GFT Technologies SE — Interim / Quarterly Report 2011

May 12, 2011

Key figures according to IFRS

Continued operations		First quarter
		01.01.– 31.03.2011	01.01.– 31.03.2010	Change
Income Statement
Revenue	€m	67.30	54.43	23.6%
Earnings before interest, taxes, depreciation
and amortisation (EBITDA)	€m	2.18	1.78	22.5%
Earnings before interest and taxes (EBIT)	€m	1.86	1.50	24.0%
Earnings before taxes (EBT)	€m	2.02	1.62	24.7%
Net income as at 31 March from continued operations	€m	1.35	1.16	16.4%
Balance Sheet
Non-current assets	€m	29.59	32.44	-8.8%
Cash, cash equivalents and securities	€m	38.27	31.32	22.2%
Other current assets	€m	62.00	49.58	25.1%
ASSETS	€m	129.86	113.34	14.6%
Non-current liabilities	€m	2.18	1.80	21.1%
Current liabilities	€m	55.03	42.03	30.9%
Shareholders´ equity	€m	72.65	67.16	8.2%
SHAREHOLDERS' EQUITY AND LIABILITIES	€m	129.86	110.99	17.0%
Equity ratio	%	56%	59%	-3.0%-points
Cash flow
Cash flow from operating activities	€m	-2.44	-6.47	-62.3%
Cash flow from investing activities	€m	-0.43	-0.16	168.8%
Cash flow from financing activities	€m	0.63	0.86	-26.7%
Employees
Number of permanent employees (as at 31 March)	no.	1,307	1,149	13.8%
Share
Earnings per share acc. to IAS 33	€	0.05	0.04	16.4%

The GFT Group continued the positive development of the past financial year in early 2011 and closed the first quarter of 2011 with a strong increase in revenue and earnings. For the current financial year, the Executive Board therefore confirms the forecast made in the Consolidated Financial Statements 2010 and expects total revenue of €275 million and earnings before taxes of €13 million in 2011.

Contents

Interim management report

of GFT Technologies AG as of 31 March 2011

Business environment

Economic environment

Macroeconomic development

The dynamic growth of the global economy in 2010 continued into the first quarter of 2011. In its outlook published in April this year, the International Monetary Fund (IMF) raised its growth forecast for 2011 as a whole to 4.4% – in October 2010 it had still assumed growth of 4.2%. The Organisation for Economic Cooperation and Development (OECD) is similarly optimistic about the general economic situation. It believes there is considerable growth potential and that the recovery is becoming less reliant on state-financed support measures.

Growth is particularly strong at present in emerging and developing economies such as China and India. The IMF's economists expect growth here to reach 6.5% in both 2011 and 2012. However, they also list several factors which may hamper global economic growth: the ongoing weakness of the US real estate market, high raw material prices and the danger of bubbles forming in emerging and developing economies as a result of massive inflows of capital. There is also still uncertainty as to how the catastrophe in Japan as well as the crises in North Africa and their consequences will affect the oil price, for example, and the global economy as a whole.

The situation in the Euro zone remains fraught with problems, according to the IMF's experts: several countries – including Greece, Portugal and Ireland – are still facing considerable economic difficulties. This may endanger the stability of the financial markets. The IMF therefore believes that swift and extensive measures are essential to secure growth and solve the Euro zone's financial problems.

The German economy continues to grow faster than most other Euro nations. Following record growth of 3.6% in 2010, a further strong upswing is expected for Germany in 2011. Although likely to lose momentum over the year, this growth has solid foundations: in their spring reports, leading economic institutes in Germany forecast healthy growth of 2.8% in 2011 and 2.0% in 2012. In autumn

2010, the same institutes had been somewhat more cautious with forecasts of 2.0% for 2011. Experts believe that domestic demand will play an increasingly strong role in driving growth. The German Economics Ministry predicts dynamic investment activity in view of the favourable interest rate climate.

Sector development

According to the latest economic survey of the German Federal Association for Information Technology, Telecommunications and New Media (BITKOM) in April 2011, the German Information and Communication Technology (ICT) sector is currently in bullish mood. In the first quarter of 2011, this optimism pervaded almost all segments of the high-tech market: 78% of companies surveyed reported increased revenues. Companies offering IT services (85%) and software (81%) are profiting more than average from the healthy economic environment.

For 2011, BITKOM predicts a boom in new products and solutions, such as tablet PCs, smartphones and cloud computing. This positive sector development will also increase the demand for IT specialists. As a result, BITKOM expects the current shortage of skilled labour in this sector to become even more acute.

Course of business in the first three months of 2011

The GFT Group continued the positive development of the past financial year in early 2011 and closed the first quarter of 2011 with a strong increase in revenue and earnings. Despite traditionally weaker demand in the first three months, revenue grew year on year by 24% to €67.30 million (prev. year: €54.43 million). Earnings before taxes (EBT) reached €2.02 million and were thus 25% higher than in the same period last year (€1.62 million).

Both business divisions enjoyed strongly dynamic revenue growth. The ongoing recovery of the economy as a whole gave a significant boost to the Resourcing division in particular. The growth in international demand for

freelance IT specialists and engineers had a positive impact on this segment, whose clients are mostly to be found in the manufacturing industry. In addition to more intensive cooperation with existing clients, significant revenue gains were also achieved by winning new customers – especially in France and Germany. Thus the Resourcing division succeeded in raising segment revenue by 38% to €38.41 million (prev. year: €27.81 million). In the first three months of 2011, the Services segment generated revenue of €28.89 million (prev. year: €26.62 million) – representing year-onyear growth of 9% – and was thus able to build on the high level of revenue already achieved in 2010.

Earnings before taxes grew strongly by 25% to €2.02 million (prev. year: €1.62 million). Of this total, the Services division accounted for €1.44 million (prev. year: €1.29 million) and thus made the largest contribution to earnings. This segment succeeded in efficiently utilising the financial sector's high propensity to invest. The Resourcing division benefited from the recovery of the industrial sector, which began last year and is now in full swing. As a result of increased revenue and efficiency gains in its internal processes, segment earnings in the first quarter of 2011 were up 71% to €0.65 million (prev. year: €0.38 million).

The quarterly result of €2.02 million also includes scheduled expenditure of the Group's headquarters of €0.07 million not attributed to the divisions.

