SnowWorld N.V. — Earnings Release 2008

Jan 27, 2009

FORNIX PUBLISHES PROVISIONAL ANNUAL FIGURES FOR 2008

• REALISATION OF PROFIT FORECAST ISSUED IN AUGUST

• PROPOSAL TO PAY FULL NET PROFIT AS (OPTIONAL) CASH DIVIDEND

The year 2008 was the first full year the company operated without the Trading Division, which was sold effective 1 October 2007. Below, we first show the results in relation to 2007, including the nine months that the Trading Division was still part of the company. This is followed by the results for 2007, compared to those of the continuing operations (i.e. Allergy Division and Medical Aids Division) in 2008. In this press release, we therefore primarily compare the results of the continued business activities in the two financial years.

Financial highlights of the financial year 2008 – Totals (including 9 months Trading Division in 2007)

In millions of euros	2008	2007	Increase/
(not including amounts per share)			(decrease)
Income	39.9	84.7	(52.9%)
Gross result	32.9	34.0	(3.2%)
Other income	0.2	2.2	(90.9%)
Sum of the costs 1 )	20.5	18.8	9.0%
1 ) of which costs of allergy research	5.8	4.1	41.5%
Result from operating activities (EBIT)	12.6	17.4	(27.6%)
Net financing income/expenses	1.3	0.8	62.5%
Profit before taxation	13.9	18.2	(23.6%)
Profit after taxation	10.2	14.0	(27.1%)
Profit per share	EUR 1.38	EUR 2.01	(31.3%)

Financial highlights of the financial year 2008 – Continued business activities (excluding Trading Division sold in late 2007)

In millions of euros (not including amounts per share)	2008	2007	Increase/ (decrease)
Income	39.9	38.1	4.7%
Gross result	32.9	31.5	4.4%
Other income	0.2	0.1	100.0%
Sum of the costs 1 )	20.5	16.3	25.8%
1) of which costs for allergy research	5.8	4.1	41.5%
Result from operating activities (EBIT)	12.6	15.3	(17.6%)
Net financing income/expenses	1.3	1.0	30.0%
Profit before taxation	13.9	16.3	(14.7%)
Profit after taxation	10.2	12.0	(15.0%)
Profit per share	EUR 1.38	EUR 1.73	(20.2%)

Highlights of the financial year 2008 – Continued business activities

• Allergy Division maintains leading market position (over 70%) despite challenging market conditions;
• Slight increase in turnover (3%) in Allergy Division, with EBIT decreasing by 12.4% due to increased research costs;
• Medical Aids Division shows healthy increase in turnover: 11%; EBIT stabilises as a result of substantial investment in the sales organisation;
• Fornix' net profit totals EUR 10.2 million: a 15% drop compared to 2007. This is due primarily to higher research costs, as well as to continuing investment in Germany and costs related to the aborted takeover of a company in Spain (Bial);
• In Germany, Fornix expanded its operations by acquiring the sales and distribution rights of Decube® antidecubitus mattresses, with a turnover of approximately EUR 1 million, at a cash price of EUR 1.25 million;
• Due to extraordinary items, EBIT drops by 17.6% to EUR 12.6 million (EUR 15.3 million in 2007);
• Based on the results of the pan-European research study conducted during the first season of treatment, the Dutch Medicine Evaluation Board (MEB) has not reversed its earlier refusal to register Oralgen® Grass Pollen. Fornix has appealed this refusal;
• Follow-up research study with Oralgen® Grass Pollen during second season of treatment was completed successfully;
• Preparations made for new, large-scale, multi-year research study, the cost of which will be approx. EUR 10 million up to and including the financial year 2012;
• A proposal will be made to again pay the entire EUR 10.2 million profit to the shareholders as an optional cash dividend;
• The company's basic financial position remains strong;
• Profit per share for continued business activities drops by 20% to EUR 1.38 (EUR 1.73 in 2007).

