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Securities Trading Policy

The Company's securities trading policy regarding directors and employees trading in its securities is set by the Board. The policy restricts directors and employees from trading on material information until it has been released to the market and adequate time has been given for this to be reflected in the securities’ prices. In particular:

The Company:

• Must comply with the requirements of the ASX Listing Rules and Corporations Act 2001;
• Must receive prior notification from directors, officers, employees and contractors of their intention to deal in the Company's securities; and
• Prohibits short term trading by directors, officers, employees and contractors in the Company's securities.

The Policy is as follows:

"Directors, Officers and employees of the Company should not trade in the Company's securities when he or she is in possession of price sensitive information that is not generally available to the market."

Directors and senior management are likely to be in possession of unpublished price sensitive information concerning the Company by virtue of their position within the Company.  Therefore those persons are restricted from dealing in the Company’s securities in the first business day following the release of price sensitive information to the ASX.

In addition, Directors, officers and employees can only deal in the Company’s securities after having first obtained permission of the Managing Director or the Chairman and must notify the Company Secretary when a trade has occurred.

This Policy does not restrict purchase of securities under the Company’s Deferred Directors Salary Sacrifice Share Purchase Plan which is subject to a monthly standing order placed to acquire securities.