Due to the high propensity to invest in those markets of particular significance to GFT, the Group expects further profitable and sustainable growth in 2011. The ongoing recovery of the industrial sector in particular is expected to have a positive impact on the Resourcing division. The Services division will continue to harness the high level of investment which banks and insurance companies are currently making in new IT systems. For the current financial year, the Executive Board therefore confirms the forecast made in the Consolidated Financial Statements 2010 and expects total revenue of €275 million and earnings before taxes of €13 million in 2011.

GFT share

The international share markets got off to a good start in 2011. Following slightly cautious trading in January, they began to gather momentum towards the end of February. Good economic data from the USA and Germany, as well as slight relief with regard to the Euro debt crisis and healthy company profits, all contributed to the more upbeat mood. The strong increase in the oil price in early March and fears that this might dampen global economic growth, however, soon put an end to the market's optimism. The natural disaster and reactor catastrophe in Japan in mid March subsequently led to a strong decline as uncertainty and apprehension spread throughout the world's stock exchanges.

The blue-chip DAX index made a strong start to 2011. In late February, it reached its highest level since January 2008 at 7,400 points and was well above its 200-day line up to this point. At this time, many analysts thought an all-time high of over 8,000 points was realistic. In line with the general stock market crisis, however, the DAX also began to slide steadily from mid March onwards and dipped below 6,500 points at times. Towards the end of the month though, it began to pick up again and closed at 7,041 points on 31 March 2011. Up to early March, the TecDAX (tech stocks) closely mirrored the DAX's performance. Following a less dramatic decline, however, it recovered more strongly and climbed to 931 points as of 31 March 2011 – corresponding to growth of 8% since the beginning of the year.

In line with the general market situation, the GFT share also made a successful start to the year in 2011. Following modest trading at around the closing price of the previous year, interest picked up strongly towards the middle of the month. On 18 January, the share reached a year-high of €4.94 – a level last reached in 2002 – and ended the day at €4.86. Following slight consolidation in February, the GFT share was subsequently unable to escape the general market mood as of early March and fell to a low of €3.62 on 15 March 2011. Within just a few days, however, the €4.00 level was reached again and the share was quoted at €4.10 on 31 March 2011.

After publication of our figures for financial year 2010, analysts at Landesbank Baden-Württemberg (LBBW) raised their upside target from €4.70 to €5.00 and upheld their »buy« recommendation for the GFT share. Analysts at equinet Bank AG raised their target from €4.70 to €5.30

and also maintained their »buy« rating. Warburg Research GmbH also recommends buying the share and still believes it can reach a price of €5.30 – after already raising its upside target from €4.70 to the current €5.30 in November 2010.

Share price performance in Euro (Xetra)

Shareholder structure (%)

% Ulrich Dietz 28.46 Maria Dietz 9.68 Dr. Markus Kerber 5.00 Free float 56.86 There were no significant changes in the shareholder structure of GFT Technologies AG in the first quarter of 2011. Company founder Ulrich Dietz continues to hold 28.46%, while his wife Maria Dietz owns 9.68% of shares. Dr. Markus Kerber, a former member of GFT's Supervisory Board, holds 5.00% of voting rights, while the free float amounts to 56.86%.

The voting rights of the insolvent AvW Group – which fell below the 5% threshold on 25 February 2010 and were thus allocated to the free float portion – were placed entirely with new investors on 4 April 2011. The shares were purchased in full by institutional investors in Germany in the course of a structured transaction. The GFT Executive Board was in close contact with the appointed administrator throughout the process and welcomed the new placement of the shares.

	Q1 2011	Q1 2010
Year-opening quotation (Xetra)*	€4.33	€2.45
Closing quotation on 31 March (Xetra)*	€4.10	€3.55
Percentage change since year-opening	-5%	+69%
Highest price (Xetra)*	€4.86 (18.01.2011)	€3.74 (15.03.2010)
Lowest price (Xetra)*	€3.62 (15.03.2011)	€2.45 (04.01.2010)
Market capitalisation as of 31 March	€107.94 million	€93.46 million
Earnings per share from continued operations	€0.05	€0.04
Average daily trading volume in shares (Xetra and Frankfurt)*	42,217	36,239

*daily closing prices

ISIN	DE 0005800601
Market segment	Prime Standard
Designated sponsors	Landesbank Baden-Württemberg (LBBW) equinet Bank AG
Number of issued bearer shares with a par value of €1 per share	26,325,946

Information on the GFT share

Development of revenue

Against the backdrop of strong progress across all segments and countries, the GFT Group generated revenue of €67.30 million in the first three months of 2011 and thus exceeded the prior-year level by 24% (prev. year: €54.43 million). The Resourcing division made a particularly strong contribution to this development with segment revenue of €38.41 million, representing year-on-year growth of 38% (prev. year: €27.81 million). The Services division reported revenue growth of 9% to €28.89 million (prev. year: €26.62 million).

Revenue by segment

The particularly strong development of the Resourcing division in the first quarter of 2011 is also reflected in the breakdown of revenue by segment: in the period under review, the Resourcing division accounted for 57% of total revenue, thus raising its share by 6%-points (prev. year: 51%). As a result, the Services division's share fell to 43% (prev. year: 49%).

Increased demand for freelance IT specialists had a strong impact on the Resourcing division, which comprises the fields of Resource Management and Third Party Management. The segment generated revenue of €38.41 million, corresponding to growth of 38% (prev. year: €27.81 million). The ongoing recovery of the industrial sector gave a particular boost to the division's Resource Management business. This field recorded growth of 49% to €20.54 million (prev. year: €13.76 million). Third Party Management benefited from continued demand from the financial sector and generated revenue of €17.87 million – up 27% compared to last year (€14.05 million).

The Services division posted segment revenue of €28.89 million and thus achieved year-on-year growth of 9% (prev. year: €26.62 million). In addition to strong and more stable demand from corporate and investment banking clients in the UK, there was also a marked improvement in investment activity within Germany's financial sector in the period under review.

Revenue by country

USA 2% Other countries 5%

Revenue by country

Germany played an important role for the growth of revenue in the first quarter of 2011. The GFT Group's largest sales market contributed revenue of €36.72 million (prev. year: €29.44 million), corresponding to growth of 25% year on year. This positive development is largely due to the recovery of the industrial sector and the resulting increase in demand for freelance IT specialists. This had a particularly strong impact on the Resourcing segment's Resource Management business. Moreover, Germany's finance industry also stepped up investments in the first quarter with positive effects for the Services segment. Germany's share of total revenue remained unchanged at 55%.

