Presentation by Dr. Mervyn Jacobson, Executive Chairman to the Annual General Meeting of Genetic Technologies Limited ("GTG"), Melbourne. November 25th, 2004

Introduction

A very warm welcome to all present, to this 2004 Annual Meeting of Shareholders of GTG.
My name is Dr. Mervyn Jacobson, and I am the Executive Chairman of GTG.
I am chairing the Meeting today. Mr. Ian Dennis, Corporate Secretary, will take the Minutes.
May I now introduce our other Directors, Mr. Fred Bart, Professor Deon Venter, Mr Robert Edge, our retiring Director, Mr. Ian Dennis - and our newest Director, Mr. John Dawkins, who was formally appointed just vesterday.
We now intend to proceed first with the formal business of the Meeting. Our senior management team will then make some brief presentations, and finally, we would be happy to answer any questions, before adiourning for coffee.
Quorum $-1$ advise that a quorum is present (minimum 3 people).
Proxies I also table a summary of proxies in relation to the 6 resolutions to be voted on today.
We now turn to the formal items of business:
Six ordinary Resolutions to be considered.
This now concludes the formal business of the meeting.
We now proceed with the various presentations on recent activities within GTG.
I will then present a Chairman's Overview.

Building the GTG Infrastructure.

Last year, I made the observation that, as GTG grew, we were identifying more and more new opportunities in the world of biotech, and that we had to focus on the future – to "seize the day" and become a leader in the biotech space – and accordingly, the time had come to stop reciting the details of our origins and reliving our early challenges as a start-up biotech in the late 80's - and then the 90's. We must now focus carefully on "where we were going", and not "where we had come from". We are therefore now concentrating on -

getting bigger. $\bullet$
exploiting our strengths. $\bullet$
starting to generate meaningful revenues,
planning to become cash positive, and finally ٠
to become profitable.
Our CFO has now indicated to you what progress we are now making in this regard. $\bullet$
Key to this, we are continuing to build infrastructure, and key priorities include: $\bullet$

Strengthening the Board. $\bullet$

This is now relevant to all public companies, as new and complex rules dictate how Boards must behave, both in Australia, and also in USA, where we are currently pursuing a co-listing on NASDAQ.
In addition, the science is now increasingly complex and the opportunities more and more specialised, and even Board members must be specialists in their chosen fields.
Indeed, who we do attract to our Board says much about who we are, and what we intend to achieve, and the standards we intend to set for ourselves.
I would like to take this opportunity to thank all our Directors, past and present, for their support and commitment.

Building the Senior Management Team

You have already met some members of our senior management team:
Professor Deon Venter Director & senior consultant to our molecular testing division.
Ian Christensen Licensing Manager
Dr. Adrian Hodgson Director of Science & Chief Operating Officer
Sue Lang Media & Marketing Manager, also working with Lippert Heilshorn in New York, and with Dr. Andrea Mueller, who is here today from Austria and who will be managing the media in Europe, especially when we are listed in NASDAQ.
Tom Howitt Chief Financial Officer
Another new name is Geoffrey Newing, who has just been appointed to the important role of Manager of Investor Relations and Corporate Development.

Expanding the SAC

Under the control of Professor Venter, as convenor, we are building this resource to act as own internal "sanity check" on so many of the new notions, inventions, and breakthroughs that continually come to our attention.

Building on Current Opportunities:

• Service Testing

Deon has already described this growing opportunity.
Again, what began originally as just disputed paternity has since grown to include other human genes, and now forensics, and also animals and plants.
And what began just in Australia is now expanding to New Zealand, to Asia and even to Europe.
In essence, we see genetic testing as the "bread and butter" of our business.
Put simply we intend to be "the biggest and the bestindependent genetic testing laboratory in the Asia-Pacific region".

• Licensing

Ian Christensen has outlined this opportunity to you.
If genetic testing is the "bread and butter", then licensing is "the cream on the cake".
Revenues can be substantial and they can build up significantly, via signing fees and recurring annuity income for years to come.

Research

Dr. Adrian Hodgson summarised our current 5 major research programs.
In essence, research is our investment in the future.
It is particularly gratifying that leading universities are seeking to work with us, both in Australia and overseas - including Melbourne Uni, Monash, LaTrobe, Uni WA. Sydney Uni, Kings College London, etc.

Pursuing New Strategic Opportunities

Global $\bullet$

Our service testing, licensing, and research activities are becoming internationalised.
We are now coming to the attention of various global players companies with revenues of several billions per year, and market caps of tens of billions are now wanting to talk to GTG.
Recent announcement of a strategic alliance with Genzyme may just be the first of many such alliances we intend to negotiate within the coming year.

