secunet Security Networks AG

Interim / Quarterly Report • Aug 12, 2009

Half-Year Financial Report 2009

• • Sustained growth trend: revenue up 16% on previous year
• • Return to profitability: positive second quarter offsets Q1 effects • Optimistic outlook for the full year: high order volume Q2

Overview of the key figures for the first half of the year

	H1 2009	H1 2008	Change in %
Revenue (kEuro)	25,471	22,061	+16
EBIT (kEuro)	255	389	-35
EBT (kEuro)	395	883	-55
Profit/loss for the period (kEuro)	290	622	-53
Earnings per share for the period (Euro)	0.04	0.10	-53
Cash flow from operating activities (kEuro)	-7,586	-3,338	-/-
Capital expenditure (kEuro)	516	442	+17
Orders on hand (Euro m)	28.1	18.9	+49
Employees (as at 30 June)	277	258	+7

	30 Jun 2009	31 Dec 2008	Change in %
Cash and cash equivalents (kEuro)	7,830	15,893	-51
Equity (kEuro)	23,750	23,474	+1
Equity ratio (in %)	69%	60%	+ 9 percentage points
Loans (kEuro)	0.0	0.0	-/-

Overview of the key figures for the second quarter

	Q2 2009	Q2 2008	Change in %
Revenue (kEuro)	13,465	11,677	+15
EBIT (kEuro)	417	18	>+1,000
EBT (kEuro)	643	284	+127
Profit/loss for the period (kEuro)	444	212	+110
Earnings per share for the period (Euro)	0.07	0.03	+110

Secunet share data

Reuters	YSNG.DE
Bloomberg	YSN
WKN	727650
ISIN	DE0007276503

	30 Jun 2009	30 Jun 2008
Price (Euro)	4.45	4.42
Number of shares	6,500,000	6,500,000
Market capitalisation (Euro)	28,925,000	28,730,000
52W high /low (Euro)	H: 5.21 / T: 3.10	H: 5.71 / T: 3.60
	H1 2009	H1 2008
Average daily XETRA trading volume	2,901	5,057

1

Interim group management report for the first half of 2009

Revenue performance

In the first half of 2009, the revenue of the secunet Group was up 16% on the previous year, rising from Euro 22.1m to Euro 25.5m.

The sustained increase in group revenue over the last two years is largely the result of steady revenue growth in business with public authorities in Germany and international organisations. The Government and High Security (SINA) business units help ensure a stable performance in comparison with the uncertain climate in the private sector. The expansion of the company's sales activities and a growing product portfolio which is meeting with high demand are supporting the positive trend in the public sector.

In Q2 2009, the revenue of the secunet Group grew by 15% compared to the same quarter in the previous year, rising from Euro 11.7m to Euro 13.5m.

Results of operations

In comparison with the same period in the previous year, other operating income fell in the period from January to June 2009 by 52%, from Euro 0.7m to Euro 0.3m.

The secunet Group's expenses rose compared to the first half of 2008 by a total of 14%, from Euro 22.3m to Euro 25.5m. The cost of purchased materials and services grew at a disproportionate rate compared to other expense items, rising by 24,3%, from Euro 8.0m to Euro 9.9m. This can be explained by the continued strong sales growth in the High Security business unit (SINA business) coupled with growth of the product business in the Government business unit due to a major infrastructure programme. The rise in product revenue means that more hardware components have to be procured, leading to higher costs for purchased materials. The 13% increase in staff costs, from Euro 9.3m to Euro 10.5m, corresponds to the increase in headcount. General salary increases also impacted staff costs. Depreciation and amortisation fell slightly, while other operating expenses were slightly up (+1.8%), from Euro 4.7m to Euro 4.8m.

The decline in other operating income and the rise in staff costs and the cost of materials mean earnings before interest and tax (EBIT) were down compared to the first half of 2008. These factors were particularly marked in the first quarter of 2009, and had a negative impact on earnings for that period. EBIT once again saw significant growth in the second quarter of this year, rising to Euro 0.4m from the year-earlier figure of Euro 0.02m, and this partially made up for the decline in the first quarter of 2009. However, EBIT fell by 35% in the period from January to June, from Euro 0.4m in 2008 to Euro 0.3m in 2009.

Interest and (unrealised) foreign currency gains were down on the previous year's figures. Foreign currency gains in particular were significantly lower in the first half of 2009 than in the prior-year period due to exchange rate fluctuations. Owing to the lower financial result, profit before tax was significantly down (-55%) in the period from January to June 2009 compared to the prior-year period, falling from Euro 0.9m to Euro 0.4m.

