DJ DGAP-IRE: Navigator Equity Solutions SE: Interim Statement of Navigator Equity Solutions SE as of November 20, 2009

Navigator Equity Solutions SE Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]

20.11.2009

Interim report according to Article 37x of the WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Interim Statement of Navigator Equity Solutions SE as of November 20, 2009

Key Figures

EURk Q3 2009 Q3 2008

unaudited

Total income 5,083 3,910

Operating income 82 -1,484

Operating margin 1.6% n. a.

Income before tax 50 -1,432

Pre-tax margin 1.0% n. a.

Income for the period -96 -1,544

Attributable to:

Shareholders -327 -1,578

Minority interests 231 35

Income margin n. a. n. a.

Shares outstanding 123,352,178 135,511,500

Earnings per share -0.00 -0.01

Management Report

Economic and Business Environment

According to first statistical data on the economic development in the
third quarter 2009, the gross domestic product (GDP) of the Euro zone
showed an increase of 0.4% against the previous quarter (q2 2009) and a
decrease of 4.1% against the previous year (q3 2008). In September 2009,
industrial production in the Euro zone was up 0.3% compared to August 2009.
Yet, industrial production was still down 12.9% from the September 2008
level, hinting at the significant extent of the past recession. In Germany,
GDP was up 0.7% against q2 2009 and down 4.7% against q3 2008. In the US
these figures amounted to 0.9% and -2.3% respectively. In Japan, the GDP
was up 1.2% from the second quarter of 2009. Thus for now, the economic
downturn of the past quarters has come to an end and we have seen a
stabilisation of the economic environment on the current level.

Private Equity

Data from the unquote' Private Equity Barometer indicates that the European
private equity market has also stopped its downturn and gained some new
strength in the third quarter of 2009. Against the previous quarter, total
deal numbers increased by 11% and deal volume more than doubled to 9.6bn
euros. The buy-out sector showed similar patterns. Here deal numbers were
up 30% and deal volume also more than doubled to 8.0bn euros (+135%). The
rise in market activity concentrated especially on the mid-market segment
(deal size between 100m euros and 1.0bn euros). Deal numbers doubled from
10 to 21 and deal volume increased by 125% to 4.8bn euros. Also, the third
quarter has seen the first transaction in the top-market segment (deal size
greater than 1.0bn euros) since Q4 2008. This transaction had a volume of
1.7bn euros.

Public Equity

As the positive signs from the economic development continued, the stock
markets also kept up their upward trend in the third quarter. Except for
the comparably poor performance of the NIKKEI 225 (+3.6%) we have seen
major indices rise between another 15% and 20%. Given the flat development
of the markets in the first six months, this is also close to the markets'
year-to-date performance. Thus, we have seen a rather stable basis for
investments in public equity in the reporting period.

Financial Markets

While the stock markets have continued their positive development, listing
activity is still low. In the second half of the year, Deutsche Börse AG
has recorded one IPO on the regulated market (2008: 0), no IPO on the Entry
Standard segment (2008: 0), four listings on the Entry Standard Segment
(2008: 0) and twelve listings (2008: 69) on the Open Market (First
Quotation Board) so far. The latter representing a decrease of more almost
83% against the previous year. These figures indicate an ongoing difficult
environment for our investment banking services.

Mergers & Acquisitions

Based on information from mergermarket, European M&A activity in the third
quarter of 2009 still continued its downturn. According to the industry
experts, total deal numbers were about 685 (-44% vs. previous year) and
total deal volume was close to USD 70bn (-78% vs. previous year). Against
the previous quarter, deal numbers also showed a significant drop of more
than 170 transactions while deal volume has seen a slight increase. So far
this year, total deal numbers amounted to 2,348 (-47%) and deal volume was
down 70% to USD 251.3bn. The generally reduced M&A activity in Europe also
hints at the difficult business environment for our M&A advisory services
in the reporting period.

Business Situation of Navigator Equity Solutions SE

Investment Business

IT Competence Group N.V.

As the IT services market has been hit harder than expected by the general
economic downturn in the course of the year, IT Competence Group N.V. has
seen a quite volatile development of its business so far in the second half
of the year. According to information of the industry organisation BITKOM,
the aggregate German IT market is expected to decline by 2.6% in 2009. The
IT hardware segment will be down 6.5%, the software segment will fall 3.2%
and the IT services segment will remain stable with a loss of 0.2%.
Compared to the positive expectations at the beginning of the year, these
figures indicate a significant deterioration of the market environment
throughout the year.

