IMPERIAL PACIFIC LIMITED — Director's Dealing 2004

Jan 19, 2004

Belmont Holdings Limited

(ABN 65 000 144 561)

Level 10 19 Pitt Street Sydney NSW 2000 Tel: 9247 9315 Fax: 9247 9336

20 January 2004

Advice to: Company Announcements Australian Stock Exchange Limited

From: Mr P.E.J.Murray

Company Announcement

Change of Directors' Interests.

. . . . . . . . . . . . . . . . . . . . . Peter E³Murray Director

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:	Belmont Holdings Limited
ABN:	65 000 144 561

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 Peter Edward John Murray
Date of last notice	6 November 2003

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	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Purchase by superannuation fund
Date of change	19 January 2004
No. of securities held prior to change	799,968 Peter Edward John Murray Pejmont Securities Pty Ltd 266,777 Pipade Pty Ltd 1,200 1,067,945
Class	Ordinary Shares
Number acquired	19,000
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$1.40 per share
No. of securities held after change	Peter Edward John Murray 799,968 Pejmont Securities Pty Ltd 285,777 Pipade Pty Ltd 1,200 1,086,945

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

20 January 2004

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.

Belmont Holdings Limited Name of entity: $\overline{\text{ABN}}$ : 65 000 144 561

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 Philip Gerald Cooper
Date of last notice	-25 October 2002

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	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Purchase by superannuation fund
Date of change	19 January 2004
No. of securities held prior to change	Philip Gerald Cooper 2,400 Ledingham Nominees Pty Ltd 96,600 99,000
Class	Ordinary Shares
Number acquired	11,000
Number disposed	Nil
Value/Consideration Note: If consideration is non-eash, provide details and estimated valuation	\$1.40 per share
No. of securities held after change	Philip Gerald Cooper 2,400 Ledingham Nominees Pty Ltd 107,600 110,000

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

20 January 2004