CYCLOPHARM LIMITED — AGM Information 2011

May 25, 2011

==> picture [721 x 68] intentionally omitted <==

==> picture [721 x 56] intentionally omitted <==

Cyclopharm Limited

==> picture [721 x 69] intentionally omitted <==

Annual General Meeting

==> picture [721 x 69] intentionally omitted <==

26 May 2011

==> picture [721 x 69] intentionally omitted <==

Disclaimer

Certain views expressed here contain information derived from publicly available sources that have not been independently verified.

The presentation includes certain statements, estimates and projections with respect to the anticipated future financial performance of Cyclopharm Limited and as to the markets for the Company’s products. Such statements, estimates and projections reflect various assumptions made by the directors concerning anticipated results, which assumptions may or may not prove to be correct. Cyclopharm Limited has not sought independent verification of the information in this presentation. While the directors believe they have reasonable grounds for each of the statements, estimates an d projections an d a ll care as een ta h b k en in t h eir preparation, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of statements, estimates and projections contained in this presentation. Such statements, estimates and projections are by their nature subject to significant uncertainties, contingencies and assumptions.

To the maximum extent permitted by law, none of Cyclopharm Limited, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of information contained in this presentation .

All references to dollars are to Australian dollars.

2

Agenda

Chairman ’ s Address Mana in Director’s Review g g

Question Time

Business

Close

3

==> picture [721 x 203] intentionally omitted <==

==> picture [283 x 69] intentionally omitted <==

Chairman ’ s Address

==> picture [283 x 68] intentionally omitted <==

==> picture [283 x 69] intentionally omitted <==

Vanda Gould

==> picture [721 x 68] intentionally omitted <==

==> picture [283 x 24] intentionally omitted <==

4

==> picture [721 x 203] intentionally omitted <==

==> picture [283 x 69] intentionally omitted <==

Managing Director ’ s Review James McBrayer

==> picture [283 x 68] intentionally omitted <==

==> picture [283 x 69] intentionally omitted <==

==> picture [721 x 68] intentionally omitted <==

==> picture [283 x 24] intentionally omitted <==

5

Cyclopharm business Three business units

‐ Cyclopharm helping save lives everyday!

==> picture [167 x 17] intentionally omitted <==

==> picture [167 x 38] intentionally omitted <==

==> picture [145 x 23] intentionally omitted <==

==> picture [144 x 36] intentionally omitted <==

==> picture [153 x 8] intentionally omitted <==

==> picture [153 x 7] intentionally omitted <==

==> picture [153 x 8] intentionally omitted <==

==> picture [152 x 7] intentionally omitted <==

Technegas

Established in 1986 continues to generate revenue, profits and strong cash flows through the manufacture and distribution of drugs and equipment or lung imaging f

Radiopharmaceuticals

Establishment of PET central pharmacies to produce PET radiopharmaceuticals

Diagnostic Imaging

Developing centres that provide services ranging from specialised nuclear medicine to a full complement of imaging modalities

==> picture [167 x 57] intentionally omitted <==

6

Highlights ‐ Financial Year 2010

A Year of Transformation

• Technegas business strong and consistent

• Cyclotron facility receives TGA license

• St ar t ‐up yc o C l t ron ac f ilit y genera ti ng revenues

==> picture [65 x 23] intentionally omitted <==

==> picture [65 x 69] intentionally omitted <==

==> picture [65 x 27] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 4] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 4] intentionally omitted <==

==> picture [111 x 4] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

• Start‐up Diagnostic Imaging joint venture revenues

• generating

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 6] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 6] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

• United States FDA approves Special P rotoco ssessment l A

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 6] intentionally omitted <==

==> picture [111 x 5] intentionally omitted <==

==> picture [111 x 4] intentionally omitted <==

==> picture [125 x 8] intentionally omitted <==

==> picture [125 x 7] intentionally omitted <==

==> picture [125 x 7] intentionally omitted <==

==> picture [125 x 8] intentionally omitted <==

==> picture [126 x 7] intentionally omitted <==

7

==> picture [721 x 271] intentionally omitted <==

==> picture [283 x 68] intentionally omitted <==

Segmental Overview

==> picture [721 x 136] intentionally omitted <==

==> picture [283 x 24] intentionally omitted <==

8

Technegas

There are four components required for a Technegas proce d ure:

