Interim Report 2012 / Orientation - Goldbach0 10 20 30 40 50 60 70 80 HY 2011 HY 2012 Online 69 59 CHF Gross Revenues CH - Market-14.5% 0 2 4 6 8 10 12 14 16 18 HY 2011 HY 2012 Online

© 2012 Goldbach Group 1

Interim Report 2012 / Orientation August 21st, 2012 / Klaus Kappeler, CEO & Stephan Bergamin, CFO / Widder Hotel, Zurich

Goldbach‘s Milestones 2012 / First Half Year.

/ February: Launch of Goldbach Video Network

/ May: Growth in the Adriatic region through

acquisition of digital agency Renderspace

/ June: Successful operation of interactive features

on Wilmaa Internet TV during European

Championship (EM-Guide)

/ August: Contract for exclusive sale of Viacom online

video advertising inventory in Poland


The International Setup of Goldbach Group.

Offline:

> Goldbach Media

(TV/Radio/Out-of-Home)

Online:

> Goldbach Audience

> Goldbach Interactive

> Goldbach Mobile

Switzerland

Offline:

> Goldbach Media (TV/Out-of-Home)

Online:

> Goldbach Audience


Austria

Online:

> Goldbach Interactive (Search)

Germany

WEST

Online:

> Goldbach Audience

Croatia

Online:

> Goldbach Audience

Serbia

Online:

> Goldbach Audience


(Renderspace)

Slovenia

Adriatic EAST

Online:


Russia

Offline:

> Goldbach Media

(TV/Radio/Out-of-Home)

Online:

> Goldbach Audience

Romania

Online:

> ARBOmedia


Poland

Online:

> Goldbach Audience

Czech Republic


4 © 2011 Goldbach Group

Online

Display / Search / Mobile / InGame / Performance

Marketing / Social Media / Video

Offline

TV / Radio / Out-of-Home

Business Lines

Offerings

Competence

Centres & Strategic

Functions

IP TV/VIDEO

West

Adriatic

East (ARBO)

Co

un

trie

s

/ Switzerland / Austria

/ Romania

/ Switzerland / Austria / Germany

/ Croatia / Slovenia / Serbia

/ Poland / Czech Rep. / Romania / Russia

We are Goldbach!

Goldbach Interactive

Summary Financial Results HY 2012.

Mio CHF HY 2012 HY 2011 HY 2010

Net Revenue 208.9 209.8 152.3

Growth in % -0.4% +37.8% +9.2%

Gross Profit 45.0 48.4 34.0

Growth in % -7.0% +42.3% +9.9%

OPEX 28.8 32.3 25.5

Growth in % -10.7% +26.7% +1.4%

EBIT 13.8 14.5 7.1

Growth in % -4.8% +104.2% 17.0%

Net Profit 3.4 3.1 3.1

Growth in % +10.7% +0.7% +92.8%


/ TV Business is resistant towards market and

economic volatility.

/ Business Line Media as the market leader

in marketing for private TV channel in CH

could further increase its market share.

/ Very strong development in Radio Business

in HY1/2012.

Net Revenue and EBIT Compared to Piror Year (1).

/ Net Revenue and EBIT slightly below prior

year.

+65.6%

HY2011

HY2012

Total Group 209'805 208'892

0

100'000

200'000

300'000

Net Revenues (in TCHF)

-0.4%

HY2011

HY2012

Total Group 14'487 13'799

0

5'000

10'000

15'000

EBIT (in TCHF)

-4.8%

Goldbach Group

HY2011

HY2012

Total Media 154'076 165'630

0

50'000

100'000

150'000

200'000


7.5%

HY2011

HY2012

Total Media 16'605 16'614

0

5'000

10'000

15'000

20'000

EBIT(in TCHF)

0.1%

Business Line Media


/ Change of some customers in CH leads to

lower net revenue.

/ International expansion on track.

/ Substantial strategic investments lead to

lower EBIT.

Net Revenue and EBIT Compared to Piror Year (2).

/ Difficult market situation in Poland and CH

leads to significant lower net revenue (e.g.

direct marketing Facebook).

/ EBIT improvement due to cost savings,

margin improvement as well as one-time

impact.

