FinLab AG — Interim / Quarterly Report 2011

Sep 30, 2011

Interim financial report as of 30 June 2011

Independent Investment Teams Institutional Infrastructure Entrepreneurial Asset Management

TABLE OF Contents

Altira at a Glance 03

Our Guiding Principles 04 Structure 05 Key Financial Figures 06

Management Report 09

Letter from the Management Board 10 The Business Model 16 Business Areas and Investment Teams 18 Share Information 25

Consolidated Interim Financial Statements 29

Consolidated Statement of Financial Position 30 Consolidated Income Statement 32 Consolidated Statement of Cash Flows 33 Consolidated Statement of Changes in Equity 34 Notes to the Consolidated Interim Financial Statements 36 List of Shareholdings 50

Interim financial report as of 30 June 2011

02 Altira Group Interim Financial Report 2011

Altira at a Glance

Our Guiding Principles 04

Structure 05

Key Financial Figures 06

Our Guiding Principles

Altira Group – entrepreneurial asset management

Altira Group is an owner-managed, listed asset management company focusing on alternative investment strategies for institutional and private investors.

Experts for growth markets

In this context, Altira Group concentrates on both established and newly developing, future-oriented growth markets. Thanks to their specialised expertise, many years' experience and their entrepreneurial mindset and actions, the investment teams of Altira Group are in a position to generate sustainable, above-average returns in these markets with the aid of an active investment approach ("high-alpha strategies").

Independent investment teams supported by an institutional infrastructure

Altira Group investment teams make independent investment decisions using their own branding in the market. They invest in their own products or are incentivised by performance fees to ensure an alignment of their interests and those of the investors. At the same time, the investment teams have shared access to the Group's institutional infrastructure, which provides services in areas such as risk management/controlling, legal, marketing and sales support, human resources, and IT. This ensures stability along with a high degree of service quality and simultaneously produces synergy effects and economies of scale.

Furthermore, as a rule Altira Group also acts as a seed investor by investing in the products of its investment teams, again ensuring alignment of interests with investors with regard to products and, additionally with the Group's shareholders. The objective of Altira Group is to create added value for investors. Accordingly, Altira Group combines asset management expertise with entrepreneurship. Using this approach, it aims at growing the assets of its sophisticated investors.

In performing this task, the Management of Altira Group is supported by high-calibre Supervisory Board members such as Axel-Günter Benkner, the former Spokesman of the Management of DWS Investment GmbH, and Dr. Friedrich Schmitz.

Structure

Key Financial Figures

Revenues2

in EUR millions

PF = Performance Fee MF = Management Fee

1) Note: To allow better comparability with past figures, the assets under management of the minority interest in C-QUADRAT Investment AG were not included in consolidation using the equity method as this interest was eliminated in 2007 – 2008.

Consolidated net income

in EUR millions

Total assets

in EUR millions

08 Altira Group Interim Financial Report 2011

Management Report

Letter from the Management Board 10

The Business Model 16

Business Areas and Investment Teams 18

Share Information 25

Letter from the Management Board

Dear Shareholders,

The first half of fiscal 2011 saw an economic recovery in Germany on the one hand, but also immense volatility in the capital markets on the other. As in previous years, Altira Group continued to invest in growth, expanding and reinforcing its business operations in its core markets.

Accordingly, the development of the institutional fund division was accelerated. The fundraising for the German solar fund "Stabilität 2010" launched during the preceding year was concluded, exceeding expectations with a total volume of EUR 112.5 million. The Altira Renewables Management team was extended to include additional experts. Furthermore, the fundraising for the second fund-of-funds also turned out to be highly successful for the investment team specialised in the field of restructuring projects. The fund was closed as at end-August 2011 with a volume of EUR 160 million.

In the field of mutual funds, VCH successfully arranged the launch of the VCH Commodity Alpha and the VCH Africa. Experienced fund managers were recruited for both funds. Owing to higher volatility, the environment for already existing VCH mutual funds turned out to be rather difficult, with outflows of funds being recorded by the funds in question.

Regarding our portfolio companies, ecolutions and African Development Corporation (ADC) underwent positive developments and generated profits in the first half of the year. Another task was the need to stabilise our investment company Heliad and intensify the level of growth of its portfolio companies.

Against the backdrop of current developments on the financial and stock markets, we decided to carry out write-downs through profit or loss to ensure a valuation reflecting the prevailing market conditions.

The share price of Altira AG declined in the first half of the year. This trend, however, does not reflect the positive course of the company's core business operations. At the present time, the share price is considerably lower than the market value of the holdings and the asset investments of Altira AG.

Key financial figures

Revenues were slightly higher in the first half of the year, to reach EUR 6.8 million (HY1 2010: EUR 6.7 million). EBITDA in the period under review, at EUR -0.4 million, were below the result of the previous year (HY1 2010: EUR 0.5 million). Owing to write-downs on financial assets amounting to approximately EUR 9.0 million, net consolidated income for the period came to EUR -9.6 million (HY1 2010: EUR 0.2 million). About two thirds of the write-downs recorded in the interim financial statements had no impacts on liquidity and equity. Roughly one third of write-downs comprise market-related adjustments, with no impact on liquidity either. Due to these write-downs, a loss per share of EUR -2.11 was calculated (HY1 2010: earnings per share of EUR 0.03).

With cash and cash equivalents of just over EUR 6.0 million and an equity ratio of 86 per cent at the end of the first half of 2011, we have a solid financial position, with equity per share amounting to approximately EUR 10. There are no long-term liabilities to third parties. Accordingly, we are in a position to boost our growth strategy without any leverage being required.

Assets under management

The focus on our three core topics, namely Renewable Energies & Natural Resources, Africa and German 'Mittelstand' & Restructuring, is the result of consistent implementation of our corporate strategy geared to stability and sustainability – an approach that has proved to be correct particularly in the light of rapid changes to overall market conditions. Assets under management amounted to EUR 801 million as at 30 June 2011, up by roughly 28 per cent year-on-year (HY1 2010: EUR 625 million).

Breakdown of assets by business areas: Renewable Energies & Natural Resources EUR 244 million (HY1 2010: EUR 143 million), Africa EUR 70 million (HY1 2010: EUR 20 million), German 'Mittelstand' & Restructuring EUR 198 million (HY1 2010: EUR 168 million) and Other Alternative Investments EUR 289 million (HY1 2010: EUR 293 million). In terms of asset classes, we have EUR 515 million in assets under management in the private markets (HY1 2010: EUR 325 million). In the public markets, we have assets under management amounting to EUR 286 million (HY1 2010: EUR 299 million).

Business area 1: Renewable Energies & Natural Resources

ecolutions

Business trends at ecolutions were highly positive in the first half of the year. For instance, Germany's largest solar park, Meuro, was connected to the grid on schedule with a nominal output of over 70 MW and sold to an institutional investor in June. Accordingly, the ecolutions team once again delivered compelling proof of its immense expertise and implementation skills in the field of project acquisition, structuring and financing. In August of this year, ecolutions already sold another solar park (Richelbach) that had been developed by it, including interim financing.

Other photovoltaic solar projects with a nominal output of approximately 20 MW are planned in Germany for the second half of 2011. The focus on solar projects is based on changed overall market conditions as well as on the opportunities arising in the process. The future objective of ecolutions is to independently develop solar projects from securing the project rights all the way through to connecting these to the power grid and thus to further improve the profitability and risk management of the investments.

