ICON plc Goldman Sachs 25 th Annual Healthcare Conference June 8, 2004

1. ICON plc Goldman Sachs 25th Annual Healthcare Conference June 8, 2004 www.iconclinical.com

2. Forward Looking Statements Certain statements contained herein including, without limitation, statements containing the words “believes,” “anticipates,” “intends,” “expects” and words of similar import, constitute forward-looking statements concerning the Company's operations, performance, financial condition and prospects. Because such statements involve known and unknown risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

3. ICON Overview • 4th Largest Clinical Research CRO in the World • Unparalleled track record in managing Phase II to IV clinical research studies • Dedicated team model and quality ethos differentiates ICON from competitors • Currently: • 33 operations in 20 countries on five continents fromwhich we are managing over 300 projects in over 55 countries • Approx $300m in Net revenues in Fiscal year to 31 May 2004

4. Global Reach – 34 Operations In 21 Countries Managing Trials In Over 55 Countries EUROPE (900+) Dublin Manchester Marlow Southampton Frankfurt Paris Amsterdam Stockholm Tel-Aviv Riga Moscow Budapest Barcelona USA (1400+) Philadelphia Nashville New York X 2 Wilmington Raleigh Tampa Chicago Houston San Francisco Irvine Baltimore REST OF WORLD (100) Buenos Aires Singapore Tokyo Johannesburg Sydney Montreal Bangalore Hong Kong Taipei

5. Preclinical Phase I Phase II Phase III Registration Phase IV Launch Phase III b 10% 13% Central Lab (Global) Early Phase and Strategic Development Support 77% Later Phase Clinical Research and Support ICON’s Current Services in Drug Development

6. ICON plc Market Dynamics January 2003 www.iconclinical.com

7. Three Elements of Growth • Growth in Underlying R&D spending • Total 2003 spend estimated at > $67bn; 10% growth forecast to continue • Continued growth in outsourcing • Large Pharma estimated to outsource approximately 20% - 22% of R&D • Biotech and specialty players utilizing CROs more than big pharma • Pharma reducing supplier numbers • Fewer CROs servicing Large Pharma = Market share gains for Global, multi-service CROs

8. While Bio-Tech, Mid-Sized and Japanese companies are emerging as significant outsourcers • Biotech and specialty companies account for a growing percentage of projects in development: 55% of 2002 Clinical trials are derived from biotech companies. • Currently estimated to be more compounds in development in biotech/specialty than in all of Top 20 Pharma • ICON’s sales to non Top 20 pharma companies have been rising strongly: 42% 39% 35% 26% 21%

9. Fewer CROs Servicing Large Pharma Over the course of the last few years, ACCELLERATING IN LAST 9 MONTHS, most large pharma, as well as some biotechs, have concentrated their CRO relationships – for example;

10. Preferred Provider Trends THREATS • Not making / being dropped from key “Lists” • Price concessions – Preferred rates / Rebates • Not penetrating account even when listed • “Race to the bottom”

11. Preferred Provider Trends OPPORTUNITIES • Market share growth v smaller CRO’s • Market share growth v larger CRO’s – Penetrating new major Pharma’s / Re-establishing old relationships. • Higher staff utilisation rates due to steady opportunity flow = improved margins • Lower Costs of doing business due to streamlined business development and operating profits

12. Preferred Provider Trends OPPORTUNITIES • More global business, with better margin mix • Opportunity to “bundle” range of services including higher margin ones • Utilize cheaper locations • Develop / Acquire further value added services to include in mix

13. Preferred Provider Trends ICON View • Opportunities outweigh threats. • Strong contract management essential • Clear margin goals needed to avoid unprofitable business

14. ICON plc Financial Performance (Fiscal Years ending May 31) January 2003 www.iconclinical.com

15. Highlights 9 Mths to February2004 Highlights 9 Mths to February2003 • Revenue up 37% (24% Organic) • Operating Income up 40% • Margins: 11.3% • EPS up 30% • Pre-tax Return on Equity 17.1% • Net New Business Wins: $292m • Revenue up 41% (32% Organic) • Operating Income up 35% • Margins: 11.1% • EPS up 27% • Pre-tax Return on Equity 20.0% • Net New Business Wins: $184m

16. 7 Years of Net Revenue CAGR of 41% Est. CAGR 41%

17. 7 Years of Earnings Per Share Growth…. Est. CAGR =35% Note: EPS excludes exceptionals

18. …. and In the Last 5 Years Every Quarter Has Shown Sequential Growth (Est.) FY2000 FY2001 FY 2003 FY 2002 FY 2004

19. Summary Balance Sheet and Cashflow ($ in millions)

20. ICON Has Experienced Consistently Low Cancellation Rates Cancellations as % of Opening Backlog

21. ICON Net New Business Wins Net Business Wins Book to Bill Ratio FY 2002 FY2001 FY 2003 FY 2004

22. ICON Labs Net New Business Wins Net Business Wins Book to Bill Ratio Est FY 2003 FY 2004

23. Total Backlog $Millions

24. Backlog To Be Earned in Next 12 Months Note: Percentage represents 12 month backlog as % of market forecasts.

25. Client ConcentrationTop 5 Clients % of Total Revenue

26. ICON plc Strategic Development January 2003 www.iconclinical.com

27. ICON’s Acquisition History 2000 2001 2002 2003 PRAI, a Consulting CRO based in San Francisco; $6m in revenues YRCR, a Regulatory CRO based in UK; $2.5m in revenues UCT, a central laboratory organization based in New York; $12m in revenues BPA and MCS,specialist CRO’s based in New York; $21m in revenues Medeval Group, a specialist provider of Phase I clinical trials, based in Manchester, UK; $15m in revenues Globomax, a Strategic Consulting CRO based in Baltimore; $11m in revenues

28. Increase business from current clients and win new clients • Sell more new services - IVRS / Lab / Consulting / Phase I • Develop cross-selling opportunities • Expand global presence (Including Lower Cost Areas) • Broaden therapeutic range Organic • Add new services and broaden existing ones • Centralised Image Management • Phase IV • Bio Analysis • Phase I Acquisitions Goal • To be the best clinical CRO Future Development