DEEP YELLOW LIMITED — Director's Dealing 2007

Dec 20, 2007

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 DEEP YELLOW LIMITED ABN 97 006 391 948

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	Martin Kavanagh
Date of last notice	27 July 2007

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(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Martin KavanaghConway Bay Pty Ltd andConway Bay Pty Ltd ATF The KavanaghSuperannuation Fund
Date of change	21 December 2007
No. of securities held prior to change	487,500 Ordinary Shares3,000,000 options at 21.1c exercisablebefore 31.12.20082,000,000 options at 31.1 c exercisablebefore 31.12.20085,000,000 options at 55.1 c exercisablebefore 30.11.2009
Class	Unlisted options
Number acquired	5,000,000 options at 59.5 cents exercisablebefore 30.11.2010
Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	Nil

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	487,500 Ordinary Shares3,000,000 options at 21.1 c exercisable before31.12.20082,000,000 options at 31.1 c exercisable before 31.12.20085,000,000 options at 55.1 c exercisable before 30.11.20095,000,000 options at 59.5 c exercisable before 30.11.2010
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Options issued following approval at Annual GeneralMeeting 28 November 2007

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	N/A
Nature of interest	N/A
Name of registered holder(if issued securities)	N/A
Date of change	N/A
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation	N/A
Interest after change	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002