Solar Funds

The German solar fund "Stabilität 2010" was jointly developed with institutional investors and closed in February 2011 with a volume of EUR 112.5 million. As at 30 June 2011, the fund was already invested to an extent of 43 per cent and is to be fully invested by the end of the year.

Owing to the immense investor demand, the interesting risk/return profile and the low level of complexity of solar parks as an investment class, we decided to launch a further fund in the second half of 2011, with an expected target volume of roughly EUR 100 million. As in the case of the first fund, this particular fund will invest in a diversified portfolio of various solar projects. Preparations for this fund are under way, and we also plan to achieve an initial closing. The successor product is intended to further expand the business area of Renewable Energies & Natural Resources, from which the company stands to benefit thanks to sustainably secured revenues in the form of management remuneration and future possible performance fees.

VCH New Energy

The VCH New Energy fund covers the entire value chain from energy production all the way to distribution and energy conservation. The fund follows a shareholder commitment approach and relies on generating sustainable income. The high quality standards of VCH New Energy were once again confirmed by an 'AA' rating from Telos.

Natural Resources

The natural resources equity fund VCH Expert Natural Resources (LU0184391075) has been managed in accordance with a fundamental approach since March 2011. The fund invests in a diversified portfolio of individual stocks that benefit from the structural scarcity of many natural resources, such as crude oil, natural gas, base metals, gold, coal, platinum, and iron ore. In Ralf Müller-Rehbehn and Dr. Torsten Dennin, we succeeded in recruiting two experts who can look back on an outstanding track record. The quality of the investment approach was confirmed by an 'AA' rating from Telos at the beginning of the year.

In March 2011, the product range was complemented by the launch of the VCH Commodity Alpha (LU0588332238), giving investors direct access to the asset class via derivatives, which is independent of the development of the equity markets. The successful performance of the VCH Commodity Alpha meets our expectations, and initial capital has meanwhile been raised.

Business area 2: Africa

ADC African Development Corporation

In the first half of the year, on the one hand our investment team Africa concentrated on developing its portfolio companies in sub-Saharan Africa. The success of this active investment approach is reflected in the initial dividend payouts of a portfolio company. On the other hand, the team focused on developing new projects and worked on several investment opportunities in Nigeria, Ghana and eastern Africa, which is likely to yield a number of transactions in the second half of the year. ADC has established itself as a key investor in the financial services industry in sub-Saharan Africa and meanwhile has unique access to investment opportunities on the entire continent.

Altira Group benefits from organic growth of the ADC portfolio companies. In tandem with further corporate growth and new investments, ADC switched to the Prime Standard segment of the Frankfurt Stock Exchange in May 2011 to do justice to the highest transparency requirements of the capital market environment and source additional investor groups in doing so. The share price of ADC, like that of many smaller listed companies in the market, was faced with volatility on the capital market, suffering share price setbacks that do not accurately reflect the development of ADC.

VCH Africa

The new mutual fund VCH Africa (LU0563445195) was launched in March 2011. As a fund manager, we succeeded in signing up Jens Schleuniger, who most recently was a fund manager with the DWS and has been an Africa expert for many years now. In January 2010, for example, he was awarded 3rd place for the one-year period in the "Middle East Equity Funds/ Africa Equity Funds" category of the €uro Fund Awards.

Business area 3: German 'Mittelstand' & Restructuring

Heliad

Following write-downs and a restructuring of the portfolio in the year 2010, in the first half of 2011 the stabilisation of the Heliad portfolio was driven ahead, and sustainable improvements are already discernible. Moreover, the company managed to benefit from sales and book profits on investments with stock market listings. On average, the portfolio developed as planned, resulting in increases in both revenue and earnings. The share price saw a negative trend in the first half of the year, as was the case with numerous smaller capitalisation stocks on the market. An initial recovery is evident following the launch of a stock buy-back programme.

Clearsight

The Clearsight Turnaround Fund I launched in 2008 shows signs of an excellent performance. Altira Group and the investment manager have made substantial investments in the fund themselves, resulting in highly aligned interests between the initiators, the investment team, and the investors. Owing to the performance and the ongoing investor interest in the specialised investment strategy, in the first half of the year the investment manager launched a successor product and closed it in August 2011 with a total volume of EUR 160 million. As usual in the field of asset management, the influence on the results of Altira Group is subject to a certain time lag and will have an indirect impact in future especially through performance fee income.

Business area 4: Other Alternative Investments

This business area comprises the other two investments made by Altira Group namely Patriarch, which offers products and services on the market for private pension provision and individual asset accumulation and Varengold Wertpapierhandelsbank, which has focused on products in the field of managed futures.

Business remained constant but saw a slight decline in the first half of 2011. Owing to the defensive orientation of Patriarch products, there were only moderate performance cuts despite volatile equity markets.

Furthermore, the share price of Varengold Wertpapierhandelsbank AG as at 30 June 2011 remained relatively constant.

The Magnat Real Estate AG was written down through profit or loss and now represents merely a pure financial investment.

Outlook

Against the backdrop of the high write-downs this year, we hereby wish to ask our shareholders for their patience and confidence.

Our talks with investors show that our focus on alternative investments in the three business areas of Renewable Energies & Natural Resources, Africa and German 'Mittelstand' & Restructuring provides an interesting complement to existing forms of capital investments – for one thing, in order to profit from the growth in these markets and, for another, to achieve the necessary diversification of these capital investments.

The success stories achieved during the first six months of the year as well as the measures initiated confirm the wisdom of our strategy. Our existing products reach a high degree of maturity with a longer track record, making the products increasingly interesting to a larger group of investors. Furthermore, we will continue to develop new products with our investors in future on the basis of our institutional infrastructure. Both will increase the volume of our assets under management in the course of time and will therefore also boost our management fee income. Moreover, performance bonuses will be added over the next several years, which will have a positive influence on the results of Altira Group.

We appreciate the support we have received from you, our shareholders, in the first half of 2011 and look forward to our ongoing dialogue with you.

David Zimmer Chief Executive Officer

The Business Model

Altira Group is an owner-managed, listed asset management company that focuses on alternative investment strategies for institutional and private investors. It concentrates on both established and newly developing future-oriented growth markets in its key business areas:

• Renewable Energies & Natural Resources
• Africa
• German 'Mittelstand' & Restructuring

Altira Group investment teams use an active investment approach (high-alpha strategies) aimed at earning sustainable above-average returns. By allowing the investment teams to benefit from appropriate performance-based incentive structures and to invest in their own products, we ensure that they have an entrepreneurial interest in their products' performance and believe this to be one of the key success factors. Altira Group investment teams have specialised expertise, many years' experience as well as the necessary entrepreneurial mindset. Within the scope of the investment guidelines for the respective products, the teams have full freedom of action with regard to their investment decisions. Specific investment products are set up within each of Altira Group's investment teams. At the same time, they benefit from a stable, institutional infrastructure which provides risk management, finance/controlling, legal, marketing and sales support as well as IT services. This allows the investment managers to concentrate on their investment activities and – as a result of economies of scale (based on a division of labour) – to retain their flexibility, ability to respond and quality standards while their assets under management increase. Investor wishes and requirements, e.g., in terms of transparent investor communications, can be taken into account at the same time. Moreover, the institutional infrastructure provides additional benefits, such as the utilisation of cost, knowledge and networking synergies that would not be available to other independent investment boutiques.

