CYCLOPHARM LIMITED — AGM Information 2007

May 8, 2007

Cyclopharm Limited

Annual General Meeting

8 May 2007

Chairman's Welcome

Welcome to the inaugural Annual General Meeting of Cyclopharm Limited

Managing Director's Review

Business

Question Time

Our aim is to be the leading nuclear medicine company in the region

Nuclear Medicine

Nuclear Medicine relies on diagnostic radiotracers to detect and monitor various disease states for oncology, cardiology and neurology.

Key characteristics:

Non invasive (provides a view of the "inside" without surgery)

Safe, painless, cost effective

Provides information on major organs of the body

Approx 100 types of procedure available

Radiation dose comparable to a diagnostic x-ray

gganiam Nuclear Medicine

Nuclear medicine is experiencing significant growth driven by PET

Positron Emission Tomography ("PET") allows physicians to differentiate between healthy and diseased tissue and therein:

Detect cancer more accurately Detect cancer earlier than conventional methods Identify the stage of the disease Improved therapy prescription Better monitoring of the therapy effectiveness Ultimately better patient care

Cyclopharm Developments

Advanced stage of securing first 2 of 3 production centre locations

Industry Developments

Industry submission to Government to expand the number of indications for rebate

Major industry participants developing molecular imaging strategies

Cyclopharm's PET central pharmacy to contribute to industry growth

Industry Developments

Significant PET / CT camera growth is expected

Cyclopharm expect growth in PET procedures to follow US and European trends of over 100% growth annually*

*Based on published data over the 2000 - 2005 period

Sales increased 17% to a record $$10.3m$

NPAT up 28% to \$2.0m

EPS up 28%

Cash receipts up 24%

Expenses up 3%

2006 Financial Highlights

cyclopham Nuclear Medicine

2006 Performance against Prospectus Forecast

Year ending 31 December 2006	Prospectus	Actual
Sales Revenue	9,688	10,332
EBITDA	2,672	2,724
EBIT	2,600	2,626
NPAT	2,080	2,028

Overall results in line with forecast

Annual Financial Summary

Year ending 31 December 2006 $2005(a)$ $2006(a)$ Sales Revenue 8,806 10,332 EBITDA 2,801 2,724 2,722 2,626 EBIT NPAT 2,028 1,582

Strong annual sales growth

Positioned for regional growth

TechnegasPlus generator sales and Small User Package strategy successfully implemented

Patient Administration Set (PAS) Sales impacted by timing of orders in Europe

Group, Generator Sales

Group, PAS Sales

Comment on Year End Forecast

Sales expected to return to forecast levels by year end

Costs being managed

New Drug Application

Patient enrollment has been slow

Management decision to submit new drug application to the FDA in 2007

Sales to the US planned in late 2008

Acquisitions

Our aim is to be the leading nuclear medicine company in the region

Attractive businesses include those that will allow Cyclopharm to create a comprehensive suite of radiopharmaceuticals

Acquisitions will be actively pursued

United Kingdom

Signed an agreement with Qados a key distributor in Europe to sell 300 boxes of PAS in 2007 with increasing volumes thereafter

Expected growth of PAS of 150% in 2007

Italy Registration expected in the H2 2007

Latin America

Small User package introduced to access Argentina, Venezuela and Mexico

Pursuing regulatory approval in Brazil which has 350 Nuclear Medicine Sites - approval delayed until H2 2007

Middle East

Market Share in Kuwait 90%, Oman 50%, Tunisia 40%

Libya, Egypt and Iran targeted with Small User Package

Asia

Budgeted increase of PAS sales of 300% to China

Government signaling privatization of radiopharmaceutical manufacturing

Opportunities for PET central pharmacies

Thrombotrace

New proposal put forward by the Australian National University

Old program discontinued

Business objectives for 2007 are aggressive

We have several substantial opportunities on which to capitalise

We are well placed to become the leading radiopharmaceutical company in the region

Radiopharmaceuticals improve the quality of life for people afflicted with life threatening diseases.

Agenda

Managing Director's Review

Busines

Question Time

Agenda

Managing Director's Review

Business

Question Time

Agenda

Managing Director's Review

Business

Question Time