Net profit for the first half of 2009 amounted to Euro 0.3m, compared to Euro 0.6m in 2008. Earnings per share for the period from January to June also fell by 53%, from Euro 0.10 in 2008 to Euro 0.04 in 2009.

2

Segment reporting

secunet in Germany is divided into two business divisions, which focus their activities on specific target groups. The Public Sector division caters for authorities and other public sector consumers as well as international organisations. This division generated 80% of the revenue of the secunet Group in the first half of 2009, a contribution slightly up compared with the previous year's (76%).

Of the total group revenue, 20% (previous year: 24%) was generated in the Private Sector business division, which addresses the IT security needs of companies in private industry. Within this division, the Business Security business unit generated 19% of the total group revenue in the first half of 2009.

The Business Security business unit posted revenue of kEuro 4,783 for the period from January to June 2009. This represents a slight decline (-3%) compared to the year-earlier figure of kEuro 4,909. The stagnating business with private sector companies is a result of the economic situation, which has led secunet's customers to reduce budgets and delay projects. The Business Security business unit's contribution to group EBIT was positive, but was down 48% compared to the yearearlier figure, from kEuro 321 to kEuro 167. The main reason behind this change is the increased cost of purchased materials and services.

The Public Sector division incorporates the Government and High Security business units. Broadly speaking, the Government business unit addresses the IT security issues that arise in all e-government applications. These include biometrics and electronic ID documents, e-health, secure web solutions and security validation. The Government business unit posted year-on-year revenue growth of 48% for the first half of 2009, from Euro 5.6m to Euro 8.3m. This sharp increase is the result of a stable business foundation, since secunet is very well positioned as a government advisor, and a major, long-running infrastructure project. The German government's economic rescue package is also positively impacting demand from German public authorities for IT security consulting. The increased product revenue from the major infrastructure project has also caused the cost of materials to rise. This is why segment result growth was lower than revenue growth in the Government business unit. The contribution to group EBIT grew by 26%, from kEuro 775 for the first half of 2008 to kEuro 973 for the same period in 2009.

The High Security business unit supplies authorities, the armed forces and international organisations with the Secure Inter-Network Architecture, SINA. The SINA range of products supports secure and encrypted transmission, processing and storage of data. In the first half of 2009 the High Security business unit generated revenue of kEuro 12,007, which represents a 9% year-on-year increase. Fluctuations in business performance throughout the period are clearly evident here: whereas revenue in the High Security business unit was down by 12% in the first quarter of 2009, year-on-year revenue growth in Q2 alone totalled 28%. This more than makes up for the decline in the first quarter of 2009. Experience shows that the bulk of revenue in the High Security business unit is generated in the second half of the year. SINA business contributed 47% to group revenue in the first half of the year. High material costs and in particular increased staff costs influenced profit in this segment. The contribution to group EBIT was therefore kEuro -47 after kEuro 598 in the previous year. However, there are already signs of improvement compared with the position at the end of the first quarter 2009 (kEuro -433).

"Other segments" made a negative contribution of kEuro 865 to group EBIT, with general and administrative expenses having an impact here.

Assets and financial position

The balance sheet as at 30 June 2009 showed a decline in cash and cash equivalents of Euro 8.1m, from Euro 15.9m to Euro 7.8m, compared to the end of 2008. This can be explained by the payment of variable salary components in the first quarter of 2009, a decline in trade payables and an increase in trade receivables in the first half of 2009.

The associated reduction in short-term current assets is also reflected in the cash flow from operating activities in the first half of 2009, which amounted to Euro -7.6m, compared to the year-earlier figure of Euro -3.3m. The changes in cash flow from investing activities (Euro -0.5m in the period January to June 2009, compared to Euro -0.4m the previous year) and cash flow from financing activities (Euro 0.05m in the first half of 2009, compared to Euro 0.2m during the same period in the previous year) had a relatively marginal effect in comparison. This resulted in total cash flow of Euro -8.1m (previous year: Euro -3.7m).

Capital expenditure

Euro 0.420m was invested in purchasing and replacing hardware, software licences and office equipment in the first half of 2009. Compared to the year-earlier figure of Euro 0.389m, capital expenditure grew by 8%.

