SAFEROADS HOLDINGS LIMITED — Major Shareholding Notification 2006

Dec 19, 2006

NOTICE OF INITIAL SUBSTANTIAL HOLDER

	To: Company Name/Scheme	SRH - Saferoads Holdings Limited
	ACN/ARSN	116 668 538
1.	Details of Substantial Holder(1)

Name	Acorn Capital Limited
ACN/ARSN (if applicable)	082 694 531
The holder became a substantial holder on	13-Dec-06

Details of Voting Power 2.

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of Securities (4)	Number of Securities	Person's Votes (5)	Voting Power (6)
Ordinary	.374.000	.374.000	5.28%

$3.$ Details of Relevant Interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of Relevant Interest	Nature of Relevant Interest (7)	Class and Number of Securities
Acorn Capital Limited	Power to (or to control) exercise vote and/ordispose of the shares as discretionaryinvestment managers or advisers tosuperannuation funds, pooledsuperannuation trusts, managed investmentschemes and investment managementagreements.	1,374,000

Details of Present Registered Holders 4.

The persons registered as holders of the securities referred to in Paragraph 3 above are as follows:

Holder of Relevant Interest	Registered Holder of Securities	I Person Entitled to beRegistered as Holder (8) Securities	I Class and Number of I
Commonwealth Bank Officers' Superannuation Fund	Citicorp Nominees		394.000
UniSuper	National Nominees		980.000

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of Relevant Interest	Date of Acquisition	Consideration (9)		Class and Number of Securities
		Cash	Non-Cash I
Acom Capital Limited	15-Dec-2005 to 13-Dec-2006	$1,597,617.50		1.374.000

Associates 6.

The reasons the persons named in Paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Name of Association

$7.$ Addresses

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

Name	Address
Commonwealth Bank Officers' Superannuation Fund	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000
UniSuper	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

Print Name BARRY FAIRLEY Capacity Managing Director

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20-Dec-06 Date