Components of Technegas

==> picture [188 x 54] intentionally omitted <==

1. Generator

2. Technegas Generator

2 . A s ng e use a i l P ti en t Ad m n s ra i i t ti on Set (PAS)

1. A sin le use atient crucible g p

2. Technetium 99m

All non-ra di oac ti ve componen s t are manufactured at ’ s Cyclopharm Australian facility located at Lucas Heights, NSW and in Europe 9

==> picture [260 x 136] intentionally omitted <==

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

2. PAS
----- End of picture text -----

3 . Crucible 9

Technegas Global footprint

==> picture [694 x 12] intentionally omitted <==

• Technegas is sold in 55 countries across the world

==> picture [694 x 18] intentionally omitted <==

• Over 2,500,000 patient studies since 1986

• 162,800 patient studies conducted in 2010

• 1,163 Technegas generators sold globally

• Patents in 36 countries

• Expandin g operations in North America pending clinical trial and approval of United States FDA

==> picture [117 x 132] intentionally omitted <==

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

N or th As a i
America, Pacific,
17% 23%
Europe
plus
Other,
60%
----- End of picture text -----

Revenue by Region

10

Molecular Imaging ‐ Positron Emission Tomograp h y PET ( )

PET is the future of Nuclear Medicine .

Positron Emission Tomography allows physicians to differentiate between healthy and active diseased tissue.

PET is primarily used in the detection of cancer . [but rapid growth in ] other indications is also i i prom s ng

==> picture [384 x 109] intentionally omitted <==

==> picture [251 x 5] intentionally omitted <==

==> picture [253 x 4] intentionally omitted <==

==> picture [255 x 6] intentionally omitted <==

==> picture [257 x 8] intentionally omitted <==

==> picture [259 x 24] intentionally omitted <==

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

93.7%
----- End of picture text -----

From 1 July 2011 there will be an increase from 10 to 20 procedures covered under the Medicare Benefit Scheme

==> picture [257 x 8] intentionally omitted <==

==> picture [255 x 5] intentionally omitted <==

==> picture [341 x 106] intentionally omitted <==

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

Neurology . 3 1%
Cardiology 3.0%
Other 0.2%
----- End of picture text -----

IMV Benchmark Report PET & PET CT 2008

11

Macquarie University Hospital

==> picture [721 x 56] intentionally omitted <==

==> picture [626 x 68] intentionally omitted <==

==> picture [721 x 69] intentionally omitted <==

• 183 bed university hospital

• 12 o eratin theatres p g

• Specialising in Oncology and Neurology

• Home of the Australian School of Advanced Medicine

• Adjacent specialty clinic containing 18 specialist suites

• Home of a Gamma knife

==> picture [721 x 69] intentionally omitted <==

Diagnostic Imaging

==> picture [721 x 56] intentionally omitted <==

==> picture [721 x 406] intentionally omitted <==

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

PET
•
Joint venture with Alfred Health
X‐Ray
Solutions
CT
•
Comprehensive suite of imaging
modalities Cardiac
CT
•
State of the art research platform
MRI
• In pat i e n t a n d outpat i e n t se rvi ces Ultra‐
sound
•
Foundation for regional growth SPECT
13
----- End of picture text -----

==> picture [721 x 271] intentionally omitted <==

==> picture [283 x 68] intentionally omitted <==

2010 Financials

==> picture [721 x 136] intentionally omitted <==

==> picture [283 x 24] intentionally omitted <==

14

Profit & Loss

 Profitable while investing for the future

• Overall revenue down 14.7% but volumes remaining consistent

• $864K Loss from MUH Cyclotron

• $ 311K Loss from Molecular Imaging JV

	2010 2009
	$ $
CONTINUING OPERATIONS Salesrevenue	9464605 11098579
Finance revenue Other revenue	, , , , 68,972 93,186 - 2,403,090
Total revenue	9 533 577 13 594 855 , , , ,
Expenses	(8,526,870) (10,889,851)
Profit / (loss) before tax and finance costs	1,006,707 2,705,004
Fi t nance cos s	(198 299) (137 503) , ,
Profit / (loss) before income tax Income tax expense	808,408 2,567,501 (358,302) (523,011)
Net profit after tax	450,106 2,044,490

