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 CERVANTES CORPORATION LTD

ABN 97 097 982 235

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	BARRY MacKINNON
Date of last notice	11 November 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 Interest
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Shares held by Yrrab Nominees Pty Ltd (A company which Barry MacKinnon is a director and shareholder)
Date of change	15 January 2009
No. of securities held prior to change	250,000 Ordinary Shares held by Yrrab Nominees Pty Ltd 250,000 Options exercisable at 1.5c on or before 31/12/2008 held by Barry MacKinnon
Class	Options exercisable at 1.5c on or before 31/12/2008
Number acquired
Number expire	250,000
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation

See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	250,000 Ordinary Shares held by Yrrab Nominees Pty Ltd
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Expiry of options

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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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 CERVANTES CORPORATION LTD

ABN 97 097 982 235

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	COLLIN VOST
Date of last notice	24 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.

Direct or indirect interest	Indirect Interest
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Shares and options held by New York Holdings Pty Ltd (A company which Collin Vost is a director and shareholder) Shares and options held by New York Holdings Pty Ltd ATF the CV Superannuation Fund (A fund which Collin Vost is a beneficiary)
Date of change	15 January 2009

See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held prior to change	770,000 Ordinary Shares held by New York Holdings Pty Ltd 1,900,000 Options exercisable at 1.5c on or before 31/12/2008 held by New York Holdings Pty Ltd 29,850,000 Ordinary Share held by New York Holdings Pty Ltd ATF the CV Superannuation Fund 25,000,000 Options exercisable at 1.5c on or before 31/12/2008 held by New York Holdings Pty Ltd ATF the CV Superannuation Fund
Class	Options exercisable at 1.5c on or before 31/12/2008
Number acquired
Number expired	26,900,000
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	770,000 Ordinary Shares held by New York Holdings Pty Ltd 29,850,000 Ordinary Share held by New York Holdings Pty Ltd ATF the CV Superannuation Fund
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Expiry of option

See chapter 19 for defined terms.

Appendix 3Y Page 2

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Appendix 3Y Change of Director’s Interest Notice

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.

See chapter 19 for defined terms.

Appendix 3Y Page 3

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Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y