Employees

As at 30 June 2009, the number of secunet Group employees was 277. Compared with the same reporting date in the previous year, this represents an increase in headcount of 19 people or 7%. The positions filled were mainly in the advisory, development and sales areas. The increase in headcount reflects the ongoing preparations for major infrastructure projects.

Opportunities and risks

Since the end of the 2008 financial year there has been no change in the principal opportunities and risks as described in the Annual Report for 2008.

Outlook

Solutions and consulting for the area of IT security continue to be essential in a networked and globalised society. The increasing demands on security are the result of growing and changing threat scenarios coupled with the rising demands of users and suppliers in the Internet and technology community. This is why IT security remains a growth market. secunet is very well positioned in this sector, both in the core German market and increasingly on an international level too. This environment gives the Management Board reason to be optimistic regarding continued growth for full-year 2009. This optimism is reinforced by the company's consistently high volume of orders: totalling Euro 28.1m as at 30 June 2009, this is still 49% above the year-earlier figure.

On account of the uncertainty surrounding the development of the economy as a whole in the remaining months of the year, and the difficulty in gauging the impact on the IT security sector, the company's Management Board will nevertheless continue to refrain from making any specific forecasts for the 2009 financial year.

Forward-looking statements

This Half-Year Financial Report as at 30 June 2009 contains statements regarding the future performance of secunet Security Networks AG and economic and political developments. These statements are opinions that we have formed based on the information currently available to us. If the underlying assumptions are not met or other risks arise, actual results may differ from our expectations. We cannot therefore offer any guarantee as to the accuracy of these statements.

Summary group interim report as at 30 June 2009

Consolidated Balance Sheet of secunet Security Networks AG (IFRS)

Assets in Euro	30 Jun 2009	31 Dec 2008
Current assets
Cash and cash equivalents	7,830,301.17	15,893,029.65
Trade receivables	17,654,303.88	14,181,198.53
Intercompany receivables	426,222.53	855,746.86
Inventories	1,333,220.06	1,482,968.70
Other current assets	156,468.91	90,956.16
Current tax assets	188,467.09	103,552.43
Total current assets	27,588,983.64	32,607,452.33
Non-current assets
Property, plant and equipment	1,398,302.62	1,330,371.97
Intangible assets	165,345.72	205,288.42
Goodwill	2,950,000.00	2,950,000.00
Non-current financial instruments	894,559.28	798,777.32
Deferred tax assets	1,365,097.71	1,494,500.47
Total non-current assets	6,773,305.33	6,778,938.18
Total assets	34,362,288.97	39,386,390.51
Liabilities in Euro	30 Jun 2009	31 Dec 2008

Current liabilities
Trade payables	4,609,616.39	9,226,774.26
Intercompany payables	0.00	73,244.50
Other provisions	2,770,628.84	3,127,891.73
Current tax liabilities	0.00	215,957.00
Other current liabilities	983,040.11	1,189,513.58
Deferred income	885,250.39	769,585.37
Total current liabilities	9,248,535.73	14,602,966.44
Non-current liabilities
Deferred tax liabilities	0.00	24,025.18
Provisions for pensions	1,363,438.00	1,285,733.00
Total non-current liabilities	1,363,438.00	1,309,758.18
Equity
Share capital	6,500,000.00	6,500,000.00
Capital reserves	21,922,005.80	21,922,005.80
Treasury shares	-103,739.83	-103,739.83
Net accumulated losses	-4,536,219.47	-4,826,253.33
Accumulated other comprehensive income /loss	-31,731.26	-18,346.75
Total equity	23,750,315.24	23,473,665.89
Total liabilities	34,362,288.97	39,386,390.51

