Spyker listed at Euronext on May 27th, 2004
Revenues more than double as compared to 2003 (Half year)
Operating expenses rose in preparation of production increase in 2nd Half Year 2004.
Strong expansion of distribution in USA, Europe and China
Significant increase order backlog
IPO allows Spyker to start a comprehensive cost price reduction program
Favourable review of the C8 Spyder by world leading BBC television program "TopGear"
Ir. Ricardo van Snek MBA appointed Chief Operations Officer
New credit facility granted by ABN AMRO

Spyker Cars, manufacturer of high-quality sports cars has reported its
result over the first half year of 2004. Net revenues more than doubled and expenses rose to increase production in the second half of the year. The IPO has boosted the credibility of the company in the market. Six new dealers were appointed: in China (3) the US (1) and the UK (2) and the order backlog rose to 79 cars at June 30. The EPA certification process is on track and Spyker anticipates to obtain the required licences by the end of 2004.
Victor Muller, CEO of Spyker Cars says: “The prime objective of our listing was to create credibility for the Spyker brand in the markets we are active in and those we wish to open up.
The positive impact of the listing on our customers, dealers, partners and suppliers has been instantaneous. The effects were felt particularly during our first international appearance after the IPO: the Beijing Motor Show in June 2004. The IPO further allowed us to start a comprehensive cost price reduction program”.

Sales and backlog
The first Half Year Net sales of Spyker Cars amounted to € 2.3 million as compared to nil over the first half of 2003 and € 910 thousand over the whole of 2003. A total of 10 cars were delivered to customers. The positive effects of the cash infusion of the share issue shall be felt as from the second Half Year of 2004 onwards, both in terms of production expansion as well as in terms of cost price reduction. Order intake following IPO date has been very
encouraging and order backlog has increased significantly from 57 cars at Spyker’s IPO dateto 79 cars at June 30.

Expenses and production capacity
The operating expenses rose to € 3.4 million in the first 6 months of 2004 as compared to € 1.9 million in the first 6 months of 2003. This is caused by the growth of the company.
To enable production expansion, the number of employees has raised from 40 FTEs per 31.12.2003 to 50 FTEs per 30.06.2004, and will continue to rise in the second half of 2004.
Salaries and social security charges increased to € 1.1 million in the first half year, compared to € 0.5 million in the first six months of 2003.
The general expenses amounted € 1.1 million, compared to € 0.6 million in 2003. This is also the effect of the growth of the company. Due to the increase of the operating costs, there was no improvement in the operating result (EBIT).