COGSTATE LTD — Capital/Financing Update 2008

Apr 3, 2008

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

ASX Announcement

Melbourne, 4[th] April 2008

CogState Business Update

Key Points

• Quotes issued during the quarter ended 31 March 2008 totalled $3.65m (979% growth compared to the 31 March 2007 quarter in which the value of quotes totalled $0.34m)

• Strong demand for quotes continues, with 9 quotes issued in March with a combined value of $0.8m

• Financial year to date, 22 contracts signed with a combined value of $3.1m, which represents 90% growth compared to the same period last year (13 contracts with a combined value of $1.6m)

• 6 contracts signed in March with a combined value of $0.45m

Increased Business Activity

On the 29[th] February, CogState announced that it had experienced unprecedented demand for quotes, with the news that in February alone, CogState had issued 10 quotes with a combined value of A$2.7 million.

In the month of March, CogState has issued a further 9 quotes with a combined value of A$0.8m.

This takes the combined value of quotes issued in the March quarter to A$3.65m (979% growth compared to the 31 March 2007 quarter).

The graph below shows that for the period 1 July 2007 to 31 March 2008, CogState has issued 43 quotes with a combined value of A$6.5 million. This compares to the previous corresponding period when CogState had issued 18 quotes (139% growth) with a combined value of A$1.76 million (269% growth).

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

CogState has previously provided details of the number and value of quotes issued as a means of indicating general business activity. While the value of quotes issued is not necessarily transferable to the value of contracts signed, it is indicative of demand for CogState services within the clinical trials market.

The graph below shows that, for the period 1 July 2007 to 31 March 2008, CogState has signed 22 contracts with a combined value of A$3.1m. This represents 90% growth compared to the same period last year (13 contracts with a combined value of A$1.6m).

At this time, CogState has a number of quotes outstanding with customers and is working on securing contracts in respect of those potential studies.

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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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