GREENHY2 LIMITED — M&A Activity 2008

May 27, 2008

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ASX ANNOUNCEMENT

28 May 2008

Fermiscan agrees to acquire Sydney Breast Clinic

Fermiscan Holdings Limited (ASX: FER) today announced that it has agreed to acquire Sydney Breast Clinic Pty Limited.

Sydney Breast Clinic (www.sydneybreastclinic.com.au) has been operating for over 30 years as a provider of diagnostic services for women with symptoms of breast disease and as such is continually seeking ways to ensure they are at the forefront of their profession. Sydney Breast Clinic are the leaders in the provision of Diagnostic Services, Risk Assessment, Breast Screening and Bone Density Testing.

The management and clinical independence of the Sydney Breast Clinic will be unchanged. The Honourable Ron Phillips will continue as Sydney Breast Clinic managing director, and is committed to delivering on its strategic plans over the coming years. On completion, Fermiscan directors David Young and Dr Ron Shnier will join the board of Sydney Breast Clinic.

Fermiscan’s Managing Director, David Young said, “For Fermiscan, the acquisition of Sydney Breast Clinic has a strategic fit that aligns the objectives of both groups to improve health outcomes for women. Sydney Breast Clinic was a major participant in Fermiscan’s successful validation trial. The continued assistance of Sydney Breast Clinic will significantly help the development and commercialisation of the Fermiscan test for breast cancer”.

The agreement to acquire Sydney Breast Clinic is subject to due diligence and board approval. Completion is expected to occur during June, 2008.

David Young Managing Director Phone: (02) 9245 4460 or dyoung@fermiscan.com.au

Visit Fermiscan’s website at www.fermiscan.com.au

Visit Sydney Breast Clinic’s website at www.sydneybreastclinic.com.au

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About Fermiscan

Fermiscan Holdings Limited is commercialising a non-invasive diagnostic test for the detection of breast cancer. This test can potentially provide early detection of breast cancer with benefits for women’s health including increased survival and treatment options. It is based on the breakthrough discovery that the presence of breast cancer is associated with a change in the structure of hair.

The successful completion of the 2000 patient validation trial in Australia was announced in May 2008. The results of the 2000-patient validation trial confirm a high degree of accuracy and provide endorsement for the Fermiscan test’s potential value in the ongoing fight against breast cancer. Fermiscan plans to progress to commercialisation of the test in Australia in 2008.

The company has also commenced an international trial to assist regulatory endorsement of the Fermiscan test with a leading Singapore breast cancer hospital. Clinical studies have been agreed in Japan and Europe and are expected to commence in the next few months.

Fermiscan was named ‘Australian Innovator of the year’ at the Austrade sponsored annual ‘Innovation Day Shoot Out’ competition in New York in January 2008. The “Innovation Shoot Out” is a national showcase promoting Australia’s leading research and technology companies to the US market.