INVION LIMITED — AGM Information 2010

Nov 25, 2010

Managing Director's Presentation Annual General Meeting 26 November 2010

XToll® and Rheumatoid Arthritis

• XToll® is being developed to address the very large RA market
• XToll® has potential to address the significant unmet needs of RA patients
• Efficacy
• Safety
• Cost of reimbursement of therapy
• Convenience and cost of administering the drugs
• XToll® works differently to any other therapy ie. it is novel and therefore attractive to big pharma

The Rheumatoid Arthritis Therapy market

Global sales of leading RA Therapies 2008 - Total Revenues US\$18.7B

XToll® and the unmet needs of RA sufferers

Safety -

XToll® has so far been administered into over 300 patients safely

Efficacy -

Patients in completed clinical trials in RA and Psoriasis with XToll® have showed significant improvement in their diseases

XToll® and the unmet needs of RA sufferers

Cost of reimbursement of therapies

XToll® has a low cost of goods advantage compared with leading registered RA therapies

Convenience and cost of administering the drugs

XToll® can be delivered cost effectively with subcutaneous dosing at therapeutic levels and at dosing frequencies that are commercially relevant

Other potential Markets for XToll®

Psoriasis -

• Market size in 2008 \$2.4B
• Estimated to grow to \$4.1B by 2015
• High unmet need largely driven by poor safety profile of existing therapies

Lupus –

• Market size in 2008 \$350M
• Estimated to grow to \$4.5B by 2015
• There are no effective treatments for Lupus

Orphan Disease Markets

Orphan diseases –

• rare diseases that affect a small percentage of the population
• in most cases there is no appropriate treatment

Examples and market size of some Orphan diseases –

• Inflammatory Bowel Disease market size in 2009 est. \$5B
• Temporal Arteritis market size in 2009 est. \$500M
• Graft vs Host Disease market size in 2009 est. \$500M

Operational Update

Clinical Development Update

• Recruitment completed with 155 patients enrolled into clinical trial
• Last patient last dose late March 2011
• QC'd data tables and listing available by June 2011
• Expected pharma company review of study data to commence Q2/Q3 2011

Regulatory Update

Preparation of dossier for pre-IND application ongoing

Final studies and reports required for pre-IND application to FDA planned to be completed and available by Q1 2011

Pre-IND meeting with FDA planned for Q2 2011

Intellectual Property

• 73 patents registered or accepted, 94 patents pending
• Cornerstone patent for XToll® issued or granted in key international markets
• Coverage to at least 2023 in all key markets, coverage in the US to at least 2026
• Continue to aggressively file new patents around Cpn10 variants

Capital Raising

Funds raised during the financial year, \$20.3M –

• Pre-IPO, \$12.6M
• IPO, \$7.1M
• Other, \$0.6M
• Recent Rights issue \$9.3M
• Company now fully funded to complete RA clinical trial