CYCLOPHARM LIMITED — AGM Information 2008

May 1, 2008

==> picture [718 x 121] intentionally omitted <==

Cyclopharm Limited Annual General Meeting

1 May 2008

Chairman’s Welcome

Welcome to the Annual General Meeting of Cyclopharm Limited

Agenda

Business

Managing Director’s Review Question Time

Close

Proxy Summary

Resolution	Business	For	Against	Abstain
1	Remuneration Report	65,461,653	56,814	5,000
2	Election of Director	46,683,828	-	18,839,639
3	Dividend Reinvestment Plan	65,468,961	28,819	25,687

*Includes Open Useable Proxies that have instructed the Chairman to vote on their behalf and have been voted in favour of the resolution.

Agenda

Business

Managing Director’s Review Question Time

Close

Highlights

• Strong balance sheet

• Strong trading cashflow

• Development and implementation of Molecular Imaging division progressing well

• Strong underlying performance of the Technegas division

• Future growth of the business underpinned by capital investment by customers in TechnegasPlus generators

• Cyclopharm well positioned for maintainable profits and future success

Mission

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

Molecular Imaging

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

==> picture [204 x 319] intentionally omitted <==

Molecular Imaging

PET Central Pharmacies

New South Wales

Construction of the first PET Central Pharmacy has commenced at the Macquarie-Dalcross Private Hospital in North Ryde, New South Wales.

Victoria

Purchased site and completing design for a purpose built PET Central Pharmacy in Kensington, Victoria. The site is in close proximity to major hospitals.

==> picture [318 x 170] intentionally omitted <==

==> picture [318 x 173] intentionally omitted <==

Molecular Imaging

PET Pharmacy – Greater Sydney

==> picture [630 x 329] intentionally omitted <==

Molecular Imaging

PET Pharmacy – Greater Melbourne

==> picture [630 x 329] intentionally omitted <==

Molecular Imaging

Industry Developments

Major industry participants developing molecular imaging strategies – the development of PET/CT capable machines continues to influence market in a positive way

Industry submission to Government to expand the number of indications for rebate – progressing. Existing arrangements extended to 30 June 2008

==> picture [198 x 318] intentionally omitted <==

Molecular Imaging

Industry Developments (continued)

In 2001 - 15 indications approved for rebate for 7 camera’s

In 2005 any institution that met government guidelines could claim 3 rebates

In 2007 government widened eligibility criteria and extended existing agreement until 30 June 2008

30,000 patients studied over 25 months to 15 April 2005 – concluded compelling case for PET

Cyclopharm’s PET pharmacies to contribute to industry growth

==> picture [204 x 308] intentionally omitted <==

Financial Analysis

Full Year ending 31 December	Full Year ending 31 December	2005	2006	2007
Sales Revenue	$'000	8,806	10,332	11,128
NPAT	$'000	1,582	2,028	1,131
EPS	cents	1.48	1.87	0.83

Strong annual sales growth and strong cash flow

EPS negatively impacted by:

Delay in regulatory approval in key growth markets

Establishment of Molecular Imaging division

One off costs

Financial Analysis

Strong Balance Sheet

Working capital increase 119% Current liabilities down 64%

Total liabilities down 62%

Net Assets increased 1397%

Conservatively geared

	Balance Sheet Summary	31 December 2007	31 December 2006
	Cash and receivables	5,183,393	4,848,450
	Inventory Other	2,348,074 232,262	2,013,488 148,606
	Total Current Assets	7,763,729	7,010,544
	Non Current Assets	3,213,820	2,195,702
	Total Assets	10,977,549	9,206,246
	Trade and other payables	1,252,937	3,994,116
	Other	331,981	426,442
	Total Current Liabilities	1,584,918	4,420,558
	Total Non Current Liabilities	2,050,487	5,351,748
	Total Liabilities	3,635,405	9,772,306
	Net Assets	7,342,144	(566,060)

Financial Analysis

Sales revenue

Cyclopharm expects growth in Technegas sales revenue to continue

==> picture [419 x 307] intentionally omitted <==

----- Start of picture text -----

$millions
12
10
8
6
4
2
0
2002 (a) 2003 (a) 2004 (a) 2005 (a) 2006 (a) 2007 (a)
Technegas Generators and other Patient Administration Sets
Total Revenue from sale of products Linear (Total Revenue from sale of p
----- End of picture text -----

Financial Analysis

Regional Analysis

Strong growth in Europe from France, Germany and other European countries

==> picture [185 x 122] intentionally omitted <==

----- Start of picture text -----

$1.01 m
$0.93 m
$0.26 m
Dec 05 Dec 06 Dec 07
Generators PAS
----- End of picture text -----

==> picture [66 x 8] intentionally omitted <==

----- Start of picture text -----

Germany revenue
----- End of picture text -----

==> picture [172 x 115] intentionally omitted <==

----- Start of picture text -----

$2.55 m
$2.27 m
$1.34 m
2005 2006 2007
France, PAS Revenue
----- End of picture text -----

==> picture [183 x 122] intentionally omitted <==

----- Start of picture text -----

$3.49 m
$3.35 m $3.30 m
2005 2006 2007
Generators PAS
Europe-Other revenue
----- End of picture text -----

Financial Analysis

Regional Analysis

Canada continues to be our star performer with revenue growth 38%.We expect continued growth of 30% in 2008.

