As a matter of law, directors and senior executives must not buy or sell shares or securities in the company if they possess information which, if disclosed publicly, might have a material effect on the price or value of the campany's shares.

The director or senior executive must advise the Company Secretary in writing of the details of any completed transactions within 3 days of the transactions.

The Company Secretary will be responsible for maintaining a record of disclosure and for advising the ASX as required.

The company's policy on the matter is:

1. That no share or security dealings should be carried out by a director without first clearing the transaction with the Chairman.

The Chairman should give his response to the enquiry in writing.

2. That no transaction should take place if directors are aware of any information which, if disclosed publicly, might have a material effect on the price or value of the company's shares.