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					Q2   Interim Report
     as of June 30, 2011
lloyd fonds interim report q11 – 2011




KEY PERFORMANCE INDICATORS AS OF
JUNE 30, 2011 (IFRS)

T1                                               H1-2011    H1-2010    Q2-2011    Q2-2010
Sales                                              5,987     10,448      3,244      4,767
Recurring income                                   5,080      5,296      2,563      2,594
EBIT                                               -5,148     8,937     -2,386      9,570
Consolidated net loss for the period               -4,541     4,935      -2,301     7,955
EBIT margin (%)                                    -86.0       85.5       -73.6     200.8
Return on sales (%)                                -75.8       47.2       -70.9     166.9


Total assets                                      46,862     59,704
Equity                                             3,643      7,578
Equity ratio (%)                                      7.8      12.7


Loss per share (1)                                 -0.36       0.39       -0.18      0.63


Average headcount                                    116        110        115        110
Personnel expenses                                 4,878       4,161     2,474      2,156
Personnel expense ratio (%)                         81.5       39.8       76.3       45.2
Employees (as of june 30)                            113        105




FUND PERFORMANCE

Mio. 1                                           H1-2011    H1-2010    Q2-2011    Q2-2010
Equity placements                                   14.6       30.5        7.9       21.5
 of which in umbrella funds                            -        0.2          -        0.1
 of which in the form of restructuring capital       7.7       14.6        3.0       13.1


Cumulative equity placements under management      1,821      1,782
Cumulative investment volume under management      4,301      4,290


Cumulative equity placements                       1,965      1,927
Cumulative investment volume                       4,682      4,671


Assets held under trust, cumulative                1,584      1,609


Number of funds initiated, cumulative               104          99


Number of subscribers                            52,223     51,543*

* Adjusted.
                                                                                                             lloyd fonds interim report q11 – 2011


                                                                                                               Letter from the Management Board 3




LETTER FROM THE MANAGEMENT BOARD

Ladies and gentlemen,
dear shareholders,

Lloyd Fonds’ performance in the first six months of 2011 paints a         an aircraft fund which combines two high fliers in the air travel
mixed picture: Against the backdrop of the European and US debt           industry - namely the Airbus A380 and Singapore Airlines.
crisis and the persistent uncertainty in the financial markets, there
is still appreciable restraint towards long-term investments. These       Lloyd Fonds A380 Singapore Airlines is a fund with excellent
figures are again reflected in the sector-wide figures published          placement potential. The world’s largest passenger aircraft, the
by the Association of Initiators of Closed-End Investment Funds           A380 is characterized by high efficiency in the form of low fuel
(VGF), according to which a figure of € 803.2 million was collected       consumption, among other things. The aircraft is being leased to
across the sector as a whole in the first quarter. As the first half of   Singapore Airlines for a fixed period of at least ten years. Numerous
the year continued, fund initiators placed € 1.1 billion, resulting       travel and lifestyle magazines have named Singapore Airlines
in a mid-year total of € 1.9 billion. However, it should be noted that    the world’s best airline on account of its excellent service. The
this figure includes exceptional effects such as the placement of         airline’s majority shareholder is Temasek Holdings, a state-owned
“Deutsche Bank Towers”, which had an issue volume of around               Singapore company, with the highest possible AAA and Aaa awarded
€ 306 million.                                                            by Standard & Poor’s and Moody’s, respectively. With a forecast
                                                                          equity volume of US-$ 87.7 million, the fund will yield an attractive
In the period under review, Lloyd Fonds collected equity of € 14.6        return. The fund loan is expected to be repaid in full within twelve
million across all asset classes, down from € 30.5 million in the         years, while the capital invested will be returned before the expiry
first half of the previous year. Although the placement figures for       of the lease.
the first half of the year fell short of our expectations, we expect
Lloyd Fonds to be able to report generally satisfactory full-year         The underlying conditions for the launch of our new energy fund at
placement performance for 2011 as a whole thanks to the products          the end of June could not have been any better - with the substantial
which we currently have available for subscription. Compared with         increase in importance which they have gained in the energy balan-
the first half of the year, we are ideally positioned with our present    ce, renewable energies have become a growth market par excellence.
range of products to boost placement figures substantially in the         Over the last few years, institutional investors in particular have
second half of the year.                                                  been heavily involved in wind and solar power business. At the
                                                                          same time, technological progress has been proceeding swiftly.
We entered 2011 with two investment funds on our books: the               As a result, regenerative energies are competitive as the technology
Hotel Leipzig Nikolaikirche real estate fund, the last remaining          is mature and the equipment has become more efficient. What is
capital for which was collected in the first quarter, and the Best        more, the sector is able to fall back on a large volume of historical
of Shipping III secondary-market fund, which has met with brisk           data, thus substantially heightening the reliability of feasibility
demand in the past few months in particular. In the second quarter,       studies. To date, institutional investors have been the main ones
our current Dutch real estate fund was opened for subscription,           to benefit from the attractive returns on wind and solar assets.
followed by our innovative energy fund at the end of June. In this        Lloyd Fonds Energie Europa now also offers private investors the
way, we are currently covering the three core asset classes in            possibility of participating in the dawning of a new era in energy
the closed-end investment fund sector, energy, real estate and            via closed-end investment funds.
shipping, which jointly account for more than three quarters of
entire issuing volumes.                                                   The energy fund, which invests in wind and solar power projects in
                                                                          equal measure, has been awarded an “A-” rating by Scope Analysis.
At the beginning of August, a further attractive fund which satisfies     No other fund allows investors to participate simultaneously in
the highest possible standards of quality and - as is the case with       the two main renewable energies markets and to thus earn good
the energy fund Energie Europa - involves only minor financial risks      returns on this new era in energy production. With investments in
for Lloyd Fonds was opened for subscription. We have structured           a total of six wind farms in the United Kingdom and France as well
lloyd fonds interim report q11 – 2011


4 Letter from the Management Board




as two solar plants in Spain and Germany, the broad geographic             further savings in both the cost of materials and staff costs. As a
diversification of this fund is also a unique characteristic.              result, fixed costs will now be fully covered in the future by stable
                                                                           recurring income from trusteeship and management income. With
Both the energy and the aircraft fund are investments in tangible          these cost adjustments and our current products, our earnings
assets with a structure currently also being sought after by many          situation will improve in the future, thus assuring us of a solid
professional investors. For both subscribers and Lloyd Fonds as the        basis for the future.
issuer, the yield on the two funds is appropriate in the light of the
risk assumed. With respect to the energy fund, it has been agreed          We see further vindication of this view in the results of a stu-
that the fund itself will not engage in any final project sourcing         dy performed by Deutsches Institut für Service-Qualität (DISQ),
activities until the limited partnership has been established. In          which confirm the high quality of our service and transparency
connection with Lloyd Fonds A380 Singapore Airlines, the project           in relations with our subscribers and retail partners. Of a total
is being established through the partial use of third-party bridge         of seven fund initiators tested, Lloyd Fonds achieved top place in
finance, which will be repaid step by step using the equity collected.     nearly all categories as well as the top overall rating. The analysis
With these two important top-class funds, we have been able to             of the service provided by Lloyd Fonds highlighted the quality of
avoid issuing any financing guarantee. As a result, we have been           the telephone and e-mail contact in subscriber and retail partner
able to prove that it is possible to avoid what in some cases are the      relationship management. We also came first in the transparency
considerable financial risks to which investment fund initiators           analysis. Further proof of the Lloyd Fonds Group’s dedication to
have hitherto been exposed in the arrangement of new funds. We             service can also be seen in the intensified support which retail
have thus taken a major step forward in our efforts to become a            partners received during the placement of the energy fund.
low-risk fund arranger in the structuring of our projects and proved
the feasibility of this approach.                                          We are observing the current turbulence in the financial markets
                                                                           with concern. The decline in global equities markets in the first
In line with our high quality and value standards, our current real        few weeks of the third quarter has particularly affected financial
estate fund is likely to be one of the last closed-end real estate funds   stocks and has not left Lloyd Fonds stock unscathed, either. The
to combine attractive returns for subscribers with relatively low risk.    task at hand is now to regain investors‘ confidence with convincing
This is because current trends in the real estate market are placing       work, outstanding projects, rising placement figures and a return in
a damper on the issue of new fund products. The availability of            the near future to profitability. We will be working hard to achieve
real estate suitable for inclusion in investment funds and in top A1       this and still plan to pay the reduced liability release compensation
locations, preferably newly constructed buildings with top tenants         agreed upon with the banks before the end of this year. This will
and, at most, Green Building certification is limited. The sharp rise      create a new basis for confidence in our Company. In addition, we
in sourcing prices and climbing interest rates in the euro zone            are continuing to target a placement volume of € 150 million by
are also proving to be an obstacle to the creation of lucrative real       the end of the year.
estate funds. Accordingly, we are observing the market carefully
and concentrating on achieving full subscription of our excellent          We wish to express our gratitude to our shareholders, staff, business
Lloyd Fonds Holland Utrecht real estate fund.                              partners and customers for their loyalty and trust.

