StrongPoint — Interim / Quarterly Report 2010

Jul 30, 2010

PSI Group ASA

Q2 2010

Financial report and status for the second quarter and first half 2010

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PSI Group ASA - Q2 and first half 2010
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HIGHLIGHTS

• PSI has succeeded in reversing the negative result in Q1, and the profit has grown within all business areas
• Operating revenues of MNOK 138.9 in the second quarter 2010 (MNOK 148.1), down 6.2 per cent. In first half 2010 operating revenues were MNOK 268.2 (MNOK 295.3) down 9.2 per cent.
• EBITDA of MNOK 12.8 in the second quarter 2010 (MNOK 13.2). In first half EBITDA was NOK 12.9 million (NOK 30.1 million).
• Positive cash flow from operating activities of MNOK 13.0 (MNOK 0.8). In first half 2010 the cash flow from operating activities was MNOK - 6.9 (MNOK - 8.3).
• Continued weak sales for the division Cash Management CIT/ATM, but the full effect of the measures gave positive EBITDA. This division received pilot orders in two new major markets.

KEY FIGURES

NOK millions	2010 Q2	2009 Q2	2010 YTD	2009 YTD	2009
Revenue	138,851	148,067	268,226	295,256	565,601
EBITDA	12,779	13,219	12,935	30,069	44,271
Operating profit (EBIT)	6,204	6,996	-0,027	17,733	4,022
Ordinary profit before tax	4,903	3,548	-5,652	10,846	-8,684
Net cash flow operations	12,972	0,810	-6,914	-8,290	42,704
Cash and cash equivalents	18,200	17,579	18,200	17,579	47,488
Earnings per share	0,19	0,15	-0,16	0,41	-0,42
EBIT margin	9%	9%	5%	10%	8%

Revenue

EBITDA

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PSI Group ASA - Q2 and first half 2010
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THE GROUP

The Group generated operating revenues of NOK 138.9 million in the second quarter 2010, compared with NOK 148.1 million in the corresponding period in 2009.

The reduction in operating revenues during the quarter can be ascribed to lower sales in the Cash Management CIT/ATM business area.

Operating profit before depreciation (EBITDA) in the second quarter 2010 was NOK 12.8 million, some NOK 0.4 million less than the year before. The decrease was due to the development in Cash Management CIT/ ATM where EBITDA fell by NOK 3.8 million compared to the corresponding period last year.

The Group made a pre-tax gain of NOK 4.9 million in the second quarter 2010, compared with a profit of NOK 3.5 million in the same quarter in 2009.

BUSINESS AREAS

Reporting covers the following business areas.

Retail Solutions – comprises the sale of technological solutions to the retail sector – including systems integration, service/support and consumables – with the objective of making it easier for retail staff to do their jobs and enhancing the customer's shopping experience. The systems include cash management, scales/packing machines, deposit refund systems, electronic shelf labelling and digital signage.

Cash Management Retail – comprises the development, production and sale of automated, safe and closed cash management systems to all of CashGuard's global retailing partners and distributors, including the group's own subsidiaries (Retail Solutions) dealing with the end-user market.

Cash Management CIT/ATM – comprises development, production and sale of the market's most advanced cash security solutions based on dye-staining technology for ATM manufacturers and operators and cash in transit (CIT) operators. SQS is also a sub-contractor of this security technology to CashGuard's products, and thereby to that part of the retail distribution segment which requires the highest level of security on the market.

RETAIL SOLUTIONS

NOK millions	2Q		Year
	2010	2009	2009
New Sales	82.5	85.1	302.6
Service/ repairs	24.7	23.7	91.2
Total revenue	107.2	108.8	393.8
EBITDA	10.0	8.0	14.9
EBITDA-margin	9.4%	7.4%	3.8%

Retail Solutions' gross operating revenue was reduced by 1.5 per cent to NOK 107.2 million in the second quarter 2010. Operating profit before depreciation (EBITDA) totalled NOK 10.0 million, an increase from NOK 8.0 million in the corresponding period last year. It is particularly operations in Norway, with full effect of all cost measures, which delivered good results in the period.

