SCHOOLBLAZER LIMITED — Major Shareholding Notification 2003

Jan 28, 2003

Form 604

Corporations Law Section 671B

Notice of change of interests of substantial holder

T 0Company Name/Scheme	HGL Limited (HNG)
ACN/ARSN	009 657 961
1.Details of substantial holder(1)
Name	WESTPAC BANKING CORPORATION (WBC)
ACN/ARSN (if applicable).	007 457 141
There was a change in the interests of thesubstantial holder on	24.01.2003
The previous notice was given to the company on	09.05.2002
The previous notice was dated	07.05.2002

Previous and present 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 when last required, and when now required, to give a substantial holding notice in the company or scheme, are as follows:

Class of	Previous Notice		Present Notice
securities $(4)$	Person's votes	Votine Power:	Person's votes	Votine Power (5)
Shares	3.041.185	6.51%	.441.900	5.24%

Changes in relevant interests 3.

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature ofchange $(6)$	Consideration given inrelation to change (7)	Class andnumber ofsecuritiesaffected	Person'svotesaffected
24.01.2003	WBC & its AssociatesWestpac Financial Services GroupLimited (WFSG), Sagitta WealthManagement Limited (SWML), BTFinancial Group Pty Limited (BTFG)& BT Funds Management Limited(BTFM)	See Schedule	See Schedule	599,285	1.27%

$4.$ Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registeredholder ofsecurities	Person entitled to be registeredas holder (8)	Nature of relevant interest (6)	Class andnumber ofsecurities	Person'svotes
WBC & its		WBC & its I See Schedule	See Schedule	2.441.900	5.24%
Associates	Associates

Changes in association 5.

The persons who have become associates (2) of, or ceased to be associates of, or have changed the nature of their association (9) with, the holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association

$6.$ Addresses

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

Name	Address
Westpac Banking Corporation (WBC)	Level 25, 60 Martin Place, Sydney NSW 2000
Westpac Financial Services Group Limited	Level 25, 60 Martin Place, Sydney NSW 2000
l (WFSG).
Sagitta Wealth Management Limited (SWML)	Level 25, 60 Martin Place, Sydney NSW 2000
BT Financial Group Pty Limited (BTFG)	Level 15, Chifley Tower, 2 Chifley Square,
	Sydney NSW 2000
BT Funds Management Limited (BTFM)	Level 15, Chifley Tower, 2 Chifley Square,
	Sydney NSW 2000
HGL Limited (HNG)	Level 5, 34 Hunter Street, Sydney NSW 2000

Signature

print name _________ Julie Thorburn ____________________________________

sign here __________________________________

date 29.01.2003

G:\gsec\Head GS\Substantial Shareholders Info\Change Notices\HGL decrease_290103_10358_1.docPage 2 of 3

Sales & Purchases for the period 24/12/02 to 24/01/03 SECURITY: ${\rm HNG}$

Sagitta Wealth Management

Registered CompanyDate	Quantity	Value
30-Dec-02 CITICORP NOMINEES PTY 1.TD	-45,000	$-55,350$
6-Jan-03 CITICORP NOMINEES PTY LTD	$-100$	$-122$
7-Jan-03 CITICORP NOMINEES PTY LTD	$-300$	$-366$
TOTAL:	$-45,400$	$-55,838$
Registered CompanyDate	Quantity	Value
27-Dec-02 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	$-12,300$	$-15,129$
31-Dec-02RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	45,500	$-55,700$
2-Jan-03 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	-44,000	$-53,880$
3-Jan-03 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	$-14,700$	$-17,971$
6-Jan-03 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	$-21,714$	$-26,559$
7-Jan-03 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	-49,700	$-60,634$
8-Jan-03 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	$-14,041$	$-17,130$
9-Jan-03 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	$-16,700$	$-20,374$
14-Jan-03 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	$-89,259$	$-107,111$
15-Jan-03 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	$-12,568$	$-15,082$
16-Jan-03 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	$-150,000$	$-180,000$
17-Jan-03 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	$-50,000$	$-60,940$
24-Jan-03 RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED	-40,000	-46,000
TOTAL:	$-560,482$	$-676,510$
Sagitta Wealth Management TOTAL:	-605,882	$-732.348$