Half-Year-Report 2007

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H A L F - Y E A R - R E P O R T 2 0 0 7 | C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S | N OT E S | C O R P O R AT E C A L E N D E R

TOMORROW FOCUS AG

HALF-YEAR-REPORT AS OF JUNE 30, 2007

DEAR TOMORROW FOCUS AG SHAREHOLDERS,

In the first half of the current financial year 2007, TOMORROW FOCUS AG achieved € 32.2 million in sales after € 27.4 million over the same period in the previous year. In spite of losses in Portal sales due to the modified partnership with MSN, sales rose by 18 % overall. Sales in the second quarter of 2007 were increased to € 17.4 million, equivalent to a 18 % year-on-year improvement (previous year: € 14.7 million). TOMORROW FOCUS AG’s first-half operative development accordingly progressed much more positively than anticipated and successfully continued the previously initiated margin-strengthening measures. First-half earnings before interest, taxes, depreciation and amortization (EBITDA) totaled € 3.8 million after € 1.8 million the previous year, a 111 % increase. Earnings before taxes (EBT) in the same period amounted to € 2.6 million after € 1.2 million the year before. Including € (0.3) million in final consolidation of discontinued operations, consolidated net profit totaled € 1.7 million in the first half of the current financial year 2007, representing an 89 % improvement on the previous year’s € 0.9 million.

According to Nielsen Media Research, gross advertising sales from January to June 2007 totaled € 474 million. Due to additional figures re-ported by online marketers and to adjustment of campaign valuations on the basis of agreed conventions, the new method of compiling Nielsen Online data leads at media schedule level to a change in Nielsen Online advertising statistics. Figures for the previous year are no longer shown. In the first half, the heaviest advertising investment in the online medium was made by online service providers with a total of € 81.1 million, followed by telecom providers with € 41.7 million, financial service providers with € 34.4 million, retailers with € 33.1 million and the e-commerce industry with € 26.5 million. Between them, these five industries account for 45.7 % of online medium advertising expenditure. In overall sales recorded by Nielsen Media Research for the entire German advertising market, first-half investment in the classic media, in-cluding direct mail, online and cinema advertising, amounted to € 10.1 billion. In Germany, € 4.2 billion was spent on TV advertising, while € 2.7 billion was invested in advertising in daily newspapers and around € 2.0 billion in general interest magazines. Online advertising’s growing share of the advertising market is now 3 %, or still a very small proportion when compared with market shares in the United States or the United Kingdom.

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COURSE OF BUSINESS

Online Coverage

The latest AGOF Internet facts, 2007-I, confirms TOMORROW FOCUS AG’s leading position among online marketers and the media. With 12 million unique users per month and 31.1 % coverage of online users, the marketing group holds a strong fourth place behind United Internet Media (18.8 million), Interactive Media (17.05 million) and SevenOne Interactive (16.75 million unique users). The TOMORROW FOCUS network boasts a wider coverage than any of its online competitors in the publishing segment.

With MAP24, Chip, Focus, HolidayCheck,Antenne Bayern,TV Spielfilm and TV Today,TOMORROW FOCUS AG accounts for seven brands among the 100 largest websites in the AGOF ranking.

Although a number of portals sustained temporary traffic losses due to the modification of the MSN contract, substantial investment in TOMORROW FOCUS AG’s own brands resulted in three successful relaunches of Focus, FitForFun and Max. Further relaunches of AMICA, CINEMA and TV Spielfilm are planned for the third quarter of this year. Growth in overall marketing coverage was achieved by means of above-average increases by brands such as Chip and HolidayCheck. More marketing partners from the Web 2.0 environment such as Sevenload, Piczo and Schwarze Karte will be listed in the next wave and will trigger further coverage growth.

About AGOF

Arbeitsgemeinschaft Online-Forschung (AGOF) was founded in December 2002 to ensure transparency and practical standards in Internet and online advertising research irrespective of individual interests. Its aim is to establish the new uniform coverage currency in the market as the basis for online media planning.