Sales of CashGuard systems remain stable. During the quarter 260 CashGuard systems were sold in Norway and 148 in Sweden, a total of 408 systems compared with 520 systems in the same period in 2009 and 385 systems in the first quarter in 2010.

In March 2010 Retail Solutions renewed its agreement with NorgesGruppen. The partnership between the two parties began in December 2004, since then PSI has delivered some 4,500 CashGuard systems to NorgesGruppen. The renewed agreement involves an expanded product spectre, though activity levels are expected to tail off in the longer term due to increased penetration.

Retail Solutions continues to see major market opportunities in the Norwegian and Swedish retail sectors. A significant number of grocery stores in Norway and Sweden have not yet installed cash management systems or electronic shelf labels. In addition convenience stores, petrol stations and other sales outlets also have the need for efficient retail technology.

CASH MANAGEMENT RETAIL

NOK millions	2Q		Year
	2010	2009	2009
New sales	30.9	37,3	105.8
Service/ repairs	0.0	0.0	1.6
Total revenue	30.9	37.3	107.4
EBITDA	4.2	4.1	7.6
EBITDA-margin	13.7%	10.9%	7.1%

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PSI Group ASA - Q2 and first half 2010
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Cash Management Retail's gross operating revenues were reduced from NOK 37.3 million in the second quarter 2009 to NOK 30.9 million this quarter. The decrease is mainly due to fewer systems delivered in the Swedish market than in the same period last year.

EBITDA is almost unchanged from NOK 4.1 million in 2009 to NOK 4.2 million.

The company has signed a new distribution contract with Herbert Retail Ltd in UK. The partner has existed for 250 years, has 250 employees, sells Pricer and Digi equipment and has very good relationship with the grocery industry in the UK.

The company also signed two new distribution contracts in the first quarter 2010 – one in Germany and one in Holland.

Several new products and solutions are expected to be launched in 2010.

CASH MANAGEMENT CIT/ATM

NOK millioner	2Q		Year
	2010	2009	2009
New sales	21.9	31.3	138.6
Service/ repairs	6.2	10.7	35.1
Total revenue	28.1	42.0	173.7
EBITDA	1,6	5,0	28,7
EBITDA-margin	5,6%	11,9%	16,5%

The revenue in Cash Management CIT/ATM remained weak in the period. However, slightly higher turnover than in the first quarter, which together with the full effect of cost-cutting measures, gave a positive EBITDA..

Gross operating revenues totalled NOK 28.1 million, down NOK 13.9 million from the second quarter in 2009.

Operating loss before depreciation (EBITDA) was NOK 1.6 million, compared with a profit of NOK 5.0 million in the same quarter last year.

The business area reduced its headcount by 16 during the first quarter 2010: 8 from production and 8 from administrative positions. This resulted in a non-recurring expense of NOK 2.8 million being recognised in the accounts for the first quarter. The downsizing is expected to produce annual cost savings of NOK 8 million.

Globally, the market for the securing of cash in cash machines (ATM) and cash in transit (CIT) is massive, with a corresponding business potential.

After substantial marketing activities as well as visits from one of Australia's larger security companies, SQS received an order for SEK 1.1 million for delivery in 3rd quarter. AIC Solutions Pty is planning to start soft CIT business in Australia and will also receive two fully equipped cars with 20 cases of its test markets.

Similarly, after extensive evaluations and visits in Skellefteå, has Russia's largest bank, Sberbank, placed a pilot order for 420 cases through a partner in St. Petersburg. The order value is EUR 2 million. Sberbank will implement CIT driving with one SQS cases in each of the 420 armoured cars in two of its regions during the autumn. In total Sberbank has 4600 armoured vehicles. It remains yet to reach agreement with its Russian partner concerning all contractual details.

CASH FLOW AND EQUITY

Operating activities in the quarter generated a positive cash flow of NOK 13.0 million, compared with a positive cash flow of NOK 0.8 million in the corresponding quarter last year.

Working capital at the end of the quarter was NOK 15.7 million lower than at the end of first quarter 2010 due to changes in trade payables and receivables. Inventory held steady.