in Euro	1 Apr – 30 Jun 2009	1 Apr – 30 Jun 2008	1 Jan – 30 Jun 2009	1 Jan – 30 Jun 2008
Revenue	13,465,383.41	11,677,055.41	25,471,457.00	22,061,265.06
Other operating income	54,933.37	127,654.66	319,588.82	661,471.02
Cost of purchased materials and services	-5,158,105.02	-4,405,331.96	-9,893,278.54	-7,957,896.24
Staff costs	-5,343,667.36	-4,762,979.33	-10,457,063.81	-9,257,058.53
Depreciation and amortisation	-200,300.43	-216,101.71	-392,567.44	-411,793.58
Other operating expenses	-2,401,326.38	-2,402,705.58	-4,793,499.15	-4,706,632.81
Operating profit	416,917.59	17,591.49	254,636.88	389,354.92
Interest income	83,159.96	68,783.66	126,152.46	163,977.79
Interest expense	-70,725.55	-1,287.08	-72,765.30	-11,523.20
Foreign currency gains /losses	213,231.79	198,580.31	87,387.40	341,045.96
Profit before tax (and minority shares)	642,583.79	283,668.38	395,411.44	882,855.47
Taxes on income	-199,006.34	-71,897.03	-105,377.58	-260,931.96
Consolidated profit/loss for the period	443,577.45	211,771.35	290,033.86	621,923.51
Basic earnings per share	0.07	0.03	0.04	0.10
Diluted earnings per share	0.07	0.03	0.04	0.10
Average number of shares outstanding (undiluted)	6,469,502	6,469,502	6,469,502	6,469,502
Average number of shares outstanding (diluted)	6,469,502	6,469,502	6,469,502	6,469,502

Consolidated Income Statement of secunet Security Networks AG (IFRS)

Consolidated Statement of Recognised Income and Expenses of secunet Security Networks AG (IFRS)

Consolidated statement of recognised income and expenses for the period	1 Apr – 30 Jun 2009	1 Apr – 30 Jun 2008	1 Jan – 30 Jun 2009	1 Jan – 30 Jun 2008
Consolidated profit/loss for the period	443,577.45	211,771.35	290,033.86	621,923.51
Currency translation differences (change not recognised in profit and loss)	-19,941.76	-12,525.03	-13,384.51	-23,308.34
Total recognised income and expenses (comprehensive income /loss)	423,635.69	199,246.32	276,649.35	598,615.17

in Euro	Share capital	Capital reserves	Treasury shares	Net accumula ted losses	Accumulated other com prehensive income /loss	Total
Equity at 31 Dec 2007	6,500,000.00	21,922,005.80	-103,739.83	-6,555,663.17	-21,748.94	21,740,853.86
Comprehensive income /loss 1 Jan – 30 Jun 2008				621,923.51	-23,308.34	598,615.17
Equity at 30 Jun 2008	6,500,000.00	21,922,005.80	-103,739.83	-5,933,739.66	-45,057.28	22,339,469.03
Comprehensive income /loss 1 Jul – 31 Dec 2008				1,107,486.33	26,710.53	1,134,196.86
Equity at 31 Dec 2008	6,500,000.00	21,922,005.80	-103,739.83	-4,826,253.33	-18,346.75	23,473,665.89
Comprehensive income /loss 1 Jan – 30 Jun 2009				290,033.86	-13,384.51	276,649.35
Equity at 30 Jun 2009	6,500,000.00	21,922,005.80	-103,739.83	-4,536,219.47	-31,731.26	23,750,315.24

Consolidated Statement of Changes in Equity of secunet Security Networks AG (IFRS)

Consolidated Cash Flow Statement of secunet Security Networks AG (IFRS)

in Euro	1 Jan – 30 Jun 2009	1 Jan – 30 Jun 2008
Cash flow from operating activities
Earnings before tax (EBT)	395,411.44	882,855.47
Depreciation and amortisation	392,567.44	411,793.58
Change in provisions	-279,557.89	-1,232,836.19
Interest result	-53,387.16	-152,454.59
Change in receivables, other assets and prepaid expenses	-2,959,345.13	-880,467.58
Change in payables and deferred income	-4,781,210.82	-2,237,237.12
Tax paid	-300,871.66	-129,318.00
Net cash generated from operating activities	-7,586,393.78	-3,337,664.43
Cash flow from investing activities
Purchase of intangible assets and of property, plant and equipment	-420,555.39	-388,595.82
Purchases of financial assets	-95,781.96	-53,419.96
Net cash used in investing activities	-516,337.35	-442,015.78
Cash flow from financing activities
Interest received	126,152.46	163,977.79
Interest paid	-72,765.30	-11,523.20
Cash generated from financing activities	53,387.16	152,454.59
Effects of exchange rate changes on cash and cash equivalents	-13,384.51	-23,308.34
Net increase /decrease in cash and cash equivalents	-8,062,728.48	-3,650,533.96
Cash and cash equivalents at the beginning of the period	15,893,029.65	10,908,588.36
Cash and cash equivalents at the end of the period	7,830,301.17	7,258,054.40

Explanatory report

The Half-Year Financial Report of secunet Security Networks AG dated 30 June 2009 was compiled in accordance with the International Accounting Standard (IAS) 34 "Interim Report".

