Dividend Policy

The company does not expect to pay a final dividend on its shares in respect to the financial year ending 30 June 2007.

Subject to the availability of distributable profits, the Company’s financial position, future capital requirements and any other factors the Directors may consider relevant, the Company expects to pay interim and final dividends on the shares each year thereafter.

The Directors can give no assurance as to the future payment of dividends, the level of franking or imputation of such dividends or the extent of payout ratios. However, subject to prevailing conditions, the Directors intend to adopt a dividend policy of paying out 80-100 per cent net profit after tax.