Second Quarter Report 2003

8/21/2003 3:00 AM EST

Highlights Medicover January - June 2003

* Revenue for the second quarter amounted to €8.8 million (€8.8
million), despite a 10% adverse movement in exchange rates year on year
in our largest market Poland. First half year revenue was €17.7 million
(€17.6 million).

* Prepaid membership rose to 106,600 up 1,500 for the quarter and
7,300 or 7% versus the corresponding period last year.

* The operating loss (EBIT) amounted to €0.3 million (€0.5 million)
for the quarter and €0.5 million (€0.9 million) for the six months.

* The operating profit before depreciation and amortisation (EBITDA)
amounted to 0.5 million (€0.2 million) for the quarter and to €1.0
million (€0.5 million) for the 6 months.

* Acquisition of Capio AB's Polish laboratory business, to form the
base of the Polish expansion of our successful laboratory line of
business in Romania.

Medicover Holding S.A.
20, rue Philippe II
L-2340 Luxembourg
Phone: +352 26 20 31 10
Fax: +352 26 20 32 34

Medicover
c/o Belro Medical S.A.
Waterloo Office Park
Building O
Drève Richelle 161
B-1410 Waterloo
Belgium
Phone: +32 2 357 55 77
Fax: +32 2 357 55 05
E-mail:  

Medicover
P.O. Box 55720
Riddargatan 12
SE-114 83 Stockholm
Phone: +46 8 622 36 00
Fax: +46 8 622 36 01

Medicover Hungary
1138 Budapest
Váci út 22-24
Hungary
Phone: +36 1 465 3150
Fax: +36 1 465 3160
E-mail:  
www.medicover.hu

Medicover Czech
Tylovo nam. 3/15
Praha 2
Czech Republic
Phone: +420 2425 1319
Fax: +420 2425 5730
E-mail:  
www.medicover.cz

Medicover Poland
Bitwy Warszawskiej Str.18
02-366 Warsaw, Poland
Poland
Phone: +48 22 455 44 00
Fax: +48 22 531 41 11
E-mail:  
www.medicover.pl

Medicover Estonia
Gonsiori 33
10147
Tallinn
Estonia
Phone: +372 605 1555
Fax: +372 605 1515
E-mail:  
www.medicover.ee

Medicover Romania
Union International Business Center II
26-28 Stirbei Voda St., 7th Floor
Sector 1
Bucharest
Romania
Phone: +4021 314 07 20
Fax: +4021 314 07 75
E-mail:  
www.medicover.ro