ALGORAE PHARMACEUTICALS LIMITED — Capital/Financing Update 2011

Jan 3, 2011

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Living Cell Technologies Limited

4 January 2011

Company Announcements Office Australian Securities Exchange

Notice under Section 708A(5)(e) Corporations Act

Living Cell Technologies Limited ("the Company") has today issued 1,682,692 fully paid ordinary shares in accordance with the terms of its share purchase and convertible security agreement with Spring Tree Special Opportunities Fund, LP, which agreement was announced to the market on 31 December 2010.

Accordingly the Company gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (the "Corporations Act") that:

the abovementioned ordinary shares were issued without disclosure to investors under Part 6D.2 of the Corporations Act;

1. as at the date of this notice the Company has complied with:

   • (a) the provisions of Chapter 2M Corporations Act as they apply to the Company; and

   • (b) section 674 Corporations Act; and

2. as at the date of this notice there is no "excluded information" (as defined in subsection 708A(7) of the Corporations Act) which is required to be disclosed by the Company.

Yours faithfully Living Cell Technologies Limited

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Ross McDonald Managing Director