PYC THERAPEUTICS LIMITED — Director's Dealing 2012

Feb 21, 2012

Appendix 3Y

Rule 3.19A.2

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 30/09/01 Amended 01/01/11

Name of entity	PHYLOGICA LIMITED
ABN	48 098 391 961

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	PAUL MICHAEL WATT
Date of last notice	3 JANUARY 2012

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
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	PAUL MICHAEL WATT & MARIA DELPILARENRIQUEZ-WATTATFTHEBRAINCHILD SUPER FUND
	Trustee & Fund Beneficiary
Date of change	21 FEBRUARY 2012
No. of securities held prior to change	DIRECT4,044,123 ORDINARY SHARESINDIRECT3,009,607 ORDINARY SHARES3,000,000 UNLISTED OPTIONS AT $0.075EXPIRING 31/3/121,500,000 UNLISTED OPTIONS AT $0.075EXPIRING 31/3/13169,466 QUOTED OPTIONS AT $0.09EXPIRING 30/06/16
Class	ORDINARY SHARES
Number acquired	200,000
Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$0.035 per SHARE

+ See chapter 19 for defined terms.

No. of securities held after change	DIRECT
	4,044,123 ORDINARY SHARES
	INDIRECT
	3,209,607 ORDINARY SHARES
	3,000,000 UNLISTED OPTIONS AT $0.075
	EXPIRING 31/3/12
	1,500,000 UNLISTED OPTIONS AT $0.075
	EXPIRING 31/3/13
	169,466 QUOTED OPTIONS AT $0.09
	EXPIRING 30/06/16
Nature of change	ON MARKET PURCHASE
Example: on-market trade, off-market trade, exercise of options, issue
of securities under dividend reinvestment plan, participation in buyback

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 whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation
Interest after change

Part 3 – +Closed period

Were the interests in the securities or contracts detailed	NO
above traded during a +closed periodwhere prior written
clearance was required?
If so, was prior written clearance provided to allow the trade	N/A
to proceed during this period?
If prior written clearance was provided, on what date was this	N/A
provided?

+ See chapter 19 for defined terms.