BIOTRON LIMITED — Share Issue/Capital Change 2012

Feb 28, 2012

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Level 2, 66 Hunter Street Sydney NSW 2000 Tel: (61-2) 9300 3344 Fax: (61-2) 9221 6333 E-mail: pnightingale@biotron.com.au Website: www.biotron.com.au

29 February 2012

The Manager Companies ASX Limited 20 Bridge Street SYDNEY NSW 2000

(3 pages by email)

Dear Madam,

Option Expiry Notice

The Company advises that the attached Option Expiry Notice has been sent to holders of Biotron Limited unlisted options in relation to the expiry of the options on 30 March 2012.

Yours sincerely

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Peter J. Nightingale Company Secretary

pjn6545

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Level 2, 66 Hunter Street Sydney NSW 2000 Tel: (61-2) 9300 3344 Fax: (61-2) 9221 6333 E-mail: pnightingale@biotron.com.au Website: www.biotron.com.au

28 February 2012

Dear Optionholder

IMPORTANT OPTION EXPIRY NOTICE

Your Options to Acquire Biotron Limited Shares at $0.20 per Share Expire on 30 March 2012

We are writing to you as a registered holder of options, each to acquire one fully paid ordinary share in Biotron Limited at $0.20 ('Options'), will expire on 30 March 2012.

Your Options may be exercised in whole or in part by the payment of $0.20 for each Option by no later than 30 March 2012. There is no obligation on holders of Options to exercise their Options, however, if payment is not received no later than 30 March 2012, your Options will lapse and all rights under the Options will cease.

To assist you, we attach a Notice of Exercise of Options for your Option holding and which provides details of how you can exercise your Options.

Other Information

The following information is provided in accordance with Australian Securities Exchange ('ASX') Listing Rules:

1. The name of the Optionholder and the number of Options held are detailed on the attached Notice of Exercise of Options.

2. Each Option is exercisable to acquire one fully paid ordinary share in Biotron Limited at $0.20.

3. Due date for payment to exercise the Options is 30 March 2012.

4. If you do not elect to exercise your Options by 30 March 2012, your Options will lapse and all rights under the Options will cease.

5. The last market sale price on 24 February 2012 of the Company's fully paid ordinary shares, into which the Options are exercisable, was $0.12.

6. The highest and lowest market sale price of the Company's fully paid ordinary shares during the past 3 months was $0.19 on 16 January 2012 and $0.10 on 1 December 2011 and 5 December 2011 respectively.

7. There is no underwriting agreement currently in place in relation to the Options.

Yours sincerely

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Peter J. Nightingale Company Secretary

pjn6545

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NOTICE OF EXERCISE OF OPTIONS

TO: The Directors Biotron Limited Level 2 66 Hunter Street Sydney NSW 2000

Optionholder Entitlement Details HIN/SRN Number of Options held Amount payable on full exercise of Options @ $0.20 per Option

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I/We ___________________

being the registered holder(s) of the options hereby exercise my/our option to subscribe for ____A_ ordinary shares in Biotron Limited. In respect of the shares the subject of this notice, I/we enclose application monies of $___B.

I/We authorise you to register me/us as the holder(s) of the shares to be allotted to me/us and I/we agree to accept such shares subject to Biotron Limited’s Constitution.

Holder Identification Number ('HIN') or Securityholder Reference Number ('SRN'):

INDIVIDUALS TO SIGN BELOW COMPANIES TO SIGN BELOW Executed in accordance with the Company’s Constitution Affix common seal here (if required by Individual or Securityholder 1 Director constitution) Securityholder 2 Director/Secretary (Delete inapplicable) Securityholder 3 Sole Director and Sole Company Secretary If a joint holding, all shareholders must If only one signatory needs to sign on behalf of a sign. If this form is being signed by a Company and that signatory is not the Sole Director and person who is not the registered holder, Sole Company Secretary then a certified copy of the then the relevant authority (e.g. power of attorney) must either have previously been exhibited to the Company or its Registrar or be attached to this form. Dated this _ day of _______ 2012.

How to Complete this Form

A Enter the number of Options you wish to exercise. B Enter the amount of exercise monies being A x $0.20. You can pay by Bpay ® (see below) or make your cheque or bank draft for the amount in B payable to Biotron Limited. By paying by Bpay ® , you will be deemed to have completed an exercise notice for the number of Options subject to your application payment.

You can pay by cheque or bank draft by returning this completed and signed form together with your cheque or bank draft in the enclosed reply paid envelope to the Company at Level 2, 66 Hunter Street, Sydney NSW 2000.

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BPAY® this payment via internet or phone banking from your cheque, Biller Code: 126185 savings or credit card account. Applicants should be aware of their Ref: financial institution's cut-off time (the time payment must be made to be processed overnight) and ensure payment is processed on time. It is the Applicant's responsibility to ensure funds are submitted correctly.