AUSQUEST LIMITED — Director's Dealing 2012

Jun 13, 2012

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ABN 35 091 542 451 8 Kearns Crescent Ardross WA 6153 Telephone: 08 9364 3866 Facsimile: 08 9364 4892 Email: graeme@ausquest.com.au Web: www.ausquest.com.au

14 June 2012

The Manager Company Announcement Office Australian Securities Exchange

By Electronic Lodgement

Dear Sir

CHANGE IN DIRECTOR INTERESTS AND ASX WAIVER

Please find attached an Appendix 3Y for Mr Graeme Drew.

The off-market transfer of 1,000,000 unlisted November 2013 options between Mr. Drew’s indirect holdings, follows a variation to the original term of the options to allow for their transfer from Mr Drew’s self-managed superannuation fund to Mrs Barbara Drew (Mr Drew’s spouse).

ASX granted Ausquest Limited (the “Company”) a waiver from listing rule 6.23.4 to the extent necessary to permit the Company to amend the terms of the 500,000 options exercisable at 30 cents each on or before 30 November 2013 and 500,000 options exercisable at $0.40 each on or before 30 November 2013 (“Options”) issued to Mr Graeme Drew on 16 December 2010, such that the Options are transferable from his self managed superannuation (“SMSF”) to his wife, on condition that the Company announces that it has been granted this waiver, and that the Options have become transferable to the extent necessary to enable the transfer from Mr Drew’s SMSF to Barbara Drew

Yours faithfully

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Darren Crawte Company Secretary

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity – AusQuest Limited ABN – 35 091 542 451

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Graeme Drew
Date of last notice	30 June 2011

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Change in indirect interests
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	(1) Mrs Barbara Drew (Spouse) and (2) Mr Graeme Drew and Mrs Barbara Drew < The Drew S/F A/C>
Date of change	12 June 2012
No. of securities held prior to change	Indirect: 4,747,241 Ordinary fully paid shares 1,000,000 Unlisted Options 2013
Class	$0.30 30 November 2013 Unlisted Options $0.40 30 November 2013 Unlisted Options
Number acquired	N/A
Number disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	N/A
No. of securities held after change	Indirect: 4,747,241 Ordinary fully paid shares 1,000,000 Unlisted Options 2013

• See chapter 19 for defined terms.

01/01/2011Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Nature of change Off-market transfer of unlisted options Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

Part 3 –[+] Closed period

Part 3 – +Closed period
Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011