Document:

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                                                                   EXHIBIT 10.39

                              OFFICER'S CERTIFICATE

         I, the undersigned, do hereby certify and represent that:

         1. I am the duly elected Senior Vice President and Chief Business
Officer of deCODE genetics, Inc., a Delaware Corporation.

         2. Pursuant to Rule 306(a) of Regulation S-T, the following exhibit
10.39 to deCODE genetics, Inc.'s Registration Statement on Form S-1 is a fair
and accurate English translation of a document prepared in the Icelandic
language.

         IN WITNESS WHEREOF, I have signed this Officer's Certificate in my
capacity as Senior Vice President and Chief Business Officer of deCODE genetics,
Inc. on this 7th day of March, 2000.

                         By:   /s/  Hannes T. Smarason
                               --------------------------
                         Name: Hannes T. Smarason

                         Title: Senior Vice President and Chief Business Officer

<PAGE>   2

                                    AGREEMENT

                                     BETWEEN

                   THE MINISTER FOR HEALTH AND SOCIAL SECURITY

                                       AND

                           ISLENSK ERFDAGREINING EHF.

                              RELATING TO THE ISSUE

                             OF AN OPERATING LICENCE

                         FOR THE CREATION AND OPERATION

                           OF A HEALTH SECTOR DATABASE

The Minister for Health and Social Security, representing the Icelandic
Government, hereinafter referred to as "the Issuer" and Islensk erfdagreining
ehf., State Reg. No. 691295-3549, of Lynghals 1, Reykjavik, hereinafter referred
to as "the Licensee", both parties hereinafter referred to as "the Parties",
hereby enter into the following

                                    AGREEMENT

                                    ARTICLE 1

                                      BASIS

The Issuer will, on Saturday 22 January 2000, issue to the Licensee a temporary
Operating Licence for the creation and operation of a Centralised Health Sector
Database, hereinafter referred to as the "OPERATING LICENCE". With reference,
i.a. to Paragraph 5 of Article 4 and Sub-Paragraph 11 of Paragraph 2 of Article
5 in Act No. 139/1998 on a Health Sector Database, and Sections 9.5 and 10.6 of
the Operating Licence, the Parties have come to a consensus on conclusion of the
present Agreement and the provisions thereof.

                                    ARTICLE 2

               ACTIVITIES OUTSIDE THE REYKJAVIK METROPOLITAN AREA

The Licensee declares that in the operation of the Database during the term of
the Operating Licence, he will seek, and take measures, to ensure that part of
his activities, the activities of his subsidiaries, and/or partner companies
will be conducted outside the Reykjavik Metropolitan Area. This refers, i.a., to
software programming, data transfer and other related activities. On the part of
the Licensee, measures will be taken to establish working facilities outside the
Reykjavik Metropolitan Area where such measures are in the interests of the
Company and/or seek co-operation or collaboration with service providers outside
the Reykjavik Metropolitan Area who are capable of performing such a role in a
comparable manner.

                                                                               1
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                                    ARTICLE 3

                              ANNUAL FIXED PAYMENT

In addition to the payments stipulated in Act No. 139/1998, the Government
Regulation on the Health Sector Database and the Operating Licence itself, the
Licensee shall pay a separate annual fee to the Icelandic Government as further
stipulated hereinafter in Articles 4, 5, and 6. The fee shall be used by the
Issuer to promote health care and for research and development pursuant to
Paragraph 5 of Article 4 of Act No. 139/1998.

                                    ARTICLE 4

                            AMOUNT OF THE ANNUAL FEE

During the term of the Licence, over the years 2000 through 2011, the Licensee
shall pay an annual fee to the Icelandic Government in the amount of ISK
70,000,000 - seventy million Icelandic kronur -. The fee shall from the start
and throughout the term of the Licence be adjusted based on changes in the
consumer price index for the indexation of savings and loans, based initially on
the base index of the month of January, 2000, i.e. 194.0 points.

                                    ARTICLE 5

                           REVISION OF THE ANNUAL FEE

As of the time that 6 years have passed from the issue of the Operating Licence,
the Licensee may request a review of the Annual Fee pursuant to Article 4 for
the remainder of the licence term, provided that the basis of operations and
business plans of the Licensee have changed substantially and it is foreseeable
that the company will not return a profit over the next 2 to 3 years. Such a
review shall, however, at no time have the effect that the licence fee pursuant
to Article 4 falls below the amount of ISK 50,000,000 -fifty million Icelandic
kronur -, indexed as stipulated in Article 4, for the remainder of the Licence
term. If and when such a review is conducted pursuant to the provisions of this
Article 5, any payments due shall not be subjected to review.

                                    ARTICLE 6

                                  PROFIT SHARE

In addition to the Annual Fee pursuant to Article 4, cf. Article 5, the Licensee
shall, in respect of the years 2000-2011, inclusive, pay an additional fee to
the Icelandic Government amounting to 6% of the profits of Islensk erfdagreining
ehf before taxes for the year in question. Profit in this context refers to the
income tax base of the Licensee pursuant to Sub-Paragraph 2 of Article 62 on
Income Tax and Net Worth Tax No. 75/1981. Notwithstanding the above, the
additional fee pursuant to this Article 6 shall never exceed the amount of ISK
70,000,000 - seventy million Icelandic kronur - index-adjusted pursuant to the
provisions of Article 4.

                                    ARTICLE 7

                                 PAYMENT OF FEES

Payment of the Annual Fee pursuant to Article 4, cf. Article 5, shall take place
in a single payment on 1 July of each year for the year in question, first on 1
July 2000 for that year, cf., however, Paragraph 2 of Article 9.

Payment of the additional fee pursuant to Article 4, cf. Articles 5 and 6
hereof, shall never exceed the amount of ISK 140,000,000 - one hundred and forty
million Icelandic kronur - index-adjusted pursuant to the provisions of Article
4.

                                                                               2

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                                    ARTICLE 8

                                PLACE OF PAYMENT

The Licensee shall make all his payments to the Icelandic Government pursuant to
this Agreement in the office of the State Treasury.

                                    ARTICLE 9

                       AGREEMENTS WITH HEALTH INSTITUTIONS

On the initiative of the Licensee, the Parties will make joint efforts to ensure
that agreements of the Licensee with health institutions and self-employed
health service workers on access to data from medical records and the handling
of such data can be concluded as soon as possible. The intention is for the
conclusion and signature of such agreements to be accomplished at the end of the
year 2000.

Notwithstanding the provisions of Paragraph 1 of Article 7, the first payment of
the Annual Fee shall not take place until the Licensee has succeeded in
concluding agreements with the Reykjavik Hospitals and/or the Icelandic State
Hospital, the Regional Hospital in Akureyri and two other health institutions in
other districts of Iceland pursuant to the terms of the Operating Licence, in
particular Article 4, cf. Article 5 thereof, regarding agreements of the
Licensee with health institutions and self-employed health service workers on
access to data from medical records and the handling of such data. In the event
of a delay in the conclusion of such agreements, the Annual Fee pursuant to
Article 4, cf. Article 5 hereof, as accrued and index adjusted pursuant to the
guidelines of Article 4, shall be paid as a lump sum when the agreements with
the said institutions have been reached. In the event that it proves impossible
for unforeseeable reasons to conclude agreements with more institutions than the
institutions referred to above within two years from the issue of the Operating
Licence, the Parties agree to subject the Annual Fee pursuant to Article 4 to
review.

                                   ARTICLE 10

                    OPERATION FOR MAXIMUM PERIOD OF 9 MONTHS

For a period of a maximum of 9 months following the expiration of the Operating
Licence or its termination for other reasons, the Licensee is under obligation,
without special remuneration, to provide the Issuer or the Monitoring Committee
pursuant to Article 6 of Act No. 139/1998, with access to all hardware necessary
for the creation and operation of the Health Sector Database and "Software" and
"Intellectual Property Rights" as such terms are defined in Section 8.1 of the
Operating Licence. The Issuer shall during the course of this period pay service
fees and other comparable fees for the necessary rights provided by the Licensee
to the Issuer, including any licence fees for patents and registration fees
relating to the necessary rights of the Licensee which may be payable during the
period.

