COCHLEAR LIMITED — Director's Dealing 2010

Aug 30, 2010

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Introduced 30/9/2001.
Name of entity	Cochlear Limited
ABN	96 002 618 073

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Dr Christopher Graham Roberts
Date of last notice	4 March 2010

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and Indirect.
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	12,000 fully paid ordinary shares in Cochlear Limited are held by Cabbit Pty Limited as trustee for two trusts of which Dr Roberts is a beneficiary.
Date of change	Not applicable – See Part 2.
No. of securities held prior to change	(a) 660,592 fully paid ordinary shares in Cochlear Limited (648,592 direct and 12,000 indirect). (b) 275,988 options each over one fully paid ordinary share in Cochlear Limited (115,977vested and 160,011 unvested).
Class	(a) Ordinary shares. (b) Options over ordinary shares.

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number acquired	Not applicable – See Part 2.
Number disposed	Not applicable – See Part 2.
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Not applicable – See Part 2.
No. of securities held after change	Not applicable – See Part 2.
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Not applicable – See Part 2.

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Dr Roberts previously entered into a financing arrangement in respect of 170,018 fully paid ordinary shares in Cochlear Limited. The transaction included the purchase of put and call options expiring in 2010 (in respect of 120,000 of these shares) and in 2011 (in respect of 50,018 of these shares). The financing arrangement has been varied in relation to 50,000 of the shares subject to options expiring in 2010. These 50,000 shares are now subject to put and call options expiringin 2011.
Nature of interest	Direct.
Name of registered holder (if issued securities)	Dr Christopher Graham Roberts.
Date of change	26 August 2010
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	Not applicable.
Interest acquired	See “Detail of contract” above.
Interest disposed	See “Detail of contract” above.
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	Not applicable.

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Interest after change

(a) Financing arrangement relating to 35,000 fully paid ordinary shares in Cochlear Limited entered into in September 2009 (including put and call options exercisable in 2010). (b) Financing arrangement relating to 164,321 fully paid ordinary shares in Cochlear Limited entered into in September 2008 (including put options maturing in 2010). (c) Financing arrangement relating to 30,000 fully paid ordinary shares in Cochlear Limited entered into in November 2009 (including put and call options maturing in 2010). (d) Financing arrangement relating to 48,991 fully paid ordinary shares in Cochlear Limited entered into in February 2010 (including put and call options maturing in 2011). (e) Financing arrangement in relation to 170,018 fully paid ordinary shares in Cochlear Limited including put and call options expiring in 2010 (in respect of 70,000 of these shares) and in 2011 (in respect of 100,018 of these shares).

• See chapter 19 for defined terms.

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