Altira Group receives payments from managed products in the form of regular management fees based on the assets of the investment vehicles. Clients are entitled to profits earned at product level, with Altira Group participating with a previously specified share in the form of a performance fee. As a rule, the company also acts as a seed investor in new products of its investment teams. The price performance of the products is discernible in the form of writeups to the annual financial statements and revenue generated by Altira Group.

One principle of Altira Group is that it only offers products to clients in which it also invests itself, confirming its belief in the success of these products. We structure these products to be so transparent that our clients can understand them in detail and follow current developments as they unfold. This is primarily achieved through continuous dialogue with our clients, on-going distribution of information, and service.

The implementation of our product management department has created product transparency and allows us to focus on quality and service for internal and external clients. Consequently, we can now support our investment teams more efficiently in areas such as transparency requirements, structuring know-how, and sales. Ultimately, we regard this as the basis of our product success.

Altira Group offers products in its business areas in the form of mutual funds, partnerships limited by shares and limited partnerships.

Development of the Group in the 1st half of the year

As at 30 June 2011, Altira Group had EUR 801 million in assets under management (HY1 2010: EUR 625 million). This corresponds to a 28 per cent increase in assets under management year-on-year. AuM in the business area of Renewable Energies & Natural Resources were boosted to reach EUR 244 million (HY1 2010: EUR 143 million). Assets of the second business area, Africa, were stepped up to reach EUR 70 million (HY1 2010: EUR 20 million). AuM in the business area of German 'Mittelstand' & Restructurings rose significantly, to EUR 198 million (HY1 2010: EUR 168 million). The business area Other Alternative Investments saw a slight decline, currently comprising EUR 289 million in AuM (HY1 2010: EUR 293 million).

The breakdown regarding the individual asset classes is as follows: in the business area of Private Equity, AuM rose from EUR 325 million in the year 2010 to EUR 515 million, and AuM in the business area of Public Equity declined from EUR 299 million to EUR 286 million.

Management Board changes

In the first half of 2011, no changes occurred to the Management Board. In July 2011, David Zimmer replaced Michael Rieder as CEO.

Investment vehicles

As at 30 June 2011, Altira Group had the following key financial interests in investment vehicles:

Company	Share capital in EURk	Financial interest in %
ADC African Development Corporation GmbH & Co. KGaA	7,646	7.6
ecolutions GmbH & Co. KGaA	28,400	11.4
Heliad Equity Partners GmbH & Co. KGaA1	12,146	15.9

Business Areas and Investment Teams

In most cases, Altira Group is a founding majority shareholder in the management companies or acquires shares in existing asset management companies that plan to join Altira Group and its institutional infrastructure. Altira Group's investment activities are aimed at achieving a high level of diversification by investing in different asset classes and markets using a variety of investment vehicles (mutual funds, share-based company structures or limited partnership). These vehicles are structured according to the individual needs of investors.

Business area Renewable Energies & Natural Resources

Renewable Energies investment team (project development) ecolutions

Strategy

The Altira ecolutions Management GmbH investment team manages an investment vehicle that develops, structures and finances regenerative energy plants worldwide within the scope of a co-development approach. This approach forms the basis of ecolutions' longterm success and guarantees that the interests of all parties in the project are given equal weight at all times. The goal of ecolutions Management GmbH is to fill the gap between local project developers and the international capital market. Its investment activities are focused on planning, installing and structuring solar power plants.

Investment vehicle

— ecolutions GmbH & Co. KGaA ("ecolutions")

The company ecolutions GmbH & Co. KGaA was established in March 2007 and is managed by Altira ecolutions Management GmbH. ecolutions finances the development and construction phase of solar power stations with its own capital and has established a global network of product developers and investors in project phases. Moreover, ecolutions has been actively involved in the development of CO2 certificates since its establishment in 2007.

Renewable Energies investment team (direct investments) Altira Renewables

Strategy

The Altira Renewables Management GmbH investment team structures and manages closedend funds in the business area of Renewable Energies that are individually tailored to the needs of institutional investors. The team's long-standing collaboration with the leading financial institutions in Renewables project financing and its ability to speedily provide the equity capital needed for large projects through its currently managed funds makes Altira Renewables Management an attractive and reliable partner for project developers, enabling access to attractive large photovoltaic projects.

Investment vehicle

— Deutscher Solarfonds "Stabilität 2010" GmbH & Co. KG ("DSF")

DSF was customised for German insurance companies and aims to earn attractive returns and achieve stable, long-term distributions by investing in a low risk portfolio of photovoltaic power plants. The focus is primarily on Germany and, to a lesser extent, Italy and other European countries with government-regulated systems of feed-in tariffs.

Renewable Energies investment team (equities) VCH

Strategy

The Renewable Energies investment team of VCH Vermögensverwaltung AG invests in equities and equity funds in the global renewable energy sector. Fund management focuses on so-called "next-generation energies" such as geothermal energy, energy storage and technologies to increase energy efficiency. The fund management uses a sustainability screen in the investment process to exclude sectors that are ethically or ecologically questionable.

Investment vehicle

— VCH New Energy

WKN: A0M JV9 / ISIN: LU0283850484

The VCH New Energy equity fund was launched in 2007 and invests in equities worldwide in the renewable energies sector. The fund is significantly broader based than those of most of its competitors. In addition to "traditional" alternative energies such as solar and wind power, its focus also includes technologies for increasing energy efficiency, as well as water supply. This allows the fund to cover the entire value chain from energy production all the way to distribution and energy conservation. The very high quality standards of VCH New Energy were once again confirmed by an 'AA' rating awarded by Telos.

Natural Resources investment team (equities) VCH

Strategy

The Natural Resources investment team of VCH Vermögensverwaltung AG invests worldwide in shares of natural resources companies and natural resources derivatives. A fundamental approach is used to invest in a diversified portfolio of equities and natural resources. The focus is on natural resources with structural shortages that are expected to experience a sustained increase in demand that extends beyond the business cycle and enjoys a structurally limited supply in the market.

Investment vehicle

— VCH Expert Natural Resources WKN: A0B L7N / ISIN: LU0184391075

VCH Expert Natural Resources is a globally investing natural resources equities fund launched in 2004. Unlike most of the other funds in its investment category, it is significantly broader based and invests in natural resources companies with a special focus on the energy and metal/mining sectors. Investments are based on a proprietary fundamental investment approach that has proven its value over many years. An active management approach allows investments to be made in natural resources having the greatest price appreciation potential. A global investment universe of 600 companies is used to create a diversified portfolio of approximately 40 to 60 stocks benefiting from structural shortages of many natural resources (e.g. oil, natural gas, base metals, gold, coal, platinum, and iron ore).

— VCH Commodity Alpha WKN: HAF X5L / ISIN: LU0588332238

VCH Commodity Alpha, launched in March 2011, is an actively managed, broadly diversified vehicle investing in the international commodity markets. The objective is to generate added value compared to commodity indices while retaining attractive correlation characteristics and focusing on commodities with structural shortages. The fund covers a broad range of natural resources and exploits market timing opportunities. A portfolio of up to 50 natural resources is actively managed by the portfolio management based on its own commodity market analyses and forecasts.

