1. www.lidco.com LiDCO Group Plc “the Cardiovascular Monitoring Company ”

2. www.lidco.com Analysts Meeting Preliminary Announcement 26 March 2002

3. www.lidco.com Presenters Bill AlexanderChairman Terry O’BrienCEO Richard MillsFinance Director John BarrySales & Marketing Director

4. www.lidco.com Programme IntroductionBill Alexander Financial reviewRichard Mills The market, distribution and productsTerry O’Brien SalesJohn Barry Developments and prospectsTerry O’Brien

5. www.lidco.com Highlights  Flotation in July raising £12.5m (net) for development of the business  Extensive clinical validation  Regulatory approvals in two principal markets – the US and the UK  Recruitment of high calibre sales forces in the US and UK  Encouraging sales ramp since July, with commercial validation of the business model  Development of new products and clinical applications

6. www.lidco.com Profit & Loss Account Y/e 31 December2001 £ m 2000 £ m TURNOVER1.10.6 Gross profit0.80.4 %75%68% Administration expenses(3.8)(1.7) Exceptional items/ESOP loss(0.2)-- Operating loss (after exceptional items) (3.2)(1.3) Interest0.40.2 LOSS (before & after tax)(2.8)(1.1) Loss per share – diluted (p)(6.5)(9.0)

7. www.lidco.com Balance Sheet At 31 December2001 £ m 2000 £ m FIXED ASSETS Tangible assets/investments Intangible assets 0.4 0.6 1.0 0.1 0.2 0.3 CURRENT ASSETS Stock Debtors Cash CREDITORS NET ASSETS 1.9 1.2 11.4 14.5 (1.7) 13.8 0.5 -- 4.4 4.9 (1.1) 4.1

8. www.lidco.com Cash Flow Statement 2001 £ m 2000 £ m Operating loss Depreciation, amortisation Loss on investment Working capital movement Net cash flow from operating activities Interest Capital expenditure/investments (3.2) 0.1 (2.0) (4.9) 0.4 (1.0) (1.3) 0.1 -- (0.4) (1.6) 0.2 (0.1) Cash flow before financing Financing Increase in cash (5.5) 12.5 7.0 (1.5) 4.0 2.5

9. www.lidco.com The Cardiovascular Monitoring Market Monitoring Capital Equipment Market £1.5 billion GE Marquette HP/Phillips Datex Ohmeda Disposable Cardiac Output Products £150 million n Dominated by: Baxter / Edwards LifeSciences & Abbott LiDCO: new technology for an established market - covering both its capital and disposable segments

10. www.lidco.com Company Operations and Sales Representation London - research lab (St Thomas’/King’s College Medical School) London, N1 - 14,000 sq ft manufacturing & regulatory facility Granta Science Park, Cambridge – 8,000 sq ft main sales office Chicago & Dallas – USA distribution & sales Japan - Nipro Corporation Far East - GM Medical Granta Park - Sales London - Manufacturing

11. www.lidco.com Products and Technology  Company registration scope – Cardiovascular monitoring equipment & disposables  PulseCO™ Cardiovascular Monitor, a PC based hardware platform which displays real time fluid volume status, cardiac output and oxygen delivery  The LiDCO™ System sensor & disposables which are required for calibration of the PulseCO™ System  Software - Expert Systems & novel user interface

12. www.lidco.com The PulseCO ™ Cardiovascular Monitor PC based hardware platform – low cost but high margin Allows software upgrade – additional revenue stream into installed base of monitors Patent protected algorithms Shows beat-to-beat changes in a patient’s cardiovascular status: pressures, fluid status, cardiac output and oxygen delivery Stores up to one year of real time data Point of Care patient data management download feature

13. www.lidco.com Software - Expert Systems & User Interface Pressure data from radial artery catheter Graph Screen - simple non-numerical target Chart Screen – Aids diagnosis Trend Screen – 24 hours data

14. www.lidco.com Product and Technology Strengths  Minimally invasive  Real time  Accurate and reliable  Easy to use and interpret  Comprehensive data  Widely applicable

15. www.lidco.com Business Model  Establish PulseCO ™ and proprietary Expert System software as the cardiovascular monitor of choice for major risk surgery and critical care  Capital equipment sale  Maximise sale of LiDCO ™ disposables  Target existing pulmonary artery catheter use –2 million patients/year  Expand use to existing arterial line patients - >10 million patients /year  Establish new indications for LiDCO ™ technology  Cardiology/Paediatrics  Develop and introduce new products for heart monitoring  Congestive heart failure target  Biventricular pacing optimisation  Diagnosis and treatment

16. www.lidco.com Sales Execution Strategy USA Direct & Agent UK Direct EU Agents In Progress Japan - Nipro Far East-GM Medical GM Medical - training day LiDCO USA sales team

