EQUATORIAL RESOURCES LIMITED — AGM Information 2004

Sep 16, 2004

17 September 2004

The Manager Companies Australian Stock Exchange Limited

Dear Sirs,

NOTICE OF ANNUAL GENERAL MEETING

Please find attached the Notice of Annual General Meeting of EQiTX Limited, which will be held at 10.30am on Tuesday, 19 October 2004 at the Australian Stock Exchange, ASX Theatrette, 530 Collins Street, Melbourne, Victoria.

The Annual Report and Notice of Annual General Meeting will be despatched to shareholders of EQiTX Limited today.

Yours Faithfully EQiTX Limited

EQITX LIMITED ACN 009 188 694

NOTICE OF ANNUAL GENERAL MEETING

Notice is given that the Annual General Meeting of EQITX Limited ("EQITX" or "Company") will be held at the Australian Stock Exchange, ASX Theatrette, 530 Collins Street, Melbourne, Victoria on Tuesday 19 October 2004 at 10.30 am (EST).

The Explanatory Memorandum that accompanies and forms part of this Notice of Annual General Meeting describes the various matters to be considered.

AGENDA

ORDINARY BUSINESS

FINANCIAL STATEMENTS

To receive and consider the Financial Statements and the Reports of the Directors and of the Auditors of the Company in respect of the year ended 30 June 2004.

RESOLUTIONS 1-2: RE-ELECTION OF DIRECTORS

To consider and, if thought fit pass, with or without amendment, the following as separate ordinary resolutions:

• $\mathcal{I}$ That Professor Lawrence Mark von Itzstein, who retires in accordance with Article 14.9 of the Constitution of the Company, being eligible, is re-elected a Director of the Company.
• $\overline{2}$ That Hilton Darren Nathanson, who retires in accordance with Article 14.9 of the Constitution of the Company, being eligible, is re-elected a Director of the Company.

RESOLUTION 3: OTHER BUSINESS

3 To transact any other business which may legally be brought before the meeting.

BY ORDER OF THE BOARD

STEPHEN J RROWN Company Secretary

Dated: 16 September 2004

ADMISSION TO MEETING

Corporate representatives are requested to bring appropriate evidence of appointment as a representative in accordance with the constitution of the Company. Attorneys are requested to bring the original or a certified copy of the power of attorney pursuant to which they were appointed. Proof of identity will also be required for corporate representatives and attorneys.

EXPLANATORY MEMORANDUM

This Explanatory Memorandum has been prepared for the information of members of EQITX Limited ("EQITX" or "Company") in connection with the business to be conducted at the Annual General Meeting of Shareholders of the Company to be held on 19 October 2004.

This Explanatory Memorandum should be read in conjunction with the accompanying Notice of Meeting.

ORDINARY BUSINESS

FINANCIAL STATEMENTS - deals with the presentation of the Company's Financial Report and the Reports of the Directors and auditors for the year ending 30 June 2004. EQITX will take shareholders'
questions and comments about the management of EQITX. The auditor of EQITX will be available to take shareholders' questions and comments about the conduct of the audit and preparation and content of the audit report.

No resolution is required to be moved in respect of this item.

RESOLUTIONS 1-2: RE-ELECTION OF DIRECTORS

Introduction

Article 14.9 of the Constitution of the Company requires that at each Annual General Meeting one third of the directors, or if the number of directors is not a multiple of three, the number nearest one third, must retire from office. Therefore, two of the Company's six directors must retire from office by rotation. Professor Mark von Itzstein and Hilton Nathanson have agreed to retire by rotation at this meeting. They have both indicated that they will offer themselves for re-election.

Each resolution may be passed as an ordinary resolution.

Re-election of Professor Lawrence Mark von Itzstein

Professor von Itzstein completed his PhD in organic chemistry at Griffith University in 1984. He was then awarded an Alexander von Humboldt Fellowship to carry out research at the Universität Marburg in Germany.

His internationally renowned career as a carbohydrate chemist began in the Department of Medicinal Chemistry at Monash University in 1986. One of his research group's major achievements was the design and synthesis of Relenza, a new anti-influenza drug. As a result of this research, he was jointly awarded the prestigious Australia Prize for pharmaceutical design in 1996.

