ICU MEDICAL, INC.

1 FORWARD LOOKING INFORMATION Any statement concerning Management’s expectation with respect to future results is a forward looking statement based upon the best information currently available to management and assumptions Management believes are reasonable, but Management does not intend the statement to be a representation as to future results. Future results are subject to risks and uncertainties, including the risk factors described in the Company’s filings with the Securities and Exchange Commission, which include those in the Form 8-K dated February 15, Actual results in the future may differ materially from Management’s current expectations.

2 AGENDA Company Overview IV Industry Overview Products Growth Strategy Marketing and Distribution Manufacturing Financial History Investment Highlights

3 COMPANY OVERVIEW Core competence –Product innovation IV disposables –Manufacturing innovation Custom IV systems Consistent growth Superior distribution High barriers to entry

4 ICU MEDICAL FACTS Compound 5 Year Growth Rates - 12/02 –Sales 24% –Net Income 28% –EPS 22% Revenue 2002 $ 87.8 million Return on equity, excluding investments 41% Cash and investments - 6/03 $ 69.6 million Debt-0- Equity - 6/03 $147.0 million

IV SYSTEMS INDUSTRY OVERVIEW

6 MARKET SHARE - IV SOLUTIONS & SETS Abbott 45% B.Braun 10% Baxter 40%

7 PROTECTIVE IV CONNECTOR MARKET SIZE and CATALYSTS IV Market $4 billion Potential U.S. safe connector market over $1.0 billion HIV / Hepatitis B transmission - healthcare workers High cost of accidental needlesticks IV connections are the largest source of needle usage Court Cases OSHA regulations / CAL OSHA / States

ICU MEDICAL, INC. PRODUCTS

9 PRODUCT OVERVIEW Proprietary disposable medical connection systems for use in intravenous therapy Custom IV systems Blood collection needles

10 REPUTATION FOR INNOVATION Create the market for safe medical connectors –1984: Click Lock Always first with new technology –1993: first swabable, needleless system, CLAVE CLC 2000 in O2 Valve in 1998 Custom IV Systems Blood Collection Devices

11 DIVERSIFIED REVENUE MIX (Excludes all non product revenue)

12 The CLAVE way The old way The CLAVE way

13 CLAVE ® SALES Millions

14 CLC2000 ™

15 CLC 2000™ “Clotting” of catheters requires expensive procedures to “flush” clots, or replacement of catheter CLC 2000 developed to eliminate clotting of catheters No back flow

16 PUNCTUR-GUARD ®

17 PUNCTUR-GUARD ®

18 PUNCTUR-GUARD ® Safety needles for blood collection Blood Collection Needle “Winged Set”

19 1 O 2 VALVE™ Only One-Way or Two-Way drug delivery system: both infusion and aspiration Initial Markets: Anesthesia, NICU High flow rate, low dead space Sell in custom sets

20 CUSTOM IV SYSTEMS Business Strategy –Lower cost to customer –Short delivery time: 3 to 21 days maximum –No minimum order quantity –Sell entire system, not just a component Method: Innovative proprietary systems –Automate product design and validation –Core manufacturing competence –Low inventory carrying costs

21 CUSTOM IV SYSTEMS Set Design — Online from offices worldwide Central computer in California Job order to Baja plant Assemble, sterilize (2003) and ship from Baja

22 Custom 1o2 ™ I.V. Set

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26 CUSTOM IV SYSTEM SALES Millions 5 % 8% 11% 12% 14% 18% 16% 20% % of Sales

27 GROWTH STRATEGY Mass customization Capitalize on existing products New products Strategic alliances and acquisitions Low cost production

Marketing and Distribution

29 SALES CHANNELS First Half H1 ‘02 H1 ‘03 OEMs$33.3 $41.7 $50.3 $63.7 $32.8 $38.9 Specialty Distributors International $47.0 $56.2 $69.1 $87.8 $43.6 $52.0

30 THE ICU PRODUCT SPECIALIST ICU representative in the field Driving, motivating & educating distributor representatives Rapid product introduction & feedback Intelligence gathering

Manufacturing

32 MANUFACTURING HIGHLIGHTS Manufacturing and Assembly: – 3 modern facilities in San Clemente – 1 recently expanded facility in Ensenada – 1 facility in Connecticut – 1 facility in Italy 42 plastic or silicon molding machines 21 automated assembly machines Manual assembly Adequate capacity for growth

Financial Overview

34 BALANCE SHEET June 30, 2003 Cash and investments $ 69.6 Other current assets Fixed assets and other 55.4 $157.0 Current Liabilities $ 10.0 Debt -0- Equity $157.0 (in millions of dollars)

35 SUMMARY FINANCIAL DATA (in millions of dollars, except per share)

36 SUMMARY FINANCIAL DATA (represented as % of revenue)

37 SUMMARY FINANCIAL DATA First Half (in millions of dollars, except per share) (represented as % of revenue)

38 FINANCING IPOMarch 1992 Second Offering June 1995 Stockholders CEO Lopez and Family10% Other Officers/Directors 1% Others over 5%44%

39 SEASONALITY - PERCENT OF ANNUAL SALES

40 INVESTMENT HIGHLIGHTS The leader in proprietary IV connectors Establishing a new custom IV systems market Strong balance sheet Comprehensive growth strategy Seasoned management team World class manufacturing