2006 Annual General Meeting Company Presentation

Melbourne, Australia - 30 March 2006.

2005 was a year of progress for Select Vaccines.

Select Vaccines' goal since it re-listed has been to become a significant and innovative biotech company developing technologies and products to help combat infectious diseases. Select Vaccines' strategy has been to achieve this goal through organic growth, i.e. through development of our own products and through out-licensing these products. 2005 saw new licence agreements for diagnostics and reagents and positive development outcomes from our vaccine program that have significantly strengthened the company.

In May 2005 Select Vaccines licensed a suite of antibodies to Upstate USA, Inc., a US-based biotech company, and this should result in some modest income over the coming years. In August last year Select Vaccines entered into a licensing agreement covering its Hepatitis A rapid test, and the licensee is adapting the test to its own delivery platform prior to seeking regulatory approval. Importantly, we are now awaiting the completion of trials in China for our Hepatitis E diagnostic being conducted by our license partner, MP Biomedicals Asia Pacific. China is by far the greatest potential market for this product. When these trials are completed our partner will be in a position to seek regulatory approval for the product. Sales of the Hepatitis E tests can commence once the regulators have approved the product.

Since the company commenced operations we have focused our activities on developing the pipeline of products arising from our agreement with the Burnet Institute. Over the past year the VLP vaccine platform has been shown to be effective for a range of diseases, so we have been able to focus our major effort on vaccine development, particularly our vaccine against Hepatitis C virus. Your company is working towards entering a Phase 1 clinical trial with the Hepatitis C vaccine in 2007, as this is a key shareholder value creation point. Subject to final analysis of our in-vivo trial results, we will be shortly be appointing a contract manufacturing organisation to produce the vaccine material that will be used in pre-clinical safety and toxicology studies as well as in our first clinical trial.

We are also now working on two new vaccines, the most advanced of which is a vaccine against Malaria, and we will be further expanding our development activities to cover other vaccines that are needed in the marketplace and desired by vaccine manufacturers as resources become available.

In the diagnostic program the company is part way through a clinical evaluation of it $IgM$ -specific Hepatitis C assay. For any new diagnostics tests we will first sign up development partners that have an interest in manufacturing and selling the products before embarking upon full-scale prototype development.

ABN 25 062 063 692

All these activities meant that at the end of 2005 Select Vaccines had a more robust and extensive project portfolio than at the beginning of the year. The vaccine program is targeting infectious diseases such as hepatitis, malaria and influenza. The diagnostic program is based on commercial development projects partnered at an early stage.

There is still some way to go before Select Vaccines is generating satisfactory returns for its shareholders. There are three important tasks that can help us deliver these. First, we will maintain our close relationship with our partners and work with them to help ensure sales of our licensed products can commence as soon as possible. Second, we will seek support (by way of grant applications) that will help reduce the costs of the company's development projects and speed up the rate of development so there are more commercial products in the company's portfolio. It is pleasing to note that the company has over the past 12 months benefited from direct and indirect support of committed funds totalling some $700,000 – these funds being earmarked for projects through to the end of 2006. Finally, we are focusing as much as possible of our resources on progressing the science to commercially significant milestones. We have reduced our overhead costs, and will continue to do so.

Significant events that have occurred since the end of the financial year include the completion of the rights issue that was partly underwritten by Taylor Collison Limited and which raised $1.055m. We also announced the successful applications made by the Burnet Institute for early stage work on an influenza vaccine using our VLP technology as well as development of an antigen specific rapid influenza test.

The printed Annual Report that was mailed to all shareholders earlier this month contains further details of the company's activities and operations and I encourage you to review the report again should you want to re-familiarise yourself with our projects. The report is also available in PDF format on our web site: www.selectvaccines.com.au

Before I hand over to your CEO and CSO for an up to date presentation of the product development program, I must thank my fellow Directors and our small management team for the support they have provided and for their valuable contribution to the company's activities. I would also like to pay tribute to the efforts of the former Executive Chairman, Jeremy Cooper, in helping the company through its formative years - never an easy task.

Company Presentation

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Select Vaccines Ltd Presentation AGM 30 March 2006

EQIVALIC FOOKING SIGGLETS

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Statements made in this presentation that state Select Vaccines' or management's intentions, hopes, beliefs, expectations, or predictions of the future are forward-looking statements. Forward-looking statements include but are not limited to statements regarding usage of cash, product sales, future product development and related clinical trials and future research and development, including FDA approval. Select Vaccines' actual results could differ materially from those expressed in such forwardlooking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among other things, the following: general economic and business conditions; ability to enter into future collaborations with industry partners, competition; unexpected changes in technologies and technological advances; ability to obtain rights to technology; ability to obtain and enforce patents; ability to commercialize and manufacture products; ability to establish and maintain commercial-scale manufacturing capabilities; results of clinical studies; progress of research and development activities; business abilities and judgment of personnel; availability of qualified personnel; changes of personnel; changes in, or failure to comply with, governmental regulations; the ability to obtain adequate financing in the future through product licensing, co-promotional arrangements, public or private equity financing or otherwise; and other factors referenced herein. Given these uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All such statements are qualified in their entirety by this cautionary statement. Select Vaccines operates under continuous disclosure requirements imposed by the ASX but undertakes no obligation to revise or update this presentation to reflect events or circumstances after the date hereof or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Additional information is contained in Select Vaccines' annual report for the year ended December 31, 2005 incorporated herein by reference. Statements made herein should be read in conjunction with Select Vaccine's annual and quarterly reports filed with the Australian Stock Exchange (ASX, www.asx.com.au).