Accounting principles

The consolidation principles and currency translation method for the period from 1 January to 30 June 2009 were in accordance with those in the company's consolidated annual accounts for the 2008 financial year. The accounting and valuation methods were retained. The consolidated financial statements of secunet Security Networks AG as at 30 June 2009 were produced on the basis of Section 315a of the German Commercial Code (HGB) and in accordance with the International Financial Reporting Standards (IFRS) as they are to be applied in the European Union.

The figures shown in the balance sheet, income statement, statement of recognised income and expenses, cash flow statement and statement of changes in equity correspond to the normal course of business at secunet.

A tax rate of 31.76% applies to the calculation of income taxes for national companies. Calculation of tax payable on income for foreign companies is based on the relevant rates of tax for those countries.

The preparation of the half-year financial report requires a series of assumptions and estimates on the part of the management. As a result, it may be that the figures reported in the interim report will deviate from the actual figures.

Consolidated group

In addition to secunet Security Networks AG, all subsidiaries over which secunet has the power to govern the financial and operating policies are included in the consolidated financial statements. In the reporting period and in the 2008 financial year, there were no minority interests in equity or in the profit or loss for the respective period.

Compared with 31 December 2008, the consolidated group was unchanged as at 30 June 2009.

Treasury shares

As at 30 June 2009, the company held 30,498 treasury shares, the same figure as at 31 December 2008; this equates to 0.5 per cent of its share capital.

Segment reporting

The secunet Group is divided into the Public Sector division, made up of the High Security and Government business units, and the Private Sector division, made up of the Business Security and Automotive business units. The High Security, Government and Business Security business units are shown separately for the purposes of segment reporting, as they meet at least one of the quantitative thresholds defined in IFRS 8.13. The Automotive business unit does not meet any of the quantitative thresholds laid down in IFRS 8.13 and is therefore reported together with general and administrative areas under "Other segments".

The High Security business unit addresses the highly complex security requirements of authorities, the armed forces and international organisations. At the core of its product range is the Secure Inter-Network Architecture, SINA, developed in conjunction with the Federal Office for Information Security (Bundesamt für Sicherheit in der Informationstechnik, BSI).

The Government business unit supports authorities in Germany and abroad in all areas relating to e-government and IT security. These include biometric solutions and electronic ID (eID) documents, the electronic healthcare card (eHealth), security validation and secure web solutions. This business unit operates a BSI-certified evaluation laboratory for IT conformity.

The staff of the Business Security business unit focus on security issues affecting industrial companies. Its product range includes identity management systems, qualified mass signature solutions, public key infrastructures and network security. In all areas, analyses, consulting and complete solutions are tailored to each customer's specific requirements.

The Automotive business unit deals with the IT security issues facing automotive manufacturers. With more and more vehicle functions now being computerised, it is becoming increasingly important for both automotive manufacturers and suppliers to ensure that built-in hardware and software components are protected against unauthorised changes.

Segment report H1 2009 in kEuro	Business Security	Government	High Security	Other Segments	Reconciliation	secunet H1 2009
Segment revenue external	4,783	8,332	12,007	421	-72	25,471
Segment revenue internal	793	80	91	229	-1,194	0
Segment result (EBIT)	167	973	-47	-865	26	255
Goodwill	838	773	1,339	0	0	2,950
Segment assets	3,810	5,756	10,537	10,533	-778	29,858
Segment liabilities	3,139	3,490	5,891	2,188	-4,098	10,610
Capital expenditure	126	95	168	85	43	517
Depreciation and amortisation	-77	-33	-93	-287	98	-393
Significant expenses
Staff costs	-2,303	-2,726	-2,779	-2,649	0	-10,457
Cost of purchased materials and services	-1,411	-2,006	-6,726	-47	297	-9,893
Segment report H1 2008	Business		High	Other		secunet

Segment report H1 2008 in kEuro	Business Security	Government	High Security	Other Segments	Reconciliation	secunet H1 2008
Segment revenue external	4,909	5,644	11,036	678	-207	22,061
Segment revenue internal	72	0	47	123	-243	0
Segment result (EBIT)	321	775	598	-1,382	78	389
Goodwill	838	773	1,338	0	0	2,950
Segment assets	3,975	4,051	8,928	9,904	-450	26,407
Segment liabilities	3,515	2,800	3,414	2,517	-4,014	8,232
Capital expenditure	103	85	125	101	28	442
Depreciation and amortisation	-55	-23	-68	-364	98	-412
Significant expenses
Staff costs	-2,226	-2,549	-2,230	-2,252	0	-9,257
Cost of purchased materials and services	-1,069	-705	-6,337	-152	305	-7,958