Biopharmaceutical company Fornix BioSciences N.V. (Euronext Amsterdam: AFORBI) today publishes its provisional annual figures for 2008. Despite tough market conditions, Fornix has proved able to exceed the estimates of the profit forecast issued in August 2008. Net profit from continued business activities totalled EUR 10.2 million, whereas the estimate in August was EUR 9.7 million. Given the company's still excellent cash position, it will be proposed to pay the total net profit for the financial year to the shareholders, as before.

Extraordinary expenses totalling EUR 2.5 million arising from additional research costs (EUR 1.7 million) and the cancellation of a proposed acquisition (EUR 0.8 million) still had a negative impact on the profit forecast as communicated in early 2008. The operational results of both the Allergy Division and the Medical Aids Division remained level, although growth in the former division slowed down, primarily as a result of the relatively large number of patients who had finished their treatment and the lagging performance of the new German operation. EBIT in Germany was negative: EUR 0.6 million (EUR 0.4 million in 2007) due to continued investment in the sales organisation. Nevertheless, Fornix strongly maintained its leading market position (over 70% market share) in the Netherlands. After several weaker years, the Medical Aids Division achieved a strong increase in turnover (11%) following a thorough reorganisation. On the back of continuing substantial investment, EBIT in this division remained at a similar level as in 2007. Fornix' total increase in turnover for 2008 was EUR 4.7%, up to EUR 39.9 million, which was slightly lower than the estimate of approximately EUR 41 million.

A key focus in 2008 was the continued development and implementation of the Clinical Development Plan (CDP), particularly for the benefit of Oralgen® Grass Pollen. In 2008, the Allergy Division's cost of research and development was EUR 5.8 million, representing an increase of 41.5% compared to the EUR 4.1 million in 2007. The reason for this upgrade, which was announced upon the publication of the interim results, was the decision to launch another multi-year pan-European research study in late 2008, in order to confirm the long-term efficacy and safety of Oralgen® Grass Pollen. Total investment in the CDP is estimated to remain at least EUR 5 to 6 million annually in the years following 2009, and will therefore have a negative impact on the results of the Allergy Division.

Outlook for 2009

Given the uncertainty regarding the registration of Oralgen® Grass Pollen and the revision of the reimbursement scheme for allergen products, Fornix BioSciences will not provide a forecast for turnover and profit development in 2009.

Agenda

This press release is based on preliminary figures and data for the financial year 2008. The final, audited 2008 results, including the profit and loss account, the balance sheet and other financial data, will be made public on 12 March 2009 before the Stock Exchange opens. The Annual General Meeting of Shareholders will be held in Lelystad on 24 April 2009.

E N D O F P R E S S R E L E A S E

For further information, please contact: Fornix BioSciences N.V.

C.L. Bergman, CEO, Fornix BioSciences N.V. Tel. +31 (0) 320) 26 77 99 Website: www.fornix.nl

Profile of Fornix BioSciences N.V.

Fornix BioSciences N.V. is a listed company (Euronext Amsterdam, code AFORBI) which engages in the development and sale of diagnostic and therapeutic allergen products and the distribution of medical aids and medical and nursing disposables. Fornix BioSciences N.V. has sites in Lelystad, Beuningen and Hamburg. The company currently has a workforce of around 130 and is mainly active in the Netherlands and Germany. Its activities are carried out by two divisions, which in turn are made up of operating companies.

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The Allergy Division, which consists of Artu Biologicals Europe and, since 1 June 2007, Artu Biologicals Deutschland, is the most profitable division. Its activities include the development, production and sale of a wide range of patient-friendly immunotherapeutic products, under the Oralgen®, Igevac® and other trade names. These products are used in the causal treatment of allergies triggered by various allergens, such as grass and tree pollen and house-dust mites. The development programme is supported by pan-European clinical studies of the efficacy of the various products.

The Medical Aids Division, which consists of Laprolan in Beuningen, engages in the sale, marketing and distribution of a wide range of medical aids and medical and nursing disposables.