SEAFARMS GROUP LIMITED — Director's Dealing 2007

May 16, 2007

CO2 Group Limited

ABN 50 009 317 846 Level 11 225 St Georges Terrace Perth Western Australia 6000 PO Box 7312 Cloisters Square Perth Western Australia 6850 Phone (08) 9321 4111 Facsimile: (08) 9321 4411 www.co2australia.com.au

Our Ref: CO2 ASX Announce Appendix 3Y HRW 17-05-07 (169)

17 May 2007

Company Announcements Office Australian Stock Exchange $10th$ Floor 20 Bond Street SYDNEY NSW 2000

ANNOUNCEMENT 169

By ASX Online Number of pages: 3 (including this page)

Dear Sir

Change of Directors Interest Notice

Following is change in director's interests notice.

For further information regarding this media release please contact Mr Harley Whitcombe on (08) 9321 4111.

Yours faithfully

Ale Libeau Le-

Harley Whitcombe Company Secretary

Appendix 3Y

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 CO2 GROUP LIMITED
ABN 50 009 317 846

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	Harley Ronald Whitcombe
│ Date of last notice	20 April 2007

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.

Change
Direct or indirect interest	Indirect
Nature of indirect interest(including registered holder)Note: Provide defails of the circumstances giving rise to the relevantinterest.	Name of Holder: 1. City Lane Pty Ltd as trusteeof the Whitcombe Family Trust) and 2. City LanePty Ltd as trustee of the Harley RonaldWhitcombe Superannuation Fund)Nature of Interest of Director: As beneficiary ofthe Family Trust and Superannuation Fund
Date of change	16 May 2007
No. of securities held prior to change	1. 3,175,8512. 1,023,025
Class	Ordinary Shares
Number acquired	Nil
Number disposed	400,000LNil
Value/ConsiderationNote: Il consideration is non-cash, provide details and estimated valuation	Ĭ.$155,054.252.$nil
No. of securities held after change	1. 2,775,8511,023,0252.
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in bay-back	1. On Market

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 to whichinterest related prior to changeNote: Details are only required for acontract in relation to which the interesthas changed	Not applicable
Interest acquired	Not applicable
Interest disposed	Not applicable
Value/ConsiderationNote: If consideration is non-cash.provide details and anestimatedvaluation	Not applicable
Interest after change	Not applicable