We expect further recovery and continued growth in Asian markets

==> picture [231 x 158] intentionally omitted <==

----- Start of picture text -----

$1.1 m
$0.8 m
$0.6 m
2005 2006 2007
Canada, PAS Revenue
----- End of picture text -----

Financial Analysis

Variance Analysis to Prior Year

Full Year Ending 31 December	2007	2006	Variance
Sales volume
Generators (sold)	113	89	24
Patient Administration Sets	176,700	166,950	9,750
Sales revenue
Generators	2,825,405	2,234,684	590,721
Patient Administration Sets	8,302,819	8,097,145	205,674
Other	101,406	10,856	90,550
Total Sales	11,229,630	10,342,685	886,945
Cost of materials and manufacturing	(3,121,919)	(2,858,063)	(263,856)
Operating Expenses	(6,494,366)	(4,858,458)	(1,635,908)
Earnings before interest and tax	1,613,345	2,626,164	(1,012,819)

Financial Analysis

Comparison of 2007 and 2006 results impacted by:

Technegas continues to grow but impacted by one off costs associated with product launch and regulatory approval.($370,000)

	2007	2006
For theyear ended 31 December	$	$
Technegas Division
Revenue	11,143,379	10,331,832
Profit before income tax	2,642,767	2,665,360
Molecular Imaging
Revenue	-	-
Profit before income tax	(399,304)	(114,938)
Corporate
Revenue	86,251	10,856
Profit before income tax	(853,725)	(211,115)
Consolidated
Revenue	11,229,630	10,342,688
Profit before income tax	1,389,737	2,339,307

Financial Analysis

Cost of Materials Variance Analysis

Full Year Ending 31 December	2007	2006	Variance
Cost of materials and manufacturing	(3,121,919)	(2,858,063)	(263,856)

Whilst the cost of raw materials to manufacture generators increased 14% overall margins from the sale of Technegas products were consistent with 2006.

CYC did not look to pass the increased cost to customers Cyclopharm manufactured and sold more generators than Prospectus forecast resulting in a higher cost incurred.

Financial Analysis

Operating Expenses Variance Analysis

Full Year Ending 31 December	2007	2006	Variance
Legal Patent & Other	(845,650)	(486,766)	(358,884)
One off Legal Patent & Other expenses			(288,585)
Increase Audit, compliance and shareregistry costs			(62,253)
Other			(8,000)
			(358,838)
Office & Facility costs	(802,665)	(563,169)	(239,496)
Insurance	(151,506)	(81,279)	(70,227)
ASX listing fees	(34,088)	0	(34,088)
Annual Report - publishing & printing	(45,024)	0	(45,024)
Media	(7,000)	0	(7,000)
Equipment write off	(32,000)	0	(32,000)
Other			(51,157)
			(239,496)
Consumable costs			(145,366)
Increase Employee Benefits Expenses			(856,630)
Increase Freight & Delivery costs			(160,417)
Increase Depreciation and Amortisation			(84,411)
Other costs			89,908

Financial Analysis

Cash Receipts Cyclopharm continues to generate strong positive cash flow

==> picture [204 x 122] intentionally omitted <==

----- Start of picture text -----

$ 1 0 .5 1 m
$ 9 .1 3 m
$ 7 .3 8 m
2 0 0 5 2 0 0 6 2 0 0 7
----- End of picture text -----

O p e r a t in g c a s h r e c e ip t s u p 1 5 %

Q1 2008 Result

For the 3 months ending 31 March	2007	2008
	$'000	$'000
Sales revenue	2,018	2,038
OPEX	(1,377)	(1,133)
EBIT	(391)	192

Cyclopharm expect strong sales and profit from Italy, Russia, Canada, France, Germany et al by year end.

Comment on Year End Forecast

Another record sales year is expected

Strong positive cash flow

Technegas continues to grow

Molecular imaging continues to develop

Certain 2007 costs are non-recurring (e.g. new product registration and name change) Year end EBIT forecast of $2.0+ million

Business Initiatives

New Drug Application (NDA)

Phase III clinical trials finalised in October 2007

Certus International together with Dr Robert Wolfangel are preparing our NDA submission

Submission of NDA scheduled for June 2008

Approval expected in late 2009

==> picture [218 x 324] intentionally omitted <==

Business Initiatives

Italy

Registration of medical reimbursement received in December 2007. Significant sales growth expected in 2008.

Russia

First sales of Technegas to a luminary nuclear medical site in Russia. There are in excess of 700 nuclear medicine sites in Russia. Significant growth expected from this market

Business Initiatives

Brazil

Pursuing regulatory approval in Brazil which has 350 nuclear medicine sites - approval delayed expected in 1H2008.

Mexico

Achieved regulatory approval in Mexico. Three generators have been sold. 50 nuclear medicine sites in Mexico City.

Business Initiatives

Asia

We achieved 62% growth in Asia for PAS. We will continue to invest in developing Asian markets

Other

We continue to develop our new markets in Tunisia and Oman, Panama, Dominican Republic, Columbia, Peru and Venezuela.

We have made inroads into Argentina, Uruguay, Chile and Costa Rica.

Management

Cyclopharm has entered the next phase of development

Mr Sharman intends to step aside from his role as Managing Director but will continue as a non-executive director

A Managing Director with radiopharmaceutical experience has been identified and the Board is hoping to make an announcement soon.

Conclusion

Focus on NDA submission to sell Technegas in United States

Construction of PET Pharmacy in North Ryde, NSW has commenced

Another record sales year expected

New Managing Director with radiopharmaceutical experience to commence in 2008

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

Agenda

Business

Managing Director’s Review Question Time

Close

Agenda

Business

Managing Director’s Review Question Time

Close