COGSTATE LTD — Capital/Financing Update 2008

Apr 17, 2008

CogState Ltd ABN 80 090 975 723

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Level 7 21 Victoria Street Melbourne Vic 3000 Australia

ASX Announcement

Melbourne, 18[th] April 2008

CogState Business Update

• This month, CogState has signed 6 contracts with a combined value of A$0.79m

• The value of contracts signed since 1 March 2008 is A$1.24m

CogState Ltd (ASX:CGS) announced today that, since 1 April 2008, it has signed six (6) clinical trial contracts, with a combined value of A$0.79 million. These are a direct result of recent increases in business activities, indicated by the increased number of quotes as discussed in the Business Update to the market on 4 April 2008

This takes the value of contracts signed since 1 March 2008 to A$1.24 million. Recently, CogState announced that, during the month of March, it had signed 6 new clinical trial contracts with a combined value of $0.45 million.

The graph below shows that since 1 July 2007, CogState has signed 28 contracts with a combined value of A$3.91 million. For the financial year ended 30 June 2007, CogState signed 17 contracts with a combined value of A$1.95 million.

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CogState Ltd ABN 80 090 975 723 Level 7 21 Victoria Street Melbourne Vic 3000 Australia

About CogState

CogState Ltd (ASX: CGS) specialises in the development and commercialisation of rapid, computerised tests of cognition (brain function). The tests are sold to pharmaceutical, biotechnology, nutraceutical and functional food companies to quantify the effect of drugs or other interventions on human subjects participating in clinical trials.

Since sales into the clinical trials market began in 2004, CogState has secured agreements with organisations including Pfizer, AstraZeneca, GlaxoSmithKline, Merck, Abbott Laboratories, Centres for Disease Control (USA), ALZA Corporation (a member of the Johnson and Johnson group), Lundbeck and Organon USA. CogState is currently expanding its existing activities in the US and European clinical trial markets.

For additional information:

Brad O’Connor Chief Executive Officer CogState Ltd. 03 9664 1300 Mob: 0411 888 347 boconnor@cogstate.com

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