+32.3%

HY2011

HY2012

TotalAudience

38'356 27'693

0

10'000

20'000

30'000

40'000

Net Revenues(in TCHF)

-27.8%

HY2011

HY2012

TotalAudience

1'598 2'612

0

1'000

2'000

3'000

4'000

EBIT(in TCHF)

63.5%

Business Line Audience

HY2011

HY2012

TotalInteractive

20'133 18'493

0

10'000

20'000

30'000


-8.1%

HY 2011 HY 2012

TotalInteractive

1'428 190

0

400

800

1'200

1'600

EBIT (in TCHF)

-86.7%

Business Line Interactive


0

10

20

30

40

50

60

70

80

HY2011

HY2012

Online 69 59in

Mio

. CH

F

Gross Revenues CH - Market

-14.5%

0

2

4

6

8

10

12

14

16

18

HY2011

HY2012

Online 15.2 13.6

in M

io. C

HF

Net RevenuesGBA CH

-10.8%

HY 1 2012 vs. HY 1 2011

Goldbach Increases its Market Share in Switzerland.

Source: Monthly Media Focus Gross Revenues / Goldbach Group Net Revenues


-30%

0%

30%

60%

0

60

120

180

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Online 18 16 19 29 36 47 52 86 119 160 135

growth in % -10.4% 20.2% 49.5% 25.2% 29.2% 10.9% 64.9% 38.5% 34.1% -15.4%

in M

io. C

HF

Gross Revenues CH-Market 2001 - 2011Gross Display Rev. CH- Market 2001 - 2011

Gross Revenues

Display Market CH

HY 1 2011 vs. HY 1 2012

Net Revenues

Display Goldbach CH

>> Focusing the Strategy.

9

Innovation Drives Audience Fragmentation Across Channels

and Continues to Change and to Shape the Ad Markets.

Explosive Appearance of New Marketing Channels

From … … To

Traditional Digital Marketing Channels

Greater

Audience

Fragmentation

Across

Channels and

Devices

1995 2012

Complexity

for Agency /

Advertisers

Complexity

for Media /

Publishers


TV

Cinema

Radio

Print

OOH

In-OTT

In-App

In-Game

Social

Mobile

Online Video

Affiliate

Display

Search

eMail

TV

Cinema

Radio

Print

OOH

Digital / IP TV

x3

The right ad

For the right person

Through the right channel

On the right device

At the right time

At the right place

For the right interaction

At the right price

In This Context, Advertisers and Consumers are Both Looking

for Even Greater Advertising Relevance.

Today’s Advertisers and

Consumers both Want …

Advertisers Consumers

Advertising intermediaries enable relevance by leveraging technology

and convenience by simplifying the complex marketing environment


http://www.goldbachgroup.com/Home-en

Increasingly Professional Video is Consumed Online –

Introducing Interaction – Even on Classical “Connected TV”.

Daily TV Consumption Germany, in Min per User

Classical TV Set PC Video Mobile Handset

2020

48%

33%

-2%

5%

3%

-0,2%

2015

82%

11% 7% 250

79%

12%

9%

257

2002

99%

214

1%

2010

3% 1%

96%

230

Get 5% off for every order!

Interaction

Real-time voting

Informative or with

direct impact on

content

Social media integration

Private or public chats

with friends viewing

same show

Publication of posts on

own profile

Enriched content

Via overlay

Additional points of

view/ content – even

for live broadcasts

Targeted advertising

Display advertising

Possible combination

with apps for online

ordering

Connected TV


Source: Komm Tech / PWC

TV Consumption Switzerland, % of Users

2009 2011

2% 8%

90%

7%

81%

12%

320%

63%

-2%

Forecast

As Online Video Usage Increases Across Platforms, Video

Ad Spend is the Strongest Growing Category.

Source: PwC Global Entertainment & Media Outlook, June 2011

Search +9%

Video +41%

Display +10%

2016f

5,284

63%

9%

28%

2015f

4,871

63%

8%

28%

2014f

4,446

64%

8%

28%

2013f

4,015

65%

6%

29%

2012f

3,587

66%

5%

29%

2011

3,203

68%

3%

29%

2010

2,864

68%

2%

30%

Online advertising revenues p.a. in mn. Euro, 2010-2016f

CAGR

‘10-‘16


Germany

Forecast

2016f

785

56%

8%

36%

717

57%

8%

35%

2014f

650

59%

7%

34%

2013f

580

61%

6%

33%

2012f

526

62%

6%

33%

2011

489

63%

5%

32%

2010

461

65%

4%

31%

Search +7%

Video +22%

2015f

Display +12%

CAGR

‘10-‘16 Switzerland

Total +11% Total +8%

Forecast

In the Swiss market, Goldbach Launched its Video Network

and is Outpacing Competitors in In-Stream Video.

