PSI GROUP - Second quarter 2011 results

HIGHLIGHTS

• Operating revenues of MNOK 125.7 in the second quarter 2011 (MNOK 112.6), an increase of 11.6 per cent. In the first half 2011 operating revenue were MNOK 243.9 (MNOK 218.8), an increase of 11.5 per cent.

• EBITDA of MNOK 15.4 in the second quarter 2011 (MNOK 12.1), an increase of 27.8 per cent. In first half 2011 EBITDA was MNOK 28.1 (MNOK 19.6), an increase of 43.7 per cent. EBITDA for the first half of 2011 has been charged with costs of MNOK 2.8 in connection with the sale process of the business area Cash Management CIT / ATM.

• Positive cash flow from operating activities of MNOK 4.8 (MNOK 13.0). In first half 2011 the cash flow from operating activities was MNOK 10.5 (MNOK -6.9).

• The sales agreement of MSEK 190 regarding business area Cash Management CIT/ATM is planned to be terminated due to payment default from the buyer.

• The business area Cash Management CIT/ATM is shown as discontinued operations per 30.06.2011, but will again be included in the Groups continued operations as of 3 quarter.

The Group generated operating revenues of NOK 125.7 million in the second quarter 2011, compared with NOK 112.6 million in the corresponding period in 2010, an increase of 11.6 per cent.

Operating profit before depreciation (EBITDA) in the second quarter 2011 was NOK 15.4 million, an increase of NOK 3.4 million from the corresponding period in 2010.

Despite considerable effort and patience from the company's management and its advisors, including the granting of a number of new deadlines after the original deadline 1 March, the buyer of the business area Cash Management CIT/ATM failed to meet his obligations. The sales agreement of MSEK 190 regarding business area Cash Management CIT/ATM is likely to be terminated by PSI due to payment default from the buyer.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.