Opthea Ltd — Director's Dealing 2008

Sep 4, 2008

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5 September 2008

Ms Kate Kidson Principal Advisor, Issuers ASX Markets Supervision Pty Ltd Level 45, South Tower 525 Collins Street Melbourne VIC 3000

Dar Kate

Circadian Technologies Limited (the “Company”) Appendix 3Y – Change of Director’s Interest Notice

I acknowledge receipt of your letter dated 3 September 2008 with respect to the Appendix 3Y Change of Director’s Interest Notice lodged by the Company with ASX on 1 September 2008 for Mr Robert Klupacs. We are aware that in accordance with Listing Rule 3.19A that such notices are required to be lodged with ASX within 5 business days after the change in interest occurs. We lodged the Appendix 3Y on the 6[th] business day due to an inadvertent omission. This is the first time that we have lodged notifiable interests of a director outside of the 5 business days requirement.

In your letter you have asked us to answer three questions which are addressed as follows:

1. Please explain why the Appendix 3Y was lodged late. The Appendix 3Y was lodged one day late, being the first time that such an incidence has occurred, due to an inadvertent omission by the Company.

2. What arrangements does the Company have in place with its directors to ensure that is able to meet its disclosure obligations under listing rule 3. 19A?

3. The Company has entered into contracts with its directors in accordance with Guidance Note 22 requiring directors to advise the Company of notifiable interests within 3 business days of: the date of appointment of the director, the date of change in notifiable interest, and the date of retirement of the director. In addition to this arrangement, approval must also be obtained from the relevant board members before a director may transact or otherwise deal with Circadian ordinary shares. Such approval was provided prior to the entering into of the transaction in question. This policy is posted on the Company’s website under Corporate Governance.

4. If the current arrangements are inadequate or not being enforced, what additional steps does the Company intend to take to ensure compliance with listing rule 3.19B? We believe that the current arrangements in place are adequate. The omission that has occurred is a one-off incident.

Please let us know if you require any further information.

Yours sincerely

Natalie Korchev Company Secretary

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Level 1, 10 Wallace Avenue, Toorak, Victoria 3142, Australia P: +61 (3) 9826 0399 F: +61 (3) 9824 0083 www.circadian.com.au

Circadian Technologies Limited ABN 32 006 340 567

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ASX Markets Supervision Pty Ltd ABN 26 087 780 489 Level 45 South Tower 525 Collins Street Melbourne VIC 3000

GPO Box 1784 Melbourne VIC 3001

3 September 2008

Telephone 61 3 9617 8831 Facsimile 61 3 9614 0303 www.asx.com.au

Ms Natalie Korchev Company Secretary Circadian Technologies Limited Level 1 10 Wallace Avenue TOORAK VIC 3142

By e-mail only

Dear Natalie

Circadian Technologies Limited (the “Company”) Appendix 3Y – Change of Director’s Interest Notice

We refer to the following;

1. The Appendix 3Y lodged by the Company with ASX on 1 September 2008 for Mr Robert Klupacs.

2. Listing rule 3.19A which requires an entity to tell ASX the following:

3. 3.19A.1 The notifiable interests of a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) at the following times.

   • On the date that the entity is admitted to the official list.

   • On the date that a director is appointed.

   • The entity must complete Appendix 3X and give it to ASX no more than 5 business days after the entity’s admission or a director’s appointment.

4. 3.19A.2 A change to a notifiable interest of a director of the entity (or in the case of a trust, a director of the responsible entity of the trust). The entity must complete Appendix 3Y and give it to ASX no more than 5 business days after the change occurs.

5. 3.19A.3 The notifiable interests of a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) at the date that the director ceases to be a director. The entity must complete Appendix 3Z and give it to ASX no more than 5 business days after the director ceases to be a director.

3. Listing rule 3.19B which states as follows.

An entity must make such arrangements as are necessary with a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) to ensure that the director discloses to the entity all the information required by the entity to give ASX completed Appendices 3X, 3Y and 3Z within the time period allowed by listing rule 3.19.A. The entity must enforce the arrangements with the director.

1. The Companies Update dated 27 June 2008, reminding listed entities of their obligation to notify ASX within 5 business days of the notifiable interests in securities held by each director and outlining the action that ASX would take in relation to breaches of listing rules 3.19A and 3.19B.

The Appendix 3Y indicates that a change in director’s relevant interests occurred on 22 August 2008; it appears that the Director’s Notice should have been lodged with ASX by 29 August 2008. Consequently, the Company may be in breach of listing rules 3.19A and/or 3.19B.

Please note that ASX is required to record details of breaches of the listing rules by listed companies for its reporting requirements.

ASX reminds the Company of its contract with ASX to comply with the listing rules. In the circumstances ASX considers that it is appropriate that the Company make necessary arrangements to ensure there is not a reoccurrence of a breach of the listing rules.

Having regard to listing rules 3.19A and 3.19B and Guidance Note 22: “Director Disclosure of Interests and Transactions in Securities - Obligations of Listed Entities”, we ask that you answer each of the following questions:

1. Please explain why the Appendix 3Y was lodged late.

2. What arrangements does the Company have in place with its directors to ensure that it is able to meet its disclosure obligations under listing rule 3.19A?

3. 3 If the current arrangements are inadequate or not being enforced, what additional steps does the Company intend to take to ensure compliance with listing rule 3.19B?

Your response should be sent to me by return e-mail or by facsimile on facsimile number (03) 9614 0303. It should not be sent to the Company Announcements Office.

A response is requested as soon as possible and, in any event, not later than half an hour before the start of trading (ie before 9.30 a.m. A.E.S.T.) on Monday, 8 September 2008.

Under listing rule 18.7A, a copy of this query and your response will be released to the market, so your response should be in a form suitable for release and must separately address each of the questions asked. If you have any queries or concerns, please contact me immediately.

Yours sincerely,

[Sent electronically without signature]

Kate Kidson Principal Adviser, Issuers (Melbourne)

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