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Appendix IV<br />
12/12<br />
With regard to achieving revenues, winning orders and therefore the use of capacity, we fully<br />
expect fluctuations during the fiscal year 2004/2005. It is just as likely for jobs to be delayed as<br />
for us to be given jobs that we know nothing about today. For this reason future developments<br />
in the business and revenues will be dependent on developments in the global economic<br />
situation, which can only be predicted shortly before they occur, and the willingness of our<br />
target markets to invest.<br />
Overall, <strong>Utimaco</strong>'s successful reorganization and positioning as a specialist supplier of<br />
software-based solutions for personal device security and transaction security in the areas of<br />
business activity in which it operates, and with the products and services it offers, should form<br />
a good basis for a satisfactory fiscal year. On the basis of its planning the company expects<br />
growth to continue in the fiscal year 2004/2005, but expects the year-end surplus to be lower<br />
than that of the year under review, due to the planned higher development and marketing<br />
costs for extending its market share.<br />
Oberursel, Germany, 23rd September 2004<br />
Martin Wülfert<br />
Chief Executive Office<br />
Christian Bohne<br />
Chief <strong>Financial</strong> Officer
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