D+S europe AG: Publication of an error in the financial reporting in accordance with Sect. 37 q Para. 2 Securities Trading Act (WpHG)

Audit statement by Deutsche Prüfstelle für Rechnungslegung e.V.
(German Financial Reporting Enforcement Panel) in connection with
consolidated financial statements and annual balance sheet 2007 of
D+S europe AG

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Hamburg (euro adhoc) - Hamburg, January 29, 2009. The consolidated
financial statements (IFRS) and the annual balance sheet of (GCC) of
D+S europe AG as of December 31, 2007 were subject of a sampling
audit by Deutsche Prüfstelle für Rechnungslegung e.V. (German
Financial Reporting Enforcement Panel), Berlin ("Audit Panel").

In the course of this procedure the audit panel asserted that in the
consolidated financial statements (IFRS) of D+S europe AG as of
December 31, 2007 an effect from the reduction of deferred taxes on
the liabilities side stemming from the acquisition of the Heycom
Group in the amount of EUR 4.035 million were wrongly offset against
shareholders` equity direct, as the change in deferred taxes on the
liabilities side did not result from the acquisition of the
enterprise but from the effects of the corporate tax reform in 2008.
In this respect the effect from the change in tax rate must be
carried in the profit and loss account. The consolidated financial
statements (IFRS) of D+S europe AG was audited by the company´s
auditor and received the auditor´s unconditional confirmation.

Meanwhile D+S europe AG and the company´s Auditor agree to the
opinion of the Audit Panel that this amount should be carried as tax
yield in the profit and loss account of the year 2007, thus
augmenting the consolidated financial net profit of 2007 by EUR 4.035
million. This fact will be accounted for in the annual consolidated
financial statements of 2008 by correction of the 2007 figures. The
audit statement of the Audit Panel does not affect shareholders`
equity of the Group for the business year 2007.

Moreover the Audit Panel asserted that in the consolidated financial
statements (IFRS) and the Group management report of D+S europe AG as
of December 31, 2007 proceeds from stock option transactions in the
amount of EUR 3.0 million were not commented sufficiently. According
to the Audit Panel, apart from the explanations given on this issue
it would have been expedient to explain that call options on shares
held in the portfolio were sold to the enterprise of a former member
of the Supervisory Board and that the option premium of EUR 3.0
million was collected with effect on the income statement due to the
irrevocable waiver by the option buyer made shortly afterwards.

Furthermore, the Audit Panel asserted that the proceeds from the
above mentioned option premiums of EUR 1.2 million accruing to D+S
europe AG for the same reason are not to be carried as other
operating income but as extraordinary income in the consolidated
financial statements of D+S europe AG as of December 31, 2007 (GCC).
Hereby the result of common business operations of D+S europe AG
decreases by EUR 1.2 million to EUR 12.6 million. The annual surplus
remains unchanged. With regard to the annual balance sheet of D+S
europe AG the Audit Panel also asserted that the option transaction
was not sufficiently commented on in the Notes.

D+S europe AG and the annual and Group Auditor agree to the
statements of the Audit Panel. This fact will be accounted for in the
consolidated financial statements and the annual balance sheet of
December 31, 2008 as well as in the management report 2008, by
correction of the 2007 figures and statements. The audit statement of
the Audit Panel does not affect shareholders` equity of the Group for
the business year 2007.

No further audit statements were made. As from today D+S europe AG
agrees to the audit statements described above. Thus the Audit
Panel´s decision is conclusive and the audit completed.

About D+S europe: D+S europe AG is Germany´s largest listed solutions
provider for comprehensive e-commerce and customer contact
management. Regardless of the communication channel, whether via
fixed or mobile network, by Internet, TV or in writing, D+S europe
manages the contacts of internationally leading enterprises with
millions of private customers. D+S europe operates online shops and
their Europe-wide e-commerce business for renowned brand
manufacturers. For further information please refer to
www.dseurope.ag.

end of announcement euro adhoc
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ots Originaltext: D+S europe AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Bernd Humke

Director M&A / Corporate Finance

Tel.: +49 (0)40 4114-0

E-Mail: investor-relations@dseurope.ag

Branche: Advertising
ISIN: DE0005336804
WKN: 533680
Index: CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
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