Business area Africa

Investment team Africa (direct investments) ADC

Strategy

The Altira ADC Management GmbH investment team focuses on majority and significant minority investments in medium-sized financial services companies in sub-Saharan Africa. ADC's equity investments fall in the range of EUR 2 to EUR 5 million per transaction. In addition to commercial and lending banks, the sector focus also includes insurance companies. Investments are also made in companies that provide telecommunications or IT services to the financial sector, such as electronic payment systems.

ADC focuses on the frontier markets in sub-Saharan Africa. These comprise countries at an early stage of economic or financial market development, in many cases at a turning point, and show strong growth potential. As a rule, less developed economies and capital markets allow room for exceptional strong growth and offer investors high long-term returns and low correlation with other markets. ADC uses a long-term investment approach, active management with operational employees on site, who transfer their comprehensive knowledge in order to generate operational added value in its portfolio companies and promote their development.

Investment vehicle

— ADC African Development Corporation GmbH & Co. KGaA WKN: A1E 8NW / ISIN: DE000A1E8NW9

ADC African Development Corporation GmbH & Co. KGaA (www.african-development.com) is a listed financial services holding managed by Altira ADC Management GmbH that focuses on the highly profitable banking and insurance markets in selected frontier markets in sub-Saharan Africa. Its shares were listed on the Entry Standard of the Frankfurt Stock Exchange as at 14 December 2010. A switch to the Prime Standard occurred in May 2011. It is the first German investment company that enables investors to directly participate in the upturn in small economies in sub-Saharan Africa. ADC African Development Corporation GmbH & Co. KGaA was established at the end of 2007. It currently has a portfolio of six investments in companies located in Rwanda, Equatorial Guinea, Zimbabwe, Kenya, South Africa, and Botswana.

Strategy

The VCH Africa investment team focuses on frontier markets. The primary focus is on African frontier markets. This investment boutique was established together with Africa expert Jens Schleuniger in the fourth quarter of 2010. The first new product, the VCH Africa mutual fund, was launched in March 2011.

Investment vehicle

— VCH Africa WKN: HAF X5C / ISIN: LU0563445195

VCH Africa is a pan-African equity fund investing in African companies. Its special focus is on frontier markets in sub-Saharan Africa which comprise emerging markets at an early stage of economic development and, in many cases, at a turning point, thus offering a particularly high potential. Its target companies form part of the consumer, industrial, telecommunications, financial and natural resources sectors. Investments are made using a mixed top-down/ bottom-up approach based on fundamental analysis of African companies. Using a stringent investment process that has proven its value over many years, the fund has created a diversified portfolio of approximately 40 to 60 individual stocks.

Business area German 'Mittelstand' & Restructurings

German 'Mittelstand' investment team Heliad

Strategy

The Altira Heliad Management GmbH investment team focuses on established companies planning their next growth stage by raising capital or changing their shareholder structure.

In doing so, Heliad represents a reliable partner who also offers solutions for complex financing needs. Heliad is striving to become one of the leading providers in the field of specialised financing with capital of its own and plans to stand out from the rest of the market thanks to its professionalism, networking capabilities and its entrepreneurial approach and mindset.

Investment vehicle

— Heliad Equity Partners GmbH & Co. KGaA WKN: A0L 1NN / ISIN: DE000A0L1NN5

Heliad Equity Partners GmbH & Co. KGaA (www.heliad.com) is a listed investment company managed by Altira Heliad Management GmbH that currently manages four core investments. The company was established in the year 2000. Its shares were listed in the Prime Standard segment of the Frankfurt Stock Exchange as at 30 June 2011. In August 2011, Heliad applied for a shift to the Entry Standard.

European Restructuring investment team (fund-of-funds) Clearsight

Strategy

The Clearsight Investments AG investment team (www.clearsight-invest.com), with its registered office in Pfäffikon, Switzerland, offers funds-of-funds that provide institutional investors and family offices with access to the lucrative private equity niche market for corporate restructuring and turnarounds. Clearsight follows an active, complex screening process to systematically identify the best private equity teams for turnarounds throughout Europe. The focus is on funds with the most sustainable returns. If a private equity team does not have a fund vehicle yet, Clearsight works together with them to structure one, thereby making it possible to invest in these. In both cases, the management of the target funds generally hold an above average investment in their own fund. Investments are made in a large number of private equity turnaround funds across Europe, thereby ensuring that Clearsight is broadly diversified.

Investment vehicles

— Clearsight Turnaround Fund I, L.P.

The Clearsight Turnaround Fund I, L.P., was established as a fund-of-funds in 2008 and is aimed primarily at institutional investors and family offices in Europe. Cash was raised from institutional investors in 2009. In January 2010, the fund was closed with a volume of EUR 95.0 million.

— Clearsight Turnaround Fund II, L.P.

The Clearsight Turnaround Fund I, L.P., was established as a fund-of-funds in 2011 and is aimed primarily at institutional investors and family offices in Europe. In August 2011, the fund was closed with a volume of EUR 160 million.

Other Alternative Investments

Other Alternative Investments include Patriarch Multi-Manager GmbH (Patriarch) and Varengold Wertpapierhandelsbank AG (Varengold). The magnat holding was written down through profit and loss and now represents merely a financial investment.

Patriarch offers products for retail capital accumulation, with a product range focusing on broadly diversified funds-of-funds. Patriarch provides valuable asset allocation modules primarily to independent financial advisors. For larger partners, Patriarch also launches privatelabel funds-of-funds. Within Altira Group, Patriarch is a retail brand. Apart from developing product concepts, Patriarch is responsible for identifying and selecting the best fund-of-funds managers and fund asset managers as well as instituting effective monitoring of these managers. Patriarch draws upon the expertise of Europe's most well-respected fund analysts, fund-of-funds managers, asset managers, and family offices. Investors can use Patriarch products to benefit from these services. Patriarch works with a total of around 500 distribution partners.

Varengold is an owner-managed listed German investment bank, whose core business is asset management with managed futures and capital market brokerage. Varengold has more than 15 years' sustainable asset management expertise in all aspects of managed futures and is the only German investment bank with an exclusive focus in this area. The bank primarily manages institutional investor capital in custom-tailored structures and managed futures products approved for public sale for retail investors.

Altira Group holds a minority interest in Varengold thereby benefiting from the stabilising, risk-minimising effect of the managed futures asset class.

Share Information

Performance of the Altira share

• Altira
• SDAX
• Entry Standard

Transparency level on the German Stock Exchange Entry Standard

Market segment on the German Stock Exchange Open Market

ISIN DE00012186063

WKN 121 806

Ticker symbol A7A

Market capitalisation as at 30 June 2011 EUR 32 Million

Free float as at 30 June 2011 37.4%

Designated Sponsor Close Brothers Seydler AG

Shareholder Structure

The majority shareholder with a stake of approximately 63 per cent of all shares is Angermayer, Brumm & Lange Unternehmensgruppe GmbH (www.abl-group.de). This group is privately owned by the five partners Christian Angermayer, Peter Brumm, Andreas Lange, Ralph Konrad and Dr. Sebastian Grabmaier.

