1. - The experts in image processing IR meeting Oslo May 7:th 2004 Q1 report and future plans

2. - The experts in image processing Q1 report Introduction Q1 report Plan 2004 - 2006 Market arena Sales & product plan Financial projections Wrap-up Agenda

3. - The experts in image processing Vision ContextVision will be the recognised world market-leader in multi-modal medical image processing. In the medical imaging community our products will become a quality assurance for high images quality.

4. - The experts in image processing ContextVision in a nutshell 25 employees Strong regional sales focus with local representation in USA, Korea, China and soon in Japan Products: GOPView MR™, GOPView XR™ and GOPView US™ Strong market driven product development team Profound know-how in medical image enhancement and associated applications

5. - The experts in image processing Q1 2004 highlights 5 new customers, 2 ultrasound and 3 X-ray vendors MoU signed with large Asian ultrasound vendor New customer opportunities within fluoroscopy (C- Arms) and CT (Computer Tomography) Japanese distributor agreement under negotiations Present at ECR exhibition in Vienna Business plan 2004-2006 completed

6. - The experts in image processing Q1 2004 figures

7. - The experts in image processing ContextVision plans 2004-2006

8. - The experts in image processing General Trends – Medical Imaging Increase number of hospitals converting to Fully Digital i.e. all modalities produce digital images, mainly X-ray affected. Digital Mammography break-through Magnetic Resonance Imaging, mature market with low growth. New applications e.g. Breast MRI slowly coming Tier 1 players (e.g. ultrasound) introduce own image enhancement Computer Tomography (CT) lower dose with maintained image quality

9. - The experts in image processing Procedures per modality

10. - The experts in image processing OEM Market 2003

11. - The experts in image processing CV available OEM market 2003 (k€) Total available OEM market for CV: 13 + 4 M€/year

12. - The experts in image processing OEM market Total available OEM market for CV: 13 + 4 M€/year

13. - The experts in image processing Market position Customer MRI OEM vendors X-ray OEM vendors (CR, DR, mammo, dental) Ultrasound OEM vendors PACS OEM vendors Products GOPView MR™ GOPView XR™ GOPView US™ LVEF Shading Correction GOPView CT™ GOPView Fluoro™ GOPView PACS™ SharpView™ Auto LVEF Adaptive LUT Tuning Workbench Market Image enhance- ment & analysis for medical applications Worldwide (Europe, USA, Asia) Not adressed today

14. - The experts in image processing Available OEM vendors

15. - The experts in image processing Sales Plan - Europe Magnetic Resonance Imaging (MRI) – maintain existing customer base X-Ray – Fast growth, both within 2nd tier vendors and new entrants. Targeting 3-5 new customers during the period (1-2 medium sized) Ultrasound (US) – Consolidated Market, Esaote already signed, 2-3 medium players available. Targeting additional 1 large OEM customer during the period.

16. - The experts in image processing Sales Plan - Asia MRI – China, Korea and potentially Japan, CV software considered as “Golden Standard”, small growth for CV. Targeting 2 new customers during the period. X-Ray – Extremely low price levels, with many small players (Korea - national tender). High competition with imported systems (China). Targeting to get 3 new customers during the period. US – Many low/mid end manufacturers, a few high-end as starting point (incl Japanese vendors) for the GOPView US, large future potential with the right packaging. Targeting 2 large and 1 small customer during the period.

17. - The experts in image processing Sales Plan USA & Israel MRI – small opening on Breast MRI, market mainly controlled by the tier 1 vendors. Targeting 1 new MRI customer during the period. X-Ray – Main revenue source from USA. Fully digitalized Hospital still the driver. Targeting 1 low-end CR customer and 5-7 DR customers during the period. US – Tier 1 vendors have own software, tier 2 almost all acquired, several starters coming. Targeting 2-3 small US new entrant vendors.

18. - The experts in image processing Competitors Tier 1 players uses internal imaging enhancement solutions – Philips, Siemens, GE, Fuji, Kodak OEM independent image enhancement solution – Agfa Musica

19. - The experts in image processing Financial projections 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

20. - The experts in image processing Executive summary 2004 - 2006 Return to profitability 2004 and strong sales & profitability 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