He returned to Griffith University in February 2000 and continues his research at the Institute for Glycomics, which he established with support from the Queensland Government and the University. In 2002 he was awarded a prestigious Federation Fellowship (Australia) and an Alexander von Humboldt Forschungspreis (Germany), one of Germany's top research awards, for his contribution to Science. In 2003 Professor von Itzstein was elected to Fellowship of the Australian Academy of Science and was also awarded a Centenary Medal (Australia).

Professor von Itzstein has been a director of EQiTX since May 2002, and he is also Chairman of ZingoTX Pty Ltd.

Re-election of Hilton Darren Nathanson

Mr Nathanson is a commerce graduate from the University of Western Australia. Shortly after graduating, he moved to the UK and joined one of the UK's largest regional stockbrokers, Capel Cure Sharps. Between 1993 and 1995 he was an analyst with Goldman Sachs International Ltd and in 1996, in partnership with the Kyte Group Ltd, he established the stockbroking firm, Kyte Securities.

In July 1998, he launched a European hedge fund that has since grown in assets to more than A\$1 billion and was rated among the top performing funds in 2001. More recently, he facilitated a management buyout of the Kyte Group's remaining stake in Kyte Securities, securing him control of the re-launched Eden Group in February 2001. The Eden Group services clients worldwide and Mr Nathanson's specific role is to develop the funds management division of the Group.

Mr Nathanson was appointed a director of EQITX in December 2001.

EQITX LIMITED

(ACN 009 188 694)

PROXY FORM

PLEASE COMPLETE IN BLOCK LETTERS

$\blacksquare$

$\frac{1}{v \cdot v}$ (address)

being a member of EQITX LIMITED hereby appoint:

(name of proxy)
οf
	at any adjournment thereof.	or failing him/her the Chairman of the meeting as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of EQITX Limited to be held on Tuesday 19 October 2004 at 10.30 am (EST) at the Australian Stock Exchange, ASX Theatrette, 530 Collins Street, Melbourne, Victoria and	(address)
If you do not wish to direct your proxy how to vote, please insert (X) in this box. By marking this box, you acknowledge that where the Chairman of the meeting is your proxy, he may exercise your proxy even if he has an interest in the outcome of the Resolution and votes cast by him, other than as proxy holder, will be disregarded because of that interest. The Chairman intends to vote undirected proxies in favour of both Resolutions.
	Should you desire to direct your proxy how to vote on any Resolution please insert (X) in the appropriate box below. An abstention will not be counted for the purposes of calculating the percentage of votes cast for, or against, a motion.
This form is to be used in accordance with the directions below. Unless the proxy is directed, he or she may vote or abstain as he or she thinks fit.
BUSINESS			FOR	AGAINST	ABSTAIN
Resolution 1
Re-election of director, Professor von Itzstein
Resolution 2
Re-election of director, H D Nathanson
If two proxies are being appointed, the proportion of voting rights this proxy represents is $___\$ .
DATED this day of		2004.
SIGNATURE (Individual members)				(Corporate members)
Signature(s)		Director
			Director/Secretary
				Sole Director and Sole Company Secretary

NOTES:

• $\mathbf{1}$ . A member entitled to attend and vote is entitled to appoint not more than two proxies. A proxy need not be a shareholder of EQITX.
• $\overline{2}$ . Where more than one proxy is appointed and that appointment does not specify the proportion or number of votes, each proxy may exercise half of the shareholder's votes.
• $\overline{3}$ . A proxy is not entitled to vote unless the instrument appointing the proxy and the power of attorney or other attorney (if any) under which it is signed is posted to or deposited at the registered office of EQITX at Amberley Business Centre, Level 3, IBM Building, 1060 Hay Street, West Perth, Western Australia, 6005 or posted to EQITX Limited at PO Box 1592. West Perth, Western Australia, 6872 or sent by facsimile to the Company on (08) 9480 0452 (International + (61 8) 9480 0452) to be received no later than 48 hours before the meeting.
• $\overline{4}$ . The proxy form must be signed by the shareholder(s) or, if a corporation, executed in accordance with section 127 of the Corporations Act or under the hand of an authorised officer or attorney. If the proxy form is signed by a person who is not a registered shareholder then the relevant authority must either have been exhibited previously with the Company's share registry or be enclosed with his proxy.
• 1. EQITX has determined, for the purposes of voting at the meeting, that EQITX shares are taken to be held by those shareholders registered 48 hours before the meeting.