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CBaySystems Holdings Limited 

("CBaySystems")

TRANSCRIPTION SERVICES AGREEMENT WITH MEDQUIST INC.

CBaySystems (AIM: CBAY), a holding company with a portfolio of investments in medical transcription, healthcare technology and healthcare financial services, is pleased to announce that CBay Systems & Services Inc. has entered an agreement under which MedQuist Inc. (Nasdaq: MEDQ) will outsource certain medical transcription services to CBaySystems production centres. 

CBaySystems recently acquired a 69.5% shareholding in MedQuist Inc. CBay Systems & Services Inc. is one of CBaySystems' wholly owned companies.

This medical transcription services agreement under which MedQuist will outsource to CBaySystems production centres offers a synergistic opportunity within CBaySystems' portfolio companies with the potential to improve operational performance.

The following text is taken from MedQuist Inc.'s Form 8-K filing describing the transcription services agreement. The full text of the filing is accessible via the Investors section of MedQuist Inc's website, www.medquist.com:

'On September 15, 2008, MedQuist Transcriptions, Ltd., a wholly-owned subsidiary of MedQuist Inc. (the "Company"), entered into a transcription services agreement (the "Agreement") with CBay Systems & Services, Inc. ("CBay"), pursuant to which the Company outsourced certain medical transcription services to CBay. The Company will pay CBay a per line fee based on each transcribed line of text processed and the specific type of service provided. CBay will perform its services using the Company's DocQment Enterprise Platform ("DEP") and will be held to certain performance standards and quality guidelines set forth in the Agreement. The specific services to be performed will be set forth in order forms delivered by the Company to CBay from time to time during the term of the Agreement.'

For further information please visit www.cbaysystems.com or contact: 

Notes to Editors: 

ABOUT CBAYSYSTEMS 

CBaySystems Holdings Limited is the holding company for a portfolio of businesses, including CBay Systems & Services Inc, CBay Systems (India) Private Limited, and Mirrus Systems, that provide medical transcription, healthcare technology, and healthcare financial services to the US healthcare industry. Our portfolio includes a 69.5% shareholding in MedQuist Inc.. CBaySystems Holdings Limited trades under the CBAY symbol on the AIM market of the London Stock Exchange.

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