Despite the encouraging large-volume projects which were finalized         Yours sincerely
at the end of June and in the third quarter, we had no alternative
but to streamline the Company’s cost structures again and to bring
them into line with recurring income in the course of the period
under review due to the net loss of € 4.5 million sustained in
the first half of the year and the muted placement figures across
the closed-end investment fund sector as a whole. This entailed            Dr. Torsten Teichert                      Michael F. Seidel
                                                                                                         lloyd fonds interim report q11 – 2011


                                                                                                                          Lloyd Fonds stock 5




LLOYD FONDS STOCK
Equities markets were fairly volatile during the entire first half     STOCK PERFORMANCE
of the year. Concerns surrounding the difficult financial situation
of numerous countries in Europe as well as in the United States        Lloyd Fonds stock was highly volatile in the period under review.
exerted massive pressure on global equities and capital markets        At the beginning of the year, investors paid particularly close
in the period under review. In addition, the earthquake crisis in      attention to listed investment fund initiators. Starting from a low
Japan and the political turmoil in North Africa and the Middle         level, their stock prices almost doubled in the first six weeks of
East aroused fears on the part of many investors. Despite these        the new year, accompanied by a sharp rise in trading volumes.
sources of strain, the DAX continued on the upward trajectory          However, as the year unfolded, listed investment fund initiators
which it had entered in the previous year, advancing by 5.8 % in       shed these gains again.
the period under review. After an upbeat start to the year, it hit a
three-year high of 7,527 points, underpinned by favorable economic     The persistently disappointing placement figures for the entire
and company news. By contrast, the Nikkei index retreated by           closed-end investment fund sector and the consolidated net loss
4.7 % in the first half of the year, while the SDAX advanced by        for the first quarter reported by Lloyd Fonds exerted pressure on
4.7 % in the same period.                                              the company’s stock in the second quarter of 2011 in particular.
                                                                       The stock retreated by 22.3 % over the entire period under review,
                                                                       closing at € 1.46 on June 30, 2011.




Performance of the Lloyd Fonds stock
in %
 250
                                                                  Lloyd Fonds AG        SDAX

 200


 150


 100


 50


january 3, 2011                                                                    june 30, 2011
lloyd fonds interim report q11 – 2011


6 Lloyd Fonds stock




SHAREHOLDER STRUCTURE                                                      TRANSPARENT INVESTOR RELATIONS

The Company now has the following shareholder structure:                   We remain committed to supplying the shareholders of Lloyd
                                                                           Fonds AG and all capital market participants with detailed
Shareholder structure
                                                                           information on the current state of our Company, structural
in %                                                                       changes and strategic decisions transparently, swiftly and com-
                                                                           prehensively. This serves the purpose of reinforcing investor
              5,2 4,2                                                      confidence in the Company and Lloyd Fonds stock. Given the
        7,0
                                                                           volatility of its stock during the period under review, the Company
  7,1                                     Freefloat
                                                                           attaches great importance to close contact with investors and
                                          B&P-T Treuhandgesellschaft
                                          Wehr Schiffahrts KG*             the capital market. In this connection, an analyst and investor
                                          Ernst Russ GmbH & Co. KG*        conference was held in mid April 2011 to present the Company’s
                                          Chairman (Dr Torsten Teichert)   annual report.
22,0
                                          Hans-Jürgen Wömpener

                        54,5            *Founding shareholder              Lloyd Fonds stock parameters
                                                                           Ticker                              WKN 617487, ISIN
                                                                                                               DE0006174873,
                                                                                                               ticker (Reuters) L10
                                                                           Market                              Official trading in
                                                                                                               Frankfurt/Main
                                                                           Market segment                      Prime Standard index
                                                                           Subscribed capital                  1 12.7 million
                                                                           Designated sponsors                 DZ BANK AG, Close Brothers
                                                                                                               Seydler Bank AG
                                                                           Number of shares (June 30, 2011)    12,725,367
                                                                           Market capitalization (June 30, 2011) 1 18,579,035
                                                                           Price on June 30, 2011              1 1.46
                                                                                                            lloyd fonds interim report q11 – 2011


                                                                                                        Consolidated Interim Management Report 7



INTERIM MANAGEMENT REPORT
OF THE LLOYD FONDS GROUP
FOR THE FIRST HALF OF 2011

GENERAL ECONOMIC ENVIRONMENT                                            BUSINESS PERFORMANCE

According to the spring analyses issued by leading economic             In the first half of the year, the Lloyd Fond Group’s sales came to
research institutes, the global economy continued to grow at the        € 6.0 million (previous year € 10.4 million). A loss of € 5.1 million
beginning of 2011, underpinned in particular by the dynamic             was sustained at the EBIT level (previous year EBIT of € 8.9 million).
expansion of the emerging markets. The International Monetary           A consolidated net loss of € 4.5 million was recorded for the same
Fund (IMF) forecast a slight slowdown in the rate of global expansion   period (previous year consolidated net profit of € 4.9 million).
for 2011 as a whole, additionally reporting that the risks to the
global economy had risen due to the current weakness of the US          In the first six months of 2011, Lloyd Fonds AG recorded equity
economy and mounting concerns at the difficult situation with           placements of € 14.6 million across all asset classes (previous
respect to public-sector budgets and sovereign debt in the United       year € 30.5 million). This includes € 7.7 million (previous year
States as well as in numerous European countries.                       € 14.6 million) in the form of restructuring capital collected for four
                                                                        existing funds which required additional liquidity as a result of the
Driven by the sharp rise in prices of industrial commodities and        shipping crisis. Equity of € 7.9 million, including € 4.9 million for
foodstuffs since summer 2010, the annualized inflation rate in the      new funds, was collected in the second quarter of 2011.
euro zone climbed to 2.7 % in June 2011, prompting the European
Central Bank (ECB) to raise base rates in the euro zone by 0.25         Transport
percentage points to 1.5 %. This followed on from the hike in April     In the transport asset class comprising shipping, aircraft and the
in the most important rate for the supply of the financial services     secondary market, equity of € 11.5 million was collected in the
industry with central bank money to 1.25 %, up from the record          first half of 2011 (comparison period € 14.8 million), equivalent to
low of 1.0 %, which had been maintained since May 2009. Base            around 78.8 % of the total placement volume in the period under
rates have not yet been raised in the United States, the United         review. Of this, a sum of € 3.7 million was collected for the Best of
Kingdom or Japan.                                                       Shipping III (BOS III) secondary-market fund during the period under
                                                                        review, including around € 3.0 million in the second quarter of the
THE CLOSED-END INVESTMENT FUND SECTOR                                   year. BOS III was analyzed in February by independent research
                                                                        company Feri EuroRating Services, which awarded it a B+ (“good”)
The industry association VGF reports that its members collected         rating. Feri assigned it an A- for its structure, including the low
equity of € 1,060.1 million in the second quarter of 2011 (previous     soft costs, the pro-subscriber exit rules and the attractive potential
year € 1,185.6 billion), translating into a decrease of 10.6 % over     return. In March 2011, the Fund received the 2011 Feri Award in
the previous year but an increase of 32.0 % over the first quarter      the “Ships - Alternative” category. Aircraft investments accounted
of 2011. With equity placements coming to € 531.0 million, closed-      for equity placements of € 0.1 million in the period under review.
end funds investing in real estate in Germany were at the top of the
league in the second quarter of 2011 (q1/2011 € 248.3 million).         The balance of € 7.7 million of the equity placements in the trans-
One exceptional factor in the second quarter was the place-             port asset class (comparison period € 14.6 million) was collected
ment of “Deutsche Bank Towers“ with a placement volume of               for existing funds. All the restructuring plans prepared to date
around € 306 million. Funds investing in foreign real estate            were accepted by the subscribers with a large majority. Thus, in
recorded equity placements of € 121.5 million in the second quar-       some cases, the limited partners paid back in full or in part the
ter (q1/2011 € 196.9 million). The third strongest asset class was      dividends already distributed to support the fund company and to
energy funds for which equity of € 104.4 million was collected in       safeguard its going concern status. Fund management negotiated
the second quarter. Compared with the first quarter, in which a         loan repayment respites with the creditor banks. In addition to
sum of € 58.4 million was collected by energy funds, this consti-       the subscribers’ contribution, this was necessary to overcome the
tutes an increase of 78.8 %. Aircraft funds attracted a volume of       difficult situation facing the ships and to allow the fund companies
€ 51.1 million in the second quarter (q1/2011 € 112.7 million).         to participate in the market recovery. Restructuring of container
lloyd fonds interim report q11 – 2011


