INVION LIMITED — Director's Dealing 2011

Mar 8, 2011

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9 March 2011

The Manager Company Announcements Office ASX Limited 20 Bridge St SYDNEY NSW 2000

Dear Sir,

APPENDIX 3Y

CBio Limited has been advised that the Australian Technology Innovation Fund Limited (“ATIF”), an unlisted public company and CBio shareholder, has disposed of its remaining holding of 289,118 CBio shares. Mr Stephen Jones, Dr Michael Monsour and Mr Stephen Streeter are Directors of and shareholders in ATIF.

ATIF is no longer an active investor in Australian biotechnology companies and in early 2010 it conducted an in-specie distribution of the majority of its CBio shares to its members. The 289,118 remaining shares were held to cover any outstanding obligations to creditors prior to the planned deregistration of the Company. CBio has been advised that the shares were disposed of on-market.

Mr Stephen Jones, Dr Michael Monsour and Mr Stephen Streeter are still significant shareholders of CBio and have not disposed of any shares personally.

By virtue of their relevant interests in ATIF, Mr Jones, Dr Monsour and Mr Streeter recorded the ATIF CBio shareholding on their Director’s Interest Notice. Appendix 3Y’s in relation to the disposal are attached to this notice.

For and on behalf of the Board of CBio Limited

BEN GRAHAM Company Secretary

COMPANY & INVESTOR RELATIONS MEDIA LIAISON Ben Graham Melanie Farris Company Secretary Manager, Corporate Projects CBio Limited CBio Limited T: +61 7 3841 4844 T: +61 449 148 448 ben.graham@cbio.com.au melanie.farris@cbio.com.au

About CBio

CBio is an Australian ASX listed company established in 2000. CBio’s lead product XToll[®] is a potential new-generation drug therapy which could provide safer and more effective treatment of autoimmune diseases such as rheumatoid

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arthritis. It is currently being trialled in phase II clinical trials in patients with rheumatoid arthritis (RA). Global sales of RA therapies exceeded US$17 billion in 2008.

Novo Nordisk A/S (Copenhagen: NOVO-B.CO; NYSE: NVO), a top 20 global pharmaceutical company and world-leader in diabetes care, has an exclusive option to enter into a licence agreement for the intellectual property rights relating to XToll[®] .

CBio’s Board includes internationally experienced drug developers including Dr Goran Ando, Vice-Chairman Novo Nordisk A/S (formerly president of R&D at Pharmacia/Pfizer and R&D director of Glaxo Group, UK); Dr Thomas Lonngren (former Executive Director of the European Medicines Agency), Dr Terje Kalland (retired Vice President Biopharmaceuticals Research Unit- Novo Nordisk), Dr Peter Corr, Founder and co-General Partner of Celtic Therapeutics (formerly Senior Vice-President for Science and Technology at Pfizer and Chairman of the Board of Governors, New York Academy of Sciences); and Professor John Funder, AO, Professor of Medicine at Monash University, Senior Fellow at Prince Henry's Institute of Medical Research (formerly Director of the Baker Institute, 1990-2001).

About Rheumatoid Arthritis

Rheumatoid Arthritis is a chronic autoimmune disease, mainly characterised by inflammation of the lining of the joints. It can lead to long-term joint damage, resulting in chronic pain, loss of function and disability. The effects of RA are systemic, which means it can affect other organs in the body, and cardiovascular dysfunction in addition to RA is common. RA symptoms can make even the simplest activities – such as opening a jar or taking a walk – difficult to manage. RA has a worldwide distribution with a prevalence of 1 to 2% – which currently equates to approximately 100 million people. Prevalence increases with age, approaching 5% in women over age 55. RA is two to three times more common in women than in men and generally occurs between the ages of 40 and 60, but it can also affect young children and older adults. Currently, there is no cure.

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          CBIO LIMITED
ABN                     76 094 730 417

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 MONSOUR
Date of last notice	22 FEBRUARY 2011

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	Direct: Dr Michael Monsour Indirect: Described below
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	1. MP Monsour Medical Practice Pty Ltd Superannuation Fund A/C> 2. MPAMM Pty Ltd 3. Australian Technology Innovation Fund Limited. 4. Australian Biofunds Investments Limited Dr Monsour is a Director and shareholder of the entities identified above.
Date of change	8 & 9 March 2011

