Investor Update

July 2009

2Hexima Limited ©

Forward Looking Statements

Certain statements in this presentation relate to the future, including forward looking statements and worked examples relating to Hexima’s future expectations, beliefs, goals, plans, prospects, financial position and strategy. These forward looking statements and worked examples involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of Hexima to be materially different from future results, performance or achievements expressed or implied by such statements or examples. Neither Hexima nor any other person gives any representation, assurance or guarantee that the occurrence expressed or implied in any forward looking statements or worked examples in this document will actually occur and you are cautioned not to rely on such forward looking statements or worked examples.

Subject to any continuing obligations under applicable law or any relevant listing rules of the Australian Securities Exchange, Hexima disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements or worked examples in this document to reflect any change in expectations in relation thereto or any change in events, conditions or circumstances on which any such statement or example is based.

This presentation is an overview of Hexima and does not purport to be all inclusive or contain all information which its recipients may require in order to make an informed assessment of Hexima’s prospects. Recipients should make their own independent assessment and investigation in respect of any investment decisions and should not rely on any statement contained in this presentation.

3Hexima Limited ©

Contents

1. Introduction

2. Market and Value Opportunity

3. Execution

4. What to Expect – Timelines

5. Conclusion

1) In

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4Hexima Limited ©

Hexima is an agricultural biotechnology company1)

Intr

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Biotechnology: The introduction of genetically modified seed (GM) has transformed agribusiness

5Hexima Limited ©

Hexima is building a substantial portfolio of valuable technologies

HEXIMA’S PLATFORM

Scientists, Innovation, Intellectual Property

Commercial Agreement with DuPont in corn and soy

Major GM crops: canola, sugar beet & cotton

=

Primary focus: Disease Control

Secondary focus:Leveraging disease platform

Emerging opportunities:Technology pipeline

Pest Resistance ProteinaseInhibitors (PIs)

Multi-gene Expression Vehicle (MGEV)

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1) In

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Emerging GM crops: wheat, rice, others

6Hexima Limited © Source: ISAAA, *BASF

25 nations plant GM crops commercially2 major traits: Insect resistance (Bt) and herbicide tolerance (HT)5 major crops: corn, soy, cotton, canola and sugar beet125+ million GM hectares planted in 2008 (310m ac)8% of worldwide cropping area

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1996 1998 2009(f)

Global Ag-Biotech Market

GM market has grown rapidly from 1996 launch

(Market launch)

US$b

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$8.3b

7Hexima Limited ©

GM technology drives growth and profitability in global agribusiness

Monsanto

DuPont

Percentage of ag sales derived from seed and traits

Dow

1998 2008

21%

50%

56%

12%*

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Ag sales of US$8.0b in FY08

Ag sales of US$11.4b in FY08Reported margins of >60% FY08

on key trait products

Ag sales of US$4.5b in FY08

*= FY07Source: Company reports

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Other principle global GM agribusinesses include Bayer, Syngenta and BASF

8Hexima Limited ©

Source: Goldman Sachs, Biotech Consulting, Wilson HTM Research, see Appendix for risks and assumptions

Well established industry model has promoted rapid uptake of GM technologies

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• Yield improvement• Cost savings• Chemical displacement

• Labour savings• Insurance value• Other measurable value

VALUE TO FARMER =

Farmer~60%

Tech Fees~40%

Seed Company

Technology Provider

• Drives market share• High profit margins

• Tech Provider royalty based on Tech Fees• Royalties rates vary• ≤ 7.5% early out-licence• ~25%+ co-development

9Hexima Limited ©

Model provides mutual benefits for farmers and GM technology providers

Value to farmer drives GM trait adoptionUS cotton = 90% GM (Bt + HT)Australian cotton = 90% GM (Bt + HT)US soy = >90% (HT)US sugar beet = 90% 2009(f) (launched 2007) (HT)

Bt Cotton

Technology Fee 08/09 A$315/Ha

Area (5yr ave) ~212,000 Ha

Trait penetration ~85%

Technology Fee Value* A$56.7m pa

Source: NSW DPI, ABARE, ISAAA, Bt = Insect Resistance, HT = Herbicide Tolerance*Indicative value only based on publicly available inputs, all figures based on 2008-2009 seasons

