Opthea Ltd — Director's Dealing 2008

Mar 3, 2008

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4 March 2008

The Companies Section The Australian Stock Exchange Limited South Tower, Rialto Level 45 525 Collins Street MELBOURNE VIC 3000

Dear Sir/Madam

Appendix 3X – Initial Director’s Interest Notice

Please find enclosed an Initial Director’s Interest Notice in respect of Mr Robert Klupacs, who was appointed as Managing Director of Circadian Technologies Limited effective 1 March 2008.

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

Appendix 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial 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 CIRCADIAN TECHNOLOGIES LIMITED ABN 32 006 340 567

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	ROBERT KLUPACS
Date of appointment	1 MARCH 2008

Part 1 - Director’s relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Number & class of securities

DIRECT INTEREST - 58,215 ORDINARY SHARES 60,575 PERFORMANCE RIGHTS (UNLISTED SECURITIES) EXERCISE PRICE: NIL VESTING DATE: 30/6/2008 (subject to meeting performance hurdles) EXPIRY DATE: 30/6/2015 (CIRAO) 500,000 EMPLOYEE OPTIONS (UNLISTED SECURITIES) EXERCISE PRICE: $1.50 FIRST EXERCISE DATE: 8/2/2011 (subject to share price performance hurdles being met) EXPIRY DATE: 8/2/2012 (CIRAQ) 500,000 EMPLOYEE OPTIONS (UNLISTED SECURITIES) EXERCISE PRICE: $1.30 FIRST EXERCISE DATE: 8/2/2011 (subject to share price performance hurdles being met) EXPIRY DATE: 8/2/2012 (CIRAU)

• See chapter 19 for defined terms.

Appendix 3X Page 1

30/9/2001

Appendix 3X Initial Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

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

	Name of holder & nature of interestNote: Provide details of the circumstances giving rise tothe relevant interest.Nil	Number & class of SecuritiesNil

Part 3 – Director’s interests in contracts

Detail of contract	Not applicable
Nature of interest
Name of registered holder(if issued securities)
No. and class of securities to whichinterest relates

• See chapter 19 for defined terms.

Appendix 3X Page 2

30/9/2001