ENVIRONMENTAL GROUP LIMITED (THE) — Director's Dealing 2008

Jan 31, 2008

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 30/9/2001.

Name of entity: The Environmental Group Ltd

ABN; 89 000 013 427

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	Mr Elliott Kaplan
Date of last notice	7 December 2007

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	Direct
Nature of indirect interest (including registered holder)	n/a
Date of change	1 February 2008
No. of securities held prior to change	Nil
Class	Executive Share Option Plan options
Number acquired	1,000,000
Number disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Estimated value of $29,800 based on the “Binomial American Style Options” pricing model
No. of securities held after change	1,000,000 Executive Share Option Plan options. Exercise price 8 cents, expiring 31 January 2013

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Nature of change Issue of options under the company’s Example: on-market trade, off-market trade, exercise of options, issue of Executive Share Option Plan, and approved securities under dividend reinvestment plan, participation in buy-back by shareholders at the annual general meeting held on 29 November 2007

Nature of change

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	-
Nature of interest	-
Name of registered holder (if issued securities)	-
Date of change	-
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	-
Interest acquired	-
Interest disposed	-
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	-
Interest after change	-

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002