SCIDEV LTD — Capital/Financing Update 2003

May 5, 2003

Intec Ltd

ABN 25 001 150 849

Gordon Chiu Building, [01 Department of Chemical Engineering Maze Crescent University of Sydney NSW 2006 Australia

Telephone: +612 9351 6741 Facsimile: +612 9351 7180 Email: mail@intec.com.au Website: www.intec.com.au

6 May 2003

Companies Announcements Office Australian Stock Exchange Limited

Delivered via ASX Online

Attached is an application for quotation for 48,110,016 shares.

The securities were restricted for 12 months from the date of listing of the Company as required by the ASX listing rules and became free trading on 2 May 2003.

Yours faithfully IntecLtd

Robert J Waring Company Secretary

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

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 171/96. Origin: Appendix 5. Amended 171/98, 179/99, 171/2000, 30/9/2001, 11/3/2002, 171/2003.

Name of entity

Intec Ltd

ABN

25 001 150 849

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

	+ Class of + securities issued or to be issued	Not applicable - securities already issued and coming out of 12 month restriction period.
2	Number of + securities issued or to be issued (if known) or maximum number which may be issued	Not applicable $-$ quotation of existing issued securities sought.
3	Principal terms of the + securities (eg, if options, exercise price and expiry date; if partly paid securities, the amount outstanding and due dates for payment; if convertible securities. the. conversion price and dates for conversion)	The securities rank equally with Intee's currently quoted fully paid ordinary shares coded INL.

$+$ See chapter 19 for defined terms.

$\Delta$ Do the *securities rank equally in all respects from the date of allotment with an existing *class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) $\alpha$ interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
• 5 Issue price or consideration
• 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)
• $\overline{\tau}$ Dates of entering *securities into uncertificated holdings or despatch of certificates
• 8 Number and +class of all *securities quoted on ASX (including the securities in clause 2 if applicable)

9 Number and +class of all *securities not quoted on ASX (including the securities in clause 2 if applicable)

Number ⁺Class 23,965,992 Ordinary fully paid restricted 24 months from date of listing. 1,275,000 30 June 2009 Options

	- exercise price \$0.50
	16 July 2007 Options
7,301,956	$-$ exercise price $$0.25$

Securities already issued; quotation sought from 2 May 2003. Holding statements to be despatched by 13 May 2003.

⁺Class

shares

Fully paid ordinary

Not applicable

Not applicable

Number

122,073,150

The securities rank equally with Intec's currently quoted fully paid ordinary shares coded INL.

$10$ Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

All ordinary shares rank equally in regard to any future dividends.

Part 2 - Bonus issue or pro rata issue

Questions 11-33

Not applicable

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• $(a)$ Securities described in Part 1
• $(b)$ All other securities $\overline{M}$

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• 35 If the "securities are "equity securities, the names of the 20 largest holders of the additional "securities, and the number and percentage of additional "securities held by those holders
• 36 If the "securities are "equity securities, a distribution schedule of the additional *securities setting out the number of holders in the categories $1 - 1.000$ $1.001 - 5,000$
• $5.001 10,000$ $10,001 - 100,000$ 100,001 and over
• 37

A copy of any trust deed for the additional *securities

⁺ See chapter 19 for defined terms.

Entities that have ticked box 34(b)

38	Number of securities for which *quotation is sought	48,110,016
39.	Class of *securities for which quotation is sought	Fully paid ordinary shares coming out of 12 month restriction period.
40	Do the securities rank equally in all respects from the date of allotment with an existing class of quoted *securities?	Rank equally with Intee's currently quoted fully paid ordinary shares coded INL.
	If the additional securities do not rank equally, please state: the date from which they do $\bullet$ extent to which the. they participate for the next dividend, the case of (in- trust. a. distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
41	Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security)	The securities were restricted for 12 months from the date of listing of the Company as required by the ASX Listing Rules and became free trading on 2 May 2003.
42	Number and class of all securities quoted on ASX (including the securities in clause 38)	Number 122,073,150	+ Class Fully paid ordinary shares

$\overline{\phantom{a}}$

⁺ See chapter 19 for defined terms.

Ouotation agreement

• $\mathbf{1}$ *Ouotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the *securities to be quoted complies with the law and is not for $\bullet$ an illegal purpose.
• There is no reason why those *securities should not be granted *quotation.
• An offer of the ⁺securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any *securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the *securities to be quoted, it has been provided at the time that we request that the "securities be quoted.
• If we are a trust, we warrant that no person has the right to return the $\bullet$ *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted.
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before ⁺quotation of the *securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:

Robert J Waring (Director/Company secretary) Date: 6 May 2003

Print name:

Robert J Waring

$= 1.4$

⁺ See chapter 19 for defined terms.