8 Consolidated Interim Management Report




ships is for the most part proceeding more successfully than was        Energy
assumed in the going-concern forecasts thanks to the improved           At the end of the second quarter of 2011, Lloyd Fonds launched
income situation in 2011.                                               Lloyd Fonds Energie Europa in a step marking a new generation
                                                                        in closed-end investment funds. This fund is investing in equal
Real estate                                                             measure in wind and solar power plants in four Western European
Equity placements in the real estate asset class came to                countries. The inclusion of investments in the two main renewable
€ 3.0 million in the first half of the year, down from € 15.4 million   energies markets in tandem with the broad geographic diversifi-
in the comparison period. This is equivalent to 20.5 % of the           cation results in maximum stability within the fund. In addition,
total volume of new equity placements. With an equity volume            historical data of more than one year in age is available for 80 %
of € 8 million, the Motel One Leipzig real estate fund was placed       of the assets (in terms of the investment volume), ensuring that
in full at the end of March with a total of 444 subscribers. It was     the entire forecast for the fund is based on resilient data. The
followed in mid April by the launch of the Holland Utrecht real         planned investment volume for Lloyd Fonds Energie Europa equals
estate fund. This fund is investing in an office building which has     € 144.7 million, with equity standing at € 70.0 million. The fund is
been leased to Deloitte Holding B.V. for a minimum period of ten        expected to have a duration of 17 years, with the forecast annual
years. The lease includes a renewal option for a further five years     payouts initially coming to 7 % of the equity invested and later rising
at a time. The planned investment volume for Holland Utrecht            to 10 %. The total forecast flowback stands at around 202 % before
stands at € 30.3 million, with equity coming to € 15.5 million. It      tax. The fund has been awarded an “A-” rating by Scope Analysis
has a planned duration of ten years with forecast annual dividends      and a “very good” rating by G.U.B.
of a consistent 6 %. Holland Utrecht has been rated “very good”
by independent research company G.U.B., “good” by TKL.Fonds
and “A-” by Scope.
                                                                                                             lloyd fonds interim report q11 – 2011


                                                                                                         Consolidated Interim Management Report 9




RESULTS OF OPERATIONS                                                     (comparison period € 30.5 million). This includes restructuring
                                                                          capital of € 7.7 million (comparison period € 14.6 million) on which
The following notes on the Group’s results of operations analyze the      no commission was earned.
material developments in the period from January 1 to June 30, 2011.
                                                                          The project structuring income of T€ 124 (comparison period
Results of operations for the first half of the year and for the second   T€ 380) in the period under review was primarily attributable to
quarter as well as for the two comparison periods break down as           the Holland Utrecht real estate fund.
follows:
                                                                          Income from the arrangement of financing was also down substan-
                                 H1-2011 H1-2010 Q2-2011 Q2-2010
                                                                          tially on the first half of 2010, dropping sharply from T€ 1,275 to
T1
                                                                          T€ 128. This was partially due to the lower placement volumes in
Sales                              5,987    10,448    3,244      4,767
                                                                          the period under review. At the same time,income of T€ 627 had
Cost of sales                     -1,618    -2,743     -954     -1,619
                                                                          been generated in the previous year from the merger of the two
Personnel expenses                -4,878     -4,161   -2,474    -2,156
                                                                          ship funds Thira Sea and Tosa Sea.
Depreciation, amortization and
impairments                         -517    -1,730      -190      -446
Net other operating expense       -4,062     3,606    -2,434    6,344     Income from trusteeship business was down slightly, dropping from
Share of profit of associates        -60     3,517      422     2,680     T€ 3,825 in the previous year to T€ 3,673 in the period under review.
Net earnings/loss from                                                    Among other things, the change was due to lower arrangement fees,
ordinary activities (EBIT)        -5,148     8,937    -2,386    9,570
                                                                          which are recognized in accordance with the progress made in the
Net finance income/expense           715     -4,170     193     -1,948
                                                                          placement of the fund. Recurring income from ongoing trusteeship
Earnings/loss before taxes
(EBT)                             -4,433     4,767    -2,193    7,622     fees came to T€ 3,641 (comparison period T€ 3,728).
Income taxes                         -108      168      -108      333
Consolidated net profit/                                                  At T€ 1,459 in the first half of 2011, management fees were roughly
loss for the period               -4,541     4,935    -2,301    7,955
                                                                          on a par with the previous year (T€ 1,470). Management fees
                                                                          earned in the period under review comprise amounts totaling
The following changes arose in connection with sales:                     T€ 894 (comparison period T€ 874) received for the management
                                                                          of active funds as well as services to the open-end ship fund LF
                                 H1-2011 H1-2010 Q2-2011 Q2-2010          Open Waters OP of T€ 565 (comparison period T€ 596).
T1
Placement of equity and
                                                                          The cost of sales dropped by T€ 1,125 over the first half of 2010 to
placement guarantees                584      1,752      420       802
Project organization                 124       380       28       100
                                                                          T€ 1,618, reflecting in particular the reduction in sales commis-
Arrangement of financing             128     1,275       84       374
                                                                          sion expense as a result of the aforementioned trends in equity
Trusteeship                        3,673     3,825    1,839      1,911    placements.
Management fees                    1,459     1,470      861       689
Rental income                           -    1,733         -      882     Personnel costs in the first six months of 2011 came to T€ 4,878,
Miscellaneous                         19        13       12          9    up from T€ 4,161 in the previous year. During the period under
Sales                             5,987     10,448    3,244     4,767     review, Lloyd Fonds took further measures to cut costs, including a
                                                                          further reduction in headcount, which initially caused an increase
Compared with the year-ago period, sales dropped by T€ 4,461 to           of T€ 479 in settlement payments and variable remuneration.
T€ 5,987 in the first half of 2011. Among other things, sales for
the year-ago period include rental income of T€ 1,733 earned from         The reduction in employee numbers and personnel costs will
Immobilienportfolio Köln fund, which had been temporarily conso-          not become visible until the fourth quarter of this year at the
lidated. Moreover, income from equity placements and placement            earliest due to the applicable notice periods. For this reason, the
guarantees shrank by T€ 1,168 to T€ 584 due for the most part to          average headcount of 116 for the first half of 2011 is higher than
the low placement figures of € 14.6 million in the first half of 2011     the year-ago figure of 110. The main reason for the slight increase
lloyd fonds interim report q11 – 2011


10 Consolidated Interim Management Report




is the establishment of the new energy asset class. In line with          Following on from the consolidated net profit of T€ 4,935 for the
current plans, the employee numbers will drop to just over 70 as          comparison period of the previous year, which had particularly
of December 31, 2011.                                                     arisen as a result of the positive effect of the deconsolidation of the
                                                                          Immobilienportfolio Köln investment fund, Lloyd Fonds sustained
Depreciation, amortization and impairment losses declined by              a consolidated net loss of T€ 4,541 in the first six months of 2011.
T€ 1,213 over the comparison period to T€ 517 chiefly due to the
absence of the scheduled depreciation recorded in the previous year       NET ASSETS
on the three office buildings in Immobilienportfolio Köln of a total
of T€ 1,218, which had been recognized up until the deconsolidation       The Group’s net assets as of June 30, 2011 and December 31, 2010
of the fund at the end of June 2010.                                      are analyzed in the following table:

In the period under review, net other operating expenses came to          Assets                                      30.06.2011     31.12.2010
T€ 4,062, reversing the net other operating income of T€ 3,606            T1
recorded in the first half of 2010. In the previous year, the net other   Property, plant and equipment
                                                                          and intangible assets                             1,466         1,757
operating income had chiefly reflected the book profit of T€ 7,895
                                                                          Financial assets                                 27,398        28,067
earned on the deconsolidation of Immobilienportfolio Köln at the
                                                                          Receivables and other assets                     11,017         10,141
end of June 2010.
                                                                          Cash and Cash equivalents                         6,981        11,539
                                                                          Total                                           46,862         51,504
The share of profit of associates came to a negative T€ 60, down from
a positive T€ 3,517 in the previous year. In the previous year, this
                                                                          Equity and liabilities                      30.06.2011     31.12.2010
item had included profits of T€ 2,193 from the sale of a 114,000 dwt
                                                                          T1
crude oil tanker by an associate. In addition, currency-translation
                                                                          Consolidated equity                               3,643          7,974
effects arising from the recognition of TVO Income Portfolio L.P.
                                                                          Deferred income tax liabilities                     652           607
caused a decline of T€ 1,660 in this item.
                                                                          Financial liabilities                           13,545         13,939
                                                                          Other liabilities                               29,022         28,984
As a result, the Lloyd Fonds Group sustained a loss at the EBIT
                                                                          Total                                           46,862         51,504
level of T€ 5,148 for the first half of 2011 (comparison period EBIT
of T€ 8,937).
                                                                          As of June 30, 2011, total assets stood at T€ 46,862 and were thus
The net finance income of T€ 715 (comparison period net finance           down T€ 4,642 or 9.0% on the end of 2010.
expense of T€ 4,170) was materially caused by currency translation
gains of T€ 773 (comparison period currency translation losses of         On the assets side, there was chiefly a decline in cash and cash
T€ 1,007) arising chiefly from the end-of-period remeasurement            equivalents (down T€ 4,558) and financial assets (down T€ 669).
of the US-$ denominated loan for financing the investment in TVO          Receivables and other assets moved in the opposite direction,
Income Portfolio L.P. In the previous year, net finance income had        rising by T€ 876.
included both net currency translation losses and the fair-value
remeasurement losses of T€ 2,179 on the interest-rate swaps for           Reference is made to the notes in the section on the Company’s finan-
Immobilienportfolio Köln.                                                 cial condition for details of the change in cash and cash equivalents.