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	1. Dr Michael Monsour 65,464 ordinary shares 2. MP Monsour Medical Practice Pty Ltd Superannuation\ Fund\ A/C> 2,138,917 ordinary shares and 1,490,000 share options 3. MPAMM Pty Ltd 7,053,153 ordinary shares and 1,614,000 share options 4. Australian Technology Innovation Fund Limited 289,118 ordinary shares 5. Australian Biofunds Investments Limited 199,755 ordinary shares
Class	Ordinary
Number acquired	Nil
Number disposed	Australian Technology Innovation Fund Limited- 289,118 ordinary shares
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$143,490
No. of securities held after change	1. Dr Michael Monsour 65,464 ordinary shares 2. MP Monsour Medical Practice Pty Ltd Superannuation\ Fund\ A/C> 2,138,917 ordinary shares and 1,490,000 share options 3. MPAMM Pty Ltd 7,053,153 ordinary shares and 1,614,000 share options 4. Australian Biofunds Investments Limited 199,755 ordinary shares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Disposal by an entity in which Dr Monsour is a Director. Refer attached covering letter for further details.

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

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	n/a
Nature of interest	n/a
Name of registered holder (if issued securities)	n/a
Date of change	n/a
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	n/a
Interest acquired	n/a
Interest disposed	n/a
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	n/a
Interest after change	n/a

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?	No
If so, was prior written clearance provided to allow the trade to proceed during thisperiod?	n/a
If prior written clearance was provided, on what date was this provided?	n/a

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3

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          CBIO LIMITED
ABN                     76 094 730 417

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	MR STEPHEN JONES
Date of last notice	10 FEBRUARY 2011

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	Direct – Mr Stephen Jones Indirect-described below
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	1. Stephen George Burch Jones & Nadine Jones A/C> 2. Australian Technology Innovation Fund Limited. 3. Australian Biofunds Investments Limited 4. Emrold Pty Ltd Trust> Mr Jones is a beneficiary of the S & N Super Fund (at 1 above) and is a Director and shareholder of the entities identified at 2,3&4.
Date of change	8 & 9 March 2011

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	1. Stephen Jones 204,676 ordinary shares 2. Stephen George Burch Jones & Nadine Jones A/C> 1,190,000 ordinary shares and 300,000 share options 3. Australian Technology Innovation Fund Limited 289,118 ordinary shares 4. Australian Biofunds Investments Limited 199,553 ordinary shares 5. Emrold Pty Ltd < ATF Jones Family Trust > 424,520
Class	Ordinary
Number acquired	Nil
Number disposed	Australian Technology Innovation Fund Limited- 289,118 ordinary shares
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$143,490
No. of securities held after change	1. Stephen Jones 204,676 ordinary shares 2. Stephen George Burch Jones & Nadine Jones A/C> 1,190,000 ordinary shares and 300,000 share options 3. Australian Biofunds Investments Limited 199,553 ordinary shares 4. Emrold Pty Ltd < ATF Jones Family Trust > 424,520
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Disposal by an entity in which Mr Jones is a Director. Refer attached covering letter for further details.

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 n/a

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Nature of interest	n/a
Name of registered holder (if issued securities)	n/a
Date of change	n/a
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	n/a
Interest acquired	n/a
Interest disposed	n/a
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	n/a
Interest after change	n/a

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?	No
If so, was prior written clearance provided to allow the trade to proceed during thisperiod?	n/a
If prior written clearance was provided, on what date was this provided?	n/a

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3

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          CBIO LIMITED
ABN                     76 094 730 417

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	MR STEPHEN STREETER
Date of last notice	25 NOVEMBER 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.	1. S & M Streeter Investments Co Pty Ltd. 2. Australian Technology Innovation Fund Limited. 3. Australian Biofund Investments Limited Mr Streeter is a Director and shareholder of the entities identified above.
Date of change	8 & 9 March 2011
No. of securities held prior to change	1. S & M Streeter Investments Co Pty Ltd: 256,589 ordinary shares & 1,550,000 share options. 2. Australian Technology Innovation Fund Limited: 289,118 ordinary shares 3. Australian Biofund Investments Limited: 199,553 ordinaryshares
Class	Ordinary
Number acquired	Nil

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Number disposed	Australian Technology Innovation Fund Limited- 289,118 ordinary shares
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$143,490
No. of securities held after change	1. S & M Streeter Investments Co Pty Ltd: 256,589 ordinary shares & 1,550,000 share options. 2. Australian Biofund Investments Limited: 199,553 ordinaryshares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Disposal by an entity in which Mr Streeter is a Director. Refer attached covering letter for further details.

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	n/a
Nature of interest	n/a
Name of registered holder (if issued securities)	n/a
Date of change	n/a
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	n/a
Interest acquired	n/a
Interest disposed	n/a
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	n/a
Interest after change	n/a

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Part 3 – [+] Closed period

Were the interests in the securities or No contracts detailed above traded during a + closed period where prior written clearance was required? If so, was prior written clearance n/a provided to allow the trade to proceed during this period? If prior written clearance was provided, n/a on what date was this provided?

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 3