                                   ARTICLE 11

                       OPERATION FOR NON-BUSINESS PURPOSES

In the event that the Issuer or the Monitoring Committee or any party in their
place continues the operation and creation of the Database after the expiration
of the Operating Licence and/or in continuation of the maximum 9-month period
pursuant to Article 10 of this Agreement, and if the Database is operated only
in the service of the health care system, the general public and public
entities, for non-business purposes, the Licensee shall not be entitled to
remuneration for "Software" and "Intellectual Property Rights" as such terms are
defined in Section 8.1 of the Operating Licence, which are delivered to the
Issuer and which he has at his future disposal. The Issuer, Monitoring Committee
or any party in their place shall, following the end of the maximum

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9-month period, pay service fees and other comparable fees for the necessary
rights provided by the Licensee to the Issuer, including any licence fees for
patents and registration fees relating to the necessary rights.

                                  ARTICLE 12

                         OPERATION FOR BUSINESS PURPOSES

In the event that the Issuer or the Monitoring Committee or any party in their
place continues the operation and creation of the Database for business purposes
after the expiration of the Operating Licence in continuation of the maximum
9-month period pursuant to Article 10 of this Agreement, or if the operation of
the Database for business purposes is recommenced within 5 years of the end of
the term of the Licence pursuant to Section 15.1 of the Operating Licence, the
Licensee shall be entitled to remuneration for "Software" and "Intellectual
Property Rights" as such terms are defined in Section 8.1 of the Operating
Licence, and which are delivered to the Issuer and which he has at his future
disposal. The Issuer, Monitoring Committee or any party in their place shall,
following the end of the maximum 9-month period pay service fees and other
comparable fees for the necessary rights provided by the Licensee to the Issuer,
including any licence fees for patents and registration fees relating to the
necessary rights.

                                   ARTICLE 13

                           ASSESSMENT OF REMUNERATION

The assessment of the remuneration for the software and/or rights delivered by
the Licensee and in respect of which the Licensee is entitled to remuneration
for pursuant to Article 12 shall be based on the future use of the Issuer, the
Monitoring Committee or any party in their place of the software and/or rights
for business purposes. Furthermore, account shall be taken of the future
usefulness of the software and rights and their market price on the date of
delivery. Each of the Parties shall appoint one party to assess the financial
value and payment arrangements. There shall be no further payment to the
Licensee for the future use of the items which are delivered and which are of
permanent future use.

                                   ARTICLE 14

                                   ARBITRATION

In the event that an agreement cannot be reached between the Parties regarding
the review of the Annual Fee pursuant to Article 5 or the amount of remuneration
pursuant to Article 13, the decision shall be referred to an arbitration
tribunal which shall conduct its activities pursuant to Act No. 53/1989 on
Contractual Arbitration. Each of the Parties shall then appoint one arbitrator
and the Parties then jointly request the court appointment of a neutral third
arbitrator by the District Court of Reykjavik to participate in the process of
the dispute, such arbitrators to form an arbitration tribunal of three
arbitrators. The arbitration tribunal shall conclude its conduct of proceedings
within three months from the time that the tribunal has been fully constituted.
The decision of the arbitration shall be final as regards the dispute of the
Parties and cannot be referred to the public courts.

                                   ARTICLE 15

                                    INDEMNITY

The Licensee declares that he will not during the effective term of the
Operating Licence, or later with reference thereto, make any claims of any kind
against the Issuer, representing the Icelandic Government, in respect of any
amendments made to legislation or rules relating to the Database on the grounds
that such legislation or rules are regarded as inconsistent with the rules of
the European Economic Area or other international rules and agreements to which
Iceland is a party

                                                                               4
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or to which Iceland may later accede. The Issuer declares, furthermore, that in
the event that the Issuer or the Icelandic State by final judgement for any
reason, alone or together with the Licensee, is regarded as liable or subject to
payment to any third party as a result of legislation and/or the issue of the
Operating Licence, the Licensee undertakes to assume all the obligations of the
Issuer and the Icelandic Government, to the extent possible, and furthermore to
reimburse the Icelandic Government for any compensation for which the Icelandic
Government may be required to pay in respect of such liability together with all
interest and all cost of the Icelandic Government rising from such liability and
obligation to pay, provided always that the Icelandic Government has maintained
a full defence in the issues in question. In the event that the Icelandic
Government enters into negotiations with a third party regarding payment of
compensation on the basis of the liability of the Icelandic Government arising
from legislation on the Database and its operation and/or the issue of the
Operating Licence, the Licensee undertakes to pay such compensation and to
reimburse the Icelandic Government for any compensation which the Icelandic
Government may have paid for such reasons together with accrued costs, provided
that the Icelandic Government demonstrates that the Icelandic Government was
justified and under obligation to make the payments or pay the compensation in
question.

                                   ARTICLE 16

                          PROVISIONS OF CONTRACTUAL LAW

The Parties have agreed and approved the provisions of Articles 3, 4, 5, 6, 10,
11, 12, 13, 14 and 15 above in full knowledge of the termination provisions of
Chapter III, particularly Article 36, of Act No. 7/1936 on contracts,
authorisation and invalid legal instruments, as amended by Act No. 11/1986 and
Act No. 14/1995.

                                   ARTICLE 17

                                 TERM OF EFFECT

This Agreement shall remain in effect during the term of the Operating Licence.
However, the Agreement may be subjected to review and amended during the term of
the Operating Licence by an Annex provided that both Parties so agree.

                                   ARTICLE 18

                       DISCUSSIONS ON AN OPERATING LICENCE

The Parties declare that during the course of the review of the Operating
Licence pursuant to Section 15.3 of the Operating Licence, the Parties will
enter into discussions on the renewal of the Operating Licence, provided that
the Licensee at that time meets all the general requirements of current
legislation on the Health Sector Database, regulation on the Health Sector
Database and the Operating Licence. Such discussion shall be based on objective
principles and conform to current law, rules and international agreements to
which Iceland is a party. The renewal of the Operating Licence is furthermore
subject to a new or supplementary agreement being reached in place of this
Agreement.

                                   ARTICLE 19

                      CONDITIONS AND REVOCATION OF LICENCE

Since this Agreement is one of the conditions for the issue of an Operating
Licence to the Licensee, cf. Sections 9.5 and 10.6 of the Operating Licence, as
well as its performance by the Licensee during the term of the Operating
Licence, the Licensee is fully aware that any non-performance of the provisions
of this Agreement and delays in payment on his part could result in revocation
of the Operating Licence.

                                                                               5
<PAGE>   7

This Agreement is signed by the Parties in the presence of witnesses confirming
the correct signatures and date.

                           Reykjavik, 21 January 2000

    For the Government of Iceland                For Islensk erfdagreining ehf.

        Ingibjorg Palmadottir                            Kari Stefansson

Minister for Health and Social Security                 Managing Director

Witnesses:

David B. Gunnarsson, Id. No. 090744-3219

Baldur Gudlaugsson, Id. No. 081246-2629

                                                                               6<PAGE>   1

                                                                   EXHIBIT 10.40

                              OFFICER'S CERTIFICATE

         I, the undersigned, do hereby certify and represent that:

         1. I am the duly elected Senior Vice President and Chief Business
Officer of deCODE genetics, Inc., a Delaware Corporation.

         2. Pursuant to Rule 306(a) of Regulation S-T, the following exhibit
10.40 to deCODE genetics, Inc.'s Registration Statement on Form S-1 is a fair
and accurate English translation of a document prepared in the Icelandic
language.

         IN WITNESS WHEREOF, I have signed this Officer's Certificate in my
capacity as Senior Vice President and Chief Business Officer of deCODE genetics,
Inc. on this 7th day of March, 2000.

