Mayne Group LimitedABN AMRO Global Generic Pharmaceutical Conference

Mr Mark BissetVice President Global Business Development

9 March 2005Mumbai, India

Forward-Looking Statement

Comments will be made that are forward-looking statements for the purposes of the Private Securities Litigation Reform Act of 1995. We caution that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated. Economic, competitive, governmental, technological and other factors that may affect Mayne’s operations are discussed in our Securities and Exchange Commission Form 20F for the year ended 30 June 2004, and are incorporated here by reference. We undertake no obligation to release publicly any revisions to forward-looking statements as the result of subsequent events or developments.

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Agenda

• Mayne Group overview

• Mayne Pharma overview

• The Indian opportunity

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Mayne Group snapshot

Mayne Group Limited

ASX listed: $US 2.0 billion market capitalisation12,000 employees*

Pharmaceuticals Diagnostic Services Pharmacy

Mayne PharmaGlobal specialty and

generic injectable pharmaceuticals

Consumer productsNutraceutical and

OTC productsMedical Centres

Diagnostic Imaging

Pathology

Retail development

Wholesale distribution

4* As at 31 December 2004

Note: $AU amounts converted to $US at $US 0.70/$AU 1.00

Mayne’s business portfolio

• Focused on high growth and high return sectors in health

• Leading market positions established in each business• Portfolio benefits

– Diversification – risk reduction– Capital allocation – strong cash flow from Diagnostic

Services and Pharmacy support Pharma growth• Strong returns – each business is positioned to deliver

returns that build shareholder value

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Relative contribution of businesses

1H05 EBITA Contribution*$US 94 million**

Pharmaceuticals21%Pharmacy

58%

Diagnostics21%

Pharmacy14% Pharmaceuticals

51%

Diagnostics35%

1H05 Revenue Contribution*$US 1,384 million

* Based on 1H05 continuing business revenue and EBITA

** After unallocated items of $US 5.4 million and before significant item of $US 3.5 million

6Note: $AU amounts converted to $US at $US 0.70/$AU 1.00

Mayne Pharma

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Mayne Pharma snapshot

Faulding/DBL has more than 150 years experience in pharmaceuticals

Mayne acquired Fauldingin 2001

History

Americas EMEA Asia Pac40+ 60+ 115+

Approved products(oncology emphasis)

Products

Mulgrave, Australia (cytotoxic)Aguadilla, Puerto RicoBoulder, USA (API processing)Wasserburg, Germany

Manufacturing facilitiesFacilities

Direct: 20 countries, 5 continentsIndirect distribution: 30 countries

Geographic presencePlaces

1,900EmployeesPeople

$US 351 million (5 year CAGR: 22%)19.6% (5 year CAGR: 25%)

FY04 salesFY04 EBITA margin

Financials

Note: $AU amounts converted to $US at $US 0.70/$AU 1.00 8

Global growth strategy

LOW COST SUPPLY CHAIN

SPECIALTY PHARMACEUTICALS FOCUSProprietary products, branded generics, commodity generics, biogenerics

GEOGRAPHIC EXPANSION

INTERNAL DEVELOPMENT

ACQUISITION& IN-LICENSING

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Revenue by therapeutic class*

Hospital (injectable) specialist• Anaesthetics• Analgesics• Anti Infective Agents• Antibacterial Agents• Anticholinergic Agents• Anticoagulants/Antithrombotic Agents• Antidotes• Antiepileptic Agents• Antifungal Agents• Antihistamines• Antipsychotic Agents• Cardiovascular Agents• Diagnostic Agents• Hormone Replacement Therapies• Immunosuppressants• Labour Agents• Muscle Relaxants• Pain Management• Oncology • Vitamins, Mineral Supplements 10

Oncology

Other

Anti-Infectives

AnalgesicsAnaesthetics

Bone Modulating/ Oncology

* Based on FY04 revenues

Portfolio strategy

Moderately competitive, orderly market, longer life cycle, higher margins

Branded genericsHighly competitive, rapid price erosion, low margin

Commodity genericsLittle competition, high margins, long life cycle

Specialty proprietary

Key success factorsKey success factors Key success factors• Product/sales differentiation

provides barrier to entry• Low cost supply chain • Some clinical sales required

• Low cost supply chain/vertical integration

– Efficient R&D– Low cost API– Low cost manufacturing

• Broad portfolio• Broad geographic coverage

• Product efficacy/differentiation• Intellectual property protection• Clinical selling capability

Recent activitiesRecent activities Recent activities• Paxene® arrangement

with Ivax• MVI® acquisition in US• Biogenerics partnership with

PLIVA

• Indian partnerships– Intas, Strides,

Zydus Cadila• Internal development• Vertical integration• ROVI/continued geographic

expansion

• In-licensing activities in Australia (Kytril®, ELIGARD®)

Balance portfolio and profitability11

Current supply chain

R&DFill and finish manufacturing

API sourcing and

development

• Strong internal pipeline• Oncology

specialisation• Over 200 R&D staff

located globally• Regional expertise in

regulatory and IP

• Paclitaxel API processing facility, Boulder, USA

• Close relationships with selected external API suppliers

• FDA approved injectable manufacturing facilities in each of three core regions

• Mulgrave, Australia• Wasserburg,

Germany• Aguadilla, Puerto

Rico• Strong cytotoxic

capabilities at Mulgrave

Existing capabilities

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Product pipeline

Country Launches and Local Market Value* (LMV)

1,162

445

1,604

2,236

254

8277

66

0

500

1,000

1,500

2,000

2,500

FY05 FY06 FY07

LMV

($U

Sm)

