DEEP YELLOW LIMITED — Director's Dealing 2009

Jan 13, 2009

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	2 December 2008

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.

Part 1 - Change of dire	Part 1 - Change of dire
		ctor’s relevant interests in securities
In the case of a trust, this inclu		des interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, intpart.Direct or indirect inter		erests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in t
	Direct or indirect inter	est	Direct and Indirect
	Nature of indirect inte(including registeredNote: Provide details of the circthe relevant interest.	restholder)umstances giving rise to	Martin KavanaghConway Bay Pty Ltd andConway Bay Pty Ltd ATF The Kavanagh Superannuation F	und
	Date of change		31 December 2008
	No. of securities held	prior to change	487,500 Ordinary Shares3,000,000 options at 21.1 c exercisable before 31.12.20082,000,000 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
			1,800,000 options at 27.5 c exercisable before 30.06.2011
	Class		Unlisted options
	Number acquired		Nil
	Number disposed		Nil
	Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation		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 Shares5,000,000 options at 55.1 c exercisable before 30.11.20095,000,000 options at 59.5 c exercisable before 30.11.20101,800,000 options at 27.5 c exercisable before 30.06.2011
Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestmentplan, participation inbuy-back	5,000,000 options lapsed in accordance with their terms

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 relation towhich the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	N/A
Interest after change	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002