28 Altira Group Interim Financial Report 2011

Consolidated Interim Financial Statements

Consolidated Statement of Financial Position 30 Consolidated Income Statement 32 Consolidated Statement of Cash Flows 33 Consolidated Statement of Changes in Equity 34 Notes to the Consolidated Interim Financial Statements 36 List of Shareholdings 50

Consolidated Statement of Financial Position

Assets

in EURk	Notes	30/06/2011	31/12/2010
Non-current assets
Intangible assets incl. Goodwill	7.1/7.2	1,049	1,070
Property, plant and equipment	7.1	562	549
Investments	7.1/7.3	18,890	21,237
Deferred taxes	7.4	559	340
Total non-current assets		21,060	23,196
Current assets
Securities	7.5	10,469	12,085
Trade receivables	7.6	2,157	6,000
Receivables from companies in which an equity interest is held	7.6	1,223	1,218
Other assets	7.6	11,475	7,607
Cash and cash equivalents	7.7	5,958	11,583
Total current assets		31,282	38,493
Total assets		52,342	61,689

Equity and liabilities

in EURk	Notes	30/06/2011	31/12/2010
Equity
Issued capital	7.8	4,539	4,539
Capital reserve		34,597	34,597
Retained earnings		8,830	18,427
Revaluation reserve	7.8	-3,292	-5,591
Equity components attributable to shareholders		44,674	51,972
Non-controlling interests	7.8	367	362
Total equity		45,041	52,334
Non-current liabilities
Deferred tax liabilities	7.4	0	346
Total non-current liabilities		0	346
Current liabilities
Provisions for taxes	7.9	979	677
Other provisions	7.9	3,436	3,871
Liabilities to banks	7.9	63	85
Trade payables	7.9	542	1,741
Other liabilities	7.9	2,281	2,635
Total current liabilities		7,301	9,009
Total equity and liabilities		52,342	61,689

Consolidated Income Statement

in EURk	Notes	First half 2011	First half 2010
Revenue	6	6,791	6,742
Proceeds from the sale of financial assets	6	4,487	0
Other operating income	6	1,090	1,130
Book value of disposed financial assets	6	-4,491	0
Cost of purchased services	6	-965	-1,305
Personnel expenses	6	-4,513	-3,577
Other operating expenses	6	-2,928	-2,679
Income from equity investments	6	232	180
Results from at equity valuation	4	-111	0
Write-downs of financial assets	6	-8,977	-135
Depreciation, amortisation and write-downs of property, plant and equipment and intangible assets	6	-157	-135
Operating result		-9,542	221
Interest and similar income		115	319
Interest and similar expenses		-1	-83
Earnings before tax		-9,428	457
Taxes on income	6	-125	-276
Earnings after tax		-9,553	181
Non-controlling interest	7.8	-4	-58
Profit/loss attributable to shareholders of the parent company		-9,557	123
Diluted and undiluted earnings per share in EUR	8.3	-2.11	0.03

Statement of Comprehensive Income

Result for period		-9,553	181
Unrealised gains and losses from foreign exchange		-39	-28
Change of revaluation reserve	7.8	2,299	-83
Non-controlling interest	7.8	-4	-58
Total earnings		-7,297	12

Consolidated Statement of Cash Flows

for the period from 1 January to 30 June 2011

	in EURk	Notes	First half 2011	First half 2010
1.	Consolidated net income before non-controlling interest		-9,553	181
2.	Less proceeds from the sale of financial assets	6	-4,487	0
3.	Write-downs of financial assets	6	8,977	135
4.	Depreciation, amortisation and write-downs of property, plant and equipment and intangible assets	6	157	135
5.	Revaluation of financial assets	6	-16	-693
6.	Results from at equity valuation	6	111	-174
7.	Book value of disposed financial assets	6	4,491	0
8.	Change in revaluation reserve due to provisions and deferred taxes	7.8	728	0
9.	Other non-cash income	0	0	-281
10.	Increase in provisions	7.9	-306	-931
11.	Increase/decrease in receivables and other assets	7.6/7.4	-363	4,396
12.	Increase in payables and other liabilities	7.10	-1,789	-2,326
13.	Cash flow from operating activities		-2,051	442
14.	Payments for property, plant and equipment and intangible assets	Fixes assets schedule	-149	-165
15.	Payments for long-term loans		-629	0
16.	Payments for investments	Fixes assets schedule	0	-125
17.	Payments for securities	7.5	-7,286	0
18.	Proceeds from the sale of financial assets	6	4,487	0
19.	Cash flow from investing activities		-3,576	-290
20.	Cash flow from financing activities		0	0
21.	Net change in cash and cash equivalents		-5,627	152
22.	Effect of exchange rate changes on cash and cash equivalents		2	0
23.	Cash and cash equivalents as at 1 January		11,583	15,333
24.	Cash and cash equivalents as at 30 June	7.7/8.1	5,958	15,485

1) Financial investments of EURk 119 had no effect on liquidity.

Consolidated Statement of Changes in Equity

in EURk	Issued capital	Capital reserve	Accumulated net income
As at 01/01/2011	4,539	34,597	18,542
Realisation of impairments on financial assets, available for sale
Change in the revaluation reserve
Net income for the period
Change in foreign currency translation adjustments
Net income
As at 30/06/2011	4,539	34,597	18,542
Notes	7.8	7.8

Non Total controlling equity interest	Equity components attributable to the share holders of the company	Net income for the year attributable to the share holders of the company	Revaluation reserve	Retained earnings	Accumulated foreign currency translation adjusments
362 52,333	51,971	1,056	-5,591	18,426	-116
6,591	6,591		6,591
-4,292	-4,292		-4,292
4 -9,553	-9,557	-9,557
1 -38	-39			-39	-39
5 -7,292	-7,297	-9,557	2,299	-39	-39
367 45,041	44,674	-9,557	-3,292	18,387	-155
7.8				7.8

Notes to the Consolidated Interim Financial Statements

as at 30 June 2011

1. The Company

The registered office of Altira Aktiengesellschaft (hereinafter "Altira AG" or the "Company") is located at Grüneburgweg 18, Frankfurt/Main.

Altira AG is registered in the commercial register of the District Court of Frankfurt/Main (HRB 58865).

The object of Altira AG is the acquisition, management and disposal of shares or equity investments of all types, insofar as no particular legal authorisation is required for that purpose. The companies of Altira Group manage capital invested by institutional investors in the following four divisions: Renewable Energies & Natural Resources, Africa, German 'Mittelstand' & Restructuring and Other Alternative Investments.

Altira AG is listed on the Open Market of the Frankfurt Stock Exchange, where it is included in the Entry Standard segment.

The consolidated financial statements have been prepared in Euro (EUR). In the present notes to the consolidated financial statements, all amounts – including the previous year figures – are reported in EURk.

The income statement has been prepared using the nature of expense method.

The financial year of the Company coincides with the calendar year.

2. Accounting policies

Basis of preparation of the consolidated financial statements

The present consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. The accounting policies for the interim financial statements are unchanged in relation to the financial statements of the last financial year. They are in conformity with IAS 34 – Interim Financial Reporting.

The option provided for in IAS 34.7 to voluntarily provide additional disclosures in interim financial statements was exercised. However, the interim financial statements do not contain all the explanatory notes and disclosures prescribed for the financial statements of a full financial year and should thus be read in conjunction with the consolidated financial statements in accordance with the IFRS as at 31 December 2010. The interim financial statements were neither subjected to an audit review in accordance with § 37w paragraph 5 of the [German] Securities Trading Act (WpHG) nor to an audit in accordance with § 317 of the [German] Commercial Code (HGB).

