----

----

|   | [  ] | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) |
|--------|----------------|--------------------------------------------------|

|   | OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-----------------------------------------------|

| * | Not for trading, but only in connection with the registration of American Depositary Shares. |
|---|----------------------------------------------------------------------------------------------|

| Forward Looking Statements                                                                                                                                         | 1        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                                                               |     |
| PART I                                                                                                                                                             |     |
|                                                                                                                                                               |     |
| ITEM 1.                 Identity of Directors, Senior Management and Advisors | 3        |
| ITEM 2.                 Offer Statistics and Expected Timetable               | 3        |
| ITEM 3.                 Key Information                                       | 3        |
| ITEM 4.                 Information on the Company                            | 15       |
| ITEM 4A                 Unresolved Staff Comments                             | 32       |
| ITEM 5.                 Operating and Financial Review and Prospects          | 33       |
| ITEM 6.                 Directors, Senior Management and Employees            | 42       |
| ITEM 7.                 Major Shareholders and Related Party Transactions     | 58       |
| ITEM 8.                 Financial Information                                 | 60       |
| ITEM 9.                 Offer and Listing Details                             | 61       |
| ITEM 10.               Additional Information                                           | 63       |
| ITEM 11.               Quantitative and Qualitative Disclosures about Market Risk       | 68       |
| ITEM 12.               Description of Securities other than Equity Securities           | 69       |
|                                                                                                                                                               |     |
| PART II                                                                                                                                                            |     |
| ITEM 13.                Defaults, Dividend Arrearages and Delinquencies            | 70       |
| ITEM 14.      Material Modifications to the Rights of Security Holders and the Use of Proceeds                                            |  70 |
| ITEM 15.                Controls and Procedures                                    | 70       |
| ITEM 16.                Reserved                                                   | 71       |
| ITEM 16A.             Audit Committee Financial Expert                                            | 71       |
| ITEM 16B              Code of Ethics                                                         | 71       |
| ITEM 16C              Principal Accountant Fees and Services                                 | 72       |
| ITEM 16D              Exemptions from the Listing Standards for Audit Committees             | 73       |
| ITEM 16E     Purchases of Equity Securities by the Issuer and Affiliated Purchases                                                        |  73 |
| ITEM 16G              Corporate Governance                                                   | 73       |
|                                                                                                                                                               |     |
| PART III                                                                                                                                  |     |
| ITEM 17.               Financial Statements – Not Applicable                      | 75       |
| ITEM 18.               Financial Statements                                             | 75       |
| ITEM 19.               Exhibits                                                         | 75       |

| ·   | the inability of the Company to obtain any additional required financing or financing available to it on acceptable terms, particularly in the context of the current global financial crisis; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the failure of the Company’s majority owned subsidiary Marshall Edwards, Inc. (“MEI” or “Marshall Edwards”) to achieve satisfactory clinical outcomes from the OVATURE clinical trial of phenoxodiol; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the ability of MEI to continue its development of triphendiol, NV-128 and NV-143; |
|--------------------|-----------------------------------------------------------------------------------|

| ·   | the ability of the Company’s majority owned subsidiary Glycotex, Inc.  (“Glycotex”) to continue its clinical development of GLYC-101; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the failure to locate, hire, assimilate and retain qualified personnel; |
|--------------------|-------------------------------------------------------------------------|

| ·   | the failure of the Company to successfully commercialize its products; |
|--------------------|------------------------------------------------------------------------|

| ·   | costs and delays in the development and/or receipt of U.S. Food and Drug Administration (“FDA”) or other required governmental approvals, or the failure to obtain such approvals, for the Company’s products; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | uncertainties in clinical trial results; |
|--------------------|------------------------------------------|

| ·   | the inability to maintain or enter into, and the risks resulting from dependence upon, collaboration or contractual arrangements necessary for the development, manufacture, commercialization, marketing, sales and distribution of any products; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | competition and competitive factors; |
|--------------------|--------------------------------------|

| ·   | the inability to enforce the Company’s patents or proprietary rights and obtain necessary rights to third party patents and intellectual property to operate the business; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the inability to operate the business without infringing upon the patents and proprietary rights of others; |
|--------------------|-------------------------------------------------------------------------------------------------------------|

| ·   | the failure of any product candidate to gain market acceptance; |
|--------------------|-----------------------------------------------------------------|

| ·   | general economic conditions; |
|--------------------|------------------------------|

| ·   | government regulation generally and the receipt of regulatory approvals; |
|--------------------|--------------------------------------------------------------------------|

| ·   | changes in industry practice; and |
|--------------------|-----------------------------------|

| ·   | one-time events. |
|--------------------|------------------|

| Summary of Consolidated Income Statements                                       |   |
|---------------------------------------------------------------------------------|--------|
| (AIFRS)                                                                         |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   | 2005 |   |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2009 |   |
| Continuing operations                                                           |   | (A$'000) |   |   | (A$'000) |   |   | (A$'000) |   |   | (A$'000) |   |   | (A$'000) |   |   | (US$'000) |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue from sale of goods                                                      |   |   | 13,404 |   |   |   | 13,500 |   |   |   | 10,709 |   |   |   | 9,400 |   |   |   | 8,333 |   |   |   | 6,712 |   |
| Other revenue                                                                   |   |   | 3,985 |   |   |   | 3,945 |   |   |   | 6,586 |   |   |   | 3,883 |   |   |   | 2,814 |   |   |   | 2,267 |   |
| Total revenue                                                                   |   |   | 17,389 |   |   |   | 17,445 |   |   |   | 17,295 |   |   |   | 13,283 |   |   |   | 11,147 |   |   |   | 8,979 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss before income tax                                                      |   |   | (12,682 | ) |   |   | (17,912 | ) |   |   | (24,295 | ) |   |   | (24,773 | ) |   |   | (23,786 | ) |   |   | (19,160 | ) |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to members of Novogen Limited                             |   |   | (11,532 | ) |   |   | (16,220 | ) |   |   | (19,981 | ) |   |   | (20,264 | ) |   |   | (18,928 | ) |   |   | (15,247 | ) |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted earnings/(loss) per share (cents per share)                   |   |   | (11.9 | ) |   |   | (16.7 | ) |   |   | (20.5 | ) |   |   | (20.8 | ) |   |   | (18.6 | ) |   |   | (15.0 | ) |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of Ordinary Shares used to calculate earnings per share |   |   | 96,839,570 |   |   |   | 97,207,053 |   |   |   | 97,567,399 |   |   |   | 97,594,261 |   |   |   | 101,741,016 |   |   |   | 101,741,016 |   |
|                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Number of outstanding Ordinary Shares at year end                               |   |   | 97,045,662 |   |   |   | 97,294,054 |   |   |   | 97,594,261 |   |   |   | 97,594,261 |   |   |   | 102,125,894 |   |   |   | 102,125,894 |   |

| Summary of Consolidated Balance Sheets |   |
|----------------------------------------|--------|
| (AIFRS)                                |   |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                   |   | 2005 |   |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2009 |   |
|                                   |   | (A$'000) |   |   | (A$'000) |   |   | (A$'000) |   |   | (A$'000) |   |   | (A$'000) |   |   | (US$'000) |   |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash and Cash                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equivalents                            |   |   | 47,260 |   |   |   | 33,513 |   |   |   | 39,511 |   |   |   | 35,386 |   |   |   | 33,338 |   |   |   | 26,854 |   |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Assets                           |   |   | 67,485 |   |   |   | 51,098 |   |   |   | 51,357 |   |   |   | 43,401 |   |   |   | 37,842 |   |   |   | 30,482 |   |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Assets                             |   |   | 60,492 |   |   |   | 44,578 |   |   |   | 44,626 |   |   |   | 35,637 |   |   |   | 28,773 |   |   |   | 23,177 |   |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital Stock                          |   |   | 176,235 |   |   |   | 176,989 |   |   |   | 191,876 |   |   |   | 200,432 |   |   |   | 206,419 |   |   |   | 166,271 |   |
|                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Exchange Rates for the six months to November 2009 |
|----------------------------------------------------|
| A$ versus US$                                      |   |   |
|                                               |   |   |   |
| Month                                              | High | Low |   |
| June                                               | $0.8195 | $0.7851 |   |
| July                                               | $0.8339 | $0.7751 |   |
| August                                             | $0.8439 | $0.8201 |   |
| September                                          | $0.8824 | $0.8306 |   |
| October                                            | $0.9275 | $0.8656 |   |
| November                                           | $0.9369 | $0.8985 |   |

| Fiscal Year   | Average                       |    |
|---------------|-------------------------------|---------|
| Ended June 30 |      Rate |    |
| 2005          |                          | $0.7529 |   |
| 2006          |                          | $0.7472 |   |
| 2007          |                          | $0.7862 |   |
| 2008          |                          | $0.8968 |   |
| 2009          |                          | $0.7455 |   |

| ·   | announcements of technological innovations by the Company and its competitors; |
|--------------------|--------------------------------------------------------------------------------|

| ·   | new products introduced or announced by the Company or its competitors; |
|--------------------|-------------------------------------------------------------------------|

| ·   | changes in financial estimates by securities analysts; |
|--------------------|--------------------------------------------------------|

| ·   | actual or anticipated variations in operating results; |
|--------------------|--------------------------------------------------------|

| ·   | expiration or termination of licenses, research contracts or other collaboration agreements; |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | conditions or trends in the regulatory climate in the biotechnology, pharmaceutical and genomics industries; |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| ·   | changes in the market values of similar companies; |
|--------------------|----------------------------------------------------|

| ·   | the liquidity of any market for the Company’s securities; and |
|--------------------|---------------------------------------------------------------------|

| ·   | additional sales by the Company of its shares. |
|--------------------|------------------------------------------------|

| Category of Activity       |   |                  |   |   |                        |   |   |                        |   |
|----------------------------|--------|-----------------------|--------|--------|-----------------------------|--------|--------|-----------------------------|--------|
|                       |   |                  |   |   |                        |   |   |                        |   |
|                       |   | 2007                  |   |   | 2008                        |   |   | 2009                        |   |
|                       |   | (A$'000)              |   |   | (A$'000)                    |   |   | (A$'000)                    |   |
|                       |   |                  |   |   |                        |   |   |                        |   |
|                       |   |                  |   |   |                        |   |   |                        |   |
| Revenue from sale of goods |   |                  | 10,709 |   |                        |   | 9,400  |                        |   |   | 8,333 |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| Other revenue              |   |                  | 6,586  |   |                        |   | 3,883  |                        |   |   | 2,814 |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| Total Revenue              |   |                  | 17,295 |   |                        |   | 13,283 |                        |   |   | 11,147 |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| Geographical Markets       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
|                       |   |                  | 2007   |   |                        |   | 2008   |                        |   |   | 2009 |   |
|                       |   |    (A$'000) |   |   |     (A$'000) |   |   |     (A$'000) |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| Revenue from sale of goods |   |                  |   |   |                        |   |   |                        |   |   |   |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| Australia/NZ               |   |                  | 4,453  |   |                        |   | 4,755  |                        |   |   | 4,902 |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| Europe                     |   |                  | 3,104  |   |                        |   | 2,217  |                        |   |   | 1,363 |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| North America              |   |                  | 3,152  |   |                        |   | 2,428  |                        |   |   | 2,068 |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
|                       |   |                  | 10,709 |   |                        |   | 9,400  |                        |   |   | 8,333 |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| Other revenue              |   |                  |   |   |                        |   |   |                        |   |   |   |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| Australia/NZ               |   |                  | 5,751  |   |                        |   | 3,145  |                        |   |   | 2,528 |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| Europe                     |   |                  | 7      |   |                        |   | 5      |                        |   |   | 1 |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| North America              |   |                  | 828    |   |                        |   | 733    |                        |   |   | 285 |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
|                       |   |                  | 6,586  |   |                        |   | 3,883  |                        |   |   | 2,814 |   |
|                       |   |                  |   |   |                        |   |   |                        |   |   |   |   |
| Total Revenue              |   |                  | 17,295 |   |                        |   | 13,283 |                        |   |   | 11,147 |   |

|  Patent # 2004202747 | Compositions and Therapeutic Methods Involving Isoflavones and Analogues Thereof |
|---------------------------|----------------------------------------------------------------------------------|

|   | Patent # 2003264176 | Skin Photoageing and Actinic Damage Treatment |
|--------|---------------------|-----------------------------------------------|

|   | Patent # 2003265737 | Combination Chemotherapy Compositions and Methods |
|--------|---------------------|---------------------------------------------------|

|   | Patent # 2007201390 | Combination Chemotherapy Compositions and Methods |
|--------|---------------------|---------------------------------------------------|

|   | CANADA |
|--------|--------|

|   | Patent # 2562918 | Process for Glucan Preparation and Therapeutic Uses of Glucan |
|--------|------------------|---------------------------------------------------------------|

|   | MEXICO |
|--------|--------|

|   | Patent # 261510 | Preparation of Isoflavones from Legumes |
|--------|-----------------|-----------------------------------------|

|   | Patent # 258618 | Dimeric Isoflavones |
|--------|-----------------|---------------------|

|   | Patent # 262896 | Aminated Isoflavonoid Derivatives and Uses Thereof |
|--------|-----------------|----------------------------------------------------|

|   | Patent # 252511 | Skin Photoageing and Actinic Damage Treatment |
|--------|-----------------|-----------------------------------------------|

|   | Patent # 254945 | Compositions and Therapeutic Methods Involving Isoflavones and Analogues Thereof |
|--------|-----------------|----------------------------------------------------------------------------------|

|   | NEW ZEALAND |
|--------|-------------|

|   | Patent # 539034 | Aminated Isoflavonoid Derivatives and Uses Thereof |
|--------|-----------------|----------------------------------------------------|

|   | Patent # 538583 | Combination Chemotherapy Compositions and Methods |
|--------|-----------------|---------------------------------------------------|

|   | NORWAY |
|--------|--------|

|   | Patent # 325681 | Therapeutic Methods and Compositions Involving Isoflavones |
|--------|-----------------|------------------------------------------------------------|

|   | UNITED STATES |
|--------|---------------|

|   | Patent # 7419998 | Therapeutic Methods and Compositions Involving Isoflavones |
|--------|------------------|------------------------------------------------------------|

|   | Patent # 7488494 | Compositions and Therapeutic Methods Involving Isoflavones and Analogues Thereof |
|--------|------------------|----------------------------------------------------------------------------------|

|   | Patent # RE40,792 | Health Supplements Containing Phyto-Oestrogens, Analogues of Metabolites Thereof (Re-issue of Patent # 5830887) |
|--------|-------------------|---------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   | JAPAN |
|--------|-------|

|   | Patent # 4197736 | Process for Glucan Preparation and Therapeutic Uses of Glucan |
|--------|------------------|---------------------------------------------------------------|

|   | Patent # 4256679 | Treatment of Restenosis |
|--------|------------------|-------------------------|

|   | CHINA |
|--------|-------|

|  Patent # ZL02809019.5 | Dimeric Isoflavones |
|-----------------------------|---------------------|

|   | (i) | U.S. $1,430,000 due by December 31, 2009; |
|--------|-----|-------------------------------------------|

|   | (ii) | U.S. $1,540,000 due by December 31, 2010; |
|--------|------|-------------------------------------------|

|   | (iii) | U.S. $1,670,000 due by December 31, 2011; and |
|--------|-------|-----------------------------------------------|

|   | (iv) | U.S. $2,000,000 by December 31, 2012 and annually thereafter for so long as the agreement is in effect. |
|--------|------|---------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   |
|--------|

| ·   | pre-clinical laboratory evaluations, including formulation and stability testing, and animal tests performed under the FDA’s Good Laboratory Practices regulations to assess potential safety and effectiveness; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | submission and approval of an Investigational New Drug Application, or IND, including results of pre-clinical tests, manufacturing information and protocols for clinical studies, which must become effective before clinical trials may begin in the U.S.; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | obtaining approval of Institutional Review Boards, or IRB’s, to administer the products to human subjects in clinical trials; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| ·   | adequate and well-controlled human clinical trials to establish the safety and efficacy of the product for the product’s intended use; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | development of manufacturing processes which conform to FDA current Good Manufacturing Practices, or cGMPs, as confirmed by FDA inspection; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | submission of pre-clinical and clinical studies results, and chemistry, manufacturing and controls, or CMC, information on the product to the FDA in a New Drug  Application, or NDA; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | FDA review and approval of a NDA, prior to any commercial sale or shipment of a product. |
|--------------------|-----------------------------------------------------------------------------------------------|

| Name of Entity               | Country of Incorporation | Ownership % + |
|------------------------------|--------------------------|---------------|
| Novogen Laboratories Pty Ltd | Australia                | 100           |
| Novogen Research Pty Ltd     | Australia                | 100           |
| Novogen Inc                  | U.S.A.                   | 100           |
| Glycotex, Inc                | U.S.A.                   | 80.7          |
| Novogen Limited(U.K.)        | U.K.                     | 100           |
| Promensil Limited            | U.K.                     | 100           |
| Novogen BV                   | Netherlands              | 100           |
| Novogen New Zealand Limited  | New Zealand              | 100           |
| Novogen Canada Limited       | Canada                   | 100           |
| Marshall Edwards, Inc.       | U.S.A.                   | 71.3          |
| Marshall Edwards Pty Limited | Australia                | 71.3          |

|                         | Balance at Beginning of year | Charged to Cost and Expense | Actual Returns | Balance at End of Year |
|------------------------------|------------------------------|-----------------------------|----------------|------------------------|
|                         | A$'000                       | A$'000                      | A$'000         | A$'000                 |
| Allowance for Sales returns: |                         |                        |           |                   |
| Year ended June 30, 2007     | 96                           | 380                         | 351            | 125                    |
| Year ended June 30, 2008     | 125                          | 145                         | 223            | 47                     |
| Year ended June 30, 2009     | 47                           | 277                         | 288            | 36                     |

