need some info.., page-2

Not sure of its REAL value due to its growth potential and i am not an expert in that field would be interested in what others think also, you probably saw this extract from announcement from CEO with the Pelorus and Bond having a cost base of 33M but i thought i would post it here for anyone who missed it. It is the CEO back of the envolope valuation of the company.

VSL0279ASX pmw Page 3

It is probably this latter aspect that makes our company difficult to value. While ultimately
the “market” is said to get “it right”, companies in transition like ours can slip under the
radar scope. My back of the envelope and somewhat simplistic analysis on a “sum of the
parts” basis runs like this (noting these are personal views only):

• Fire & Security, after a strong year and new products to come would, in my view, be
valued by an internationally based strategic acquirer at in excess of $150 million.

• Our investment in Novocastra at $90 million in 2002 would today be valued, again in
my view, by a strategic acquirer at in excess of $110 million.

• Our Peloris and Bond platforms have a cost base of $33 million. Over three
years ago we sold a three year licence to Leica for some of our older pathology
laboratory instrument products for $16 million. We used these funds to produce
Peloris and Bond. I personally believe the Bond and Peloris products which
you can see here today and which are now fully in the market have a market value
in excess of their cost base.

• Invetech is a unique team and has a significant international reputation in medical
instrument development. Its value would at least exceed our net debt position.

So if you add all that up, ignoring the earnings growth that we are driving for (particularly in
Vision BioSystems which is coming off a lower base), and divide by the number of shares
on issue at around 176 million shares, the resultant value of about $1.70 per share is well
in excess of the current market view of our share value.

It is apparent that the challenge we have is to more clearly articulate our value and we are
doing work on that as I speak. However, I have also been around long enough to know
that we will not be substantially re-rated until the results of our hard work and our
investment into major new product platforms begin to be reflected in growing operating
profit results. Obviously this is a trailing response by the observers and that’s normal.
The challenge for us is emerge the value as fast as we can.