CellaVision Annual General Meeting April 24, 2007

Yvonne Mårtensson, CEO

The hematology analysis market comprises more than 1 billion CBC tests a year—manual differential

work equivalent to more thanUSD 1 billion

The annual microscopic market is estimated to 2–3 billion medical

microscopy analyses

CellaVision is world leader on this largeand fast growing market, offering

Automated Digital Cell Morphologywithin hematology

The CellaVision Customer

― 250 CellaVision customer sites mainly in Europe and the U.S.

― Hospital and Commercial Hematology Laboratories

― All customers have automatic blood cell counters for routine analysis

― Need for automation of manual cell differentials

― The operator is a biomedical scientist

CellaVision Products

― AnalyzersCellaVision™ DM96 (Nov. 2003)CellaVision™ DM8 (March 2005)

― SoftwareCellaVision™ Remote Review (for DM96/DM8)To review samples from outside the laboratory

― Software for education and profiency testing CellaVision™ Diff IQ (June 2005)For competency testing in morphology

― Accessories― Service

CellaVision Added Value

― Efficiency; cost reduction and increased productivity

― Proficiency; increased quality of results

― Connectivity between sites; enhancedopportunity for collaboration and share of competences.

CellaVision Today

― Based in Lund, Sweden; Jupiter, Florida, USA and Toronto, Canada

― Number of employees: 39― Direct sales in the Nordic countries and Canada― Manufacturing partly outsourced― 17 patented innovations ― Competition from manual microscopy― Founded in 1994 in Lund― First revenue year 2001

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Revenue Full Time Employees Operating income

CellaVisions sales growth (KSEK)

CellaVision 2006

― Net sales increased by 40% to SEK 55 million (39)― Operating loss amounted to SEK -8,6 million (-16,5) and

net loss amounted to SEK -8,8 million (-16,7)― Liquid assets amounted to SEK 16,8 million Mkr (17,6)

by December 31, 2006

Significant Events 2006

― The exclusive distribution agreements with Sysmex were extended by three years, and several markets were added.

― Transfer of production of CellaVision DM96 to Kitron Flen AB was completed.

― ISO-certifiering was obtained (ISO-13485:2003)― In the Nordic region several hospitals replaced

their first CellaVision systems with the most recent generation of systems, CellaVision DM.

― Products were delivered to the first clients in Canada.

CellaVision Q1 2007

― Net sales increased by 85% to SEK 16.8 million (9.1) during the quarter.

― Operating loss amounted to SEK -1 million (-4.7) during the quarter.

― Liquid assets amounted to SEK 7 million by the end of the quarter.

― CellaVision has established a subsidiary in Canada.

― CellaVision installed four systems at the Karolinska University Hospital.

CellaVision Going Forward

Hematology Business― Continue sales increase with min 40%― Continue global market penetration ― Hardware cost reduction to extend market to smaller laboratories― Refine business model to more recurrent revenue ― Software development to existing customers e.g. body fluids and

bone marrow

Business Opportunities― New market applications within cytology and histopathology based

on CellaVision technology― The Board of Directors intends to list the company on the First

North list (Stockholm) during 2007

CellaVision Corporate Governance Report 2007

Articles of Association – Adopted at the Annual General Meeting on April 25, 2006

Annual General Meeting 2006 ; Board of Directors: Nils Freisleben(indep), Christer Fåhraeus(dep), Lars Gatenbeck(dep), Sven Åke Henningsson(indep), Per Sjöberg(indep), Paula Treutiger(indep)

Lars Gatenbeck was elected as Chair

Share issue authorisation – not utilised

Fees to the Board (140/70) and auditors

Nominating Committee; Jonas Brambeck(Industrifonden), Christer Fåhraeus, Lars Gatenbeck(HB o LES), Hans Karlsson(Metallica), Christer Nilsson(3i/Fk) – 67.5 % of the company’s shares

Work of the Board in 2006

Apart from the meeting immediately following election the Board held 8 minuted meetings (one of which was a strategy meeting together with themanagement)

Attendance: LG 8/8, NF 7/8, CF 8/8, PS 8/8 ; SÅH 5/5, PT 5/5;

Finance Committee: LG, CF (and PT, Christer Nilsson and Karl Wassgren)

Departures from the Code: No remuneration and audit committee has been appointed, the issues are dealt with jointly by the Board of DirectorsNominating Committee, Board Chair convenes the major shareholders after 3Q report

Torbjörn Kronander

― Born in 1957― Doctor of Technology, MBA― President of Sectra Imtec AB

since 1997, Vice President of Sectra AB since 1998

― Directorships in Sectra AB, CMIV (Center for Medical Image Science and Visualization)

― Member of the Royal Swedish Academy of Engineering Sciences, IVA.