|                           |                         |                        |             |                                           |
|--------------------------------|------------------------------|-----------------------------|------------------|------------------------------------------------|
|                           | Balance at Beginning of year | Charged to Cost and Expense | Actual Discounts | Balance at     End of Year |
|                           | A$'000                       | A$'000                      | A$'000           | A$'000                                         |
| Allowance for Sales discounts: |                         |                        |             |                                           |
| Year ended June 30, 2007       | 137                          | 688                         | 708              | 117                                            |
| Year ended June 30, 2008       | 117                          | 554                         | 592              | 79                                             |
| Year ended June 30, 2009       | 79                           | 647                         | 584              | 142                                            |

| INCOME STATEMENTS                                   |   |         |    |   |   |   |    |   |   |   |    |   |
|-----------------------------------------------------|--------|--------------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
| for the year ended June 30, 2009                    |   |         |    |   |   |   |    |   |   |   |    |   |
|                                                |   | Consolidated |    |
|                                                |   | 2009         |    |   | 2008   |   |    | 2007   |   |   | 2009    |   |
|                                                |   | A$'000       |    |   | A$'000 |   |    | A$'000 |   |   | US$'000 |   |
| Continuing Operations                               |   |         |    |   |   |   |    |   |   |   |    |   |
| Revenue                                             |   |         | 11,147  |   |   |   | 13,283  |   |   |   | 17,295  |   |   |   | 8,979 |   |
| Cost of sales                                       |   |         | (2,523  | )      |   |   | (4,090  | )      |   |   | (6,945  | )      |   |   | (2,032 | ) |
|                                                |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Gross profit                                        |   |         | 8,624   |   |   |   | 9,193   |   |   |   | 10,350  |   |   |   | 6,947 |   |
|                                                |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Other income                                        |   |         | -       |   |   |   | 1,623   |   |   |   | 2,710   |   |   |   | - |   |
|                                                |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Research & development expenses                 |   |         | (18,788 | )      |   |   | (18,811 | )      |   |   | (16,134 | )      |   |   | (15,134 | ) |
| Selling & promotional expenses                  |   |         | (6,572  | )      |   |   | (6,134  | )      |   |   | (7,908  | )      |   |   | (5,294 | ) |
| Shipping and handling expenses                      |   |         | (341    | )      |   |   | (300    | )      |   |   | (392    | )      |   |   | (275 | ) |
| General and administrative expenses                 |   |         | (6,671  | )      |   |   | (9,792  | )      |   |   | (12,902 | )      |   |   | (5,373 | ) |
| Other expenses                                      |   |         | (27     | )      |   |   | (528    | )      |   |   | (17     | )      |   |   | (21 | ) |
| Finance costs                                       |   |         | (11     | )      |   |   | (24     | )      |   |   | (2      | )      |   |   | (9 | ) |
|                                                |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Loss before income tax                              |   |         | (23,786 | )      |   |   | (24,773 | )      |   |   | (24,295 | )      |   |   | (19,159 | ) |
|                                                |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Income tax expense                                  |   |         | (1      | )      |   |   | (4      | )      |   |   | (1      | )      |   |   | (1 | ) |
|                                                |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
|                                                |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Loss for the period                                 |   |         | (23,787 | )      |   |   | (24,777 | )      |   |   | (24,296 | )      |   |   | (19,160 | ) |
|                                                |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Loss attributable to minority interest              |   |         | 4,859   |   |   |   | 4,513   |   |   |   | 4,315   |   |   |   | 3,914 |   |
|                                                |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Loss attributable to members of Novogen Limited     |   |         | (18,928 | )      |   |   | (20,264 | )      |   |   | (19,981 | )      |   |   | (15,246 | ) |
|                                                |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Basic and diluted earnings/(loss) per share (cents) |   |         | (18.6   | )      |   |   | (20.8   | )      |   |   | (20.5   | )      |   |   | (15.0 | ) |

| ·   | outsourcing of the scale-up manufacturing of clinical stage compounds; |
|--------------------|------------------------------------------------------------------------|

| ·   | putting on hold the cardiovascular and anti-inflammatory programs; |
|--------------------|--------------------------------------------------------------------|

| ·   | reducing world wide staff numbers from 62 to 48; |
|--------------------|--------------------------------------------------|

| ·   | fee and income reductions of 20 per cent for the Board and executive management. |
|--------------------|----------------------------------------------------------------------------------|

| ·   | All third party research and development, including the conduct of clinical trials, are carried out under contract. The contract details include project milestones and expenditure budgets. Senior Novogen research and development staff monitor the projects to ensure that milestones are achieved in a timely manner. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In-house research and development is managed by the Research and Development Director and senior research and development staff. Budgets are prepared annually and agreed upon by the Novogen Board. Expenses are monitored monthly, actual versus budget by expense line and in total. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                         |   |   |   |   | Payments due by period |   |
|------------------------------------------------------------------------------|--------|--------|--------|--------|------------------------|--------|
| In A$000's                                                                   |   | Total  |   |   | Less than 1 year       |   |   | 1-3 years |   |   | 4-5 years |   |   | After 5 years |   |
|                                                                         |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |
| Operating Leases                                                             |   |   | 574    |   |                   |   | 490 |   |   |   | 84 |   |   |   |   |   |   | - |   |
| Other Expenditure Commitments *                                              |   |   | 2,639  |   |                   |   | 1,797 |   |   |   | 842 |   |   |   | - |   |   |   | - |   |
|                                                                         |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Contractual Cash Obligations                                           |   |   | 3,213  |   |                   |   | 2,287 |   |   |   | 926 |   |   |   | - |   |   |   | - |   |
|                                                                         |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| * represents research and development contracts for services to be rendered. |   |   |   |   |                   |   |   |   |   |

|                     |   | Short term benefits |      |   | Post employment |   |   | Long term benefits    |   |   | Share based payments |    |   | Total              |    |
|--------------------------|--------|---------------------|-----------|--------|-----------------|--------|--------|-----------------------|--------|--------|----------------------|---------|--------|--------------------|---------|
| 2009                     |   | Salary & fees   |      |   | Cash bonus      |   |   | Non-monetary benefits |   |   | Superan-nuation      |    |   | Long Service Leave |    |   | Options |   |   |   |   |
|                     |   | $                   |      | $      |            | $      |   | $                     |   | $      |                 |  $ |   |               |    | % |   |   | $ |
| Key management personnel |   |                |      |   |            |   |   |                  |   |   |                 |    |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-executive Directors  |   |                |      |   |            |   |   |                  |   |   |                 |    |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PA Johnston (i)          |   |                | 105,319   |   |            |   | -      |                  |   |   | -                    |    |   |               | 90,458  |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 195,777 |   |
| GM Leppinus              |   |                | 50,457    |   |            |   | -      |                  |   |   | -                    |    |   |               | 4,543   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 55,000 |   |
| PJ Nestel AO (ii)        |   |                | 94,791    |   |            |   | -      |                  |   |   | -                    |    |   |               | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 94,791 |   |
| WD Rueckert (i)          |   |                | 111,294   |   |            |   | -      |                  |   |   | -                    |    |   |               | -       |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 111,294 |   |
| PB Simpson               |   |                | 48,774    |   |            |   | -      |                  |   |   | -                    |    |   |               | 4,392   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 53,166 |   |
|                     |   |                |      |   |            |   |   |                  |   |   |                 |    |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Executive Directors      |   |                |      |   |            |   |   |                  |   |   |                 |    |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| C Naughton (iii)         |   |                | 709,761   |   |            |   | -      |                  |   |   | 51,594               |    |   |               | 100,000 |   |   |   | (55,755 | ) |   |   | 73,708 |   |   |   | 8.4 | % |   |   | 879,308 |   |
| AJ Husband               |   |                | 270,113   |   |            |   | -      |                  |   |   | 50,420               |    |   |               | 100,000 |   |   |   | 4,562 |   |   |   | 53,449 |   |   |   | 11.2 | % |   |   | 478,544 |   |
|                     |   |                |      |   |            |   |   |                  |   |   |                 |    |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Executives               |   |                |      |   |            |   |   |                  |   |   |                 |    |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DR Seaton (iii)          |   |                | 366,937   |   |            |   | -      |                  |   |   | 47,677               |    |   |               | 100,000 |   |   |   | 4,635 |   |   |   | 71,911 |   |   |   | 12.2 | % |   |   | 591,160 |   |
| WJ Lancaster (US)        |   |                | 234,068   |   |            |   | -      |                  |   |   | 23,127               |    |   |               | -       |   |   |   | - |   |   |   | 32,350 |   |   |   | 11.2 | % |   |   | 289,545 |   |
| BM Palmer                |   |                | 179,720   |   |            |   | -      |                  |   |   | 39,500               |    |   |               | 15,540  |   |   |   | (9,614 | ) |   |   | 39,074 |   |   |   | 14.8 | % |   |   | 264,220 |   |
| CD Kearney               |   |                | 194,898   |   |            |   | -      |                  |   |   | 21,532               |    |   |               | 17,357  |   |   |   | 2,746 |   |   |   | 40,277 |   |   |   | 14.6 | % |   |   | 276,810 |   |
| RL Erratt                |   |                | 72,633    |   |            |   | -      |                  |   |   | 32,416               |    |   |               | 100,000 |   |   |   | 1,198 |   |   |   | 37,152 |   |   |   | 15.3 | % |   |   | 243,399 |   |
|                     |   |                |      |   |            |   |   |                  |   |   |                 |    |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other Group executives   |   |                |      |   |            |   |   |                  |   |   |                 |    |   |               |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| R Koenig (US) (iv)       |   |                | 413,798   |   |            |   | 67,069 |                  |   |   | 26,244               |    |   |               | 15,678  |   |   |   | - |   |   |   | 527,775 |   |   |   | 50.2 | % |   |   | 1,050,564 |   |
|                     |   |                | 2,852,563 |   |            |   | 67,069 |                  |   |   | 292,510              |    |   |               | 547,968 |   |   |   | (52,228 | ) |   |   | 875,696 |   |   |   | 19.1 | % |   |   | 4,583,578 |   |

|   | (iv) Remuneration includes performance milestone bonus of US$50,000 or 6.4% of total remuneration. |
|--------|----------------------------------------------------------------------------------------------------|

|                      |   | 6 March, |   |   | 31 October, |   |   | 1 March, |   |   | 26 October, |   |
|---------------------------|--------|----------|--------|--------|-------------|--------|--------|----------|--------|--------|-------------|--------|
|                      |   | 2009     |   |   | 2008        |   |   | 2008     |   |   | 2007        |   |
| Exercise price            |   |     | 0.5256 |   |        |   | 1.06   |     |   |   | 1.06        |   |   |   | 2.41 |   |
| Share price at grant date |   |     | 0.51   |   |        |   | 0.95   |     |   |   | 1.07        |   |   |   | 1.62 |   |
| Dividend yield            |   |     | 0      | %      |        |   | 0      | %        |   |   | 0           | %      |   |   | 0 | % |
| Expected volatility       |   |     | 73     | %      |        |   | 66     | %        |   |   | 57          | %      |   |   | 55 | % |
| Historical volatility     |   |     | 73     | %      |        |   | 66     | %        |   |   | 57          | %      |   |   | 55 | % |
| Risk-free interest rate   |   |     | 3.61   | %      |        |   | 4.76   | %        |   |   | 6.35        | %      |   |   | 6.41 | % |
| Expected life of option   |   | 5 years  |   |   | 4.3 years   |   |   | 5 years  |   |   | 4.4 years   |   |
| Option fair value         |   |     | 0.31   |   |        |   | 0.51   |     |   |   | 0.60        |   |   |   | 0.66 |   |

| Novogen Board of Directors |
|----------------------------|
|                       |   |   |   |
| Name                       | Postion Held | Year First Appointed | Current Term Expires |
|                       |   |   |   |
|                       |   |   |   |
| P. A. Johnston             | Chairman | 1997 | October-2012 |
| C. Naughton                | Managing Director | 1997 | Employment ceased December 1, 2009 |
| P. B. Simpson              | Director | 1994 | Retired July ,2009 |
| P. J. Nestel               | Director | 2001 | October-2012 |
| G. M. Leppinus             | Director | 2005 | October-2010 |
| A. J. Husband              | Executive Director | 2006 | October-2011 |
| W.D. Rueckert              | Director | 2009 | October-2012 |

| ·   | whether the director has been a principal of a material professional advisor or consultant of the Company; |
|--------------------|------------------------------------------------------------------------------------------------------------|

| ·   | whether the director has a material contractual relationship with the Company; |
|--------------------|--------------------------------------------------------------------------------|

| ·   | whether the director has served on the Board of Directors for a period which could be perceived to interfere with his or her ability to act in the best interests of the Company; and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | whether the director has any business interests which could be perceived to interfere with his or her ability to act in the best interests of the Company. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Category of Activity       |   |             Number of People |
|----------------------------|--------|-------------------------------------------------------------------------------------|
|                       |   |                                                                                | 2009 | 2008 | 2007 |   |
| Research and development   | 17     | 30                                                                                  | 27 |   |
| Production                 |   |                                                                                | 9 | 14 | 14 |   |
| Sales and marketing        |   | 11                                                                                  | 12 | 13 |   |
| Finance and administration | 11     | 12                                                                                  | 12 |   |
| Total                      |   |                                                                                | 48 | 68 | 66 |   |

| Geographic Location |   |              Number of People |
|---------------------|--------|-------------------------------------------------------------------------------------------|
|                |   | 2009                                                                                      | 2008 | 2007 |   |
| Australasia         |   | 43                                                                                        | 63 | 63 |   |
| North America       |   | 3                                                                                         | 3 | 2 |   |
| Europe              |   | 2                                                                                         | 2 | 1 |   |
| Total               |   | 48                                                                                        | 68 | 66 |   |

|                    |                                                                                |      |                                                                                                                                                                                                                |   |                                                                                                                                                                                                                |        |
|-------------------------|-------------------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|
|                    | Ordinary shares fully paid                                                          | Options * |
|                    |                                                                                |      | Number outstanding                                                                                                                                                                                                  |   | Exercise price                                                                                                                                                                                                      | Expiry date |
|                    |                                                                                |      |                                                                                                                                                                                                                |   |                                                                                                                                                                                                                |        |
| PA Johnston             | 73,594                                                                              |      |                                    - |   |                                    - | -           |
| C Naughton              | 633,511                                                                             |      | 91,196                                                                                                                                                                                                              | **     |                                 2.41                | 30/03/2012  |
|                    |                                                                                |      | 218,664                                                                                                                                                                                                             | **     |                                 1.06                | 1/03/2013   |
| AJ Husband              | 102,920                                                                             |      | 22,592                                                                                                                                                                                                              |   |                                 4.90                | 16/03/2010  |
|                    |                                                                                |      | 30,436                                                                                                                                                                                                              |   |                                 3.64                | 21/04/2011  |
|                    |                                                                                |      | 50,472                                                                                                                                                                                                              |   |                                 2.41                | 30/03/2012  |
|                    |                                                                                |      | 126,928                                                                                                                                                                                                             |   |                                 1.06                | 1/03/2013   |
|                    |                                                                                |      |                                                                                                                                                                                                                |   |                                                                                                                                                                                                                |        |
| PJ Nestel  AO | 32,000                                                                              |      |                                    - |   |                                    - | -           |
| GM Leppinus             | 11,883                                                                              |      |                                    - |   |                                    - | -           |
| WD Rueckert             |              5,000 |      |                                                                                                                                                                                                                |   |                                                                                                                                                                                                                |        |
|                    | 858,908                                                                             |      | 540,288                                                                                                                                                                                                             |   |                                                                                                                                                                                                                |        |

|         |                                                                                |                                                                                                          |                                                                                                      |   |
|--------------|-------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|--------|
|         |                                                                                | Ordinary shares fully paid                                                                                    | % Total shares on issue                                                                              |   |
| D.R. Seaton  |            37,378            |                   - |                                                                                                      |
| B.M. Palmer  |           205,636                 |                  0.2     |                                                                                                      |
| C.D. Kearney |              8,850 |                   - |                                                                                                      |
| R.L. Erratt  |                                                                                |           271,368                                           |                  0.3 |   |

| Total options                                          |  Eligible executives participating | Exercise price                                 | Grant date | Expiry date |   |
|--------------------------------------------------------|-----------------------------------------|------------------------------------------------|------------|-------------|--------|
|                                                   |                                    | (A$)                                           |       |        |   |
|                                                   |                                    |                                           |       |        |   |
|         69,560 | 5                                       |        4.90 | 16/03/2005 | 16/03/2010  |   |
|         93,632 | 5                                       |        3.64 | 21/04/2006 | 21/04/2011  |   |
|        157,728      | 5                                       |        2.41 | 30/03/2007 | 30/03/2012  |   |
|        379,772      | 5                                       |        1.06 | 1/03/2008  | 1/03/2013   |   |
|        659,552      | 5                                       |        0.53 | 6/03/2009  | 6/03/2014   |   |

