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ICON Plc.Merrill Lynch - Global Pharmaceutical, Biotech & Medtech Conference,

September 19th 2007

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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.

Forward Looking Statements

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2006

• Revenues $456 million

• Operating Profits $48m

• EPS $1.33

• Staff 4,300

1990

• Revenues $0.5 million

• Operating Profits $0m

• Staff 5

The Journey So Far

2007 Guidance

• Revenues $560-$580 m

• Operating Profit $60 - $65 m

• EPS $1.70 - $1.80

• Staff 4,800 – 5,000

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Global Full Service Clinical Development

US 53%

EU 40%

ROW 7%

Revenue by Region

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Market Environment

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Strong Market Environment with...

• Fundamental R&D Spending Growth Trend 6%- 8% p.a.¯ Phase II / III pipelines strengthening

• Increased Outsourcing ¯ Being accelerated by activity & funding in Biotech / Speciality

¯ Globalisation of clinical research

¯ Cost containment pressures

¯ Evidence that projects, where CROs are engaged, complete faster than “internal only” studies*

¯ Growth c.15% p.a. since 2001*

• Increasing Regulation ¯ More patients/ more studies

¯ Post marketing surveillance

*Source: Tufts Centre for Study of Drug Development

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…US Biotech Funding continuing to grow, leading to...

$16.4

$38.9

$19.5$17.9

$25.3

$30.8

$34.5

$47.1

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

$45.0

$50.0

1999 2000 2001 2002 2003 2004 2005 2006

$Bil

lio

n

Biotech fund raising ($billions)

Source: Burrill and Company

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956 9981,071

1,167 1,195

1,4811,599

1,720

1997 1998 1999 2000 2001 2002 2003 2004

Source: Informa Health

…significant growth in the number of companies with active clinical projects,….

Number of companies running clinical projects

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4,157

4,5444,827

5,023

5,445

3,8833,6113,600 3,661

2,000

3,000

4,000

5,000

6,000

1998 1999 2000 2001 2002 2003 2004 2005 2006

Source: FDA

Number of Active INDs

… and significant growth in the number of active INDs,…

49% Increase since 2000

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…which is enriching pipelines.

0

200

400

600

800

1000

1200

Phase I Phase II Phase III Registration

Dec-02 Dec-03 Dec-04 Dec-05 Dec-06

Source: IMS R&D Focus, Dec 2006 and previous year SMRs

2002 – 2006 46% Growth Phase I – II

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Not a “ Pig in a Python”, rather a …….

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…bursting dam….

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…bursting dam….

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…bursting dam.

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ICON in this Market Environment

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Strong Gross Business wins has led to…

$106

$127

$165

$186 $189 $193$207

$245$264

Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07

ICON Gross Business Wins - Last 9 Quarters ($ millions)

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.. excellent Net New Business wins and very strong book to bill ratios…

$230$166m

$171m

$157$166m$171m

$140m

$122m

$101m

Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07

1.2

1.7

1.3 1.3

1.61.6

1.6

1.61.4

Net Business Wins

Book to Bill Ratio

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…leading to record Total Backlog levels. ($ millions)

$633

$707

$772$815

$872

$963

$528$568

$1049

Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q406 Q1 07 Q2 07

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From this backlog, coverage of next 4 quarters revenues is robust……..

$262$279

$296$307

$360

$395$415

$470$493

Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 ,07 Q2 07

70%

71%

76% 76%

77%

76%76%

77%

76%

Value of backlog forecast to be earned in next 4 quarters

% coverage of next 4 quarters forecast revenues

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…..and the customer base continues to diversify.