                       By:      /s/  Hannes T. Smarason
                                ---------------------------

                       Name:    Hannes T. Smarason
                       Title:   Senior Vice President and Chief Business Officer

<PAGE>   2

                   THE MINISTER FOR HEALTH AND SOCIAL SECURITY

                                  MAKES KNOWN:

                        that pursuant to Act No. 139/1998

                           on a Health Sector Database

                            ISLENSK ERFDAGREINING EHF

                           STATE REG. NO. 691295-3549

                                   LYNGHALS 1

                                    REYKJAVIK

  has on this day been granted an exclusive Operating Licence for the creation
                    and operation of a Health Sector Database

The Operating Licence is issued with the objective of creating and operating in
Iceland a Centralised Health Sector Database with non-personally identifiable
health data for the purpose of increasing knowledge for the improvement of
health and the promotion of health services. The creation and operation of the
Database is intended to result in an integrated collection of data with records
of numerical data from the majority of the medical records already existing and
which will exist during the term of the Operating Licence in Iceland. The data
shall be processed with a view to serving the health system as a whole,
individual health institutions, self-employed health service workers and the
nation as a whole.

The Operating Licence is issued with all the conditions, rights and obligations
contained in the Operating Licence itself, Act No. 139/1998 on a Health Sector
Database, as current at any time, and regulations issued on the basis of the
said act during the term of the Licence

                   The Ministry of Health and Social Security

                                 22 January 2000

                          Ingibjorg Palmadottir [sign.]

                           David R. Gunnarsson [sign.]

                                                            OPERATING LICENCE 1

<PAGE>   3

                                OPERATING LICENCE

                                    ISSUED TO

                           ISLENSK ERFDAGREINING EHF.

                           STATE REG. NO. 691295-3549

                                   LYNGHALS 1

                                    REYKJAVIK

                                       FOR

                           THE CREATION AND OPERATION

                                       OF

                            A HEALTH SECTOR DATABASE

                     MINISTRY OF HEALTH AND SOCIAL SECURITY

                                  JANUARY 2000

                                                            OPERATING LICENCE 2

<PAGE>   4

                                   TABLE OF CONTENTS

<TABLE>
<S>     <C>                                                                             <C>
Article 1: Preamble......................................................................3

Article 2: Definitions...................................................................4

Article 3: General and Financial Conditions..............................................6

Article 4: Transfer of Data..............................................................7

Article 5: Role of the Monitoring Committee..............................................9

Article 6: Role of the Data Protection Commission.......................................10

Article 7: Conditions for Processing and Handling of Data...............................11

Article 8: Intellectual Property Rights.................................................13

Article 9: Process on the Revocation of the Operating Licence...........................15

Article 10: Payment of Costs Etc........................................................16

Article 11: Surveillance................................................................17

Article 12: Assignment and Enforcement..................................................18

Article 13: Disputes....................................................................18

Article 14: Revocation of Licence, Sanctions, Penalties and Compensation................18

Article 15: Term, Review and Issue of Licence...........................................18
</TABLE>

LIST OF ANNEXES

ANNEX A:          GENERAL SPECIFICATIONS
ANNEX B:          TRANSFER OF DATA TO THE HEALTH SECTOR DATABASE
ANNEX C:          THE MAIN FORMAL AND SUBSTANTIVE CONTENTS OF AGREEMENTS
ANNEX D:          STATUS REPORT ON HEALTH DATA
ANNEX E:          TERMS OF FINANCIAL SEGREGATION
ANNEX F:          REGISTER OF HEALTH PROFESSIONS
ANNEX G:          TECHNOLOGY, SECURITY AND ORGANISATION TERMS OF THE DATA
                  PROTECTION COMMISSION

                                                            OPERATING LICENCE 3

<PAGE>   5

                                OPERATING LICENCE

                                    ISSUED TO

                           ISLENSK ERFDAGREINING EHF.

                           STATE REG. NO. 691295-3549

                                   LYNGHALS 1

                                    REYKJAVIK

                                       FOR

                           THE CREATION AND OPERATION

                                       OF

                            A HEALTH SECTOR DATABASE

                                    ARTICLE 1

                                    PREAMBLE

1.1      This Operating Licence is issued with the objective of creating and
         operating in Iceland a Centralised Health Sector Database, in the
         Operating Licence also referred to as "the Health Sector Database" or
         "the Database", with non-personally identifiable health data for the
         purpose of increasing knowledge for the improvement of health and the
         promotion of health services.

1.2      The creation and operation of the Database is intended to result in an
         integrated collection of data with records of numerical and encoded
         data from the majority of the medical records already existing and
         which will exist during the term of the Operating Licence in Iceland
         and to which access is not restricted pursuant to the provisions of
         this Operating Licence. The data shall be processed with a view to
         serving the health system as a whole, individual health institutions,
         self-employed health service workers and the nation as a whole.

1.3      The Operating Licence is issued by the Minister for Health and Social
         Security, who in this Licence is referred to as the "Issuer," pursuant
         to Act No. 139/1998 on a Health Sector Database.

1.4      The Operating Licence is issued to Islensk erfdagreining ehf., State
         Reg. No. 691295-3549, of Lynghals 1, Reykjavik, referred to in this
         Operating Licence as the Licensee, with all the conditions, rights and
         obligations contained in this Operating Licence, Act No. 139/1998 on a
         Health Sector Database and regulations issued on the basis of the said
         act on the effective date of the Operating Licence and during the term
         of its effect.

1.5      This Operating Licence is issued on the basis of information on the
         scope of activities, projects and work plan of the Licensee, which have
         been submitted by the Licensee, and on the basis of Technology,
         Security and Organisation Terms of the Data Protection Commission,
         which are attached to this Operating Licence as ANNEX G.

                                                            OPERATING LICENCE 4

<PAGE>   6

1.6      The Operating Licence extends to the creation and operation of a
         centralised Health Sector Database pursuant to Act No. 139/1998, on a
         Health Sector Database, as current at any time, and regulations issued
         pursuant to that Act.

1.7      The Operating Licence, the operation of the Database and the operation
         of a Centralised Health Sector Database, and the handling of data from
         the Database shall at all times be consistent with Icelandic law and
         regulations, as current at any time, international agreements and any
         international commitments to which Iceland is or becomes a party.

1.8      All data that enters the Health Sector Database is the common property
         of the Icelandic nation and in the care and under the responsibility of
         the Minister for Health and Social Security, acting for the Icelandic
         Government. This applies both during the time that the Operating
         Licence is in effect and after its expiration.

1.9      The Operating Licence provides for the conditions which form the
         original basis for the issue of an Operating Licence for the creation
         and operation of a Health Sector Database. During the term of the
         Operating Licence these conditions may change in the light of
         experience and further requirements by surveillance authorities, the
         Issuer and the Licensee.

1.10     Individual provisions of the Operating Licence refer to Annexes
         attached to the Operating Licence and all bear the identification of
         the Ministry for Health and Social Security, and they are all
         inseparable parts of the Operating Licence. The Annexes, seven in
         number, are identified with the letters A-G, as shown in the list of
         annexes attached to the Operating Licence on p. 22 [page no. of
         original Icel. document].

                                    ARTICLE 2

                                   DEFINITIONS

2.1      The following terms, wherever they appear in this Operating Licence,
         shall have the meaning specified below:

a)       "General Specifications" means the general specifications for medical
         records systems, as current and as updated by the Ministry of Health
         and Social Security at any time, currently the updated report of the
         Ministry of January 2000, attached to this Operating Licence as ANNEX
         A.

b)       "Direct access" means access to the primary data in the Database or
         copies thereof, cf. Paragraph 3 of Article 10 of the Act.

c)       "Encryption" means the transformation of words or numbers into an
         unintelligible sequence of symbols.

d)       "One-way encryption" means the transformation of words or numbers into
         an unintelligible sequence of symbols which cannot be traced back using
         a decryption key.

e)       "Genetic data" means any data pertaining to the inheritable features of
         an individual or the hereditary pattern of such features within a group
         of related individuals, and furthermore all data pertaining to the
         transfer of genetic information (genes) pertaining to features which
         determine the diseases and health of individuals and groups of related
         individuals, regardless of whether such features can be identified or
         not.

f)       "Transfer of data to the Database" means the summary of the handling
         and transfer of data to the Health Sector Database attached to this
         Operating Licence as Annex B.

