SCHOOLBLAZER LIMITED — Director's Dealing 2004

Jul 8, 2004

Appendix 3Y

Rule 3.19A.2

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	HGL Limited
ABN	25 009 657 961

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	Dr Frank Michael Wolf
. Date of last notice .	22 December 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 relevantinterest.	FM Wolf Pty Ltd as trustee for the FM WolfSuperannuation Fund:- Dr Wolf is a 50%shareholder of FM Wolf Pty Ltd
Date of change	6 July 2004
No. of securities held prior to change	151,732
Class	Ordinary shares
Number acquired	3,660
Number disposed	Ni1
Value/ConsiderationNote: If consideration is non-eash, provide details and estimatedvaluation	$$1.7413$ per share
No. of securities held after change	155,392
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Acquisition of securities under DividendReinvestment Plan

+ See chapter 19 for defined terms.

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	Not applicable
Nature of interest	Not applicable
Name of registered holder(if issued securities)	Not applicable
Date of change	Not applicable
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed	Not applicable
Interest acquired	Not applicable
Interest disposed	Not applicable
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation.	Not applicable
Interest after change	Not applicable

+ See chapter 19 for defined terms.