Source: Goldbach Group


0

5

10

15

20

25

30

35

40

45

50

2011 2012 2013 2014 2015

CH

F n

et/

ne

t in

Mio

.

Swiss Market Development

CAGR

‘12-‘15

Total +20%

Goldbach +24%

15

21

26.1

30.7

36.2

0 20 40 60 80 100 120

Magazine

News-

paper

Internet

OOH

Radio

TV

Indeed, Video is the Most Valuable Inventory After Top

Premium Display – Preserving This “Premiumness” is Key.

Online Video CPM (Net3)

Professional Video Content

Pre Role CHF 70-80

Mid Role CHF 60-70

Post Role CHF 50-60

Run of Network

In-Stream ~CHF 30

Online CPM (Net3)

Top Swiss

Journalistic Sites

- Wallpaper

CHF 54

Top 20 Site

- Wallpaper Lvl 1 CHF 48

Top 20 Site

- Banner Lvl 2 CHF 24

Top 20 Site

- Banner Lvl 3 CHF 18

Video Format Ad

- large Size - CHF 54

Rich Media Ad

- mid size - CHF 48

Interstitials

- Video CHF 60

Online Ad Market for Video Sites in CH 2012

Online Ad Market Prices for Traditional Portals in CH 2012

Ad Pricing by Medium CH, 2009-2012, Average CPM & Range

(TargetGroup 15-49)

Source: Goldbach Audience (Switzerland) AG

TV and Online Video / Rich Media bundling

required to avoid CPM erosion – as happened

in Print-to-Online migration of ad budgets

CHF


In Fact, TV & Premium Online Display ad Sales are Considered

by the Advanced US Market as a Natural Fit for the Future.

Source: Adap.TV State of Video Industry Report (US)

Role of TV and Digital Video Advertising

Survey among advertising professionals

TV 49%

Display 40%

Neither

11%

Video should be more aligned with … The advertising industry views

online video advertising as …


33%

28%

Replacement

for TV 11%

Neither

10%

Complement

to TV 56%

62%

2011 2012

Importance of unified

TV and video metrics …

Less

28

51

8

13

Somewhat

Most

Very

Overall in Digital, the Ad Sales Market is Bifurcating Between

Solutions-Based and Automated Buying – Also for Rich Media.

Advertiser/ Agency

Source: Forrester, iab, Screen Digest, Google, Booz & Company analysis

1) / 2) Booz Projection: Based on reserved and unreserved ad impressions delivered through doubleclick Europe projected to IAB display revenue for Europe assuming a 10/1 reserved to unreserved ratio.

Online Display Ad Sales Bifurcation Europe

Media Owners

Media Owners

Media Owners

So

lutio

ns

Sales Houses People + Data

Real-time biddable

Media Supply

Sources

Au

tom

ate

d

Central Buying Platforms

Technology + Data

(Electronic “stock”

exchange for advertising – e.g. Google, Yahoo)

50-55% 70-90%

45-50% 10-30%

Volume1) Value2)

Share of


Re

se

rve

d

Inve

nto

ry

Un

res

erv

ed

In

ve

nto

ry

Despite Lower Market Value, Automated Sales Sets the

Technology Standards Also for Solutions-Based Buying.

Traditionally,

advertisers have

focused on context

buys

With more advanced

targeting and tracking,

advertisers will

become more

focused on audience

buying in order to

increase precision of

reach

Using data to target

ads has become

must have

Looking ahead,

players will integrate

both online and

offline data for more

sophisticated data

analytics

Access to

proprietary data will

be a key

differentiator

With digital enabling

greater trackability,

advertisers are

increasingly focused

on performance

In the future, a clear

link between

advertising and

objectives will be

critical

Intermediaries that

are able to deliver

superior performance

will win out

Ad technology today

enables:

– Greater efficiency,

effectiveness and

transparency

– Improved formats and

campaign

performance

– Following consumers

and audiences along

the journey across

channels and devices

Most of today’s

inventory is standard

static display ad units

Players are

addressing technical

challenges and

adding other types of

inventory to their

platforms, including

rich media, video,

mobile, social, etc.