                                                            OPERATING LICENCE 5

<PAGE>   7

g)       "Query layer" means the software intended to process research or
         queries in the Health Sector Database.

h)       "Health Sector Database" means a collection of data containing the
         medical data registered in a co-ordinated systematic manner in a single
         centralised database intended for processing and dissemination of
         information as further provided for in Act No. 139/1998, on a Health
         Sector Database, the regulation on a Health Sector Database and this
         Operating Licence.

i)       "Medical data" means data pertaining to the health of individuals,
         including genetic data.

j)       "The Main Formal and Substantive Contents of Agreements" means a
         summary of formal and substantive contents of agreements between the
         Licensee and health institutions and self-employed health service
         workers and attached to the Operating Licence as ANNEX C.

k)       "Intellectual property rights" means the following rights: i.) Any
         rights in the area of intellectual property rights to software which is
         necessary for the creation and operation of the Database, i.e.
         copyright, trade mark rights, patent rights, design rights, business
         and technical know-how or other rights. Software in this context refers
         to computer programmes, any systems descriptions and related documents
         and any handbooks and other accompanying documents. ii.) Any rights in
         the area of intellectual property rights to the Database, i.e.
         copyrights, sui generis rights pursuant to EU Directive No. 96/9 of 11
         March 1996 on the legal protection of databases, trade mark rights,
         patent rights, design rights, business and technical know-how or other
         rights. iii.) Any rights in the area of intellectual property rights,
         i.e. copyright, trademarks, patents, design rights, business and
         technical know-how or other rights, even if they extend directly
         neither to software or a database, if the rights are necessary for the
         creation or the operation of the Database. In all cases, this is a
         reference to rights, whether they are presently known or established
         later, and both to the rights in their entirety and licences to use
         such rights.

l)       "Centralised Health Sector Database" and "Database" means the Health
         Sector Database pursuant to Act No. 139/1998, on a Health Sector
         Database, the Regulation on a Health Sector Database and this Operating
         Licence.

m)       "Non-personally identifiable data" means data on an individual which
         are not identifiable according to the definition of Subsection (n)
         below.

n)       "Personal data" means all data on an identified or identifiable
         individual. An individual is regarded as identifiable if he can be
         identified, directly or indirectly, e.g. by reference to an identity
         number or one or more features specific to his physical, physiological,
         mental, economic, cultural or social identity.

o)       "Regulation" means the Regulation on a Health Sector Database.

p)       "Operating Licence" means this Operating Licence.

q)       "The Terms on Financial Segregation" means further conditions and terms
         on the financial segregation of the operation by the Licensee of the
         Database and other operations of the Licensee, attached to this
         Operating Licence as ANNEX E.

r)       "Register of Health Professions" means a separate register of certified
         health professions, attached to this Operating Licence as ANNEX F.

                                                             OPERATING LICENCE 6
<PAGE>   8

s)       "The Monitoring Committee" means the Committee on the Creation and
         Operation of a Health Sector Database pursuant to Article 6 of Act No.
         139/1998, and Chapter V of the Regulation.

t)       "Status Report on Health Data" means the Status Report on Health Data
         as current at any time and as updated by the Ministry of Health and
         Social Security, currently the updated report of the Ministry of
         January 2000, attached to this Operating Licence as ANNEX D.

u)       "Query classes" means specific classes of queries which are comparable
         and processed using software in the query layer of the Health Sector
         Database.

v)       "Data Protection Commission" means the Data Protection Commission
         pursuant to Act No. 121/1989 on the registration and handling of
         personal data, cf. also Sub-Section 2 of Article 5 and Paragraph 1 of
         Article 12 in Act No. 139/1998, and Chapter VII of the Regulation on a
         Health Sector Database.

w)       "Science Ethics Committee" means the Science Ethics Committee pursuant
         to Article 1 of Regulation No. 552/1999, on Scientific Research in the
         Health Sector, cf. Paragraph 4 of Article 2 in Act No. 74/1998 on
         Patients' Rights.

x)       "Interdisciplinary Ethics Committee" means the Interdisciplinary Ethics
         Committee pursuant to Article 12 of Act No. 139/1998 and Chapter VI of
         the Regulation.

y)       "Security Terms of the Data Protection Commission" means the conditions
         and security requirements in the Technology, Security and Organisation
         Terms of the Health Sector Database, as well as the main security
         requirements and conditions of the Data Protection Commission for the
         operation of the Database as current at any time, currently in the
         second edition of the Data Protection Commission dated 19 January 2000,
         attached to this Operating Licence as ANNEX G.

                                    ARTICLE 3

                        GENERAL AND FINANCIAL CONDITIONS

3.1      The Licensee shall without exception meet all the conditions laid down
         in this Operating Licence.

3.2      The Licensee shall endeavour to maintain at all times good co-operation
         with the Ministry of Health and Social Security, the Directorate of
         Public Health, health institutions and self-employed health service
         workers, the Monitoring Committee, the Data Protection Commission, the
         Interdisciplinary Ethics Committee and the National Audit Bureau.

3.3      The Licensee shall in all respects observe applicable and current legal
         provisions on health services, currently Act No. 97/1990, as amended.
         The Directorate of Public Health is responsible for monitoring of the
         Licensee's observance of the provisions of legislation and regulations
         regarding health in general and the security of patients and the
         public.

3.4      The Health Sector Database shall be located exclusively in Iceland.
         Processing from the Database shall take place exclusively in Iceland.
         The Licensee shall not transfer any data to which he is granted access
         to other databases or merge them or connect with activities taking
         place elsewhere, unless the consent of the surveillance authorities has
         been obtained pursuant to the instructions laid down in the Act,
         Regulation or Operating Licence.

3.5      The Licensee shall not begin processing in the Health Sector Database
         until an assessment has been conducted by an independent expert in the
         field of information

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         systems security. The Operating Committee is responsible for the
         conduct of such an assessment.

3.6      The Licensee is, in his business transactions with third parties in
         respect of the creation and operation of a Health Sector Database,
         bound by the provisions of the Competition Act, No. 8/1993, and the
         provisions of the EEA Agreement, cf. Act No. 2/1993, as applicable, cf.
         in particular the provisions of Chapter IV of the EEA Agreement. The
         Licensee shall in the creation and operation of the Health Sector
         Database refrain from abusing his position as Licensee in his business
         with parties purchasing his services, e.g. through unreasonable fees
         for the services, by refusing business with competitors or by
         discriminating among his business partners through the use of
         dissimilar business terms or other onerous business terms. Special
         business terms, such as discounts for extensive business, shall be
         based on general and transparent business terms.

3.7      The operation of the Health Sector Database shall be financially
         segregated from other activities of the Licensee, cf. Paragraph 2 of
         Article 14 in the Competition Act No. 8/1993. The operation of the
         Health Sector Database shall be conducted within a separate operating
         unit or department, and keep separate accounts. Accounting shall be
         conducted in conformance with rules of law on accounting. A separate
         Initial Balance Sheet shall be established. Assets regarded as
         pertaining to the activities covered by the Operating Licence shall be
         appraised at market value where possible, or at replacement value
         following reasonable depreciation. Liabilities of the activities
         covered by the Operating Licence shall include only liabilities
         connected with such activities alone.

3.8      All joint use of the operation subject to the Operating Licence and the
         competitive operations of the Licensee, such as use of real estate,
         machinery and human resources, shall be valued at market price on an
         arm's length basis. In the event that market price is not available,
         the value shall be based on cost price plus a reasonable mark-up.
         Similarly, business between the operation subject to the Operating
         Licence and other departments shall be conducted on an arm's length
         basis. When the utilisation of the Health Sector Database has begun,
         the party responsible for the day-to-day administration of the
         operation subject to the Operating Licence shall not be responsible for
         the administration of the departments of the Licensee engaged in
         competitive activities.