Following a strongly positive development in financial year 2010, the high level of revenue in the UK was expanded further in the first quarter of 2011. The Services division was able to benefit from consistently high demand for IT solutions in the corporate and investment banking sector. A total of €9.91 million was generated with clients in the UK, representing year-on-year growth of 22% (prev. year: €8.13 million). With a share of total revenue volume of 15% (prev. year: 15%), the UK remains the GFT Group's second largest sales market.

GFT recorded a significant increase in revenue from clients in France. Revenue generated with clients on the French market reached €6.88 million and was thus 54% higher than in the same period last year (€4.46 million). This growth was largely attributable to the acquisition of new customers and the expansion of our cooperation with existing clients in the Resourcing division. The country's share of total revenue increased to 10% (prev. year: 8%).

Despite adverse conditions in the Spanish financial sector, the GFT Group succeeded in achieving almost the same level of revenue with clients in Spain as in the previous year. This development was aided by cross-border outsourcing projects which resulted in high capacity utilisation at the Group's Spanish facilities. In the first three months of 2011, a total of €6.51 million was generated (prev. year: €6.44 million). Spain accounts for 10% of total revenue (prev. year: 12%).

The GFT Group enjoyed particularly strong revenue growth with its clients in Switzerland. Revenue grew year on year by 63% to €2.17 million (prev. year: €1.33 million). This significant increase resulted mainly from the expansion of project volumes with existing clients in the Services division and the successful development of Resourcing activities. Switzerland contributes 3% to the total revenue (prev. year: 2%).

The strong demand for IT solutions in the field of corporate and investment banking in the USA levelled off in the first quarter of 2011. With revenue of €1.61 million (prev. year: €1.64 million), the USA accounts for 2% of the GFT Group's total revenue volume (prev. year: 3%).

The proportion of total revenue generated by clients in »Other countries«, including the Benelux states, Italy and Brazil, remained stable at 5%. In the period under review, the GFT Group generated revenue of €3.50 million (prev. year: €2.99 million) with clients in these countries. This corresponds to growth of 17%.

Revenue by industry

The financial services industry continues to represent the most important sector for the GFT Group with a share of 66% (prev. year: 68%). The ongoing recovery of the financial sector had a positive impact on revenue, which grew by 20%. In the period under review, a total of €44.60 million was generated (prev. year: €37.19 million). There was a particularly strong improvement in the financial sector's propensity to invest in the UK and Germany.

Revenue with clients in the postal and logistics industry also made encouraging progress with growth of 44%. In the first three months of 2011, a total of €4.75 million was generated (prev. year: €3.31 million), accounting for 7% of total revenue (prev. year: 6%). This growth in revenue was largely due to increased demand for freelance IT specialists in the Resourcing division.

In the »Others« category, which also includes clients from the manufacturing industry, the Resourcing segment's increased sales with industrial clients had a strongly positive impact. The recovery of the industrial sector, which had already begun in late 2010, continued in the first three months of 2011 and led to revenue growth of 29%. All in all, revenue of €17.95 million was generated with clients in the »Others« category (prev. year: €13.93 million). As a consequence, the category's share of total revenue volume rose to 27% (prev. year: 26%).

Revenue by industry

%	Q1 2011
Financial services providers	66%
Postal/Logistics	7%
Others	27%

Earnings position

Following its successful financial year 2010, the GFT Group was able to raise earnings before taxes (EBT) once again in the first quarter of 2011. EBT amounted to €2.02 million in the first three months and thus improved year on year by 25% (prev. year: €1.62 million). Both divisions contributed to this development. In the Services segment, growth resulted from the consistently strong order position. In the Resourcing segment, the positive trend continued as a result of strong demand for freelance staff.

As of 31 March 2011, earnings before interest and taxes (EBIT) amounted to €1.86 million (prev. year: €1.50 million). Consequently, there was a corresponding increase in earnings before interest, taxes and depreciation/ amortisation on property, plant and equipment and intangible assets (EBITDA) of 22% to €2.18 million at the end of the first quarter (prev. year: €1.78 million).

After deducting all expenses, the GFT Group thus generated net income of €1.35 million in the first three months of 2011. This corresponds to growth of €0.19 million or 16% compared to the same period last year (prev. year: €1.16 million).

The calculated tax ratio for the first quarter amounted to 33% and is thus 4%-points higher than in the previous year (29%). This slight increase in the tax ratio results from differences in the earnings of those countries in which a usual tax ratio for the GFT Group was achieved. For 2011 as a whole, we expect the tax ratio to remain unchanged at around 30%.

Earnings per share for the first quarter of 2011 improved slightly compared to last year, reaching €0.05 (prev. year: €0.04). These figures are based on an average of 26,325,946 outstanding shares.

Group earnings position by segment

At €1.44 million for the first quarter of 2011, earnings in the Services division were 12% above the corresponding prior-year figure of €1.29 million. The positive trend of 2010 remained noticeable in both demand and results in the first quarter of 2011.

Earnings by segments

As in previous years, our clients made more modest use of their IT budgets during the early months of the calendar year. As a result, capacity utilisation of staff in the Services segment was below the high levels achieved in the third and fourth quarters of 2010. As in previous periods, we expect this seasonal effect will be balanced out in the second half of the year.

Earnings in the Resourcing division improved significantly by 71% in the first quarter, from €0.38 million in the previous year to €0.65 million in the first quarter of 2011. As a result, they reached the level of the first quarter of 2009 again – before the financial market crisis began to impact this division. The positive trend of the preceding quarters also continued in this segment, albeit slowed somewhat by a slight decline in new orders during the first quarter. Earnings in the Resourcing division resulted mainly from Resource Management activities in the first quarter, which contributed €0.64 million (prev. year: €0.33 million). Third Party Management accounted for €0.01 million (prev. year: €0.05 million) of earnings.

Group earnings position by income and expense items

As of 31 March 2011, other operating income amounted to €0.35 million (prev. year: €0.72 million).

The cost of materials mainly included the purchase of external manpower and increased strongly in line with revenue growth in the Resourcing division during the first quarter. It amounted to €39.25 million, corresponding to an increase of €9.32 million over the prior-year figure of (€29.93 million).

The strong growth in headcount in 2010 led to an increase in personnel expenses of €1.94 million to €21.05 million (prev. year: €19.11 million).

Depreciation of non-current intangible and tangible

assets amounted to €0.31 million at the end of the first quarter of 2011 and was thus similar to the prior-year level of €0.28 million. This figure mainly consists of depreciation on IT hardware and software at our data centres as well as workstation systems and to a lesser extent office fixtures and fittings.

