IMPEDIMED LIMITED — Director's Dealing 2011

Feb 3, 2011

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 30/09/01 Amended 01/01/11

Name of entity IMPEDIMED LIMITED ABN 65 089 705 144

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 Michael Panaccio
Date of last notice	17 May 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	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Indirect - Masto Pty Ltd (a company influenced by Dr Michael Panaccio): Indirect - Starfish Technology Fund 1, LP (an entity influenced by Dr Michael Panaccio)
Date of change	28 January 2011
No. of securities held prior to change	Masto Pty Ltd (a company influenced by Dr Michael Panaccio): • 286,251 Ordinary Shares • 114,500 Options to subscribe for Ordinary Shares at an exercise price of $0.7012 per share Starfish Technology Fund 1, LP (an entity influenced by Dr Michael Panaccio): • 24,285,465 Ordinary Shares • 2,763,200 Options to subscribe for Ordinary Shares at an exercise price of $0.7012 per share

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Class	Ordinary Shares
Number acquired	Masto Pty Ltd 21,429 Ordinary Shares
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Masto Pty Ltd $15,000 ($0.70 per share under Share Purchase Plan Offer)
No. of securities held after change	Masto Pty Ltd (a company influenced by Dr Michael Panaccio): • 307,680 Ordinary Shares • 114,500 Options to subscribe for Ordinary Shares at an exercise price of $0.7012 per share Starfish Technology Fund 1, LP (an entity influenced by Dr Michael Panaccio): • 24,285,465 Ordinary Shares • 2,763,200 Options to subscribe for Ordinary Shares at an exercise price of $0.7012 per share
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Subscription under the Share Purchase Plan Offer dated 14 December 2010

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 Nature of interest Name of registered holder (if issued securities) Date of change 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

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow the trade to proceed during this period? If prior written clearance was provided, on what date was this provided?

• See chapter 19 for defined terms.

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