YEAR-END REPORT JANUARY 1 TO DECEMBER 31, 2003

YEAR-END REPORT JANUARY 1 TO DECEMBER 31, 2003 FOURTH QUARTER · Sales for the quarter amounted to SEK 46.8 M (55.6). · Sales of the proprietary product Pointsec amounted to SEK 30.0 M (16.7). · Gross profit amounted to SEK 39.4 M (31.1), resulting in a gross margin of 84% (56%). The high gross margin was a result of Pointsec accounting for a large proportion of total sales. · Profit after net financial items amounted to SEK 11.8 M (0.5). · Liquidity on the closing date amounted to SEK 137 M (141), including unutilized credit facilities and unrealized surplus values in financial investments. · Equity amounted to SEK 134 M (133), corresponding to an equity/assets ratio of 64% (65%). FULL YEAR JANUARY - DECEMBER · Sales amounted to SEK 168.6 M (203.7) for the period. · Total revenues in the Group deriving from Pointsec increased by 63% to SEK 91.9 M (56.3). · Profit after tax amounted to SEK 0.6 M (loss: 29.4). · Profit per share amounted to SEK 0.06 (loss: 2.78). SIGNIFICANT EVENTS DURING THE QUARTER · In October, Pointsec launched yet another mobile security solution, Pointsec for Symbian OS. · Protect Data in Norway received an add-on order for security solutions for the bank sector with an order value of about SEK 2.6 M. Delivery took place during the quarter. · AstraZeneca signed a contract with Pointsec in December for global use of Pointsec's products. The order value amounts to SEK 10.8 M, of which SEK 8.9 M was booked as revenue in December in conjunction with delivery. · In December, Pointsec received an order from Volvo for Pointsec for Pocket PC. The order, which was delivered in December, included 2,500 licenses, as well as support and a maintenance contract. SIGNIFICANT EVENTS AFTER THE CLOSING DATE · In January, Pointsec established the subsidiary Pointsec Mobile Technologies Pty Ltd with head offices in Sydney, Australia. Operations will begin during the third quarter of 2004. · In February, Pointsec for PC received Common Criteria certification for security level EAL 4, from the US National Institute of Standards and Technology, NIST. DIVIDEND · The Board of Directors proposed that a dividend of SEK 0.25 (0) be granted, corresponding to SEK 2.6 M. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/12/20040212BIT00130/wkr0001.doc http://www.waymaker.net/bitonline/2004/02/12/20040212BIT00130/wkr0002.pdf The full report

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