PSI Software SE

Quarterly Report • Nov 19, 2014

	01/01-30/09/14 in KEUR	01/01-30/09/13 in KEUR	Change in KEUR	Change in %
Revenues	127,220	129,092	–1,872	–1.5
Operating Result	4,597	777	+3,820	+491.6
Result before income taxes	3,401	–57	+3,458	+6,066.7
Net result	1,977	–2,765	+4,742	+171.5
Cash and cash equivalents	22,747	21,539	+1,208	+5.6
Employees on 30 September	1,660	1,701	–41	–2.4
Revenue/Employee	76.6	75.9	+0.7	+1.0

mpf=dêçìé=a~í~=~ë=éÉê=PM=pÉéíÉãÄÉê=OMNQ=~í=~=dä~åÅÉ=EfcopF=

Interim Management Report

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PSI Group attained 1.5 % lower sales of 127.2 million Euros in the first nine months of 2014. The EBIT improved to 4.6 million Euros. This included the final encumbrances from old projects of 2 million Euros that were booked in the second and third quarters of 2014. The group net result also improved significantly to 2.0 million Euros. New orders were, with 133 million Euros, 7 % below that of the previous year, the order book volume on 30 September 2014 was, at 120 million Euros, 3 % below that of the previous year.

Energy Management (gas, oil, electricity, heat) attained 6 % higher sales of 45.7 million Euros in the first nine months. The EBIT for the segment, which was negative in the previous year, improved to 2.6 million Euros. The electrical energy business continued its upward trend with strong new orders and a significant improvement in the EBIT, the gas and oil business increased its sales and profits again. Energy trading systems invested about 1 million Euros in the migration and reimplementation of gas and electricity planning, trading and optimisation software on the group-wide platform and received an important new order for the new product for virtual power plants.

Sales in Production Management (raw materials, industry, logistics) in the first nine months were, with 60.7 million Euros, 4 % below the level of the previous year. The EBIT improved, despite the booking of 2 million Euros in encumbrances from old projects, to 1.7 million Euros. The automotive und mechanical engineering business (PSIPENTA) and the operational business in logistics contributed to a clearly positive result with the activities in Industry 4.0. In the metals industry, PSI witnessed strong demand for solutions for aluminium production, in mining the new control system is undergoing its initial operational testing at a major Chinese customer. PSI received an important licensing payment from another customer.

In Infrastructure Management (transportation and security) sales decreased to 20.7 million Euros as a result of lower sales of hardware. The EBIT for the segment decreased to 1.3 million Euros as a result of the lower contribution from Southeast Asia. In the last weeks, the segment had strong new orders from traditional and new customers in Germany, Switzerland and Malaysia so that a significantly higher EBIT is expected for the fourth quarter.

cáå~åÅá~ä=mçëáíáçå=

The cash flow from operating activities improved by 5.6 million Euros to 2.8 million Euros (30 September 2013: –2.8 million Euros), so that the liquid funds increased to 22.7 million Euros (30 September 2013: 21.5 million Euros).

^ëëÉíë=

Compared to 31 December 2013, there have not been any material changes in the Group's assets.

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The number of employees in the group was reduced to 1,660 (30 September 2013: 1,701).

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The PSI stock ended the third quarter of 2014 with a final price of 11.65 Euros, 14 % below the final 2013 price of 13.55 Euros. In the same period the technology index TecDAX rose by 7.1 %. In line with a decision by Deutsche Börse, PSI AG stocks have no longer been listed in the TecDAX since 22 September 2014.

oáëâ=oÉéçêí=

The estimate of the corporate risk has not changed since the Annual Report for 31 December 2013.

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The group continued to drive the basic development of the technology platform on the basis of efficient, global standards in the third quarter. In the fourth quarter, the new release of the technology platform will be completed. It particularly enables customers to change data dialogues even at runtime. The model-oriented programming has been adapted to a now available international standard (EMF/MOF). In view of the current geopolitical risks and the delayed awarding of contracts in the export business, the PSI management board does not wish to make any forecasts for the year 2014, but does expect new orders to be on the level of the previous year.