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Herbicide Tolerant Cotton

Technology Fee 08/09 A$51/Ha

Area (5yr ave) ~212,000Ha

Trait penetration ~90%

Technology Fee Value* A$9.7m pa

Worked Example: Value of Australian Cotton Traits

Pesticides ↓ 85%Farmer value ↓ Management risk ↓ Inputs

10Hexima Limited © Source: ISAAA, *BASF

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1996 1998 2009(f) 2025*

Global Ag-Biotech Market

New Traits

New Crops

New Countries

50

GM market growth will be driven by new crops, countries and traits

Growth Opportunities

(Market launch)

US$b

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11Hexima Limited ©

Disease control traits represent a major opportunity2)

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Source: Pioneer, FAPRI, Wrather & Koenning, estimates based on 2008

figures

12Hexima Limited ©

Fungal disease causes over US$10b yield loss in cornand soy each year

Corn (US)Area 32m HaAv yield 380 bu / HaPrice US$4 / HaAv value US$48.5b paAv disease loss 10-12% paValue of loss US$5.7b pa

High disease regions 25% areaDisease loss 18-20% pa

Corn (Brazil)Area 14m HaAv yield 143 bu / HaPrice US$4 / HaAv value US$8.2b paAv disease loss 25-30% paValue of loss US$2.3b pa

Soy (US)Area 30m HaAv yield 99 bu / HaPrice US$11 / buAv value US$32.5b paAv disease loss 8-10% paValue of Loss US$2.8b pa

Source: FAPRI, Pioneer, Wrather & Koenning, estimates based on 2008 figures

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13Hexima Limited ©

A successful fungal disease control trait for corn could generate substantial royalties

Sources: Biotech Consulting, Pioneer, FAPRI, Wilson HTM Research, 2008 figures, photo courtesy of Pioneer. All USD.

This worked example is not an actual Hexima trait. It applies the industry model and includes ranges for disease control and market share. See appendix for assumptions and risks.

Worked Example: Potential Disease Control Trait US CornCorn Price $4 / buAv Yield 380 bu / HaYield /Ha $1,520 / Ha********Disease Loss 10 -12%% Disease Controlled by Trait 50% - 70%Trait Yield Gain ~5% - 8%Trait Yield Gain ~21 - 29 bu / HaTrait Value ~$84 - $117 / Ha*******Tech Fee 40% $34 - $47*******Tech Provider Royalty @ 25% $8.50 - $11.75 / Ha******US Market Size 32m Ha****** Potential Peak Royalties 50%-70% disease

loss controlled30% market share ~$82m - $112m pa50% market share ~$136m - $188m pa70% market share ~$190m - $260m pa

Gibberella Ear Rot

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14Hexima Limited ©

DuPont partnership creates a direct path to market for Hexima’s fungal disease control technology

Key Agreement Highlights:Exclusive partner in transgenic anti-fungal protein disease in corn/soyCo-development modelHexima’s royalty based on trait value, not price chargedDuPont sublicensing obligation encourages maximum trait penetration/market shareHexima controls commercialisation of ‘other crops’Access to enabling technology and elite corn germplasm

Partnership validates our science and expertise

US Corn Area ~32m Ha US Soy Area

~30m Ha30%

25%

Source: FAPRI, Context

DuPont

Others

3) E

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15Hexima Limited ©

On entering into the collaboration with Hexima in August 2008, Paul Schickler, Pioneer president and DuPont vice president and general manager said:

“This agreement with world-class experts in fungal disease resistance technology is a great example of the innovative approaches we’re using to help solve these challenges.”

