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QSC AG

Investor Presentation • May 9, 2011

343_ip_2011-05-09_aaf74143-993a-4116-9668-5665e9a832bf.pdf

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QSC AGCompany PresentationResults Q1 2011

Cologne, May 9, 2011

AGENDA

    1. Highlights Q1 2011
    1. Financial Results Q1 2011
    1. Outlook 2011
    1. Questions & Answers

MAJOR ACHIEVEMENTS IN 2011 UP TO NOW

  • •Acquisition of the majority of INFO AG
  • •Ongoing successful transformation
  • • New flagship customers: AVIS Autovermietung, Creditreform, Klöckner & Co., Teekanne
  • • Add-on of Herweck AG as a distribution partner (approx. 10,000 specialty retailers)
  • •New data center for DATEV with a 10 year contract
  • • SensorCloud project garners award fromGerman Economics Ministry

INFO AG: POSITIVE REACTION FROM EMPLOYEES AND CUSTOMERS

The Acquisition

  • • QSC has already acquired 59.98% of INFO AG shares for €14.35 per share*
  • •Valuation (EV) = EBITDA * 7.8; below comparable transactions

First reactions

  • • 608 employees => very positive reaction to the acquisition
  • • More than 130 mainly mid-sized business customers=> positive reaction of largest customers

Next steps

  • •QSC will publish a public tender offer in June
  • •QSC is intensifying collaboration

INFO AG FITS PERFECTLY TO QSC'S STRATEGY…

… AND WILL INCREASE THE POTENTIAL MARKET OF QSC SIGNIFICANTLY

2009 2010 2011
Field of activity TC solution provider ICT service provider ICT full service provider
Share of Wallet 10% 20% 50%
Market €10bn €20bn €50bn

TRANSFORMATION PROCESS ONGOING IN Q1 2011

  • • Two reverse one-time effects with impact on revenues
  • First-time consolidation of IP Partner
  • Reduction of mobiletermination fees has costnearly € 5m revenues but no margin!

GENERAL TRENDS WITH IMPACT ON REVENUES

  • (-) Ongoing price pressure in legacy voice
  • (-) Market saturation and pricing pressure in ADSL2+

versus

  • (+) Stronger demand for IP-VPN and VoIP services & application s
  • (+) Market for ICT services (e.g. Housing, Hosting, ICT Outsourcing)
  • (+) Growing interest in Cloud Services

  • ⇒QSC will profit from these trends

    1. Highlights Q1 2011
    1. Financial Results Q1 2011
    1. Outlook 2011

9

  1. Questions & Answers

Q1 2011: FURTHER IMPROVEMENT IN PROFITABILITY AND FINANCIAL STRENGTH

Results Q1 2011 –

ACQUISITION OF INFO AG WILL FURTHER STRENGTHEN IP-BASED REVENUES – STARTING Q2 2011

11

Results Q1 2011 –

Q1 2011: QSC HAS DOUBLED ITS NET PROFIT

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QSC NOW EARNS AN EBITDA MARGIN OF 20%

    • • Focus on high-margin products and services
  • • Strict cost discipline andimproved efficiency

PROFITABILITY IS POSITIVELY IMPACTED BY DECREASING DEPRECIATION

QSC HAS DOUBLED ITS NET PROFIT

15

Results Q1 2011 –

ONGOING LOW LEVEL OF CAPEX

STRONG INCREASE OF FREE CASH FLOW IN Q1 2011

17

Results Q1 2011 –

REDUCTION OF INTEREST-BEARING LIABILITIES

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QSC PROFITS FROM HIGH OPERATING CASH FLOW

DEVELOPMENT OF NET CASH IN 2011

    1. Highlights Q1 2011
    1. Financial Results Q1 2011
    1. Outlook 2011
    1. Questions & Answers

OUTLOOK 2011QSC REITERATES GUIDANCE FOR 2011

  • Accelerated transformation process, thanks to acquisition of INFO AG
  • Focus on financial strength and profitability

  • Payment of a dividend for fiscal 2011

    1. Highlights Q1 2011
    1. Financial Results Q1 2011
    1. Outlook 2011
    1. Questions & Answers

FINANCIAL CALENDAR

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SAFE HARBOR STATEMENT

This presentation includes forward-looking statements as such term is defined in the U.S. Private Securities Litigation Act of 1995. These forward-looking statements are based on management's current expectations and projections of future events and are subject to risks and uncertainties. Many factors could cause actual results to vary materially fromfuture results expressed or implied by such forward-looking statements, including, but not limited to, changes in the competitive environment, changes in the rate of development and expansion of the technical capabilities of DSL technology, changes in prices of DSL technology and market share of our competitors, changes in the rate of development and expansion of alternative broadband technologies and changes in prices of such alternative broadband technologies, changes in government regulation, legal precedents or court decisions relating, among other things, to line sharing, rent for co-location and unbundled local loops, the pricing and timely availability of leased lines, and other matters that might have an effect on our business, the timely development of value-added services, our ability to maintain and expand current marketing and distribution agreements and enter into new marketing and distribution agreements, our ability to receive additional financing if management planning targets are not met, the timely and complete payment of outstanding receivables from our distribution partners and resellers of QSC services and products, as well as the availability of sufficiently qualified employees.

A complete list of the risks, uncertainties and other factors facing us can be found in our public reports and filings with the U.S. Securities and Exchange Commission.

DISCLAIMER

  • • This document has been produced by QSC AG (the "Company") and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person
  • • No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein and, accordingly, none of the Company or any of its parent or subsidiary undertakings or any of such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document
  • • The information contained in this document does not constitute or form a part of, and should not be construed as, an offer of securities for sale or invitation to subscribe for or purchase any securities and neither this document nor any information contained herein shall form the basis of, or be relied on in connection with, any offer of securities for sale or commitment whatsoever

QSC RAISED ITS FREE FLOAT TO 61.3%

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