Group Balance Sheet

from 1 January 2014 until 30 September 2014 according to IFRS

V=jçåíÜ=oÉéçêí=	^ååì~ä=oÉéçêí=
MNLMNJPMLMVLNQ	MNLMNJPNLNOLNP=
hbro	hbro=
12,937	13,781
49,112	49,103
298	298
6,106	6,073
SUIQRP	SVIORR=
4,776	3,888
33,261	39,908
42,238	37,893
6,747	5,290
22,747	21,800
NMVITSV	NMUITTV=
NTUIOOO	NTUIMPQ=

qçí~ä=bèìáíó=~åÇ=iá~ÄáäáíáÉë=

bèìáíó=
Subscribed capital	40,185	40,185
Capital reserves	35,137	35,137
Reserve for own stock	-674	–402
Other reserves	–7,959	–8,835
Net retained profits	3,213	1,236
	SVIVMO	STIPON=
kçåJÅìêêÉåí=äá~ÄáäáíáÉë=
Long-term financial liabilities	3,269	3,387
Pension provisions	40,061	40,087
Deferred tax liabilities	2,984	2,463
	QSIPNQ	QRIVPT=
`ìêêÉåí=äá~ÄáäáíáÉë=
Trade payables	14,052	15,400
Other current liabilities	27,666	25,726
Liabilities from long-tem development contracts	16,531	20,097
Short-term financial liabilities	3,751	3,544
Provisions	6	9
	SOIMMS	SQITTS=
qçí~ä=Éèìáíó=~åÇ=äá~ÄáäáíáÉë=	NTUIOOO	NTUIMPQ=

Group Income Statement

from 1 January 2014 until 30 September 2014 according to IFRS

=		nì~êíÉêäó=oÉéçêí=fff=		VJjçåíÜ=oÉéçêí=
	MNLMTLNQJ PMLMVLNQ ======hbro	MNLMTLNPJ PMLMVLNP ======hbro	MNLMNLNQJ= PMLMVLNQ= ======hbro=	MNLMNLNPJ= PMLMVLNP= ======hbro=
Sales Revenues	42,996	41,417	127,220	129,092
Other operating income	1,222	630	5,384	5,594
Cost of materials	–6,632	–7,766	–21,525	–25,489
Personnel expenses	–24,670	–25,719	–76,792	–77,984
Depreciation and amortisation	–938	–936	–2,763	–2,798
Other operating expenses	–10,163	–10,383	–26,927	–27,638
léÉê~íáåÖ=êÉëìäí=	NIUNR	ÓOITRT	QIRVT=	TTT=
Interest income	19	85	43	104
Interest expenses	–419	–413	–1,239	–1,296
Result from equity investments	0	–97	0	358
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë=	NIQNR	ÓPINUO	PIQMN=	ÓRT=
Income tax	–648	–1,268	–1,424	–2,708
kÉí=êÉëìäí=	TST	ÓQIQRM	NIVTT=	ÓOITSR=
Earnings per share (in Euro per share, basic)	0.05	–0.28	0.13	–0.18
Earnings per share (in Euro per share, diluted)	0.05	–0.28	0.13	–0.18
Weighted average shares outstanding (basic)	15,653,023	15,682,281	15,654,851	15,682,260
Weighted average shares outstanding (diluted)	15,653,023	15,682,281	15,654,851	15,682,260

Group comprehensive Income Statement

from 1 January 2014 until 30 September 2014 according to IFRS

	MNLMTLNQJ PMLMVLNQ ======hbro	MNLMTLNPJ PMLMVLNP ======hbro	MNLMNLNQJ= PMLMVLNQ= ======hbro=	MNLMNLNPJ= PMLMVLNP= ======hbro=
kÉí=êÉëìäí=	TST	ÓQIQRM	NIVTT=	ÓOITSR=
Currency translation foreign operations	697	–751	756	–658
Net losses from cash flows hedges	22	–62	171	487
Income tax effects	–7	19	–51	–145
dêçìé=ÅçãéêÉÜÉåëáîÉ=êÉëìäí=	NIQTV	ÓRIOQQ	OIURP=	ÓPIMUN=

