CRYOSITE LIMITED — Capital/Financing Update 2004

May 24, 2004

ASX Release

25 May 2004

Subject: Results of Rights Issue and Share Purchase Plan

Following the close of the Company's Rights Issue and Share Purchase Plan, we wish to advise that $6,329,131$ shares (\$949,370) were applied for under the Rights Issue representing 71.6% of all rights. The shortfall of $2,514,619$ shares (\$377,193) will be allocated to the Underwriter.

The Company also wishes to advise that applications were received for 780,000 shares under the Share Purchase Plan generating \$117,000 at 15 cents per share.

Bryan Dulhunty Company Secretary

9 Sirius Road Lane Cove NSW 2066 Australia phone +61 2 9420 1400 fax +61 2 9420 1414 email store@cryosite.com www.cryosite.com Cryosite Ltd ACN 090 919 476