SCHOOLBLAZER LIMITED — Board/Management Information 2003

Jul 31, 2003

Level 5, 34 Hunter Street Sydney NSW 2000 GPO Box 4406 Sydney NSW 2001

Phone: +612 9221 7155 Fax: +612 9233 2713 Email: hgl@hgl.com.au Web: www.hgl.com.au

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1 August 2003

Retirement and Appointment of Directors

HGL advises that Mr David Constable has today announced his retirement as a director of HGL.

The HGL board takes this opportunity to record its gratitude to Mr Constable for his wise guidance during the 13 years of his service as an HGL Director.

We are pleased to announce that Mr Julian Constable has been appointed to the board of HGL. Mr Constable has served as an alternate director for six years.

P. Miller Chairman