The tax expense of T€ 108 incurred in the period under review             Within financial assets, the carrying amounts of investments
results from assessment notices for 2007. No further tax expense          in associates declined by T€ 1,069. This was chiefly due to the
arose in the period under review due to the income tax fiscal union       share of losses of associates recognized by the Group as well as
established between Lloyd Fonds AG (dominant company) and                 currency translation losses in connection with the recognition
Lloyd Treuhand GmbH (subordinate company).                                at equity of TVO Income Portfolio L.P. On the other hand, the
                                                                          carrying amounts of available-for-sale financial assets increased by
                                                                                                              lloyd fonds interim report q11 – 2011


                                                                                                         Consolidated Interim Management Report 11




a total of T€ 400 due to fair-value remeasurement gains recorded           The net cash outflow of T€ 4,326 from operating activities in the
under equity.                                                              period under review was due to the consolidated net loss before
                                                                           the share of profits of financial assets, interest and taxes.
The increase in receivables and other assets particularly relates to       In addition, the decline in working capital exerted a negative effect
a short-term loan of T€ 750 granted to the Holland Den Haag real           of T€ 644 on cash flow from operating activities, which is calculated
estate fund as well as loan receivables of T€ 650 due from KALP            using the indirect method. The reduced working capital was chiefly
GmbH. Both receivables are due for settlement within one year.             due to the increase in receivables and other assets.

On the other side of the balance sheet, equity declined by T€ 4,331        The net cash outflow from investing activities of T€ 277 was mainly
from T€ 7,974 as of December 31, 2010 to T€ 3,643 as of June 30, 2011      caused by the establishment of new companies in connection with
primarily as a result of the consolidated net loss of T€ 4,541 sustained   the Group’s new investment funds or those still in the development
for the period. The opposite effect arose from the aforementioned          phase.
fair-value remeasurement gains on shares in available-for-sale
financial assets, which were recorded within equity.                       This caused free cash and cash equivalents to contract by T€ 4,567
                                                                           in the first half of the year to T€ 5,721.
The reduction of T€ 394 in financial liabilities to T€ 13,545 also
contributed to the decline in total equity and liabilities. This change    EMPLOYEES
is chiefly due to currency translation effects in connection with loans.
                                                                           As of June 30, 2011, the Lloyd Fonds Group had 113 permanent
FINANCIAL CONDITION                                                        employees (previous year 105). This figure does not include members
                                                                           of the Management Board, employees on extended child-care leave,
The Group’s financial condition in the first half of the year compared     trainees and temporary staff. In the course of the period under
with the same period in the previous year is set out below:                review, Lloyd Fonds continued to streamline its cost structure
                                                                           and bring it into line with the Group’s fixed income. In addition to
                                                H1-2011       H1-2010      cuts in the cost of materials, personnel costs were also reduced in
T1                                                                         this connection. Alongside natural fluctuation, around 20 % of the
Consolidated net profit/loss for the                                       Group’s staff were laid off. The reduction in employee numbers and
period before share of profit of
associates, interest and income tax               -4,315          4,413    personnel costs will not become visible until the fourth quarter
Non-cash expenses and income                        203         -3,029     of this year at the earliest due to the applicable notice periods.
Changes in working capital                         -644          -1,094
Dividends and profit distributions                                         SIGNIFICANT EVENTS AFTER JUNE 30, 2011
received                                            730          2,821
Net interest and income taxes payed                -300           -603     Lloyd Fonds finalised a project involving an Airbus A380 after the
Cash flow from operating activities              -4,326          2,508     end of the period under review. Singapore Airlines is the lessee of
Cash flow from investing activities                 -277           879     what is the world’s most modern and largest passenger aircraft. The
Cash flow from financing activities                  -11            -95    airline’s majority shareholder is Temasek Holdings, a state-owned
Non-cash changes in cash and cash
                                                                           Singapore company, with the highest possible AAA and Aaa awarded
equivalents                                            -         -1,403
                                                                           by Standard & Poor’s and Moody’s, respectively. With an equity
Net cash outflow/inflow                           -4,614         1,889
Cash and cash equivalents at the beginning                                 volume of US-$ 87.7 million, the investment funds was opened for
of the period                                    10,288          6,474     subscription at the beginning of August.
Changes in the companies consolidated                  -         -1.477
Currency translation differences                      47          -103     Lloyd Fonds Energie Europa entered the subscription phase on June
Cash and cash equivalents at the end                                       20, 2011. After just a few weeks, sufficient subscription requests
of the period                                     5,721          6,783
                                                                           were received to indicate that the minimum equity volume will be
lloyd fonds interim report q11 – 2011


12 Consolidated Interim Management Report




achieved. Subscribers will be investing in a closed-end investment      OUTLOOK FOR THE CLOSED-END FUND MARKET
funds offering maximum security.
                                                                        The German Federal Financial Supervisory Authority (BaFin)
In July, Lloyd Fonds AG’s high quality of service and transparency      licensed 41 new closed-end investment funds in the second quarter
in relations with subscribers and retail partners were confirmed in     of 2011, 20 fewer than in the same quarter of the previous year.
a study performed by Deutsches Institut für Service-Qualität (DISQ).    Despite this, the sum total of equity disclosed in issuing pros-
Of a total of seven fund initiators tested, Lloyd Fonds achieved        pectuses across all asset classes rose by 68 % over the previous
top place in nearly all categories as well as the top overall rating.   year to roughly € 1.8 billion. In fact, according to BaFin, there
The analysis of the service provided by Lloyd Fonds highlighted         was an increase of 166 % over the previous quarter. These figures
the quality of the telephone and e-mail contact in subscriber and       reflect the sector-wide trend towards selected high-volume fund
retail partner relationship management. We also came first in the       issues of the type which Lloyd Fonds has arranged with its new
transparency analysis. Further proof of Lloyd Fonds AG’s dedication     energy fund and the aircraft fund.
to service can also be seen in the intensified support which retail
partners received during the placement of the energy fund.              At the beginning of 2011, the Association of Initiators of Closed-
                                                                        End Investment Funds (VGF) was generally optimistic about the
RISK REPORT                                                             prospects for the closed-end investment fund sector. In fact, it
                                                                        forecast substantial growth in placement figures in the real estate,
The following section describes the main changes in the Lloyd Fonds     aircraft and renewable energies asset classes in 2011. According
Group’s risk position since the end of last year. The detailed risk     to current estimates of VGF, trends in renewable energies and the
report starts on pages 72–84 of the annual report for 2010, with        effects of the new era in energy production on the range of products
additional information contained in the interim report on the first     and demand for closed-end funds investing in renewable energies
quarter of 2011 (from page 11). No other reportable event occurred      are of particular interest.
in the second quarter.
                                                                        OUTLOOK FOR THE COMPANY
OUTLOOK FOR THE GLOBAL ECONOMY
                                                                        The expectations for 2011 stated in Lloyd Fonds AG’s 2010 annual
In April 2011, the International Monetary Fund (IMF) forecast           report continue to apply.
global growth of 4.4 % for 2011. Two months later, the IMF revised
this projection slightly downwards to 4.3 %, citing as the reason       In the transport asset class, Lloyd Fonds is concentrating on selected
for this adjustment the slightly slower pace of global expansion in     lucrative projects. Thus, it arranged an Airbus A380 aircraft fund
the second quarter of 2011.                                             with Singapore Airlines at the beginning of August.The A380,
                                                                        which is the world’s most modern and largest passenger aircraft,
In addition, it warned of initial signs of overheating in individual    has been leased for a ten-year period plus renewal options via a
emerging markets and developing countries, in which inflationary        fund with an equity volume of US-$ 87.7 million.
tendencies were strengthening in the wake of broader demand for
foodstuffs and fuel. The IMF writes that economic output in these       In addition, Lloyd Fonds AG‘s investment in KALP GmbH performed
regions will expand by 6.5 % in 2011 and by 6.4 % in 2012, thus         as planned. This company develops and distributes automatic
underpinning global growth to a large degree. Growth of 2.2 % in        lashing platforms known as twist locks for fastening, unfastening
2011 and 2.6 % in 2012 is projected for the industrialized nations.     and stacking containers. Given the strong investor interest, Lloyd
The IMF forecasts global economic growth of 4.5 % in 2012.              Fonds will be placing this development in the capital market via
                                                                        a private placement. Once this investment in maritime logistics
                                                                        has been placed, the loans granted to KALP GmbH will be repaid.
                                                                             lloyd fonds interim report q11 – 2011


                                                                         Consolidated Interim Management Report 13




In the energy asset class, which was established in 2011, Lloyd
Fonds Energie Europa was opened for subscription in June, thus
becoming a crucial pillar of the Lloyd Fonds Group. At the moment,
further energy fund structures are being explored.

Given the sharp rise in sourcing prices for real estate suitable for
inclusion in investment funds and climbing interest rates in the
euro zone, it is currently difficult to structure real estate funds
offering attractive returns. Despite this, Lloyd Fonds will continue
to observe the real estate market closely, although it will not be
initiating any new real estate funds in the next few months.

OPPORTUNITIES

According to economic researchers, the global economy and the
German economy, which is of particular importance for Lloyd Fonds,
will continue on its recovery path in 2011. Although the recovery
in the closed-end investment fund sector is not yet reflected in the
placement figures for the second quarter, Lloyd Fonds expects to
be able to report a substantial increase in equity placements in
the second half of 2011 thanks to the excellent products which it
currently has available for subscription.

