Preliminary annual report 2004

Highlights

- Revenue for 2004 amounted to €42.9 million (€ 36.5 million) representing 17 percent revenue growth versus last year. Excluding acquisitions, the revenue growth was 16 percent. - Revenue for the fourth quarter amounted to € 12.2 million (€ 9.4 million), a 29 percent revenue growth versus last year. Excluding acquisitions, the revenue growth was 25 percent. - Constant currency growth versus last year amounted to 19 percent for the year, (excluding acquisitions 15 percent) and 22 percent for the fourth quarter (excluding acquisitions 18 percent). - Membership growth was robust throughout the year with 22,900 new members added during the year to a closing member base of 139,900, representing 20 percent growth versus last year. The final quarter of the year reported growth of 7,500 members. - The operating loss (EBIT) for the year was reduced to € 0.2 million (loss € 1.1 million). Operating EBIT for the fourth quarter amounted to € 0.1 million (loss € 0.2 million). - The operating profit before depreciation and amortization (EBITDA) for the year amounted to € 3.0 million or 7.0 percent of revenue (€ 2.0 million or 5.4 percent of revenue). Operating EBITDA for the fourth quarter amounted to € 0.9 million, or 7.5 percent of revenue (€ 0.5 million or 5.7 percent of revenue). - Net cashflow from operating activities after tax payments was € 2.4 million for the year (€ 0.8 million) and € 0.3 million (€ 0.2 million) for the fourth quarter. - The loss after tax for the year amounted to € 0.9 million (€ 1.8 million) equivalent to a loss per share € 0.073 for the year (€ 0.145) and the diluted loss per share was € 0.072 (€ 0.144) The loss after tax for the fourth quarter amounted to € 0.1 million (loss € 0.3 million), equivalent to a loss per share of € 0.006 (loss € 0.028) and a diluted loss per share of € 0.006 (loss € 0.027). Investor Relations Contacts Fredrik Rågmark Managing Director Phone: +32 2 357 55 77 E-mail: fredrik.ragmark@medicover.com Joe Ryan Financial Director Phone: +32 2 357 55 77 E-mail: joe.ryan@medicover.com