Net interest-bearing debt is reduced by NOK 8.3 million compared with the end of the previous quarter and totalled NOK 201.3 million. Disposable liquidity fell by NOK 1.4 million from the end of the previous quarter and totalled NOK 18.2 million at 30 June 2010.

The Group holds 1,197,927 of its own shares, which represents 5.4 per cent of outstanding shares. This is unchanged since the previous quarter.

The Group's main bank has conditions in the loan agreement that the relationship between the rolling 12-month EBITDA and net debt should be less than 3.5. Company has an agreement with its bank for exceptions for this 30.06.2010. First regular monitoring is 30.09.2010.

OUTLOOK

Cash Management Retail is devoting considerable resources to building up a presence in a number of international markets with major long-term potential. As a clear market leader the company is well positioned to achieve increased sales volumes outside Scandinavia.

Cash Management CIT/ATM is expected to achieve a significantly better second half than the first half.

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PSI Group ASA – Q2 and first half 2010
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The market outlook for Retail Solutions is stable and good. Continued effects of implemented cost reductions are expected in the business area in the future.

PSI Group ASA has during the summer engaged SEB Securities to evaluate and possibly implement changes in its structure to visualise the group's values and improve the company's financial manoeuvrability for future growth.

The Board of Directors of PSI Group ASA,
Rælingen, 29 July 2010

| Svein S. Jacobsen
Chair | Erik Pinnås
Director | Selma Kveim
Director |
| --- | --- | --- |
| Guri Kogstad
Director | Patrick Sandall
Director | Jørgen Waaler
CEO |

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PSI Group ASA – Q2 and first half 2010
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STATEMENT FROM THE BOAD

The board and group CEO have today considered and approved PSI Group’s financial statements for the second quarter and first half of 2010, including summary comparative consolidated figures for the second quarter and first half of 2009. This report has been prepared in accordance with IAS 34 on interim financial reporting as determined by the European Union, and with supplementary requirements pursuant to the Norwegian Securities Trading Act.

The board and CEO hereby declare, to the best of their knowledge, that the financial statements for the second quarter and first half of 2010 have been prepared in accordance with prevailing accounting principles and that the information in the financial statements gives a true and fair view of the assets, liabilities, financial position and profit of the group taken as a whole at 30 June 2010 and 30 June 2009. To the best of their knowledge, the report gives a true and fair overview of important events during the accounting period and the impact of these events on the financial statements.

The Board of Directors of PSI Group ASA,
Rælingen, 29 July 2010

| Svein S. Jacobsen
Chair | Erik Pinnås
Director | Selma Kveim
Director |
| --- | --- | --- |
| Guri Kogstad
Director | Patrick Sandall
Director | Jørgen Waaler
CEO |

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PSI Group ASA - Q2 and first half 2010
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CONSOLIDATED INCOME STATEMENT

