RENT.COM.AU LIMITED — Capital/Financing Update 2007

Dec 20, 2007

ABN 25 062 063 692

Suite 15, 545 St Kilda Rd Melbourne Victoria 3004 Australia

Telephone +613 9529 8788 Facsimile +613 9529 2622 www.selectvaccines.com.au

SELECT VACCINES ACHIEVES KEY GOAL Manufacturing Development Programs are On Schedule

Melbourne, Australia, 21 December 2007. Select Vaccines Ltd (ASX: SLT) today announced that it has produced a new influenza vaccine candidate. This new virus-like particle (VLP) vaccine contains a specific protein that is being targeted by vaccine companies world wide because it offers the potential for cross-protection against all strains of Type A flu, including the bird flu, H5N1. The first successful vaccine of this type is expected to be an attractive new product in the fight against flu.

This new influenza VLP, the second VLP vaccine targeting 'flu produced by Select, has been manufactured in yeast at laboratory scale. The company will be conducting early preclinical work on this vaccine candidate in Q1 2008 to test for preliminary indications of immune response. Results from this work are expected in Q3 2008.

The company also announced that it is on schedule with its manufacturing program to produce VLP vaccines from a preferred industrial scale yeast-based expression system in Q1 2008. The European subcontractor assisting with the development of the yeast system has commenced screening the yeast colonies for the production of the second and final component of the VLP vaccines. This is an important manufacturing goal as the yeast expression system will provide the essential proof-of-capability to manufacture target VLPs in yeast on commercial scale for clinical development. This is particularly timely in light of the recent production of Select's new influenza VLP vaccine candidate which has been manufactured at laboratory-scale in yeast.

The company is intent on developing industrial scale VLP production technology, which is a critical aspect in vaccine development. Cell culture is the process by which cells are grown under controlled conditions and manipulated to produce the protein of interest, in this case the VLPs. On a laboratory scale, Select has manufactured its VLPs in both yeast and mammalian cell culture systems, which provides flexibility for the requirements of different vaccines. The company is also progressing with a US subcontractor to produce the Hepatitis C VLP vaccine candidate in a preferred industrial-scale mammalian cell culture expression system.

"This is a busy time for us at Select Vaccines," said Martin Soust, CEO. "Vaccination experiments in animals will begin shortly to test our new influenza VLP vaccine, and also to test the company's lead product, the Hepatitis C VLP vaccine candidate."

"Results are expected by Q3 2008 from several of our key VLP vaccine projects. Our development of a mammalian cell system to produce VLP vaccines is also on schedule and we expect material from that work to be shipped to us in Q2 next year, which we will immediately put into preclinical testing. We also anticipate further expansion of our patent portfolio over the next 12 months," he added. "We are delighted at the rapid progress the company has made and look forward to seeing the results next year."

Investment Highlights:

• Initial development of scalable yeast and mammalian cell-expression systems due for completion by Q2 2008
• Three products to enter further preclinical testing in Q1 and Q2 2008
  • Hepatitis C VLP which has completed preliminary testing for immune response will proceed into further preclinical studies using materials produced from an industrially

acceptable system to test for indications of a specific immune response.

• Our first VLP vaccine targeting 'flu will proceed into preclinical testing using materials produced in an industrially acceptable system to establish indications of a specific immune response and manufacturing proof-of-capability.
• Our new VLP vaccine targeting 'flu will proceed into the first stage of preclinical testing to establish preliminary indications of immune response.
• Vaccines based on virus-like particle technology are being used and have become commercially successful vaccine products (e.g. hepatitis B vaccine and human papilloma virus vaccine).
• Global vaccine market anticipated to grow from the current $10 billion level to in excess of $15 billion by 2012

-ENDS-

About Mammalian Cell Culture

Cell culture is the process by which cells are grown under controlled conditions. In practice the term "cell culture" has come to refer to the culturing of cells derived from multicellular organisms (rather than bacteria or plants), especially animal cells. Mammalian Cell Culture is the growth of cells of mammalian origin. Mass culture of animal cell lines is fundamental to the manufacture of viral vaccines and many biotechnology products. Vaccines for polio, measles, mumps, rubella, and chickenpox are made in cell culture.

The culture process allows single cells to act as independent units, much like a microorganism such as a bacterium or fungus. The cells are capable of dividing; they increase in size and can continue to grow until limited by factors such as nutrient depletion. The cells can then be manipulated by the introduction of foreign DNA causing the cells to express (produce) a protein of interest that is coded for by the introduced DNA. The proteins of interest to Select are the VLPs.

About Select Vaccines Limited

Select Vaccines Limited (ASX: SLT) is focused on the development of products targeting infectious diseases of global importance. The Company's Virus-Like Particle (VLP) vaccine technology provides a platform that can deliver a range of vaccine candidates and offers significant potential advantages over existing VLP technologies. Select Vaccines' lead products are an influenza vaccine and a hepatitis C vaccine. Both of these vaccines are in pre-clinical testing. Select Vaccines' principal research activities are undertaken at Melbourne's Burnet Institute, Australia's leading research institute in the field of infectious diseases caused by viruses and other agents.

Further information can be found at www.selectvaccines.com.au

CONTACTS:
Company	Media & Investor Relations
Martin Soust, Managing Director	Fay Weston – Talk Biotech
T: +61 (0)3 9529 8788	T: +61 (0)422 206036
E: martin@selectvaccines.com.au	E: fayweston@talkbiotech.com.au