| ·   | Novogen is exempt from Nasdaq's quorum requirements applicable to meetings of ordinary shareholders. In keeping with the law of Australia and generally accepted business practices in Australia, Novogen's Constitution requires a quorum of three shareholders for a shareholders' meeting. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Novogen is exempt from Nasdaq's requirement that each Nasdaq issuer shall require shareholder approval of a plan or arrangement in connection with the acquisition of the stock or assets of another company if "any director, officer or substantial shareholder of the issuer has a 5 percent or greater interest (or such persons collectively have a 10 percent or greater interest), directly or indirectly, in the Company or assets to be acquired or in the consideration to be paid in the transaction or series of related transactions and the present or potential issuance of common stock, or securities convertible into or exercisable for common stock, could result in an increase in outstanding common shares or voting power of 5 percent or more". |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| There are no pending legal proceedings which either individually or in the aggregate will have a significant effect on the Company’s financial position or loss, nor have any such proceedings had any impact in the recent past, except that the Company is continuing to prosecute its IP rights and in June 2007 announced that the Vienna Commercial Court had upheld a provisional injunction against an Austrian company, APOtrend. The Company has provided a guarantee to the value of €250,000 with the court to confirm its commitment to the ongoing enforcement process. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|           |   |                                                                                     |                                                                                     |                            |                                                                                     |                                                                                     |
|----------------|--------|------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|---------------------------------|------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|
| Period         |   | Per Ordinary Share (A$)                                                                  |                                                                                     |    Per ADR (US$) |
|           |   |   High                                                                         | Low                                                                                      |                            | High                                                                                     | Low                                                                                      |
|           |   |                                                                                     |                                                                                     |                            |                                                                                     |                                                                                     |
| Year Ended     |   |                                                                                     |                                                                                     |                            |                                                                                     |                                                                                     |
|           |   |                                                                                     |                                                                                     |                            |                                                                                     |                                                                                     |
| June 2005      |   |               6.25 |               4.15 |                            |             24.35            |             14.85            |
| June 2006      |   |               6.00 |               2.14 |                            |             22.08            |               8.03 |
| June 2007      |   |               3.80 |               1.81 |                            |             13.25            |               8.14 |
| June 2008      |   |               2.14 |               0.83 |                            |             10.13            |               3.89 |
| June 2009      |   |               1.70 |               0.37 |                            |               7.45 |               1.23 |
|           |   |                                                                                     |                                                                                     |                            |                                                                                     |                                                                                     |
| Quarter Ended  |   |                                                                                     |                                                                                     |                            |                                                                                     |
| September 2007 |   |               2.14 |               1.70 |                            |               8.97 |               6.82 |
| December 2007  |   |               1.88 |               1.10 |                            |               8.53 |               4.57 |
| March 2008     |   |               1.32 |               0.83 |                            |               6.75 |               3.89 |
| June 2008      |   |               1.84 |               1.01 |                            |             10.13            |               4.88 |
|           |   |                                                                                     |                                                                                     |                            |                                                                                     |                                                                                     |
| September 2008 |   |               1.70 |               0.98 |                            |               7.45 |               4.19 |
| December 2008  |   |               1.15 |               0.66 |                            |               5.07 |               1.86 |
| March 2009     |   |               1.01 |               0.37 |                            |               3.27 |               1.23 |
| June 2009      |   |               1.26 |               0.44 |                            |               7.00 |               1.38 |
|           |   |                                                                                     |                                                                                     |                            |                                                                                     |                                                                                     |
| September 2009 |   |               0.89 |               0.52 |                            |               5.24 |               2.02 |
|           |   |                                                                                     |                                                                                     |                            |                                                                                     |                                                                                     |
| Month Ended    |   |                                                                                     |                                                                                     |                            |                                                                                     |                                                                                     |
|           |   |                                                                                     |                                                                                     |                            |                                                                                     |                                                                                     |
| June 2009      |   | 0.87                                                                                     | 0.52                                                                                     |                            |               3.43 |               2.05 |
| July 2009      |   | 0.89                                                                                     | 0.52                                                                                     |                            |               5.24 |               2.02 |
| August 2009    |   | 0.82                                                                                     | 0.65                                                                                     |                            |               3.40 |               2.81 |
| September 2009 |   | 0.75                                                                                     | 0.63                                                                                     |                            |               4.00 |               2.40 |
| October 2009   |   | 0.72                                                                                     | 0.59                                                                                     |                            |               3.21 |               2.65 |
| November 2009  |   | 0.60                                                                                     | 0.47                                                                                     |                            |               2.87 |               2.07 |

| Item 14. | Material Modifications to the Rights of Security Holders and the Use of Proceeds |
|----------|----------------------------------------------------------------------------------|

|               | 2009                                                                      | 2008                                                                                  |   |
|--------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------|--------|
|               | A$’000                                                              | A$’000                                                                          |   |
|               |                                                                      |                                                                                  |   |
|               |                                                                      |                                                                                  |   |
| Audit fees         |         329                       |           334                       |   |
| Audit related fees |             3 |             29            |   |
| Tax fees           |           51            |             26            |   |
| Other Fees         |             6 |               8 |   |
| Total fees         |         389                       |           397                       |   |

| ·   | Novogen is exempt from Nasdaq's quorum requirements applicable to meetings of ordinary shareholders. In keeping with the law of Australia and generally accepted business practices in Australia, Novogen's Constitution requires a quorum of three shareholders for a shareholders' meeting. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Novogen is exempt from Nasdaq's requirement that each Nasdaq issuer shall require shareholder approval of a plan or arrangement in connection with the acquisition of the stock or assets of another company if "any director, officer or substantial shareholder of the issuer has a 5 percent or greater interest (or such persons collectively have a 10 percent or greater interest), directly or indirectly, in the Company or assets to be acquired or in the consideration to be paid in the transaction or series of related transactions and the present or potential issuance of common stock, or securities convertible into or exercisable for common stock, could result in an increase in outstanding common shares or voting power of 5 percent or more". |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)                         | Exhibits |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------|

| Exhibit No. | Exhibit Description                                                                                                                                                                                                     |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1         | Constitution of Novogen Limited (formerly known as the Memorandum of Association and Articles of Association). (1)                                                                                                      |
| 2.1         | Deposit Agreement as further amended and restated, dated as of September 29, 2005, among Novogen Limited, the Bank of New York, as Depositary, and owners and holders from time to time of ADRs issued thereunder. (2)  |
| 4.1         | Employment Contract between the Company and Mr. C. Naughton dated June 21, 2006. (4)                                                                                                                                    |
| 4.2         | Employment Contract between the Company and Professor Alan Husband dated June 21, 2006. (4)                                                                                                                             |
| 4.4         | Lease between Kendall Glen Pty Limited (Lessor) and Novogen Laboratories Pty Ltd for the Company's corporate headquarters at 140 Wicks Road, North Ryde, New South Wales. (3)                                           |
| 4.5         | Employment Contract between the Company and Bryan Palmer dated June 21, 2006. (4)                                                                                                                                       |
| 4.6         | Employment Contract between the Company and Craig Kearney dated June 21, 2006. (4)                                                                                                                                      |
| 4.7         | Employment Contract between the Company and David Seaton dated June 21, 2006. (4)                                                                                                                                       |
| 4.8         | Employment Contract between the Company and Ronald Erratt dated June 21, 2006. (4)                                                                                                                                      |
| 4.9         | Employment Contract between the Company and Warren Lancaster dated June 21, 2006. (5)                                                                                                                                   |

| 4.10 | Patent License Agreement, dated as of November 13, 1997, by and among Novogen Limited, Novogen Research Pty Limited, Novogen Inc. and Protein Technologies International Inc.** (6)                                       |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.11 | Amendment to the Patent License Agreement, dated as of June 21, 2004 by and among Novogen Limited, Novogen Research Pty Limited, Novogen Inc. and Solae LLC (formerly known as Protein Technologies International Inc.)** (7)  |
| 8.1  | Company Subsidiaries. (*)                                                                                                                                                                                                           |
| 12.1 | Certification of the Acting Chief Executive Office pursuant to Rule 13a – 14(a) of the Securities Exchange Act of 1934, as amended. (*)                                                                                       |
| 12.2 | Certification of Chief Financial Officer pursuant to Rule 13a – 14(a) of the Securities Exchange Act of 1934, as amended. (*)                                                                                                 |
| 13.1 | Certification by the Acting Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as added by Section 906 of the Sarbanes – Oxley Act of 2002. (*)                                                |

|   | * | Filed herewith. |
|--------|---|-----------------|

|   | ** | Portions of these documents have been omitted pursuant to a request for confidential treatment. Such omitted portions have been filed separately with the SEC. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | Incorporated by reference to the Registration Statement on Form 20-F filed with the Securities and Exchange Commission on December 24, 1998 (File No. 0-29962) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Incorporated by reference to the Registration Statement on Form F-6 filed with the Securities and Exchange Commission on September 29, 2005 (File No. 333-128681) |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Incorporated by reference to the Annual Report on Form 20-F filed with the Securities and Exchange Commission on November 27, 2000 (File No. 0-29962) |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Incorporated by reference to the Annual Report on Form 20-F filed with the Securities and Exchange Commission on November 29, 2006 (File No. 0-29962) |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Incorporated by reference to the Annual Report on Form 20-F filed with the Securities and Exchange Commission on December 14, 2007 (File No. 0-29962) |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Incorporated by reference to the Annual Report on Form 20-F/A filed with the Securities and Exchange Commission on March 20, 2009 (File No. 0-29962). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Incorporated by reference to the Annual Report on Form 20-F/A filed with the Securities and Exchange Commission on May 5, 2009 (File No. 0-29962). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | In the opinion of the Directors: |
|----------------|----------------------------------|

| a)   | the financial statements and notes of the Company are in accordance with the Corporations Act 2001, including: |
|----------------|----------------------------------------------------------------------------------------------------------------|

| i)   | giving a true and fair view of the Company’s financial position as at June 30, 2009 and of their performance for the year ended on that date; and |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii)   | complying with Accounting Standards and Corporations Regulations 2001; and |
|-----------------|----------------------------------------------------------------------------|

| b)   | there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------|

| 2.   | This declaration has been made after receiving the declarations required to be made to the directors in accordance with section 295A of the Corporations Act 2001 for the financial period ending June 30, 2009. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | In the opinion of the Directors, as at the date of this declaration, there are reasonable grounds to believe that the members of the Closed Group identified in Note 17, will be able to meet any obligations or liabilities to which they are or may become subject to, by virtue of the Deed of Cross Guarantee. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| INCOME STATEMENTS                                   |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |
|-----------------------------------------------------|--------|--------|--------|--------|--------------|--------|---------|--------|--------|--------|---------|--------|--------|---------|---------|
| for the year ended 30 June, 2009                    |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |
|                                                |   | Notes  |   |   | Consolidated |   |
|                                                |   |   |   |   | 2009         |   |    | 2008   |   |   | 2007    |   |   | 2009    |    |
|                                                |   |   |   |   | A$'000       |   |    | A$'000 |   |   | A$'000  |   |   | US$'000 |    |
| Continuing Operations                               |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |
| Revenue                                             |   |   | 2      |   |         |   | 11,147  |   |   |   | 13,283  |   |   |    | 17,295  |   |   |   | 8,979 |   |
| Cost of sales                                       |   |   |   |   |         |   | (2,523  | )      |   |   | (4,090  | )      |   |    | (6,945  | ) |   |   | (2,032 | ) |
|                                                |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |   |   |   |   |   |
| Gross profit                                        |   |   |   |   |         |   | 8,624   |   |   |   | 9,193   |   |   |    | 10,350  |   |   |   | 6,947 |   |
|                                                |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |   |   |   |   |   |
| Other income                                        |   |   | 2      |   |         |   | -       |   |   |   | 1,623   |   |   |    | 2,710   |   |   |   | - |   |
|                                                |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |   |   |   |   |   |
| Research & development expenses                 |   |   |   |   |         |   | (18,788 | )      |   |   | (18,811 | )      |   |    | (16,134 | ) |   |   | (15,134 | ) |
| Selling & promotional expenses                  |   |   |   |   |         |   | (6,572  | )      |   |   | (6,134  | )      |   |    | (7,908  | ) |   |   | (5,294 | ) |
| Shipping and handling expenses                      |   |   |   |   |         |   | (341    | )      |   |   | (300    | )      |   |    | (392    | ) |   |   | (275 | ) |
| General and administrative expenses                 |   |   |   |   |         |   | (6,671  | )      |   |   | (9,792  | )      |   |    | (12,902 | ) |   |   | (5,373 | ) |
| Other expenses                                      |   |   |   |   |         |   | (27     | )      |   |   | (528    | )      |   |    | (17     | ) |   |   | (21 | ) |
| Finance costs                                       |   |   |   |   |         |   | (11     | )      |   |   | (24     | )      |   |    | (2      | ) |   |   | (9 | ) |
|                                                |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |   |   |   |   |   |
| Loss before income tax                              |   |   | 2      |   |         |   | (23,786 | )      |   |   | (24,773 | )      |   |    | (24,295 | ) |   |   | (19,159 | ) |
|                                                |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |   |   |   |   |   |
| Income tax expense                                  |   |   | 3      |   |         |   | (1      | )      |   |   | (4      | )      |   |    | (1      | ) |   |   | (1 | ) |
|                                                |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |   |   |   |   |   |
|                                                |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |   |   |   |   |   |
| Loss for the period                                 |   |   |   |   |         |   | (23,787 | )      |   |   | (24,777 | )      |   |    | (24,296 | ) |   |   | (19,160 | ) |
|                                                |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |   |   |   |   |   |
| Loss attributable to minority interest              |   |   |   |   |         |   | 4,859   |   |   |   | 4,513   |   |   |    | 4,315   |   |   |   | 3,914 |   |
|                                                |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |   |   |   |   |   |
| Loss attributable to members of Novogen Limited     |   |   | 12     | (c)    |         |   | (18,928 | )      |   |   | (20,264 | )      |   |    | (19,981 | ) |   |   | (15,246 | ) |
|                                                |   |   |   |   |         |   |    |   |   |   |    |   |   |    |    |   |   |   |   |   |
| Basic and diluted earnings/(loss) per share (cents) |   |   | 4      |   |         |   | (18.6   | )      |   |   | (20.8   | )      |   |    | (20.5   | ) |   |   | (15.0 | ) |

| BALANCE SHEETS                |   |   |   |   |         |   |     |   |   |   |     |   |
|-------------------------------|--------|--------|--------|--------|--------------|--------|----------|--------|--------|--------|----------|--------|
| as at 30 June, 2009           |   |   |   |   |         |   |     |   |   |   |     |   |
|                          |   | Notes  |   |   | Consolidated |   |
|                          |   |   |   |   | 2009         |   |     | 2008   |   |   | 2009     |   |
|                          |   |   |   |   | A$'000       |   |     | A$'000 |   |   | US$'000  |   |
| CURRENT ASSETS                |   |   |   |   |         |   |     |   |   |   |     |   |
| Cash and cash equivalents     |   |   | 5      |   |         |   | 33,338   |   |   |   | 35,386   |   |   |   | 26,854 |   |
| Trade and other receivables   |   |   | 6      |   |         |   | 2,252    |   |   |   | 4,969    |   |   |   | 1,814 |   |
| Inventories                   |   |   | 7      |   |         |   | 1,334    |   |   |   | 1,929    |   |   |   | 1,075 |   |
| Other current assets          |   |   | 8      |   |         |   | 565      |   |   |   | 542      |   |   |   | 455 |   |
| Total current assets          |   |   |   |   |         |   | 37,489   |   |   |   | 42,826   |   |   |   | 30,198 |   |
|                          |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| NON-CURRENT ASSETS            |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| Property, plant and equipment |   |   | 9      |   |         |   | 353      |   |   |   | 575      |   |   |   | 284 |   |
| Total non-current assets      |   |   |   |   |         |   | 353      |   |   |   | 575      |   |   |   | 284 |   |
|                          |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| TOTAL ASSETS                  |   |   |   |   |         |   | 37,842   |   |   |   | 43,401   |   |   |   | 30,482 |   |
|                          |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| CURRENT LIABILITIES           |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| Trade and other payables      |   |   | 10     |   |         |   | 8,059    |   |   |   | 6,671    |   |   |   | 6,492 |   |
| Provisions                    |   |   | 11     |   |         |   | 774      |   |   |   | 708      |   |   |   | 623 |   |
| Total current liabilities     |   |   |   |   |         |   | 8,833    |   |   |   | 7,379    |   |   |   | 7,115 |   |
|                          |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| NON-CURRENT LIABILITIES       |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| Provisions                    |   |   | 11     |   |         |   | 236      |   |   |   | 385      |   |   |   | 190 |   |
| Total non-current liabilities |   |   |   |   |         |   | 236      |   |   |   | 385      |   |   |   | 190 |   |
|                          |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| TOTAL LIABILITIES             |   |   |   |   |         |   | 9,069    |   |   |   | 7,764    |   |   |   | 7,305 |   |
| NET ASSETS                    |   |   |   |   |         |   | 28,773   |   |   |   | 35,637   |   |   |   | 23,177 |   |
|                          |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| EQUITY                        |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| Contributed equity            |   |   | 12(a)  |   |         |   | 206,419  |   |   |   | 200,432  |   |   |   | 166,271 |   |
| Reserves                      |   |   | 12(b)  |   |         |   | (3,010   | )      |   |   | (7,491   | )      |   |   | (2,425 | ) |
| Accumulated losses            |   |   | 12(c)  |   |         |   | (179,730 | )      |   |   | (162,251 | )      |   |   | (144,772 | ) |
| Parent interest               |   |   |   |   |         |   | 23,679   |   |   |   | 30,690   |   |   |   | 19,074 |   |
|                          |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| Minority Interest             |   |   | 12(d)  |   |         |   | 5,094    |   |   |   | 4,947    |   |   |   | 4,103 |   |
|                          |   |   |   |   |         |   |     |   |   |   |     |   |   |   |   |   |
| TOTAL EQUITY                  |   |   |   |   |         |   | 28,773   |   |   |   | 35,637   |   |   |   | 23,177 |   |

