RENT.COM.AU LIMITED — Management Reports 2005

Mar 17, 2005

Controlling infectious disease

Shareholder Update - March 2005

Contents

• Corporate overview
• · Product pipeline
  • Diagnostics
  • Vaccines
  • Therapeutics
• · R&D Plan
• · Intellectual property
• · Use of funds
• Summary

Overview

• Select Vaccines is focused on the control of infectious disease
  • Three product streams:
    • Diagnostics Vactines
    • Therapeutics
  • R&D partnership with the Burnet Institute

Existing out-licensed products, clear paths to market

Burnet Institute

Key goals

1. Build revenues from diagnostics portfolio

2. Out-licence vaccine technology

3. Commercial partnership for therapeutic programme

Board & Management

Board:

• Mr Jeremy Cooper Executive Chairman (Cambridge, INSEAD, Swire Group, Biotech start- $L(DS)$
• Dr Martin Soust Executive Director and CEO (PhD. Biotech start-ups)
• Mr Peter Marks Executive Director - (Lazards, Hoare Govett, Barings Securities, Biotech start-ups)
• Dr lan Cooke Non-Executive Director (Associate Director R&D, Burnet Institute, Director Human Genome Sciences Pacific)
• Mr George Weber Non-Executive Director (MD, Chiron Vaccines, Australia)

Management:

• Dr Martin Soust Chief Executive Officer
• A/Prof David Anderson Chief Scientific Officer
• Ms Catriona King Chief Operating Officer
• Dr Anthony Filippis Vice President Business Development
• Eller Dr Fan Lil R&D Project Manager (from March 2005)

Corporate snapshot

• 39.2 million shares* (5m escrow to July '05, 4m escrow to April '07)
• 8.5 million listed options (SLTOA, 20c, May '08)
• 7.6 million listed options (SLTO, 80c, Feb. '07)
• 11 million unlisted options (20-30c, '08 expiries) * - includes recent agreement to buyout minority interests in subsidiary companies

Commercial strategy

• Out-licence technology to international partners for manufacturing, distribution and marketing
• · Select's business model
  • Out-licence products at pre-clinical phase
  • Generate earnings from;
    • Upfront payments
    • Milestone payments
    • Royalty payments

Select will commence generating revenues from its Hepatitis diagnostics during the current financial year

Product pipeline

	Research	Development	Elfort Treatment on	Literates
s – Caumanningensur u suken
Hepatitis E IgM Rapid
Hepatitis E ELISA
Hepatitis A IgM Rapid
Hepatitis A IgG Rapid
Hepatitis C IgM Rapid
Hepatitis C IgM ELISA
Adhesive Peptides
, nj. gueganyene: mwenenenmakamamukukamamukuu
Virus-like Particles Platform
Hepatitis C Vaccine
Hepatitis B Vaccine
Measles Vaccine
Malaria Vaccine
en alle selle til 22 såndet selle til den staden.En likelt staden som staden staden staden staden.
Meningitis, Encephalitis etc
Legend:
IgM-Active (acute) infectionIgG - Past infection, now immune to the diseaseRapid - Point of Care test

ELISA - laboratory based test

Adhesive Peptides - new component for many diagnostics tests

1. Diagnostics

• $US28bn global market for in-vitro diagnostics, $8bn for infectious diseases, >10% CAGR
• Select develops diagnostic products in areas of significant unmet clinical need:
  • Hepatitis E & A diagnostics complete
  • Hepatitis C development programme in final stages
  • Diagnostics for other infectious diseases (eg TB, Dengue, Syphilis) currently under investigation
• Focus on point-of-care ("rapid") diagnostics K. - Results from finger prick sample in <10 minutes

Select's diagnostic products; Exposure to date

IKIN	Organisation	Where & what
Hepatitis E Rapid	US Armed Forces ResearchInstitute of Medical Science(AERIMS)	Thailand, Independent evaluation. Resultspresented at The American Society for TropicalMedicine and Hygiene in Florida, USA,November 2004
Hepatitis E Rapid	World Health Organisation (WHO)	Chad, Sudan; Refugee camps
Hepatitis E Rapid	Institute for Medical Research	Kuala Lumpur, Malaysia.
Hepatitis E Rapid	US Naval Medical Research Unit$No. 2 (NAMRU-2)$	Jakarta, Indonesia.
Hepatitis E Rapid	Singapore Armed Forces	Tsunami relief effort throughout SE Asia
Hepatitis E andHepatitis A Rapid	Australian Defence Force	Tsunami relief effort in Aceh, Indonesia

