The Manager

Company Announcements Office

The Australian Stock Exchange Limited

Dear Sir

Re: Phosphagenics Limited
Half-Yearly Report : Appendix 4D

Enclosed for release to the market is the Company’s report for the half-year ended
30 June 2004 inclusive of the audited Condensed Income Statement, Condensed
Balance Sheet, Condensed Cash Flow Statement and Notes thereto.

Attention is drawn to the commentary on the front sheet of Section 2 which refers to the impact on the results and the interpretation of the comparative results arising
from:

• Consolidation of Results .v. Equity Accounting of Results; and
• Impact of Adoption of A-IFRS.

Yours faithfully
Phosphagenics Limited


per Mourice Garbutt
Company Secretary