At €5.10 million, other operating expenses in the first three months of 2011 were higher than in the previous year (€4.32 million). Sales expenditure in the form of travel costs and rent accounted for the largest share of other operating expenses. Administrative costs were also up as a result of the rise in headcount.

Financial position

Due to the Group's strong earnings position, there was a further increase in cash, cash equivalents and securities. As of 31 March 2011, the figure had risen to €38.27 million and was thus €6.95 million higher than in the previous year (€31.32 million).

Increased revenue – especially in the Resourcing division – resulted in a rise in trade receivables to €58.18 million (prev. year: €47.09 million). There was also a corresponding rise in trade payables to €21.93 million at the end of the first quarter (prev. year: €14.84 million). Trade payables mainly refer to the acquisition of external staff, especially for the Resourcing division, but also to IT projects of the Services division.

There was a strong improvement in cash flows from operating activities to €-2.44 million as of 31 March 2011 (prev. year: €-6.47 million). The typical increase

in working capital during the first quarter was somewhat weaker in 2011 than in the previous year. This was largely responsible for the improvement in cash flow as of 31 March 2011.

At the end of the first quarter, cash flows from investing activities amounted to €-0.43 million (prev. year: €-0.16 million). The change was mainly due to increased purchases of non-current assets in the form of IT procurements.

Compared with the same date last year, there was only a slight change in cash flows from financing activities to €0.63 million (prev. year: €0.86 million). As in the previous year, this amount mainly resulted from a subsidiary's shortterm use of a local credit line.

Group balance sheet structure

ASSETS in € million	31/12/ 2010	31/03/ 2011	31/03/ 2011	31/12/ 2010	EQUITY & LIABILITIES in € million
Cash, cash equivalents and securities	40.32	38.27	55.03	55.22	Current liabilities
Other current assets	58.77	62.00	2.18	2.09	Non-current liabilities
Other non-current assets	29.49	29.59	72.65	71.27	Equity capital
	128.58	129.86	129.86	128.58

Asset position

The balance sheet total of the GFT Group at the end of the first quarter of 2011 was up slightly to €129.86 million and thus €1.28 million higher than at year-end 2010 (€128.58 million).

On the asset side, there was little change in the Group's non-current assets which amounted to €42.23 million as at 31 March 2011, compared to €42.19 million on 31 December 2010. Due to increased revenue, trade receivables rose from €54.80 million at year-end 2010 to €58.18 million at the end of the first quarter. Amongst other things, this had an impact on cash, cash equivalents and securities, which fell from €40.32 million at year-end 2010 to €38.27 million as of 31 March 2011.

On the liabilities side, the ratio between equity and debt remained virtually constant. Whereas trade payables fell by €5.95 million to €21.93 million (2010: €27.87 million), other liabilities increased in total by almost the same amount. Equity grew from €71.27 million as of 31 December 2010 to €72.65 million on 31 March 2011. The equity ratio was thus 56% at the end of the first quarter of 2011 (year-end 2010: 55%).

Employees

At the end of the first quarter, the GFT Group employed a total of 1,307 people. The number of employees is calculated on the basis of full-time staff. Part-time staff are included on a pro rata basis. The increase of 158 persons or 14% year on year reflects the high utilisation of development capacity as well as the revenue growth of the previous year.

The strongest growth was recorded by the Services division, where headcount increased by 142 year on year. Compared to 31 March 2010, the segment grew by 14% to 1,166 employees.

The number of staff employed in the Resourcing division rose from 88 last year to 102 at the end of the first quarter of 2011.

As of the balance sheet date, no employees were still attributable to the Software segment, which is classified as a discontinued operation pursuant to IFRS 5. The »Others« category comprises 39 persons belonging to the holding company – two more than at this time last year.

Employees by division as of 31 March

	2011	2010
Services	1,166	1,024
Resourcing	102	88
Others	39	37
Total	1,307	1,149
Software	0	33

The number of people employed in Germany increased by 12%, from 251 on 31 March 2010 to 282 at the end of the first quarter of 2011. As a result, the proportion of total staff employed outside Germany remained unchanged at 78% (1,025 employees).

The average number of freelancers employed in the first quarter of the year rose from 1,076 last year to 1,304 persons as of 31 March 2011.

Employees by country as of 31 March

	2011	2010
Germany	282	251
Brazil	158	135
France	18	18
UK	29	19
Switzerland	28	25
Spain	789	699
USA	3	2
Total	1,307	1,149
Foreign share in %	78%	78%

The GFT Group increased its R&D expenses in the first quarter of 2011 by 93% to €0.52 million (prev. year: €0.27 million). Personnel costs accounted for the largest share of this total (88% or €0.46 million). The strong increase in expenditure resulted mainly from four strategic innovation projects initiated in the course of 2010 and intensively pursued in the first quarter of 2011.

a-touch: In the first quarter of 2011, GFT continued to drive the development of its touch banking solution for financial advisors. Intelligently coordinated processes provide the basis for IT-assisted financial advising in the field of private banking and wealth management.

SAP Competence Centre: GFT's SAP Competence Centre helps banks to convert their systems to SAP software. Experts develop the corresponding application possibilities to provide financial institutes with optimum support during their transformation process.

Mobile Finance: GFT continues to expand the Mobile Finance Competence Centre it founded in 2009. R&D activities focus here on cross-platform mobile applications for financial service providers.

Finance IT: The Finance IT innovation project focuses on developing innovative IT solutions for banks. Activities include projects in the field of customer management systems, churn management and the use of biometric processes in banking transactions.

Internal projects included the further optimisation of software development processes. The company has been working on this since 2005 on the basis of the internationally recognised CMMI® (Capability Maturity Model Integration) standard.

Subsequent events

No events occurred after the balance sheet date as at 31 March 2011 that are of major significance to GFT.

Research and development Opportunity and risk report

In the first three months of 2011, there were no material changes with regard to the comprehensive discussion of opportunities and risks provided in the Management Report accompanying the 2010 Consolidated Financial Statements. The risk position of the GFT Group is thus unchanged.

Forecast report

The economic upturn is expected to continue in 2011 and the coming year. Experts at the International Monetary Fund (IMF) forecast global economic growth of 4.4% for 2011 and a growth rate of 4.5% for 2012. However, the economists also see an increasing number of risks for global economic growth. These include rising prices for crude oil and other raw materials, as well as unrest in Northern Africa and the Middle East. Experts are also worried about developments in the fast growing emerging economies, such as China and India. They fear that these economies may overheat, creating speculation bubbles in the respective real estate and stock markets.