0

20

40

60

80

100

Cou

ntry

laun

ches

Approved Submitted Pending submission Country launches

13* IMS data MAT June 04

Mayne Pharma: 1H05 revenue growth

• Continuing business revenue increased 38.3% on 1H04 to $US 228.5 million

• Strong growth in Americas and EMEA driven by:

– New product launches

– Acquisitions undertaken in FY04 (paclitaxel trifecta, MVI®

and Wasserburger)

Revenue

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61.065.6 69.2 73.2

106.2

61.344.5 61.0 54.2

45.447.3 34.9

0

50

100

150

200

250

2H03 1H04 2H04 1H05

($USm)

Asia Pacific Americas EMEA Discontinued

Note: $AU amounts converted to $US at $US 0.70/$AU 1.00

Pharma: 1H05 EBITA growth

• EBITA** growth 44% on 1H04

• EBITA margin** of 18.8% in mid-range of guidance of 17-20%

• 2H04 margin higher due to inclusion of $US 3.0 million Mylan settlement

EBITA*

* Continuing business** Excludes significant items

38.429.834.6 39.5

43.022.3%

18.1%22.0%

18.8%

17.3%

0

10

20

30

40

50

2H03 1H04 2H04 1H05

($USm)

0%

5%

10%

15%

20%

25%

EBITA (excluding significant items)EBITA (including significant items)EBITA margin (including significant items)EBITA Margin (excluding significant items)

15Note: $AU amounts converted to $US at $US 0.70/$AU 1.00

The Indian opportunity

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Pooling of strengths

High quality, low cost R&D and supply chain

Global sales and marketing and regulatory

expertise

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Global distribution platform

Mayne has a unique global footprint in generic injectable pharmaceuticals

Direct presenceDistribution arrangements

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Leading market positions

Mayne has leading market positions around the world in generic hospital pharmaceuticals

Source: IMS data adjusted for discounts & Mayne data. *Ranking excludes Spain, Portugal, Ireland, Greece.

• Clear market leader in generic injectable pharma in Australia

• Established positions in Thailand, Malaysia, Korea, Singapore, Taiwan, Hong Kong and China

Asia PacificRegional Leader

27% revenue

• Market leading position in generic injectables in continental Europe and UK

• #1 generic injectable oncology in UK & France

• #2 generic injectable oncology in Germany & Italy

• Only pan European generic injectable sales force

EMEAEmerging Leader*

46% revenue

• Emerging US business: #4 in generic injectable oncology

• #2 generic hospital player in Canada

AmericasGrowing Presence

27% revenue

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Regulatory expertise

• Global expertise in regulatory and IP across all major markets– Over 50 people employed in regulatory affairs in more

than 15 countries• Increased returns from having same product

approved in different jurisdictions– Five of top ten generic products are registered in all

three regions• Innovative and novel routes to product approval

– E.g. Multiple strengths and/or presentations

India’s quality credentials

• Highly skilled and motivated scientists• Experts in process chemistry through long history of

reverse engineering molecules• Growing experience with FDA / MHRA compliance• High quality manufacturing facilities with relatively low

capacity utilisation

India’s low-cost advantage• Cost benefits of API vertical

integration are not incorporated in the table• Savings of 35% in cost benefits

can be realised in raw materials (conservative estimate)

• Estimated savings in total typical costs of production: >40%

• Intellectual property (IP) constrains several key molecules from manufacture in Australia • India provides an IP advantage

to enable earlier commencement of manufacture to meet emerging markets

100130Total

11Others

527Wages

925Infrastructure

157Utilities

7070Raw Materials

Indian cost

Europe / US cost

Source: UBS report

R&D

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• Maintain control of strategically important molecules• Seeking relationships for R&D in low cost and generic-friendly

environments• Leverage Mayne’s regional expertise in regulatory and IPRecent developments• February 2005: Agreement with Strides Arcolab to develop and

manufacture a range of anti-infective products for Mayne to distribute in the US and Europe

• December 2004: Agreement with Strides Arcolab to contract develop and manufacture six specialised injectable, non-cytotoxic products for Mayne to market and distribute in the US market

• September 2004: Intas development and contract manufacturing agreement for an important cytotoxic pipeline product

R&D Fill and finish manufacturing

API sourcing and development

API sourcing and development

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• Vertically integrate into API development and manufacturing for strategically important molecules

• In-source v out-source: Balancing of objectives• Low development costs• Reliability of supply

Recent developments• December 2004: Zydus Cadila MOU to evaluate API and fill and finish

manufacturing facility in India• December 2003: Acquisition of Napro’s US paclitaxel API business

R&D Fill and finish manufacturing

API sourcing anddevelopment

• Security of IP• Margin enhancement

Fill and finish manufacturing

• Control manufacturing of core molecules• Existing manufacturing facilities – continued investment• Partnership or direct ownership in developing countries

• Contract manufacturing of• Non-core products• Commodity or low value products• Products in areas where Mayne has chosen not to develop expertise

Recent developments• December 2004: Zydus Cadila MOU to evaluate API and fill and finish

manufacturing facility in India• September 2004: Intas contract manufacturing agreement

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R&D Fill and finish manufacturing

API sourcing and development

Summary

• Seeking to marry Mayne Pharma’s unique global sales and marketing capabilities and regulatory expertise with a high quality, globally competitive supply chain– R&D– API development and manufacturing– Fill and finish manufacturing

• Mayne is positioning itself for long term success

Mayne Group LimitedABN AMRO Global Generic Pharmaceutical Conference

Mr Mark BissetVice President Global Business Development

9 March 2005Mumbai, India