RENT.COM.AU LIMITED — Management Reports 2004

Jan 29, 2004

SelectVaccines

Message from the CEO

January 2004

INVESTOR Update

Dear Shareholder.

Welcome to the second edition of our quarterly updates for shareholders.

It is pleasing to report that considerable progress has been made over the past three months and both our research and commercialisation activities are moving forward.

In this edition we provide you with a brief update on our commercialisation activities, which are currently focussed on our diagnostic kits, as well as progress that we have made with the other products under development.

Our core commercial objective continues to be the identification of appropriate corporate partnership opportunities.

We will use these partnerships to add value to the technologies under development as well as our intellectual property to the point where out-licensing opportunities represent the best value to the company and benefit to shareholders.

The Directors of Select Vaccines would like to thank you for your continuing interest in, and support for, the Company. We will continue to provide updates to you via ASX releases and newsletters on a regular basis. Should you have any questions please contact me on (03) 9824 8166

Dr Martin Soust CEO and Managing Director Select Vaccines

Hepatitis E Diagnostic

In September, 2003 we announced that Select had agreed to grant Genelabs Diagnostics Pte Ltd an exclusive twelve-year licence for the manufacture, marketing and distribution of our Hepatitis E rapid diagnostic kit, subject to completion of a technology evaluation and the finalisation of contracts.

Whilst the technology evaluation process that Genelabs Diagnostics is undertaking has taken longer than originally anticipated, the results to date have been positive.

We now expect the evaluation to be completed in February and the final licensing contract is expected to be executed between Genelabs Diagnostics and Select Vaccines shortly

thereafter. Sales of the kit should then commence with Select being entitled to royalty payments from the date the licensing contract is signed.

Samples of Select's Diagnostic Kit

New Website Design

We've updated the website design.

If you would like to receive these newsletters, company updates and announcements by email, please visit the website www.selectvaccines.com au and fill in your email details on our home page. Your details will only be used to send you information about Select Vaccines.

Hepatitis C Diagnostic

As indicated in our Prospectus last year, development of a rapid diagnostic test for Hepatitis C infection is a high priority for the company. We are now accelerating our program through the application of additional resources and intend to complete our development of the Hepatitis C diagnostic within a six-month timeframe.

Hepatitis A Diagnostic

Prior to Christmas the Company took delivery of new equipment that enables us to produce high quality rapid test strips for evaluation by third party companies. This will result in an acceleration of the evaluation process. Several companies are involved and we will be shipping diagnostic-ready test strips to them in January/February 2004. By sending completed test strips to companies wishing to evaluate our technology we are giving them the opportunity to run our test immediately while simultaneously allowing them to build a test from scratch using our patented raw materials.

A total of six companies have requested the right to evaluate our Hepatitis A rapid diagnostic test. The Company is on course to finalise one or more licence agreements for these diagnostic kits within the first half of 2004. We are pleased to note that this key milestone, if achieved, is ahead of the timeframe outlined in our June 2003 Prospectus.

Hepatitis A Antigens: In addition to the materials discussed above we are shipping our Hepatitis A antigen for evaluation for use in commercial quantities (e.g. somewhere between 100 - 400 ml) in laboratory-based assays. If our antigen proves to be more efficient than those currently in use it is likely that there will be interest from major diagnostics companies in purchasing the antigen for use in their assays. Select Vaccines' role in such relationships would be that of a supplier of substantial quantities of the antigen, representing a new source of revenue over and above that which was contemplated in June last year.

Other Projects

Virus-like Particles for Vaccines: The Company will complete the first stage of pre-clinical studies using our virus-like particles (VLPs) by the end of January 2004. These studies have been designed to provide results on the extent of the immune reaction created by the VLPs. Data from these studies will be analysed and should be reported on by March this year.

Adhesive Peptides: In a certain range of diagnostic tests and assays used today, problems can be experienced because the proteins of interest may not effectively adhere to the testing surface. Our adhesive peptide technology may enable a protein to be genetically engineered to join a peptide, which in turn adheres on to the surface of the kit. This would mean that the test would be more efficient and reliable than current methods. Our business model for this project would see Select receiving a small amount from every test performed, of which there are tens of millions p.a.

The company will initiate substantial laboratory work on this project next month. A range of proteins that are of commercial interest and which can benefit from this type of technology are currently being reviewed. Should this technology prove commercially viable, we believe that the performance of a wide variety of existing diagnostics tests will be improved.

Antiviral Compounds: Our anti-viral project focuses on developing drugs for use against the most usual cause of the common cold and for use against polio-related viruses. Vaccines have a poor track record in working against these types of viruses, as there are simply too many diverse strains to deal with. Accordingly, a drug-based approach may provide a better prospect of success.

For further company information, please contact Dr Martin Soust, Managing Director $(03)$ 9824 8166

Media information, please contact Kate Mazoudier Buchan Consulting (03) 9866 4722