| STATEMENTS OF CHANGES IN EQUITY                                                                  |               |
|--------------------------------------------------------------------------------------------------|--------------------|
| for the year ended 30 June, 2009                                                                 |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                             |  Consolidated |
|                                                                                             |               | Contributed equity |   |   | Accumulated losses |   |   | Reserves |   |   | Total |   |   | Minority interest |   |   | Total equity |   |   | Total equity |   |
|                                                                                             |               | A$'000 |   |   | A$'000 |   |   | A$'000 |   |   | A$'000 |   |   | A$'000 |   |   | A$'000 |   |   | US$'000 |   |
|                                                                                             |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At 1 July, 2006                                                                                  |               |   | 176,989 |   |   |   | (131,700 | ) |   |   | (2,847 | ) |   |   | 42,442 |   |   |   | 2,136 |   |   |   | 44,578 |   |   |   | 35,908 |   |
| Exchange differences on translation of foreign operations                                        |               |   | - |   |   |   | - |   |   |   | (2,607 | ) |   |   | (2,607 | ) |   |   | (1,312 | ) |   |   | (3,919 | ) |   |   | (3,157 | ) |
| Share-based payments                                                                             |               |   | - |   |   |   | 2,303 |   |   |   | - |   |   |   | 2,303 |   |   |   | 478 |   |   |   | 2,781 |   |   |   | 2,240 |   |
| Net income recognised directly in equity                                                         |               |   | 176,989 |   |   |   | (129,397 | ) |   |   | (5,454 | ) |   |   | 42,138 |   |   |   | 1,302 |   |   |   | 43,440 |   |   |   | 34,991 |   |
| Issue of share capital by subsidiary                                                             |               |   | 24,371 |   |   |   | - |   |   |   | - |   |   |   | 24,371 |   |   |   | - |   |   |   | 24,371 |   |   |   | 19,631 |   |
| less minority interest                                                                           |               |   | (5,277 | ) |   |   | - |   |   |   | - |   |   |   | (5,277 | ) |   |   | 5,277 |   |   |   | - |   |   |   | - |   |
| Options exercised (1)                                                                            |               |   | 513 |   |   |   | - |   |   |   | - |   |   |   | 513 |   |   |   | - |   |   |   | 513 |   |   |   | 413 |   |
| Loss for the period                                                                              |               |   | - |   |   |   | (19,981 | ) |   |   | - |   |   |   | (19,981 | ) |   |   | (4,315 | ) |   |   | (24,296 | ) |   |   | (19,570 | ) |
| Share of opening equity transferred to minority interest due to issuance of shares by subsidiary |               |   | (4,720 | ) |   |   | 3,231 |   |   |   | 299 |   |   |   | (1,190 | ) |   |   | 1,788 |   |   |   | 598 |   |   |   | 482 |   |
| At 30 June, 2007                                                                                 |               |   | 191,876 |   |   |   | (146,147 | ) |   |   | (5,155 | ) |   |   | 40,574 |   |   |   | 4,052 |   |   |   | 44,626 |   |   |   | 35,947 |   |
|                                                                                             |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At 1 July, 2007                                                                                  |               |   | 191,876 |   |   |   | (146,147 | ) |   |   | (5,155 | ) |   |   | 40,574 |   |   |   | 4,052 |   |   |   | 44,626 |   |   |   | 35,947 |   |
| Exchange differences on translation of foreign operations                                        |               |   | - |   |   |   | - |   |   |   | (2,729 | ) |   |   | (2,729 | ) |   |   | (1,046 | ) |   |   | (3,775 | ) |   |   | (3,041 | ) |
| Share-based payments                                                                             |               |   | - |   |   |   | 850 |   |   |   | - |   |   |   | 850 |   |   |   | 284 |   |   |   | 1,134 |   |   |   | 913 |   |
| Net income recognised directly in equity                                                         |               |   | 191,876 |   |   |   | (145,297 | ) |   |   | (7,884 | ) |   |   | 38,695 |   |   |   | 3,290 |   |   |   | 41,985 |   |   |   | 33,819 |   |
| Issue of share capital by subsidiary                                                             |               |   | 18,429 |   |   |   | - |   |   |   | - |   |   |   | 18,429 |   |   |   | - |   |   |   | 18,429 |   |   |   | 14,845 |   |
| less minority interest                                                                           |               |   | (5,334 | ) |   |   | - |   |   |   | - |   |   |   | (5,334 | ) |   |   | 5,334 |   |   |   | - |   |   |   | - |   |
| Loss for the period                                                                              |               |   | - |   |   |   | (20,264 | ) |   |   | - |   |   |   | (20,264 | ) |   |   | (4,513 | ) |   |   | (24,777 | ) |   |   | (19,958 | ) |
| Share of opening equity transferred to minority interest due to issuance of shares by subsidiary |               |   | (4,539 | ) |   |   | 3,310 |   |   |   | 393 |   |   |   | (836 | ) |   |   | 836 |   |   |   | - |   |   |   | - |   |
| At 30 June, 2008                                                                                 |               |   | 200,432 |   |   |   | (162,251 | ) |   |   | (7,491 | ) |   |   | 30,690 |   |   |   | 4,947 |   |   |   | 35,637 |   |   |   | 28,706 |   |
|                                                                                             |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| At 1 July, 2008                                                                                  |               |   | 200,432 |   |   |   | (162,251 | ) |   |   | (7,491 | ) |   |   | 30,690 |   |   |   | 4,947 |   |   |   | 35,637 |   |   |   | 28,706 |   |
| Exchange differences on translation of foreign operations                                        |               |   | - |   |   |   | - |   |   |   | 4,425 |   |   |   | 4,425 |   |   |   | 1,738 |   |   |   | 6,163 |   |   |   | 4,964 |   |
| Share-based payments                                                                             |               |   | - |   |   |   | 1,060 |   |   |   | - |   |   |   | 1,060 |   |   |   | 140 |   |   |   | 1,200 |   |   |   | 967 |   |
| Net income recognised directly in equity                                                         |               |   | 200,432 |   |   |   | (161,191 | ) |   |   | (3,066 | ) |   |   | 36,175 |   |   |   | 6,825 |   |   |   | 43,000 |   |   |   | 34,637 |   |
| Issue of share capital by subsidiary                                                             |               |   | 4,033 |   |   |   | - |   |   |   | - |   |   |   | 4,033 |   |   |   | - |   |   |   | 4,033 |   |   |   | 3,248 |   |
| less minority interest                                                                           |               |   | (3,047 | ) |   |   | - |   |   |   | - |   |   |   | (3,047 | ) |   |   | 3,047 |   |   |   | - |   |   |   | - |   |
| New shares issued                                                                                |               |   | 5,527 |   |   |   | - |   |   |   | - |   |   |   | 5,527 |   |   |   | - |   |   |   | 5,527 |   |   |   | 4,452 |   |
| Loss for the period                                                                              |               |   | - |   |   |   | (18,928 | ) |   |   | - |   |   |   | (18,928 | ) |   |   | (4,859 | ) |   |   | (23,787 | ) |   |   | (19,160 | ) |
| Share of opening equity transferred to minority interest due to issuance of shares by subsidiary |               |   | (526 | ) |   |   | 389 |   |   |   | 56 |   |   |   | (81 | ) |   |   | 81 |   |   |   | - |   |   |   | - |   |
| At 30 June, 2009                                                                                 |               |   | 206,419 |   |   |   | (179,730 | ) |   |   | (3,010 | ) |   |   | 23,679 |   |   |   | 5,094 |   |   |   | 28,773 |   |   |   | 23,177 |   |

| (1)   | During the period 300,207 Novogen Limited shares were issued following the exercise of options. |
|-----------------|-------------------------------------------------------------------------------------------------|

| STATEMENTS OF CASH FLOWS                                                    |   |   |         |    |   |   |   |    |   |   |   |    |   |
|-----------------------------------------------------------------------------|--------|--------|--------------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
| for the year ended 30 June, 2009                                            |   |   |         |    |   |   |   |    |   |   |   |    |   |
|                                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |
|                                                                        | Notes  |   | Consolidated |    |
|                                                                        |   |   | 2009         |    |   | 2008   |   |    | 2007   |   |   | 2009    |   |
|                                                                        |   |   | A$'000       |    |   | A$'000 |   |    | A$'000 |   |   | US$'000 |   |
|                                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |
| Cash flows from operating activities                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |
| Net loss before tax                                                         |   |   |         | (23,786 | )      |   |   | (24,773 | )      |   |   | (24,295 | )      |   |   | (19,160 | ) |
| Income tax paid                                                             |   |   |         | (1      | )      |   |   | (4      | )      |   |   | (1      | )      |   |   | (1 | ) |
|                                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |   |         |    |   |   |   |    |   |   |   |    |   |
| Depreciation and amortisation                                               |   |   |         | 282     |   |   |   | 353     |   |   |   | 976     |   |   |   | 227 |   |
| Net (gain)/loss on disposal of property, plant and equipment                |   |   | 29           |    |   |   | (1,623 | )       |   |   | 17     |    |   |   | 23 |   |
| Share-based payments                                                        |   |   |         | 1,200   |   |   |   | 602     |   |   |   | 2,686   |   |   |   | 967 |   |
|                                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Changes in operating assets and liabilities:                                |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| (increase)/decrease in trade receivables                                    |   |   |         | 527     |   |   |   | 300     |   |   |   | 388     |   |   |   | 424 |   |
| (increase)/decrease in other receivables                                    |   |   |         | 190     |   |   |   | 1,007   |   |   |   | (128    | )      |   |   | 153 |   |
| (increase)/decrease in inventories                                          |   |   |         | 595     |   |   |   | 1,970   |   |   |   | 4,487   |   |   |   | 479 |   |
| (increase)/decrease in prepayments                                          |   |   |         | (23     | )      |   |   | 88      |   |   |   | 55      |   |   |   | (19 | ) |
| increase/(decrease) in trade and other payables                             |   |   |         | 1,388   |   |   |   | 751     |   |   |   | 274     |   |   |   | 1,118 |   |
| increase/(decrease) in provisions                                           |   |   |         | (83     | )      |   |   | 282     |   |   |   | (48     | )      |   |   | (67 | ) |
| exchange rate change on opening cash                                        |   |   |         | (920    | )      |   |   | 937     |   |   |   | 981     |   |   |   | (741 | ) |
|                                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Net cash flows used in operating activities                                 |   |   |         | (20,602 | )      |   |   | (20,110 | )      |   |   | (14,608 | )      |   |   | (16,597 | ) |
|                                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Cash flows from investing activities                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Acquisition of property, plant and equipment                                |   |   |         | (94     | )      |   |   | (95     | )      |   |   | (299    | )      |   |   | (76 | ) |
| Proceeds from sale of plant and equipment                                   |   |   |         | 5       |   |   |   | 3,831   |   |   |   | 262     |   |   |   | 4 |   |
|                                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Net cash flows from/(used in) investing activities                          |   |   |         | (89     | )      |   |   | 3,736   |   |   |   | (37     | )      |   |   | (72 | ) |
|                                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Financing Activities                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Proceeds from the issue of ordinary shares                                  |   |   |         | 5,527   |   |   |   | -       |   |   |   | 513     |   |   |   | 4,452 |   |
| Proceeds from the issue of shares by subsidiary                             |   |   |         | 4,033   |   |   |   | 18,961  |   |   |   | 24,371  |   |   |   | 3,249 |   |
| Repayment of borrowings                                                     |   |   |         | -       |   |   |   | -       |   |   |   | (15     | )      |   |   | - |   |
| Withdrawal of/(investment in) short-term deposits                           |   |   |         | 2,000   |   |   |   | (2,000  | )      |   |   | -       |   |   |   | 1,611 |   |
|                                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Net cash flows from/(used in) financing activities                          |   |   |         | 11,560  |   |   |   | 16,961  |   |   |   | 24,869  |   |   |   | 9,312 |   |
|                                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Net (decrease)/increase in cash and cash equivalents                        |   |   |         | (9,131  | )      |   |   | 587     |   |   |   | 10,224  |   |   |   | (7,357 | ) |
| Cash and cash equivalents at beginning of period                            |   |   |         | 34,386  |   |   |   | 38,511  |   |   |   | 30,513  |   |   |   | 27,698 |   |
| Effect of exchange rates on cash holdings in foreign currencies             |   |   | 7,083        |    |   |   | (4,712 | )       |   |   | (4,226 | )       |   |   | 5,705 |   |
| Movements in secured facility                                               |   |   |         | -       |   |   |   | -       |   |   |   | 2,000   |   |   |   | - |   |
|                                                                        |   |   |         |    |   |   |   |    |   |   |   |    |   |   |   |   |   |
| Cash and cash equivalents at end of period                                  | 5      |   |         | 32,338  |   |   |   | 34,386  |   |   |   | 38,511  |   |   |   | 26,046 |   |

|   | Revenues, expenses and assets are recognised net of the amount of GST receipt except:  |
|--------|---------------------------------------------------------------------------------------------|

| ·   | when the GST incurred on a purchase of goods or services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | receivables and payables, which are stated with the amounts of GST included. |
|--------------------|------------------------------------------------------------------------------|

| ·   | costs of servicing equity (other than dividends) and preference share dividends; |
|--------------------|----------------------------------------------------------------------------------|

| ·   | the after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                           |   | Consolidated |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                                                           |   | 2009         |   |   | 2008 |   |   | 2007 |   |
|                                                                                                                           |   | A$'000       |   |   | A$'000 |   |   | A$'000 |   |
|                                                                                                                           |   |         |   |   |   |   |   |   |   |
| Revenue and expenses from continuing operations                                                                                |   |         |   |   |   |   |   |   |   |
|                                                                                                                           |   |         |   |   |   |   |   |   |   |
| (a) Revenue                                                                                                                    |   |         |   |   |   |   |   |   |   |
| Sale of goods                                                                                                                  |   |         | 8,333  |   |   |   | 9,400 |   |   |   | 10,709 |   |
|                                                                                                                           |   |         | 8,333  |   |   |   | 9,400 |   |   |   | 10,709 |   |
|                                                                                                                           |   |         |   |   |   |   |   |   |   |   |   |   |
| Bank interest                                                                                                                  |   |         | 888    |   |   |   | 1,773 |   |   |   | 1,912 |   |
| Royalties                                                                                                                      |   |         | 1,923  |   |   |   | 1,749 |   |   |   | 1,746 |   |
| Licence fees                                                                                                                   |   |         | -      |   |   |   | 224 |   |   |   | 1,122 |   |
| Dividends                                                                                                                      |   |         | -      |   |   |   | - |   |   |   | 1,026 |   |
| Other                                                                                                                          |   |         | 3      |   |   |   | 137 |   |   |   | 780 |   |
|                                                                                                                           |   |         | 2,814  |   |   |   | 3,883 |   |   |   | 6,586 |   |
|                                                                                                                           |   |         |   |   |   |   |   |   |   |   |   |   |
| Total revenue                                                                                                                  |   |         | 11,147 |   |   |   | 13,283 |   |   |   | 17,295 |   |
|                                                                                                                           |   |         |   |   |   |   |   |   |   |   |   |   |
| (b) Other income                                                                                                               |   |         |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                           |   |         |   |   |   |   |   |   |   |   |   |   |
| Government grants - research and development                                                                                   |   |         | -      |   |   |   | - |   |   |   | 2,710 |   |
| Net gains on disposal of property, plant and         .   equipment |   |         | -      |   |   |   | 1,623 |   |   |   | - |   |
|                                                                                                                           |   |         | -      |   |   |   | 1,623 |   |   |   | 2,710 |   |

| (c) Other expenses                                |   |   |   |   |   |   |   |   |   |
|---------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Loss on disposal of plant and equipment           |   |   | 29     |   |   |   | -      |   |   |   | 17 |   |
| Reassessment of expected grant income             |   |   | -      |   |   |   | 915    |   |   |   | - |   |
| Inventory impairment provision                    |   |   | 1,087  |   |   |   | (387   | )      |   |   | 933 |   |
| Impairment loss - financial assets                |   |   |   |   |   |   |   |   |   |   | - |   |
| Trade receivables                                 |   |   | 23     |   |   |   | (29    | )      |   |   | 29 |   |
| Other debtors                                     |   |   | -      |   |   |   | 62     |   |   |   | - |   |
|                                              |   |   | 1,139  |   |   |   | 561    |   |   |   | 979 |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| (d) Depreciation included in the income statement |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation :                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Included in cost of sales                         |   |   | -      |   |   |   | 2      |   |   |   | 367 |   |
| Included in administrative expenses               |   |   | 282    |   |   |   | 351    |   |   |   | 609 |   |

|                                                                   |   | Consolidated |   |
|------------------------------------------------------------------------|--------|--------------|--------|
|                                                                   |   | 2009         |   |   | 2008 |   |   | 2007 |   |
|                                                                   |   | A$'000       |   |   | A$'000 |   |   | A$'000 |   |
| (e) Lease payments and other expenses included in the income statement |   |         |   |   |
| Included in administrative expenses:                                   |   |         |   |   |   |   |   |   |   |
| Minimum lease payments - operating leases                              |   |         | 775    |   |   |   | 663 |   |   |   | 668 |   |
| Net foreign exchange differences                                       |   |         | (920   | ) |   |   | 937 |   |   |   | 893 |   |
|                                                                   |   |         |   |   |   |   |   |   |   |   |   |   |
| (f) Employee benefit expense                                           |   |         |   |   |   |   |   |   |   |   |   |   |
| Wages and salaries                                                     |   |         | 6,884  |   |   |   | 7,248 |   |   |   | 8,163 |   |
| Workers' compensation costs                                            |   |         | 51     |   |   |   | 61 |   |   |   | 67 |   |
| Defined contribution plan expense                                      |   |         | 1,139  |   |   |   | 1,147 |   |   |   | 1,022 |   |
| Share-based payments expense                                           |   |         | 1,065  |   |   |   | 576 |   |   |   | 549 |   |
|                                                                   |   |         | 9,139  |   |   |   | 9,032 |   |   |   | 9,801 |   |

|                                                                                                                                                            |   | Consolidated |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|
|                                                                                                                                                            |   | 2009         |    |   | 2008 |   |   | 2007 |   |
|                                                                                                                                                            |   | A$'000       |    |   | A$'000 |   |   | A$'000 |   |
| A reconciliation between tax expense and the product of accounting (loss)/profit before income tax multiplied by the Group's applicable tax rate is as follows: |   |
|                                                                                                                                                            |   |         |    |   |   |   |   |   |   |
| Accounting (loss)/profit before tax from operations                                                                                                             |   |         | (23,786 | ) |   |   | (24,773 | ) |   |   | (24,295 | ) |
|                                                                                                                                                            |   |         |    |   |   |   |   |   |   |   |   |   |
| At the Group's statutory income tax rate of 30% (2008 and 2007: 30%)                                                                                            |   |         | (7,136  | ) |   |   | (7,432 | ) |   |   | (7,289 | ) |
|                                                                                                                                                            |   |         |    |   |   |   |   |   |   |   |   |   |
| Foreign tax rate differentials                                                                                                                                  |   |         | (727    | ) |   |   | 619 |   |   |   | (250 | ) |
| Non deductible expenses                                                                                                                                         |   |         | 310     |   |   |   | 307 |   |   |   | 975 |   |
| Deductible balancing adjustments                                                                                                                                |   |         | -       |   |   |   | 3 |   |   |   | - |   |
| Research and development allowance                                                                                                                              |   |         | (1,403  | ) |   |   | (1,165 | ) |   |   | (143 | ) |
| Sub-total                                                                                                                                                       |   |         | (8,956  | ) |   |   | (7,668 | ) |   |   | (6,707 | ) |
| Tax losses and timing differences not recognised                                                                                                                |   |         | 8,957   |   |   |   | 7,672 |   |   |   | 6,708 |   |
| Previously unrecognised tax losses used to reduce tax expense                                                                                                   |   |         | -       |   |   |   | - |   |   |   | - |   |
| Tax expense                                                                                                                                                     |   |         | 1       |   |   |   | 4 |   |   |   | 1 |   |
|                                                                                                                                                            |   |         |    |   |   |   |   |   |   |   |   |   |
| Components of income tax expense/(benefit)                                                                                                                      |   |         |    |   |   |   |   |   |   |   |   |   |
| Current tax                                                                                                                                                     |   |         | (8,956  | ) |   |   | (7,668 | ) |   |   | (6,707 | ) |
| Deferred tax                                                                                                                                                    |   |         | 8,957   |   |   |   | 7,672 |   |   |   | 6,708 |   |
| Income tax expense                                                                                                                                              |   |         | 1       |   |   |   | 4 |   |   |   | 1 |   |

