NOTICE OF ANNUAL GENERAL MEETING

and

EXPLANATORY NOTES

Notice is given that the 2004 Annual General Meeting of the Members of Institute of Drug Technology Australia Limited (the "Company") will be held at 45 Wadhurst Drive, Boronia, Victoria on Friday the 29th of October 2004 at 10.00 am.

R Burnet, Secretary
By order of the Board of Directors
Dated this 27th day of September 2004.

1. Financial Reports

To receive and consider the Company's financial report and reports of the directors and auditors in respect of the financial year ended 30 June 2004.

2. Election of Mr Robert Burnet

Mr Robert Burnet retires as a director by rotation in accordance with Rule 16.1 of the Company's Constitution and, being eligible, offers himself for re-election.

3. Election of Mr Richard Green

Mr Richard Green retires as a director by rotation in accordance with Rule 16.1 of the Company's Constitution and, being eligible, offers himself for re-election.

SPECIAL BUSINESS

4. Issue of Options to Dr Graeme Blackman

To consider and, if thought fit, to pass the following resolution as an ordinary resolution:

"That, for the purposes of Listing Rule 10.11 of the Listing Rules of Australian Stock Exchange Limited, approval is given to the grant of 200,000 free options to Dr Graeme Blackman on the terms described in the Explanatory Notes attached to this Notice."

5. Issue of Options to Mr Alan Blackman

To consider and, if thought fit, to pass the following resolution as an ordinary resolution:

"That, for the purposes of Listing Rule 10.11 of the Listing Rules of Australian Stock Exchange Limited, approval is given to the grant of 200,000 free options to Mr Alan Blackman on the terms described in the Explanatory Notes attached to this Notice."

6. Issue of Options to Mr Robert Burnet

To consider and, if thought fit, to pass the following resolution as an ordinary resolution:

"Subject to the passing of the resolution in Item 2 above, that, for the purposes of Listing Rule 10.11 of the Listing Rules of Australian Stock Exchange Limited, approval is given to the grant of 200,000 free options to Mr Robert Burnet on the terms described in the Explanatory Notes attached to this Notice."

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