PREMIUM PUBLISHERS ONLINE:

NEW EUROPEAN MARKETING NETWORK

In the first half of the current financial year, TOMORROW FOCUS AG launched an international marketing offensive. On TOMORROW FOCUS’s initiative, leading European publishers joined forces in setting up a European marketing network under the name PREMIUM PUBLISHERS ONLINE (PPO). Its quality portfolio starts with six partners and 40.2 million unique users in eight European countries. By the year’s end, the network is to be extended to around ten partners.

The PREMIUM PUBLISHERS ONLINE quality network is TOMORROW FOCUS AG’s response to growing demand among international media agencies for comfortable one-stop Internet advertising shopping in several countries at the same time. In its four-year MSN marketing coop-eration until the end of 2006, TOMORROW FOCUS AG built up extensive international sales know-how and last year earned well over 10 % of its sales in international campaigns. At the same time, the Group is paving the way for further international activities after the successful expansion of HolidayCheck AG.

The company estimates the market volume for pan-European bookings this year at around € 130 million net. Compared with the players that have been relevant until now, such as AOL, MSN and Yahoo, PREMIUM PUBLISHERS ONLINE is the ideal add-on in the quality editorial envi-ronment segment for agencies and advertisers.

In the PPO core member-country the UK, the Daily Mail and General Trust plc (DMGT) is the strategic partner with premium media such as the Daily Mail, Metro and This is London. The UK network reaches 3.8 million users, giving it 12.3 % coverage of the British online community. In { around 5.6 million unique users. One of the largest networks in the PPO portfolio is that of El Mundo in Spain, which with 9.1 million users

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and 19.6 % coverage. The third-largest community is that of the Agora Group in Poland. With 5.1 million users, Gazeta reaches around 38.8 % of the Polish Internet community. Thus, PPO does justice to the growing demand for advertising environments in Eastern Europe in the Eastern European country with the highest Internet penetration.

FURTHER MARKETING PARTNERS IN THE WEB 2.0 NETWORK

As marketer of publishers’ websites with the highest coverage in Germany also extended its portfolio toward Web 2.0 marketing in the second quarter of the current financial year. Three new partners were gained for a start. Sevenload, Piczo, Schwarze Karte and existing partner HolidayCheck account for more than 500 million additional page impressions. They were combined in a new Web 2.0 marketing segment. With its strong alignment of marketing decision makers toward community portals, TOMORROW FOCUS AG is the first marketer in Germany to bundle its Web 2.0 offerings. Using behavioral targeting tools and newly developed offerings, customers are provided with a wide range of new advertising opportunities.

The portfolio is to be extended step by step to include other premium providers with a view to making a significant seven-digit contribution toward sales in its first year.

SHARE PRICE

In recent months, the TOMORROW FOCUS AG share price has settled down at over € 3.00. After the HolidayCheck and ElitePartner acquisitions, the analysts anticipate a share price of at least € 4.00 for a time. In addition, from the third quarter TOMORROW FOCUS AG will be covered by LBBW and Viscardi Securities. TOMORROW FOCUS AG will have six banks that provide regular coverage and publish regular reports on the company.

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Aug Sep Oct Nov Dec 2007 Feb Mar Apr May Jun Jul

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The TOMORROW FOCUS Share Price

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DISCONTINUED OPERATIONS

As requested by IFRS 5 presented financials have been corrected by discontinued operation of Travelnet.The former division Travelnet is shown separately in the notes.

SALES DEVELOPMENT

In the first half of the current financial year 2007, TOMORROW FOCUS AG sales totaled € 32.2 million after € 27.4 million in the same period of the previous year. Sales in the second quarter of 2007 amounted to € 17.4 million, equivalent to a 18 % year-on-year improvement (pre-vious year: € 14.7 million).

