SCHOOLBLAZER LIMITED — Capital/Financing Update 2005

Jul 13, 2005

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

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

I

14 July 2005

The Company Announcements Office Australian Stock Exchange Ltd Level 4, 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Re: ON - MARKET SHARE BUY-BACK

In accordance with the ASX listing rules, HGL Limited wishes to announce that the current On-market share buy-back which was to end on 15 July 2005 is to be continued and will now be of unlimited duration. Accordingly, please find attached an updated Appendix 3D: Changes relating to buy-back (except minimum holding buy-back).

Yours faithfully HGL LIMITED

PS Caldelis SECRETARY

Rule 3.8A

Appendix 3D

Changes relating to buy-back (except minimum holding buy-back)

Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/9/99. Origin: Appendix 7B. Amended 13/3/2000, 30/9/2001

Name of entity	ABN
HGL Limited	25 009 657 961

We (the entity) give ASX the following information.

$\ddot{\phantom{a}}$ Date that an Appendix 3C or the last Appendix 3D was given to ASX

10 January 2005

Information about the change

Complete each item for which there has been a change and items 9 and 10.

		Column 1(Details announced tomarket in Appendix 3C orlast Appendix 3D)	Column 2(Details of change tobuy-back proposals)
2	On-market buy-backName of broker who will act on thecompany's behalf	Brokers Bell PotterSecurities and LodgePartners will act(from time to time) onHGL's behalf	Brokers Bell PotterSecurities, LodgePartners and TricomSecurities will act(from time to time) onHGL's behalf
3	Deleted 30/9/2001
4	If the company intends to buy back amaximum number of shares $-$ that numberNote: This requires a figure to be included, not apercentage. The reference to a maximum number is tothe total number including shares already bought backand shares remaining to be bought back. If the total hasnot changed, the item does not need to be completed.	4,804,859	4,768,639

• 5 If the company intends to buy back a maximum number of shares - the number remaining to be bought back
• 6 If the company intends to buy-back shares within a period of time - that period of time; if the company intends that the buy-back be of unlimited duration - that intention
• $\overline{7}$ If the company intends to buy back shares if conditions are met - those conditions

4,804,859	4,768,639
Begins:17 January 2005	Unlimited duration
Ends: 15 July 2005	commencing 18 July 2005

N/A	no change

All buy-backs

8 Any other change

N/A	no change

9 Reason for change

Extend the effective management of capital for the benefit of shareholders

$10$ Any other information material to a shareholder's decision whether to accept the offer (eg, details of any proposed takeover bid)

Nil

Compliance statement

• $\ddagger$ . The company is in compliance with all Corporation Act requirements relevant to this buy-back.
• $2.$ There is no information that the listing rules require to be disclosed that has not already been disclosed, or is not contained in, or attached to, this form.

Sign here: Date: 14 July 2005 . . . . . . . . . . . . . . . . . . . . (Company Secretary)

Print name: PS Caldelis