Linedata Services — Interim / Quarterly Report 2008

Oct 28, 2008

122.4

9-month turnover: 122.4M€

Turnover in M€ IFRS	9 months 2007	9 months 2008	Variation	Variation at constant exchange rate
Southern Europe	56.6	66.1	+16.8%	+16.8%
Northern Europe/Asia	37.0	32.0	-13.5%	-1.2%
North America	23.0	24.3	+5.6%	+19.6%
TOTAL	116.6	122.4	+5.0%	+11.6%

Figures rounded up, non-audited

Turnover 3rd quarter 2008: +3.4% at constant exchange rate

In the 3rd quarter, Linedata Services achieved a turnover of 38.0M€, a growth of 3.4% excluding the effect of exchange rate fl uctuations (-2.6% in published data due to a negative impact of exchange rates of 2.4M€).

The third quarter of 2008 includes the signifi cant, planned reduction of Employee Savings turnover (-2.8M€ over this quarter) linked with completion of the NOEE migration. The Group is also seeing the fi rst signs of a downturn linked with the fi nancial crisis in Asset Management in North America and United Kingdom.

SOUTHERN EUROPE (Q1: 22.8M€, +28.8% / Q2: 24.3M€, +24.6% / Q3: 19M€, -2.1%)

In this quarter, Linedata Services achieved a turnover of 19M€, down by 2.1% because of the unfavorable comparison basis in Employee Savings and a delay in the progress of Insurance turnover.

Growth in the Leasing & Credit Finance activity was over 20% as in the fi rst half year, thanks in particular to increased demand in terms of consulting and implementation.

NORTHERN EUROPE & ASIA (Q1: 9.8M€, -37.2% / Q2: 11.3M€, +16.5% / Q3: 10.9M€, -6.2%)

Quarterly turnover reached 10.9M€, down by 6.2% in published data compared to 2007, but up by 7.4% at constant exchange rate.

In an unfavorable climate, the Group showed good resistance within the Hedge Fund environment. As far as traditional asset management clients were concerned, the Group noted, in their investment decisions, a certain 'wait-and-see' attitude, which could last for a few months and slow down development in this area.

NORTH AMERICA

(Q1: 8.3M€, +9.2% / Q2: 7.9M€, +6.8% / Q3: 8.1M€, +1.4%)

North America continued to show sustained growth: +10.8% at constant exchange rate over the quarter.

This growth relied, in particular, on the success of the LongView solution in the area of Front Offi ce tools in ASP mode, which increases recurring turnover in this area.

Outlook

Given the acceleration of the fi nancial crisis since the end of September, the Group notes that the postponement and cancellation of perpetual license agreements are more important than had been anticipated. Meanwhile, additional costs and R&D investments are necessary in the context of the implementation of some projects.

Consequently, the group adjusts its 2008 objectives with a turnover which will be similar to that of 2007 and with an annual EBITDA* marginal rate close to that published for the fi rst half of 2008.

For 2009, the Group has important assets to absorb the economic effects of this crisis in terms of growth, in particular the strong recurrence in its activity (ASP, maintenance) and a diversifi ed position in the various market segments (Traditional Funds 40%, Alternative Funds 15%, Savings & Insurance 25%, Leasing & Credit Finance 20%).

• 29/10/08

Linedata Services will publish its turnover for 2008 on 10 February 2009 after close of the market.

* EBITDA is the Group's key indicator. It is defi ned as Gross Operating Profi t plus other operating income minus other operating expenses

to the world of fi nance. Linedata Services is listed on Euronext Paris Segment B and

(in M€)

105.9

Receive free fi nancial information by email by subscribing to www.kaparcafi nance.com

ISIN FR0004156297-LIN Reuters LDSV.LN Bloomberg : LIN:FP

that specializes in Asset Management and Leasing & Credit Finance. As a software solutions and services provider, Linedata Services

offers global solutions tailored

in 2007 generated turnover of EUR 164.8 million.

About Linedata Services Linedata Services is a major international provider of fi nancial IT solutions

2006 2007 2008 Turnover on 9 months

116.6

+5%