COMET RIDGE LIMITED — Director's Dealing 2012

May 23, 2012

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 30/09/01 Amended 01/01/11

Name of entity COMET RIDGE LIMITED ABN 47 106 092 577

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	JAMES ALLAN VINCENT MCKAY
Date of last notice	27 June 2009

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	Direct and Indirect
Nature of indirect interest	Direct: As Trustee and Director (Waterford
(including registered holder)	Atlantic Pty Ltd atf The McKay Family Trust
Note: Provide details of the circumstances giving rise to the relevantinterest.	and McKay Super Pty Ltd atf The McKaySuper Fund)
Date of change	17 May 2012
No. of securities held prior to change
	5,150,000 unlisted options
	Exercisable @ A$0.169 expiring 30.06.12
	17,643,144 ordinary shares held: Waterford
	Atlantic Pty Ltd ATF The McKay Family Trust
	11,721,407 ordinary shares held:McKay
	Super Fund Pty Limited ATF McKay Super
	Fund
	60,000 ordinary shares held: Patrice Lorraine
	McKay atf Thomas McKay, Jessica McKay,
	and Rebecca McKay
Class
	Ordinary

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number acquired	1,700,000
Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	AUS$170,000
No. of securities held after change	5,150,000 unlisted optionsExercisable @ A$0.169 expiring 30.06.1217,643,144 ordinary shares held: WaterfordAtlantic Pty Ltd ATF The McKay Family Trust13,421,407 ordinary shares held:McKaySuper Fund Pty Limited ATF McKay SuperFund60,000 ordinary shares held: Patrice LorraineMcKay atf Thomas McKay, Jessica McKay,and Rebecca McKay
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	On- Market Broker Transfer

Part 2 – Change of director’s interests in contracts N/A

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 N/A 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

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Interest after change

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	NO
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

• See chapter 19 for defined terms.

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