Altira AG is not a parent company within the meaning of § 315a paragraphs 1 or 2 of the German Commercial Code (HGB) that is obligated to prepare IFRS consolidated financial statements. Altira AG prepares IFRS consolidated financial statements voluntarily in accordance with § 315a paragraph 3 HGB. Due regard is given to the additional provisions of German commercial law which must be observed in accordance with § 315a paragraph 1 HGB.

3. Consolidation policies and reporting entity

Consolidation policies

The consolidated financial statements comprise those companies (subsidiaries) over which Altira AG can directly or indirectly exercise a controlling influence or those companies in which (because of its economic control) Altira AG is able to draw the majority of the economic benefits from their activities or must bear the majority of their risk.

In accordance with IAS 27.4, control represents the ability to determine the financial and corporate policy of an enterprise with a view to drawing benefits from its activities. This can safely be assumed if the parent company holds the majority of voting rights, either directly or indirectly. Subsidiaries are fully consolidated from the time of their acquisition, i.e. from the point in time at which the Group acquires control. The consolidation ends as soon as control by the parent company no longer exists.

Corporate acquisitions are accounted for by the purchase method in accordance with IFRS 3. Assets, liabilities and contingent liabilities are recognised at their fair values at the time of acquisition. A difference in amount may arise between the cost of acquisition of the corporate purchase and the share of the purchaser in the fair values of the assets, liabilities and contingent liabilities acquired. A positive difference is capitalised as goodwill in accordance with IFRS 3. A negative difference, if applicable, is immediately recognised through profit or loss. The cost of an acquisition is equal to the sum of the consideration transferred, measured at fair value on the acquisition date, and the non-controlling interest. The non-controlling interest is measured as the proportionate share of the identifiable net assets of the acquiree. Transaction costs that are incurred are recognised as an expense. In the case of business combinations that took place before 1 January 2010, transaction costs directly attributable to an acquisition were treated as part of the cost of the acquisition. In the case of business combinations achieved in stages, the equity of the acquiree already held by the acquirer at each successive purchase date is newly measured at fair value as at that date and the resulting income or expense recognised in the income statement.

The interim financial statements of the companies included in the Altira AG interim consolidated financial statements are based on uniform accounting principles.

Reporting entity

Please see the appendix to the Notes for a list of shareholdings and the names of all fully consolidated companies.

SophistiCapital AG, ACQ 2. Beteiligungs GmbH and Greenland Management GmbH are not included in the full consolidation due to lack of materiality.

4. Associated companies

As a rule, shares in associated companies are accounted for using the equity method in accordance with IAS 28.

An associated company is a company over which a significant influence is exercised and which is neither a subsidiary nor a joint venture. According to IAS 28.6, there is a rebuttable presumption of a significant influence in the case of a holding of 20 % or more of the voting rights in a portfolio company.

Altira AG holds a 40 % interest in the share capital of Clearsight Investments AG, Zurich (Switzerland). This interest was measured as an associated company using the equity method.

The accounting using the equity method is based on the financial statements of the associated company prepared in accordance with the uniform Group-wide accounting principles of Clearsight Investments AG, Zurich (Switzerland).

The equity investment in Clearsight Investments AG has a carrying amount of EUR 66k (previous year: EUR 176k). The proportionate share of the net income for the year is EUR 16k (previous year: EUR 143k).

The loss from investments in associated companies was EUR -111k (previous year: EUR 174k) and was solely the result of measurement of the associated company.

The investments in Seyes GmbH, Bayreuth, and Greenland Real Investments GmbH & Co. KGaA were not reported due to lack of materiality.

5. Significant accounting policies

For the purpose of preparing the abridged consolidated interim financial statements, the accounting policies used in preparing the consolidated financial statements as at 31 December were adopted unchanged.

Goodwill

If the parent company's cost of acquiring an equity interest exceeds the proportionate share of the newly measured equity of the subsidiary during capital consolidation, the difference is to be reported as goodwill in accordance with IFRS 3.41.

In accordance with IFRS 3.55, this goodwill is not be amortised, but instead an annual impairment test is to be performed in accordance with IAS 36 to determine if it is impaired. The impairment test is performed more frequently if events or circumstances indicate a possible impairment.

Other intangible assets

Acquired intangible assets are capitalised in accordance with IAS 38 if it is probable that the use of the asset is associated with a future economic benefit and the cost of the asset can be reliably measured. Acquired intangible assets are measured at cost and are amortised over their useful life on a straight-line basis. Company-created intangible assets are capitalised on the basis of directly attributable payroll costs and external development services and amortised over their useful life on a straight-line basis.

Intangible assets with an undefined useful life are subjected to impairment tests once per annum as at 31 December and whenever circumstances indicate that their value may be impaired.

Property, plant and equipment

Property, plant and equipment are carried at cost, depreciated over their useful life on a straight-line basis and – where necessary – subjected to impairment tests in accordance with IAS 36. Gains or losses on the disposal of non-current assets are accounted for as other operating income and expenses. Depreciation is generally made on the basis of the straight-line method, based on ordinary useful lives of the items in question.

Impairments of non-financial assets

Assets with an undefined useful life are not depreciated accordingly. They are subjected to annual impairment tests, performed additionally whenever there are indications that this is necessary. Assets required to be depreciated over their useful lives are subjected to impairment tests whenever corresponding events or changes in circumstances occur, indicating that their carrying amount may no longer be recoverable. An impairment test is carried out to the extent by which the carrying amount exceeds the recoverable amount. The recoverable amount is the higher of the fair value of the asset less the cost of sale and the value in use. For purposes of impairment tests, assets are consolidated at the lowest level at which the cash flows can be identified separately (cash-generating unit).

In the event of a subsequent reversal of an impairment, the carrying amount of the asset (of the cash-generating unit) is increased to reflect the new estimated recoverable amount. In the process, the increase in the carrying amount is limited to the value at amortised cost that would arise if no impairment charge had been recorded for the asset (of the cash-generating unit) in previous years. A reversal of an impairment charge is recognised immediately through profit or loss. A reversal of an impairment charge is not effected in the case of goodwill.

Investments

Securities classified as non-current assets, shares of associated companies, equity investments and long-term loans are reported as investments.

Equity interests and securities are classified as "measured at fair value through profit or loss" and "available-for-sale financial assets" (IAS 39) and measured at fair value.

Changes to fair value are either reported in the income statement with an effect on profit or loss (category: "measured at fair value through profit or loss") or reported in the revaluation reserve for financial instruments (category: "financial assets available for sale").

If the impairment of financial assets is assessed as non-current in nature based on long-term experience, then the changes to fair value of the category "financial assets held for sale" are also recognised in the income statement through profit or loss. The estimate of the experience-based value of securities listed on the stock markets is carried out inter alia on the basis of the net asset value (NAV) and taking account of analysts' recommendations.

In accordance with IAS 28, shares of associated companies are measured using the equity method.

The loans to a private equity fund of funds are classified as "measured at fair value through profit or loss". Otherwise, loans with no agreed fixed term are reported at amortised cost.

Deferred taxes

Deferred tax liabilities are calculated in accordance with the internationally accepted accounting principle known as the liability method (IAS 12). Using this method, deferred taxes are set up for all temporary differences between the values in the IFRS balance sheet and the tax values of the individual companies and for the corresponding consolidation processes.