EARNINGS, EXPENSES AND INVESTMENTS

In the first half of the current financial year, TOMORROW FOCUS AG’s earnings before interest, taxes, depreciation and amortization (EBITDA) totaled € 3.8 million, which was a marked improvement on the previous year’s € 1.8 million. After € 1.7 million in depreciation, the operating result (EBIT) in the reporting period amounted to € 2.1 million (previous year: € 0.8 million). Earnings before taxes (EBT) added up to € 2.6 million, compared with € 1.1 million the previous year. In the first half of the current financial year, TOMORROW FOCUS AG earned € 1.7 million before minority interests. The previous year’s result amounted to € 0.9 million. With 42.9 million shares in circulation, earnings per share amounted to € 0.01 at the end of the second quarter.

The cost of materials in the first six months of the current financial year fell to € 11.7 million after € 12.2 million the previous year. In the first half-year, personnel expenses rose from € 8.2 million in 2006 to € 9.7 million in 2007 after acquisitions, equivalent to an increase of around 18 %. Other operating expenses amounting to € 10.1 million were higher than the previous year’s € 6.8 million due to the acquisition of HolidayCheck and the full consolidation of Playboy.

TOMORROW FOCUS AG invested around € 3.02 million in fixed intangible and € 0.96 million in fixed tangible assets in the second quarter of the current financial year.

SEGMENT REPORT

Portal activities made very pleasing progress in the first half of the current financial year. After the modification of cooperation with MSN

comparison with the previous year is possible to only a limited extent. Sales in the first half amounted to € 12.1 million after € 18.4 million the previous year. The relaunches of brand portals and the focus on new moving image applications, on Mein FOCUS and on setting up com-munities have led to a significant increase in time spent per portal site visit.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the first half of 2007 totaled € 0.6 million. The operating result (EBIT) in this period amounted to € 0.2 million, while earning after taxes amounted to € 0.1 million. Portal sales in the second quarter totaled € 6.1 million, compared with € 6.0 million the previous quarter. Earnings before interest, taxes, depreciation and amortization amounted to € 0.3 million, compared with € 0.2 million in the first quarter of 2007. Earnings before taxes (EBT) rose to € 0.1 million after € 0.05 million in the previous quarter.

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Technology activities totaled € 3.8 million external sales in the first half of 2007. They included € 2.2 million in one-off sales from the disposal

of software in connection with a leasing agreement with Deutsche Leasing GmbH. This item has no effect on results. The segment’s contribution toward total sales (internal and external) is, therefore, on a par with the previous year. Earnings before interest, taxes, depreciation and amor-tization amounted to € 0.6 million in the first half of the current financial year after K€ 76 in the previous year. The period result improved in the reporting period from € (0.3) million to € (0.2) million.

Developments in TOMORROW FOCUS AG’s E-Commerce segment were outstanding. Sales in the previous Equity Investments division amounted to € 16.8 million in the first half of 2007.This segment includes the operating business of HolidayCheck AG and Playboy Deutschland Publishing GmbH and, up until the end of July, the business of Bellevue and more GmbH. In the future it will also include the business of EliteMedianet GmbH with its ElitePartner portal. In the first half of the current financial year, the segment’s earnings before interest, taxes, de-preciation and amortization totaled € 4.8 million. The operating result (EBIT) for the period amounted to € 4.2 million and net profit for the year added up to € 3.5 million.

EMPLOYEES

In the first half of 2007 TOMORROW FOCUS AG had 298 employees. BELLEVUE AND MORE AG is included on quota basis by 42 percent.

OUTLOOK

TOMORROW FOCUS AG’s published first-half results vindicate the consistent portfolio adjustment undertaken by the Management Board duo Winners and Schuh. After the Travelnet and BELLEVUE AND MORE disposals, TOMORROW FOCUS AG is now focused on optimizing its own brand portals by means of new applications and is consistently expanding business with further transaction platforms. In spite of investment in international expansion, the HolidayCheck AG travel platform is achieving high-margin growth. In ElitePartner,TOMORROW FOCUS AG now has another string to its bow in the high-growth transaction segment.

TOMORROW FOCUS AG is currently engaged in specific equity investment and takeover negotiations with other Internet enterprises. Its aim is to strengthen the advertising-financed portals and e-commerce segments by means of further acquisitions in the third quarter of 2007 and to improve profit margins further.

