HIGHLIGHTS January to June 2005

Robust revenue growth and improving operating results

• Revenue for the second quarter amounted to € 14.1 million (€ 10.1 million), representing 40 percent (15 percent) revenue growth versus the corresponding period last year. Excluding the acquisition effect, the growth was 36 percent. • Revenue for the first 6 months amounted to € 27.4 million (€ 19.8 million), 38 percent (12 percent) growth versus last year. Excluding the acquisition effect, the growth was 35 percent. • Constant currency growth versus last year for the first 6 months amounted to 25 percent, up from 21 percent for the same period last year and excluding acquisitions 22 percent (15 percent). • The substantial membership growth continued in the second quarter with 13,700 (4,600) new members enrolled over the quarter and over the first 6 months 25,400 new members (9,600) were enrolled, bringing the total member-base to 165,300 (126,600) at mid year, a 31 percent (19 percent) increase versus the prior year level. • The laboratory division continued to report strong growth with second quarter revenue of € 2.7 million and € 5.6 million for the 6 months (excluding inter-segment revenue), an increase of 44 percent and 53 percent respectively versus last year, of which 23 and 34 percent was organic growth. • The operating profit (EBIT) for the second quarter amounted to € 0.5 million (loss € 0.1 million) and for the first half to € 0.9 million (loss € 0.3 million). • The operating profit before depreciation and amortization (EBITDA) amounted to € 1.3 million or 9.3 percent of revenue ( € 0.6 million or 6.4 percent of revenue) for the second quarter and to € 2.4 million or 8.9 percent of revenue ( € 1.3 million or 6.5 percent of revenue) for the 6 months. • The profit after tax for the quarter amounted to € 41,000 (loss € 0.5 million) and for the 6 months to € 0.1 million (loss € 0.7 million)). The profit per share was € 0.003 for the quarter (loss € 0.044) and € 0.006 (loss € 0.058) for the 6 months. • After the end of the reporting period, an acquisition of a Polish laboratory business was completed, which will approximately double the size of the existing laboratory operations in Poland. • The rights-issue was fully subscribed, with demand more than twice the available number of shares, raising additional equity for the company of € 11.7 million before issue costs. • After the end of the reporting period, we announced a partnership with an international hospital management company to assist the development of the Polish private hospital market. For further information please contact Fredrik Ragmark – Managing Director, Medicover 00 32 475 75 19 64 Joe Ryan – Finance Director, Medicover 00 32 477 56 03 82