CADOUX LIMITED — Director's Dealing 2005

Jan 24, 2005

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2004.

	Name of entity SOLBEC PHARMACEUTICALS LTD
JABN	85 061 289 218

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Michael Alexander Grant
Date of last notice	17 September 2004

Part 1 - Change of director's relevant interests in securities

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

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct and indirect
Michael A. Grant
$24^{\text{th}}$ Jan 2004
3,082,169 options
1,364,339 Ordinary Fully Paid Shares
2,000,000 Directors Options
Ordinary fully paid Shares
Options
100,000 Ordinary Fully Paid Shares
400,000 Options
\$15,500
2,682,169 Options
1,464,339 Ordinary Fully Paid Shares
2,000,000 Directors Options
On market Trade

⁺ See chapter 19 for defined terms.

Part 2 - Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	Nil
Nature of interest	Nil
Name of registered holder (if issued securities)	Nil
Date of change	Nil
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	Nil
Interest acquired	Nil
Interest disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	Nil
Interest after change	Nil

$+$ See chapter 19 for defined terms.