1 ICON plc Bank of America May, 2006

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 Investment Highlights Top global CRO Strong market fundamentals Outstanding record of organic growth Strong balance sheet Growth accelerating Margins expanding

4 Company Overview Approx. $400 million in annualized net revenues 5 Year Net Revenue CAGR = 28% 4 th Largest CRO in Phase II – IV Global coverage - 41 locations in 27 countries Unique operating model with focus on quality and flexibility > 3,200 staff worldwide Note Change of Year End to 31 December

5 Global Full Service Clinical Development Pre-clinicalPhase IPhase IIPhase IIILaunchPhase IV 6% Drug Development and Regulatory Support 5% Phase I 15% Data Management & Statistical Consulting 2% Contract Staffing 2.5% Central Imaging Lab 3.5% Interactive Technologies 8% Central Laboratory 58% Trial Management, Monitoring & Pharmacovigilence

6 Client Concentration Revenue 3 months to 31 March 2006

7 Market Environment

8 Strong Market Environment with…. Fundamental R&D Spending Growth Trend ~ 10% p.a.  Phase II / III pipelines strengthening Increased Outsourcing  Growth c.15% p.a. since 2001*  Being accelerated by activity & funding in Biotech / Speciality  Evidence emerging that projects where CROs are engaged complete faster than “internal only” studies* Regulatory Environment Globalisation favouring large CROs *Source: Tufts Centre for Study of Drug Development

9 Source : Pharmaprojects …. Improving Pipelines,…. (% growth in # of projects v prior year)

10 … while US Biotech Funding Environment continues to grow, leading to….. Source: Burrill and Company $Billion Biotech fund raising ($bn)

11 …strong RFP growth in 2005…. RFP Volume / Value Trends – Global Clinical 4 Quarters ending November ‘05 RFP Value GrowthRFP Volume Growth

12 …… and the trend continues in 2006 RFP Volume / Value Trends – Global Clinical Q1 FY06 v Q1 FY05 RFP Value GrowthRFP Volume Growth

13 ICON Gross Business Wins - Last 8 Quarters CAGR 33%

14 ICON’s Net New Business Wins growing strongly… Net Business Wins Book to Bill Ratio

15 …leading to record total backlog levels…. CAGR 23%

16 …and strong forecast coverage of next 4 quarters revenues. Value of backlog fcst to be earned in next 4 Qtrs % coverage of next 4 qtrs fcst revenues

17 Strategy

18 ICON’s Broad Strategy is to …… Capitalise on market fundamentals to drive organic growth. Expand geographic footprint Cross-sell our services to grow sales further and increase margins Pursue acquisitions to enhance depth and scale of current operations and to add additional complementary services

19 Cross-sell to leverage client relationships and capture more of the project spend. Strategic Product Development / Consulting 6% Strategic Product Development / Consulting 6% Clinical Trial Management Phase II – IV 58% Clinical Trial Management Phase II – IV 58% Phase I 5% Phase I 5% Central Laboratory 9% Central Laboratory 9% IVRS 3.5% IVRS 3.5% Contract Staff 2% Contract Staff 2% Central Imaging Lab 2.5% Central Imaging Lab 2.5% Data Management & Biostatistics 15% Data Management & Biostatistics 15%

20 Examples of some detailed strategic initiatives Creating Therapeutic Specialist Groups (TAGs) in key therapeutic areas to leverage our experience and build further scale e.g. Oncology Recent offices opened in Warsaw, Milan, Santiago, Beijing, San Diego, Taipei, Seoul, Hong Kong Investing in Operations in Japan – significant opportunity for growth over next 10 years Creation of Data Management Operation in India – now 50 people and growing Partnership with Medidata Solutions in EDC – gaining traction Developing specialised Phase IV Division

21 Financial Performance

22 Recent Financial Performance ($millions, except EPS) Mar ’06Feb ’05*% Increase Net Revenue Direct Costs SG & A D & A _____ Operating Income Net Income _____ EPS59c36c63.8 Weighted Average no. of Shares * Excluding One-time charge of $11.5m

23 Net Revenue CAGR of 28% over last 4 Years, and strong growth forecast for 2006…. CAGR 28% * * Mid point calendar year guidance issued April 28, 2006

24 … underpinned by strong forecast coverage of next 12 months revenues. (US$, & % of Forecasts)

25 Earnings Per Share Growth (E) * * Mid point calendar year guidance issued April 28, 2006

26 Summary Balance Sheet and Cashflow ($ millions) May 31, 05 (Year) Nov 30, 05 (Qtr) Mar 31, 06 (Qtr) Net Cash$78.4$82.2$85.3 Total assets$347.6$354.9$371.1 Total debt$0.0$3.0$0.0 Shareholder’s equity$233.1$242.0$253.5 Cashflow from operations$23.8$11.7$10.5 Capital expenditures$15.6$7.8$4.5 Fully diluted shares outstanding

27 Improving Margins

28 Quarterly Operating margins have been improving….

29 … driven by expanding Clinical margins as revenue growth has accelerated. These should continue to improve through 2006

30 Simultaneously, Lab losses are reducing, with breakeven forecast by end 2006, and profits in 2007…. Lab Losses

31 …As Lab revenues grow …. $Millions

32 …driven by strong Lab net new business wins… Net Business Wins Book to Bill Ratio

33 Investment Highlights Top global CRO Strong market fundamentals Outstanding record of organic growth Strong balance sheet Growth accelerating Margins expanding

34 Quarterly Revenue and Operating Profit ‘03, ’04 and ’05 data is for Feb, May, Aug and Nov quarters

35 …Mid-Size, Biotech and Specialty Pharma being increasingly significant customers of ICON. Currently estimated to be more compounds in development in biotech/specialty than in all of Top 20 Pharma 45% of awards came from such companies in last quarter. 21% 26% 35% 39% 40% 42%