575)	181,771	2,016	(17,474)	94,463	5,025	30,702
Result per Share
Basic and Diluted	0.04	(0.01)	0.03	(0.01)	(0.01)	0.01	(0.01)	-

artnet AG Statement of Changes in Consolidated Equity (USD)

For the First Six Months Ended June 30, 2014

Common Stock
	Shares Issued	Amount	Treasury Stock	Additional Paid-In Capital	Accumulated Defecit	Foreign 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)	-	-	-	-	(66,672)	30,097	(36,575)
Remuneration from Stock Options	-	-	-	8,392	-	-	8,392
Balance as of 6/30/2013	5,631,067	5,941,512	(269,241)	52,248,851	(54,992,649)	174,164	3,102,637
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)	-	-	-	-	197,586	24,801	222,387
Remuneration from Stock Options	-	-	-	21,126	-	-	21,126
Balance as of 6/30/2014	5,631,067	5,941,512	(269,241)	52,273,953	(54,674,660)	20,141	3,291,705

artnet AG Statement of Changes in Consolidated Equity (EUR)

For the First Six Months Ended June 30, 2014

		Common Stock
	Shares Issued	Amount	Treasury stock	Additional Paid-In Capital	Accumulated Defecit	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)	-	-	-	-	(50,777)	52,793	2,016
Remuneration from Stock Options	-	-	-	6,391	-	-	6,391
Balance as of 6/30/2013	5,631,067	5,631,067	(264,425)	50,869,264	(53,960,216)	101,183	2,376,873
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)	-	-	-	-	144,119	37,652	181,771
Remuneration from Stock Options	-	-	-	15,409	-	-	15,409
Balance as of 6/30/2014	5,631,067	5,631,067	(264,425)	50,887,598	(53,724,850)	(118,216)	2,411,174

artnet AG Consolidated Cash Flow Statement

For the First Six Months Ended June 30, 2014

	1/1–6/30/14 USD	1/1–6/30/13 USD	1/1–6/30/14 EUR	1/1–6/30/13 EUR
Cash Flow from Operating Activities
Net Profit/(Loss)	197,586	(66,672)	144,119	(50,777)
Adjustments to Reconcile Net Profit to Net Cash from Operating Activities
Depreciation and Amortization	293,729	266,331	214,246	202,837
Impairment/Write-Offs for Receivables	180,484	157,808	131,645	120,184
Non-Cash Compensation from Stock Options	21,126	8,392	15,409	6,391
Other Non-Cash Transactions	30,855	610	22,506	465
Changes in Operating Assets and Liabilites
Accounts Receivable	(499,346)	49,270	(364,223)	37,524
Other Current Assets	(8,082)	180,481	(5,895)	137,454
Security Deposits	(6,694)	(6,551)	(4,883)	(4,989)
Accounts Payable	(256,143)	(162,104)	(186,831)	(123,458)
Provisions	-	(5,271)	-	(4,014)
Accrued Expenses and Tax Liabilities	(125,513)	(210,556)	(91,549)	(160,359)
Deferred Revenue	149,466	151,201	109,021	115,155
Total Adjustments	(220,118)	429,608	(160,554)	327,189
Cash Flow from Operating Activities	(22,532)	362,936	(16,435)	276,412
Cash Flow from Investing Activities
Purchase of Property and Equipment	(22,345)	(3,847)	(16,298)	(2,930)
Purchase and Development of Intangible Assets	(177,961)	(330,827)	(129,805)	(251,958)
Net Cash used in Investing Activities	(200,306)	(334,674)	(146,103)	(254,888)
Cash Flow from Financing Activities
Repayment of Finance Leases	(154,122)	(114,656)	(112,417)	(87,322)
Loans Received	-	647,357	-	505,000
Net Cash used in Financing Activities	(154,122)	532,701	(112,417)	417,678
Effects of Exchange Rate Changes on Cash	1,628	(20,028)	13,011	(11,557)
Change in Cash and Cash Equivalents	(375,332)	540,934	(261,944)	427,645
Cash and Cash Equivalents—Start of Period	2,104,778	994,773	1,528,763	752,546
Cash and Cash Equivalents—End of Period	1,729,446	1,535,707	1,266,819	1,180,191
Supplemental Disclosures of Cash Flow
Income Tax Receipts/(Payments)	(9,531)	11,653	(6,952)	8,875
Interest Payments	(21,512)	(18,992)	(15,691)	(14,437)
Interest Receipts	58	120	42	91

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 auctions platform.

The consolidated financial statements were authorized for issuance by the chairman and CEO on August 15, 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 of the period ended June 30, 2014 are not necessarily indicative of future results.

As of June 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 June 30, 2014.

Reporting Period

The consolidated financial statements were prepared for the reporting period from January 1 through June 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
	6/30/14	12/31/13	6/30/13	6/30/14	12/31/13	6/30/13
Spot Rate	0.733	0.726	0.769	0.587	0.606	0.619
Average Rate	0.729	0.753	0.761	0.599	0.631	0.648

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 June 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 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 June 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 525,000 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 carryforward, 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 an online 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 Management. Therefore, total assets or liabilities are not disclosed for each reportable segment.

For the Period Ended June 30, 2014
EUR	Revenue	Profit Before Tax
artnet Gallery Network	2,254,000	349,000
artnet Price Database	2,665,000	557,000
artnet Advertising	1,290,000	(690,000)
artnet Auctions	590,000	(65,000)
Total	6,799,000	151,000
For the Period Ended June 30, 2013
EUR	Revenue	Profit Before Tax
artnet Gallery Network	2,439,000	507,000

Total	6,565,000	(60,000)
artnet Auctions	543,000	137,000
artnet Advertising	1,096,000	(845,000)
artnet Price Database	2,487,000	141,000

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:

	1/1/14–6/30/14 EUR	1/1/13–6/30/13 EUR
Numerator (Earnings)
Consolidated Result of the First Quarter	144,119	(50,777)
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 June 30, 2014, there were 115 full-time employees, as compared with 122 in the first six months of 2013. Additionally, the Group employed four part-time employees as of June 30, 2014, as compared to eight in the same period last year. Sales and other consultants working for the Group as of June 30, 2014 totaled 10, as compared to nine 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 six-month 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.

9. 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.

1. 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, August 15, 2014

Jacob Pabst Chairman and CEO, artnet AG

artnet AG

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