A tax rate of 30.6% is used as a basis for calculating deferred taxes. In addition to a corporate tax of 15% and the solidarity surcharge of 5.5%, an average trade tax rate of 14.775% was applied. Netting of deferred tax assets with deferred tax liabilities was carried out in accordance with the provisions of IAS 12.

As a rule, changes in deferred taxes are recognised in profit or loss as long as the underlying transactions are also recognised in profit or loss and not offset directly against equity.

Receivables and other assets

Receivables and other assets are measured at nominal value less any necessary impairment (measurement at amortised cost).

Cash and cash equivalents

The cash and cash equivalents consist of bank balances.

Current securities

Securities classified in the category "measured at fair value through profit or loss" are measured at fair value. Any changes in value are recognised through profit or loss.

Tax provisions

Tax provisions for actual taxes are recognised in accordance with the expected tax arrear payments for the reporting year or for previous years.

Provisions

The other provisions are set up to the extent that a past event resulted in present legal or de facto commitments to third parties that will probably lead to an outflow of assets which can reliably be estimated. No provisions for expenses are recognised (IAS 37).

Liabilities

Liabilities are reported at amortised cost.

Income and expenses

Revenue and income are recognised when a contract becomes effective, a price has been agreed and can be determined, and payment of the price can be expected. Opportunities and risks are required to have been transferred to the buyer and the seller's right of disposal must have been extinguished. Revenues are reported less deductions such as bonuses, discounts and rebates. Income from ongoing services is realised upon provision of the service; time-dependent payments are collected on a pro-rata basis.

Proceeds from the sale of securities and investments relate to the proceeds realised from the sale of financial assets. Carrying amount of disposed securities and investments relates to the carrying amount of the financial assets at the time of disposal.

Other operating income also includes income from the revaluation of securities and investments. The fair values used for revaluation of securities and investments are calculated based on stock exchange price quotations on the reporting date or transactions executed close to the reporting date.

Both current income from dividends as well as gains from the measurement of shares in associated companies are reported as income from equity investments in accordance with IAS 28. Please see "Segment reporting" for a breakdown of the income from equity investments.

Taxes

Taxes on income include current and deferred taxes.

Leases

Financing leases in the course of which essentially all opportunities and risks associated with ownership of the leasing asset are transferred to the group of companies lead to the leasing asset being capitalised at the beginning of the term of the lease. The leasing asset is recognised at fair value or at the present value of the minimum leasing payments if this value is lower. Leasing payments are divided up into financing expenses and the amortisation share of residual debt in such manner as to ensure a constant interest rate on the remaining leasing liability for the duration of the lease. Leasing assets are depreciated over their useful lives. Leasing payments for operating leases are recognised as expenses over the term of the lease on a straight-line basis.

Contingent liabilities and financial obligations

Contingent liabilities are possible obligations to third parties or already existing obligations where an outflow of resources is probable or their extent cannot be reliably determined. Contingent liabilities are not recognised in the balance sheet. The obligation volumes of contingent liabilities listed in the notes correspond to the scope of liability as at the balance sheet date and the residual deposit obligations for deposits not yet called for concerning partnership shares.

Foreign currency translation

The consolidated financial statements have been prepared in euro. In the individual financial statements, receivables and liabilities in foreign currency are valued at the closing rates on the balance sheet date, and currency translation differences are recognised through profit or loss. Foreign currency translation for financial statements for which the functional currency is not the euro was performed at closing rates as at the balance sheet date for balance sheet items and at average annual rates for income statement line items. Changes in value of previous year net assets due to different exchange rates are directly recognised in equity with no effect on profit or loss.

Material discretionary decisions, estimates and assumptions

The values as well as income and expenses reported in the consolidated financial statements are also based on discretionary decisions, assumptions and estimates. Owing to the uncertainties associated with these discretionary decisions, assumptions and estimates, adjustments to the carrying amounts of the assets and liabilities concerned may be necessary in future periods.

The assumptions and estimates used in preparing the consolidated financial statements mainly relate to the determination of the recoverable amount in connection with impairment tests of current and non-current securities and investments as well as the recognition and measurement of deferred taxes and other provisions.

Major adjustments to reported assets and provisions might be necessary for the following items in the next financial year:

in EURk	30/06/2011	31/12/2010
Investments	18,890	21,237
Current securities	10,469	12,085
Other provisions	3,436	3,871

6. Notes to the Consolidated Income Statement

The revenue relates to commission income, compensation for assuming management activities, variable investment consulting fees, and remuneration for providing contractually agreed services for investment vehicles managed by Group companies.

The proceeds from the sale of financial assets relate to the following items:

in EURk	First half 2011	First half 2010
Securities "available-for-sale"	3,738	0
Securities "fair value through profit or loss"	749	0

The other operating income is comprised of EUR 16k in income from the fair value valuation of financial assets (previous year: EUR 693k) and EUR 875k in miscellaneous other operating income (previous year: EUR 437k).

The carrying amount of disposed financial assets relates to the following items:

in EURk	First half 2011	First half 2010
Securities "available-for-sale"	3,698	0
Securities "fair value through profit or loss"	792	0

The write-downs of financial assets is made up of the following items:

in EURk	First half 2011	First half 2010
Write-downs of non-current financial instruments
Realization of impairments on financial assets available for sale	6,591	0
Securities "available-for-sale"	1,541	94
Write-downs of current financial instruments

in EURk	First half 2011	First half 2010
Securities "available-for-sale"	846	41

The depreciation, amortisation and write-downs of property, plant and equipment and intangible assets consists exclusively of depreciation.

Taxes on income are composed of current and deferred taxes. The current taxes on income correspond to the anticipated tax liability resulting from the taxable income from the current period.

7. Notes to the consolidated balance sheet

7.1. Intangible assets and property, plant and equipment

The intangible assets consist primarily of acquired software licenses.

The useful life of the intangible assets and property, plant and equipment is between 3 and 20 years.

7.2. Goodwill

The reported goodwill results from the initial consolidations at the time of the respective business combination.

Goodwill is tested for impairment annually in accordance with IFRS 3. No write-downs were necessary due to existing impairment.

7.3. Investments

Equity investments and securities that had a stock exchange price available as at the balance sheet date and were regularly traded on a stock exchange during the reporting period were measured using this price as at the reporting date.

The carrying amount of these financial investments amounted to EUR 8,110k as at the reporting date. The valuation as at the reporting date of investments listed on the stock markets resulted in write-ups of EUR 16k and write-downs of EUR 3,105k.

The value of investment interests not listed on the stock markets was measured by means of planning assumptions of the enterprises and by using multiplier methods comprising empirical multipliers and those common in this industry segment. The carrying amount of non-listed investment interests comes to EUR 9,299k. No write-ups or write-downs were effected.

The lendings reported relate to loans and interest receivables from a portfolio company.

7.4. Deferred tax assets and liabilities

The deferred tax assets were primarily formed due to the formation of a provision for a future Management Board bonus entitlement accruing in a future period when write-ups of investments already recognised under IFRS as at 31 December 2010 are also realised in the separate financial statements prepared in accordance with the provisions of the German Commercial Code. A tax rate of 31.925 percent was applied.

7.5. Securities

Current securities are categorised as "held-for-trading". These are shares of listed companies that are not permanently held in the portfolio but purchased and sold for trading purposes.

7.6. Receivables and other assets

The receivables and other assets have a term of up to one year and are carried at nominal amount.