TOMORROW FOCUS AG’s business activities have progressed above plan in 2007 to date. Advance advertising bookings for the current third quarter have been pleasingly positive in spite of the customarily weak summer months. On the basis of information currently available, the Management Board reaffirms its forecast for the full year 2007 of € 70 million in sales and an EBITDA of € 10 million.

The Management Board Munich, August 9, 2007

Stefan Winners Christoph Schuh

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TOMORROW FOCUS AG

Consolidated Balance Sheet as of June 30, 2007

in K€ 06/30/2007 06/30/2006 12/31/2006

ASSETS

FIXED ASSETS Intangible assets

Franchises, industrial rights and similar rights and assets

and licenses in such rights and assets 8,044 2,662 6,108

Internally developed software 4,639 4,306 6,793

Goodwill 22,785 3,803 23,618

Payments on account 50 0 60

35,518 10,771 36,579 Property, plant and equipment

Other equipment, furniture and fixtures 684 677 660

Financial assets

Investments 0 26 0

Loans to companies in which

participations are held 0 155 0

Other loans 1,602 1,617 1,609

1,602 1,798 1,609

Receivables and other assets

Receivables from affiliated companies 31 30 31

Other assets 605 644 612

636 674 643

Deferred taxes 3,997 3,789 4,087

TOTAL LONG-TERM ASSETS 42,437 17,709 43,578

CURRENT ASSETS Inventories

Raw materials, consumables and supplies 36 32 46

Work in progress 599 356 378

Finished goods and goods for resale 345 144 170

Advance payments 16 0 19

996 532 613

Receivables and other assets

Trade account receivables 5,011 6,466 8,808

Receivables from long-term construction contracts 72 1,633 1,672 Receivables from affiliated companies 2,022 1,638 1,123 Receivables from companies

in which participations are held 0 9 26

Receivables from income taxes 525 0 216

Other assets 1,837 2,559 1,642

9,467 12,305 13,487

Cash and cash equivalents 21,319 24,125 23,630

TOTAL CURRENT ASSETS 31,782 36,962 37,730

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TOMORROW FOCUS AG

Consolidated Balance Sheet as of June 30, 2007

in K€ 06/30/2007 06/30/2006 12/31/2006

EQUITY AND LIABILITIES

EQUITY AND RESERVES

Common stock 42,856 42,856 42,856

Capital reserve 102,737 102,721 102,737

Currency reserve (1,131) 0 (468)

Net accumulated deficit (100,534) (104,491) (101,028)

Minority interests 4,463 0 3,292

TOTAL EQUITY AND RESERVES 48,391 41,086 47,389

LIABILITIES

LONG-TERM LIABILITIES

Provisions for pensions

and similar obligation 13 11 12

Deferred taxes 610 0 677

Other provisions 185 134 375

Other liabilities 6,805 0 9,286

TOTAL LONG-TERM LIABILITIES 7,613 145 10,350

SHORT-TERM LIABILITIES

Liabilities due to banks 28 0 0

Payments received on account of orders 0 387 1,296

Trade account payables 8,475 8,048 8,955

Other provisions 1,117 504 812

Liabilities to affiliated companies 2,166 1,241 1,633 Liabilities to companies

in which investments are held 0 0 2

Liabilities on income tax 587 386 1,022

Other liabilities 5,842 2,874 9,849

TOTAL SHORT-TERM LIABILITIES 18,215 13,440 23,569

TOTAL LIABILITIES 25,828 13,585 33,919

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TOMORROW FOCUS AG

Consolidated Income Statement from January 1 to June 30, 2007

01/01/– 01/01/– 04/01/– 04/01/–

in K€ 06/30/2007 06/30/2006 06/30/2007 06/30/2006

Sales 32,169 27,441 17,431 14,740

Other operating income 1,663 1,063 747 413

Changes in inventory (39) (1) 85 14

Own work capitalized 1,590 469 818 378

Cost of materials (11,744) (12,183) (6,829) (6,352)

