BONTAN CORPORATION INC.
THREE MONTHS ENDED JUNE 30, 2005
MANAGEMENT’S DISCUSSION AND
Prepared as at August 24, 2005
Forward looking statements
Results of operations
Liquidity and Capital Resources
Operating cash flow
Key financing activities
Key contractual obligations
Off balance sheet arrangements
Transactions with related parties
Financial and derivative instruments
Critical accounting estimates
Evaluation of disclosure controls and procedures
Significant post balance sheet events
Public securities filing
Management Discussion and Analysis
The following discussion and analysis by management of the 1st Quarter 2006 financial condition and
financial results for Bontan Corporation Inc. should be read in conjunction with the unaudited
Consolidated Financial Statements for the three months ended June 30, 2005 and the audited
Consolidated Financial Statements and Management Discussion and Analysis for the year ended March
31, 2005. The financial statements and the financial information herein have been prepared in
accordance with generally accepted accounting principles in Canada. Reference is made to Financial
Statement Notes for a discussion of the material differences between Canadian GAAP and U.S. GAAP,
and their effect on the Company's financial statements.
This management discussion and analysis is prepared by management as at August 25, 2005. The
Company’s auditors have not reviewed it.
In this report, the words “us”, “our”, “the Company” and “Bontan” have the same meaning unless
otherwise stated and refer to Bontan Corporation Inc. and its subsidiaries.
Summary of Results
Our business activ