Opthea Ltd — Director's Dealing 2008

Feb 28, 2008

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29 February 2008

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

Dear Sir/Madam

Appendix 3Z – Final Director’s Interest Notice

Please find enclosed a Final Director’s Interest Notice in respect of Mr Leon Serry, the founder and Managing Director of Circadian, who is retiring today after 24 years with the company, as advised in our announcement on 3 December 2007.

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 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final 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.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	LEON SERRY
Date of last notice	9 NOVEMBER 2005
Date that director ceased to be director	29 FEBRUARY 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

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.

Number & class of securities

DIRECT INTEREST – 62,668 ORDINARY SHARES 500,000 EMPLOYEE OPTIONS (UNLISTED SECURITIES) EXERCISE PRICE: VARIOUS PRICES BETWEEN $2.62 TO $3.12 VESTING DATE: 25/9/2006 EXPIRY DATE: 25/9/2008 (CIRAM) 128,110 PERFORMANCE RIGHTS (UNLISTED SECURITIES) EXERCISE PRICE: NIL VESTING DATE: 30/6/2008 (subject to meeting performance hurdles) EXPIRY DATE: 30/6/2015 (CIRAO) 750,000 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)

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Z Page 1

Appendix 3Z Final Director’s Interest Notice

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

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.

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 interest Note: Provide details of the circumstances giving rise to the relevant interest CAPITAL MACQUARIE PTY LTD TRADERS MACQUARIE PTY LTD SKED PTY LTD LEON SERRY IS A DIRECTOR OF THE ABOVE COMPANIES.	Number & class of securities 1,377,360 ORDINARY SHARES 647,972 ORDINARY SHARES 12,000 ORDINARY SHARES

Part 3 – Director’s interests in contracts

Detail of contract	NIL
Nature of interest	NIL
Name of registered holder (if issued securities)	NIL
No. and class of securities to which interest relates	NIL

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002