The situation in the Euro zone continues to be dominated by the weak development of crisis-hit peripheral nations. The Euro zone as a whole is expected to grow by 1.6% this year and by 1.8% in the coming year. For Portugal and Greece, economists fear even a decline in economic output.

Germany, however, is expected to enjoy further strong growth. This was confirmed by the country's leading economic institutes: they forecast growth of 2.8% this year and 2.0% in the next. Experts at the IMF also expect the upturn to slow somewhat.

According to the German Federal Association for Information Technology, Telecommunications and New Media (BITKOM), the German ICT market will maintain its stable growth rate in 2011 and 2012. The industry association expects growth of 2.3% to a total of €133.0 billion in 2011 and further growth of 2.4% to €136.2 billion in 2012. Above-average growth is forecast for the IT services segment: by 3.5% to €34.2 billion in 2011 and by 3.8% to €35.5 billion in 2012. The association's latest economic survey also reflects this upbeat mood: 89% of IT services companies questioned expect revenue growth in 2011.

The GFT Group regards the ongoing recovery of its key markets as a clear sign of its growth potential for financial year 2011 and expects the positive development to continue in both segments throughout the year. Due to the consistently high level of capital spending in the financial sector, business in the Services segment is expected to remain stable at its current high level. At the same time, growing demand from the industrial sector will help drive growth in the Resourcing division across all sectors and countries.

The increasing stability of the industrial sector since late 2010 will result in further strong demand for freelance staff. With its international placement of highly skilled IT specialists and engineers, the Resourcing division is well positioned to meet this demand and harness the current economic upswing. While the segment's Resource Management business continues to benefit from the growing propensity of the industrial sector to invest in new equipment, its Third Party Management business expects further direct opportunities from consistently high demand in the financial sector.

The financial sector's willingness to invest will continue to positively impact the Services division over the course of 2011. The need for IT solutions for corporate and investment banking as well as outsourcing services will continue to grow. At the same time, it is expected that financial institutes will invest more heavily in their customer management and core banking systems in 2011 and be forced to address such future topics as mobile banking applications to an ever greater extent. GFT has already successfully occupied these topics and gained sufficient expertise to be able to swiftly and efficiently meet the growing demand.

The GFT Group therefore expects to continue the positive development of the past financial year in 2011. The Executive Board will closely monitor any risks for the company's two business divisions resulting from the macroeconomic development in order to introduce swift counter-measures wherever necessary. Due to the high demand in relevant markets and our strictly aligned range of services, we are optimistic that we can achieve further sustainable growth. The Executive Board therefore confirms the forecast made in the Consolidated Financial Statements 2010: for 2011, we expect to achieve total revenue of €275 million and earnings before taxes of €13 million.

Stuttgart, 2 May 2011

GFT Technologies Aktiengesellschaft

The Executive Board

Ulrich Dietz Jean-François Bodin Marika Lulay Dr. Jochen Ruetz Executive Board (Chairman) Executive Board Executive Board Executive Board

Consolidated Statement of comprehensive Income

for the period from 1 January to 31 March 2011 GFT Technologies Aktiengesellschaft, Stuttgart

Partial Statement Affecting Net Income: Consolidated Income Statement

	First quarter
€	01.01.– 31.03.2011	01.01.– 31.03.2010
Revenue	67,302,679.21	54,429,311.56
Other operating income	346,980.23	716,321.71
	67,649,659.44	55,145,633.27
Cost of materials
a) Expenses for raw materials and supplies and for purchased goods	4,600.74	576.60
b) Costs of purchased services	39,248,133.82	29,925,038.68
	39,252,734.56	29,925,615.28
Personnel expenses
a) Salaries and wages	17,463,594.29	16,159,977.28
b) Social security and expenditures for retirement pensions	3,590,070.70	2,950,860.78
	21,053,664.99	19,110,838.06
Depreciation on non-current intangible assets and of tangible assets	313,422.50	283,058.82
Other operating expenses	5,100,093.93	4,315,715.25
Result from operating activities	1,929,743.46	1,510,405.86
Other interest and similar income	159,206.70	119,718.25
Profit share from associates	-2,817.02	-9,097.93
Depreciation on securities	63,874.05	0.00
Interest and similar expenses	2,030.40	0.00
Financial result	90,485.23	110,620.32
Earnings before taxes	2,020,228.69	1,621,026.18
Taxes on income and earnings	667,223.22	463,793.66
Net income from continued operations	1,353,005.47	1,157,232.52
Net loss from discontinued operations	0.00	-35,014.39
Net income	1,353,005.47	1,122,218.13
– attributable to non-controlling equity holders	0.00	0.00
– attributable to equity holders of the parent (consolidated net income)	1,353,005.47	1,122,218.13
Net earnings per share – undiluted	0.05	0.04
Net earnings per share – diluted	0.05	0.04
Net earnings per share from continued operations – undiluted	0.05	0.04
Net earnings per share from discontinued operations – diluted	0.05	0.04

	First quarter
€	01.01.– 31.03.2011	01.01.– 31.03.2010
Net Income	1,353,005.47	1,122,218.13
Financial assets available for sale (securities):
– Change of fair value recognised in equity during the period	153,800.00	256,650.00
– Reclassification amounts to the income statement	0.00	0.00
	153,800.00	256,650.00
Exchange differences on translating foreign operations:
– Profits/losses during the period	-131,475.01	78,652.66
– Reclassification amounts to the income statement	0.00	0.00
	-131,475.01	78,652.66
Income taxes on components of other result	0.00	-45,360.00
Other result	22,324.99	289,942.66
Total result	1,375,330.46	1,412,160.79
– thereof attributable to non-controlling shareholders	0.00	0.00
– thereof attributable to shareholders of parent company	1,375,330.46	1,412,160.79