3.9      The Licensee shall meet the further conditions on the arrangement of
         financial segregation of the Licensee contained in the Annex "Terms of
         Financial Segregation", attached to the Operating Licence as ANNEX E.

                                    ARTICLE 4

                                TRANSFER OF DATA

4.1      The Licensee shall observe directions on the collection, transfer,
         preservation and processing of data pursuant to recognised
         international rules on science ethics and rules established on the
         basis of such international rules and current in Iceland at any time.

4.2      The Licensee is aware of the fact that a patient may at any time
         request that information concerning him should not be transferred to
         the Health Sector Database. A patient's request to such effect may
         involve all information already available on the patient in medical
         records or which may be recorded, or further specified information.
         Such a request from a patient shall also be observed after his death.
         In the event that a patient wishes to have information on him
         transferred to the Health Sector Database, despite the fact that a
         health institution or self-employed health service worker has not
         entered into an agreement on such transfer of information, the patient
         shall submit a request to this

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         effect to the Directorate of Public Health. The Directorate of Public
         Health shall ensure that such a request from a patient is carried out.

4.3      Information may be delivered to the Licensee which has been processed
         from medical records, for transfer into the Health Sector Database with
         the approval of health institutions or self-employed health service
         workers. The transfer of information shall conform to the security
         requirements of the Data Protection Commission.

4.4      Before the commencement of transfer of data into the Database, the
         Licensee shall enter into written agreements with the health
         institutions in question or self-employed health service workers on
         access to information from medical records and the handling of such
         information, containing, at a minimum, the items specified in ANNEX C
         "Main Formal and Substantive Contents of Agreements".

4.5      Medical information shall be recorded so as to form an integrated data
         collection where information is recorded from the medical records
         currently available and becoming available during the term of the
         Operating Licence in Iceland and to which access is not limited
         pursuant to the terms of this Operating Licence.

4.6      The recording of health data for transfer to the Health Sector Database
         specified in ANNEX B shall proceed in stages. First, medical data
         reaching back to 1986 shall be processed. During the second stage, the
         intention is to process data from medical information before 1986. The
         Monitoring Committee shall, on the recommendation of the Ministry of
         Health and Social Security and the Directorate of Public Health, take
         responsibility for co-ordination in this regard in the conclusion of
         agreements with health institutions and self-employed health service
         workers.

4.7      Information processed pursuant to Section 4.6 may be transferred to the
         Licensee through the Encryption Agency of the Data Protection
         Commission, cf. the Security Terms of the Data Protection Commission.
         Such information consists on the one hand of data from the National
         Register and on the other hand encoded and other numerical data. ANNEX
         B, "Transfer of Data to the Database" lists the categories of data on
         which the Licensee may negotiate for transfer with health institutions
         and self-employed health service workers.

4.8      After a co-ordinated medical record has been taken into use, medical
         data will be recorded in accordance with the structure of an electronic
         medical file. Encoded and other numerical data defined in ANNEX B
         "Transfer of Data to the Database" may be transferred from electronic
         patient records to the Licensee through the Encryption Agency of the
         Data Protection Commission.

4.9      Data from specific systems created for scientific research may not be
         transferred to the Health Sector Database unless an agreement has been
         made with the originators and owners of such systems and the transfer
         is consistent with the Security Terms of the Data Protection
         Commission. Furthermore, data from specific systems set up for
         experimental or development purposes may not be transferred to the
         Health Sector Database unless a separate agreement to such effect has
         been concluded. No data which is not specified in ANNEX B, "Transfer of
         Data to the Database" may be transferred to the Database without
         special permission of the Data Protection Commission, as further
         provided in ANNEX B.

4.10     Health institutions and self-employed health service workers shall
         notify the Data Protection Commission and the Operating Company
         immediately if the security of data and personal privacy are
         endangered.

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                                    ARTICLE 5

                        ROLE OF THE MONITORING COMMITTEE

5.1      The Monitoring Committee shall supervise the making of agreements of
         the Licensee with health institutions, on the one hand, and
         self-employed health service workers, on the other hand, in order to
         ensure the necessary consistency. The Monitoring Committee shall
         protect the interests of the public health authorities, health
         institutions, self-employed health service workers and scientists in
         the making of agreements.

5.2      Agreements between parties pursuant to Section 5.1 shall provide for
         remuneration payable by the Licensee pursuant to Paragraph 2 of Article
         6 of Act No. 139/1998, and other substantive items contained in the
         Annex "Main Formal and Substantive Contents of Agreements", attached to
         this Operating Licence as ANNEX C.

5.3      The Licensee shall keep the Monitoring Committee informed on the
         position of negotiations at any time. Confirmation by the Monitoring
         Committee of an agreement between the Licensee and individual health
         institutions or self-employed health service workers is a prerequisite
         for the validity of the agreement. The parties shall be notified of the
         Committee's conclusion within two weeks from the time that the
         agreement was submitted to the Committee for confirmation.

5.4      The Licensee shall provide the Monitoring Committee with all
         information which may be relevant to the work and duties of the
         Committee.

5.5      The Licensee shall ensure that the Monitoring Committee always has
         access to information on all research or queries or classes of queries
         submitted to the Licensee for processing and information on the
         research parties and parties submitting queries.

5.6      The Licensee shall deliver to the Monitoring Committee for safe-keeping
         backup copies of the Database. A representative of the Monitoring
         Committee shall be present at the making of the backup copies. The
         backup copies shall be designed to enable the Monitoring Committee to
         take over the operation of the Database in the event that the Licensee
         discontinues its operation for any reason. The Committee shall be
         delivered equipment or provided access to equipment to verify whether
         the backup copies are adequate. The backup copies shall be transported
         by an employee of the Monitoring Committee and deposited in fireproof
         and guarded premises controlled by the Committee or in a Bank safety
         deposit box. The Monitoring Committee shall perform tests of the backup
         procedure at regular intervals.

5.7      Before processing in the Database begins, the Licensee shall submit to
         the Monitoring Committee for approval a detailed description of the
         process of making backup copies, which shall include the following
         information:

         -  A general description of the backup process

         -  The process of making a backup copy

         -  The input and output of the backup process

         -  Description of the type of backup medium being used (what operating
            system, software and hardware) and whether, and if so how, it is
            re-used and what the lifetime of the backup medium is.

         -  What the source of the backup is, i.e. software and hardware.

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<PAGE>   12
         - When the backup takes place according to a backup schedule, i.e. how
           often a full backup is made, how often incremental backups are made
           and how far back in time backup copies are preserved.

         - Who performs the backup.

         - Whether any errors have been reported.

         - How backup copies are destroyed.

         - What backup copies are in existence and their dates.

         - The method of ascertaining whether a backup has been successful

         - That configuration control is used.

5.8      When the Monitoring Committee has approved the description by the
         Licensee of the process of making backup copies, the Committee shall
         deliver the description to the Data Protection Commission which shall
         establish security requirements and terms which shall be used in
         making, transporting, and safe-keeping backup copies.

                                    ARTICLE 6

                     ROLE OF THE DATA PROTECTION COMMISSION

6.1      The Licensee shall meet the current Technology, Security and
         Organisation Terms of the Data Protection Commission at any time in the
         creation and operation of the Database in conformity with the terms set
         out in APPENDIX G.

6.2      The Data Protection Commission may review the Technology, Security and
         Organisation Terms to be met by the Licensee in the light of new
         technology, experience or changed circumstances, and establish a
         deadline for the Licensee to comply with the new requirements.

6.3      The Licensee shall not make any alterations in matters of technology,
         security and Organization, including changes in software or hardware,
         except pursuant to rules established by the Data Protection Commission.

6.4      In the event of circumstances where the security of data may be at
         risk, the Data Protection Commission may prohibit further processing in
         the Database until such time as the Data Protection Commission is
         satisfied that data security is adequate.

6.5      The Data Protection Commission shall operate an Encryption Agency which
         shall carry out the transfer of all data to the Health Sector Database.
         The Encryption Agency of the Data Protection Commission shall take
         delivery of encrypted health data from health institutions and
         self-employed health service workers which have concluded agreements
         with the Licensee.

