PRO MEDICUS LIMITED — Audit Report / Information 2004

Feb 25, 2004

SIFRICT & YOUNG

■ 120 Collies Sacer McBaume VIC 3000 Andralla

■ 取 613 0288 0000 Fax: 61.3 9654 6166 DX 293 Melbourne

GPO Best 678 $&$ Fill $&$ and $&$

INDEPENDENT REVIEW REPORT

To the members of Pro Medicus Limited

Scope

The financial report and directors' responsibility

The financial report comprises the statement of financial position, statement of financial performance, statement of eash flows, accompanying notes to the financial statements, and the directors' declaration for Pro Medicus Limited, for the six months ended 31 December 2003.

The directors of the company are responsible for preparing a financial report that gives a true and fair view of the financial position and performance of the company, and that complies with Accounting Standard AASB 1029 "Interim Financial Reporting", in accordance with the Corporations Act 2001. This includes responsibility for the maintenance of adequate accounting records and internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial report.

Review approach

We conducted an independent review of the financial report in order to make a statement about it to the members of the company, and in order for the company to lodge the financial report with the Australian Stock Exchange and the Australian Securities and Investments Commission.

Our review was conducted in accordance with Australian Auditing Standards applicable to review engagements, in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the financial report is not presented fairly in accordance with the Corporations Act 2001, Accounting Standard AASB 1029 "Interim Financial Reporting" and other mandatory professional reporting requirements in Australia, so as to present a view which is consistent with our understanding of the consolidated entity's financial position, and of its performance as represented by the results of its operations and cash flows.

A review is limited primarily to inquiries of company personnel and analytical procedures applied to the financial data. These procedures do not provide all the evidence that would be required in an audit, thus the level of assurance is less than given in an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

Independence

We are independent of the company, and have met the independence requirements of Australian professional ethical pronouncements and the Corporations Act 2001. In addition to our review of the financial report, we were engaged to undertake the services disclosed in the notes to the financial statements. The provision of these services has not impaired our independence.

Statement

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the financial report of Pro Medicus Limited is not in accordance with:

• the Corporations Act 2001, including: $(a)$
  • giving a true and fair view of the financial position of Pro Medicus Limited at $(i)$ 31 December 2003 and of its performance for the six months ended on that date; and
  • complying with Accounting Standard AASB 1029 "Interim Financial $(ii)$ Reporting" and the Corporations Regulations 2001; and
• other mandatory financial reporting requirements in Australia. $(b)$

Ernst & Young

Ernst & Young

David Petersen Partner

Melbourne 26 February 2004