Personnel expenses (9,678) (8,208) (4,656) (4,143)

Amortization and depreciation

of fixed intangible and tangible assets (1,671) (1,019) (948) (508) Other operating expenses (10,143) (6,793) (5,671) (3,760)

Other taxes (1) (12) 0 (10)

Operating result 2,146 757 977 772

Financial and related income 783 412 370 233

Financial and related expenses (371) (2) (131) 0

Financial result 412 410 239 233

Earnings before taxes 2,558 1,167 1,216 1,005

Income taxes (632) (219) (280) (99)

Deferred taxes 39 68 88 (91)

Tax result (593) (151) (192) (190)

Additional after tax result of discontinued divisions (1,467) (145) (1,283) (16) Additional after tax result from the valuation and

deconsolidation of discontinued divisions 1,187 0 1,187 0

Additional after tax result of

discontinued divisions (280) (145) (96) (16)

Consolidated net income 1,685 871 928 799

of which allotted to:

Shareholders of the parent company 494 871 208 799

Minority interests 1,191 0 720 0

1,685 871 928 799

€ €

Earnings per share (basic and diluted) 0.01 0.02

Average number of basic shares outstanding 42,856,475 42,856,475 Average number of diluted shares outstanding 42,856,475 42,856,475

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TOMORROW FOCUS AG

Consolidated Cash Flow Statement from January 1 to June 30, 2007

01/01/– 01/01/–

in K€ 06/30/2007 06/30/2006

CASH FLOW FROM OPERATING ACTIVITIES

+ Net profit for the reporting period 494 871

Adjustments to reconcile

the net loss for the year with income/expenses:

– Interest income (793) (352)

+ Interest expenses 371 27

+ Depreciation and amortization

of fixed intangible and tangible assets 1,671 1,019 + Depreciation and amortization of financial assets 28 0 – Deconsolidation income from travelnet cruise GmbH (1,641) 0 –/+ Exchange-rate induced increase or decrease in foreign exchange holdings (212) 0 –/+ unrealized exchange losses/profits on financial assets

that affect operating result at the current value to be agreed 2 46 –/+ Performance components allotted to minorities 1,191 0

–/+ Change in taxes (39) 181

+ Increase in provisions for pensions 1 1

Operating results before changes in net current assets: 1,073 1,793

–/+ Profit/loss from the disposal of fixed assets (157) (33) –/+ Increase/decrease in the assets that cannot be

allocated to investing or financing activities 1,583 (18) +/– Increase/decrease in liabilities that cannot be

allocated to investing or financing activities (2,535) (1.851) – /+ Change in receivables/payables vis-à-vis affiliated

companies and associated companies 1,244 (558)

Cash flow from operating activities 1,208 (667)

– Interest payments (27) (27)

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TOMORROW FOCUS AG

Consolidated Cash Flow Statement from January 1 to June 30, 2007

01/01/– 01/01/–

in K€ 06/30/2007 06/30/2006

CASH FLOW FROM INVESTING ACTIVITIES

+ Cash receipts from the disposal of

fixed intangible and tangible assets 3,077 0

– Cash disbursements for investments in

fixed intangible and tangible assets (1,956) (739) – Cash disbursements for investments in financial assets (2) (28)

+ Cash receipts from interests 1,159 306

+ Cash receipts from the disposal of financial assets 10 389 – Cash disbursements arising from the aquisition of consolidated

companies less cash and cash equivalents acquired 1) _{(6,334) 0}

= Net cash flow from investing activities (4,046) (72)

CASH FLOW FROM FINANCING ACTIVITIES

– Redemption of financial lease obligations (26) 0

= Net cash flow from financing activities (26) 0

+/– Change from the conversion of cash flow

at average cost with no effect on payment (49) 0

+/– Change in value of the amount of cash and cash equivalents

due to a change in market price on the reporting date (150) 0 +/– Exchange-rate induced increase or decrease in foreign exchange holdings 212 0

Net decrease in cash and cash equivalents (2,878) (766)

+ Changes in financial resources fund based on the consolidated group 2) ₅₆₇ ₀

+ Cash and cash equivalents at the beginning

of the financial year 23,630 24,891

= Cash and cash equivalents at the end of the reporting year 21,319 24,125 Additional disclosures

In financial year 2007 K€ 1,039 were paid for taxes so far (previous year: incoming tax payments: K€ 840).

