Outlook

CompuGROUP offers the following guidance for 2010:

• Revenue is expected to be in the range of EUR 315 million to EUR 330 million.
• Operating income (EBITDA) is expected to be in the range of EUR 67 million to EUR 73 million.

The Outlook for 2010 represents management's best estimate of the market conditions that will exist in 2010 and how the business segments of CompuGROUP will perform in this environment.

In the HPS segment, the organic growth rate is expected to exceed 10 percent and acquisitions to date will grow HPS revenue by approximately 5 percent. The EBITDA margin is expected to improve relative to 2009. The portfolio of software maintenance from existing customers is approximately EUR 150 million at the beginning of 2010 compared to EUR 120 million at the beginning of 2009. In the HCS segment, our forecast assumes a 10-20 percent loss of revenue in the Communication and Data business. Other HCS revenue is expected to more than compensate for this decline and in total, HCS revenue is expected to grow with stable EBITDA margin relative to 2009.

The foregoing guidance does not include revenue and costs associated with potential and currently undetermined further acquisitions during 2010.

Looking in the medium term beyond 2010, CompuGROUP expects to continue the growth in revenue and EBITDA. As a market leader in Europe, the company is ideally positioned to benefit from changes in healthcare systems all over the world with demand for software solutions and IT services less sensitive to economic climate. As such, CompuGROUP does not expect permanent or long lasting deterioration of the market conditions in the future. Our strategy is based on a highly resilient business model with high margins and high proportion of recurring revenue from software maintenance and related services combined with high costs for customers to switch and technological barriers preventing competitors to enter the market.