ReCell Placement and Medical Procedure Overview

Overview recELL® SPRAY ON SKIN™ Seeking to raise up to A$11M through a non- underwritten Conditional Placement and Share Purchase Plan (“SPP”) - $9M via a placement to institutions and sophisticated investors; and - a SPP capped at $2M at the AVH Board's discretion to be offered to eligible shareholders ■ Both placement and SPP to be subject to shareholder approval at an EGM to be held in June ■ Fixed offer price of $0.10 per share which represents a discount of 33.3% to Avita's closing price on 13 May 2011 ■ Proceeds from the Conditional Placement and SPP will be primarily directed toward increased sales and marketing efforts THE REVOLUTION IN SKIN REGENERATION 3

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