CBAY Cbaysystems

| income of affiliated |          |         |          |               |          |        |          |                | 
| companies            |          |         |          |               |          |        |          |                | 
+----------------------+----------+---------+----------+---------------+----------+--------+----------+----------------+ 
|                      |          |         |          |               |          |        |          |                | 
+----------------------+----------+---------+----------+---------------+----------+--------+----------+----------------+ 
| Adjusted EBITDA      |          |       $ |          |             $ |          |      $ |          |   $     27,970 | 
|                      |          |  19,668 |          |        14,782 |          | 33,652 |          |                | 
+----------------------+----------+---------+----------+---------------+----------+--------+----------+----------------+ 
|        |             |          |         |          |               |          |        |          |                | 
+--------+-------------+----------+---------+----------+---------------+----------+--------+----------+----------------+ 
 
 
Adjusted EBITDA and EBITDA are financial measures not computed in accordance 
with United States generally accepted accounting principles, or GAAP. The 
Company believes that this non-GAAP measure, when presented in conjunction with 
comparable GAAP measures, is useful to both management and investors in 
analyzing the Company's ongoing business and operating performance. The Company 
believes that providing the non-GAAP information to investors, in addition to 
the GAAP presentation, allows investors to view the Company's financial results 
in the way that management views financial results. Management believes Adjusted 
EBITDA and EBITDA are useful as supplemental measures of the Company's financial 
results because it removes costs not related to the Company's operating 
performance. Management believes that Adjusted EBITDA and EBITDA should be 
considered in addition to, but not as a substitute for items presented in 
accordance with GAAP that are presented in this press release. A reconciliation 
of Adjusted EBITDA to Net income (loss) attributable to CBaySystems Holdings 
Limited is provided above. 
 
 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
|                                                   CBaySystems Holdings Limited and Subsidiaries                                                    | 
+----------------------------------------------------------------------------------------------------------------------------------------------------+ 
|                                                         Non-GAAP Supplemental Disclosure                                                           | 
+----------------------------------------------------------------------------------------------------------------------------------------------------+ 
|                                                            (US Dollars , in thousands)                                                             | 
+----------------------------------------------------------------------------------------------------------------------------------------------------+ 
|                                                                     Unaudited                                                                      | 
+----------------------------------------------------------------------------------------------------------------------------------------------------+ 
|                 |                                                           |          |                                                           | 
+-----------------+-----------------------------------------------------------+----------+-----------------------------------------------------------+ 
|                 |                                                           |          |                                                           | 
+-----------------+-----------------------------------------------------------+----------+-----------------------------------------------------------+ 
|                 |                                                           |          |                                                           | 
+-----------------+-----------------------------------------------------------+----------+-----------------------------------------------------------+ 
|                 |                    Three months ended                     |          |                     Six months ended                      | 
+-----------------+-----------------------------------------------------------+----------+-----------------------------------------------------------+ 
|                 |                         June 30,                          |          |                         June 30,                          | 
+-----------------+-----------------------------------------------------------+----------+-----------------------------------------------------------+ 
|                 |                  2010 |          |                   2009 |          |                   2010 |          |                  2009 | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
| Revenues        |                       |          |                        |          |                        |          |                       | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
| MedQuist        |                     $ |          |                      $ |          |                      $ |          |                     $ | 
|                 |                97,528 |          |                 77,471 |          |                171,509 |          |               156,415 | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
| CBay            |                23,763 |          |                 19,182 |          |                 43,065 |          |                37,005 | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
| Eliminations    |               (9,303) |          |                (2,782) |          |               (13,982) |          |               (4,881) | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
| Consolidated    |                     $ |          |                      $ |          |                      $ |          |                     $ | 
|                 |              111, 988 |          |                 93,871 |          |                200,592 |          |               188,539 | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
|                 |                       |          |                        |          |                        |          |                       | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
| Adjusted EBITDA |                       |          |                        |          |                        |          |                       | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
| MedQuist        |                     $ |          |                      $ |          |                      $ |          |                     $ | 
|                 |                17,106 |          |                 13,982 |          |                 30,176 |          |                26,251 | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
| CBay(1)         |                4,151  |          |                 2,641  |          |                 6,407  |          |                 5,474 | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
| Eliminations    |                 (159) |          |                  (771) |          |                  (327) |          |               (1,912) | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
| Corporate       |               (1,430) |          |                (1,070) |          |                (2,604) |          |               (1,843) | 
| expenses(2)     |                       |          |                        |          |                        |          |                       | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
| Consolidated    |                     $ |          |                      $ |          |                      $ |          |                     $ | 
|                 |                19,668 |          |                 14,782 |          |                 33,652 |          |                27,970 | 
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+ 
 
Basis of presentation 
 
The non-GAAP presentation above shows the results of operations for CBay 
(excluding MedQuist) and MedQuist for the quarter ended June 30, 2010 and 2009 

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