CYCLOPHARM LIMITED — Director's Dealing 2007

Aug 12, 2007

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

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

Introduced 30/9/2001.

Name of entity CYCLOPHARM LIMITED ABN 74 116 931 250

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	Vanda Russell Gould
Date of last notice	12/02/2007

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

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

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

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Stinoc Pty Ltd (Director).
Date of change – disposal	6/07/2007 to 27/07/2007 (reduction)
Date of change – acquisition	8/08/2007 (correction to reduction)
No. of securities held prior to change	14,980,991
Class	Ordinary Shares
Number disposed	1,098,991
Number acquired	1,097,377
Value/Consideration – disposal Note: If consideration is non-cash, provide details and estimated valuation	$396,212
Value/Consideration – acquisition Note: If consideration is non-cash, provide details and estimated valuation	$380,696
No. of securities held after change	14,979,377
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	On-market trades

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

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

Detail of contract	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.

Appendix 3Y Page 2

11/3/2002