Group Cash Flow Statement

from 1 January 2014 until 30 September 2014 according to IFRS

	V=jçåíÜ=oÉéçêí MNLMNJPMLMVLNQ	V=jçåíÜ=oÉéçêí= MNLMNJPMLMVLNP=
	hbro	hbro=
^pecilt=colj=lmbo^qfkd=^qfsfqfbp=
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë=	PIQMN	ÓRT=
^ÇàìëíãÉåíë=Ñçê=åçåJÅ~ëÜ=ÉñéÉåëÉë=
Amortisation on intangible assets	620	640
Depreciation of property, plant and equipment	2,144	2,158
Earnings from investments in associated companies	0	–358
Interest income	–43	–104
Interest expenses	1,238	1,296
	TIPSM	PIUQR=
`Ü~åÖÉë=çÑ=ïçêâáåÖ=Å~éáí~ä=
Inventories	–678	–162
Trade receivables	1,755	–1,696
Other current assets	–1,529	–1,746
Provisions	–860	–1,981
Trade payables	–1,027	–1,171
Other current liabilities	–1,239	1,428
	ÓPIRTU	ÓRIPOV=
Interest paid	–192	–225
Income taxes paid	–778	–1,128
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáåÖ=~ÅíáîáíáÉë=	OIUNO	ÓOIUPT=
^pecilt=colj=fksbpqfkd=^qfsfqfbp=
Additions to intangible assets	–629	–1,592
Additions to property, plant and equipment	–1,300	–2,002
Cash inflow from disposals of associated companies	0	512
Cash inflow from disposals of subsidiaries	0	479
Interest received	43	104
`~ëÜ=Ñäçï=Ñêçã=áåîÉëíáåÖ=~ÅíáîáíáÉë=	ÓNIUUS	ÓOIQVV=
^pecilt=colj=cfk^kfkd=^`qfsfqfbp=
Dividends paid	0	–4,702
Proceeds/repayments from/of borrowings	260	–1,394
Outflows for share buybacks	–272	–320
`~ëÜ=Ñäçï=Ñêçã=Ñáå~åÅáåÖ=~ÅíáîáíáÉë=	ÓNO	ÓSIQNS=
^pe=^ka=^pe=bnrfs^ibkqp= ^q=qeb=bka=lc=qeb=mbofla=
`Ü~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=	VNQ	ÓNNITRO=
s~äì~íáçåJêÉä~íÉÇ=ÅÜ~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=	PP	ÓQT=
`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=ÄÉÖáååáåÖ=çÑ=íÜÉ=éÉêáçÇ=	ONIUMM	PPIPPU=
`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ=	OOITQT	ONIRPV=

Statement of Changes in Equity

from 1 January 2014 until 30 September 2014 according to IFRS

	kìãÄÉê=çÑ= ëÜ~êÉë=áëëìÉÇ=	pÜ~êÉ=Å~éáí~ä	^ÇÇáíáçå~ä é~áÇJáå= Å~éáí~ä	oÉëÉêîÉ=Ñçê íêÉ~ëìêó= ëíçÅâ	líÜÉê= êÉëÉêîÉë	^ÅÅìãìä~íÉÇ= äçëëÉë=	qçí~ä=
	kìãÄÉê=	hbro	hbro	hbro	hbro	hbro=	hbro=
^ë=çÑ=PN=aÉÅÉãÄÉê=OMNO=	NRISVQIMOU=	QMINUR	PRINPT	ÓNMS	ÓTINQS	RIRST=	TPISPT=
Group comprehensive result after tax					–1,689	371	–1,318
Issue of own shares	19,657			272			272
Share buybacks	–40,662			–568			–568
Dividend distributions						–4,702	–4,702
^ë=çÑ=PN=aÉÅÉãÄÉê=OMNP=	NRISTPIMOP=	QMINUR	PRINPT	ÓQMO	ÓUIUPR	NIOPS=	STIPON=
Group comprehensive result after tax					876	1,977	2,853
Share buybacks	–20,000			–272			–272
^ë=çÑ=PM=pÉéíÉãÄÉê=OMNQ=	NRISRPIMOP=	QMINUR	PRINPT	ÓSTQ	ÓTIVRV	PIONP=	SVIVMO=

