RAIDEN RESOURCES LIMITED — Director's Dealing 2008

Sep 9, 2008

10th September 2008

Australian Stock Exchange Limited P O Box H224 Australia Square NSW 1215

Attention Stephanie Yong

Dear Ms Yong,

In response to your query dated 9th September 2008, the Company provides the following information for the purposes of clarifying the late lodgment of the Appendix 3Z – Final Director's Interest Notice.

• 1. On resignation, Mr Stephen Grimson traveled overseas with other business commitments and was not able to submit the required information sooner. Despite numerous communications, the Company was unable to contact him.
• 1. The Company does have a notifiable interest register that is revisited regularly to comply with listing rule 3.19B. SVC has external compliance audits carried out on a regular basis.
• 1. SVC has made changes to internal policy regarding the Directors informing the Company of any significant travel that may be undertaken by present or retired Directors so SVC can have the opportunity to ensure all compliance requirements are being achieved.

If you have any queries regarding the above information or require any further information, please contact me.

Lynn Thompson COMPANY SECRETARY

ASX Markets Supervision Pty Ltd ABN 26 087 780 489 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215

Telephone 61 2 9227 0602 Facsimile 61 2 9241 7620 www.asx.com.au

9 September 2008

Mrs Lynn Thompson Company Secretary Shell Villages and Resorts Limited P O Box 494 Redbank Qld 4301

Dear Lynn,

Shell Villages and Resorts Limited (the "Company") Appendix 3Z – Final Director's Interest Notice

We refer to the following:

• 1. The announcement lodged by the Company with ASX Limited ("ASX") on 9 July 2008 confirming the resignation of Mr. Stephen Grimson as a director of the Company;
• 1. The Appendix 3Z lodged by the Company with ASX on 8 September 2008 for Mr. Grimson (the "Director's Notice");
• 1. Listing rule 3.19A which requires an entity to tell ASX the following:
  • 3.19A.1 The notifiable interests of a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) at the following times.
    • On the date that the entity is admitted to the official list.
    • On the date that a director is appointed.

The entity must complete Appendix 3X and give it to ASX no more than 5 business days after the entity's admission or a director's appointment.

• 3.19A.2 A change to a notifiable interest of a director of the entity (or in the case of a trust, a director of the responsible entity of the trust). The entity must complete Appendix 3Y and give it to ASX no more than 5 business days after the change occurs.
• 3.19A.3 The notifiable interests of a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) at the date that the director ceases to be a director. The entity must complete Appendix 3Z and give it to ASX no more than 5 business days after the director ceases to be a director.
• 1. Listing rule 3.19B which states as follows.

An entity must make such arrangements as are necessary with a director of the entity (or in the case of a trust, a director of the responsible entity of the trust) to ensure that the director discloses to the entity all the information required by the entity to give ASX completed Appendices 3X, 3Y and 3Z within the time period allowed by listing rule 3.19.A. The entity must enforce the arrangements with the director.

1. The Companies Update dated 27 June 2008, reminding listed entities of their obligation to notify ASX within 5 business days of the notifiable interests in securities held by each director and outlining the action that ASX would take in relation to breaches of listings rules 3.19A and 3.19B.

The Appendix 3Z indicated that the director ceased to be a director on 7 July 2008. It appears the Appendix 3Z should have lodged with ASX by 14 July 2008. As it was lodged on 8 September 2008, it appears that there may have been a breach by the Company of listing rules 3.19A and/or 3.19B

Please note that ASX is required to record details of breaches of the listing rules by listed companies for its reporting requirements.

ASX reminds the Company of its contract with ASX to comply with the listing rules. In the circumstances ASX considers that it is appropriate that the Company make necessary arrangements to ensure there is not a reoccurrence of a breach of the listing rules.

Having regard to listing rules 3.19A and 3.19B and Guidance Note 22: "Director Disclosure of Interests and Transactions in Securities - Obligations of Listed Entities", we ask that you answer each of the following questions:

• 1. Please explain why the Appendix 3Z was lodged late.
• 1. What arrangements does the Company have in place with its directors to ensure that it is able to meet its disclosure obligations under listing rule 3.19A?
• 3 If the current arrangements are inadequate or not being enforced, what additional steps does the Company intend to take to ensure compliance with listing rule 3.19B?

Your response should be sent to me by e-mail at stephanie.yong@asx.com.au or by facsimile on facsimile number (02) 9241 7620. It should not be sent to the Company Announcements Office.

A response is requested as soon as possible and, in any event, not later than half an hour before the start of trading (ie before 9.30 a.m. A.E.S.T.) on Thursday, 11 September 2008.

Under listing rule 18.7A, a copy of this query and your response will be released to the market, so your response should be in a form suitable for release and should separately address each of the questions asked. If you have any queries or concerns, please contact me immediately.

Yours sincerely,

(sent electronically without signature)

Stephanie Yong

Senior Adviser, Issuers (Sydney)