MEMPHASYS LIMITED. — Director's Dealing 2008

Jun 5, 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	Mr John Manusu
Date of last notice	20 February 2008

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
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	N/A
Date of change	30 May 2008 to 4 June 2008
No. of securities held prior to change	Direct 756,148 ordinary shares*Indirect 620,000 ordinaryshares
Class	Ordinary shares
Number acquired	200,000 ordinary shares
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$20,274.48
No. of securities held after change	Direct 956,148 ordinary sharesIndirect 620,000 ordinary shares
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Purchase of 200,000 shares on market.

• The opening balance has been reduced by 690,963 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 towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	N/A
Interest after change	N/A