NOK thousand	Q2 2010	Q2 2009	Chg. %	2010 YTD	2009 YTD	Chg. %	2009
Sales revenues	137 923	147 317	-6,4 %	267 046	294 014	-9,2 %	563 826
Profit from AC - Service companies	928	750	23,7 %	1 181	1 242	-4,9 %	1 775
Operating revenues	138 851	148 067	-6,2 %	268 226	295 256	-9,2 %	565 601
Cost of goods sold	60 250	62 543	-3,7 %	118 171	122 272	-3,4 %	240 925
Payroll	44 066	46 602	-5,4 %	92 648	94 633	-2,1 %	180 988
Other operating expenses	21 756	25 703	-15,4 %	44 473	48 283	-7,9 %	99 417
Total operating expenses	126 072	134 848	-6,5 %	255 292	265 187	-3,7 %	521 330
EBITDA	12 779	13 219	-3,3 %	12 935	30 069	-57,0 %	44 271
Depreciation tangible assets	2 701	2 592	4,2 %	5 308	4 143	28,1 %	10 957
Depreciation intangible assets	3 873	3 631	6,7 %	7 653	8 193	-6,6 %	16 071
Write down intangible assets	-	-	0,0 %	-	-	0,0 %	13 221
EBIT	6 204	6 996	-11,3 %	-27	17 733	-100,2 %	4 022
Net financial income	-1 301	-3 448	-62,3 %	-5 625	-6 886	-18,3 %	-12 706
Profit/loss before tax	1 301	3 448	-62,3 %	5 625	6 886	-18,3 %	25 927
Taxes	992	406	144,2 %	-2 249	2 155	-204,4 %	64
Profit/loss after tax	310	3 041	-89,8 %	7 874	4 731	66,4 %	25 862
Of which
Majority interest	3 781	3 102	21,9 %	-3 550	8 717	-140,7 %	-8 667
Minority interest	130	40	225,5 %	148	-26	-675,2 %	-81
Total earnings
Translation variances	6 075	1 872	224,5 %	17 044	-46 221	-136,9 %	-48 417
Total earnings	6 385	4 913	29,9 %	24 918	-41 490	-160,1 %	-22 555
Of which
Majority interest	9 856	4 974	98,1 %	13 494	-37 504	-136,0 %	-57 067
Minority interest	130	40	225,5 %	148	-26	-675,2 %	-98
Earnings per share
Number of shares outstanding	22 188 020	22 188 020	0,0 %	22 188 020	22 188 020	0,0 %	22 188 020
Av. Number of shares - own shares	20 990 093	20 990 093	0,0 %	20 990 093	20 990 093	0,0 %	20 990 093
Earnings per share	0,19	0,15	0,24	-0,16	0,41	-1,39	-0,42
Diluted earnings per share	0,19	0,15	0,24	-0,16	0,41	-1,39	-0,42
EBITDA per share	0,61	0,63	-0,03	0,62	1,43	-0,57	2,11
Diluted EBITDA per share	0,61	0,63	-0,03	0,62	1,43	-0,57	2,11

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PSI Group ASA - Q2 and first half 2010
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CONSOLIDATED BALANCE SHEET

NOK thousand	30.06.2010	30.06.2009	31.03.2010	31.12.2009
ASSETS
Intangible assets	145 547	158 833	145 038	144 085
Goodwill	322 897	321 130	318 429	313 090
Tangible assets	34 554	42 114	36 355	38 171
Long term investments	10 493	9 592	9 536	9 677
Deferred tax	38 427	25 817	38 729	36 577
Non-current assets	551 918	557 487	548 087	541 599
Financial investments	25	27	24	25
Goods	76 605	86 814	75 821	75 137
Accounts receivable	92 340	126 196	100 566	90 320
prepaid costs	-187	15 639	1 637	3 107
Other receivables	25 875	10 474	17 780	13 118
Bank deposits	5 943	9 879	5 788	9 692
Current assets	200 599	249 029	201 616	191 400
TOTAL ASSETS	752 518	806 516	749 703	732 999
EQUITY AND LIABILITIES
Share capital	13 757	13 757	13 757	13 757
Holding of own shares	-743	-743	-743	-743
Other equity	364 775	370 767	354 788	351 131
Total equity	377 789	383 781	367 802	364 145
Long term interest bearing liabilities	72 134	97 353	76 634	81 800
Other long term liabilities	16 139	12 632	15 443	16 268
Total long term liabilities	88 273	109 985	92 077	98 068
Short term interest bearing liabilities	135 099	144 619	138 802	115 452
Accounts payable	51 475	68 629	43 195	51 141
Taxes payable	86	-	86	86
Other short term liabilities	99 795	99 503	107 742	104 107
Total short term liabilities	286 456	312 750	289 824	270 785
TOTAL EQUITY AND LIABILITIES	752 518	806 516	749 703	732 999

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PSI Group ASA – Q2 and first half 2010
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STATEMENT OF EQUITY

NOK thousand	Share capital	Share premium account	Treasury shares	Other paid-in equity	Translation variances	Other equity	Total	Minority interest	Total equity
Equity 31.12.2008	13 757	282 919	-743	8 879	21 256	95 114	421 182	129	421 311
Comprehensive income	-	-	-	-	-48 400	-8 667	-57 067	-98	-57 165
Reduction in share premium accounts	-	-100 000	-	100 000	-	-	-	-	-
Equity 31.12.2009	13 757	182 919	-743	108 879	-27 144	86 447	364 115	31	364 146
Comprehensive income	-	-	-	-	17 044	-3 550	13 494	148	13 641
Equity 31.03.2010	13 757	182 919	-743	108 879	-10 100	82 896	377 608	179	377 789