Shares and Options held by Management Board and Supervisory Board as of 30 September 2014

	pÜ~êÉë	léíáçåë=
j~å~ÖÉãÉåí=_ç~êÇ=
Harald Fuchs	1,023	0
Dr. Harald Schrimpf	61,000	0
pìéÉêîáëçêó=_ç~êÇ=
Dr. Ralf Becherer	1,281	0
Elena Günzler	1,013	0
Bernd Haus	1,000	0
Prof. Dr. Wilhelm Jaroni	0	0
Karsten Trippel	110,322	0
Prof. Dr. Rolf Windmöller	6,305	0

Remuneration for the Management Board and Supervisory Board

	cáñÉÇ=êÉãìåÉê~íáçå	s~êá~ÄäÉ=	içåÖJíÉêã=ÑÉÉ=	qçí~ä=êÉãìåÉê~íáçå=
	hbro	êÉãìåÉê~íáçå hbro	ÅçãéçåÉåí hbro	hbro=
Harald Fuchs	210	29	0	239
Dr. Harald Schrimpf	270	88	8	366
j~å~ÖÉãÉåí=_ç~êÇ=Ó=íçí~ä=	QUM	NNT	U	SMR=

Because Supervisory Board payments are made in the 4th quarter of the year, the Supervisory Board did not obtain any remuneration in the first nine months of 2014.

Notes on the consolidated financial statements as of 30 September 2014

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NK _ìëáåÉëë=^ÅíáîáíáÉë=~åÇ=iÉÖ~ä=_~ÅâÖêçìåÇ=

The business activities of PSI AG and its subsidiaries relate to the development and sale of software systems and products fulfilling the specific needs and requirements of its customers, particularly in the following industries and service lines: utilities, manufacturing, logistics, transport and safety. In addition, the Group provides services of all kinds in the field of data processing, sells electronic devices and operates data processing systems.

The PSI Group is divided into the three core business segments energy management, production management and infrastructure management. The company is listed in the Prime Standard segment of the Frankfurt stock exchange.

The company is exposed to a wide range of risks that are similar to other companies active in the dynamic technology sector. Major risks for the development of the PSI Group lie in the success with which it markets its software systems and products, competition from larger companies, the ability to generate sufficient cash flows for future business development as well as in individual risks regarding the integration of subsidiaries, organisational changes and the cooperation with strategic partners.

The condensed interim consolidated financial statements for the period from 1 January 2014 to 30 September 2014 were released for publication by a decision of the management on 24 October 2014.

The condensed interim consolidated financial statements for the period from 1 January 2014 to 30 September 2014 were produced in compliance with IAS 34 "Interim Financial Reporting". The condensed interim consolidated financial statements do not contain all the data and notes prescribed for the annual financial statements and should be read in conjunction with the consolidated financial statements for 31 December 2013.

OK ^ÅÅçìåíáåÖ=~åÇ=s~äì~íáçå=mêáåÅáéäÉë=

With regard to the principles of accounting and valuation and especially the application of International Financial Reporting Standards (IFRS) see the group consolidated financial statements for the financial year 2013.

PK pÉ~ëçå~ä=fåÑäìÉåÅÉë=çå=íÜÉ=_ìëáåÉëë=^ÅíáîáíáÉë

Seasonal effects resulted in the PSI Group operations with regards to the receipt of maintenance revenues in the first quarter of the financial year (deferment of the influences on the result of corresponding incoming payments throughout the year) and significantly greater demand and project accounting in the fourth quarter of the financial year.

QK Ü~åÖÉë=áå=íÜÉ=çåëçäáÇ~íáçå=dêçìé=

Compared to 31 December 2013 there were no changes in the consolidation group.

RK pÉäÉÅíÉÇ=fåÇáîáÇì~ä=fíÉãë=

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	PM=pÉéíÉãÄÉê=OMNQ	PN=aÉÅÉãÄÉê=OMNP=
	hbro=	hbro=
Bank balances	16,556	13,341
Fixed term deposits	6,153	8,427
Cash	38	32
	OOITQT=	ONIUMM=

`çëíë=~åÇ=Éëíáã~íÉÇ=É~êåáåÖë=áå=ÉñÅÉëë=çÑ=ÄáääáåÖë=çå=ìåÅçãéäÉíÉÇ=Åçåíê~Åíë=

Costs and estimated earnings in excess of billings on uncompleted contracts arise when revenues have been recorded but the amounts cannot be billed under the terms of the contracts. Such amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units or completion of the contract. Costs and estimated earnings contain directly allocable costs (labour cost and cost of services provided by third parties) as well as the appropriate portion of overheads including pro rata administrative expenses.

