EMBELTON LIMITED — Major Shareholding Notification 2004

Nov 9, 2004

Your Ref: ARB: KJL: 770369 Our Ref:

Kirsten Llewellyn Writer: Direct Line: 9641 8749 Direct Fax: 9600 4412 e-mail: kllewellyn@hgr.com.au Adam Brooks Partner:

9 November 2004

BY FACSIMILE TRANSMISSION: 1900 999 279 4 Pages (including this one)

Australian Stock Exchange Limited 530 Collins Street MELBOURNE VIC 3000

Dear Sir/Madam

Embelton Limited Estate of Maxwell Baird Moffatt Form 605

We act on behalf of the above estate.

Please find enclosed ASIC Form 605.

If you have any queries, please contact us.

Yours faithfully HERBERT GEER & RUNDLE

Level 21 385 Bourke Street Melbourne Vic 3000 Australia GPO Box 524 Melbourne Vic 3001 Australia DX 428 Melbourne Telephone +613 9670 6123 Facsimile +613 9642 0575 Sydney Telephone +612 9239 4500 Brisbane Telephone +617 3224 1500 www.hgr.com.au e-mail info@hgr.com.au

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15 July 2001 605 page 1/2

Form 605
vrnorations Act 20

، Corporations Act
Section 671B 10

Notice of ceasing to be a substantial holder

To Company Name/Scheme	EMBLETON LIMITED
ACN/ARSN	004 401 496
1. Details of substantial holder (1)
Name	ESTATE OF MAXWELL BAIRD MOFFATT (DECEASED)
ACN/ARSN (if applicable)	NOT APPLICABLE
The holder ceased to be a
substantial holder on	29/10/2004
The previous notice was given to the company on	02/01/2003
The previous notice was dated	02/01/2003

2. Changes In relevant interests

Particulars of each change in, or change in the nature of, a relevant Interest (2) of the substantial holder or an associate (3) In voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change $(5)$	Class (6) and number of securities affected	Person's votes affected
02.01.03	James Gordon. Maxwell Moffatt, Charlotte Moffatt and Charles Keith Geer	On Market Purchase	1427.71	644 Ordinary	544
14.01.03	James Gordon Maxwell Moffatt, Chanolte Moffalt and Charles Kelth Geer	IOn Market Purchase	1857.96	387 Ordinary	387
28.01.04	James Gordon Maxwell Moffatt. Charlotte Moffatt and Charles Keith Geer	On Market Purchase	243.56	110 Ordinary	110
102.04.03	James Gordon Maxwell Moffatt. Charlotte Moffatt and Charles Keith Geer	On Market Purchase	11,538.55	5000 Ordinary	5000
122.05.03	James Gordon Maxwell Moffatt. Charlotte Moffatt and Charles Kelth Geer	On Market Sale	2.076.52	870 Ordinary	870
17.11.03	James Gordon Maxwell Moffatt. Charlotte Molfatt and Charles Keith Geer	On Market Purchase	15,417.34	5111 Ordinary	5111
03.12.03	James Gordon Maxwell Moffatt. Charlotte Moffatt and Charles Keith Geer	On Market Purchase	3.01	1 Ordinary
04.12.03	James Gordon Maxwell Moffatt. Charlotte Moffatt and Charles Keith Geer	On Market Purchase	16,567.74	5499 Ordinary	5499
10.03.04	James Gordon Maxwell Moffatt. Charlotte Moffatt and Charles Kelth Geer	On Market Purchase	13,074.77	4001 Ordinary	4001
27.04.04	James Gordon Maxwell Moffatt, lCharlotte Molfatt and Charles Keith Geer	lOn Market Purchase	6.345.20	2000 Ordinary	2000
30.04.04	James Gordon I Maxwell Moffalt. Charlotte Moffatt and lCharles Keith Geer	On Market Purchase	16,842.13	5000 Ordinary	5000

21 O D
--------	--	--	--	--

30.04.04	James Gordon Maxwell Moffatt, lCharlotte Moffatt and Charles Keith Geer	On Market Purchase	4,877.89	1516 Ordinary	1516
13.05.04	James Gordon Maxwell Moffatt, lCharlotte Moffatt and lCharles Keith Geer	lOn Market Purchase	9.349.34	2906 Ordinary	12906
24.05,04	James Gordon Maxwell Moffatt. Charlotte Moffatt and Charles Keith Geer	On Market Purchase	5.209.39	1614 Ordinary	1614
07.07.04	James Gordon lMaxwell Moffatt, lCharlotte Molfatt and Charles Kelth Geer	lOn Market Purchase	3.076.83	850 Ordinary	1850
16.07.04	James Gordon. Maxwell Moffatt. Charlotte Moffatt and Charles Keith Geer	lOn Market Sale	3.739.32	1000 Ordinary	1000
17.08.04	James Gordon Maxwell Moffatt, Charlotte Moffatt and Charles Keith Geer	On Market Purchase	5,298.99	1550 Ordinary	1550
29.10.04	James Gordon Maxwell Moffatt. Charlotte Moffatt and Charles Kelth Geer	lOn Market Sale	466,371.30	145764 Ordinary	1145784

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

---- Name and ACN/ARSN (if applicable)	Nature of association $\sim$
IN/A	IN/A
	.

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Keith Geer	James Gordon Maxwell Moffatt, Charlotte Moffatt and Charles (C/- Herbert Geer & Rundle, Level 21, 385 Bourke Street, Melbourne lVictoria 3000

Signature

print name	HERBERT GEER & RUNDLE	capacity	Solicitor and Agent for James Gordon Maxwell Moffatt for and on behalf of the Estate of Maxwell Baird Moffatt (deceased)
sign here		date	o
	᠊ᢦᢦ ᇢ ᢦ᠊ᢦ᠊ᡕ

15 July 2001 605 page 2/2

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant Interests (eg. a corporation and its related corporations, or the manager and
  trustee of an equity trust), the names could be included in an ann $(1)$ they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(2)$
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(3)$
• $(4)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy $(a)$ of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement, and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the $(b)$ securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, moneys and other, that any person from whom a relevant interest was acquired has, or $(5)$ may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• The voting shares of a company constitute one class unless divided into separate classes. $(6)$
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(7)$