Interim report januar y – march 2009

– Sales amounted to SEK 12.2 million (0)
– Net sales and earnings negatively impacted by a price adjustment of SEK 4.9 million
– EBITDA, excluding the price adjustment, was SEK -4.8 million
– Earnings per share totaled SEK -0.37 (-0.22) before dilution

HIGHLIGHTS

– Continued roll-out of the product portfolio
• Three new products reached the market in Q1 2009
• Growing product offering throughout the year

– Launch in new markets
• Initial products launched in Germany, Norway and Finland
• Expansion into additional markets continues

– Majority of convertible loan converted
• Conversion rate of 69% at SEK 7.14 per share
• Last day to call for conversion was 9 April

Business update
Bluefish has had a strong start to the year. During the first quarter, several new products were launched and new markets were entered.
During the period, Bluefish launched its first products on the German market. This is the first step in the gradual roll out of the
company’s product portfolio in Germany. The German market for generic pharmaceuticals is the largest in Europe and is one of Bluefish’
key target markets.

The company also launched in Norway and Finland during Q1 2009. The product offering in these markets will increase throughout the year.
Bluefish sees significant opportunities for growth in 2009. Currently, the company has launched 12 products, and another eight (8) are
expected to reach the market during 2009. Today, the company has products available in Sweden, Denmark, Finland, Norway, Germany,
the Netherlands and the UK. In the near term, product launches are also planned for Italy, Austria, and Spain.

In April, the Dental and Pharmaceutical Benefits Agency in Sweden presented a proposal regarding the re-regulation of the pharmacy
market. The recommendation is to maintain and develop the existing dynamic marketplace for substitutable pharmaceuticals, which will
favour companies with a business model like Bluefish’s.