Partial Statement Not Affecting Net Income: Consolidated Income Statement

Consolidated Balance Sheet

as at 31 March 2011

GFT Technologies Aktiengesellschaft, Stuttgart

Assets

€	31.03.2011	31.12.2010	31.12.2009
Non-current assets
Intangible assets
Licences, industrial property rights and similar rights	462,361.69	431,980.03	364,535.53
Goodwill	20,367,546.07	20,367,546.07	20,365,010.57
	20,829,907.76	20,799,526.10	20,729,546.10
Tangible assets
Other equipment, office and factory equipment	2,681,792.68	2,601,922.52	2,044,691.89
Construction on foreign property	91,969.27	104,365.67	146,776.26
	2,773,761.95	2,706,288.19	2,191,468.15
Financial assets
Securities	12,638,397.19	12,702,271.24	0.00
Financial assets, accounted for using the equity method	41,191.93	44,008.95	36,165.05
Investments	0.00	0.00	0.00
	12,679,589.12	12,746,280.19	36,165.05
Other assets	404,771.40	404,771.40	349,408.58
Current profits tax assets	587,436.65	585,029.38	655,816.14
Deferred tax assets	4,958,684.05	4,948,002.63	5,813,304.61
	42,234,150.93	42,189,897.89	29,775,708.63
Current assets
Trade receivables	58,175,380.78	54,799,670.75	41,757,487.92
Securities	1,632,800.00	1,384,000.00	2,235,800.00
Current tax assets	403,124.97	243,550.42	204,920.81
Cahs and cash equivalents	23,999,031.06	26,232,995.13	35,471,848.76
Other assets	3,419,941.78	3,727,586.93	1,886,174.47
	87,630,278.59	86,387,803.23	81,556,231.96
Non-current assets and disposal groups held for sale	0.00	0.00	2,049,496.73
	87,630,278.59	86,387,803.23	83,605,728.69
	129,864,429.52	128,577,701.12	113,381,437.32

Shareholders' Equity and Liabilities

€	31.03.2011	31.12.2010	31.12.2009
Shareholders´equity
Equity attributable to equity holders of the parent
Share capital	26,325,946.00	26,325,946.00	26,325,946.00
– Conditional Capital € 8,280,000.00 (prev. year € 8,280,000.00)
Capital reserve	42,147,782.15	42,147,782.15	42,147,782.15
Retained earnings
Other retained earnings	10,243,349.97	10,243,349.97	8,543,349.97
Changes in equity not affecting net income
Foreign currency translations	403,836.00	535,311.01	140,577.64
Reserve of market assessment for securities	-274,000.00	-427,800.00	-410,420.00
Consolidated balance sheet loss	-6,201,406.66	-7,554,412.13	-10,995,236.23
	72,645,507.46	71,270,177.00	65,751,999.53
Interests of non-controlling equity holders	0.00	0.00	0.00
	72,645,507.46	71,270,177.00	65,751,999.53
Liabilities
Non-current liabilities
Provisions for pensions	664,225.40	652,225.40	457,472.44
Other provisions	916,244.00	969,795.00	879,895.84
Deferred tax liabilities	602,532.99	469,197.24	601,198.65
	2,183,002.39	2,091,217.64	1,938,566.93
Current liabilities
Other provisions	19,710,668.93	18,195,205.23	13,568,351.01
Current income tax liabilities	1,300,708.65	1,285,617.34	1,170,106.70
Financial liabilities	633,419.99	0.00	0.00
Trade payables	21,924,814.33	27,873,659.18	23,277,976.61
Other liabilities	11,466,307.77	7,861,824.73	5,999,709.79
	55,035,919.67	55,216,306.48	44,016,144.11
Liabilities directly associated with non-current assets and disposal groups held for sale	0.00	0.00	1,674,726.75
	55,035,919.67	55,216,306.48	45,690,870.86
	57,218,922.06	57,307,524.12	47,629,437.79
	129,864,429.52	128,577,701.12	113,381,437.32

Consolidated Statement of Changes in Equity

as at 31 March 2011

GFT Technologies Aktiengesellschaft, Stuttgart

€	Subscribed	Capital	Retained
	capital	reserve	earnings
			Other
			retained
			earnings
As at 01/01/2010	26,325,946.00	42,147,782.15	8,543,349.97
Total income and expenses for the period 01/01-31/03/2010
As at 31/03/2010	26,325,946.00	42,147,782.15	8,543,349.97
Dividend payment May 2010
Total income and expenses for financial year 2010
Allocations to retained earnings 2010
– to other retained earnings			1,700,000.00
As at 31/12/2010	26,325,946.00	42,147,782.15	10,243,349.97
Total income and expenses for the period 01/01-31/03/2011
As at 31/03/2011	26,325,946.00	42,147,782.15	10,243,349.97

Total	Minority	Equity	Consolidated		Changes in equity not affecting
share capital	interests	attributable to	balance sheet		results
		equity holders	loss
		of the parent		Market	Foreign
				assessment	currency
				for securities	translations
65,751,999.53	0.00	65,751,999.53	-10,995,236.23	-410,420.00	140,577.64
1,412,160.79	0.00	1,412,160.79	1,122,218.13	211,290.00	78,652.66
67,164,160.32	0.00	67,164,160.32	-9,873,018.10	-199,130.00	219,230.30
-2,632,594.60	0.00	-2,632,594.60	-2,632,594.60
8,150,772.07	0.00	8,150,772.07	7,773,418.70	-17,380.00	394,733.37
0.00	0.00	0.00	-1,700,000.00
71,270,177.00	0.00	71,270,177.00	-7,554,412.13	-427,800.00	535,311.01
1,375,330.46	0.00	1,375,330.46	1,353,005.47	153,800.00	-131,475.01
72,645,507.46	0.00	72,645,507.46	-6,201,406.66	-274,000.00	403,836.00

Consolidated Cash Flow Statement

for the period from 1 January to 31 March 2011 GFT Technologies Aktiengesellschaft, Stuttgart

	First quarter
€	01.01.– 31.03.2011	01.01.– 31.03.2010
Net income	1,353,005.47	1,122,218.13
Depreciation on non-current intangible and tangible assets	313,422.50	296,203.82
Changes in provisions	1,473,912.70	1,921,857.16
Other non-cash expenses/income	-7,510.54	-114,272.08
Changes in trade receivables	-3,375,710.03	-5,165,565.15
Changes in other assets	134,981.91	-323,118.44
Changes in trade liabilities and other liabilities	-2,195,934.75	-4,203,657.38
Other changes of equity	-131,475.01	0.00
Cash flow from operating activities	-2,435,307.75	-6,466,333.94
Cash payments to acquire tangible assets	-342,089.82	-151,596.99
Cash payments to acquire non-current intangible assets	-89,986.49	-8,079.61
Cash flow from investing activities	-432,076.31	-159,676.60
Cash receipts from taking out financial loans	633,419.99	822,792.39
Other changes in equity	0.00	33,292.66
Cash flow from financing activities	633,419.99	856,085.05
Change in cash funds from cash-relevant transactions	-2,233,964.07	-5,769,925.49
Cash funds at the beginning of the periode	26,232,995.13	36,200,628.61
Cash funds at the end of the period	23,999,031.06	30,430,703.12

Notes to the Interim Financial Statements

as at 31 March 2011 GFT Technologies Aktiengesellschaft, Stuttgart

Fundamentals for the GFT Group's Interim Financial Statements ······························································································································· ··········

The Interim Financial Statements of the GFT Technologies Aktiengesellschaft Group (»GFT AG«) should be read in conjunction with the Annual Financial Statements of GFT AG as of the end of the last financial year (31 December 2010). They were drawn up in euro (€) in accordance with standard principles of accounting and valuation and conform to the prescriptions set out in IAS 34, sections 37w and 37y of the German Securities Trading Act (WpHG) and the regulations for the Frankfurt Stock Exchange.

