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The OTCQX

LCT began trading on the international OTCQX in June 2008, following the listing of its American Depositary Receipts (ADRs). The motivation behind this listing was to increase LCT’s international shareholder base, and the OTCQX provides a gateway for companies to US securities markets.

Only leading companies that have substantial operating businesses and provide credible disclosure to the public are eligible for inclusion on the premium-tier International OTCQX. For more information, please visit www.otcqx.com.

LCT’s trading symbol in the US is OTCQX:LVCLY and market announcements and analyst reports can be accessed by using our Google search facility in the right-hand panel.

Investors interested in the purchase of shares on the ASX should contact their individual broker.

• About American Depository Receipts (ADRs)
• Why ADRs?
• How to purchase ADRs
• Who can I contact?
• FAQs

About American Depository Receipts (ADRs)

ADRs are a negotiable instrument issued by a US depositary bank evidencing ownership interests in shares in a non-US company. Each ADR evidences American Depositary Shares (ADSs), representing a specific number of underlying shares on deposit with a custodian in the issuer's home market. ADRs are quoted and traded in US dollars in the US securities market, and the associated dividends are paid to investors in US dollars. ADRs facilitate the purchase, holding and sale of non-US securities by US investors and provide a corporate finance vehicle for non-US issuers. These securities are often known as simply depository receipts.

Why ADRs?

US investors often prefer to purchase ADRs rather than ordinary shares in the issuer’s home market because ADRs trade, clear and settle according to US market conventions.

Benefits of ADRs:

• Easy to trade – quote in US dollars and are as liquid as the underlying security
• Easy to hold – ADRs settle and clear efficiently and pay dividends in US dollars
• Accounting and disclosure is available in internationally accepted formats
• Overcomes obstacles that other funds and institutions may have in purchasing and holding securities outside of their local market
• Enables diversification into foreign securities.

How to Purchase ADRs

An ADR is created when a broker purchases LCT shares on the ASX on behalf of a client and delivers those shares to the Bank of New York’s local custodian bank, which then instructs the depositary bank to issue Depositary Receipts. The Depositary Receipts may trade freely, like any other security, in the OTC market. The establishment of LCTs sponsored Level 1 ADR program does not involve an offering or issue of new shares.

• You must speak with your broker to purchase Living Cell Technology ADRs. One LCT ADR is equivalent to 10 LCT shares listed on the ASX
• Information on LCT’s ADRs, including prices quoted and a historical chart of price trends can be found at www.pinksheets.com
• Full service share brokers familiar with trading internationally and knowledgeable about ADRs should be able to assist interested investors
• If you deal with E*Trade you can call E*Trade’s customer service at +1 678 624 6210 outside the US or 800 387 2331 inside the US.

Who can I contact?

The Bank of New York is able to assist brokers and investors with any queries relating to the purchase of ADRs.  Please contact:

Violet Pagan
Vice President Depositary Receipts
Bank of New York
Tel: +1 212 815 2276
Email: vpagan@bankofny.com

Jason Smith
Assistant Treasurer
Bank of New York
Tel: +1 212 815 3874
Email: jsmith@bankofny.com