CYCLOPHARM LIMITED — Director's Dealing 2011

Dec 18, 2011

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

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

Introduced 30/09/01 Amended 01/01/11

Name of entity 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	17/12/2009

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 relevantinterest.	French Park Investments Pty Ltd (director)Mrs Debbie Anne Gould (spouse)James Vanda Gould (son)Mr Jason Gould (son)Leagou Pty Limited (director)MalackeyHoldingsPtyLtd(alternatedirector)Melbourne Corp of Australia Pty Ltd(director)South Seas Holdings Pty Limited (director)
Date of change	8/12/2011
No. of securities held prior to change	French Park Investments Pty Ltd 125,606Mrs Debbie Anne Gould 7,363James Vanda Gould 9,712Mr Jason Gould 4,290Leagou Pty Limited 6,051Malackey Holdings Pty Ltd 895,070Melbourne Corp of Australia Pty Ltd 700,000South Seas Holdings Pty Limited 1,100,000

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Class	Ordinary Shares
Number acquired	1,146,908
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$45,876
No. of securities held after change	French Park Investments Pty Ltd 175,000Mrs Debbie Anne Gould 20,000James Vanda Gould 20,000Mr Jason Gould 10,000Leagou Pty Limited 20,000Malackey Holdings Pty Ltd 1,250,000Melbourne Corp of Australia Pty Ltd1,000,000South Seas Holdings PtyLimited 1,500,000
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Issue of securities under renounceable rightsissue

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 whichinterest related prior to changeNote: Details are only required for a contract in relationto which the interest has changed	Nil
Interest acquired	Nil
Interest disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation	Nil
Interest after change	Nil

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed Nil above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow the trade Nil to proceed during this period? If prior written clearance was provided, on what date was this Nil provided?

• See chapter 19 for defined terms.

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