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Study: Post 3:

Monday 30th June 2003
From the Chairman
Dear Shareholder,
I am very pleased to be writing to you at this time. First, Benitec has been granted its longawaited
patents in both the USA and the UK, bringing to five the number of granted patents in its core ddRNAi (DNA directed RNAi) portfolio; and, secondly, Dr Ken Reed and I have recently returned from a very successful BIO 2003 conference in Washington.

It is also generally encouraging that we are seeing resurgence in price and support for biotechnology stocks across the world.
Since my April letter, Benitec has continued its PR strategy of issuing regular ASX announcements and raising the Company’s profile in the USA and Europe through press interviews for national papers and recognised science-based magazines and presenting at
biotechnology conferences, such as occurred in Washington last week.

This strategy has been extremely successful and Benitec is now recognised internationally by media as an emerging leader in the RNAi field. We have recently appointed a New York based media firm, the Ruth
Group, to increase Benitec’s leadership profile in support of its expanding commercial activities.

Their introduction of an extensive network of USA and international contacts will ensure that we
continue to be in the forefront of coverage for our RNAi activities and for commentary in science review articles. We are once again upgrading our website which will be more focused on our technology’s competitive advantage and opportunities for licensing.

BIO 2003 Washington conference Benitec exhibited at the conference using the stands and personnel services of the Queensland Government State Development and AusTrade. Both of these entities worked tirelessly to assist us and throughout the week, Benitec was the most asked for Company.

Premier Peter Beattie
issued a very supportive release about us which we announced to the ASX and we had a number of meetings and received a considerable number of new enquiries concerning licensing and partnering.

The recent grant of our patents received extensive media coverage, fortuitously before the start
of the conference. We had known of the imminent grant of the US patent, but because it was not
in the public domain, it was received with surprise both as to its existence and grant, and, as to its extensive nature. Our patent position is now known in the market and we will capitalise on it over the coming months.

Dr Ken Reed presented at the conference’s RNAi session which was one of the best attended, alongside supporters of RNAi and ddRNAi and an internationally renowned research expert in the field of RNAi, Dr John Rossi of the Beckman Research Institute of the City of Hope in Los Angeles. We have now laid the groundwork to educate the market as to the superiority of our
ddRNAi, both technically and commercially.