With Lloyd Fonds Energie Europa, Lloyd Fonds has the opportunity
of positioning itself as one of the leading initiators of closed-end
energy funds. Even before the subscription phase commenced,
the Airbus A380 fund met with brisk interest on the part of retail
partners and investors, suggesting that the fund will be placed in
full within a short space of time.

In the second quarter, further savings in both the cost of materials
and staff costs were achieved. As a result, fixed costs will be fully
covered in the future by the stable recurring income from trusteeship
and management income. With these cost adjustments, which will
initially become visible in the second half of the year, together with
new projects which will improve the Company’s earning position
in the future, Lloyd Fonds has created a solid basis for the future.
It still plans to pay the reduced liability release compensation in
2011 and is seeking a full-year equity placement volume of € 150
million for 2011.

Detailed information on the Company’s business opportunities can
be found in Lloyd Fonds AG’s annual report for 2010 (page 86).
lloyd fonds interim report q11 – 2011


14 Consolidated Interim Financial Statements (IFRS) Report




INTERIM FINANCIAL STATEMENTS
OF THE LLOYD FONDS GROUP (IFRS)
AS OF JUNE 30, 2011

CONSOLIDATED INCOME STATEMENT
for the period from January 1 to June 30, 2011 and
for the period from April 1 to June 30, 2011
                                                                       Note   H1-2011   H1-2010    Q2-2011   Q2-2010
T1
Sales                                                                   6.1    5,987    10,448      3,244      4,767
Cost of sales                                                           6.2    -1,618    -2,743       -954     -1,619
Personnel expenses                                                      6.3    -4,878     -4,161    -2,474    -2,156
Depreciation, amortization and impairments                              6.4      -517    -1,730       -190      -446
Net other operating expense                                             6.5    -4,062     3,606     -2,434     6,344
Share of profit of associates                                           6.6       -60     3,517       422      2,680
Net profit/loss from ordinary activities                                       -5,148    8,937      -2,386     9,570
Finance income                                                          6.7     1,334     2,263       482      1,498
Finance expense                                                         6.7      -619    -6,433       -289    -3,446
Net profit/loss before taxes                                                   -4,433     4,767     -2,193     7,622
Income taxes                                                            6.8      -108       168       -108       333
Consolidated net profit/loss for the period                                    -4,541    4,935      -2,301     7,955


Earnings/loss per share (diluted/basic) for the period (1 per share)    6.9     -0.36      0.39      -0.18      0.63




CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period from January 1 to June 30, 2011 and
for the period from April 1 to June 30, 2011
                                                                              H1-2011   H1-2010    Q2-2011   Q2-2010
T1
Consolidated net profit/loss for the period                                    -4,541    4,935      -2,301     7,955
Other income components recognized in equity
 Available-for-sale financial assets                                             651       -290       129       -124
 Deferred taxes on these                                                          -45        46        32         20
 Investments in associates                                                       -442     1,155       -131       773
 Currency translation differences                                                 46       -111        25        -75
Other comprehensive income                                                       210       800         55       594
Consolidated comprehensive income                                              -4,331    5,735      -2,246    8,549



The notes on pages 18–25 are an integral part of this interim
financial report.
                                                                            lloyd fonds interim report q11 – 2011


                                                                Consolidated Interim Financial Statements (IFRS) 15




CONSOLIDATED BALANCE SHEET
as of June 30, 2011 in comparison to December 31, 2010


                                                                            Note June 30, 2011 Dec. 31, 2010
T1
Assets
Non-current assets
 Property, plant and equipment                                                                912           1,003
 Intangible assets                                                                           554              754
 Investments in associates                                                    7.1         14,951          16,020
 Available-for-sale financial assets                                          7.2          5,069           4,935
                                                                                         21,486           22,712
Current assets
 Trade and other receivables                                                  7.3          6,661           6,368
 Receivables from related parties                                                          1,590            1,125
 Available-for-sale financial assets                                          7.2          7,378             7,112
 Current income tax assets                                                                 2,766           2,648
 Cash and cash equivalents                                                    7.4          6,981          11,539
                                                                                         25,376          28,792
Total assets                                                                             46,862           51,504
Equity
Share capital                                                                 7.5         12,725          12,725
Additional paid-in capital                                                    7.5         45,432          45,432
Retained earnings                                                             7.5        -54,514          -50,183
Total equity                                                                               3,643            7,974
Liabilities
Non-current liabilities
 Net assets attributable to other limited partners                            7.6           1,150           1,181
 Trade payables                                                                              702              836
 Financial liabilities                                                        7.7              60              71
 Deferred income tax liabilities                                                             652              607
                                                                                           2,564           2,695
Current liabilities
 Trade payables and other liabilities                                                      5,103            4,377
 Liabilities to related parties                                                            6,931            7,602
 Financial liabilities                                                        7.7         13,485          13,868
 Other provisions                                                             7.8         14,143          13,963
 Current income tax liabilities                                                              993            1.025
                                                                                         40,655          40,835
Total liabilities                                                                         43,219         43,530
Total equity and liabilities                                                             46,862           51,504


The notes on pages 18–25 are an integral part of this interim
financial report.
lloyd fonds interim report q11 – 2011


16 Consolidated Interim Financial Statements (IFRS)




CONSOLIDATED CASH FLOW STATEMENT
for the period from January 1 to June 30, 2011

                                                                                                              Note   H1-2011   H1-2010
T1
Cash flow from operating activities
Consolidated net profit/loss for the period before share of profit of associates, interest and income taxes    8.1    -4,315     4,413
Deconsolidation gain                                                                                           6.5         -    -7,884
Depreciation, amortization and imparments on non-current assets                                                6.4       517     1,730
Loss from the sale of non-current assets                                                                       6.5       38       -325
Other non-cash income and expenses                                                                             8.2      -352     3,450
Changes in trade and other receivables and derivative financial instruments                                             -949     2,509
Changes in receivables from related parties                                                                             -539     1,151
Changes in trade payables, other liabilities and derivative financial instruments                                       797       -207
Changes in amounts due to related parties                                                                               -133    -1,747
Changes in other provisions                                                                                             180     -2,800
Interest received                                                                                                        20        120
Interest paid                                                                                                           -158     -1,138
Dividends and profit distributions received                                                                             730      2,821
Income tax refunds received                                                                                              20      1,306
Income taxes paid                                                                                                       -182      -891
Net cash used in/generated from operating activities                                                                  -4,326    2,508
Cash flow from investing activities
Payments made for investments in:
 Intangible assets and property, plant and equipment                                                                     -49       -13
 Available-for-sale financial assets and investments in associates                                                      -229      -622
Proceeds from the disposal of:
 Intangible assets and property, plant and equipment                                                                       -         6
 Available-for-sale financial assets and investments in associates                                                        1      1,508
Net cash used in/generated from investing activities                                                                    -277      879
Cash flow from financing activities
Changes in net assets attributable to other limited partners                                                               -       231
Proceeds from borrowings                                                                                                   -       141
Repayment of borrowings                                                                                                  -11      -467
Net cash used in financing activities                                                                                    -11       -95
Non-cash change in cash and cash equivalents                                                                               -    -1,403
Net decrease/increase of cash and cash equivalents                                                                    -4,614    1,889
Cash and cash equivalents on January 1                                                                                10,288     6,474
Changes in the companies consolidated                                                                                           -1,477
Currency translation differences                                                                                         47       -103
Cash and cash equivalents on June 30                                                                           8.3    5,721     6,783




The notes on pages 18–25 are an integral part of this interim
financial report.
                                                                                                          lloyd fonds interim report q11 – 2011


                                                                                              Consolidated Interim Financial Statements (IFRS) 17




CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period from January 1 to June 30, 2011



                                                                                     Other comprehensive income
                                                                              Available-for-                   Currency
                                       Subscribed      Additional    Retained sale financial Investments     translation
                                           capital paid-in capital   earnings         assets in associates   differences         Total equity
T1
Amount on January 1, 2010                 12,725          45,432     -56,736           360                53                9          1,843
Total net loss recorded within
consolidated equity                              -               -     4,935           -244            1,155             -111          5,735
Amount on June 31, 2010                   12,725          45,432     -51,801           116            1,208             -102           7,578


Amount on January 1, 2011                 12,725          45,432     -54,057         3,480              448              -54           7,974
Total net loss recorded within
consolidated equity                              -               -     -4,541          606              -442              46           -4,331
Amount on June 30, 2011                   12,725          45,432     -58,598         4,086                 6               -8          3,643



The notes on pages 18–25 are an integral part of this interim
financial report.
lloyd fonds interim report q11 – 2011


18 Consolidated Interim Financial Statements (IFRS)




NOTES TO THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2011

1 ACCOUNTING POLICIES                                                   2 COMPANIES CONSOLIDATED

These interim financial statements as of June 30, 2011 have             Three new companies were consolidated for the first time in the
been prepared in accordance with the International Financial            first half of 2011. PPA Beteiligungsgesellschaft mbH, Hamburg,
Reporting Standards (IFRS) adopted and published by the Inter-          was consolidated for the first time in February 2011. The purpose
national Accounting Standards Board (IASB), as endorsed by the          of this company is to acquire, hold, manage and sell shares in
European Union up until June 30, 2011. As a matter of principle,        limited-partnership entities. In March 2011, Lloyd Fonds Energy
Lloyd Fonds early adopts all standards and interpretations.             Management GmbH, Hamburg, and Lloyd Fonds Energy Commercial
                                                                        Services GmbH, Hamburg, were consolidated for the first time. The
In February 2011, the EU Commission endorsed the amendments             purpose of Lloyd Fonds Energy Management GmbH is chiefly to
to existing standards and interpretations arising from the 2008-        manage energy funds, while Lloyd Fonds Commercial Services GmbH
2010 annual improvements project. These amendments did not              provides commercial and consulting services for companies in the
have any effect on the Group’s net assets, financial position or        energy sector. The initial consolidation of these three companies did
results of operations.                                                  not have any material effect on the Lloyd Fonds Group’s net assets,
                                                                        financial position or results of operation.
In the second quarter of 2011, the IASB published the following
new and revised standards, which have not been early adopted            The companies consolidated now comprise the Parent Company as
as they have not yet been endorsed by the EU Commission:                well as 22 subsidiaries.