Costs and estimated earnings on uncompleted contracts and related amounts are billed as follows:

	PM=pÉéíÉãÄÉê=OMNQ	PN=aÉÅÉãÄÉê=OMNP=
	hbro=	hbro=
Costs incurred on uncompleted contracts	75,104	64,493
Profit shares	14,195	10,895
`çåíê~Åí=êÉîÉåìÉ=	UVIOVV=	TRIPUU=
Payments on account	–63,592	–57,592
Set off against contract revenue	–47,061	–37,495
Receivables from long-term construction contracts	42,238	37,893
Liabilities from long-term construction contracts	16,531	20,097

p~äÉë=êÉîÉåìÉë=

The sales revenues reported in the group income statement break down as follows:

	PM=pÉéíÉãÄÉê=OMNQ	PM=pÉéíÉãÄÉê=OMNP=
	hbro=	hbro=
Software development	70,600	67,402
Maintenance	33,254	31,990
License fees	12,198	14,142
Merchandise	11,168	15,558
	NOTIOOM=	NOVIMVO=

q~ñÉë=çå=áåÅçãÉ=

The main components of the income tax expenditure shown in the group income statement are added as follows:

	PM=pÉéíÉãÄÉê=OMNQ hbro=	PM=pÉéíÉãÄÉê=OMNP= hbro=
Effective taxes expenses
Effective tax expenses	–987	–2,092
Deferred taxes
Emergence and reversal of
temporary differences	–437	–616
q~ñ=ÉñéÉåëÉë=	ÓNIQOQ=	ÓOITMU=

pÉÖãÉåí=oÉéçêíáåÖ

The development of the segment results can be found in the Group segment reporting.

Segments of the PSI Group:

• Energy Management: Intelligent solutions for energy suppliers from the electricity, gas, oil, district heating and water markets. Focal points are reliable and economically sound solutions for intelligent network management and trade and sales management in the liberalised energy market.
• Production Management: Software products and individual solutions for production planning, special tasks in production control and efficient logistics. Focuses are the optimisation of the use of resources and the increase of efficiency, quality and profitability.
• Infrastructure Management: High-availability control system solutions designed for monitoring and economically sound operation of infrastructures in the transportation, public safety, environmental protection and disaster prevention areas.

oÉëéçåëáÄáäáíó=pí~íÉãÉåí=

To the best of our knowledge, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the interim management report of the group includes a fair review of the group's development and performance of its position, together with a description of the principal opportunities and risks associated with the expected development of the group in the remaining months of the financial year, in accordance with German proper accounting principles of interim consolidated reporting.