| Deferred income tax                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |
| Deferred income tax at 30 June relates to the following:                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Deferred tax assets                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
|    Depreciation                                                                                                                                                                                                            |   |   | 340    |   |   |   | 761    |   |   |   | 733 |   |
|    Provisions and accruals                                                                                                                                                                                                 |   |   | 1,875  |   |   |   | 1,025  |   |   |   | 1,042 |   |
|    Exchange losses                                                                                                                                                                                                         |   |   | 121    |   |   |   | 78     |   |   |   | 549 |   |
|    Share based payments by USA subsidiaries                                                                                                                                                                                |   |   | 203    |   |   |   | -      |   |   |   | - |   |
|    Other                                                                                                                                                                                                                   |   |   | 60     |   |   |   | 6      |   |   |   | 113 |   |
|    Losses carried forward                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                     - Australia       |   |   | 35,177 |   |   |   | 33,238 |   |   |   | 24,157 |   |
|                                     - US              |   |   | 16,990 |   |   |   | 11,876 |   |   |   | 14,729 |   |
|                                     - Other countries |   |   | 2,368  |   |   |   | 3,653  |   |   |   | 5,139 |   |
| Total deferred tax assets not recognised                                                                                                                                                                                                  |   |   | 57,134 |   |   |   | 50,637 |   |   |   | 46,462 |   |
|                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Deferred tax liability                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|    Exchange gains                                                                                                                                                                                                          |   |   | -      |   |   |   | -      |   |   |   | - |   |
|    Other                                                                                                                                                                                                                   |   |   | (76    | )      |   |   | (117   | )      |   |   | (304 | ) |
|                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Total deferred tax liability not recognised                                                                                                                                                                                               |   |   | (76    | )      |   |   | (117   | )      |   |   | (304 | ) |
|                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Net deferred tax asset not recognised                                                                                                                                                                                                     |   |   | 57,058 |   |   |   | 50,520 |   |   |   | 46,158 |   |

|                                                                                                |   | Consolidated   |    |
|-----------------------------------------------------------------------------------------------------|--------|----------------|---------|
|                                                                                                |   | 2009           |    |   | 2008 |   |   | 2007 |   |
|                                                                                                |   | $'000          |    |   | $'000 |   |   | $'000 |   |
|                                                                                                |   |           |    |   |   |   |   |   |   |
| Net loss attributable to ordinary equity holders of the parent                                      |   |           | (18,928 | ) |   |   | (20,264 | ) |   |   | (19,981 | ) |
|                                                                                                |   |           |    |   |   |   |   |   |   |   |   |   |
|                                                                                                |   |           |    |   |   |   |   |   |   |   |   |   |
|                                                                                                |   | 2009 Thousands |    |   | 2008 Thousands |   |   | 2007 Thousands |   |
|                                                                                                |   |           |    |   |   |   |   |   |   |   |   |   |
| Weighted average number of ordinary shares used in calculating basic and diluted earnings per share |   |           | 101,741 |   |   |   | 97,594 |   |   |   | 97,567 |   |

|                         |   | Consolidated |   |
|------------------------------|--------|--------------|--------|
|                         |   | 2009         |   |   | 2008 |   |   | 2007 |   |
|                         |   | $'000        |   |   | $'000 |   |   | $'000 |   |
|                         |   |         |   |   |   |   |   |   |   |
| Cash at bank and in hand     |   |         | 27,848 |   |   |   | 27,930 |   |   |   | 30,059 |   |
| Short-term deposits          |   |         | 4,490  |   |   |   | 6,456 |   |   |   | 8,452 |   |
|                         |   |         | 32,338 |   |   |   | 34,386 |   |   |   | 38,511 |   |
|                         |   |         |   |   |   |   |   |   |   |   |   |   |
| Secured cash (Refer Note 15) |   |         | 1,000  |   |   |   | 1,000 |   |   |   | 1,000 |   |
|                         |   |         | 33,338 |   |   |   | 35,386 |   |   |   | 39,511 |   |

|  Cash at bank earns interest at floating rates based on daily bank deposit rates. |
|----------------------------------------------------------------------------------------|

| Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                     |   | Consolidated |   |
|----------------------------------------------------------|--------|--------------|--------|
|                                                     |   | 2009         |   |   | 2008 |   |
|                                                     |   | $'000        |   |   | $'000 |   |
|                                                     |   |         |   |   |   |   |
| Current                                                  |   |         |   |   |   |   |
|                                                     |   |         |   |   |   |   |
| Trade receivables                                        |   |         | 1,531  |   |   |   | 2,042 |   |
| Allowance for doubtful debts                             |   |         | (36    | ) |   |   | (20 | ) |
|                                                     |   |         | 1,495  |   |   |   | 2,022 |   |
|                                                     |   |         |   |   |   |   |   |   |
| Deposits held                                            |   |         | 454    |   |   |   | 427 |   |
| Term deposits with greater than three months to maturity |   |         | -      |   |   |   | 2,000 |   |
| Deferred offering costs                                  |   |         | -      |   |   |   | 114 |   |
| Other debtors                                            |   |         | 303    |   |   |   | 468 |   |
| Allowance for doubtful debts - other                     |   |         | -      |   |   |   | (62 | ) |
|                                                     |   |         | 2,252  |   |   |   | 4,969 |   |

|                                            |   | Consolidated |   |
|-------------------------------------------------|--------|--------------|--------|
|                                            |   | 2009         |   |   | 2008 |   |
|                                            |   | A$'000       |   |   | A$'000 |   |
|                                            |   |         |   |   |   |   |
| Balance at 1 July                               |   |         | (20    | ) |   |   | (46 | ) |
|                                            |   |         |   |   |   |   |   |   |
| Change in allowance for the year                |   |         | (23    | ) |   |   | 29 |   |
| Amounts (recovered)/written off during the year |   |         | 7      |   |   |   | (3 | ) |
|                                            |   |         |   |   |   |   |   |   |
| Balance at 30 June                              |   |         | (36    | ) |   |   | (20 | ) |

|                 |   | Consolidated |   |
|----------------------|--------|--------------|--------|
|                 |   | 2009         |   |   | 2008 |   |
|                 |   | A$'000       |   |   | A$'000 |   |
|                 |   |         |   |   |   |   |
| 1 - 30 days overdue  |   |         | 250    |   |   |   | 447 |   |
| 31 - 60 days overdue |   |         | 15     |   |   |   | 196 |   |
| 61 - 90 days overdue |   |         | 3      |   |   |   | 2 |   |
| 91 + days overdue    |   |         | 12     |   |   |   | - |   |
|                 |   |         |   |   |   |   |   |   |
|                 |   |         | 280    |   |   |   | 645 |   |

|                 |   | Consolidated |   |
|----------------------|--------|--------------|--------|
|                 |   | 2009         |   |   | 2008 |   |
|                 |   | A$'000       |   |   | A$'000 |   |
|                 |   |         |   |   |   |   |
| 1 - 30 days overdue  |   |         | -      |   |   |   | 9 |   |
| 31 - 60 days overdue |   |         | -      |   |   |   | 28 |   |
| 61 - 90 days overdue |   |         | -      |   |   |   | - |   |
| 91 + days overdue    |   |         | -      |   |   |   | 49 |   |
|                 |   |         |   |   |   |   |   |   |
|                 |   |         | -      |   |   |   | 86 |   |

|                       |   | Consolidated |   |
|----------------------------|--------|--------------|--------|
|                       |   | 2009         |   |   | 2008 |   |
|                       |   | A$'000       |   |   | A$'000 |   |
|                       |   |         |   |   |   |   |
| Current                    |   |         |   |   |   |   |
|                       |   |         |   |   |   |   |
| Work in progress (at cost) |   |         | 573    |   |   |   | 536 |   |
| Finished goods (at cost)   |   |         | 761    |   |   |   | 1,393 |   |
|                       |   |         | 1,334  |   |   |   | 1,929 |   |
|                       |   |         |   |   |   |   |   |   |

|        |   | Consolidated |   |
|-------------|--------|--------------|--------|
|        |   | 2009         |   |   | 2008 |   |
|        |   | A$'000       |   |   | A$'000 |   |
|        |   |         |   |   |   |   |
| Prepayments |   |         | 565    |   |   |   | 542 |   |

|                                          |   | Consolidated |   |
|-----------------------------------------------|--------|--------------|--------|
|                                          |   | 2009         |   |   | 2008 |   |
|                                          |   | A$'000       |   |   | A$'000 |   |
|                                          |   |         |   |   |   |   |
| Plant and equipment - at cost                 |   |         | 2,697  |   |   |   | 2,753 |   |
| Accumulated depreciation                      |   |         | (2,395 | ) |   |   | (2,236 | ) |
|                                          |   |         | 302    |   |   |   | 517 |   |
|                                          |   |         |   |   |   |   |   |   |
|                                          |   |         |   |   |   |   |   |   |
| Leasehold improvements - at cost              |   |         | 107    |   |   |   | 112 |   |
| Accumulated depreciation                      |   |         | (56    | ) |   |   | (54 | ) |
|                                          |   |         | 51     |   |   |   | 58 |   |
|                                          |   |         |   |   |   |   |   |   |
| Total property, plant and equipment - at cost |   |         | 2,804  |   |   |   | 2,865 |   |
| Accumulated amortisation and depreciation     |   |         | (2,451 | ) |   |   | (2,290 | ) |
|                                          |   |         |   |   |   |   |   |   |
| Total property, plant and equipment           |   |         | 353    |   |   |   | 575 |   |

|                                           |   | Consolidated |   |
|------------------------------------------------|--------|--------------|--------|
|                                           |   | 2009         |   |   | 2008 |   |
|                                           |   | A$'000       |   |   | A$'000 |   |
| Plant and equipment                            |   |         |   |   |   |   |
| Carrying amount at beginning of financial year |   |         | 517    |   |   |   | 758 |   |
| Additions                                      |   |         | 63     |   |   |   | 95 |   |
| Disposals                                      |   |         | (21    | ) |   |   | (5 | ) |
| Depreciation expense                           |   |         | (257   | ) |   |   | (331 | ) |
| Carrying amount at end of financial year       |   |         | 302    |   |   |   | 517 |   |
|                                           |   |         |   |   |   |   |   |   |
| Leasehold improvements                         |   |         |   |   |   |   |   |   |
| Carrying amount at beginning of financial year |   |         | 58     |   |   |   | 80 |   |
| Additions                                      |   |         | 32     |   |   |   | - |   |
| Disposals                                      |   |         | (14    | ) |   |   | - |   |
| Depreciation expense                           |   |         | (25    | ) |   |   | (22 | ) |
| Carrying amount at end of financial year       |   |         | 51     |   |   |   | 58 |   |

|                            |   | Consolidated |   |
|---------------------------------|--------|--------------|--------|
|                            |   | 2009         |   |   | 2008 |   |
|                            |   | A$'000       |   |   | A$'000 |   |
|                            |   |         |   |   |   |   |
| Current                         |   |         |   |   |   |   |
|                            |   |         |   |   |   |   |
| Trade payables                  |   |         | 2,837  |   |   |   | 3,427 |   |
| Accrued trade payables          |   |         | 1,261  |   |   |   | 1,239 |   |
| Accrued clinical trial payments |   |         | 3,961  |   |   |   | 2,005 |   |
| Intercompany payable            |   |         | -      |   |   |   | - |   |
|                            |   |         | 8,059  |   |   |   | 6,671 |   |

|                                     |   | Consolidated |   |
|------------------------------------------|--------|--------------|--------|
|                                     |   | 2009         |   |   | 2008 |   |
|                                     |   | A$'000       |   |   | A$'000 |   |
| Employee benefit provision               |   |         |   |   |   |   |
| Current                                  |   |         | 774    |   |   |   | 708 |   |
| Non-current                              |   |         | 190    |   |   |   | 339 |   |
|                                     |   |         | 964    |   |   |   | 1,047 |   |
|                                     |   |         |   |   |   |   |   |   |
| Make good provision                      |   |         |   |   |   |   |   |   |
| Opening balance at beginning of the year |   |         | 46     |   |   |   | 46 |   |
| Additional provision made in the period  |   |         | -      |   |   |   | - |   |
| Closing balance at the end of the year   |   |         | 46     |   |   |   | 46 |   |
|                                     |   |         |   |   |   |   |   |   |
| Current                                  |   |         | -      |   |   |   | - |   |
| Non-current                              |   |         | 46     |   |   |   | 46 |   |
|                                     |   |         | 46     |   |   |   | 46 |   |

| (a) Issued and paid up capital                                           |   |         |    |   |   |   |
|--------------------------------------------------------------------------|--------|--------------|---------|--------|--------|--------|
|                                                                     |   | Consolidated |    |
|                                                                     |   | 2009         |    |   | 2008   |   |
|                                                                     |   | A$'000       |    |   | A$'000 |   |
| Fully Paid Ordinary Shares                                               |   |         |    |   |   |   |
| Novogen Limited                                                          |   |         |    |   |   |   |
| 102,125,894 (2008: 97,594,261) ordinary shares                           |   |         | 133,100 |   |   |   | 127,573 |   |
|                                                                     |   |         | 133,100 |   |   |   | 127,573 |   |
|                                                                     |   |         |    |   |   |   |   |   |
| Other                                                                    |   |         |    |   |   |   |   |   |
| Gain arising on issue of shares by subsidiaries to outside shareholders: |   |         |    |   |   |
| Marshall Edwards, Inc.                                                   |   |         | 65,855  |   |   |   | 65,654 |   |
| Glycotex, Inc.                                                           |   |         | 7,464   |   |   |   | 7,205 |   |
|                                                                     |   |         | 73,319  |   |   |   | 72,859 |   |
|                                                                     |   |         |    |   |   |   |   |   |
| Contributed Equity                                                       |   |         | 206,419 |   |   |   | 200,432 |   |

|                                  |   | Number of shares |        |   | Issue price |   |   | A$'000 |   |
|---------------------------------------|--------|------------------|-------------|--------|-------------|--------|--------|--------|--------|
|                                  |   |             |        |   |        | $A     |   |   |   |   |
| On issue 1 July, 2007                 |   |             | 97,594,261  |   |        |   |   |   |   |   | 127,573 |   |
|                                  |   |             |        |   |        |   |   |   |   |   |   |   |
| On issue 30 June, 2008                |   |             | 97,594,261  |   |        |   |   |   |   |   | 127,573 |   |
|                                  |   |             |        |   |        |   |   |   |   |   |   |   |
| On issue 1 July, 2008                 |   |             | 97,594,261  |   |        |   |   |   |   |   | 127,573 |   |
|                                  |   |             |        |   |        |   |   |   |   |   |   |   |
| New Share Issue                       |   |             | 4,531,633   |   |        |   | 1.22   |   |   |   | 5,527 |   |
| Total shares issued during the period |   |             | 4,531,633   |   |        |   |   |   |   |   | 5,527 |   |
|                                  |   |             |        |   |        |   |   |   |   |   |   |   |
| On issue 30 June, 2009                |   |             | 102,125,894 |   |        |   |   |   |   |   | 133,100 |   |

|                                                                                              |   | Consolidated |   |
|---------------------------------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                              |   | 2009         |   |   | 2008 |   |
|                                                                                              |   | A$'000       |   |   | A$'000 |   |
|                                                                                              |   |         |   |   |   |   |
| Balance at the beginning of the year                                                              |   |         | (7,491 | ) |   |   | (5,155 | ) |
| Share of opening reserve transferred to minority interest due to issuance of shares by subsidiary |   |         | 56     |   |   |   | 393 |   |
| Exchange differences on translation of foreign operations                                         |   |         | 4,425  |   |   |   | (2,729 | ) |
| Balance at the end of the year                                                                    |   |         | (3,010 | ) |   |   | (7,491 | ) |

|                                                                            |   | Consolidated |     |
|---------------------------------------------------------------------------------|--------|--------------|----------|
|                                                                            |   | 2009         |     |   | 2008 |   |
|                                                                            |   | A$'000       |     |   | A$'000 |   |
|                                                                            |   |         |     |   |   |   |
| Balance at the beginning of the year                                            |   |         | (162,251 | ) |   |   | (146,147 | ) |
|                                                                            |   |         |     |   |   |   |   |   |
| Adjustment to opening retained earnings attributed to minority interest holders |   |         | 389      |   |   |   | 3,310 |   |
| Equity attributable to share based payments                                     |   |         | 1,060    |   |   |   | 850 |   |
| Current year (loss)/profit                                                      |   |         | (18,928  | ) |   |   | (20,264 | ) |
|                                                                            |   |         |     |   |   |   |   |   |
| Balance at the end of the year                                                  |   |         | (179,730 | ) |   |   | (162,251 | ) |

|                                 |   | Consolidated |    |
|--------------------------------------|--------|--------------|---------|
|                                 |   | 2009         |    |   | 2008 |   |
|                                 |   | A$'000       |    |   | A$'000 |   |
|                                 |   |         |    |   |   |   |
| Ordinary shares                      |   |         | 31,141  |   |   |   | 27,567 |   |
| Foreign currency translation reserve |   |         | (1,193  | ) |   |   | (2,875 | ) |
| Accumulated losses                   |   |         | (24,854 | ) |   |   | (19,745 | ) |
|                                 |   |         | 5,094   |   |   |   | 4,947 |   |