OUMBUSINGSS

Developing products which identify and protect against infectious diseases of global and national importance and which satisfy the needs of other pharmaceutical and biotechnology companies

Company Overview

Founded in 2003 (listed on ASX July 2003)
ASX Code: SLT
Technology from the Burnet Institute
Shares on issue: 55 million
Number of shareholders: 1,600 approx.
Major shareholder: Burnet Institute (7.25%)

Achievements

New license agreements signed
Vaccine program meets major milestone
Direct and indirect grant support over last 12 months $\sim$ $700 $k$
Clear examiner's reports for patent applications covering vaccine and diagnostics technologies

Product Development

Hepatitis C vaccine preclinical
Malaria vaccine preclinical
$\cdot$ Influenza vaccine early stage R&D
Hepatitis E diagnostics licensed
Hepatitis A rapid test licensed
Hepatitis C diagnostic clinical evaluation
3 other diagnostic tests POC/pilot stage
Anti-viral compounds early stage R&D

OUTING COTTLES

Based on a Virus-like Particle (VLP)
Select's VLP is the "right size" to be recognised by the immune system
Our VLP vaccines have shown themselves to be highly immunogenic
We have produced VLPs containing a range of vaccine antigens (including hepatitis C and Malaria)

Wated hte prochem Hubberg

Completed the first preclinical study of our hepatitis C vaccine and expanded this study to include species suitable for preclinical toxicology
Initiated first preclinical study of our Malaria vaccine $\bullet$
Commenced development of VLPs as Influenza $\bullet$ vaccine
- Assisted by NHMRC pandemic influenza grant

Results a Vatedine program

Hepatitis C VLP vaccine $\bullet$

Highly immunogenic in mice
- Single shot, low doses
No adjuvant required
- No side effects seen
Selection of species for preclinical toxicology
- Highly immunogenic after single shot in rats
  - Preferred species for pre-clinical toxicology
  - Can measure both antibody and cellular immune responses
- Rabbits found to be unsuitable as test animal
  - No suitable assays for immune responses

Results 2 Mated ne place the

Malaria VLP vaccine $\bullet$
- Pilot study showing good preliminary results
Influenza VLP vaccine $\bullet$
- NHMRC grant (pandemic influenza)
- Collaboration with WHO Collaborating Centre for Influenza Reference and Research
- Work underway for both human and avian influenza

Diagnostics programmable to

Tests for hepatitis E virus (HEV) infection licensed to MP Biomedicals Asia Pacific
HEV Monoclonals licensed to Upstate USA, Inc.
Test for hepatitis A virus infection licensed to Rapid Medical Diagnostic Corporation
Test for hepatitis C virus at halfway point in clinical evaluation
- Supported by ACH2 grant
Successfully completed pilot study of one new test and part way through pilot studies of two other tests, including influenza
- Assisted by NHMRC pandemic influenza grant

Results Elbragnostichere de la

Hepatitis C IgM $\bullet$
- ELISA (lab-based) test
- Clear differentiation from existing tests
- Clinical evaluation underway
  - Supported by grant from ACH2
New tests $\bullet$
- Pilot studies completed for one test
- Pilot studies underway for second test
- Pilot studies making good progress for influenza $\overline{\phantom{a}}$
  - . Aiming to provide differentiation of human and avian strains, using proprietary technology
  - Assisted by NHMRC grant (pandemic influenza)
  - Collaboration with WHO Collaborating Centre for Influenza Reference and Research

Antiviral program - upera

16 novel antiviral compounds synthesised and tested
Second series of compounds has been identified
Target identification is progressing well $\bullet$
- Unique mechanism of action
Antiviral program progressing but it is at an early stage
- Recent grant support from major pharmaceutical company

Vaccines

The vaccines market is growing rapidly (from US$7bn to US$16bn+ by 2010)
Growth in the vaccines market is being driven by new products, new technology and Influenza
Vaccines hold huge commercial value
Many believe they are the future of healthcare

VLP Technology

Virus-like Particle -

VLP vaccines-Track record of Success

Current hepatitis B vaccine
CSL/Merck cervical cancer vaccine -Gardasil – based on human papillomavirus
Novavax uses recombinant DNA technology to produce antigenic structures that mimic a virus - Phase II trials
Cytos' VLP is a protein scaffold of self assembling viral proteins - Phase II trials

Future Directions

Vaccine Development

Hepatitis C, malaria and influenza ۰
Development of malaria and influenza vaccines to be $\qquad \qquad \bullet$ accelerated
Vaccines to be taken to Phase 1 clinical trials (Hepatitis C - $\bullet$ target: 2007)
Government assistance to help fund the vaccine program ۰

Antiviral Compounds

Seek further support from commercial partner and government $\bullet$ assistance

Diagnostics Development

Development partners for new tests (following successful pilot study evaluation) – partner to have manufacturing and distribution capabilities