7.7. Cash and cash equivalents

The bank balances are equal to the cash funds.

7.8. Equity

Issued capital

The issued capital of EUR 4,538,670 is divided into 4,538,670 no-par value ordinary shares with a notional par value of EUR 1.00.

The ordinary General Meeting of 2 July 2009 resolved to cancel the EUR 1,059k of Authorised Capital 2006 still remaining under § 5 paragraph 2 of the articles of association and to provide the Company with new authorised capital of EUR 2,269k (Authorised Capital 2009/I). The Management Board was authorised to increase the share capital, with the consent of the Supervisory Board, by a total of up to EUR 2,269k on or before 30 June 2014 by issuing one or more tranches of new no-par value ordinary shares against cash or in-kind contributions. The Management Board was authorised to decide, with the consent of the Supervisory Board, on the exclusion of shareholder pre-emption rights.

There also still exists EUR 2,119k of Contingent Capital 2007/I created in order to provide option and/or conversion rights to holders of warrant-linked and convertible bonds. However, no warrant-linked or convertible bonds have been issued to date. The Company therefore did not exercise its option of performing a contingent capital increase of up to EUR 2,199k (Contingent Capital 2007/l) during the reporting year.

The ordinary General Meeting of 10 August 2010 also authorised the Company to acquire its own shares. The Company was authorised to acquire up to a total of 10 percent of the share capital existing at the time of the resolution over a five-year period starting as of the date of the resolution.

Revaluation reserve

The revaluation reserve is made up of the changes in the value of financial assets categorised as "available-for-sale" and recognised directly in equity, and all adjustments to deferred taxes and provisions in connection with the measurement of those assets.

In the period under review, the following write-ups and write-downs were recognised directly in equity in the revaluation reserve:

in EURk	First half 2011	First half 2010
Write-ups and write-downs of equity interests	-381	1,127
Write-ups and write-downs of financial assets	-3,267	-2,018
Disposal of financial assets	-1,372	0

Owing to objective indicators of non-current impairments, an amount of EUR 6,591k was reported in the income statement with an effect on profit or loss.

Non-controlling interests

Outside shareholders hold equity interests in the following fully consolidated companies:

	Minority interest in %
Altira CFC Management GmbH	25.00
Frontier Capital Partners GmbH	25.10
VCH Vermögensverwaltung AG	25.50

7.9. Provisions and liabilities

Tax provisions consist of anticipated payments of corporate income tax, solidarity surcharges, and trade tax.

The other provisions are essentially made up of the following items:

• the Management Board's entitlement to a performance bonus, which is measured according to the consolidated net profit calculated in accordance with the HGB (German Commercial Code),
• other personnel provisions for vacation entitlements, contributions to the occupational health and safety association (Berufsgenossenschaft), and permanent disability contributions and
• provisions for commissions.

The reported liabilities have a term of up to one year and are carried at nominal amount or the amount at which they are likely to be claimed.

Other liabilities include liabilities reported on the contractual obligation to transfer shares at a fixed value to third parties at their request. The value of this option is measured on the basis of the difference between the fair values of these equities at the reporting date and the agreed option price.

8. Other disclosures

8.1. Contingent liabilities and other financial obligations

As at the balance sheet date, Altira AG issued the following letters of comfort:

• 1. a letter in the amount of EUR 550,000.00 in favour of Altira ADC Management GmbH, Frankfurt/Main (Altira ADC Management GmbH is a subsidiary and therefore included in the reporting entity)
• 1. a letter in the amount of EUR 150,000.00 in favour of Greenland Management GmbH, Frankfurt/Main.

Altira is liable for up to EUR 60k under guarantees issued for its subsidiary Patriarch Multi-Manager GmbH.

Lease commitments of EUR 167k result from a 5-year fixed-term lease with a remaining term of approximately one year. A bank guarantee for EUR 132k was furnished as rental security.

In addition, Altira AG assumed a loan commitment of EUR 4,999,950 for the Clearsight Turnaround Fund I, L.P., St. Peter Port, Guernsey, of which EUR 3,244,444 remains undrawn as at the reporting date.

There were no other contingent liabilities or other financial obligations not shown in the balance sheet or the income statement as at the balance sheet date.

8.2. Management Board and Supervisory Board

Mr. Christian Angermayer tendered his resignation as a member of the Management Board of Altira AG. His resignation was entered in the commercial register on 1 June 2011.

8.3. Events after the reporting period

At the General Meeting of Altira AG on 19 July 2011, the Supervisory Board of Altira AG was newly elected. Its members are:

Axel-Günter Benkner (Chairman of the Supervisory Board), Nidderau, Managing Director

Christian Angermayer (deputy Chairman of the Supervisory Board), Frankfurt/Main, Businessman

Dr. Friedrich Schmitz, Munich, Businessman

Michael Rieder left the Management Board of Altira AG on 27 July 2011. David Zimmer has assumed the functions of CEO.

List of Shareholdings

(Companies in which Altira Group holds 20% or more of the voting rights)

as at 30 June 2011

Company name and headquarters of held company	Share holding in %	Consolidation method used
ADC Business Development Services, Republic of Mauritius	100.00	Full consolidation
Altira ADC Management GmbH, Frankfurt/Main	100.00	Full consolidation
Altira Advisory GmbH, Frankfurt/Main	100.00	Full consolidation
Altira CFC Management GmbH, Dortmund	75.00	Full consolidation
Altira ecolutions Management GmbH, Frankfurt/Main	100.00	Full consolidation
Altira Heliad AG, Zurich (Switzerland)	100.00	Full consolidation
Altira Heliad Management GmbH, Frankfurt/Main	100.00	Full consolidation
Altira Renewables Komplementär GmbH, Frankfurt/Main	100.00	Full consolidation
Altira Renewables Management GmbH, Frankfurt/Main	100.00	Full consolidation
Altira TIG Management GmbH, Frankfurt/Main	100.00	Full consolidation
Clearsight Investments AG, Zurich (Switzerland)	40.00	Equity method
Frontier Capital Partners GmbH, Frankfurt/Main	74.90	Full consolidation
Patriarch Multi-Manager GmbH, Frankfurt/Main	100.00	Full consolidation
VCH Investment Group AG, Frankfurt/Main	100.00	Full consolidation
VCH Vermögensverwaltung AG, Cologne	74.50	Full consolidation
ACQ 2. Beteiligungs GmbH, Frankfurt/Main	100.00	-
Greenland Management GmbH, Frankfurt/Main	50.20	-
Greenland Real Investments GmbH & Co. KGaA, Frankfurt/Main	50.00	-
Seyes GmbH, Bayreuth	20.00	-
SophistiCapital AG, Bayreuth	50.20	-

Altira Group

Altira Aktiengesellschaft

Grüneburgweg 18 D-60322 Frankfurt am Main

T +49 (0) 69.719 12 80-00 F +49 (0) 69.719 12 80-011 info@altira-group.de www.altira-group.de

Management Board David Zimmer (CEO), Peter Brumm, Andreas Lange

Supervisory Board Axel-Günter Benkner (Chairman), Dr. Friedrich Schmitz, Christian Angermayer

Investor Relations Alexandra zu Knyphausen

T +49 (0) 69.719 12 80-0 F +49 (0) 69.719 12 80-999 investor-relations@altira-group.de

The German version is legally binding.

www.altira-group.de