|                                     |   | 2009   |      |   | 2008   |   |
|------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                     |   | No.    |      |   | WAEP   |   |   | No. |   |   | WAEP |   |
| Outstanding at the beginning of the year |   |   | 2,327,976 |   |   | $      | 2.28 |   |   |   | 1,446,054 |   |   | $ | 3.37 |   |
|   Granted                      |   |   | 2,441,712 |   |   | $      | 0.60 |   |   |   | 1,326,552 |   |   | $ | 1.20 |   |
|   Forfeited                    |   |   | (586,996  | )      |   | $      | 1.53 |   |   |   | (184,114 | ) |   | $ | 3.27 |   |
|   Exercised (i)                |   |   | -         |   |   |   | N/A |   |   |   | - |   |   |   | N/A |   |
|   Expired                      |   |   | (111,280  | )      |   | $      | 6.76 |   |   |   | (260,516 | ) |   | $ | 2.10 |   |
| Outstanding at the end of the year       |   |   | 4,071,412 |   |   | $      | 1.26 |   |   |   | 2,327,976 |   |   | $ | 2.28 |   |
| Exercisable at the end of the year       |   |   | 886,110   |   |   | $      | 2.63 |   |   |   | 534,192 |   |   | $ | 4.33 |   |

|   | Exercise Price | Expiry Date | No. outstanding 30 June, 2009                                                                                             | No. outstanding 30 June, 2008                                                                                             |   |
|--------|----------------|-------------|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------|
|   | $6.76          | 27/02/09    |                     - |            118,468                                                 |   |
|   | $4.90          | 16/03/10    |            160,340                                                 |            182,868                                                 |   |
|   | $3.64          | 16/04/11    |            228,964                                                 |            272,536                                                 |   |
|   | $2.41          | 30/03/12    |            346,172                                                 |            427,552                                                 |   |
|   | $2.41          | 30/03/12    |            141,668                                                 |            141,668                                                 |   |
|   | $1.06          | 1/03/13     |            894,916                                                 |         1,184,884                                                                 |   |
|   | $1.06          | 1/03/13     |            345,592                                                 |                     - |   |
|   | $0.53          | 6/03/14     |         1,953,760                                                                 |                     - |   |
|   |           |        |                                                                                                                      |                                                                                                                      |   |
|   |           |        | 4,071,412                                                                                                                 | 2,327,976                                                                                                                 |   |

|                                     |   | 2009   |    |   | 2008   |   |
|------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                     |   | No.    |    |   | WAEP   |   |   | No. |   |   | WAEP |   |
| Outstanding at the beginning of the year |   |   | 103,020 |   |   | $      | 2.69 |   |   |   | 130,012 |   |   | $ | 3.08 |   |
|   Granted                      |   |   | 45,644  |   |   | $      | 0.53 |   |   |   | 35,460 |   |   | $ | 1.06 |   |
|   Forfeited                    |   |   | -       |   |   |   | N/A |   |   |   | (25,252 | ) |   | $ | 3.24 |   |
|   Expired                      |   |   | (6,660  | )      |   | $      | 6.76 |   |   |   | (37,200 | ) |   | $ | 2.10 |   |
| Outstanding at the end of the year       |   |   | 142,004 |   |   | $      | 1.81 |   |   |   | 103,020 |   |   | $ | 2.69 |   |
| Exercisable at the end of the year       |   |   | 49,063  |   |   | $      | 3.02 |   |   |   | 31,633 |   |   | $ | 4.27 |   |

|   | Exercise Price | Expiry Date | No. outstanding 30 June, 2009                                                                                             | No. outstanding 30 June, 2008                                                                                             |   |
|--------|----------------|-------------|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------|
|   | $6.76          | 27/02/09    |                     - |               6,660                                 |   |
|   | $4.90          | 16/03/10    |               9,184                                 |               9,184                                 |   |
|   | $3.64          | 16/04/11    |             20,624                                            |             20,624                                            |   |
|   | $2.41          | 30/03/12    |             31,092                                            |             31,092                                            |   |
|   | $1.06          | 1/03/13     |             35,460                                            |             35,460                                            |   |
|   | $0.53          | 6/03/14     |             45,644                                            |                     - |   |
|   |           |        |                                                                                                                      |                                                                                                                      |   |
|   |           |        | 142,004                                                                                                                   | 103,020                                                                                                                   |   |

|                      |   | 6 March, |   |   | 31 October, |   |   | 1 March, |   |   | 26 October, |   |
|---------------------------|--------|----------|--------|--------|-------------|--------|--------|----------|--------|--------|-------------|--------|
|                      |   | 2009     |   |   | 2008        |   |   | 2008     |   |   | 2007        |   |
| Exercise price            |   |     | 0.5256 |   |        |   | 1.06   |     |   |   | 1.06        |   |   |   | 2.41 |   |
| Share price at grant date |   |     | 0.51   |   |        |   | 0.95   |     |   |   | 1.07        |   |   |   | 1.62 |   |
| Dividend yield            |   |     | 0      | %      |        |   | 0      | %        |   |   | 0           | %      |   |   | 0 | % |
| Expected volatility       |   |     | 73     | %      |        |   | 66     | %        |   |   | 57          | %      |   |   | 55 | % |
| Historical volatility     |   |     | 73     | %      |        |   | 66     | %        |   |   | 57          | %      |   |   | 55 | % |
| Risk-free interest rate   |   |     | 3.61   | %      |        |   | 4.76   | %        |   |   | 6.35        | %      |   |   | 6.41 | % |
| Expected life of option   |   | 5 years  |   |   | 4.3 years   |   |   | 5 years  |   |   | 4.4 years   |   |
| Option fair value         |   |     | 0.31   |   |        |   | 0.51   |     |   |   | 0.60        |   |   |   | 0.66 |   |

|                      |   | 28 January, 2009 | 30 July, 2008 |   |
|---------------------------|--------|------------------|--------------------|--------|
| Exercise price            |   |  0.63       |  2.17         |   |
| Share price at grant date |   |  0.63       |  2.13         |   |
| Dividend yield            |   | 0%               | 0%                 |   |
| Expected volatility       |   | 111%             | 81%                |   |
| Historical volatility     |   | 111%             | 81%                |   |
| Risk-free interest rate   |   | 1.70%            | 3.36%              |   |
| Expected life of warrant  |   | 5 years          | 5 years            |   |
| Warrant fair value        |   | US$0.50          | US$1.41            |   |

|                      |   | 29 May, 2009 |   |
|---------------------------|--------|-------------------|--------|
| Exercise price            |   |  15.13       |   |
| Share price at grant date |   |  15.13       |   |
| Dividend yield            |   | 0%                |   |
| Expected volatility       |   | 52%               |   |
| Historical volatility     |   | 52%               |   |
| Risk-free interest rate   |   | 2.34%             |   |
| Expected life of warrant  |   | 5 years           |   |
| Warrant fair value        |   | US$7.13           |   |

|                                          | Australia                                                                  | North America                                                              | Europe                                                          | Elimination                                                                     | Consolidated                                                                          |                                                                            |
|-----------------------------------------------|----------------------------------------------------------------------------|----------------------------------------------------------------------------|-----------------------------------------------------------------|---------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                                          | 2009                                                                       | 2008                                                                       | 2007                                                            | 2009                                                                            | 2008                                                                                  | 2007                                                                            | 2009 | 2008 | 2007 | 2009 | 2008 | 2007 | 2009 | 2008 | 2007 |   |
|                                          | A$'000                                                                     | A$'000                                                                     | A$'000                                                          | A$'000                                                                          | A$'000                                                                                | A$'000                                                                          | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 |   |
| Revenue                                       |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |   |   |   |   |
| Sales to external customers                   |        4,902                            |        4,755                            |        4,453                 |        2,068                                 |        2,428                                       |        3,152                                 |        1,363 |        2,217 |        3,104 |              - |              - |              - |         8,333 |         9,400 |       10,709 |   |
| Other revenues from external . customers |        2,059                            |        2,171                            |        4,691                 |              - |               5 |             54      |              - |             13 |              - |         (133) |           (79) |           (71) |         1,926 |         2,110 |         4,674 |   |
| Inter-segment revenues                        |        1,077                            |        1,206                            |        3,543                 |              - |              -       |              - |        4,050 |              - |              - |      (5,127) |      (1,206) |      (3,543) |              - |              - |              - |   |
| Total segment revenue                         |        8,038                            |        8,132                            |      12,687                            |        2,068                                 |        2,433                                       |        3,206                                 |        5,413 |        2,230 |        3,104 |      (5,260) |      (1,285) |      (3,614) |       10,259 |       11,510 |       15,383 |   |
| Unallocated revenue                           |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |            888 |         1,773 |         1,912 |   |
| Total consolidated revenue                    |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |       11,147 |       13,283 |       17,295 |   |
|                                          |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |   |   |   |   |
|                                          |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |   |   |   |   |
| Result (from continuing operations)           |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |   |   |   |
| Segment result (loss)/profit                  |    (25,340)                                                 |    (27,435)                                                 |    (18,684)                                      |    (10,055)                                                      |           997                       |      (1,493)                                           |        3,786 |           139 |           105 |        7,834 |        1,550 |      (4,221) |     (23,775) |     (24,749) |     (24,293) |   |
| Unallocated expenses                          |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |            (11) |            (24) |              (2) |   |
| Consolidated entity (loss) before income tax  |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |     (23,786) |     (24,773) |     (24,295) |   |
| Income tax expense                            |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |              (1) |              (4) |              (1) |   |
| Net (loss) from continuing operations         |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |     (23,787) |     (24,777) |     (24,296) |   |
|                                          |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |   |   |   |   |
|                                          |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |   |   |   |   |
| Assets and liabilities                        |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |   |   |   |   |
| Segment assets                                |      62,344                                       |      61,667                                       |      71,533                            |      98,248                                            |      82,874                                                  |      70,414                                            |           811 |        1,026 |        1,722 |  (123,561) |  (102,166) |    (92,312) |       37,842 |       43,401 |       51,357 |   |
| Segment liabilities                           |        8,609                            |        7,272                            |        6,471                 |      47,105                                            |      39,572                                                  |      44,107                                            |        6,495 |      10,495 |      11,331 |    (53,140) |    (49,575) |    (55,178) |         9,069 |         7,764 |         6,731 |   |
|                                          |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |   |   |   |   |
|                                          |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |   |   |   |   |
| Other segment information                     |                                                                       |                                                                       |                                                            |                                                                            |                                                                                  |                                                                            |   |   |   |   |   |   |   |   |   |   |
| Capital expenditure                           |             81 |             88 |           269 |             13      |               4 |             27      |              - |               3 |               3 |              - |              - |              - |              94 |              95 |            299 |   |
| Depreciation                                  |           270            |           341            |           954 |             11      |               7 |             15      |               1 |               5 |               7 |              - |              - |              - |            282 |            353 |            976 |   |
| Other non-cash expenses                       |        5,409                            |           514            |        1,395                 |           799                 |             31            |        2,208                                 |             66 |           (18) |             35 |      (4,029) |              - |              - |         2,245 |            527 |         3,638 |   |
| Segment net gain/(loss) on foreign currency   |        6,990                            |      (6,466)                                      |      (7,031)                           |      (5,782)                                           |        4,767                                       |        5,573                                 |         (289) |           764 |           581 |               1 |             (2) |           (16) |            920 |          (937) |          (893) |   |
| Inventory impairment provision                |           894            |         (364)                      |           845 |           123                 |              -       |             89      |             70 |               6 |             (1) |              - |              - |              - |         1,087 |          (358) |            933 |   |

|            | Consumer healthcare                             | Pharmaceutical research and development | Elimination                          | Consolidated                                    |
|-----------------|-------------------------------------------------|-----------------------------------------|--------------------------------------|-------------------------------------------------|
|            | 2009                                            | 2008                                    | 2007                                 | 2009                                            | 2008 | 2007 | 2009 | 2008 | 2007 | 2009 | 2008 | 2007 |
|            | A$'000                                          | A$'000                                  | A$'000                               | A$'000                                          | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 | A$'000 |
|            |                                            |                                    |                                 |                                            |   |   |   |   |   |   |   |   |
| Segment revenue |        8,907 |      10,507    |      12,450 |        2,240 |        2,776 |        4,845 |              - |              - |              - |      11,147 |      13,283 |      17,295 |
| Segment assets  |      20,707            |      21,469    |      28,461 |      24,787            |      22,717 |      23,790 |      (7,652) |         (785) |         (894) |      37,842 |      43,401 |      51,357 |

|                     |   | Consolidated                                    |                                            |
|--------------------------|--------|-------------------------------------------------|-------------------------------------------------|
|                     |   | 2009                                            | 2008                                            |   |
|                     |   | A$'000                                          | A$'000                                          |   |
| Financial assets         |   |                                            |                                            |   |
|                     |   |                                            |                                            |   |
| Cash at bank and in hand |   |      27,848            |       27,930      |   |
| Short term deposits      |   |        4,490 |        6,456 |   |
|                     |   |      32,338            |       34,386      |   |
|                     |   |                                            |                                            |   |
| Secured cash             |   |        1,000 |        1,000 |   |
|                     |   |                                            |                                            |   |
| Net exposure             |   |      33,338            |       35,386      |   |

| Judgements of reasonably possible movements: | Post tax profit |                                                            |
|----------------------------------------------|-----------------|-----------------------------------------------------------------|
|                                         |            | Higher/(Lower)                                                  |   |
|                                         |            | 2009                                                            | 2008 |   |
|                                         |            | A$'000                                                          | A$'000 |   |
| Consolidated                                 |            |                                                            |   |   |
| +1% (100 basis points)                       |            |          333  |           354  |   |
| -1% (100 basis points)                       |            |         (333)           |          (354) |   |

| Consolidated                            |                                        |                                        |                                        |                                        |                                                    |                                                    |                                                    |                                        |                                        |                                      |                                |   |   |
|-----------------------------------------|---------------------------------------------|---------------------------------------------|---------------------------------------------|---------------------------------------------|---------------------------------------------------------|---------------------------------------------------------|---------------------------------------------------------|---------------------------------------------|---------------------------------------------|-------------------------------------------|-------------------------------------|--------|--------|
|                                    |                                        | Floating Interest Rate                      | Fixed 1 year or less                   | Fixed Over 1 to 5 years                | Non-interest     bearing       | Total                                                   |                                                    | Weighted average rate of interest           |
|                                    | Note                                        | 2009                                        | 2008                                        | 2009                                        | 2008                                                    | 2009                                                    | 2008                                                    | 2009                                        | 2008                                        | 2009                                      | 2008                                | 2009   | 2008   |
|                                    |                                        | A$'000                                      | A$'000                                      | A$'000                                      | A$'000                                                  | A$'000                                                  | A$'000                                                  | A$'000                                      | A$'000                                      | A$'000                                    | A$'000                              |   |   |
| Financial assets                        |                                        |                                        |                                        |                                        |                                                    |                                                    |                                                    |                                        |                                        |                                      |                                |   |   |
| Cash                                    | 5                                           |  18,835                                |  25,049                                |        - |        -             |          - |          - |   9,013                           |   2,881                           |     27,848            |     27,930      | 0.58%  | 2.02%  |
| Deposits                                | 5                                           |        - |        - |   5,490                           |   7,456                                       |          - |          - |        - |        - |       5,490 |      7,456 | 3.62%  | 7.75%  |
| Trade and other receivables             | 6                                           |        - |        - |        - |   2,000                                       |          - |          - |   2,252                           |   2,969                           |       2,252 |      4,969 | N/A    | 8.50%  |
| Loans and receivables                   |                                        |        - |        - |   5,490                           |   9,456                                       |          - |          - |   2,252                           |   2,969                           |       7,742 |     12,425      |   |   |
|                                    |                                        |                                        |                                        |                                        |                                                    |                                                    |                                                    |                                        |                                        |                                      |                                |   |   |
|                                    |                                        |  18,835                                |  25,049                                |   5,490                           |   9,456                                       |          - |          - |  11,265                                |   5,850                           |     35,590            |     40,355      |   |   |
|                                    |                                        |                                        |                                        |                                        |                                                    |                                                    |                                                    |                                        |                                        |                                      |                                |   |   |
| Financial liabilities                   |                                        |                                        |                                        |                                        |                                                    |                                                    |                                                    |                                        |                                        |                                      |                                |   |   |
| Trade and other payables                | 10                                          |        - |        - |        - |        -             |          - |          - |   8,059                           |   6,671                           |       8,059 |      6,671 | N/A    | N/A    |
| Financial liabilities at amortised cost |        - |        - |        - |        - |          - |          - |   8,059                                       |   6,671                           |       8,059   |      6,671       |                                |   |
|                                    |                                        |                                        |                                        |                                        |                                                    |                                                    |                                                    |                                        |                                        |                                      |                                |   |   |
| Net financial assets/(liabilities)      |  18,835                                |  25,049                                |   5,490                           |   9,456                           |          - |          - |   3,206                                       |     (821)               |     27,531              |     33,684            |                                |   |