As the development of incoming orders has been rather weak in comparison to
the previous year and order backlog is some 10% below previous year's
level, IT Competence Group N.V. is expecting to see a decrease in both
revenues and operating result (EBIT) for the full fiscal year. However, in
order to maintain profitability the management has taken suitable actions
to reduce costs and to optimise internal structures and processes.
Therefore, IT Competence Group N.V. now expects to generate revenues for
the full fiscal year of approx. 11.0m euros and an operating result (EBIT)
of approx. 0.4m euros.

Kaldron N.V.

Kaldron N.V.'s operating subsidiary Lambion energy solutions GmbH has
started successfully with its sales initiative at a number of selected
municipal energy suppliers. The company is seeing good interest in joint
projects from several energy suppliers. Yet, such projects require a lead
time of at least one year. Lambion has also started another new sales
initiative with furniture manufacturers. Here the company can pride itself
of an excellent reference project with the renowned German kitchen
furniture manufacturer nobilia. Further sales activities are planned for
the food industry, airports, barracks, etc. In terms of international
expansion, the company is initiating several interesting extra-European
co-operations in China, Canada and India. Moreover, Lambion will introduce
a new product for the combustion of sewage sludge until the end of the
year.

In spite of the economic crisis, Lambion energy solutions GmbH expects to
generate a significant increase in both revenues and earnings for the
fiscal year 2009 compared to 2008. However, due to some customers'
financing problems, postponements of orders and moratoriums on new
investments the company expects a declining demand in the year 2010. The
management hopes to compensate this decline through increased sales
activity.

Financial Services Business

Due to the still unfavourable business conditions on the financial markets,
the development of our financial services business in the reporting period
was flat for both, our investment banking business and our consulting
business. From this point of view, Germany is currently lagging behind the
development on the international, especially Asian, markets.

Development of Earnings, Assets and Financial Situation

Revenue development

In the third quarter of the fiscal year 2009, the Group generated operating
sales of 5.3m euros (2008: 5.3m euros). Thereof, 2.7m euros (2008: 3.4m
euros) are attributable to IT Competence Group N.V., 2.2m (2008: 1.6m
euros) to Kaldron N.V. and 0.3m (2008: 0.3m euros) to The Ascendo Group
N.V.

Taking into account revenues from other investment activities of -0.2m
euros (2008: -1.4m euros), the Group's total revenues amounted to 5.1m
euros (2008: 3.9m euros).

Earnings development

EBIT (operating income) for the third quarter of 2009 amounted to 0.1m
euros (2008: -1.5m euros). Here, IT Competence Group N.V. accounted for
0.2m euros (2008: 0.2m euros), Kaldron N.V. accounted for 0.4m euros (2008:
0.0m euros) and The Ascendo Group N.V. for -0.1m euros (2008: -0.2m euros).

Net income for the period amounted to -0.1m euros (2008: -1.5m euros).
Thereof, -0.3m euros were attributable to shareholders of the company and
0.2m euros were attributable to minority interests.

Balance Sheet

As of 30 September, 2009, the balance sheet total decreased from 33.8m
euros to 24.2m euros, mainly as a result of the capital reduction and the
repayment of funds amounting to 6.6m euros to our shareholders as well as
reduced liabilities.

Segment Information for the Third Quarter

EURk Financial Services Direct Investments Holding Eliminations
Consolidation

2009

Total Income 256 4,958 31 -163 5,083

EBIT -73 620 -318 -147 82

Net income for the period -199 349 -327 80 -96

EURk Financial Services Direct Investments Holding Eliminations
Consolidation

2008

Total Income 410 5,016 -1,384 -131 3,910

EBIT -166 234 -1,578 27 -1,484

Net income for the period -170 100 -1,578 105 -1,544

Outlook

On October 9, 2009, the International Monetary Fund (IMF) has published its
new World Economic Outlook. According to the IMF, financial conditions have
improved due to unprecedented public intervention and the macroeconomic
situation is set for a stabilisation. Still, the IMF also warns that it is
unclear as to how far this initial recovery will go and if it is really the
indication of a strong sustainable recovery. The IMF expects the pace of
recovery to be rather slow, and global economic activity to remain still

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November 20, 2009 09:47 ET (14:47 GMT)