Why did DuPont choose Hexima? 3)

Exe

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INNOVATIVE TECHNOLOGY

Value creation

Value capture

Market share

16Hexima Limited ©

HXL’s fungal resistant cotton trial against Fusarium Wilt

TransgenicConventional Conventional

• 2-3 times survival rate• Up to a 4 fold increase

in lint yield• Equivalent lint quality

FUSARIUM WILT

VERTICILLIUM WILT

HXL’s fungal resistant cotton trial against Verticillium Wilt

• Up to a 2 fold increase in lint yield

• Equivalent lint quality

ConventionalTransgenic

Proof of concept in cotton was an important factor in DuPont’s decision to partner with Hexima

3) E

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17Hexima Limited ©

3) E

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The first corn plants grown from

DuPont/Pioneer seed

Corn and cotton growing in glasshouse

Corn embryos ready to harvest

Establishing a world class corn transformation facility in partnership with DuPont

18Hexima Limited ©

• Expected completion Q1 2010• World class facility• Access to elite germplasm and enabling technology• ~5x existing glasshouse capacity• ~3x existing growth room and tissue culture• Potential new alliances and partnerships

Corn transformation facility is fundamental to progress and will generate new opportunities

3) E

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19Hexima Limited ©

MGEV technology is critical to the success of the disease program

Single vehicle delivers multiple disease control proteins

Will provide broad spectrum disease protection

Tailored to hit multiple targets for sustainable disease protection

MGEV has applications outside disease protection

Pursuing licensing opportunities

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C2

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20Hexima Limited ©

Hexima’s Proteinase Inhibitors have the potential to protect and extend market share of current Bt traits

Transgenic cotton expressing Hexima’s PIs were protected from insect damage in the field

Sustainable insect protection requires a “stack” of insecticidal genes

Stacking of PIs with Bts will broaden the spectrum of insecticidal activity and delay emergence of resistant insects

Climate Ready Grant of $1.4m will support continued development of the PIs and stacking with Bt genes

Economic value created for farmers (2007)Bt cotton ~ US$3.3bBt corn ~ US$2b

Environmental benefits Reduced CO2 emissions by 1.1billion kg = 0.5m less carsReduced chemical insecticide use – down 82% Australian cotton

3) E

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Source: ISAAA, Brookes & Barfoot 2009

21Hexima Limited ©

Hexima has built a portfolio of ~100 patents and patent applications

0102030405060708090

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06/07

07/08

08/09

Year

Applications Granted Patents

Number of Patents (Cumulative)

3) E

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22Hexima Limited ©

Next 12 Months and beyond4)

TIm

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23Hexima Limited ©

We have the financial resources to reach key milestones

CASH BALANCE $31.8 million at 31 Mar 09

DEBT Zero

ANNUAL SPEND $7-8 million projected operating cashflow p.a.

CLIMATE READY GOV T GRANT $1.38m over three years

R&D TAX CREDITS Worth over $2m pa when implemented

EXPORT MARKET DEVELOPMENT GRANT

Up to $200k pa

Hexima’s cash will now reach further

4) T

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24Hexima Limited ©

Summary

In the last 10 years ag-biotechnology has transformed agriculture and created a high value multi-billion dollar business.

DuPont delivers commercial path in two largest crops corn & soy, and leverage to other crops & technologies.

Achieving objectives over next 12-18 months will further validate science, expand commercial opportunities and build assets.

Disease control traits present a valuable opportunity for Hexima.

5) C

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Hexima is an ag-biotech company delivering innovative technologies.

Future industry growth will be driven by new and innovative technologies.

25Hexima Limited ©

Appendix: Assumptions and Risks

This presentation includes “forward-looking statements” and worked examples. The Company has tried to identify such statements and examples by the use of such words as “could”, “potential”, “estimated”, “approximately”, “assumptions”, “may” and other similar expressions. Accordingly, you should not rely on these forward looking statements and worked examples as a prediction of actual future results and no assurance or guarantee can be given that the assumptions made in this presentation will actually occur.

Valuation statements

Commercial success

Future commodity prices

Future crop areas

Royalty rates

Scientific success

Future financing requirements

External competition

Anti-GM restrictions

Development delays

Launch restrictions

Patent invalidity

Value capture

Pricing pressures

Disease losses

Regulatory restrictions

Crop failures

Risks may include, but are not limited to: