Announcement No. 8-2007 22 May 2007 Profit announcement for the three months ended 31 March 2007 The work to build up Danware subsidiaries in the United States, the UK and Germany is progressing to plan, the number of Danware partners is growing steadily and several initiatives are currently underway to produce the revenue improvement expected for 2007. We achieved the revenue increase projected for the first quarter and won several major orders. The net profit is in line with budgets and we maintain our guidance for 2007 of 33-38% revenue growth. In the first quarter, Danware launched the new product NetOp Instruct, which is based on NetOp School, and we now have two dedicated IT-based teaching knowledge sharing products for educational institutions and for businesses and organisations. Q1 2007 revenue was DKK 23.4m, an 8% increase from DKK 21.6m in Q1 2006. Growth in the EMEA region was 9% up on the year-earlier period, while revenue in the Americas region was up by 11%. The Q1 Desktop Management revenue was DKK 18.0m, as compared with DKK 15.6m in Q1 2006. Q1 Education revenue was DKK 4.9m, as compared with DKK 5.6m in Q1 2006. Operating profit before depreciation and amortisation (EBITDA) was DKK 0.1m in Q1 2007, which was in line with expectations, compared with DKK 2.1m in Q1 2006. EBIT was a loss of DKK 1.7m in Q1 2007 compared with a profit of DKK 1.0m in the same period of last year. The fall in profit was mainly due to costs related to the implementation of the new sales and marketing strategy involving Danware subsidiaries. Danware recorded a Q1 2007 net loss of DKK 0.7m against a DKK 1.0m profit in the year-earlier period. We maintain our full-year 2007 forecasts of revenue of DKK 130-135m and EBITDA of approximately DKK 16m.