Footnote:

1) During the financial year, this item includes the price for the purchase of 0.39 % of Playboy Deutschland Publishing GmbH less the decrease in cash and cash equivalents due to the deconsolidation of travelnet cruise GmbH and increased by the payment of the second purchase price tranche of HolidayCheck AG. 2) This position includes an addition to the amount of cash and cash equivalents from the increased allotment of Playboy Deutschland Publishing GmbH,

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TOMORROW FOCUS AG

Statement of Changes in Shareholders’ Equity from January 1 to June 30, 2007

Group equity allotted to shareholders

Common Capital Currency Net acc. Minority Total

in K€ stock reserve reserve deficit Total interests Equity

January 1, 2006 42,856 102,721 0 (105,362) 40,215 0 40,215

Net profit for the year

for the first six months of 2006 0 0 0 871 871 0 871

June 30, 2006 42,856 102,721 0 (104,491) 41,086 0 41,086

January 1, 2007 42,856 102,737 (468) (101,028) 44,097 3,292 47,389

Translation differences when translating foreign

business operations 0 0 (663) 0 (663) (224) (887)

Net profit for the year

for the first six months of 2007 0 0 0 494 494 1,191 1.685 Minority interests in the capital

(excluding share in net profit for the year) 0 0 0 0 0 204 204

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TOMORROW FOCUS AG

NOTES FOR THE SECOND QUARTER 2007

BASIS OF CONSOLIDATION AND CONSOLIDATION METHOD

In TOMORROW FOCUS AG’s consolidated financial statements for the period from January 1 to June 30, 2007, the basis of consolidation was comprised of six German subsidiaries and three joint ventures.

Inclusion in TFAG’s Capital interest Consolidated

Company in % Financial Statements

TOMORROW FOCUS AG – –

TOMORROW FOCUS Technologies GmbH 100 Full consolidation

TOMORROW FOCUS Portal GmbH 100 Full consolidation

TF Beteiligungs GmbH 100 Full consolidation

TOMORROW Technologies GmbH 100 Full consolidation

CELLULAR GmbH 100 Full consolidation

HolidayCheck AG 51 Full consolidation

Playboy Deutschland Publishing GmbH 50.39 Full consolidation

BELLEVUE AND MORE GmbH 41.71 On a quota basis

CHANGES IN THE BASIS OF CONSOLIDATION

travelnet cruise GmbH

Insolvency proceedings were opened for travelnet cruise GmbH on July 9, 2007. The company is no longer operational in the second half of 2007. As a result, travelnet cruise GmbH was deconsolidated on June 30, 2007. There was a resulting deconsolidation effect of € 1.6 million. € 1.0 million is due to results from previous financial years. At the same time, a € 1.6 million Tomorrow Focus Technologies GmbH loan to Travelnet cruise GmbH was value-adjusted by the sum of € 1.4 million.

DISCONTINUED OPERATIONS

Travelnet

The Travelnet division covered the Travelnet cruise GmbH’s ship division and TOMORROW FOCUS Technologies GmbH’s hotel division. Travelnet was sold by TOMORROW FOCUS Technologies GmbH to Lufthansa Systems Network GmbH with a contract of sale dated May 21, 2007. The transfer took place on June 1, 2007. Sale proceeds amounted to € 1.7 million.

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In respect of travelnet cruise GmbH, we refer to the notes on the change in the basis of consolidation.

Figures for the Travelnet division were recorded in accordance with IFRS 5 as a discontinued division. Earnings after taxes amounted to € (0.3) million.

