+ + data and comment + +, page-38

re: + + coverage of mbp by us based research group Coverage of Metabolic Pharmaceuticals by U.S. based Research Group.

Metabolic wishes to advise that the Cohen Independent Research Group based in California, U.S.A.
have released, over the weekend, a detailed Research Report on Metabolic Pharmaceuticals Limited.

Their “Intermediate Term Target Price Estimates” are in the range $2.29 for the pessimistic scenario
through to $4.67 for the optimistic scenario.

Metabolic believes this report will be released into
Cohen Independent Research Group’s distribution list on commencement of business after the July 4
long weekend in the U.S.

A copy of this Research Report may be downloaded from the following web address :

http://www.cohenresearch.com/reports/mbp_07-01-04.pdf. It will also be available on the
Metabolic website within the next few days.

About Metabolic
Metabolic Pharmaceuticals Limited is a biotechnology company based in Melbourne, Australia, and
listed on the Australian Stock Exchange (ASX: MBP).

The Company’s mission is to develop a pipeline of new pharmaceuticals for world markets, and currently has active programs aimed at treating obesity (AOD9604 in Phase 2b human trials), pain (ACV1 in preclinical toxicology), type 2 diabetes, and osteoporosis.

Further details are available at www.metabolic.com.au.
Contact Information:
Ph +61 3 9860 5700
David Kenley VP Corporate Development [email protected]