The Interim Financial Statements have been prepared according to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) effective on the balance sheet date, which are to be applied within the EU. The same accounting and valuation methods were used in these Interim Financial Statements as in the last Consolidated Financial Statements as of 31 December 2010. The reporting format used in these Interim Financial Statements has changed slightly in comparison with the corresponding Interim Financial Statements of the previous year; the previous year's figures have been adapted to the changed reporting format. New or amended standards and interpretations to be applied as of the beginning of the financial year 2011 did not have any major effect on the Interim Financial Statements.

The Interim Financial Statements and the Interim Management Report as of 31 March 2011 have neither been audited according to section 317 HGB, nor been reviewed.

Changes to the consolidated group and its associated companies ······························································································································· ······

The following changes to the scope of consolidation have occurred since the Consolidated Financial Statements were closed on 31 December 2010:

On 10 February 2011, GFT UK Limited, London, founded the company GFT UK Invest Limited, domiciled in London, the UK. The newly formed company has been included in the consolidated group since 10 February 2011. GFT UK Invest Limited has not yet begun its operating activities; its initial inclusion in the consolidated accounts had no significant impact on the assets, financial and earnings position of the Group.

The following changes to the scope of consolidation have occurred since the Consolidated Financial Statements were closed on 31 March 2010:

On 14 May 2010, GFT AG sold all its shares in the subsidiary GFT inboxx GmbH, Hamburg. GFT inboxx GmbH was deconsolidated on 14 May 2010. In financial year 2009, GFT inboxx GmbH accounted for 2.1% of the Group's revenues; its share in the financial assets of the Group amounted to 1.6% as of 31 December 2009. The hiving off of GFT inboxx GmbH had no material effect on the assets, financial and earnings position of the Group. Further information on the Group's hiving off of GFT inboxx GmbH is provided in the explanations on discontinued operations.

On 13 August 2010, the memorandum of association of subsidiary GFT Business Development GmbH, Eschborn, was extensively altered. This included a change in its name to Youdress GmbH and the relocation

of its registered office to Stuttgart. These changes became effective on 1 October 2010. Subsequently on 13 August 2010, GFT AG sold 50% of shares in GFT Business Development GmbH. GFT Business Development GmbH was deconsolidated on 13 August 2010 and has since been carried as an associated company (named Youdress GmbH), whose shares are carried in the balance sheet according to the equity method. In the financial years 2010 and 2009, GFT Business Development GmbH accounted for 0.0% of Group revenues. As of 31 December 2009 and on the date of divestment, its share in Group assets amounted to 0.0%. The deconsolidation of GFT Business Development GmbH had no material effect on the assets, financial and earnings position of the Group; income from the sale amounted to €11 thousand.

On 13 August 2010, GFT AG also acquired all shares in the previously non-operating company Platin 569. GmbH, Frankfurt am Main, which has been trading as GFT Innovations GmbH with registered office in Stuttgart since 23 September 2010. The above company was first consolidated as of its date of acquisition on 13 August 2010. Its contribution to consolidated revenues of the GFT Group in the period 1 January to 31 December 2010 amounted to €0 thousand with an effect of the net income 2010 of €-215 thousand. As of 31 December 2010, the share in Group assets of GFT Innovations GmbH amounted to 0.0%. The initial consolidation of GFT Innovations GmbH had no material effect on the assets, financial and earnings position of the Group.

Discontinued operations ······························································································································· ··························································································································

The GFT Group intended to dispose of its business activities in the Software division. The Executive Board of GFT AG had adopted a respective disposal plan and had been actively seeking a buyer since November 2009; the disposal was expected to be completed in the second quarter of 2010. Most of the activities in this business division, and the respective employees, were pooled with the subsidiary GFT inboxx GmbH, Hamburg, Germany. All shares in this subsidiary were to be sold. Moreover, the Software division of GFT AG included disclosed software rights which are also to be sold. The Software division to be sold was identical with the Software segment, which is disclosed separately in segment reporting.

Discontinuation of the business division will take the form of a disposal as a whole. As the division intended for disposal also represents a disposal group as defined by IFRS 5, the disclosure and measurement regulations of IFRS 5 have been applied.

The discontinuation of the business division in the second quarter of the financial year 2010 was realised as follows:

In a purchase agreement dated 14 May 2010, the software rights of GFT AG were sold to a non-Group company. In a share purchase agreement also dated 14 May 2010, GFT AG sold all shares in the subsidiary GFT inboxx GmbH to the same buyer; the Software segment was thus disposed of. All assets and liabilities of the Software segment were transferred on 14 May 2010, with the exception of pension obligations and the respective securities which the Group retains in contrast to the original plan due to the developing sales process; this decision had no impact on the net income of the financial year 2010. The disposal of the Software segment resulted in a loss of €464 thousand.

The net loss after taxes of the discontinued operation is disclosed in a separate line of the Consolidated Statement of Comprehensive Income (2010, Part Group Consolidated Income Statement). The Consolidated Balance Sheet also includes assets and liabilities pertaining to discontinued operations, summarized as separate items (2010).

Changes in equity ······························································································································· ······························································································································· ··············

For the changes in equity capital between 1 January 2011 and 31 March 2011, we refer to the Consolidated Statement of Changes in Equity which is disclosed separately.

As of 31 March 2011, the company's share capital of €26,325,946.00 consists of 26,325,946 non-par value individual share certificates (no change relative to 31 December 2010). These shares are bearer shares and all grant equal rights.

In May 2010, a dividend of €0.10 per share was distributed to shareholders, totalling €2,633 thousand, from the balance sheet profit of the parent company GFT AG. No dividends have been paid so far in fiscal

year 2011. At the Annual General Meeting to be held in May 2011, a proposal will be made to pay shareholders a dividend of €0.15 per share, totalling €3,949 thousand, from the balance sheet profit of GFT AG as at 31 December 2010.