    IAS 1 “Presentation of Financial Statements” (revised - Phase B)    3 CAPITAL MANAGEMENT
    IAS 19 “Employee Benefits” (revised)
    IAS 27 “Separate Financial Statements” (revised)                    The objectives of the Lloyd Fonds Group with regard to capital
    IAS 28 “Investment in Associates“ (revised)                         management are to maintain an adequate level of equity on a
    IFRS 10 “Consolidated Financial Statements“                         sustained basis and to generate an appropriate return on the
    IFRS 11 “Joint Arrangements”                                        capital employed. In this connection, top priority is given to
    IFRS 12 “Disclosure of Interests in Other Entities”                 the Group’s credit rating. The Group monitors its capital on
    IFRS 13 “Fair Value Measurement”                                    the basis of absolute amounts in the light of its equity ratio.
                                                                        Future changes in capital and possible capital requirements
There were no changes in any of the other accounting policies           are calculated by reference to an integrated planning model
described in the notes to the consolidated financial statements as of   for the coming four years.
December 31, 2010. Accordingly, these interim financial statements
must be read in the light of the disclosures made in the consolidated   As a matter of principle, Lloyd Fonds AG’s capital structure is
financial statements for 2010.                                          managed by means of its dividend policy. In the last two years, no
                                                                        dividend was distributed on account of the Company’s earnings
In accordance with IFRS guidance (IAS 34 “Interim Financial Re-         situation. Moreover, no dividends may be paid out until full
porting”), these interim financial statements have been prepared in     liability release has been achieved.
condensed form compared with the consolidated financial statements
as of December 31, 2010.                                                However, if necessary, the Company would consider issuing fresh
                                                                        shares to improve its equity resources. As of June 30, 2011, the
                                                                        Lloyd Fonds Group’s equity capital stood at T€ 3,643, down from
                                                                        T€ 7,974 at the end of the previous year. The equity ratio came
                                                                        to 7.8 % as of the balance sheet date (December 31, 2010: 15.5 %).
                                                                                                               lloyd fonds interim report q11 – 2011


                                                                                                   Consolidated Interim Financial Statements (IFRS) 19




4 CRITICAL ACCOUNTING ESTIMATES
AND ASSUMPTIONS

In April 2011, Lloyd Fonds re-assessed the share of profits of associa-
tes which it recognizes in response to changed underlying economic
conditions. The changes were made on a prospective basis, resulting
in an increase of a total of T€ 646 in the carrying amount of the
investments in associates, and were reported within profit and loss.

5 SEGMENT INFORMATION

Segment profit/loss for the first half and the second quarter of 2011
breaks down as follows:

                                                                                                    Fund                    All other
H1-2011                                    Transport    Real estate       Energy Other assets manegement Trusteeship       segments             Total
T1
External sales                                  336            490           11            -      1,459          3,673             18         5,987
Other operating income                           25             44           35            -         13             30             93            240
Cost of sales I                                -362           -380           -60          -3       -447           -356            -10         -1,618
Cost of sales II                                 -70           -93           -78          -5          -3            -76          -222           -547
Personnel expenses                            -1,039          -676         -234            -       -506           -581         -1,842         -4,878
Other operating expenses                       -381           -588           -47        -451         -21          -348         -1,919         -3,755
Share of profit of associates                   334             56             -        337         -614              6          -179            -60
Depreciation, amortization
and impairments                                  -36              -            -         -68           -           -50           -363           -517
EBIT                                          -1,193        -1,147         -373        -190         -119        2,298         -4,424          -5,148
Net finance income/expense                       -43              -            -           -        759              -7             6            715
Net profit/loss before taxes                 -1,236         -1,147         -373        -190         640         2,291          -4,418        -4,433



                                                                                                    Fund                     All other
Q2-2011                                    Transport    Real estate       Energy Other assets management Trusteeship        segments            Total
T1
External sales                                  265            260            11           -         861         1,839               8         3,244
Other operating income                            19              7           33           -           3             16             25           103
Cost of sales I                                 -303           -215          -45           1        -213           -176             -3          -954
Cost of sales II                                 -26            -63          -72          -4            -           -41           -107           -313
Personnel expenses                              -521          -308          -125           -        -275          -282           -963          -2,474
Other operating expenses                        -171           -416          -38        -442          -3           -162          -992         -2,224
Share of profit of associates                     80            56             -          66        -150               -          370            422
Depreciation, amortization
and impairments                                     -             -            -           -            -           -16           -174          -190
EBIT                                            -657          -679                      -379        223          1,178         -1,836         -2,386
Net finance income/expense                        -4              -            -           -        232             -21            -14           193
Net profit/loss before taxes                    -661          -679                      -379        455          1,157         -1,850         -2,193
lloyd fonds interim report q11 – 2011


20 Consolidated Interim Financial Statements (IFRS)




                                                                                                 Fund                   All other
H1-2010                                               Transport   Real estate Other assets management    Trusteeship   segments           Total
T1
External sales                                             777        2,538           10        1,549         3,857        1,717        10,448
Other operating income                                     403          294           68           33           381        9,080        10,259
Cost of sales I                                            -463       -1,601          -9         -470           -381        -178         -3,102
Cost of sales II                                            -35         -160          -5            -6           -71        -285          -562
Personnel expenses                                         -459       -1,040            -        -525          -534       -1,603         -4,161
Other operating expenses                                 -1,819        -325         -197         -201          -663       -2,527        -5,732
Share of profit of associates                             2,312            -         264        1,036              -         -95         3,517
Depreciation, amortization
and impairments                                             -27            -            -         -10            -32       -1,661       -1,730
EBIT                                                       689         -294          131        1,406         2,557       4,448          8,937
Net finance income/expense                                 596             -         -23        -1,951           34       -2,826         -4,170
Net profit/loss before taxes                             1,285         -294          108         -545         2,591        1,622         4,767


                                                                                                 Fund                   All other
Q2-2010                                               Transport   Real estate Other assets management    Trusteeship   segments          Total
T1
External sales                                              11        1,262            5         698          1,943         848          4,767
Other operating income                                     249            5          68            22           146        8,887         9,377
Cost of sales I                                           -276         -909           17         -246          -198          -97        -1,709
Cost of sales II                                           -24         -115           -3           -4            -41        -112          -299
Personnel expenses                                        -225         -512            -         -271          -270         -878        -2,156
Other operating expenses                                  -632         -244          -84         -109          -218       -1,357        -2,644
Share of profit of associates                            2,177             -           -         690               -        -187        2,680
Depreciation, amortization
and impairments                                            -13             -           -           -7           -13         -413          -446
EBIT                                                     1,267         -513            3         773          1,349       6,691         9,570
Net finance income/expense                                 483             -         -14         -12             44       -2,449        -1,948
Net profit/loss before taxes                             1,750         -513          -11         761          1,393        4,242         7,622




In the year under review, segment reporting has been extended                  in the previous year there were further presentation differences
with the addition of a new segment, namely the energy asset                    between internal and external reporting with respect to other
class. Since the end of 2010, the cost of sales has been broken                operating income and expenses.
down into cost of sales I and cost of sales II in accordance with
the internal reporting structure. In the year under review, cost               Lloyd Fonds’ internal reporting system does not include any
of sales I is chiefly equivalent to the cost of sales as shown in the          provision for breaking down assets and liabilities by segment
consolidated income statement (see Note 2). Cost of sales II is                as management does not consider this data to be relevant for
included in other operating income/expenses in the consolidated                managing the Group. Accordingly, these disclosures have been
income statement. The figures for the previous year have been                  dispensed with.
restated accordingly. In this connection, it should be noted that
                                                                                                           lloyd fonds interim report q11 – 2011