17. www.lidco.com Sales Highlights  Markets – US since July, UK since October 2001  Sales ramp occurring  Capital sales model working  Disposable revenue flow encouraging

18. www.lidco.com To consensus for change & quotation 1 - 2 months To sales closure model estimates 4 – 6 months Sales Process Consensus Meeting/Demo Field Trials (5-10 days) Field Trials (5-10 days) Sales Proposal Sales Closure Time scales

19. www.lidco.com Sales Activity Progress Consensus Meeting/Demo Field Trials (5-10 days) Field Trials (5-10 days) Sales Proposal Sales Closure 149 Meeting/Demos 82 field trials had commenced July to end Dec. 2001 47 Sales Proposals* 344 Meeting/Demos 146 field trials had commenced July ‘01 to March 15th ‘02 78 Sales Proposals * 23 Sales Closures as at 31 Dec. ‘01 July ‘01 to 31st Dec. ‘01July ‘01. to 15th March ‘02

20. www.lidco.com Cardiovascular Monitoring Market Developments  General acceptance by clinical community for the decline in use of the market leading pulmonary artery catheter (PAC)  Increase in interest for less invasive products based on advanced pressure waveform analysis methodology  Provide continuous pre load (fluid volume status) in both ventilated and spontaneously breathing patients  Continuous cardiac output / oxygen delivery  New cardiac surgery and cardiology applications increasing the requirement for real time cardiovascular monitoring  Trauma & surgical optimisation showing promising results  Aggressive management of sepsis with venous saturation catheter + cardiac output monitoring improves outcome  Meta analysis of surgical optimisation studies are positive

21. www.lidco.com The PulseCO ™ System Clinical Validation 100% of trials concluded with positive results Data submitted to the following major international meetings  Berlin Heart Centre – American Society of Anesthesiology, New Orleans, Oct 2001  Southampton University Hospital - World Congress of Intensive Care, Sydney, Nov 2001  University of Texas - Cardiothoracic Techniques & Technology Meeting, Miami, Jan. 2002  University of Chicago - Society of Cardiovascular Anesthesiology, New York, April 2002  Duke University - Society of Cardiovascular Anesthesiology, New York, April 2002

22. www.lidco.com Continued Technology Development - additional features added in 4th Q 2001 Real Time Oxygen Delivery Fluid Volume Status Data Download Facility

23. www.lidco.com Application Development Status  Peri operative (risk surgery) monitoring PulseCO + transport monitor - combination - target intra operative & high dependency use  Collaboration with Datascope UK  Beta site tests April/May ‘ 02 & market acceptance  Specification - 2 pressures, ECG & ST analysis, arterial saturation, cardiac output/oxygen delivery, peripheral resistance & pre-load indicators  Point of Care - Clinical Information System (CIS)  Stage 1 completed - PulseCO equipped with beat to beat data download  Stage 2 development of ‘charting’ and data analysis software - Beta site tests 4th Q 2002  Cardiology - stent placement  On hold until next generation drug eluting stents are approved

24. www.lidco.com Product Development Status  Combined LiDCO/PulseCO Product  Stage 1 - LiDCO software up graded to QNX operating system - completed  Stage 2 Integration of LiDCO & PulseCO software - In progress  Stage 3 Beta site tests scheduled for 2nd Q  Biventricular pacing  Stage 1 - Pilot studies completed  Stage 2 - Patent filed - identifies ventricular synchrony and optimises pre load response  Stage 3 - Further trials in progress  Route to market under discussion  Paediatrics  Optimisation of LiDCO System - Bristol Children’s Hospital (blood sampled & injection system)  PulseCO trial - Southampton General Hospital (recalibration frequency)  Target launch of product in a major territory by Q4 2002

25. www.lidco.com Biventricular Pacing for Heart Failure  Biventricular pacing or resynchronisation therapy is a non pharmacological therapy for patients with chronic heart failure  Heart failure treatment costs £15 billion in the USA per annum  Three major cardiovascular device companies have developed biventricular pacers: Medtronic, Guidant & St Jude  Market for biventricular pacers is projected to rise to $1.3 billion over the next 5 years  Medtronic’s InSync pacemaker since launch in late 2001 has been implanted by 1,200 physicians in the USA  The biventricular pacers are designed to improve cardiac output and oxygen delivery - parameters monitored by the PulseCO System  Their launch has increased the requirement for minimally invasive monitoring in the Cath Lab  Biventricular pacing represents an additional substantial market opportunity for LiDCO’s technology

26. www.lidco.com Summary  Large market opportunity of £1.65 billion per annum  Customers are ready for a change from decades-old technology  LiDCO Group products are patented, high margin and have barriers to entry  Capital & disposable sales model working  Encouraging early sales and sales pipeline development  Applications & new product development proceeding to plan

27. www.lidco.com Conclusion “The Board remains very confident of the prospects for the Group”