Results for the Travelnet division are as follows:

01/01/–06/30/ 01/01/–06/30/

Figures in K€ 2007 2006

Income 317 1.217

Expenses (636) (1.306)

Operating result (EBIT) (319) (89)

Financial result (30) (25)

Earnings before taxes (EBT) (349) (114)

Tax result 69 (31)

Result for the division in the reporting period (280) (145)

MATTERS OF SIGNIFICANCE FOR THE FINANCIAL POSITION AND RESULTS

To facilitate year-on-year comparability of long-term and short-term cash and cash equivalents, securities (other loans) must be added to the cash and cash equivalents shown in the balance sheet, as must the previous year’s loan to an affiliated entity.

In EUR million 06/30/2007 06/30/2006

Cash and cash equivalents in balance sheet 20.3 24.1

Other loans/securities 1.5 1.7

Total cash and cash equivalents (long-term and short-term) 21.8 25.8

ACCOUNTING PRINCIPLES

The report for this half-year was prepared in accordance with IAS 34. In compliance with IASC regulations, consolidated financial statements as of June 30, 2007 were prepared in accordance with International Financial Reporting Standards (IFRS).

ACCOUNTING AND VALUATION METHODS

Individual accounts for the entities in which equity investments are held are prepared as of the consolidated financial statements’ closing date. To prepare the consolidated financial statements, the Management Board must use the best possible estimates and assumptions, based on the latest current information, that have an effect on the stated values of assets and liabilities and on the details of contingent assets and li-abilities as of the reporting date, and which influence balance sheet income and expenditure in the reporting period. Actual subsequent re-sults may differ from these estimates.

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MATERIAL EVENTS SINCE THE END OF THE INTERIM REPORTING PERIOD THAT ARE NOT REFLECTED IN THE REPORT FOR THE INTERIM REPORTING PERIOD

Sale of BELLEVUE AND MORE GmbH

Shares amounting to 41.71 % in BELLEVUE AND MORE GmbH were sold to Verlagsgruppe Handelsblatt for € 7.1 million with a contract dated July 4, 2007. The transfer takes place on August 1, 2007. Deconsolidation of the company takes place as of July 31, 2007.

Purchase of EliteMedianet GmbH

Shares amounting to 63% in EliteMedianet GmbH were acquired with a contract dated July 5, 2007. The purchase price amounted to € 8.4 million, not including a capital increase of € 1.0 million. EliteMedianet GmbH will be included in the TOMORROW FOCUS AG consolidated financial statements as of July 1, 2007.

RESPONSIBILITY STATEMENT BY THE MANAGEMENT

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consoli-dated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.

Munich, Germany, August 2007

TOMORROW FOCUS AG The Executive Board

Disclaimer

This quarterly report has not been audited. It contains statements and information about the future that are based on the assumptions and estimates of the Executive Board of TOMORROW FOCUS AG. These statements are identifiable by words and phrases such as “plan”, “intend”, “will”, “expect”, “we feel” etc. and are based on current expectations, assumptions and assessments. Although we feel that these expectations are realistic, we cannot guarantee their correctness. The assumptions may be subject to several internal and external risks and uncertainties, which may lead to the actual results deviating considerably, either positively or negatively, from the situations and figures forecast. The following in-fluencing factors are relevant in this respect: changes in the general economic and business situation; changes in interest rates and foreign currency exchange rates; changes in the competitive situation, for instance by the emergence of new competitors, new products and services or new technologies; changes in the consumer habits of target customer groups etc.; and changes to the business strategy. TOMORROW FOCUS AG does not plan to update its forecasts, nor does it make any commitment to do so.

