COGSTATE LTD — Director's Dealing 2011

Aug 23, 2011

Appendix 3X Initial Director’s Interest Notice

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ASX Announcement

Wednesday 24 August 2011

CogState Ltd (ASX: CGS) today announced the appointment of Mr Rodolfo (Rudy) Chapa to its Board of Directors with immediate effect.

Attached is the Appendix 3X – the Initial Director’s Interest Notice for Mr Chapa interest’s in CogState, via Quixote Investment LLC.

As announced on 22 August 2011, Quixote Investment LLC sold its 50% interest in Axon Sports LLC to CogState for consideration of 7,461,831 ordinary shares in CogState Ltd. CogState has also been informed that, subsequently, on 22 August 2011, Quixote Investment LLC acquired a further 5,500,000 ordinary shares from GBS Venture Management Pty Ltd, bringing Quixote Investment LLC’s total holding to 12,961,831 ordinary shares (as set out in its Form 603 filed earlier today).

For further information:

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

• See chapter 19 for defined terms.

Appendix 3X Page 1

11/3/2002

Appendix 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial 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.

Name of entity CogState Ltd ABN 80 090 975 723

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Rodolfo Chapa
Date of appointment	24 August 2011

Part 1 - Director’s relevant interests in securities of which the director is the registered holder

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.

Number & class of securities

• See chapter 19 for defined terms.

Appendix 3X Page 2

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Appendix 3X Initial Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

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

	Name of holder & nature ofinterestNote: Provide details of the circumstances giving rise tothe relevant interest.As unit holder of QuixoteInvestments LLC	Number & class of Securities12,961,831 Ordinary fully paid shares

Part 3 – 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 Nature of interest Name of registered holder (if issued securities) No. and class of securities to which interest relates

• See chapter 19 for defined terms.

Appendix 3X Page 3

11/3/2002