STATEMENT OF CASH FLOW

NOK thousand	Q2 2010	Q2 2009	2010 YTD	2009 YTD	Year 2009
Net cash flow from operation	12 972	810	-6 914	-8 290	42 704
Net cash flow from investments	-815	-4 694	-4 477	-5 292	-17 533
Net cash flow from financing	-12 103	-890	7 461	3 464	-34 784
Net change in cash	53	-4 774	-3 931	-10 118	-9 614
Exchangevariance	102	556	183	-1 022	-1 712
Cash and cash equivalents at the beginning of the period	5 788	14 096	9 692	21 018	21 018
Cash and cash equivalents at the end of the period	5 943	9 879	5 943	9 879	9 692

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PSI Group ASA - Q2 and first half 2010
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KEY FIGURES

NOK thousand	2Q 2010	1Q 2010	4Q 2009	3Q 2009	2Q 2009	2010 YTD	2009 YTD
Income statement
Operating revenue	138 851	129 375	154 057	116 289	148 067	268 226	295 256
EBITDA	12 779	156	13 873	329	13 219	12 935	30 069
Operating revenue EBIT	6 204	-6 231	-7 072	-6 640	6 996	-27	17 733
Ordinary profit before tax	4 903	-10 555	-9 296	-10 235	3 548	-5 652	10 846
Profit for the year	3 911	-7 314	-9 990	-7	3 142	-3 403	8 691
EBITDA-margin	9,2 %	0,1 %	9,0 %	0,3 %	8,9 %	4,8 %	10,2 %
EBIT-margin	4,5 %	-4,8 %	-4,6 %	-5,7 %	4,7 %	0,0 %	6,0 %
Balance sheet
Non-current assets	551 918	548 087	541 599	545 128	557 487	551 918	557 487
Current assets	200 599	201 616	191 400	231 987	249 029	200 599	249 029
Total assets	752 518	749 703	732 999	777 115	806 516	752 518	806 516
Equity	377 789	367 802	364 145	366 764	383 781	377 789	383 781
Long-term debt	88 273	92 077	98 068	103 351	109 985	88 273	109 985
Short-term debt	286 456	289 824	270 785	307 000	312 750	286 456	312 750
Equity ratio	50,2 %	49,1 %	49,7 %	47,2 %	47,6 %	50,2 %	47,6 %
Liquidity ratio	70,0 %	69,6 %	70,7 %	75,6 %	79,6 %	70,0 %	79,6 %
Cash Flow
Net cash flow from operation	12 972	-19 886	38 005	12 988	810	-6 910	-8 290
Net cash flow	53	-3 985	3 543	-3 041	-4 774	-3 931	-10 118
Cash flow margin	0,0 %	-3,1 %	2,3 %	-2,6 %	-3,2 %	-1,5 %	-3,4 %
Share information
Number of shares	22 188 020	22 188 020	22 188 020	22 188 020	22 188 020	22 188 020	22 188 020
Weighted average shares outstanding	20 990 093	20 990 093	20 990 093	20 990 093	20 990 093	20 990 093	20 990 093
Weighted average diluted shares	1 197 927	1 197 927	1 197 927	1 197 927	1 197 927	1 197 927	1 197 927
EBIT per shares	0,30	-0,30	-0,34	-0,32	0,33	-0,00	0,84
Diluted EBIT per share	0,30	-0,30	-0,34	-0,32	0,33	-0,00	0,84
Earnings per share	0,19	-0,35	-0,48	-0,00	0,15	-0,16	0,41
Diluted earnings per share	0,19	-0,35	-0,48	-0,00	0,15	-0,16	0,41
Equity per share	18,0	17,5	17,3	17,5	18,3	18,0	18,3
Dividend per share	-	-	-	-	-	-	-
Employees
Number of employees (end of period)	328	347	355	367	368	328	368
Average number of employees	338	351	361	368	374	345	373
Operating revenue per employee	423	373	434	317	402	818	802
Operating cost per employee	384	372	367	-0	351	372	720
EBIT per employee	19	-18	-20	-18	19	-0	48

