1. 1 Merrill Lynch Global Pharmaceutical, Biotechnology and Medical Device Conference 2008 Dr. John Climax Executive Chairman

2. 2 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

3. 3 2006 Revenues $456 million EPS $1.33 Staff 4,300 1990 Revenues $0.5 million Staff 5 The Journey So Far 2007 Guidance Revenues $615 - $625m EPS $1. 82 - $1.85 Staff 5,500 2008 Guidance Revenues $750 - $770m EPS $2.27 - $2.36 Staff 6,250

4. 4 Global Full Service Clinical Development US 53% EU 41% ROW 6% Revenue by Region

5. 5 Global sites 5600 Employees 67 Locations 37 Countries Conducting Clinical Trials in over 100 countries from 67 Locations in 37 countries

6. 6 Market Environment

7. 7 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

8. 8 $Billion Source: Burrill and Company …US Biotech Funding Environment continuing to grow Biotech fund raising ($billions)

9. 9 Source: Informa Health …significant growth in the number of companies with active clinical projects,…. Number of companies running clinical projects

10. 10 …which is enriching pipelines. Source: IMS R&D Focus, Dec 2006 and previous year SMRs 2002 – 2006 46% Growth Phase I – II

11. 11 Source: FDA Number of Active INDs … and significant growth in the number of active INDs,… 49% Increase since 2000

12. 12 ICON in this Market Environment

13. 13 Strong Gross Business wins has led to… ICON Gross Business Wins - Last 9 Quarters ($ millions)

14. 14.. excellent Net New Business wins and very strong book to bill ratios… Net Business Wins Book to Bill Ratio

15. 15 …leading to record Total Backlog levels. ($ millions)

16. 16 From this backlog, coverage of next 4 quarters revenues is robust…….. Value of backlog forecast to be earned in next 4 quarters % coverage of next 4 quarters forecast revenues

17. 17 …..and the customer base continues to diversify. Client Concentration 2005, 2006, YTD 2007

18. 18 YTD ‘07 Revenue Breakdown Revenue by Customer Segment Revenue by Therapeutic Area Estimate 2007 Revenue $620m* * Mid Point of Calendar year Guidance issued October 2007

19. 19 Revenue Growth v Peers: Net Revenue CAGR between 2000 and 2006 * Source SEC Filings

20. 20 Strategy

21. 21 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

22. 22 Financial Performance

23. 23 Recent Financial Performance ($ millions, except EPS; includes stock option expense) Q3 ’07Q3 ’06% Increase Net Revenue167.0120.738.3% Direct Costs91.768.434.1% SG & A51.535.843.9% D & A53.928% _____ Operating Income18.712.648.3% Net Income14.510.143.7% _____ EPS (Inc SFAS123R)49c35c40% Weighted Average no. of Shares (Inc SFAS123R) 29.8m29.1m2.4% Backlog112581538%

24. 24 Recent Financial Performance ($ millions) YTD 2007 YTD 2006% Increase Net Revenue45032638% Direct Costs25418339% SG & A1339835% D & A141124% _____ Operating Income493445% Net Income402749% _____ EPS (Inc SFAS 123R)135c94c44% Weighted Average no. of Shares (Inc SFAS123R) 29.7m28.7m3.5% Backlog1,12581538%

25. 25 Net Revenue CAGR in excess of 30% over 6 Years CAGR 31.6% * Mid Point of Calendar year Guidance issued October 2007 ** Mid Point of Calendar year Guidance issued December, 2007 $760(E)** FY2008(E) (E)

26. 26 Earnings Per Share Growth CAGR 25.9% (E) ** Mid Point of Guidance issued December 2007 * Mid Point of Guidance issued October 2007 $2.32(E)** FY2008(E)

27. 27 Summary Balance Sheet and Cash Flow ($ millions) May 31, 05 (Year) Dec 31, 05 (7 mths) Dec 31, 06 (Year) Sept 30, 07 (YTD) Net Cash$78.4$82.3$98$27.7 Total assets$347.6$349.1$476.3$631.8 Shareholder’s equity$233.1$241.6$302.7$631.8 Cashflow from operations $23.8$11.7$51.5$0.6 Capital expenditures$15.6$7.8$12.3$19.3 Shares outstanding27.828.028.529.8

28. 28 Improving Margins

29. 29 Quarterly Operating margins have been improving and …. * Includes an estimated SFAS 123 non cash stock compensation charge for the 2005 figures Turnaround in Lab

30. 30 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 arise through 2008

31. 31 Top Global Clinical CRO - #4 Outstanding record of growth Strong market fundamentals Excellent strategic position Strong balance sheet Margin expansion opportunity Investment Case Summary