Closing of the disposal of substantial holdings to CEGEKA GROEP

BRAIN FORCE HOLDING AG hereby announces that the transfer of the shares in BRAIN FORCE SOFTWARE GmbH (Germany) and BRAIN FORCE S.P.A. (Italy) to CEGEKA GROEP has been closed.

Based on the EBIT result as of 30 September 2014 (the “Cut-Off Day”) the purchase price has been adjusted and as of today amounts to EUR 21.5 million. The purchase price will be increased by any cash and cash equivalents existing on the Cut-Off Day respectively reduced by interest bearing financial obligations of BRAIN FORCE SOFTWARE GmbH (Germany) and BRAIN FORCE S.P.A. (Italy) towards third parties as of the Cut-Off Day.