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PSI Group ASA – Q2 and first half 2010
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DEFINITIONS

Number of shares	Number of issued shares year and
Equity per share	Book value equity / number of shares
Operating revenue per employee	Operating revenue / average number of employees
Operating cost	Operating cost / average number of employees
EBIT	Operating profit
EBIT pr. ansatt	EBIT / average number of employees
EBIT pr. utestående aksje	EBIT / average number of shares outstanding
EBIT-margin	EBIT / operatin revenue
EBITDA	Operating profit + depreciation fixed assets amd tangible assets
EBITDA-margin	EBITDA / operating revenue
Egenkapitalandel	Book value equity / total assets
Weighted average basic shares outstanding	Issued shares adjusted for own shares on average for the year
Weighted average diluted shares outstanding	Issued shares adjusted for own shares and share scheme on average for the year
Cash Flow margin	Net cash flow operations / operating revenue
Liquidity ratio	Current assets / short term debt
Earnings per share	Profit after tax / weighted average basic shares outstanding
Dividend per share	Paid dividend per share throughout the year
Diluted EBIT per share	EBIT / weighted average diluted shares outstanding
Diluted earnings per share	Profit after tax / weighted average diluted shares outstanding

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NOTE 1 CONFIRMATION OF REPORTING FRAMEWORK

The condensed and consolidated quarterly financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The quarterly financial statements do not contain all the information required in an annual financial statement and should be read in connection with the Group financial statements for 2009.

NOTE 2 KEY ACCOUNTING PRINCIPLES

The accounting principles for 2009 are described in the annual financial statements for 2009. The Group financial statements for 2009 were prepared in accordance with the IFRS principals and interpretations thereof, as defined by the EU, as well as other disclosure requirements pursuant to the Norwegian Accounting Act and the Oslo Stock Exchange regulations and rules applicable as at 31.12.2009. The quarterly report and the interim financial statements have not been revised by auditor.

NOTE 3 SEGMENT INFORMATION

SEGMENT: BUSINESS AREAS

NOK million	Q2 2010		Q2 2009		2010 YTD		2009 YTD
	Revenues	EBITDA	Revenues	EBITDA	Revenues	EBITDA	Revenues	EBITDA
Cash Management Retail	30,9	4,2	37,3	4,1	57,3	7,1	64,0	7,6
Cash Management CIT/ATM	28,1	1,6	42,0	5,0	52,7	-5,8	92,0	15,4
Retail Solutions	107,2	10,0	108,8	8,0	208,9	16,2	201,9	12,6
Group	0,0	-2,6	0,0	-3,4	0,0	-4,6	0,0	-5,5
Eliminations	-28,3	-0,5	-40,8	-0,5	-51,9	-0,0	-63,9	-0,0
Total	137,9	12,8	147,3	13,2	267,0	12,9	294,0	30,1

SEGMENT: SALES REVENUES BY GEOGRAPHICAL MARKET

NOK million	Q2		YTD		Year
	2010	2009	2010	2009	2009
Norway	61,5	56,7	116,3	108,1	207,6
Sweden	57,7	66,6	111,2	132,3	261,3
Other markets	18,7	23,9	39,5	53,6	94,8
Group/Eliminations	-0,0	0,0	-0,0	0,0	0,1
Total	137,9	147,3	267,0	294,0	563,8

SEGMENT: SALES REVENUES BY PRODUCT AND SERVICE

NOK million	Q2		YTD		Year
	2010	2009	2010	2009	2009
Sales of products	107,1	112,4	202,7	228,8	435,9
Service	30,8	34,9	64,4	65,2	127,9
Total	137,9	147,3	267,0	294,0	563,8

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PSI Group ASA – Q2 and first half 2010
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NOTE 4 RELATED PARTIES

No special transactions between the Group and related parties had taken place as at 30 June 2010.

