Interim report January 1 – March 31, 2010

A stable quarter – The operating margin was 23%, adjusted for costs related to the acquisition of Neonet.

Following the initial acceptance of Orc’s offer by 97% of Neonet’s shareholders, the process to integrate the two companies is now in full swing. Operating income for the first quarter of 2010 was charged with SEK 11.7m in costs related to the acquisition and was also affected by foreign exchange losses totaling SEK 3.2m, compared to exchange gains of SEK 5.1m in the first quarter of 2009. Adjusted for acquisition costs and Foreign exchange differences, operating income would be SEK 42.1m for Q1 2010, as against SEK 42.5m for Q1 2009, and the operating margin would be 25%, as against 26%. Neonet will be included in Orc Software’s interim reporting as of Q2 2010. The annualized contract value (ACV) at the end of Q1 2010 was SEK 653.3m (690.3), a decrease of SEK 37.0m, or 5%, compared to Q1 2009. On a fixed exchange rate basis, the ACV increased by SEK 49.0m, or 7%. January - March 2010 • Operating revenue of SEK 170.4m (163.8) • Revenue growth of 4% • Operating income of SEK 27.2m (47.7) • Operating margin of SEK 16% (29) • Income after tax of SEK 18.9m (34.0) • Basic earnings per share of SEK 1.22 (2.23) CEO Thomas Bill comments: I am satisfied to report that 97% of the shareholders in Neonet accepted our offer to merge the two companies. The process to integrate and develop our operations is in full swing and proceeding as planned. Our conviction that it would be right to merge the companies has become stronger as we have gotten to know Neonet even better. Together, we have good possibilities to create a leading global company in financial technology and services. Customers have also received the merger positively and we already have a number of combined business deals in progress as a result. On the whole, this makes us feel confident that we will be able to achieve the synergistic effects we described when we presented the acquisition. Orc’s first quarter showed stable growth. New sales were on the same level as in the first quarter of last year. Contract reductions and cancellations (churn) were considerably lower than the average during 2009. We have started to increase the number of staff in the development organization, as we announced at year-end 2009, which will enable us to deliver more competitive solutions to the global financial market. Costs are developing according to plan. We are paying attention to a number of factors that might slow our growth in the near term, such as the weakening of the euro and US dollar, and the risk that the positive churn trend will be broken. I look with confidence to the rest of 2010, when we will create an even stronger Orc together with our colleagues from Neonet. This, in turn, will provide us with a new platform for profitable growth.