Transactions with related persons and companies

The consolidated companies within the secunet Group have an association with their main shareholders, Giesecke & Devrient GmbH, Munich, and RWTÜV AG, Essen, in the course of their normal business activities. All transactions are conducted in accordance with normal market practice. The income statement includes revenue and other operating income of Euro 1m arising from business transactions with these companies. Expenses total Euro 0.1m. Receivables of Euro 0.4m from companies affiliated with the Giesecke & Devrient Group are recorded in the balance sheet.

In the first six months of 2009, no Management Board members were promised or granted any benefits by a third party in respect of their activity as members of the Management Board. In the first six months of 2009, the members of the Supervisory Board did not receive any other remuneration (over and above the Supervisory Board remuneration as regulated in the Articles of Association of secunet Security Networks AG) or benefits for services provided personally, in particular consulting and agency services. Neither the members of the Management Board nor the members of the Supervisory Board received any loans from the company.

Events after the end of the interim period

On 9 July 2009, majority shareholder Giesecke & Devrient GmbH, Munich, announced its decision to launch a voluntary public tender offer in accordance with Section 10, para. 1 of the German Securities Acquisition and Takeover Act. The company announced that it had decided to offer to purchase bearer shares in secunet Security Networks AG, headquartered in Essen, Germany, from shareholders of secunet Security Networks AG (ISIN: DE0007276503; WKN: 727650) in return for a payment of Euro 5.70 per share as part of a voluntary public tender offer.

On 10 July 2009, Giesecke & Devrient GmbH also announced that it was to acquire the 26.4% stake in secunet Security Network AG from the second major shareholder, RWTÜV AG. On 16 July 2009, RWTÜV AG informed secunet Security Networks AG that its stake in secunet had been reduced to 0.00%.

Responsibility Statement

"To the best of our knowledge, and in accordance with the applicable accounting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and results of operations of the group, and the interim group management report includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group for the rest of the financial year."

Essen, 11 August 2009

Dr Rainer Baumgart Thomas Koelzer Thomas Pleines

Review Report

To secunet Security Networks AG

We have reviewed the condensed consolidated group interim report, comprising the consolidated balance sheet, the consolidated income statement, the consolidated statement of recognised income and expenses, the consolidated statement of changes in equity, the consolidated cash flow statement and selected explanatory notes, together with the interim group management report of secunet Security Networks AG, Essen, for the period from 1 January to 30 June 2009, which are the components of the half-year financial report pursuant to Section 37w of the German Securities Trading Act. The company's legal representatives are responsible for the preparation of the condensed consolidated interim financial statements in accordance with the IFRS standards for interim reporting as applicable in the EU, and of the interim management report for the group in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports. Our responsibility is to issue a review report on the condensed consolidated interim financial statements and on the interim group management report based on our review.

We conducted our review of the condensed consolidated interim financial statements and the interim group management report in accordance with the generally accepted standards for the review of financial statements in Germany promulgated by the Institut der Wirtschaftsprüfer (IDW). These standards require that we plan and perform the review to obtain moderate assurance, through critical evaluation, that the condensed consolidated interim financial statements have been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as it applies in the EU and that the interim group management report has been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and analytical procedures and thus provides less assurance than an audit. Since, in accordance with the terms of our engagement, we have not performed a financial statement audit, we cannot express an audit opinion.

On the basis of our review, no matters have come to our attention that cause us to presume that the condensed consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as it applies in the EU nor that the interim group management report has not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports.

Essen, 11 August 2009

BDO Deutsche Warentreuhand Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

Rittmann Fritz Auditor Auditor

Financial Calendar 2009

12 August	Half-Year Financial Report 2009
6 November	9-Month Report 2009
10 November	German Equity Forum

Issued by

secunet Security Networks AG Kronprinzenstraße 30 45128 Essen Germany

Phone: +49 (0) 201 5454 - 0 Fax: +49 (0) 201 5454 - 123

E-mail: info@secunet.com Internet: www.secunet.com

Concept and Design

IR-One AG & Co., Hamburg, www.ir-1.com

This Half-Year Financial Report is also available in German. In the event of conflicts the German-language-version shall prevail.