… Tech enabled … Cross-Media … Audience-

Focused … Data-Driven

… Performance-

Oriented

Source: Booz & Company analysis


Interactive

Leveraging its Built-up Capabilities, Goldbach Will Further

Enhance its Position in Offline and Online Rich Media Ad Sales.

Premium Ad Sales House

for Rich Media Advertising

TV

Radio

DOOH

Display

Video

Mobile

Social

Performance

Creative

Data

Audience Media

Position in

Switzerland

Business

#1 #1 #4

Built-Up Capabilities Strategy: Focused Offering

Leveraging Capabilities

Tech

Technical


TV & Radio

+

DOOH

+

Online Video

+

Online Rich Media

Inte

ractiv

e A

gency

Rich

Media Search

In Fact, it has Already Built up the Capabilities to Lead in

This Environment – Video Network Example …

… Tech enabled … Cross-Media … Audience-

Focused … Data-Driven

… Performance-

Oriented

Video

Plaza

Multiscreen

Ad

Delivery

+

Reporting

Websites &

Portals

Connected

TV

Internet TV Wilmaa, Zattoo,

Teleboy,

Swisscom

Mobile

Audience

Targeting

Youth

Women

Men

Interest

LoHaS

Cross-

Screen TV: GRP

Online:

Impression

Reach +

Frequency

2013: Combined TV +

Online Video

Measurement

Brand +

Direct

Response

Measurement +

Optimization

Within + Across

Channels


… And is in Unique Position to be Leading Specialist in Multi-

Screen Video & Rich Media Display Campaign Delivery.

TV

PC

DOOH

E.g. Video

Couponing

TV Spot

30”/60”

Data

Sales

Consumer

Intelligence

Innovative

Video / Display AdTech

Infrastructure + Analytics

Mobile /

Apps

Social

Affiliate

Bra

nd

Ca

mp

aig

n

Pe

rfo

rma

nc

e C

am

pa

ign

Advertiser

Agency

360

DE

GR

EE

RIC

H M

ED

IA A

DV

ER

TIS

ING

OP

ER

AT

ION

Top Creative

Talent Top Tech

Talent

Video

Media

Partner

Goldbach’s Unique Role in Video and Rich Media Campaign Operations

SO

LU

TIO

N A

ND

O

PT

IMIZ

AT

ION

M

ED

IA S

OU

RC

ING

Other

Display Ad

Top TV and Online

Sales Force


Advice

Other Media

http://www.goldbachgroup.com/Home-en

0%

5%

10%

15%

20%

25%

30%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

TV Market (% of total ad market)

Online Market

Share (% of

total ad market)1

DE

RU

AT

CH

PL

CZ

Slo.

Rom.

Cro.

Serb.

Goldbach is Assessing its Market Presence and the

Further Expansion of its TV/Online Position.

Comment: Online Market in left chart incl. all services, such as search, display, performance

Source: ZenithOptimedia, Booz & Company

Bubble Size: Ad market [Gross, €, 2011]

0%

5%

10%

15%

20%

25%

30%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Online Market

Share (% of

total ad market)1

TV Market (% of total ad market)

Russia

Germany

Switzerland Romania

Serbia

Czech Republic

Slovenia

Croatia

Poland

Austria

Online vs. TV Ad Market Share 2011/2014, in % of Total Market

TV-dominated Cross-media

Dig

ital

Tra

ditio

nal

TV Online

Goldbach Presence Today

Country

• Markets remain

TV dominated

also in the

future

• Goldbach is

looking into

options to

expand its TV

presence

Bubble Size: Ad market [Gross, €, 2014]


Recap.

Advertisers seeking greater advertising relevance and integrated

offerings in face of complexity

Digital media enhancing advertising potential – video key

experience and value driver

Digital ad sales market bifurcating between solutions-based and

automated – technology key

Leveraging capabilities in TV and Online Sales, Goldbach in

unique position in multi-screen video & display campaign delivery

Goldbach currently assessing its market presence and the further

expansion of its TV/Online position in all geographies


>> Financial Results HY 2012 and Outlook

24

/ Net Sales on Prior Year level: -0.4% (curreny adjusted + 0.6%):

- Media +7.5% (currency adjusted +7.6%)

- Audience -27.8% (currency adjusted -24.2%)

- Interactive -8.1% (currency adjusted -5.5%)

/ EBIT sligthly down by -4.8% compared to PY

- Media +0.1%

- Audience +63.5%

- Interactive -86.7%

/ Net Profit increased by 11% compared to PY

Financial Highlights Half Year 2012.