NOTE 5 TOP 20 SHAREHOLDERS PER 30 JUNE 2010

No.	Name	No. of shares	%
1	PINNÁS, ERIK (incl. fully owned companies) ¹	2 961 276	13,3 %
2	SKAGEN VEKST OG SKAGEN VEKST III	1 355 798	6,1 %
3	PSI GROUP ASA (own holding)	1 197 927	5,4 %
4	DYVI CAPITAL AS	1 183 024	5,3 %
5	BARCLAYS CAP SEC CAYMAN CLIENT	1 035 058	4,7 %
6	AWAKE SWEDISH EQUITY FUND	652 000	2,9 %
7	ZETTERBERG, GEORG (incl. fully owned companies)	463 666	2,1 %
8	DETALJHANDELSEKONOMI I ENKÖPING AB	453 920	2,0 %
9	RING, JAN	359 330	1,6 %
10	GLAAMENE INDUSTRIER AS	358 000	1,6 %
11	NISTAD GRUPPEN AS	338 300	1,5 %
12	GRESSLIEN, ODD ROAR	290 000	1,3 %
13	FÖRSÄKRINGSAKTIEBOLAGET, AVANZA PENSION	281 419	1,3 %
14	WAALER AS ¹	280 000	1,3 %
15	LÖFMAN, MICHAEL	267 319	1,2 %
16	NORDNET PENSIONSFÖRSÄKRING AB	247 224	1,1 %
17	JPMORGAN CHASE BANK	223 429	1,0 %
18	V. EIENDOM AS	211 400	1,0 %
19	SWEDBANK LUXEMBOURG S.A.	203 532	0,9 %
20	NORDNET BANK AB	202 248	0,9 %
	Sum 20 largest shareholders	12 564 870	56,6 %
	Sum 8 573 other shareholders	9 623 150	43,4 %
	Sum all 8 593 shareholders	22 188 020	100 %

¹ Primary insiders

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PSI Group ASA - Q2 and first half 2010
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PSI Group ASA - Q2 and first half 2010
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PSI Group ASA (HQ)

PSI Systems AS

PSI Media Solutions AS

PSI Production AS

SQS Security Qube System AS

Slynga 10, 2005 Rælingen

Postboks 134, 2011 Strømmen, Norway

Tel: +47 03254 (PSI)

Tel: +47 4000 88 556 (SQS)

E-mail: psi@psi.no

Web: www.psi.no

PSI Antonson AB

Johannefredsgatan 2

P.O.Box 275, 431 24 Mölndal, Sweden

Tel: +46(0)31 706 80 00

E-mail: info@antonson.se

Web: www.antonson.se

Cashguard Sverige AB

P.O.Box 2960, Finlandsgatan 16

SE-164 74 Kista, Sweden

Tel: +46 8 732 222 00

E-mail: info@cashguard.se

Web: www.cashguard.se

Cashguard SAS

17 Square Edouard VII

FR-75009 Paris, France

Tel: +33 1 53 43 92 51

CashGuard GmbH

Krefelder Strasse 745

D-41066 Mönchengladbach, Germany

Tel: +49 2161 820 9710

SQS Security Qube System AB

P.O.Box 715, Maskinvägen 13

SE-931 27 Skellefteå, Sweden

Tel: +46 910 71 41 00

SQS International

89, Chaussée de Bruxelles

BE-1410 Waterloo, Belgium

Tel: +32 2354 0642

SQS GmbH

RheinStrasse 45-46

Hof 2 - Aufgang 4-5

121 61 Berlin, Germany

Tel: +49 30 851 05 871

SQS Sarl

Burocampus Bâtiment C

3, rue de Verdun

FR-78590 Noisy-le-Roi, France

Tel: +33 161 06 20 000

SQS Security Qube System (UK) Ltd

20 Queens Parade

Friern Barnet Road

London, N11 3DA, UK

Tel: +44 (0)20 8361 6633

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PSI Group ASA – Q2 and first half 2010
Page 16

PSI Group ASA
Slynga 10, 2005 Rælingen, P.O.Box 134, NO-2011 Strømmen
Phone: +47 03254 - Fax: +47 63 83 58 01
E-mail: psi@psi.no - Web: www.psigroup.no