|                        | Consolidated                                                   |                                                           |
|-----------------------------|----------------------------------------------------------------|----------------------------------------------------------------|
|                        | 2009                                                           | 2008                                                           |   |
|                        | A$'000                                                         | A$'000                                                         |   |
| USD denominated             |                                                           |                                                           |   |
|                        |                                                           |                                                           |   |
| Financial assets            |                                                           |                                                           |   |
| Cash and cash equivalents   |         467            |      3,524                            |   |
| Trade and other receivables |         243            |         268            |   |
|                        |         710            |      3,792                            |   |
| Financial liablities        |                                                           |                                                           |   |
| Trade and other payables    |         155            |         110            |   |
| Net exposure                |         555            |      3,682                            |   |
|                        |                                                           |                                                           |   |
| GBP denominated             |                                                           |                                                           |   |
|                        |                                                           |                                                           |   |
| Financial assets            |                                                           |                                                           |   |
| Cash and cash equivalents   |         126            |           18 |   |
| Trade and other receivables |         340            |         474            |   |
|                        |         466            |         492            |   |
| Financial liablities        |                                                           |                                                           |   |
| Trade and other payables    |         337            |         319            |   |
| Net exposure                |         129            |         173            |   |
|                        |                                                           |                                                           |   |
| CAD denominated             |                                                           |                                                           |   |
|                        |                                                           |                                                           |   |
| Financial assets            |                                                           |                                                           |   |
| Cash and cash equivalents   |         150            |         138            |   |
| Trade and other receivables |         121            |         200            |   |
|                        |         271            |         338            |   |
| Financial liablities        |                                                           |                                                           |   |
| Trade and other payables    |         145            |           79 |   |
| Net exposure                |         126            |         259            |   |
|                        |                                                           |                                                           |   |
| EURO denominated            |                                                           |                                                           |   |
|                        |                                                           |                                                           |   |
| Financial assets            |                                                           |                                                           |   |
| Cash and cash equivalents   |           12 |           49 |   |
| Trade and other receivables |         491            |         660            |   |
|                        |         503            |         709            |   |
| Financial liablities        |                                                           |                                                           |   |
| Trade and other payables    |         339            |         779            |   |
| Net exposure                |         164            |          (70)     |   |

| CHF denominated             |                                                          |                                                          |   |
|-----------------------------|---------------------------------------------------------------|---------------------------------------------------------------|--------|
|                        |                                                          |                                                          |   |
| Financial assets            |                                                          |                                                          |   |
| Cash and cash equivalents   |           - |           - |   |
| Trade and other receivables |           - |           - |   |
|                        |           - |           - |   |
| Financial liablities        |                                                          |                                                          |   |
| Trade and other payables    |         218           |           - |   |
| Net exposure                |        (218)               |           - |   |
|                        |                                                          |                                                          |   |
| AUD denominated             |                                                          |                                                          |   |
|                        |                                                          |                                                          |   |
| Financial assets            |                                                          |                                                          |   |
| Cash and cash equivalents   |         738           |         441           |   |
| Trade and other receivables |         293           |           - |   |
|                        |      1,031                           |         441           |   |
| Financial liablities        |                                                          |                                                          |   |
| Trade and other payables    |      4,085                           |      1,695                           |   |
| Net exposure                |     (3,054)                               |     (1,254)                               |   |

| Judgements of reasonably possible movements: | Post tax profit                                                      |                                                                            |
|----------------------------------------------|----------------------------------------------------------------------|---------------------------------------------------------------------------------|
|                                         | Higher/(Lower)                                                       |                                                                            |
|                                         | 2009                                                                 | 2008                                                                            |   |
|                                         | A$'000                                                               | A$'000                                                                          |   |
| USD denominated                              |                                                                 |                                                                            |   |
|                                         |                                                                 |                                                                            |   |
| Consolidated                                 |                                                                 |                                                                            |   |
| AUD/USD +10%                                 |          (50)           |        (335)                                 |   |
| AUD/USD -10%                                 |           62  |         409                        |   |
|                                         |                                                                 |                                                                            |   |
| GBP denominated                              |                                                                 |                                                                            |   |
|                                         |                                                                 |                                                                            |   |
| Consolidated                                 |                                                                 |                                                                            |   |
| AUD/GBP +10%                                 |          (12)           |          (16)                      |   |
| AUD/GBP -10%                                 |           14  |             9  |   |
|                                         |                                                                 |                                                                            |   |
| CAD denominated                              |                                                                 |                                                                            |   |
|                                         |                                                                 |                                                                            |   |
| Consolidated                                 |                                                                 |                                                                            |   |
| AUD/CAD +10%                                 |          (11)           |          (24)                      |   |
| AUD/CAD -10%                                 |           14  |           29             |   |
|                                         |                                                                 |                                                                            |   |
| EURO denominated                             |                                                                 |                                                                            |   |
|                                         |                                                                 |                                                                            |   |
| Consolidated                                 |                                                                 |                                                                            |   |
| AUD/EURO +10%                                |          (15)           |             6  |   |
| AUD/EURO -10%                                |           18  |            (8)           |   |
|                                         |                                                                 |                                                                            |   |
| CHF denominated                              |                                                                 |                                                                            |   |
|                                         |                                                                 |                                                                            |   |
| Consolidated                                 |                                                                 |                                                                            |   |
| AUD/EURO +10%                                |           20  |           -                   |   |
| AUD/EURO -10%                                |          (24)           |           -                   |   |
|                                         |                                                                 |                                                                            |   |
| AUD denominated                              |                                                                 |                                                                            |   |
|                                         |                                                                 |                                                                            |   |
| Consolidated                                 |                                                                 |                                                                            |   |
| AUD/USD +10%                                 |         278             |         114                        |   |
| AUD/USD -10%                                 |        (339)                      |        (139)                                 |   |
|                                         |                                                                 |                                                                            |   |

|          | Consolidated                                        |                                                |
|---------------|-----------------------------------------------------|-----------------------------------------------------|
|          | 2009                                                | 2008                                                |   |
|          | A$'000                                              | A$'000                                              |   |
| Australia     |      1,724                 |      4,089                 |   |
| North America |         182 |         338 |   |
| Europe        |         346 |         542 |   |
|          |      2,252                 |      4,969                 |   |

|    (i) | customer payment terms are 30 days except for some customers who have 60 day terms; |
|------------------|-------------------------------------------------------------------------------------|

|  (ii)      | credit limits are applied to customers to limit the credit risk exposure; and |
|------------------------------------------|-------------------------------------------------------------------------------|

| (iii)      | by limiting the amount of credit exposure to any single counter-party for cash deposits. |
|-------------------------------------|------------------------------------------------------------------------------------------|

| Consolidated             |   |          |   |   |        |   |   |      |   |   |         |   |   |   |   |
|--------------------------|--------|---------------|--------|--------|-------------|--------|--------|-----------|--------|--------|--------------|--------|--------|--------|--------|
| Year ended 30 June, 2009 |   | < 6 months |   |   | 6-12 months |   |   | 1-5 Years |   |   | > 5 years |   |   | Total  |   |
|                     |   | $'000         |   |   | $'000       |   |   | $'000     |   |   | $'000        |   |   | $'000  |   |
|                     |   |          |   |   |        |   |   |      |   |   |         |   |   |   |   |
| Financial Liabilities    |   |          |   |   |        |   |   |      |   |   |         |   |   |   |   |
| Trade and other payables |   |          | 8,059  |   |        |   | -      |      |   |   | -            |   |   |   | -      |   |   |   | 8,059 |   |
|                     |   |          |   |   |        |   |   |      |   |   |         |   |   |   |   |   |   |   |   |   |
| Total                    |   |          | 8,059  |   |        |   | -      |      |   |   | -            |   |   |   | -      |   |   |   | 8,059 |   |
|                     |   |          |   |   |        |   |   |      |   |   |         |   |   |   |   |   |   |   |   |   |
|                     |   |          |   |   |        |   |   |      |   |   |         |   |   |   |   |   |   |   |   |   |
|                     |   |          |   |   |        |   |   |      |   |   |         |   |   |   |   |   |   |   |   |   |
| Consolidated             |   |          |   |   |        |   |   |      |   |   |         |   |   |   |   |   |   |   |   |   |
| Year ended 30 June, 2008 |   | < 6 months |   |   | 6-12 months |   |   | 1-5 Years |   |   | > 5 years |   |   | Total  |   |
|                     |   | $'000         |   |   | $'000       |   |   | $'000     |   |   | $'000        |   |   | $'000  |   |
|                     |   |          |   |   |        |   |   |      |   |   |         |   |   |   |   |   |   |   |   |   |
| Financial Liabilities    |   |          |   |   |        |   |   |      |   |   |         |   |   |   |   |   |   |   |   |   |
| Trade and other payables |   |          | 6,671  |   |        |   | -      |      |   |   | -            |   |   |   | -      |   |   |   | 6,671 |   |
|                     |   |          |   |   |        |   |   |      |   |   |         |   |   |   |   |   |   |   |   |   |
| Total                    |   |          | 6,671  |   |        |   | -      |      |   |   | -            |   |   |   | -      |   |   |   | 6,671 |   |

|                   |   | Consolidated                                        |                                                |
|------------------------|--------|-----------------------------------------------------|-----------------------------------------------------|
|                   |   | 2009                                                | 2008                                                |   |
|                   |   | A$'000                                              | A$'000                                              |   |
|                   |   |                                                |                                                |   |
| Multi option facility  |   |       1,000           |       1,000           |   |
|                   |   |       1,000           |       1,000           |   |
|                   |   |                                                |                                                |   |
| Used at balance date   |   |         526 |         526 |   |
| Unused at balance date |   |         474 |         474 |   |
|                   |   |       1,000           |       1,000           |   |

|                                          |   | Consolidated |   |
|-----------------------------------------------|--------|--------------|--------|
|                                          |   | 2009         |   |   | 2008 |   |
|                                          |   | A$'000       |   |   | A$'000 |   |
|                                          |   |         |   |   |   |   |
| (a) Lease commitments *                       |   |         |   |   |   |   |
|                                          |   |         |   |   |   |   |
| Commitments in relation to operating leases   |   |         |   |   |   |   |
| contracted for at the reporting date but not  |   |         |   |   |   |   |
| recognised as liabilities payable:            |   |         |   |   |   |   |
| Not later than 1 year                         |   |         | 490    |   |   |   | 466 |   |
| Later than 1 year but not later than 2 years  |   |         | 84     |   |   |   | 431 |   |
| Later than 2 years but not later than 3 years |   |         | -      |   |   |   | 58 |   |
|                                          |   |         | 574    |   |   |   | 955 |   |
|                                          |   |         |   |   |   |   |   |   |
| (b) Other expenditure commitments             |   |         |   |   |   |   |   |   |
|                                          |   |         |   |   |   |   |   |   |
| Research and development contracts for        |   |         |   |   |   |   |   |   |
| service to be rendered:                       |   |         |   |   |   |   |   |   |
| Not later than 1 year                         |   |         | 1,797  |   |   |   | 10,493 |   |
| Later than 1 year but not later than 2 years  |   |         | 518    |   |   |   | 6,328 |   |
| Later than 2 years but not later than 3 years |   |         | 324    |   |   |   | 2,225 |   |
|                                          |   |         | 2,639  |   |   |   | 19,046 |   |

| Name of Entity                             | Country of Incorporation |   | % Equity interest * |   |   | Investment (A$'000) |   |
|--------------------------------------------|--------------------------|--------|---------------------|--------|--------|---------------------|--------|
|                                       |                     |   | 2009                |   |   | 2008                |   |   | 2009 |   |   | 2008 |   |
| Novogen Laboratories Pty Ltd ^             | Australia                |   |                | 100    |   |                |   | 100 |   |   |   | 2,154 |   |   |   | 1,551 |   |
| Novogen Research Pty Ltd ^                 | Australia                |   |                | 100    |   |                |   | 100 |   |   |   | 7,000 |   |   |   | 7,000 |   |
| Phytosearch Pty Ltd #                      | Australia                |   |                | -      |   |                |   | 100 |   |   |   | - |   |   |   | - |   |
| Phytogen Pty Ltd #                         | Australia                |   |                | -      |   |                |   | 100 |   |   |   | - |   |   |   | 20 |   |
| Glycotex Pty Ltd #                         | Australia                |   |                | -      |   |                |   | 100 |   |   |   | - |   |   |   | - |   |
| Norvogen Pty Ltd #                         | Australia                |   |                | -      |   |                |   | 100 |   |   |   | - |   |   |   | - |   |
| Central Coast Properties Pty Ltd #         | Australia                |   |                | -      |   |                |   | 100 |   |   |   | - |   |   |   | - |   |
| Novogen Inc                                | US                       |   |                | 100    |   |                |   | 100 |   |   |   | - |   |   |   | - |   |
|   Glycotex, Inc.                 | US                       |   |                | 80.7   |   |                |   | 81.0 |   |   |   | 857 |   |   |   | 857 |   |
| Novogen Limited (UK)                       | UK                       |   |                | 100    |   |                |   | 100 |   |   |   | - |   |   |   | - |   |
|   Promensil Limited              | UK                       |   |                | 100    |   |                |   | 100 |   |   |   | - |   |   |   | - |   |
|   Novogen BV                     | Netherlands              |   |                | 100    |   |                |   | 100 |   |   |   | - |   |   |   | - |   |
| Novogen Canada Limited                     | Canada                   |   |                | 100    |   |                |   | 100 |   |   |   | - |   |   |   | - |   |
| Marshall Edwards, Inc.                     | US                       |   |                | 71.3   |   |                |   | 71.9 |   |   |   | 6,712 |   |   |   | - |   |
|   Marshall Edwards Pty Limited # | Australia                |   |                | 71.3   |   |                |   | 71.9 |   |   |   | - |   |   |   | - |   |
|                                       |                     |   |                |   |   |                |   |   |   |   |   | 16,723 |   |   |   | 9,428 |   |

| Consolidated Income Statement                     |   | CLOSED GROUP |     |
|---------------------------------------------------|--------|--------------|----------|
|                                              |   | 2009         |     |   | 2008 |   |
|                                              |   | A$'000       |     |   | A$'000 |   |
|                                              |   |         |     |   |   |   |
| Loss from continuing operations before income tax |   |         | (6,395   | ) |   |   | (8,143 | ) |
| Income tax expense                                |   |         | -        |   |   |   | - |   |
| Loss after tax from continuing operations         |   |         | (6,395   | ) |   |   | (8,143 | ) |
| Accumulated losses at the beginning of the period |   |         | (111,224 | ) |   |   | (103,683 | ) |
| Net income recognised directly in equity          |   |         | 604      |   |   |   | 602 |   |
| Accumulated losses at the end of the period       |   |         | (117,015 | ) |   |   | (111,224 | ) |
|                                              |   |         |     |   |   |   |   |   |
|                                              |   |         |     |   |   |   |   |   |
| Consolidated Balance Sheet                        |   | CLOSED GROUP |     |
|                                              |   |         | 2009     |   |   |   | 2008 |   |
|                                              |   | A$'000       |     |   | A$'000 |   |
| CURRENT ASSETS                                    |   |         |     |   |   |   |   |   |
| Cash and cash equivalents                         |   |         | 9,164    |   |   |   | 13,718 |   |
| Trade and other receivables                       |   |         | 2,161    |   |   |   | 4,506 |   |
| Inventories                                       |   |         | 827      |   |   |   | 1,162 |   |
| Other current assets                              |   |         | 489      |   |   |   | 433 |   |
| Total current assets                              |   |         | 12,641   |   |   |   | 19,819 |   |
|                                              |   |         |     |   |   |   |   |   |
| NON-CURRENT ASSETS                                |   |         |     |   |   |   |   |   |
| Property, plant and equipment                     |   |         | 329      |   |   |   | 549 |   |
| Other financial assets                            |   |         | 6,712    |   |   |   | - |   |
| Total non-current assets                          |   |         | 7,041    |   |   |   | 549 |   |
|                                              |   |         |     |   |   |   |   |   |
| TOTAL ASSETS                                      |   |         | 19,682   |   |   |   | 20,368 |   |
|                                              |   |         |     |   |   |   |   |   |
| CURRENT LIABILITIES                               |   |         |     |   |   |   |   |   |
| Trade and other payables                          |   |         | 2,653    |   |   |   | 2,958 |   |
| Provisions                                        |   |         | 708      |   |   |   | 676 |   |
| Total current liabilities                         |   |         | 3,361    |   |   |   | 3,634 |   |
|                                              |   |         |     |   |   |   |   |   |
| NON-CURRENT LIABILITIES                           |   |         |     |   |   |   |   |   |
| Provisions                                        |   |         | 236      |   |   |   | 385 |   |
| Total non-current liabilities                     |   |         | 236      |   |   |   | 385 |   |
|                                              |   |         |     |   |   |   |   |   |
| TOTAL LIABILITIES                                 |   |         | 3,597    |   |   |   | 4,019 |   |
|                                              |   |         |     |   |   |   |   |   |
| NET ASSETS                                        |   |         | 16,085   |   |   |   | 16,349 |   |
|                                              |   |         |     |   |   |   |   |   |
| EQUITY                                            |   |         |     |   |   |   |   |   |
| Contributed equity                                |   |         | 133,100  |   |   |   | 127,573 |   |
| Accumulated losses                                |   |         | (117,015 | ) |   |   | (111,224 | ) |
| TOTAL EQUITY                                      |   |         | 16,085   |   |   |   | 16,349 |   |

|                                                                                                                                                                      |   | Consolidated |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|---------|
|                                                                                                                                                                      |   | 2009         |    |   | 2008 |   |
|                                                                                                                                                                      |   |         | A$      |   |   |   | A$ |   |
|                                                                                                                                                                      |   |         |    |   |   |   |   |   |
| Amounts received or due and receivable by BDO for:                                                                                                                        |   |         |    |   |   |   |   |   |
| (a) an audit or review of the financial report of the entity and any other entity in the consolidated group;                                                              |   |         | 328,726 |   |   |   | 333,718 |   |
| (b) other services in relation to the entity and any other entity in the consolidated entity.                                                                             |   |
|  - Tax compliance services                                                                                                                                           |   |         | 50,650  |   |   |   | 26,109 |   |
|  - MEI S3/S8 audit and review services                                                                                                                               |   |         | 3,381   |   |   |   | 25,726 |   |
|  - Review of government grants                                                                                                                                       |   |         | -       |   |   |   | 2,980 |   |
|  - Other                                                                                                                                                             |   |         | 6,240   |   |   |   | 8,007 |   |
|                                                                                                                                                                      |   |         | 388,997 |   |   |   | 396,540 |   |
|                                                                                                                                                                      |   |         |    |   |   |   |   |   |
| Amounts received or due and receivable by other entities in the BDO network for other services in relation to the entity and any other entity in the consolidated entity. |   |
|  - Tax compliance services                                                                                                                                           |   |         | 4,359   |   |   |   | - |   |
|  - Administrative matters                                                                                                                                            |   |         | 30,456  |   |   |   | - |   |
|                                                                                                                                                                      |   |         | 34,816  |   |   |   | - |   |
|                                                                                                                                                                      |   |         |    |   |   |   |   |   |
| Amounts received or due and receivable by non BDO audit firms for:                                                                                                        |   |         |    |   |   |
|  - an audit or review of the financial report of the entity and any other entity in the consolidated group, for local statutory purposes                             |   |         | 22,229  |   |   |   | 21,600 |   |
|  - other non-audit services - local statutory auditors                                                                                                               |   |         | 46,705  |   |   |   | 33,662 |   |
|                                                                                                                                                                      |   |         | 68,934  |   |   |   | 55,262 |   |
|                                                                                                                                                                      |   |         |    |   |   |   |   |   |
|                                                                                                                                                                      |   |         | 492,746 |   |   |   | 451,802 |   |

