SCHOOLBLAZER LIMITED — Share Issue/Capital Change 2007

Nov 26, 2007

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Level 5, 34 Hunter Street Phone: +612 9221 7155 Sydney NSW 2000 Fax: +612 9233 2713 GPO Box 4406 Email: hgl@hgl.com.au Sydney NSW 2001 Web: www.hgl.com.au

27 November 2007

Companies Announcement Platform Australian Stock Exchange

Dear Sir/Madam

Re : Employee Share Scheme Share Buy-back

As required by the ASX Listing Rules please find attached Appendix 3C – Announcement of an Employee Share Scheme Share Buy Back. This is required to buy back 100,000 employee share scheme shares following the resignation of an employee.

Yours faithfully

Peter Caldelis Secretary

HGL Limited

investing in businesses

ABN 25 009 657 961

Appendix 3C Announcement of buy-back

Rule 3.8A

Appendix 3C

Announcement of 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	ABN
HGL Limited		25 009 657 961

We (the entity) give ASX the following information.

Information about buy-back

1	Type of buy-back		Employee Share Scheme
2	+Class of shares which is the subject		Ordinary
	ofthebuy-back	(eg,
	ordinary/preference)
3	Voting rights_(eg, one for one)_		One for one
4	Fully paid/partly paid_(and if partly_		Fully paid
	paid, details of how much has	been
	paid and how much is outstanding)
5	Number of shares in the+class on		51,721,009
	issue
6	Whether shareholder approval is		No
	required for buy-back
7	Reason for buy-back		Buy back employee share scheme shares following
			the resignation of an employee

• See chapter 19 for defined terms. 30/9/2001

Appendix 3C Page 1

Appendix 3C Announcement of buy-back

8 Any other information material to a Not applicable shareholder’s decision whether to accept the offer (eg, details of any proposed takeover bid)

On-market buy-back

9Name of broker who will act on thecompany’s behalf10Deleted 30/9/2001.11If the company intends to buy backa maximum number of shares - thatnumberNote: This requires a figure to be included, not apercentage.12If the company intends to buy backshares within a period of time - thatperiod of time; if the companyintends that the buy-back be ofunlimited duration - that intention13If the company intends to buy backshares if conditions are met - thoseconditions	Not applicable
	Not applicable
	Not applicable
	Not applicable

Employee share scheme buy-back

14Number of shares proposed to bebought back15Price to be offered for shares	100,000
	$2.1768 per share being the issue price per share

• See chapter 19 for defined terms.

Appendix 3C Page 2

30/9/2001

Appendix 3C Announcement of buy-back

Selective buy-back

Selective buy-back	Selective buy-back
	16Name of person or description ofclass of person whose shares are	Not applicable
	proposed to be bought back
	17Number of shares proposed to bebought back	Not applicable
	18Price to be offered for sharesEqual access scheme19Percentage of shares proposed to bebought back20Total number of shares proposed tobe bought back if all offers areaccepted21Price to be offered for shares22+Record date for participation inofferCross reference: Appendix 7A, clause 9.	Not applicable
		Not applicable
		Not applicable
		Not applicable
		Not applicable

Compliance statement

1. The company is in compliance with all Corporations 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: 27 November 2007

(Secretary)

Print name: Peter Caldelis

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• See chapter 19 for defined terms.

Appendix 3C Page 3

30/9/2001