/ Acquistion of Renderspace, Slovenia

- In April and May 2012 all Non Controlling Interests of subsidiaries in Slovenia and

Croatia were acquired resulting in a 100% ownership of all Adriatic companies by

Goldbach Group.

- At the end of June 2012 the Adriatic subholding company, Goldbach Adriatic, acquired

100% of Renderspace d.o.o., Ljubljana (Slovenia), a company operating in the

interactive business. At the same time 49% of Goldbach Adriatic were transferred to

the former owner of Renderspace d.o.o.. Goldbach Group now holds 51% of all

subsidiaries in the Adriatic region (Croatia, Slovenia and Serbia) including

Renderspace.

Change in Scope of Consolidation.


Key Figures – Reported Values.

* Operating Expenses excluding Amortizations

** Includes Financial Result, Income Taxes, Non Controlling Interests and the discontinued operation result (in HY 2011: -724, in HY 2012: 0)

-50'000

-

50'000

100'000

150'000

200'000

250'000

Net Sales Gross Profit OPEX* EBITDA EBITOther

Expenses**Net Income

HY 2011 209'805 48'353 -32'271 16'082 14'487 -11'414 3'073

HY 2012 208'892 44'961 -28'826 16'135 13'799 -10'398 3'401

in T

CH

F

-7.0%

-10.7%

+0.3 % -4.8%+10.7%

-0.4%

-8.9 %


Increased Media Sales Compensate for Lower Sales in

Audience and Interactive.

Net Sales by Business Line

* Growth in Local Currency

-50'000

-

50'000

100'000

150'000

200'000

250'000

Media Audience InteractiveCorp / Conso /

OtherTotal Group

HY 2011 154'075 38'356 20'133 -2'758 209'805

HY 2012 165'630 27'693 18'493 -2'923 208'892

in T

CH

F

+7.5%

-27.8%-8.1%

-0.4%+7.6%*

-24.1%*-5.5%*

+0.6%*


Strong Growth in Radio and TV, Immense Growth in Video.

Net Sales by Productline & Relative share of Total 3rd Sales by Productline

-50'000

-

50'000

100'000

150'000

200'000

250'000

HY 2011 HY 2012

Interactive 20'133 18'493

Audience 38'356 27'693

Adscreen, TXT & Other 896 1'393

Radio 20'139 23'603

TV 133'041 140'634

Other & Consolidation -2'760 -2'924

Total Sales 209'805 208'892

Gro

wth

Rate

:

+ 6%

+ 17%

- 8%

- 28%

64%10%

0.4%

16%10%

68%11%

1%

11%9%


Lower Gross Profit Margin due to Recently Acquired TV-

Portolio.

Gross Profit & Gross Margin

-

10'000

20'000

30'000

40'000

50'000

60'000

HY 2011 HY 2012

Gross Profit 48'353 44'961

Gross Margin 23.0% 21.5%

in T

CH

F

Gross Profit -7.0%

Gross Margin -1.5 percentage points


Cost Reduction in Audience Compared to Higher Fix

Costs in Media.

Operating Expenses

-40'000

-35'000

-30'000

-25'000

-20'000

-15'000

-10'000

-5'000

0

5'000

10'000

HY 2011 HY 2012

Other Opex -6'210 -5'443

Other Operating Income 970 4'155

Depr. & Amort. & Impairments -1'595 -2'336

IT & Communication -1'500 -1'660

Marketing & Research -3'546 -3'708

Personnel Expenses -21'985 -22'171

Total OPEX incl. Amortizations -33'866 -31'162

in T

CH

F


EBITDA and EBIT Goldbach Group.

EBITDA on Prior Year Level EBIT slightly below Prior Year (-4.8%)

-

2'000

4'000

6'000

8'000

10'000

12'000

14'000

16'000

18'000

HY 2011 HY 2012

EBITDA 16'082 16'135

EBITDA Margin(in % of Net Sales)

7.7% 7.7%

in T

CH

F

EBITDA Margin unchanged

EBITDA+0.3%

-

2'000

4'000

6'000

8'000

10'000

12'000

14'000

16'000

HY 2011 HY 2012

EBIT 14'487 13'799

EBIT Margin(in % of Sales)

6.9% 6.6%

EBIT Margin -0.3 percentage points

EBIT-4.8%


EBIT by Business Lines.