                                                                                               Consolidated Interim Financial Statements (IFRS) 21




6 NOTES ON THE CONSOLIDATED INCOME                                    6.3 PERSONNEL COSTS
  STATEMENT
                                                                      Composition:
6.1 SALES                                                                                             H1-2011 H1-2010 Q2-2011 Q2-2010
                                                                      T1
Composition:                                                          Wages and salaries                4,371      3,659        2,211      1,891
                             H1-2011 H1-2010 Q2-2011 Q2-2010          Social security                     500         496        259         261
T1                                                                    Post-retirement benefit costs          7          6           4           4
Placement of equity and                                                                                 4,878       4,161      2,474       2,156
placement guarantees             584     1,752       420      802
Project organization             124       380        28       100
Arrangement of financing         128     1,275        84       374
                                                                      The increase in personnel costs from T€ 4,161 to T€ 4,878 is
Trusteeship                     3,673    3,825     1,839     1,911
                                                                      chiefly due to the cost of termination settlements for employees.
Managment fees                  1,459    1,470       861      689
                                                                      The effects of the layoffs will not become visible until the second
Rental income                       -    1,733          -     882
                                                                      half of 2011 due to the applicable notice periods. In addition,
Miscellaneous                      19       13        12         9
                                                                      the average headcount rose from 110 to 116 compared with the
                               5,987    10,448     3,244     4,767
                                                                      year-ago period due to the establishment of the new energy
                                                                      asset class.
Sales dropped by T€ 4,461 over the first half of the previous year
from T€ 10,448 to T€ 5,987 chiefly as a result of the low placement   6.4 DEPRECIATION, AMORTIZATION AND IMPAIRMENT
volumes in the first half of 2011. In addition, Lloyd Fonds had       LOSSES
recorded rental income of T€ 1,733 from Immobilienportfolio Köln
in the year-ago period. As this fund has since been deconsolidated,   Composition:
no further rental income arose.
                                                                                                      H1-2011 H1-2010 Q2-2011 Q2-2010
                                                                      T1
Reference should be made to the section on results of opera-
                                                                      Depreciation, amortization
tions in the management report for further information on the
                                                                      Investment properties                   -     1,218            -       609
breakdown of and changes in sales.                                    Property, plant and equip-
                                                                      ment                                134         150          63         72
6.2 COST OF SALES                                                     Intangible assets                   204         231        100         115
                                                                                                          338      1,599         163         796
Composition:                                                          Impairments
                                                                      Available-for-sale financial
                             H1-2011 H1-2010 Q2-2011 Q2-2010          assets                              179         131          27       -350
T1                                                                    Depreciation, amortization
Commission                        713    1,806       482     1,113    and impairments                     517      1,730         190         446
Cost of services bought          905       937       472      506
                                1,618    2,743      954      1,619
                                                                      In the previous year, the depreciation recognized on investment
                                                                      properties related to the scheduled depreciation on the three
Commission was paid in connection with the placement of               buildings included in Immobilienportfolio Köln up until decon-
equity. The cost of other services bought primarily relates to        solidation of the fund in June 2010.
management services utilized and fund-related marketing and
retailing costs.
lloyd fonds interim report q11 – 2011


22 Consolidated Interim Financial Statements (IFRS)




6.5 OTHER OPERATING INCOME/EXPENSES                                           book profit which had been earned in the previous year on the
                                                                              deconsolidation of the Immobilienportfolio Köln fund.
Composition:
                                                                              6.6 SHARE OF PROFIT OF ASSOCIATES
                                  H1-2011 H1-2010 Q2-2011 Q2-2010
T1                                                                            Composition:
Other operating income
Deconsolidation gain                       -     7,884           -    7,884                                    H1-2011 H1-2010 Q2-2011 Q2-2010
Income from recharged                                                         T1
expenses                                 94           204      49       75    TVO Income Portfolio L.P.,
Remuneration in kind                     78            75      37       38    El Paso, USA                        -624   1,036    -160     690
Derecognition of liabilities             27             -      15         -   KALP GmbH, Böel                     -283     -186    -41      -95
Income from sale of shares                 -          471        -     469    Feedback AG, Hamburg                -224      -52   -100      -52
Reversal of provisions                     -     1,294           -   1,293    Profits from the sale of ships         -    2,193      -    2,193
Other income                             41           443       2      415    Miscellaneous                      1,071     526    723       -56
                                        240    10,371         103    10,174                                        -60   3,517    422    2,680
Other operating expenses
Financial statement, legal
and consulting costs                 -1,231     -1,638       -722    -1,220   In the previous year, the profits on the sale of maritime vessels
Retailing support and                                                         resulted from the sale of a 114,000 dtw crude oil tanker by an
subscriber relations                    -611      -524        -378    -300
                                                                              associate.
Rentals, ancillary rental
costs, cost of premises and
maintenance                             -591      -726       -299      -317   Otherwise, this item includes the share of profits and losses
Impairments on receivables                                                    in the current year as well as income of T€ 646 arising from a
and unrecoverable
receivables                             -557    -1,025       -525       -65   reassessment of the carrying amounts of the management and
Office supplies, IT costs and                                                 general-partner entities, as described in Note 4.
communications                          -444      -436       -222     -228
Motor vehicle and travel                                                      6.7 NET FINANCE INCOME/EXPENSES
costs                                   -352      -315        -190     -158
Insurance and levies                     -89          -91      -39      -54
                                                                              Composition:
Non-deductible input tax                 -81      -328         -55     -174
                                                                                                               H1-2011 H1-2010 Q2-2011 Q2-2010
Other personnel expenses                 -66      -178         -24      -86
                                                                              T1
Costs assumed for fund
companies                                -66          -91      -19      -65   Net profit/loss affiliated
                                                                              entities                            151         -    151        -
Losses from the sale of
equity investments                       -38      -146          1         -   Net interest expense               -209    -3,163    -84   -1,581
                                                                              Net foreign-currency gains/
Other expenses                          -176    -1,267         -65   -1,163
                                                                              losses                              773    -1,007   126      -367
                                    -4,302      -6,765      -2,537   -3,830
                                                                                                                  715    -4,170   193    -1,948
Net other operating
income/expense                      -4,062      3,606       -2,434   6,344

                                                                              Net investment income chiefly comprises dividends received
                                                                              from non-consolidated affiliated companies. Reference should
The change in this item from net other operating income of                    be made to the analysis of the Group’s results of operations in
T€ 3,606 in the previous year to net other operating expense                  the management report for further information on changes in
of T€ 4,062 in the period under review is primarily due to the                finance expense and finance income.
                                                                                                         lloyd fonds interim report q11 – 2011


                                                                                             Consolidated Interim Financial Statements (IFRS) 23




6.8 INCOME TAX EXPENSE                                               7 NOTES ON THE CONSOLIDATED BALANCE SHEET

Income tax expense comprises income taxes paid or owed as            The following section describes the main items of the balance
well as deferred income taxes. Taxes comprise corporate tax          sheet and selected changes.
plus the solidarity surcharge and trade tax.
                                                                     7.1 INVESTMENTS IN ASSOCIATES
Composition:
                              H1-2011 H1-2010 Q2-2011 Q2-2010        There are a total of 138 associates on which the Lloyd Fonds
T1                                                                   Group exerts material influence. These primarily comprise
Current taxes                    -108     127      -108      288     investments in the limited-partnership entities and project
Deferred income taxes               -       41         -       45    companies which Lloyd Fonds holds together with its shipping
                                -108      168      -108      333     company partners. This item also includes the investments in
                                                                     TVO Income Portfolio L.P., El Paso, USA (T€ 3,695), Feedback AG,
                                                                     Hamburg (T€ 1,863) and KALP GmbH, Böel (T€ 1,851).
The tax expense of T€ 108 incurred in the period under review
results from assessment notices for 2007. Other than this, no        7.2 AVAILABLE-FOR-SALE FINANCIAL ASSETS
tax expense arose in the first half of 2011 due to the income
tax fiscal union established between Lloyd Fonds AG (dominant        Available-for-sale financial assets comprise a total of 186 in-
company) and Lloyd Treuhand GmbH (subordinate company).              vestments as of the end of the period under review. These are
                                                                     predominantly shares which Lloyd Fonds holds in its own funds
6.9 EARNINGS/LOSS PER SHARE                                          as the founding limited partner as well as affiliated companies,
                                                                     e.g. shelf or project companies, which are not consolidated for
Earnings/loss per share are calculated by dividing profit or         reasons of immateriality.
loss attributable to the ordinary equity holders by the average
number of ordinary shares outstanding during the period under        7.3 TRADE AND OTHER RECEIVABLES
review. No dilution effects arose either in the first half of 2011
nor in the same period in the previous year.                         Composition:
                                                                                                                June 30 ,2011 Dec. 31, 2010
                              H1-2011 H1-2010 Q2-2011 Q2-2010        T1
Profit/loss attributable to                                          Receivables from issuing business                  3,073            4,339
equity holders in Parent                                             Receivables from trusteeship                        1,717           1,657
Company (T1)                   -4,541    4,935    -2,301    7,955
                                                                     Other receivables and assets                        1,871             372
Average number of shares
issued                                                                                                                  6,661           6,368
(in thousands)                 12,725   12,725   12,725    12,725
Basic earnings/loss per
share (5 per Share)             -0.36     0.39     -0.18     0.63
                                                                     The increase in other receivables chiefly reflects loans granted
                                                                     to and costs absorbed for fund entities.
lloyd fonds interim report q11 – 2011