Group Segment Reporting

from 1 January 2014 until 30 September 2014 according to IFRS

		båÉêÖó= j~å~ÖÉãÉåí=		mêçÇìÅíáçå= j~å~ÖÉãÉåí=		fåÑê~ëíêìÅíìêÉ= j~å~ÖÉãÉåí=		oÉÅçåÅáäá~íáçå mpf=dêçìé=
	PMLMVL= OMNQ= hbro=	PMLMVL= OMNP= hbro=	PMLMVL OMNQ hbro	PMLMVL OMNP hbro	PMLMVL OMNQ hbro	PMLMVL OMNP hbro	PMLMVL OMNQ hbro	PMLMVL OMNP hbro	PMLMVL= OMNQ= hbro=	PMLMVL= OMNP= hbro=
p~äÉë=êÉîÉåìÉë=									=	=
Sales to external customers		45,748 43,053	60,744	63,327	20,728	22,712	0		0 127,220 129,092
Inter-segment sales	671	902	1,453	1,534	3,843	5,444	–5,967	–7,880	0	0
pÉÖãÉåí=êÉîÉåìÉë=									QSIQNV QPIVRR SOINVT SQIUSN OQIRTN OUINRS ÓRIVST ÓTIUUM NOTIOOM=NOVIMVO=
Other operating income	3,738	5,598	5,810	4,656	1,789	1,361	–5,953	–6,021	5,384	5,594
Cost of purchased services		–2,605 –3,401	–6,469	–8,206	–4,830	–2,951	3,003		3,310 –10,901 –11,248
Cost of purchased materials		–2,845 –2,987	–1,932	–2,689		–6,847 –10,210	1,000		1,645 –10,624 –14,241
Personnel expenses		–30,434 –31,216 –37,367 –37,857			–8,827	–9,072	–164		161 –76,792 –77,984
Depreciation and amortisation		–1,045 –1,073	–966	–1,027	–554	–499	–44	–45	–2,609	–2,644
Other operating expenses		–10,606 –11,797 –19,478 –19,396			–3,996	–4,339	7,153		7,894 –26,927 –27,638
léÉê~íáåÖ=êÉëìäí== ÄÉÑçêÉ=áåíÉêÉëíI=í~ñI= ÇÉéêÉÅá~íáçå=~åÇ= ~ãçêíáë~íáçå	PISST=	NRO	OITSN	NIPSV	NIUSM	OIVQR	ÓVOU	ÓUVN	TIPSM=	PIRTR=
léÉê~íáåÖ=êÉëìäí= ÄÉÑçêÉ=ÇÉéêÉÅá~íáçå= ~åÇ=~ãçêíáë~íáçå= êÉëìäíáåÖ=Ñêçã= éìêÅÜ~ëÉ=éêáÅÉ= ~ääçÅ~íáçå=	OISOO=	ÓVON	NITVR	PQO	NIPMS	OIQQS	ÓVTO	ÓVPS	QITRN=	VPN=
Depreciation and amortisation resulting from purchase price allocation	–64	–64	–90	–90	0	0	0	0	–154	–154
léÉê~íáåÖ=êÉëìäí=	OIRRU=	ÓVUR	NITMR	ORO	NIPMS	OIQQS	ÓVTO	ÓVPS	QIRVT=	TTT=
Interest income	–332	87	–554	–533	–310	–388	0	0	–1,196	–834
oÉëìäí=ÄÉÑçêÉ== áåÅçãÉ=í~ñÉë=	OIOOS=	ÓUVU	NINRN	ÓOUN	VVS	OIMRU	ÓVTO	ÓVPS	PIQMN=	ÓRT=
fåíÉêÉëí=áå=~ëëçÅá~íÉë= Å~êêáÉÇ=~í=Éèìáíó=	OVU=	OTP	M	M	M	M	M	M	OVU=	OTP=
pÉÖãÉåí=~ëëÉíë=		QSIPVO= RMIMQM TMISQN SVIRST RNITSR RMIUOU					PIPNU		NIURM NTOINNS=NTOIOUR=
pÉÖãÉåí=äá~ÄáäáíáÉë=									OUINNT= OVIQRQ QTIVRQ QVITOV NSITVR NSIVNR NMIVSS NNIVUS NMPIUVO=NMUIMUQ=
pÉÖãÉåí=áåîÉëíãÉåíë=	PRV=	SPP	SPM	VSQ	QSN	PVU	QTV	NIVPV	NIVOV=	PIVPQ=

cáå~åÅá~ä=`~äÉåÇ~ê=

30 October 2014	Report on the 3rd Quarter of 2014
25 November 2014	Analyst Presentation, German Equity Forum
19 March 2015	Publication of Annual Results 2014
19 March 2015	Analyst Conference
28 April 2015	Report on the 1st Quarter of 2015
12 May 2015	Annual General Meeting
28 July 2015	Report on the 1st Six Months of 2015
29 October 2015	Report on the 3rd Quarter of 2015
23–25 November 2015	Analyst Presentation, German Equity Forum

vçìê=fåîÉëíçê=oÉä~íáçåë=Åçåí~ÅíW=

Karsten Pierschke

Telephone:	+49 30 2801-2727
Fax:	+49 30 2801-1000
E-Mail:	kpierschke@psi.de

We will be happy to include you in our distribution list for stockholder information. Please contact us should you require other information material.

For the latest IR information, please visit our website at www.psi.de/ir.

PSI Aktiengesellschaft für Produkte und Systeme der Informationstechnologie

Dircksenstraße 42-44 10178 Berlin Germany Telephone: +49 30 2801-0 Fax: +49 30 2801-1000 ir@psi.de www.psi.de