Opthea Ltd — Director's Dealing 2008

Jan 3, 2008

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4 January 2008

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

Dear Sir/Madam

Appendix 3Y – Change of Director’s Interest Notice

Please find enclosed a Change of Director’s Interest Notice in respect of Mr Don Clarke.

Yours sincerely

Natalie Korchev Company Secretary

Level 1, 10 Wallace Avenue, Toorak, Victoria 3142, Australia P: +61 (3) 9826 0399 Circadian Technologies Limited F: +61 (3) 9824 0083 ABN 32 006 340 567 www.circadian.com.au

Appendix 3Y Change of Director’s Interest Notice

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 CIRCADIAN TECHNOLOGIES LIMITED ABN 32 006 340 567

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	DONALD CLARKE
Date of last notice	2 SEPTEMBER 2005

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	INDIRECT INTEREST	INDIRECT INTEREST
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	SOLDON INVESTMENTS PTY LTD (this entity is controlled by the Director and is the Trustee of the Director’s superannuation fund - Clarke Super Fund)
Date of change	27, 28 and 31 DECEMBER 2007
No. of securities held prior to change	INDIRECT INTEREST: SOLDON INVESTMENTS PTY LTD– 60,000 ordinary shares, fully paid (in its own capacity - 44,000 shares; and as trustee of the Clarke Super Fund - 16,000 shares)
Class	ORDINARY SHARES
Number acquired		10,000 shares purchased on 27/12/07 5,000 shares purchased on 28/12/07 5,000 shares purchased on 31/12/07 20,000

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Number disposed		-
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation		20,000 shares @ $1.20 per share
No. of securities held after change		INDIRECT INTEREST SOLDON INVESTMENTS PTY LTD – 80,000 ordinary shares, fully paid (in its own capacity - 44,000 shares; and as trustee of the Clarke Super Fund - 36,000 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		ON-MARKET TRADE

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

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002