GULLEWA LIMITED — Director's Dealing 2008

May 13, 2008

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 GULLEWA LIMITED ABN 30 007 547 480

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	David Deitz
Date of last notice	18 April 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.

Direct or indirect interest	Direct and indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	9, 677, 419 Shares are held by McNeil Nominees Pty Ltd as nominee for Mr Deitz. The balance are held by Mr Deitz directly.
Date of change	13 May 2008
No. of securities held prior to change	12,827,117 Ordinary Shares 9,000,000 Options of 6 cents expiring 30/06/2009 7,500,000 Options of 3.25 cents expiring 05/12/2010 7,000,000 Options of 7.25 cents expiring 30/11/2011
Class	Ordinary Shares
Number acquired	1,074,220
Number disposed	Nil

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$66,601.65
No. of securities held after change	13,901,337 Ordinary Shares 9,000,000 Options of 6 cents expiring 30/06/2009 7,500,000 Options of 3.25 cents expiring 05/12/2010 7,000,000 Options of 7.25 cents expiring 30/11/2011
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Off-market trade

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 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 Interest after change

• See chapter 19 for defined terms.

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