The Board has adopted a policy in relation to dealings in securities of the Company which applies to all directors and employees. Under this policy, Directors are prohibited from short-term trading in the Company’s securities and directors and employees are prohibited from dealing in the Company’s securities whilst in possession of price sensitive information.< Policy - Trading in Securities>

Accordingly, unless there are unusual circumstances, as determined by the Board, trading in the Company’s shares, options or other securities or derivatives by directors, officers and employees is limited to the following periods:

• Within one month after the date of release of the Company’s quarterly reports, half-year and annual results to the Australian Securities Exchange;
• From the date of lodgement of the Company’s printed Annual Report with the Australian Securities Exchange through to one month after the holding of the Company’s annual general meeting;
• Any period where a Prospectus has been issued and is current (such as a rights issue); and
• Where the person is not in possession of any price sensitive information which has not been made publicly available to the market.

The Chairman must be notified of any proposed transaction and must give clearance for the transaction to proceed.

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