SCHOOLBLAZER LIMITED — Director's Dealing 2006

May 29, 2006

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	Kevin John Eley
Date of last notice	20 December 2005

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	Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Not applicable
Date of change	26 May 2006
No. of securities held prior to change	3,032,277
Class	Ordinary fully paid shares
Number acquired	Nil
Number disposed	250,000
Value/ConsiderationNote: If consideration is non-eash, provide details and estimatedvaluation	The shares were transferred by Kevin Eley toSusan Griffith under an agreement enteredinto under the Property (Relationships) Act1984 (NSW) on termination of their defactorelationship. The consideration was $2.00per share.
No. of securities held after change	2,782,277

+ See chapter 19 for defined terms.

Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in bay-back	On 26 May 2006 Kevin Eley transferred250,000 shares in HGL Limited to SusanGriffith pursuant to an agreement enteredinto under the Property (Relationships) Act1984 (NSW) on termination of their defactorelationship.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------	--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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.