6.6      The Licensee shall establish rules of procedure and work processes
         which meet the conditions of the Data Protection Commission in order to
         ensure privacy protection in the cross-referencing of data from the
         Health Sector Database, a genealogical database and a database
         containing genetic data. The Data Protection Commission shall attach
         such conditions to its approval of the rules of procedure and work
         processes of the Licensee as it considers necessary at any time to
         ensure privacy protection and data security in the Health Sector
         Database. Among the conditions for the approval of the Data Protection
         Commission is that the results should be non-personally identifiable.

6.7      If it becomes evident that results obtained from cross-referencing of
         data are personally identifiable, the Data Protection Commission may
         order the destruction of such results in

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<PAGE>   13

         their entirety or in part and revoke its approval. During the course of
         investigation, the Data Protection Commission may prohibit further
         cross-referencing of data on the basis of its approval and take custody
         of the results. In the event that the Licensee does not observe the
         conditions of the Data Protection Commission on the cross-referencing
         of data, the Data Protection Commission may revoke its approval
         pursuant to Section 6.6.

6.8      In order to preserve the security of personal data, the Data Protection
         Commission may establish rules to be observed during the collection,
         registration and processing of medical data in the medical records
         system in preparation for their transfer to the Encryption Agency of
         the Data Protection Commission. Those employees of Health Institutions
         and self-employed health service workers who are directly employed in
         the transfer of health data to the Health Sector Database shall not be
         involved in the Licensee's operation of the Database. Health
         Institutions and self-employed health service workers are responsible
         for the delivery of health data to the Encryption Agency of the Data
         Protection Commission.

6.9      The Data Protection Commission is responsible for monitoring the
         creation and operation of the Health Sector Database as regards the
         recording and processing of medical data and the security of data in
         the Health Sector Database. The Data Protection Commission shall take
         measures to monitor observance of the conditions established by the
         Commission.

6.10     The Data Protection Commission may inspect the technology, security and
         organisation aspects of the Health Sector Database whenever necessary.
         The Data Protection Commission may conduct any tests or inspection or
         take any surveillance action it may regard as necessary and demand the
         required assistance of the personnel of the Licensee in taking such
         action.

6.11     The Data Protection Commission may require from the Licensee and any of
         the Licensee's employees any information necessary for the Commission
         to perform its tasks, including information to determine whether a
         particular activity falls under the provisions of regulations and
         legislation on the Health Sector Database. The Data Protection
         Commission may also summon personnel of the Licensee and persons
         employed by the Licensee to appear before the Commission and provide
         oral information and explanations.

6.12     In the course of its surveillance duties, the Data Protection
         Commission shall have free access to the premises where the Health
         Sector Database is preserved and processing takes place. The Data
         Protection Commission may, by a special resolution, entrust specific
         employees and consultants with certain aspects of the work entrusted to
         the Data Protection Commission pursuant to Act No. 139/1998, on a
         Health Sector Database and the Regulation issued on the basis of the
         Act.

                                    ARTICLE 7

                 CONDITIONS FOR PROCESSING AND HANDLING OF DATA

7.1      The recording and processing of medical data for transfer to the Health
         Sector Database shall be performed or controlled by employees who are
         licensed health-care professionals in order to ensure accurate
         recording and confidentiality. The "Register of Health-Care
         Professions" attached to this Operating Licence in ANNEX F is a list of
         licensed health-care professions.

7.2      The Ministry of Health and Social Security and the Directorate of
         Public Health shall at all times have access to statistical data from
         the Database. The data shall be in accessible

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<PAGE>   14

         form and meet the specifications of the health authorities as current
         at any time. The data shall be prepared so as to be directly usable for
         the preparation of health reports, plans, policies and projects of the
         Ministry and the Directorate of Public Health. The data shall be
         supplied to the above parties free of charge. The access of the above
         parties is subject to the approval and surveillance of the Data
         Protection Commission.

7.3      The Licensee shall meet the conditions and requirements contained in
         the Annex "Status Report on Health Data", attached to the Operating
         Licence as ANNEX D, and all subsequent amendments, whether in place of
         or in addition to the said "Status Report on Health Data". In other
         respects, the parties shall consult on changes resulting from special
         needs and requests in individual fields and developments and
         innovations which may emerge during the term of the Operating Licence.

7.4      Data shall be prepared for transfer to the Health Sector Database in
         such a way as to meet the needs of the institutions or self-employed
         health service workers for a co-ordinated information system, the needs
         of specialist fields and the needs of public health authorities, and in
         such a way as to be of use in scientific research.

7.5      The Executive Boards of health institutions shall take the initiative
         in consulting with the relevant professional associations, head
         physicians of institutions, head physicians of divisions and nursing
         supervisors in order to ensure that the data is as useful as possible
         for administration and research. Furthermore, consultations shall be
         held with the above parties regarding what information should be
         processed from medical files and whether any information is of such a
         nature that it should not be transferred to the centralised Database.

7.6      The Licensee shall meet the conditions and requirements laid down in
         the Annex "General Specifications" attached to the Operating Licence as
         ANNEX A and all subsequent amendments, whether in place of or in
         addition to the said "General Specifications". The Licensee shall
         furthermore meet the guidelines laid out in the appendix "Transfer of
         Data to the Database" attached to the Operating Licence as ANNEX B. In
         other respects the parties shall consult on additions or alterations
         with respects to the specialised part of electronic patient records,
         special needs and requests in individual fields and developments and
         innovations which may emerge during the term of the Operating Licence.

7.7      In the handling of files, other data and information, the conditions
         regarded as necessary by the Data Protection Commission at any time
         shall be observed. Personal identifiers shall be encrypted prior to
         transfer to the Database in order to ensure that the employees of the
         Licensee work only with non-personally identifiable data. The employees
         of the health institutions in questions or self-employed health service
         workers shall prepare data for transfer to the Health Sector Database.
         Medical data shall be transferred in encrypted form in order to
         preserve their security. Personal identifiers shall be one-way
         encrypted, i.e. using encryption which cannot be traced back using an
         identifying key. Access to data in medical records is in other respects
         governed by the Act on Patients' Rights, the Act on Health Service and
         the Act on the Recording and Handling of Personal Data.

7.8      Data which are recorded or obtained by processing in the Health Sector
         Database may be utilised to develop new or improved methods of
         promoting health, prognosis, diagnosis and treatment of diseases, to
         seek the most efficient methods in the operation of health systems and
         in the interests of reporting in the area of health. The Licensee is
         authorised to process data in the Health Sector Database from the
         medical data of medical records recorded in the Database provided that
         measures are taken to ensure that in the course of

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         processing and cross-referencing of data, no information can be linked
         to personally identifiable individuals.

7.9      The Licensee may not grant direct access to the Database.

7.10     Before processing is begun in the Database, the Licensee shall inform
         the Monitoring Committee which parties in his employ work with the
         Database, its operation and development of software and which parties
         in his employ have access to the query layer. Furthermore, their roles
         and responsibilities shall be defined, as well as their access
         authorisation. The Licensee shall notify the Monitoring Committee of
         any intentions to confer responsibilities on new parties pursuant to
         this provision and ensure that the Security Terms of the Data
         Protection Commission are strictly observed.

7.11     Providing information on individuals from the Health Sector Database is
         prohibited. Only statistical information involving groups of
         individuals may be provided.

                                    ARTICLE 8

                          INTELLECTUAL PROPERTY RIGHTS

8.1      In Articles 8 and 9 of this Operating Licence, the terms "software" and
         "intellectual property rights", as intellectual property rights are
         defined in the Operating Licence, refer to software and intellectual
         property rights which are necessary following the expiration or
         termination of the term of this Operating Licence for the creation,
         operation and maintenance of the Health Sector Database in the
         interests of public health authorities, health institutions and
         self-employed health service workers, including for scientific
         research, cf. Articles 6 and 9, and Paragraph 1 of Article 10 in Act
         No. 139/1998. Software and intellectual property rights include
         software and rights utilised in the interests of the above parties
         during the term of the Operating Licence. Software and intellectual
         property rights pursuant to Articles 8 and 9 of this Operating Licence
         do not include the software and rights which, during the term of this
         Operating Licence are used only in the interests of the Licensee
         himself, or for commercial purposes pursuant to agreements with third
         parties.