15

Profit & Loss

 Adjusted Net Profit After Tax consistent

	2008 2009 2010 % Change Full Year ending 31 December
	Sales Revenue $'000 10,888 11,099 9,465 (14.7%) Net Profit Before Tax $'000 1,896 2,568 808 (68.5%) Adjusted Net Profit Before Tax* $'000 1,896 2,044 1,983 (3.0%)
	Net Profit After Tax $'000 1,705 2,044 450 (78.0%) EPS cents 1.20 1.20 0.26 (78.0%)

• $864K Loss from MUH Cyclotron and $311K Loss from Molecular Imaging JV

• In 2009, the Clinquest settlement of $2.0m, legal costs of $0.8m and impairment write‐down of $0.7m were recorded

16

Sales revenue ‐ Segmental Review

Sales impacted by Molybdenum Crisis & Foreign Exchange

Patient Administration Sets (PAS)

==> picture [295 x 23] intentionally omitted <==

==> picture [295 x 69] intentionally omitted <==

• PAS revenue down 19% to $7.36 m

• PAS volumes consistent

==> picture [295 x 68] intentionally omitted <==

Technegas Generators

• G enera t l 11% or vo umes up

==> picture [279 x 69] intentionally omitted <==

• Generator revenue down 3%

• Ot h er revenue up 24%

• Molecular Imaging

==> picture [279 x 68] intentionally omitted <==

==> picture [279 x 28] intentionally omitted <==

• $22K revenue

17

Sales revenue Ha lf year comparison

 Historical Trend – strong second half results continues

==> picture [445 x 38] intentionally omitted <==

==> picture [239 x 29] intentionally omitted <==

==> picture [721 x 271] intentionally omitted <==

==> picture [444 x 21] intentionally omitted <==

==> picture [238 x 15] intentionally omitted <==

18

Balance Sheet

 Consistent Net Asset Position

• PET Facilit at MUH y reclassified as Property Plant & Equipment since commissioning

• Debt facility with senior d e bt prov id ers or f PET Facility at Macquarie University expected to be renewed in June 2011

	Balance Sheet Summary	2010	2009
	Total Current Assets Total Non-current Assets	$ 8,409,488 13,732,411	$ 12,169,793 7,474,618
	Total Assets	22,141,899	19,644,411
	Total Current Liabilities Total Non-current Liabilities	7,978,925 396,820	4,329,825 1,385,945
	Total Liabilities	8,375,745	5,715,770
	Net Assets	13,766,154	13,928,641

19

Operating Cash flow

 Closing cash of $1.5m

P i h f i • r or year cas rom operat ng activities included the US$1.8m settlement with	2010 2009 $ $
	Operating activities (90,960) 3,691,033
Clinquest Inc (offset by $0.8m in legal costs)	Investing activities (6,218,108) (3,096,865) Financing activities 3,369,503 - (2,939,565) 594,168 Net increase in cash
• Significant cash flows were expended on PET Nuclear	4,612,205 4,206,271 (130,996) (188,234) Opening cash Foreign exchange translation
	1,541,644 4,612,205 Closing cash
Pharmacy at Macquarie University and in the start up phase of MMI

20

==> picture [721 x 203] intentionally omitted <==

==> picture [283 x 69] intentionally omitted <==

Business Outlook

==> picture [283 x 68] intentionally omitted <==

==> picture [283 x 69] intentionally omitted <==

2011

==> picture [721 x 68] intentionally omitted <==

==> picture [283 x 24] intentionally omitted <==

21

Business Outlook Tec h negas

New Drug Application (NDA)