24 Consolidated Interim Financial Statements (IFRS)




7.4 CASH AND CASH EQUIVALENTS                                         7.8 OTHER PROVISIONS

The changes in cash and cash equivalents are analyzed in the          Other provisions chiefly comprise provisions of T€ 13,650 for
consolidated cash flow statement. Reference should be made to         risks arising from obligations held by the Group which had
Note 8.3 for the breakdown.                                           been set aside in earlier years in connection with the liability
                                                                      release agreement.
7.5 EQUITY
                                                                      8 NOTES ON THE CONSOLIDATED CASH FLOW
The composition of and changes in the Group’s equity are                STATEMENT
analyzed in the consolidated statement of changes in equity.
                                                                      8.1RECONCILIATION WITH CONSOLIDATED NET LOSS FOR
7.6 NET ASSET VALUE ATTRIBUTABLE TO OTHER LIMITED                        THE PERIOD
    PARTNERS                                                                                                   Note H1-2011 H1-2010
                                                                      T1
This item results from the inclusion of Premium Portfolio Austria     Net loss from ordinary activities                  -5,148      8,937
in Lloyd Fonds’ consolidated financial statements. It comprises       Share of profit of associates              6,6           60    -3,517
the shares of those limited partners who are not part of the Lloyd    Net foreign-currency gains/losses          6,7          773    -1,007
Fonds Group. As these are puttable financial instruments, they                                                           -4,315      4,413
are reported under non-current financial liabilities. They were
measured at their fair value on the date of initial consolidation
and will be reported at amortized cost using the effective interest   8.2 OTHER NON-CASH TRANSACTIONS
method in later periods, with the resultant expenses or income
recorded within net finance income/expense.                           Composition:
                                                                                                               Note H1-2011 H1-2010
7.7 FINANCIAL LIABILITIES                                             T1
                                                                      Impairments on receivables and
Non-current financial liabilities comprise liabilities under a        unrecoverable receivables                  5,5          557    1,025
finance lease for a server system. Current financial liabilities      Unrealized foreign-currency gains/
                                                                      losses-verluste                                         -882   2,425
include a loan in a nominal amount of TUS$ 9,000 (no change
                                                                      Derecognition of liabilities               5,5           -27        -
compared with December 31, 2010) or T€ 6,227 (December 31,
                                                                                                                              -352   3,450
2010: T€ 6,736) for financing the investment in TVO Income
Portfolio L.P. Moreover, current financial liabilities include the
liabilities arising from the equity bridge finance for Premium
Portfolio Austria amounting to T€ 6,261 (December 31, 2010:           8.3 COMPOSITION OF CASH AND CASH EQUIVALENTS
T€ 6,146). As in the previous year, the carrying amounts of the
loans match their fair value.                                         Composition for the purposes of the cash flow statement:

                                                                                                            June 30, 2011 June 30, 2010
In addition to the aforementioned loans, current account
                                                                      T1
overdrafts of T€ 974 were outstanding as of the balance sheet
                                                                      Cash at banks                                6,979             9,797
date (December 31, 2010: T€ 964) and are also reported within
                                                                      Cash in hand                                       2               2
financial liabilities.
                                                                      Bank overdrafts                                  -974          -2,097
                                                                      Cash at banks subjet to drawing
                                                                      restrictions                                     -286            -919
                                                                                                                   5,721             6,783
                                                                                                          lloyd fonds interim report q11 – 2011


                                                                                               Consolidated Interim Financial Statements (IFRS) 25




9 OTHER DISCLOSURES                                                    RESPONSIBILITY STATEMENT

9.1 CONTINGENCIES                                                      “To the best of our knowledge, and in accordance with the
                                                                       applicable reporting principles for interim financial reporting,
The contingencies recognized as of June 30, 2011 comprise              the interim consolidated financial statements give a true and
placement guarantees for equity to be collected, guarantees for        fair view of the assets, liabilities, financial position and profit
advance and equity bridge finance, bank guarantees, guarantees         or loss of the Group, and the interim management report
for interest and currency hedges and increased liable amounts.         of the Group includes a fair review of the development and
Fixed-liability guarantees are recognized only in an amount            performance of the business and the position of the Group,
reflecting the outstanding value of the principal debt. Including      together with a description of the principal opportunities and
the settlement claims under joint and severable obligations            risks associated with the expected development of the Group
towards third parties of T€ 47,464 (December 31, 2010: T€ 57,001),     for the remaining months of the financial year.”
contingencies come to a total of T€ 96,939 as of June 30, 2011
(December 31, 2010: T€ 97,126).                                        Hamburg, August 10, 2011

As part of trust business, shares of T€ 1,584,524 (December 31,        The Management Board
2010: T€ 1,600,278) are managed on the Company’s own behalf
but for the account of various trustors. In addition, trust accounts
of T€ 5,419 (December 31, 2010: T€ 16,157) are maintained on the       Dr. Torsten Teichert                        Michael F. Seidel
Company’s own behalf but for the account of various trustors.

9.2 OPERATING LEASE COMMITMENTS

Analysis of obligations under leases:

                                        June 30, 2011 Dec. 30, 2010
T1
Office space                                    8,076         8,569
Motor vehicles                                   248           242
Miscellaneous                                     118            31
                                               8,442         8,842



9.3 RELATED-PARTY TRANSACTIONS

In the period under review, the current loan granted to KALP
GmbH, Böel, was increased by T€ 650. Other than this, there
were no material transactions with related parties.

9.4 EVENTS AFTER THE BALANCE SHEET DATE

No events materially affecting the Group’s net assets, financial
position or results of operations occurred after the balance
sheet date.
lloyd fonds interim report q11 – 2011


26 Review Report




CERTIFICATION OF REVIEW BY AUDITORS

TO LLOYD FONDS AG, HAMBURG                                          A review is limited primarily to inquiries of company personnel
                                                                    and analytical procedures and therefore does not provide the
We have reviewed the condensed consolidated interim financial       assurance attainable in a financial statement audit. Since, in
statements – comprising the condensed balance sheet, condensed      accordance with our engagement, we have not performed a
income statement, condensed cash flow statement, statement          financial statement audit, we cannot express an audit opinion.
of changes in equity and selected explanatory notes – and the       Based on our review, no matters have come to our attention
interim group management report of Lloyd Fonds AG, Hamburg,         that cause us to presume that the condensed consolidated
for the period from January 1 to June 30, 2011, which are part of   interim financial statements have not been prepared, in all
the half-year financial report pursuant to § (Article) 37w WpHG     material respects, in accordance with the IFRSs applicable to
(”Wertpapierhandelsgesetz“: German Securities Trading Act).         interim financial reporting as adopted by the EU or that the
The preparation of the condensed consolidated interim financial     interim group management report has not been prepared, in
statements in accordance with the IFRS applicable to interim        all material respects, in accordance with the provisions of the
financial reporting as adopted by the EU and of the interim         German Securities Trading Act applicable to interim group
group management report in accordance with the provisions           management reports.
of the German Securities Trading Act applicable to interim
group management reports is the responsibility of the parent        Hamburg, August 10, 2011
Company’s Board of Managing Directors. Our responsibility is
to issue a review report on the condensed consolidated interim
financial statements and on the interim group management            TPW GmbH
report based on our review.                                         Wirtschaftsprüfungsgesellschaft
                                                                    Steuerberatungsgesellschaft
We conducted our review of the condensed consolidated interim
financial statements and the interim group management report        signed Roger Hönig             signed Britta Martens
in accordance with German generally accepted standards for          Wirtschaftsprüfer	             Wirtschaftsprüferin
the review of financial statements promulgated by the Institut      (German	Public	Accountant)     (German	Public	Accountant)
der Wirtschaftsprüfer (Institute of Public Auditors in Germany
– IDW). Those standards require that we plan and perform the
review so that we can preclude through critical evaluation,
with moderate assurance, that the condensed consolidated
interim financial statements have not been prepared, in all
material respects, in accordance with the IFRSs applicable to
interim financial reporting as adopted by the EU and that the
interim group management report has not been prepared, in
all material respects, in accordance with the provisions of the
German Securities Trading Act applicable to interim group
management reports.
                                                                              lloyd fonds interim report q11 – 2011


                                                                                                                27




FINANCIAL CALENDAR




                                                                       2011
Report on the 2nd quarter                                       August 11
Report on the 3rd quarter                                   November 11



All dates are provisional only and subject to change without
notice.




EDITOR

Lloyd Fonds AG
Amelungstrasse 8 –10
20354 Hamburg
Germany


CONTACT

Carolin von Below, Marcel Wiskow
Investor Relations


Telefon: +49 (0)40/32 56 78-0
Fax: +49 (0)40/32 56 78-99
E-Mail: ir@lloydfonds.de


PHOTO CREDITS

Lloyd Fonds AG


This english language version of the interim report is a convenience
translation. In the event of any debt, the German version is to apply.
 Lloyd Fonds AG is a listed company and one of the top arrangers of
 closed-end investment funds in Germany. Over its history, which now spans
 over 15 years, the Hamburg-based company has initiated 105 funds with an
 investment volume of around EUR 4.7 billion. Research company FondsMedia
 has awarded Lloyd Fonds the 2010 Seal of Sustainability. Lloyd Fonds
 specializes in tangible asset investments in the transport, real estate and
 energy segments. To date, more than 52,000 subscribers have placed equity
 of just under two billion in investment funds arranged by Lloyd Fonds AG.




Lloyd Fonds AG · Amelungstraße 8–10 · 20354 Hamburg · Tel. +49 (0)40-32 56 78-0 · Fax +49 (0)40-32 56 78-99 · www.lloydfonds.de

				
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