CBAY Cbaysystems

| Total liabilities and equity                |$|   380,151 | $        |   253,068  | 
+---------------------------------------------+-+-----------+----------+------------+ 
 
The accompanying notes are an integral part of these consolidated financial 
statements. 
                  CBaySystems Holdings Limited and Subsidiaries 
                      Consolidated Statements of Cash Flows 
                              (USD, in thousands) 
                                  (Unaudited) 
 
+---------------------------------------------+-+----------+----------------------+---+----------+ 
|                                             |            |        Six months ended June        | 
|                                             |            |                30,                  | 
+---------------------------------------------+------------+-------------------------------------+ 
|                                             |            |        2010          |   |  2009    | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|                                             |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Operating Activities                        |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Net income (loss)                           | $          |                3,050 | $ |    (435) | 
|                                             |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Adjustments to reconcile net income (loss)  |            |                      |   |          | 
| to net cash provided by operating           |            |                      |   |          | 
| activities:                                 |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Depreciation and amortization            |            |               15,068 |   |   13,610 | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Deferred income taxes                    |            |                  205 |   |    (283) | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Share based compensation                 |            |                  322 |   |      394 | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Provision for doubtful accounts          |            |                1,085 |   |       89 | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Equity in income of affiliated companies    |            |                (546) |   |    (408) | 
|                                             |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Others                                   |            |                (555) |   |      339 | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Changes in operating assets and             |            |                      |   |          | 
| liabilities:                                |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Accounts receivable                      |            |                1,741 |   |    4,728 | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Other current assets                     |            |              (4,064) |   |      393 | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Other non-current assets                 |            |                  918 |   |    (505) | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Accounts payable                         |            |              (5,379) |   |       22 | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Deferred revenue                         |            |                (994) |   |    1,692 | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Accrued expenses and other current          |            |                (382) |   |  (3,731) | 
| liabilities                                 |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Accrued compensation                     |            |                (151) |   |    3,461 | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Other non-current liabilities            |            |                3,438 |   |      276 | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Net cash provided by operating activities   |            |               13,756 |   |   19,642 | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|                                             |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Investing activities                        |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Purchase of property and equipment       |            |              (3,129) |   |  (3,052) | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Purchases of and capitalized intangible     |            |              (3,584) |   |  (2,490) | 
| assets                                      |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Payments for acquisitions and interests     |            |             (98,310) |   |    (967) | 
| in affiliates, net of cash acquired         |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Net cash used in investing activities    |            |            (105,023) |   |  (6,509) | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|                                             |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Financing activities                        |            |                      |   |          | 
+---------------------------------------------+------------+----------------------+---+----------+ 
|    Debt issuance costs                      |            |              (6,070) |   |        - | 
+---------------------------------------------+------------+----------------------+---+----------+ 
| Borrowings from term loans, credit facilities, notes     |              107,216 |   |      595 | 
| payable                                                  |                      |   |          | 
|    and capital leases                                    |                      |   |          | 
+----------------------------------------------------------+----------------------+---+----------+ 
| Repayments for term loans, credit             |          |             (16,519) |   |    (859) | 
| facilities, notes payable and capital leases  |          |                      |   |          | 
+-----------------------------------------------+----------+----------------------+---+----------+ 
| Net cash provided by (used in) financing      |          |               84,627 |   |    (264) | 
| activities                                    |          |                      |   |          | 
+-----------------------------------------------+----------+----------------------+---+----------+ 
|                                               |          |                      |   |          | 
+-----------------------------------------------+----------+----------------------+---+----------+ 
| Effect of exchange rate on cash               |          |                (536) |   |      369 | 
+-----------------------------------------------+----------+----------------------+---+----------+ 
|                                               |          |                      |   |          | 
+-----------------------------------------------+----------+----------------------+---+----------+ 
| Net (decrease) increase in cash and cash      |          |              (7,176) |   |   13,238 | 
| equivalents                                   |          |                      |   |          | 
+-----------------------------------------------+----------+----------------------+---+----------+ 
| Cash and cash equivalents - beginning of      |          |               29,633 |   |   42,868 | 
| period                                        |          |                      |   |          | 
+-----------------------------------------------+----------+----------------------+---+----------+ 
| Cash and cash equivalents - end of  period    | $        |               22,457 | $ |   56,106 | 
+-----------------------------------------------+----------+----------------------+---+----------+ 
|                                             | |          |                      |   |          | 

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