==> picture [220 x 68] intentionally omitted <==

• Invetigational New Drug Application to be submitted Q3 2011

==> picture [220 x 69] intentionally omitted <==

• Clinical trial commencement targeted Q3 2011

New Indications for Technegas

==> picture [220 x 68] intentionally omitted <==

• Collaborations underway with researchers and clinicians

• COPD and Cancer for new Lung targeted potential

• indications in global initiatives

==> picture [220 x 69] intentionally omitted <==

Leverage Clinical Developments

==> picture [220 x 54] intentionally omitted <==

• Promote new European Guidelines

• Underscore high radiation doses received from CT P l A i h u monary ng ograp y

22

Business Outlook PET Ra d iop h armaceutica s l

Macquarie University Hospital (MUH)

• Continue to ex and our FDG customer p

• base in NSW

• Focus on new product development

• • l li n ca researc i l h i i

• Deve op c opportun t es

• Expansion Opportunities

• Evaluate expansion opportunities within the Australasian region

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 10] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 10] intentionally omitted <==

==> picture [262 x 8] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 9] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 10] intentionally omitted <==

==> picture [262 x 10] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 9] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 9] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 10] intentionally omitted <==

==> picture [262 x 10] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [262 x 9] intentionally omitted <==

23

Business Outlook

Diagnostic Imaging

==> picture [227 x 33] intentionally omitted <==

Macquarie Medical Imaging

==> picture [227 x 68] intentionally omitted <==

• Continue to support minority shareholding

==> picture [227 x 69] intentionally omitted <==

• Implement breast clinic services in collaboration with the University

==> picture [227 x 68] intentionally omitted <==

• Expand Cancer Care Clinic visi b i ity an l d service o ff ering

==> picture [317 x 69] intentionally omitted <==

• Leverage growth in PET

==> picture [322 x 68] intentionally omitted <==

Expansion

• Ex ansion and ac uisition p q

• opportunities currently under review

==> picture [322 x 49] intentionally omitted <==

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

24
----- End of picture text -----

==> picture [721 x 271] intentionally omitted <==

==> picture [283 x 68] intentionally omitted <==

Conclusion

==> picture [721 x 136] intentionally omitted <==

==> picture [283 x 24] intentionally omitted <==

25

Cyclopharm business

==> picture [721 x 56] intentionally omitted <==

‐ Cyclopharm helping save lives everyday!

==> picture [167 x 17] intentionally omitted <==

==> picture [167 x 38] intentionally omitted <==

Technegas

Established in 1986 continues to generate revenue, profits and strong cash flows through the manufacture and distribution of drugs and equipment or lung imaging f

==> picture [145 x 23] intentionally omitted <==

==> picture [144 x 36] intentionally omitted <==

Radiopharmaceuticals

Establishment of PET central pharmacies to produce PET radiopharmaceuticals

==> picture [153 x 8] intentionally omitted <==

==> picture [153 x 7] intentionally omitted <==

==> picture [153 x 8] intentionally omitted <==

==> picture [152 x 7] intentionally omitted <==

Diagnostic Imaging

Developing centres that provide services ranging from specialised nuclear medicine to a full complement of imaging modalities

==> picture [167 x 57] intentionally omitted <==

26

==> picture [721 x 271] intentionally omitted <==

==> picture [283 x 68] intentionally omitted <==

Question Time & Business

==> picture [721 x 136] intentionally omitted <==

==> picture [283 x 24] intentionally omitted <==

27

Proxy Summary

	Proxy Summary	Proxy Summary	Proxy Summary	Proxy Summary	Proxy Summary	Proxy Summary	Proxy Summary
	R l ti eso u on	B i us ness	F * or	A i t ga ns	Ab t i s a n	P ’ roxy s discretion
	1	Remuneration Report	82,395,487	50,293	27,286	15,829
	2	Re-election of Mr David Heaney	82,463,971	9,095	0	15,829
	3	Share Buy-back	82,460,780	12,286	0	15,829
	4	Long Term Incentive Plan: Grant of a limited recourse loan	81,649,297	81,442	742,327	15,829
	5	A d men ments to Constitution: Payment of Dividends	82,428,172	9,095	35,799	15,829

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

28

==> picture [721 x 271] intentionally omitted <==

==> picture [283 x 68] intentionally omitted <==

Attachments

==> picture [721 x 136] intentionally omitted <==

==> picture [283 x 24] intentionally omitted <==

29