Hepatitis E Rapid Assay in use in refugee camp in Chad

Hepatitis C Diagnostic

• Development programme underway with major B international partner
• Optimal antigens and monoclonal antibody identified
• ELISA results suggest that strong reactivity will be seen in rapid assay
• Both diagnostic and screening tests being evaluated for feasibility (mid '05)

Diagnostic markets

Hepatitis E

• Endemic in developing countries
• Frequent outbreaks and epidemics (eq. Darfur, Sudan)
• $-$ Existing markets growing at 20% pa, many new markets as yet un-tapped
• Rapid diagnostic previously unavailable

• 20% mortality in pregnant women

• Vaccine under development by GSK (Phase III recently completed)

Hepatitis A

• Global disease
• Approximately one third of developed world populations have been infected
• 1.5m new cases per year in USA alone
• No rapid diagnostic or screening assays available
• Good vaccines available

Hepatitis C

• Major global disease: at least 200m cases, 250,000 in Australia
• 3-4m new cases per year
• No acute, rapid diagnostic available; large screening market
• Up to 80% of infections result in chronic infection
• No vaccine currently available

Adhesive Peptides - New diagnostic platform

• Platform/ enabling technology for lab-based (ELISA) and rapid diagnostics
• Small, unique protein sequences that provide improved ŋ binding of diagnostic reagents (peptides) to solid surfaces such as plastics
  • Enable the production of many new diagnostics
  • Improve the accuracy of many existing diagnostics assays
• Potential application across entire in vitro diagnostic market
  • Once current proof-of-concept project (Glandular Fever) is completed out-licensing opportunities will be pursued (anticipated in mid '05)

2. Vaccines

• Global vaccine market US$10bn by 2006, 14% CAGR
• Select is developing products for major unmet needs;
  • New vaccines (Hepatitis C, Malaria etc.)
  • Novel technology but existing manufacturing processes
• Out-licensing transactions will be pursued in the coming months

Vaccines (cont.)

• Developing proof of concept data for Hep. C and malaria
  • Out-licensing/co-development deals with vaccine manufacturers will be sought at this stage (during '05/'06 financial year)
• Select's product is a robust platform for carrying disease antigens for use in a wide range of vaccines
  • Virus-like particles (VLPs) stimulate greater biological response from the immune system than standard vaccines
  • Based on a virus related to Hepatitis B, with identical manufacturing as current HBV vaccine $\rightarrow$ easy to manufacture
  • Applicability across multiple diseases (Hep. C, HIV/AIDS, measles, malaria etc)

3. Therapeutics

• The market for antiviral drugs is forecast to double by 2008 to US$20.5bn
• Select is developing a new class of antiviral compounds
  • Targeting picornaviruses (meningitis, encephalitis, myocarditis, common cold)
• Preferred lead compound identified
• . Licensing deals will be sought once full preclinical data pack is complete ('06)

Competition

• Select Vaccines' rapid diagnostics for Hepatitis E & A are world first products
• A Hepatitis C rapid assay for detection of acute infection will also be a world first
• There are no vaccines for Hepatitis C or Malaria

R&D Plan July 2004 - December 2005

Project	Deliverables
1.1 Diagnostics - Assays	Hep. C diagnostics market ready. Additionaldiagnostic (TB, others) proof of concept studycompleted (Hep. A diagnostic already completed)
1.2 Diagnostics - Adhesive Peptides	Data package showing our adhesive peptides bindto all common substrates (eg plastic, glass)
2. Vaccines	Hep. C, Hep. B, Measles, Malaria vaccines; proof ofconcept completed
3. Therapeutics	Anti-viral lead compounds protect mice fromenterovirus infection

Additional funding will be sought from AusIndustry's Commercial Ready grant programme and other government sources. Applications are currently being developed

Intellectual Property

Patent	Priority Date	Status
Immunoreactive antigens ofHepatitis E virus (Granted)	24 September 1993	Published USA
Anti-Viral Compounds (PCT)	31 January 2002	Filed USA, Europe, China,Japan, Aust. & NZ
Viral Vector (PCT)	17 April 2003	PON
Binding assay components (PCT)	7 November 2003	POT
Peptides and Methods of usingSame (Provisional)	23 November 2004	Provisional application

Select Vaccines' IP strategy is based around constantly seeking opportunities to protect existing and new IP

Use of Funds

· Use of funds (24 months):

R&D programme	$2.6m
Commercialisation	$1.0m
New projects	$0.8m
Operations & Administration	$0.8m
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Total 24 months	SSZM

Summary

• Commercial First deal completed, more to Ľ follow
  • Science Unique access to an extensive pipeline

Maria BaratAnglica

Ma

People – Board, management and scientific team with track record