Asia-Pacific

We have found we can do deals which also grant back to GTG new technology rights and we therefore seek to secure such technology rights - exclusively for Australia and New Zealand, and non-exclusively for as much of Asia as we can get.
Examples Myriad and the breast cancer susceptibility genes, $\mathbf{H}^{\text{max}}$
MetaMorphix and certain specialised tests for cattle and dogs.
$\ddot{\phantom{a}}$ Bionomics and the new test for the cause of epilepsy.
China special situation Four months ago, I was invited to go to Beijing, where I was appointed the Chief Technology Officer of CABS. I have just returned this week from another visit to Beijing, and I am pleased to announce GTG has just been authorised by CABS to start the genetic testing of the cattle in the CABS dairy herd and also to begin building a central database for CABS, and in turn, possibly the dairy industry of China.

Australia

CYO'Connor of Perth, with whom we have formed a public-private partnership, and have now embarked on a range of new ventures:
$\bullet$ We acquired their IP,
We now support their valuable research for the benefit of GTG.
We sold them a license to the non-coding patents,
$\bullet$ They are now the 3^rd largest shareholder on the GTG registry
We are now jointly exploring setting up a genetic testing service in WA.
Our newest Director, John Dawkins, comes to us as the nominee of CYO.
Also, within Australia, the world of private pathology has now rationalised down to just 3 major laboratories, and as we see it, pathology is the testing of the past, whereas genetics is the testing of the future.
We believe it is only a matter of time before one of the major pathology players in Australia secures a special relationship with GTG.

Creating True Value for our Shareholders.

We have seen our shareholder base grow from 1,200, to 2,500, to 4,500, and now $-$ to over 5,000 shareholders. These shareholders are supporting our vision - and we are determined to do what we can to steadily build the long term value of their investment.

• Current and New Opportunities

We have detailed some of these already in the world of genetic testing, licensing and new research leading to new inventions.
New opportunities emerging all the time.
Completing the NASDAQ Listing
Tom has already mentioned the importance of this.
But do not under-estimate the impact of 300M Americans and another 300M Europeans suddenly being able to invest with ease into GTG.

Investor Relations and Corporate Development

We may think we have done a reasonable job keeping the market informed.
But in reality, it turns out the media market and the investor market are quite different. and we now know that many significant investors & brokers have not heard of GTG.
We conclude we may have a good story, but we do not seem to have told it very well.
We are therefore now specifically focussing resources now on investor relations, and also corporate development - welcome Geoffrey Newing to GTG.
A Special Situation In Vancouver, Canada GTG holds some 78% of Gtech International Resources Limited - a small company listed on the Canadian Venture Exchange, which could be used as the vehicle for an appropriate biotechnology venture in Canada, as the opportunity presents. Gtech also has some \$550,000 in cash. I am pleased to report that we have recently identified a new opportunity, which is now undergoing initial due diligence.

Protecting our Patents

• ALRC

According to certain media reports, the impression could be gained that ALRC was set up just to control GTG.
In fact, ALRC was set up well before we had our first sensational coverage on "60 Minutes", then "Four Corners", then Forbes magazine, etc, as we discussed last year.
Indeed, GTG has been a solid supporter of the ALRC inquiry throughout, and GTG gave evidence twice. Indeed, GTG was very pleased with the final recommendations.

• US Suits now Settled

We previously sued both Variagenics and Covance and both of these quickly settled.
Myriad filed against us, but then took a license and dismissed their action
Labcorp filed against us and then took a license and dismissed their action.

Applera

Applera alone, has continued to fight GTG in USA.
The "Markman" hearing in San Francisco on September 1^st, resulted in rulings on September 15^th, all seemingly in favour of GTG.
I since met with Applera, and in turn, this resulted in a new court order mandating a mediation process.
I return to SFO next week to participate in that mediation process.

Auckland District Health Board

GTG has been in licensing discussions with ADHB since March 2003.
It was puzzling to us that after apparently reaching an agreement, with ADHB even suggesting the licensing language they wanted, suddenly, in August 2004, they filed an action against GTG in NZ for "groundless threats".
GTG has since appointed NZ counsel who have filed a response to such Complaint on October 22^nd.
The latest feedback seems to be that ADHB is now unhappy that maybe GTG did not threaten them as they asserted. Continuing.

In Summary:

GTG wish to be world-class in all we do.
Seek to excel
New technology ٠
Appreciation of shareholder value
Giving some thing back

Finally - a special thanks to all our staff, collaborators, consultants and stockholders who have enthusiastically supported our vision for GTG over the last year.

Thank you.

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