Q1 Report 2002

Dear Shareholders,
During the first quarter of 2002, SHL TeleMedicine made further progress in its international telemedicine markets, by entering the North American market through its acquisition of leading US
healthcare services provider Raytel Medical Corporation. At home in Israel the company’s operations continued to develop despite the
challenging political and economic situation, helped by the successful integration of recently acquired medical call center operator Bikurofe.

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