AxisShield plc

1
Axis-Shield plc

• 2006 Preliminary Results Presentation
• March 2007

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Agenda

• Company Overview
• Highlights
• Financial Review
• Summary

3
Company Overview

• Laboratory Division
• Novel markers for cardiovascular and
  neurodegenerative diseases and rheumatoid
  arthritis
• Commercialise mostly via OEM agreements with the
  major diagnostic corporations
• AxSYM xtra contract with Abbott enables
  own-label marketing higher margin
• Point-of-Care Division (PoC)
• Main focus on rapid immunoassays for physicians
  office laboratories (POL)
• gt18,000 NycoCard instruments placed
• Next generation instrument AFINION is launched
  both in Europe and USA and been very well
  received
• Direct sales in the Nordic countries and UK
• Both proprietary and third party products.
  Strong PoC focus

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Overall Highlights

• Increasing profit before tax of 2.0 million
  against 1.9 million for 2005
• Scale-up of AFINION instrument mostly complete
  and commercial sale in Europe and USA has started
• NycoCard business still developing very well
  with about 2,000 new instruments, placed mostly
  outside AFINION territory, with good growth in
  HbA1c (9)
• First three markers under the AxSYMxtra contract
  with Abbott have been well received by the market
  and the Active B12 (Holo-TC) marker is already
  FDA approved

5
Laboratory Division

• Novel patent protected markers with strong
  revenue and growth potential
• Homocysteine - cardiovascular and
  neurodegenerative disease risk marker
• Active B12 (Holo-TC) anaemia
• Anti-CCP rheumatoid arthritis
• Unique AxSYM xtra agreement with Abbott
  Diagnostics where Axis-Shield has bought
  exclusive rights to develop new markers for the
  AxSYM instrument under own trade name. First
  three launched 2006
• OEM manufacturing and development for the large
  diagnostic corporations where we develop and
  produce markers in long term partnership

Focus on major diagnostic instruments already
used in the laboratories
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AxSYMxtra Pipeline Short Term
7
Homocysteine Highlights

• Revenue dipped - impacted by unlicensed
  competition
• Continuing flow of favourable clinical data for
  both CVD and Alzheimers
• Total market continues to develop favourably
• Legal conflict is continuing in the US district
  court and we have been encouraged by recent
  progress and are determined to bring the case to
  a successful end

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Laboratory Diagnostics Other Highlights

• Dip in Homocysteine revenues and ELISA anti-CCP
  was compensated by growth in a number of other
  products in particular
• Testosterone 56, Sirolimus 39
• Revenues from up front licence agreements more
  than doubled to 850K
• As the first product, ELISA anti-CCP test just
  received favorable reimbursement in Japan which
  opens up this market for our product
• Still early for the three AxSYMxtra markers that
  were launched last year
• Achieved 400K in 2006 revenues

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Point of Care Diagnostics - Main Focus

• NycoCard
• gt18,000 instruments installed
• 4 rapid tests
• CRP (viral/bacterial infection)
• HbA1c (diabetes-monitoring)
• D-dimer (deep vein thrombosis)
• Urine albumin (diabetes-monitoring)
• Distributed in 70 countries
• AFINION roll-out started
• Advanced, fully automated multi-assay instrument
• Tailor-made for the US market

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Point of Care Diagnostics Highlights

• Achieved 4 growth despite hardly any
  contribution from AFINION (lt400K)
• NycoCard increased by 2,000 new instruments to
  gt18,000 instruments
• Good growth in NycoCard HbA1c (diabetes
  monitoring) up 9 while NycoCard CRP comparative
  sales influenced by an exceptional 2005
• Growth in NycoCard sales mainly from
  geographical areas outside the main focus of
  AFINION which will limit cannibalisation (e.g.
  30 growth in sales to China for HbA1c)

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Point of Care Diagnostics Highlights

• We have carefully expanded the placements of
  AFINION instruments to over 200, mostly in
  Scandinavia but also a few in USA and elsewhere
• The US sales force is trained, have demo
  instruments and have started market penetration
• Good system performance in external quality tests

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AFINION Pipeline Short Term
13
AFINION Pipeline Short Term
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Direct Sales Nordic Countries and UK

• gt 70 sales reps with local offices in all Nordic
  countries and in UK
• Important businesses that allow us to maintain
  end user contact
• Pan-Nordic focus has attracted a number of new
  agencies, including Abbotts i-STAT platform.
  Generally good growth
• Revenues of third party products increased to
  21.2 million (up 13)

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• Financial Review

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Financial Review 2006
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Revenues Key Products
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Research Development 2006
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Cash Flow 2006
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Existing PoC
Afinion
Product Prospects
Lab
RELATIVE IMPORTANCE TO AXIS-SHIELD (FOR
ILLUSTRATION ONLY)
6
4
3
2
1
-1
-2
7
5
YEARS SINCE LAUNCH
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Summary

• Increased profitability in 2006
• Profitability achieved with hardly any
  contribution from substantial investments in
  AFINION and AxSYM xtra
• RD-focused strategy has delivered strong basis
  for future profitable growth without shareholder
  dilution