COGSTATE LTD — Capital/Financing Update 2011

Nov 15, 2011

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ASX Announcement

Melbourne, 16 November 2011

CogState Signs US$2.6m Clinical Trial Contract

Highlights

• CogState signed today aclinical trial sales contract that will generate US$2.6m of revenue over the duration of the study

• Total value of clinical trials sales contracts signed since 1 July 2011 is US$7.2m

• CogState has already secured US$8.2m of revenue that is expected to be recognised in the 2012 financial year(including A$3.2m that has been recognised in the period 1 July – 31 October 2011)

CogState Ltd (ASX:CGS) today announced that it has signed a contract with an international pharmaceutical company to participate in a phase 2 clinical trial for the treatment of Major Depressive Disorder.

Under the contract, which will generate US$2.6 million of revenue for CogState over the study duration, CogState will provide its cognitive testing technology and associated services to 600 patients located in 100 sites around the world. The CogState computerized cognition testing software, and associated on-line site training materials, will be provided in 6 languages.

Since 1 July 2011, CogState has signed sales contracts to the value of US$7.2 million, including the above mentioned contract. This compares to US$3.2 million of contracts that were signed between 1 July – 30 November 2010.

Contracted Future Revenue

CogState currently has A$9.0 million of contracted revenue that will be recognised in future periods (assuming a US$/AUD$ conversion rate of 1.00).

Of the A$9.0 million of contracted revenue, CogState expects US$5.0 million to be recognised in the 2012 financial year – this is in addition to the $3.2 million revenue recorded during the period 1 July – 31 October 2011.

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About CogState

CogState Ltd (ASX: CGS) specialises in the development and commercialisation of rapid, computerised tests of cognition (brain function). To date, CogState has commercialised its technology in two markets – clinical drug trials and concussion management in sport.

In the clinical drug trial market, CogState technology and associated services are used by pharmaceutical and biotechnology 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 top pharmaceutical companies including Pfizer, AstraZeneca, Bristol-Myers Squibb, GlaxoSmithKline, Merck, Johnson & Johnson, Novartis, Lundbeck, Dainippon Sumitomo, Targacept, Otsuka, and Servier.

In the area of sports related concussion, CogState’s technology has been used by a number of highly regarded institutions and sporting organisations around the world for almost 10 years. That technology is now marketed to consumers as Axon Sports. Current users of CogState/Axon Sports include, University of Notre Dame, University of Michigan, University of Connecticut, English Rugby League, English Jockey Club, and a number of national and international Rugby League and Rugby Union clubs. In Australia, both the AFL and NRL have mandated computerised cognitive testing, using CogState.

For further information:

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