1. IR meeting, Oslo Q3 report 27 October 2004 Jan Erik Hedborg, CEO Peter Kövamees, Marketing Manager

2. Introduction Q3 report - Q3 report - General market outlook Wrap-up Agenda

3. ContextVision overview 25 employees Strong regional sales reach with local representation in major markets: USA, Korea, China and in Japan Products: GOPView MR™ GOPView XR™ GOPView US™ Strong market driven product development team Profound know-how in medical image enhancement and associated applications

4. CV sales representation USA & Israel Direct (Hayim Raclaw, Toronto) Cedara (Canada) Europe Direct (Lars Rosmalm, Kista) Dumed (Danmark) Asia Direct (Bo Hultgren, Kista; Duan Yuhui, Beijing; Bong Soon Park, Swedish Trade Office, Seoul) Toyo Corporation (Japan)

5. Medical Imaging Modalities MRI X-ray Ultrasound

6. Market position Customers MRI OEM vendors X-ray OEM vendors Ultrasound OEM vendors PACS OEM vendors Products GOPView MR™ GOPView XR™ GOPView US™ LVEF Shading Correction GOPView XRT™ GOPView Mammo™ GOPView Fluoro™ Auto LVEF GOPView PACS™ SharpView™ Adaptive LUT GOPView CT™ Not adressed today Under evaluation Market Image enhance- ment & analysis for medical imaging applicationins Worlwide

7. Procedures per modality

8. CV available OEM market 2003 (k€) Total available OEM market for CV: 13 + 4 M€/year

9. Q3 2004 highlights Business plan targets: successful implementation according to original plans New customers: Two (1 ultrasound/mid-range and 1 MRI bringing total to 11 new customers 2004) Japanese distributor: Signed agreement with Toyo Corporation. ISUOG exhibition in Stockholm: Created very positive customer interest in GOPView US™ product. Sales Leads: Increased sales prospect & proposals base (especially ultrasound)

10. Strong market position for GOPView US™ GOPView US™ has a better performance (image quality and speed) then Philips X-res and GE SRI solutions (validated by US vendors and doctors) Early clinical tests shows positive end-user feedback (improved work confort and less eye fatigue) First end user feedback from commercial ultrasound products with GOPView US™ is positive

11. Q3 2004 figures

12. General outlook

13. Key targets 2004 (from March 2004) Return to cash flow positive through increased sales and tight cost control. Finalise CV´s new modalities sale plan (especially SharpView and PACS) Secure additional Ultrasound and CT contracts Evaluate market entry in Japan Focus on 2:nd tier OEM customers

14. Executive summary (from May 2004) Return to profitability 2004. Strong sales & earnings growth 2005-2006 Sales and customer driven mode of operation (no large generic product development projects) Penetrate the untapped X-ray OEM market Secure initial 2-3 high-end ultrasound contracts, second step (second half 2005) is to enter mid-end segment by right product packaging Customer driven market entry in Fluoroscopy and CT

15. Financial projections (from May 2004) Targeting positive operating profit by Q3 and full year 2004 Targeting sales growth between 2004 and 2006 between 25 and 45% per annum with exisiting product portfolio Operating cost 2004 – 2006 mainly influenced by number of customers and potential new product projects (=additional sales), targeted annual cost increase less then 10% per annum

16. Today targets for 2004/2005 Substantial revenue increase and return to profit Q4, (up to now 11 new customers 2004) Targeting 2-3 additional new customers in Q4 Target 2005: revenue and profit growth bringing the company back to a healthy and sustainable position with further growth 2006 Additional 12 customers in 2005

17. Target OEM vendors

18. Final message Operating according to business plan targets but with somewhat slower revenue uptake due to: Weaker demand from existing customer in Asia Slower product evaluation amongst some new customer leads Strong new customer base 2004 Strong market position for GOPView US™ Revenue and profit growth 2005 (more details will be communicated in January 2005)