|                         | Consolidated                           |                            |
|------------------------------|----------------------------------------|---------------------------------|
|                         | 2009                                   | 2008                            |   |
|                         | A$                                     | A$                              |   |
|                         |                                   |                            |   |
| Short term employee benefits |   2,705,031                  |  2,686,531                 |   |
| Post employment benefits     |      532,290  |     570,947 |   |
| Long term employee benefits  |      (52,228) |     103,008 |   |
| Share-based payment          |      347,921  |     290,682 |   |
| Total Compensation           |   3,533,014                  |  3,651,168                 |   |

|                |   | Balance at beginning of period                   |    |   | Granted as remuneration |   |      | Options exercised |   |   | Net change other |   |   | Balance at end of period |    |   | Vested and exercisable |   |      | Not exercisable |   |
|---------------------|--------|--------------------------------------------------|---------|--------|-------------------------|--------|-----------|-------------------|--------|--------|------------------|--------|--------|--------------------------|---------|--------|------------------------|--------|-----------|-----------------|--------|
|                |   |       1 July, 2008 |    |   |                    |   |      | 30 June, 2009     |   |   | 30 June, 2009    |   |   | 30 June, 2009            |    |
|                |   | Number                                           |    |   | Number                  |   |      | Number            |   |   | Number           |   |   | Number                   |    |   | Number                 |   |      | Number          |   |
| Executive Directors |   |                                             |    |   |                    |   |      |              |   |   |             |   |   |                     |    |   |
| C Naughton          |   |                                             | 91,196  |   |                    |   | 218,664   |              |   |   | -                |   |   |                     | -       |   |                   |   | 309,860   |            |   |   | 100,264 |   |   |   | 209,596 |   |
| AJ Husband          |   |                                             | 118,392 |   |                    |   | 126,928   |              |   |   | -                |   |   |                     | (14,892 | )      |                   |   | 230,428   |            |   |   | 102,387 |   |   |   | 128,041 |   |
|                |   |                                             |    |   |                    |   |      |              |   |   |             |   |   |                     |    |   |                   |   |      |            |   |   |   |   |   |   |   |   |
|                |   |                                             |    |   |                    |   |      |              |   |   |             |   |   |                     |    |   |                   |   |      |            |   |   |   |   |   |   |   |   |
| Executives          |   |                                             |    |   |                    |   |      |              |   |   |             |   |   |                     |    |   |                   |   |      |            |   |   |   |   |   |   |   |   |
| DR Seaton           |   |                                             | 243,884 |   |                    |   | 212,108   |              |   |   | -                |   |   |                     | (14,892 | )      |                   |   | 441,100   |            |   |   | 102,028 |   |   |   | 339,072 |   |
| WJ Lancaster (US)   |   |                                             | 107,736 |   |                    |   | 109,400   |              |   |   | -                |   |   |                     | (7,848  | )      |                   |   | 209,288   |            |   |   | 44,859 |   |   |   | 164,429 |   |
| BM Palmer           |   |                                             | 132,868 |   |                    |   | 114,160   |              |   |   | -                |   |   |                     | (8,244  | )      |                   |   | 238,784   |            |   |   | 55,715 |   |   |   | 183,069 |   |
| CD Kearney          |   |                                             | 136,360 |   |                    |   | 117,004   |              |   |   | -                |   |   |                     | (8,192  | )      |                   |   | 245,172   |            |   |   | 57,176 |   |   |   | 187,996 |   |
| RL Erratt           |   |                                             | 127,176 |   |                    |   | 106,880   |              |   |   | -                |   |   |                     | (8,156  | )      |                   |   | 225,900   |            |   |   | 53,813 |   |   |   | 172,087 |   |
|                |   |                                             |    |   |                    |   |      |              |   |   |             |   |   |                     |    |   |                   |   |      |            |   |   |   |   |   |   |   |   |
| Total               |   |                                             | 957,612 |   |                    |   | 1,005,144 |              |   |   | -                |   |   |                     | (62,224 | )      |                   |   | 1,900,532 |            |   |   | 516,242 |   |   |   | 1,384,290 |   |

|                |   | Balance at beginning of period |    |   | Granted as remuneration |   |    | Options exercised |   |   | Net change other |   |   | Balance at end of period |     |   | Vested and exercisable |   |    | Not exercisable |   |
|---------------------|--------|--------------------------------|---------|--------|-------------------------|--------|---------|-------------------|--------|--------|------------------|--------|--------|--------------------------|----------|--------|------------------------|--------|---------|-----------------|--------|
|                |   |  1 July, 2007        |    |   |                    |   |    |              |   |   |             |   |   | 30 June, 2008            |     |   | 30 June, 2008          |   |    | 30 June, 2008   |   |
|                |   | Number                         |    |   | Number                  |   |    | Number            |   |   | Number           |   |   | Number                   |     |   | Number                 |   |    | Number          |   |
| Executive Directors |   |                           |    |   |                    |   |    |              |   |   |             |   |   |                     |     |   |                   |   |    |            |   |
| C Naughton          |   |                           | -       |   |                    |   | 91,196  |              |   |   | -                |   |   |                     | -        |   |                   |   | 91,196  |            |   |   | - |   |   |   | 91,196 |   |
| AJ Husband          |   |                           | 106,176 |   |                    |   | 50,472  |              |   |   | -                |   |   |                     | (38,256  | )      |                   |   | 118,392 |            |   |   | 59,672 |   |   |   | 58,720 |   |
|                |   |                           |    |   |                    |   |    |              |   |   |             |   |   |                     |     |   |                   |   |    |            |   |   |   |   |   |   |   |   |
|                |   |                           |    |   |                    |   |    |              |   |   |             |   |   |                     |     |   |                   |   |    |            |   |   |   |   |   |   |   |   |
| Executives          |   |                           |    |   |                    |   |    |              |   |   |             |   |   |                     |     |   |                   |   |    |            |   |   |   |   |   |   |   |   |
| DR Seaton           |   |                           | 156,860 |   |                    |   | 125,492 |              |   |   | -                |   |   |                     | (38,468  | )      |                   |   | 243,884 |            |   |   | 59,672 |   |   |   | 184,212 |   |
| WJ Lancaster (US)   |   |                           | 60,090  |   |                    |   | 53,020  |              |   |   | -                |   |   |                     | (5,374   | )      |                   |   | 107,736 |            |   |   | 27,735 |   |   |   | 80,001 |   |
| BM Palmer           |   |                           | 89,112  |   |                    |   | 67,864  |              |   |   | -                |   |   |                     | (24,108  | )      |                   |   | 132,868 |            |   |   | 32,803 |   |   |   | 100,065 |   |
| CD Kearney          |   |                           | 90,612  |   |                    |   | 69,560  |              |   |   | -                |   |   |                     | (23,812  | )      |                   |   | 136,360 |            |   |   | 33,326 |   |   |   | 103,034 |   |
| RL Erratt           |   |                           | 87,864  |   |                    |   | 63,836  |              |   |   | -                |   |   |                     | (24,524  | )      |                   |   | 127,176 |            |   |   | 32,214 |   |   |   | 94,962 |   |
|                |   |                           |    |   |                    |   |    |              |   |   |             |   |   |                     |     |   |                   |   |    |            |   |   |   |   |   |   |   |   |
| Total               |   |                           | 590,714 |   |                    |   | 521,440 |              |   |   | -                |   |   |                     | (154,542 | )      |                   |   | 957,612 |            |   |   | 245,422 |   |   |   | 712,190 |   |

|                |   | Balance 1 July, 2008 |      |   | Granted as remuneration |   |   | On exercise of options |   |   | Net change other |   |   | Balance 30 June, 2009 |   |
|---------------------|--------|---------------------------|-----------|--------|-------------------------|--------|--------|------------------------|--------|--------|------------------|--------|--------|----------------------------|--------|
|                |   | Number Ord                |      |   | Number Ord              |   |   | Number Ord             |   |   | Number Ord       |   |   | Number Ord                 |   |
| Executive Directors |   |                      |      |   |                    |   |   |                   |   |   |             |   |   |                       |   |
| PA Johnston         |   |                      | 73,594    |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 73,594 |   |
| C Naughton          |   |                      | 633,511   |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 633,511 |   |
| AJ Husband          |   |                      | 102,920   |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 102,920 |   |
| GM Leppinus         |   |                      | 3,000     |   |                    |   | -      |                   |   |   | -                |   |   |                       | 8,883  |   |   |   | 11,883 |   |
| PJ Nestel AO        |   |                      | 32,000    |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 32,000 |   |
| WD Rueckert *       |   |                      | -         |   |                    |   | -      |                   |   |   | -                |   |   |                       | 5,000  |   |   |   | 5,000 |   |
| PB Simpson          |   |                      | 5,500     |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 5,500 |   |
|                |   |                      |      |   |                    |   |   |                   |   |   |             |   |   |                       |   |   |   |   |   |   |
| Executives          |   |                      |      |   |                    |   |   |                   |   |   |             |   |   |                       |   |   |   |   |   |   |
| DR Seaton           |   |                      | 37,378    |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 37,378 |   |
| BM Palmer           |   |                      | 205,636   |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 205,636 |   |
| CD Kearney          |   |                      | 8,850     |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 8,850 |   |
| RL Erratt           |   |                      | 231,368   |   |                    |   | -      |                   |   |   | -                |   |   |                       | 40,000 |   |   |   | 271,368 |   |
|                |   |                      |      |   |                    |   |   |                   |   |   |             |   |   |                       |   |   |   |   |   |   |
| Total               |   |                      | 1,333,757 |   |                    |   | -      |                   |   |   | -                |   |   |                       | 53,883 |   |   |   | 1,387,640 |   |

|                |   | Balance 1 July, 2007 |      |   | Granted as remuneration |   |   | On exercise of options |   |   | Net change other |   |   | Balance 30 June, 2008 |   |
|---------------------|--------|---------------------------|-----------|--------|-------------------------|--------|--------|------------------------|--------|--------|------------------|--------|--------|----------------------------|--------|
|                |   | Number Ord                |      |   | Number Ord              |   |   | Number Ord             |   |   | Number Ord       |   |   | Number Ord                 |   |
| Executive Directors |   |                      |      |   |                    |   |   |                   |   |   |             |   |   |                       |   |
| PA Johnston         |   |                      | 58,594    |   |                    |   | -      |                   |   |   | -                |   |   |                       | 15,000 |   |   |   | 73,594 |   |
| C Naughton          |   |                      | 633,511   |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 633,511 |   |
| AJ Husband          |   |                      | 102,920   |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 102,920 |   |
| GM Leppinus         |   |                      | 3,000     |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 3,000 |   |
| PJ Nestel AO        |   |                      | 32,000    |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 32,000 |   |
| PB Simpson          |   |                      | 500       |   |                    |   | -      |                   |   |   | -                |   |   |                       | 5,000  |   |   |   | 5,500 |   |
|                |   |                      |      |   |                    |   |   |                   |   |   |             |   |   |                       |   |   |   |   |   |   |
| Executives          |   |                      |      |   |                    |   |   |                   |   |   |             |   |   |                       |   |   |   |   |   |   |
| DR Seaton           |   |                      | 37,378    |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 37,378 |   |
| BM Palmer           |   |                      | 134,023   |   |                    |   | -      |                   |   |   | -                |   |   |                       | 71,613 |   |   |   | 205,636 |   |
| CD Kearney          |   |                      | 8,850     |   |                    |   | -      |                   |   |   | -                |   |   |                       | -      |   |   |   | 8,850 |   |
| RL Erratt           |   |                      | 232,368   |   |                    |   | -      |                   |   |   | -                |   |   |                       | (1,000 | ) |   |   | 231,368 |   |
|                |   |                      |      |   |                    |   |   |                   |   |   |             |   |   |                       |   |   |   |   |   |   |
| Total               |   |                      | 1,243,144 |   |                    |   | -      |                   |   |   | -                |   |   |                       | 90,613 |   |   |   | 1,333,757 |   |

----

| Exhibit No. | Exhibit Description                                                                                                                                                                                                     |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1         | Constitution of Novogen Limited (formerly known as the Memorandum of Association and Articles of Association). (1)                                                                                                      |
| 2.1         | Deposit Agreement as further amended and restated, dated as of September 29, 2005, among Novogen Limited, the Bank of New York, as Depositary, and owners and holders from time to time of ADRs issued thereunder. (2)  |
| 4.1         | Employment Contract between the Company and Mr. C. Naughton dated June 21, 2006. (4)                                                                                                                                    |
| 4.2         | Employment Contract between the Company and Professor Alan Husband dated June 21, 2006. (4)                                                                                                                             |
| 4.4         | Lease between Kendall Glen Pty Limited (Lessor) and Novogen Laboratories Pty Ltd for the Company's corporate headquarters at 140 Wicks Road, North Ryde, New South Wales. (3)                                           |
| 4.5         | Employment Contract between the Company and Bryan Palmer dated June 21, 2006. (4)                                                                                                                                       |
| 4.6         | Employment Contract between the Company and Craig Kearney dated June 21, 2006. (4)                                                                                                                                      |
| 4.7         | Employment Contract between the Company and David Seaton dated June 21, 2006. (4)                                                                                                                                       |
| 4.8         | Employment Contract between the Company and Ronald Erratt dated June 21 30, 2006. (4)                                                                                                                                   |
| 4.9         | Employment Contract between the Company and Warren Lancaster dated June 21, 2006. (*)                                                                                                                                   |
| 4.10        | Patent License Agreement, dated as of November 13, 1997, by and among Novogen Limited, Novogen Research Pty Limited, Novogen Inc. and Protein Technologies International Inc.** (6)                           |

| 4.11       | Amendment to the Patent License Agreement, dated as of June 21, 2004 by and among Novogen Limited, Novogen Research Pty Limited, Novogen Inc. and Solae LLC (formerly known as Protein Technologies International Inc.)** (7)  |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.1        | Company Subsidiaries. (*)                                                                                                                                                                                                           |
| 12.1       | Certification of Acting Chief Executive Officer pursuant to Rule 13a – 14(a) of the Securities Exchange Act of 1934, as amended. (*)                                                                                          |
| 12.2       | Certification of Chief Financial Officer a pursuant to Rule 13a – 14(a) of the Securities Exchange Act of 1934, as amended. (*)                                                                                                    |
|  13.1 |  Certification by the Acting Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as added by Section 906 of the Sarbanes – Oxley Act of 2002. (*)                                          |

|   | * | Filed herewith. |
|--------|---|-----------------|

|   | ** | Portions of these documents have been omitted pursuant to a request for confidential treatment. Such omitted portions have been filed separately with the SEC. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | Incorporated by reference to the Registration Statement on Form 20-F filed with the Securities and Exchange Commission on December 24, 1998 (File No. 0-29962) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Incorporated by reference to the Registration Statement on Form F-6 filed with the Securities and Exchange Commission on September 29, 2005 (File No. 333-128681) |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Incorporated by reference to the Annual Report on Form 20-F filed with the Securities and Exchange Commission on November 27, 2000 (File No. 0-29962) |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Incorporated by reference to the Annual Report on Form 20-F filed with the Securities and Exchange Commission on November 29, 2006 (File No. 0-29962) |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Incorporated by reference to the Annual Report on Form 20-F filed with the Securities and Exchange Commission on December 14, 2007 (File No. 0-29962) |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Incorporated by reference to the Annual Report on Form 20-F/A filed with the Securities and Exchange Commission on March 20, 2009 (File No. 0-29962). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Incorporated by reference to the Annual Report on Form 20-F/A filed with the Securities and Exchange Commission on May 5, 2009 (File No. 0-29962). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| Name of Entity               | Country of Incorporation | Ownership % |
|------------------------------|--------------------------|-------------|
| Novogen Laboratories Pty Ltd | Australia                | 100         |
| Novogen Research Pty Ltd     | Australia                | 100         |
| Novogen Inc                  | U.S.A.                   | 100         |
| Glycotex, Inc                | U.S.A.                   | 80.7        |
| Novogen Limited(U.K.)        | U.K.                     | 100         |
| Promensil Limited            | U.K.                     | 100         |
| Novogen BV                   | Netherlands              | 100         |
| Novogen New Zealand Limited  | New Zealand              | 100         |
| Novogen Canada Limited       | Canada                   | 100         |
| Marshall Edwards, Inc.       | U.S.A.                   | 71.3        |
| Marshall Edwards Pty Limited | Australia                | 71.3        |

| 1. | I have reviewed this Annual Report on Form 20-F for the fiscal year ended June 30, 2009 (“Annual Report”) of Novogen Limited (the “Company”); |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Based on my knowledge, this Annual Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Annual Report; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Based on my knowledge, the financial statements, and other financial information included in this Annual Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this Annual Report. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The Company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) ) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)  for the Company and have: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared: |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect the Company’s internal control over financial reporting; and |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The Company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions). |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 1.   I have reviewed this Annual Report on Form 20-F (“Annual Report”) of Novogen Limited (the”Company”); |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.   Based on my knowledge, this Annual Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Annual Report; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.  Based on my knowledge, the financial statements, and other financial information included in this Annual Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this Annual Report; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.  The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) ) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f))  for the Company and have: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared: |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect the Company’s internal control over financial reporting; and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (1)   | The Company’s periodic report on form 20-F for the period ended June 30, 2009 (the “Form 20-F”) fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934 as amended; and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The information contained in the Form 20-F fairly presents, in all material respects, the financial condition and results of operations of the Company. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----