Media:

EBIT on Prior Year Level

Audience:

EBIT increase due to cost

savings and one time impact

Interactive:

Difficult first 6 months,

ongoing international rollout

-

500

1,000

1,500

2,000

2,500

3,000

HY 2011

HY 2012

EBIT 1,598 2,612

EBIT Margin 4.2% 9.4%

EBIT+63.5%

-

200

400

600

800

1,000

1,200

1,400

1,600

HY 2011

HY 2012

EBIT 1,428 190

EBIT Margin 7.1% 1.0%

EBIT-86.7%


Optimised Cost Structure Within the Business Line Audience.

Key Figures – Relative Share by Business Line

HY

2011

HY

2012

74%

16%

10%

Net Sales Gross Profit OPEX (excl. Amortization)

EBIT

58%24%

18%

42%

32%

26%

85%

8%7%

66%

18%

16%

51%

21%

28%

86%

13%1%

Media Audience Interactive

79%

12%

9%


Lower Costs Between EBIT and Net Profit.

Other Expenses, NCI

-8'000

-7'000

-6'000

-5'000

-4'000

-3'000

-2'000

-1'000

0

HY 2011 HY 2012

Financial Result -390 -376

Income Taxes -3'875 -3'630

Non Controlling Interests -6'425 -6'392

Net profit/(loss) f.disc.operations

-724 0

Total -11'414 -10'398

in T

CH

F


Double Digit Growth of the Net Income (+11%).

Net Profit, attributable to the Goldbach Group shareholders

3'0733'401

0

500

1'000

1'500

2'000

2'500

3'000

3'500

4'000

HY 2011 HY 2012

in T

CH

F

Net Profit +11%


Lower Balance Sheet Due to Seasonality.

-

20'000

40'000

60'000

80'000

100'000

120'000

140'000

160'000

180'000

200'000

YE 2011 HY 2012 YE 2011 HY 2012

Equity 62'073 55'059

Non-current Liabilities 35'084 35'315

Current Liabilities 100'359 84'438

Non-current Assets 47'185 48'586

Current Assets 150'331 126'226

Total 197'516 174'812 197'516 174'812

in T

CH

F


Balance Sheet

Equity Ratio of 31.5 %.

Equity, Equity Ratio


62.1

+ 9.8 0 -17.3

- 0.6

+ 55.1

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

EquityDec 11

Profit for the period CTA Dividends Other Movements EquityJune 12

in m

CH

F

Positive Operating Cash Flow.

Cash Flow Statement

0

10'000

20'000

30'000

40'000

50'000

60'000

70'000

80'000

90'000

Cash BalanceYE 2011

Operating CF Investing CF Financing CF FX Difference Cash BalanceHY 2012

in T

CH

F

3'065 -1'928-18'218

-41 57'237

74'359


/ Guidance:

- Sales on prior year level

- Increasing profitability and net profit growth

/ Depending on:

- Macroeconomic Development

- Development of FX-rates

Outlook.


GOLDBACH GROUP AG

Seestrasse 39

8700 Küsnacht

www.goldbachgroup.com

Klaus Kappeler

[email protected]

Stephan Bergamin

[email protected]


All the opinions and forecasts contained in this presentation are expressed and made

exclusively by Goldbach Group. Opinions and forecasts are forward-looking statements

that use expressions such as "expect", "believe", "attempt", "estimate", "intend",

"assume", "try" and similar formulations. These statements express Goldbach Group's

intentions, views or current expectations and assumptions. These forward looking

statements are based on current plans, estimates and forecasts made by Goldbach

Group in good faith, but no claims are made for their future accuracy. Forward-looking

statements involve risks and uncertainties that tend to be difficult to predict and that do

not usually lie within Goldbach Group's sphere of influence, or that of persons working

with Goldbach Group. It should be noted that actual events and consequences may

differ from those expressed or contained in the forward-looking statements, or turn out

to be more negative than expressly or implicitly assumed or described in this

presentation. This presentation does not constitutes a recommendation to buy

Goldbach Group shares.

Disclaimer.

Interim Report 2012 / Orientation - Goldbach0 10 20 30 40 50 60 70 80 HY 2011 HY 2012 Online 69 59 CHF Gross Revenues CH - Market-14.5% 0 2 4 6 8 10 12 14 16 18 HY 2011 HY 2012 Online

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