42.6%

34.6%32%

62.7%

51.1%47%

81.4%

72.0%69%

8.5%9.6%12.3%

FY To May 2005 FY 2006 2007 YTD

Largest Client

Top 5

Top 10

Top 25

Client Concentration 2005, 2006, YTD 2007

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YTD ‘07 Revenue Breakdown

Revenue by Customer Segment Revenue by Therapeutic Area

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Revenue Growth v Peers: Net Revenue CAGR between 2000 and 2006

8.4%10.5%

15.3%16.5%

22.4%20.5%

33.4%

ICON PRA PPD CRO Ind KNDL CVD PRXL

* Source SEC Filings

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Strategy

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Core Strategy is Organic Growth, with acquisitions adding new services or scale.

Capitalise on market fundamentals to drive organic growth in all business units.

Expand geographic footprint to exploit globalisation.

Pursue acquisitions to enhance depth and scale of current operations and to add additional complementary services e.g.

Phase I

Bioanalytical / Biomarkers

Therapeutic specialists

Safety / Phase IV

Patient Recruitment

Staffing

Cross-sell services to grow sales and margin

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Financial Performance

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Recent Financial Performance ($ millions, except EPS; includes stock option expense)

Q2 ’07 Q2 ’06 % Increase

Net Revenue 147.0 107.4 36.9%

Direct Costs 83.9 60.0 39.8%

SG & A 42.7 32.4 31.7%

D & A 4.5 3.7 20.6%_____ _____ _____

Operating Income 16.1 11.3 41.7%

Net Income 13.3 9.3 43.0%_____ _____ _____

EPS (Inc SFAS123R) 45c 32c 41%

Weighted Average no. of Shares (Inc SFAS123R)

29.7m 28.7m 3.4%

Backlog 1,049 772 36%

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Recent Financial Performance ($ millions)

H1 2007

H1 2006 % Increase

Net Revenue 283 206 37.4%

Direct Costs 162 114.7 41.3%

SG & A 81.3 62.7 29.7%

D & A 8.6 7.1 21.1%_____ _____ _____

Operating Income 30.8 21.4 43.9%

Net Income 25.6 16.8 52.5%_____ _____ _____

EPS (Inc SFAS 123R) 86c 59c 46%

Weighted Average no. of Shares (Inc SFAS123R)

29.6m 28.5m 3.9%

Backlog 1,049 772 36%

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Net Revenue CAGR of 30% over 7 Years

$116$157

$226

$297$327

$456

$570(E)*

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$550

FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007

Mil

lio

ns

CAGR 30%

(E)* Mid Point of Guidance

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Earnings Per Share Growth

$0.46$0.58

$0.75

$0.94$0.85

$1.75 (E) *

$1.33

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007

CAGR 25%

(E)

* Mid Point of Guidance

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Summary Balance Sheet and Cash Flow ($ millions)

May 31, 05(Year)

Dec 31, 05(7 mths)

Dec 31, 06(Year)

June 30, 07 (YTD)

Net Cash $78.4 $82.3 $98 $91.1

Total assets $347.6 $349.1 $476.3 $521.9

Shareholder’s equity $233.1 $241.6 $302.7 $337.5

Cashflow from operations

$23.8 $11.7 $51.5 $19.4

Capital expenditures $15.6 $7.8 $12.3 $30.4

Shares outstanding 27.8 28.0 28.5 28.7

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Improving Margins

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Quarterly Operating margins have beenimproving and ….

10.8%10.7%

10.4%10.6%

10.2%

9.2%

8.7%

7.6%

10.9%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

Q2 2005 Q3 2005* Q4 2005* Q1 2006* Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007

* Includes an estimated SFAS 123 non cash stock compensation charge for the 2005 figures

Turnaround in Lab

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• Further volume growth in Lab • Significantly improved performance from Phase

I and Consultancy businesses • Bringing Japan from investment phase to

profitability • Expanding margins in Phase II – IV through

leverage

….further margin improvement should arisethrough 2008

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• Top Global Clinical CRO - #4• Outstanding record of growth • Strong market fundamentals • Excellent strategic position• Strong balance sheet• Margin expansion opportunity

Investment Case Summary