8.2      Article 8 hereof applies to all agreements concluded by the Licensee
         for the purpose of obtaining intellectual property rights, cf. Sections
         2.1(k) and 8.1, including but not limited to the contracts concluded by
         the Licensee with contractors on the creation of the Database, custom
         software, and on the adaptation of solutions with special reference to
         the Database, any agreements on the acquisition of utility
         licenses/utilisation rights, development of software or software
         solutions and any contracts on the purchase of or licences to
         components for software. Article 8 also extends to contracts of the
         Licensee with his employees and contracts with registration parties
         which the Licensee may conclude for the transfer of data to the
         Database.

8.3      The Licensee shall, on the expiration of the Licence pursuant to its
         provisions, ensure that the Issuer, or the party entrusted by the
         Issuer with the operation of the Database, receives without time
         limits, based on the term of the Licence, all use of intellectual
         property rights necessary for the creation and operation of the
         Database. This refers to any party which the Issuer may unilaterally
         decide to entrust with the operation of the Database following the
         expiration of the term of the Licence, whether this is an individual,
         legal entity, company or institution.

8.4      The Licensee shall ensure that utilisation, on his part, of
         intellectual property rights in respect of operating the Database is
         not subject to time limits which are based on the term of the Operating
         Licence. In cases where there are no rights of ownership, steps shall
         be

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         taken to ensure that licences or comparable rights are not restricted
         by such time limits, and the Issuer or such party as the Issuer may
         entrust with the operation of the Database shall have the option of
         renewing such contracts, at least on an equal basis with the Licensee,
         to the extent necessary for the utilisation of the rights.

8.5      The Licensee shall ensure, and take full responsibility, that the
         software used by him for the creation and operation of the Database is
         not in violation of any third-party rights. The same applies to the
         Database and other intellectual property rights.

8.6      In the event that the Licensee obtains a copyright on software, whether
         through contracts with a third party or through his own software
         design, the Licensee shall ensure that following the expiration of the
         Licence, he shall be capable of delivering to the Issuer all data
         necessary for the Issuer or such party as the Issuer may entrust with
         the operation of the Database, to continue the development and
         maintenance of the Software. Such data may only be used to develop
         software for the operation of the Health Sector Database. The Licensee
         shall ensure, e.g., that he acquires rights to the software
         contemporaneously with the creation of such rights by the other
         contracting party and that the Issuer, or such party as the Issuer may
         entrust with the operation of the Database, is permitted to accept
         delivery of the said data notwithstanding the fact that such data is in
         the possession of a party other than the Licensee, in the event that
         the estate of the contracting party is subjected to bankruptcy
         proceedings or if the other party is for some other reasons incapable
         of performing the contract. Furthermore, the Licensee shall ensure that
         he is authorised to transfer the rights to the software to the Issuer
         or subsequent licensees.

8.7      In the event that the Licensee, by contract, becomes the holder of
         licence rights, utilisation rights or other comparable rights to use
         software, the Licensee shall ensure that following the end of the term
         of the Operating Licence the Licensee will be capable of delivering or
         transferring to the Issuer, or such party as the Issuer may entrust
         with the operation of the Database, the number of user licenses
         pursuant to licensing and service contracts which are necessary to
         continue the creation and operation of the Database. The Licensee
         shall, in the event that the contracting party ceases to issue licenses
         or provide service for the software, or if the estate of the
         contracting party is subjected to bankruptcy proceedings, or if such
         party is for some other reasons incapable of performing the contract,
         attempt to ensure that the Issuer, Ministry of Health and Social
         Security, or the party to which the Minister may decide to entrust with
         the operation of the Database, shall be entitled to receive delivery of
         the information which may be necessary to maintain and develop the
         software notwithstanding the fact that such information is in the
         possession of a party other than the Licensee. The Licensee shall
         ensure the aforesaid in all contracts on custom manufacture, adaptation
         or development of software.

8.8      The Licensee shall ensure that all employees in his service, permanent
         or part-time, who participate or have participated in the engenderment
         of intellectual property rights, including the creation of the Database
         and the development, design or maintenance of software, undertakes in
         his employment contract, or through some other written undertaking,
         provisions to the effect that the software and intellectual property
         rights are wholly and fully the possession of the Licensee, and that
         the Licensee is authorised to utilise and transfer such rights in
         Iceland and in other countries by any method currently known or later
         practised, to any third party, in part or in full, and modify and
         continue to develop such work as the rights may extend to.

8.9      The employment contract or undertaking pursuant to Section 8.7 shall
         include a declaration by the employee to the effect that he may not
         provide access to any third

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         party to information or data pertaining to the software or intellectual
         property rights or use such data or information in his own interests or
         in the interests of others.

8.10     The Licensee shall not transfer to any third party or grant to any
         third party the rights to software, Database or other intellectual
         property rights which would prevent the Issuer, or such party as the
         Issuer may entrust with the operation of the Database, from utilising
         the software, database or rights in the operation of the Database,
         following the expiration of the Operating Licence. The Licensee shall
         ensure that the provisions of this Section are enforced, e.g. in any
         agreements on delivery of data from the Database.

8.11     At the end of the term of the Operating Licence, the Licensee is under
         obligation to take whatever steps necessary to enable the Issuer, or
         such party as the Issuer may entrust with the operation of the
         Database, to utilise intellectual property rights, e.g. to execute
         certain agreements with the Issuer, issue confirmations to any third
         party or for the registration of any rights if necessary in Iceland or
         abroad.

8.12     In the event that the Licensee, at the time that the Operating Licence
         expires or is terminated, is the owner of copyrights to software or the
         owner of other intellectual property rights which are used in the
         creation and operation of the Database, he shall for two years
         following the expiration of the Licence, provide the Issuer, or such
         party as the Issuer may entrust with the operation of the Database,
         with access to new versions which he may develop of the software.

8.13     The Licensee shall ensure that all data relating to software, including
         manuals, systems descriptions, and source programs, and data relating
         to the Database and other intellectual property rights are preserved in
         a secure and organised manner. The handling of such data during the
         term of the Operating Licence shall at all times be such as to ensure
         that, in the event of the revocation of the Operating Licence, the data
         may be delivered to the Issuer, or such party as the Issuer may entrust
         with the operation of the Database, and that the creation or operation
         of the Database can be taken over immediately.

8.14     One year from the time of issue of this Operating Licence, and annually
         thereafter during the term of the Operating Licence, the Monitoring
         Committee may order the performance of an inspection of the data of the
         Licensee in order to verify that the provisions of Article 8 of the
         Operating Licence and the provisions of Annex G on the Technology,
         Security and Organisation Terms of the Data Protection Commission on
         the handling of data are observed. The Licensee is under obligation to
         provide access to his premises and data for this purpose.

                                    ARTICLE 9

               PROCESS ON THE REVOCATION OF THE OPERATING LICENCE

9.1      When the Operating Licence expires pursuant to the provisions of
         Section 15.1 or in the event that the Operating Licence is revoked or
         the Licensee deprived of the License pursuant to the provisions of law,
         regulations or provisions of the Licence itself, the Issuer shall make
         a decision on the disposal and operation of the Database. The
         Monitoring Committee shall operate the Database until a final decision
         has been made on its future operation.

9.2      The Licensee shall, on the expiration or termination of the Operating
         Licence, deliver to the Issuer or such party as the Minster may entrust
         with the operation of the Database, the Database and all data relating
         to the software to which the Licensee has proprietary rights and which
         are necessary for the creation and operation of the Database, including
         systems descriptions and source programs. Furthermore, the Licensee
         shall deliver all necessary

                                                            OPERATING LICENCE 16

<PAGE>   18

         documents for the transfer or provision of rights to other software
         which is necessary for the creation and operation of the Database.
         Delivery of data shall comply with the instructions of Annex G on the
         Technology, Security and Organisation Terms of the Data Protection
         Commission on the handling of data or, as applicable, the document
         which replaces it on the review of the terms.