There were no changes in the company's authorised and conditional capital between 1 January and 31 March 2011 relative to 31 December 2010. As of 31 March 2011, GFT AG did not hold any of its own shares, nor did it purchase or sell any of its own shares in the period 1 January 2011 to 31 March 2011.

Segment reporting ······························································································································· ······························································································································· ···········

GFT has identified the three segments Services, Resourcing, and (until 14 May 2010) Software as reportable segments. The identification of these segments was mainly based on the fact that the products and services offered in these segments show differences, and that the GFT Group is organised and controlled on the basis of these segments. Internal reporting to the Executive Board is based on the classification of group activities in these segments. The Software segment was sold in May 2010; we refer to the explanations on discontinued operations.

The products and services with which the reportable segments generate their income can be characterised as follows: all activities in connection with IT solutions (services and projects) are aggregated in the Services

segment. The Resourcing segment focuses on the placement of freelance IT specialists. The Software segment concerned the internal development of software products, their distribution, and associated services.

Internal controlling and reporting within the GFT Group, and thus also segment reporting, is based on IFRS accounting principles as applied in the Consolidated Financial Statements. The GFT Group measures the success of its segments by means of segment EBT (earnings before tax). Segment income and results also include transactions between the segments. Intersegment transactions take place at market prices on an arm's length principle.

As a general rule, the assets of the segments include all assets, except for those from income tax and assets attributed to the holding activity. The segment liabilities include all liabilities, except for those from income tax, financing, and liabilities in connection with the holding activity.

For detailed information about the business segments, please refer to the Appendix attached to the Notes to the Consolidated Financial Statements. It also includes disclosures concerning revenue from external clients for each group of comparable products and services.

The reconciliation of the segment figures to the corresponding figures in the Consolidated Financial Statements is as follows:

€ thsd.	01.01.–	01.01.–
	31.03.2011	31.03.2010
Total segment revenue	68,908	59,545
Elimination of inter-segment revenue	-1,605	-4,281
Group revenue	67,303	55,264
Total segment results (EBT)	2,091	1,592
Non attributed expenses/profit of Group HQ	-96	12
Non attributed profit for eliminations of interim result	25	-
Group result before taxes	2,020	1,604

€ thsd.	31.03.2011	31.03.2010
Total segment assets	109,551	103,346
Non-attributed assets of Group HQ	93	73
Securities	14,271	2,964
Assets from income taxes	5,949	6,952
Group assets	129,864	113,335
Total segment liabilities	54,834	43,769
Non-attributed liabilities of Group HQ	482	461
Liabilities from income taxes	1,903	1,940
Group liabilities	57,219	46,170

The reconciliation discloses items which per definition are not components of the segments. In addition, non-attributed items of Group HQ, e.g. from centrally managed issues, are also contained. Business transactions between the segments are also eliminated in the reconciliation.

Segment report

GFT Technologies Aktiengesellschaft, Stuttgart

Services		Software
31.03.2011	31.03.2010	31.03.2011	31.03.2010
28,892	26,620	-	835
-	3	-	16
28,892	26,623	0	851
-255	-244	0	-13
-24	2	0	0
21	71	0	0
-7	-62	0	0
-3	-9	0	0
1,439	1,288	0	-73
60,822	68,127	0	2,185
41	27	0	0
366	139	0	8
22,671	18,851	0	2,344

Eliminations		Total		Resourcing
31.03.2011	31.03.2010	31.03.2011	31.03.2010	31.03.2011
	55,264	67,303	27,809	38,411
-1,605	4,281	1,605	4,262	1,605
-1,605	59,545	68,908	32,071	40,016
-9	-287	-304	-30	-49
32	2	-24	0	0
136	72	23	1	2
27	-68	-29	-6	-22
0	-9	-3	0	0
-71	1,592	2,091	377	652
20,313	103,346	109,551	33,034	48,729
0	27	41	0	0
13	155	419	8	53
2,385	43,769	54,834	22,574	32,163

The table below shows information according to geographic regions for the GFT Group:

€ million		Revenue from sales to external clients 1
	01.01.– 31.03.2011	01.01.– 31.03.2010	31.03.2011	31.03.2010
Germany	36.72	29.44	21.95	21.47
UK	9.91	8.13	0.14	0.17
Spain	6.51	6.44	1.02	0.70
France	6.88	4.46	0.05	0.06
USA	1.61	1.64	0.00	0.00
Switzerland	2.17	1.33	0.13	0.08
Other foreign countries	3.50	2.99	0.31	0.32
Total 2	67.30	54.43	23.60	22.80

1 Determined by client location

2 Total company

Revenue from clients who account for more than 10% each of Group revenue is shown below:

	Revenue			Segments in which this revenue is generated
€ million	01.01.– 31.03.2011	01.01.– 31.03.2010	01.01.– 31.03.2011	01.01.– 31.03.2010
Client 1	32.32	23.93	Services, Resourcing	Services, Resourcing

Changes to contingent liabilities ······························································································································· ····································································································

As of 31 March 2011, there were no significant changes to contingencies and other financial commitments compared to the Consolidated Financial Statements as at 31 December 2010.

Investments ······························································································································· ······························································································································· ·······························

During the period between 1 January and 31 March 2011, the GFT Group invested €90 thousand in intangible fixed assets (1 January to 31 March 2010: €8 thousand) and €342 thousand in tangible assets (1 January to 31 March 2010: €152 thousand).

Related party disclosures ······························································································································· ·························································································································

Compared to the disclosures made in the Notes to the Consolidated Financial Statements as of 31 December 2010, there were no changes in the composition of related parties nor in relations with such parties.

Stuttgart, 2 May 2011

GFT Technologies Aktiengesellschaft The Executive Board

Ulrich Dietz Jean-François Bodin Marika Lulay Dr. Jochen Ruetz Executive Board (Chairman) Executive Board Executive Board Executive Board

Financial Calendar

Annual General Meeting 31 May 2011

Interim Report as of 30 June 2011 11 August 2011

Interim Report as of 30 September 2011 9 November 2011

Further information

Write to us or call us if you have any questions. Our Investor Relations team will be happy to answer them for you. Or visit our website at www.gft.com/ir. There you can find further information on our company and the GFT share.

GFT Technologies AG

Investor Relations Andrea Wlcek

Filderhauptstrasse 142 70599 Stuttgart Germany

T +49 711 62042-440 F +49 711 62042-301

ir@gft.com

This Interim Report is also available in German. The online versions of the German and English Interim Reports are available on www.gft.com/ir.

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