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H A L F - Y E A R - R E P O R T 2 0 0 7 | C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S | N OT E S | C O R P O R AT E C A L E N D E R E-Commer ce Portal (befor e: Equity inter ests) Technology Administr ation Consolidation Gr oup 01/01/–06/30/ 01/01/–06/30/ 01/01/–06/30/ 01/01/–06/30/ 01/01/–06/30/ 01/01/–06/30/ eport 2006 2007 2006 2007 2006* 2007 2006 2007 2006 2007 2006* 2007 K€ K€ K€ K€ K€ K€ K€ K€ K€ K€ K€ K€ 17,802 11,558 7,088 16,763 2,551 3,848 0 0 0 0 27,441 32,169 583 512 208 189 2,288 3,325 515 562 (3,594) (4,588) 0 0 18,385 12,070 7,296 16,952 4,839 7,173 515 562 (3,594) (4,588) 27,441 32,169 e inter ests , eciation and A) 3,153 565 870 4,805 73 565 (2,240 ) (2,118) (80) 0 1,776 3,817 and amortization 681 632 42 562 282 446 29 31 (15) 0 1,019 1,671 2,472 (67) 828 4,243 (209) 119 (2,269) (2,149) (65) 0 757 2,146 142 233 24 (177) (124) (156) 367 512 1 0 410 412 befor e taxes (EBT) 2,614 166 852 4,066 (333) (37) (1,902) (1,637) (64) 0 1,167 2,558 (132) (59) (223) (582) 196 134 8 (86) 0 0 (151) (593) 0 0 0 0 (145) (280) 0 0 0 0 (145) (280) 2,482 107 629 3,484 (282) (183) (1,894) (1,723) (64) 0 871 1,685 2,482 107 629 2,293 (282) (183) (1,894) (1,723) (64) 0 871 494 0 0 0 1,191 0 0 0 0 0 0 0 1,191

TOMORROW FOCUS AG

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TOMORROW FOCUS AG

Segment Report as of June 30, 2007

E-Commer ce Portal (befor e: Equity inter ests) Technology Administr ation Consolidierung Gr oup 2007 2007 2007 2007 2007 2007 eport Q1 Q2 Q1 Q2 Q1* Q2 Q1 Q2 Q1 Q2 Q1* Q2 K € K € K € K € K € K € K € K € K € K € K € K € 5,878 5,680 7,569 9,194 1,291 2,557 0 0 0 0 14,738 17,431 77 435 185 4 1,754 1,571 295 267 (2,311) (2,277) 0 0 5,955 6,115 7,754 9,198 3,045 4,128 295 267 (2,311) (2,277) 14,738 17,431 e inter ests , eciation and A) 232 333 2,311 2,494 285 280 (1,014) (1,104) 78 (78) 1,892 1,925 and amortization 295 337 280 282 134 312 14 17 0 0 723 948 (63) (4) 2,031 2,212 151 (32) (1,028) (1,121) 78 (78) 1,169 977 114 119 (197) 20 (65) (91) 321 191 0 0 173 239 befor e taxes (EBT) 51 115 1,834 2,232 86 (123) (707) (930) 78 (78) 1,342 1,216 (24) (35) (249) (333) (79) 213 (49) (37) 0 0 (401) (192) 0 0 0 0 (184) (96) 0 0 0 0 (184) (96) 27 80 1,585 1,899 (177) (6) (756) (967) 78 (78) 757 928 27 80 1,114 1,179 (177) (6) (756) (967) 78 (78) 286 208 0 0 471 720 0 0 0 0 0 0 471 720

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CORPORATE CALENDAR 2007

10 May 2007 Publishing of Quarterly Report 1/2007

27 June 2007 Shareholders’ Meeting of TOMORROW FOCUS AG Haus der Bayerischen Wirtschaft

Max-Joseph-Str. 5 80333 Munich

9 August 2007 Publishing of Quarterly Report 2/2007

8 November 2007 Publishing of Quarterly Report 3/2007

November 2007 Analysts’ Conference / Frankfurt (Main)

CONTACT

TOMORROW FOCUS AG

Investor Relations Phone: 0049- (0) 89/92 50-12 56

Ariane Meynert Fax: 0049- (0) 89/92 50-15 15 Steinhauserstraße 1–3 E-mail: [email protected] 81677 Munich, Germany www.tomorrow-focus.de

PUBLISHING DETAILS

Published by: Translation:

TOMORROW FOCUS AG, Munich EnglishBusiness Gbr, Hamburg

Editor: Layout:

Ariane Meynert Silke Rabung

Bloomoon Communication & Design www.bloomoon.de