ARIKA RESOURCES LIMITED — Remuneration Information 2008

Feb 20, 2008

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ASX/media announcement

Remuneration-new CEO/managing director

21[st] February 2008, Sydney, Australia : Former managing director of medical devices leader Cardinal Health Pty Ltd John Brassil has been appointed the new chief executive officer and managing director of Portland Orthopaedics Limited (ASX:PLD). The appointment was made on 17[th] December 2007.

At that time, discussions were ongoing on John’s final remuneration structure. John’s remuneration has been mutually agreed and is as follows:

Total Remuneration Cost to Employer (Inclusive of Superannuation)

Target Bonus (80% to 120% attainable)

$263,129 per annum $66,871 per annum

The Target Bonus is payable based on achievement of at least 80% of agreed objectives that are specific in regard timing and quantification.

Participation in the Portland Executive Share Option Plan has also been agreed. The initial invitation to participate accords with the following:

Grant Date	Number ofOptions	ExercisePrice	Vesting Date	PerformanceCriteria(VWAP-6d)	Expiry Date
17/12/2007	1,500,000	0.105	18/12/2008	A$0.15	16/12/2012
17/12/2008	1,500,000	0.105	18/12/2009	A$0.20	16/12/2013
17/12/2009	2,000,000	0.105	18/12/2010	A$0.30	16/12/2014

Portland Chairman; Mr John Lee said “ John is already making a difference to the organisational and operational methodologies deployed within the business. He is initiating key strategy changes and the Board is confident that the company will benefit significantly from John’s leadership”.

Ends

Enquiries:

John Lee Chairman Portland Orthopaedics 0419407191

James Wynn CFO/Company Secretary Portland Orthopaedics 0412430583