MEMPHASYS LIMITED. — Director's Dealing 2008

Jul 20, 2008

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: NuSep Ltd (NSP) ABN: 33 120 047 556

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	Nicholas Caré
Date of last notice	14 May 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	Direct or indirect interest	Direct	Direct	Direct
	Nature of indirect interest (including registered holder)		N/A
	Note: Provide details of the circumstances giving rise to the relevant interest.
	Date of change		23 June 2008
	No. of securities held prior to change		Nil *
	Class		Ordinary shares
	Number acquired		90000 ordinar sha	es
			, y
	Number disposed		Nil
	Value/Consideration Note: If consideration is non-cash, provide details and estimated valuati	on	$10,773.27
	No. of securities held after change		90,000 ordinary shares
	Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back		Purchase of 90,000 shares on market.

• The opening balance has been reduced by 44,738 shares to reflect the shares held in an Opes Prime account. There is reasonable doubt that these shares will be returned even through there were no loans or charges relating to this Opes Prime account. The market has previously been advised of this in the ASX announcement dated 6 April 2008.

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	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
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	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A