9.3      On the expiration of the Operating Licence, the Licensee shall in the
         nine months immediately following the expiration provide the Issuer and
         the Monitoring Committee, without special remuneration, with the use of
         all hardware and software which may be necessary for the creation and
         operation of the Databse. The Issuer shall, during the course of this
         period, pay service fees and comparable fees in respect of the
         software, including license fees on patents and registration fees in
         respect of ther rights which may be due during the period.

9.4      During the nine month period immediately following the expiration of
         the Operation Licence pursuant to Section 15.1 or for other reasons,
         the Licensee shall ensure that intellectual property rights do not
         lapse or become lost for other reasons. The Licensee, in consultation
         with the Issuer and the Operaing Committee, take any necessary measures
         in this respect, e.g. pursuant to agreements of the Licensee with a
         third party, to register rights as well as any other measures which may
         be provided for by law.

9.5      An independent agreement between the Licensee and Issuer, signed on the
         issue of the Operating Licence, stipulates how the established rights
         of the Licensee shall be transferred to the Issuer on the expiration or
         termination of the Operating Licence. One of the conditions for the
         issue of the Operating Licence is the existence and validity of such an
         agreement. Breach of the agreement may result in loss of the Operating
         Licence.

                                   ARTICLE 10

                              PAYMENT OF COSTS ETC.

10.1     The Licensee shall during the term of the Operating Licence pay to the
         Icelandic government costs and fees as further provided hereinbelow in
         Sections 10.2 - 10.8 and in the Regulation on the Health Sector
         Database.

10.2     The Licensee shall pay all costs of the preparation and issue of the
         Operating Licence, the payment of such cost to be provided for in a
         Government Regulation on the Health Sector Database.

10.3     The Licensee shall pay all costs of the work of the Monitoring
         Committee. Following the end of each month the Licensee shall be
         invoiced for the cost of the work of the Committee in the preceding
         month. The invoice shall be paid within 15 days of its issue.

10.4     The Licensee shall pay all costs relating to service and monitoring of
         the operation of the Database, including the monitoring of the Data
         Protection Commission and the Cost of the Directorate of Public Health
         of publishing and promoting information on patients' rights, cf.
         Article 8 of the Act on a Health Sector Database. Following the end of
         each month the Licensee shall be invoiced for costs pursuant to Section
         10.4 in the preceding month. The invoice shall be paid within 15 days
         of its issue.

10.5     The Licensee shall pay all costs incurred in the processing of data for
         transfer to the Health Sector Database, i.e. all costs of processing
         the data of health institutions and self-employed health service
         workers for transfer to the Database, and the costs of producing an
         integrated information system, cf. Section 4.8, as further provided in
         agreements of the Licensee with the parties in question.

                                                            OPERATING LICENCE 17

<PAGE>   19

10.6     In addition to costs pursuant to Sections 10.1 to 10.5, the Licensee
         shall, on the basis of an independent agreement with the Issuer which
         has been signed on the issue of the Operating Licence and constitutes
         one of the conditions for the issue of the Licence, pay a fixed
         remuneration to the Icelandic government and a share of the profit from
         the operation of Islensk erfdagreining ehf, such share to be used to
         promote health services, research and development.

10.7     The Licensee shall effect all payments pursuant to Sections 10.2, 10.3
         and 10.4 in the office of the State Treasury. Payments pursuant to
         Sections 10.5 and 10.6 are subject to further agreement.

10.8     In the event of default by the Licensee as regards the payments due
         during the term of the Operating Licence pursuant to this Article or
         pursuant to the Agreement referred to in Section 10.6, the Minister for
         Health and Social Security may revoke the Operating Licence.

                                   ARTICLE 11

                                  SURVEILLANCE

11.1     The Monitoring Committee shall ensure the observance of all provisions
         of the Act, government regulations issued on the basis of the Act and
         the conditions of the Operating Licence in the operation of the Health
         Sector Database. The Committee shall monitor all queries and processing
         from the Database and report regularly to the Science Ethics Committee
         on all queries made to the Database, including information on the
         parties submitting the queries. The Committee shall inform the Minister
         and the Data Protection Commission without delay if the Committee has
         reason to believe that there is any impropriety in the operation of the
         Database. The Committee shall also advise the Ministry of Health and
         Social Security and the Directorate of Public Health regarding the
         utilisation of information from the Database.

11.2     The Data Protection Commission is responsible for monitoring the
         creation and operation of the Health Sector Database with regard to the
         recording and handling of personal data and the security of data in the
         Database as well as monitoring adherence to its terms.

11.3     The Interdisciplinary Ethics Committee is responsible for assessing
         research conducted within the company of the Licensee and queries
         received. The assessment of the Committee shall reveal that there are
         no scientific or ethical objections to the performance of research or
         processing of queries.

11.4     The auditor of the annual financial statement of the Licensee shall
         annually, immediately following approval of the Licensee's annual
         financial statement, send to the Issuer confirmation of the fact that
         the provisions of the Operating Licence on financial segregation have
         been observed. The National Audit Bureau is responsible for monitoring
         that payments and statements of the Licensee proceed in conformance
         with the provisions of the Operating Licence and applicable
         legislation. The Licensee shall provide the National Audit Bureau with
         access to all relevant documents and information.

11.5     The Licensee shall not begin transfer of data to the Database and
         processing in the Database until such time as all conditions of the
         Operating Licence are met in the opinion of the parties responsible for
         monitoring the operation of the Database.

11.6     In the event of violation by the Licensee of provisions of the
         Operating Licence or the Act, the Minister shall issue a written
         warning with a reasonable deadline for amends. Inaction on the part of
         the Licensee, intent and gross negligence are subject to revocation of
         the Licence.

                                                            OPERATING LICENCE 18

<PAGE>   20

                                   ARTICLE 12

                           ASSIGNMENT AND ENFORCEMENT

12.1     The Operating Licence and the Health Sector Database are neither
         assignable nor subject to enforcement of claims. The Operating Licence
         and the Database may not be pledged against any financial liability.

                                   ARTICLE 13

                                    DISPUTES

13.1     In the event of any dispute regarding performance pursuant to the
         Operating Licence or on the interpretation of the Operating Licence in
         other respects, such disputes shall be settled before the Icelandic
         courts. However, the parties may refer such disputes to arbitration if
         they so agree.

                                   ARTICLE 14

          REVOCATION OF LICENCE, SANCTIONS, PENALTIES AND COMPENSATION

14.1     As regards withdrawal and revocation of the Operating Licence,
         penalties and compensation, reference is made to Chapter VI of the Act
         on a Health Sector Database, cf. Articles 13-17 of the said Act.

                                   ARTICLE 15

                        TERM, REVIEW AND ISSUE OF LICENCE

15.1     The Operating Licence shall take effect on its date of issue with all
         the conditions, rights and obligations contained in the Licence. The
         Operating Licence is effective until and including 21 January 2012.

15.2     Processing in the Database shall not begin until such time as all the
         conditions of the Operating Licence have been met according to the
         assessment of surveillance authorities.

15.3     The Operating Licence shall be subjected to review no later than 1
         October 2008. The Operating Licence may be subjected to review
         following a request to such effect from the Licensee or the Minister
         for Health and Social Security.

15.4     The Operating Licence is entirely subject to the provisions of Act No.
         139/1998, on a Health Sector Database and government regulations issued
         on the basis of the Act. The Licence shall be subjected to review on
         the part of the Minister for Health and Social Security if amendments
         are made to the Act or regulations issued on the basis of the Act. The
         Operating Licence shall also be subjected to review if it is
         inconsistent with Icelandic law or rules or international agreements,
         conventions and covenants to which Iceland is a party at any time.

                     Ministry of Health and Social Security

                                 22 January 2000

                          Ingibjorg Palmadottir [sign.]

                           David A. Gunnarsson [sign.]

                                                            OPERATING LICENCE 19

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