POLYNOVO LIMITED — Director's Dealing 2005

Dec 21, 2005

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	METABOLIC PHARMACEUTICALS LIMITED
ABN	96 083 866 862

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	CHRISTOPHER BELYEA
Date of last notice	4 AUGUST 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	Directly held(a)Indirectly held(b)
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Christopher Belyea(a)(b)Tate and Belyea SuperannuationFund
Date of change	20 December 2005
No. of securities held prior to change	DIRECTLY HELD by Christopher(a)Belyea:224,077 Fully Paid OrdinaryShares (ASX Code: MBP)INDIRECTLY HELD(b)240,000 Fully Paid ordinaryShares (ASX Code: MBP)
Class	Unquoted Performance Rights(ASX Code: MBPAA)
Number acquired	115,211 unquoted Performance Rights(ASX Code: MBPAA)

+ See chapter 19 for defined terms.

Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	NIL.
No. of securities held after change	DIRECTLY HELD by Christopher(a)Belyea:224,077 Fully Paid OrdinaryShares (ASX Code: MBP)115,211 unquoted PerformanceRights (ASX Code: MBPAA)INDIRECTLY HELD(b)240,000 Fully Paid ordinaryShares (ASX Code: MBP)
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Grant of performance rights (unquoted)pursuant to the MetabolicPharmaceuticals Limited PerformanceRights Plan

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	NIL
Nature of interest
Name of registered holder(if issued securities)
Date of change
No. and class of securities to which interestrelated prior to changeNote: Details are only required for a contract in relation to which theinterest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details and an estimatedvaluation
Interest after change

$+$ See chapter 19 for defined terms.