THORNEY TECHNOLOGIES LTD — Director's Dealing 2006

May 21, 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	Australian Renewable Fuels Limited
IA BN	66 096 782 188

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	Max Louis Ger
Date of last notice	5 August 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	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the eircumstances giving rise to the relevant interest.	Picola Holdings Pty Ltd is the registered holder of the fully paid ordinary shares. Max Ger is sole director and shareholder of Picola Holdings Pty Ltd.
Date of change	15 May 2006

$\pm$ See chapter 19 for defined terms.

No. of securities held prior to change	20,000 fully paid ordinary shares.
	75,000 unlisted options exercisable at \$0.50
	each expiring on 30 November 2010.
	Commencement date options be can
	exercised is 30 November 2005.
	75,000 unlisted options exercisable at \$1.00
	each expiring on 30 November 2011.
	Commencement date options be can
	exercised is 30 November 2006.
	75,000 unlisted options exercisable at \$1.50
	each expiring on 30 November 2012.
	Commencement date options be can
	exercised is 30 November 2007.
	100,000 unlisted options exercisable at \$1.13
	each expiring on 30 June 2010. Commencement date options be can
	exercised is 30 June 2006.
	100,000 unlisted options exercisable at \$1.50
	30 June 2010. expiring each on
	Commencement date options can be
	exercised is 30 June 2007.
	100,000 unlisted options exercisable at \$2.00
	June each expiring 30 2010. on
	Commencement date options be can
	exercised is 30 June 2008.
Class	n/a
Number acquired	n/a
Number disposed	20,000 fully paid ordinary shares
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$2.26 per share

$+$ See chapter 19 for defined terms.

No. of securities held after change	75,000 unlisted options exercisable at \$0.50
	each expiring on 30 November 2010.
	Commencement date options be can
	exercised is 30 November 2005.
	75,000 unlisted options exercisable at \$1.00
	each expiring on 30 November 2011.
	Commencement date options be can
	exercised is 30 November 2006.
	75,000 unlisted options exercisable at \$1.50
	each expiring on 30 November 2012.
	Commencement date options be can
	exercised is 30 November 2007.
	100,000 unlisted options exercisable at \$1.13
	each expiring on 30 June 2010.
	Commencement date options be can
	exercised is 30 June 2006.
	100,000 unlisted options exercisable at \$1.50
	30 June 2010. each expiring on
	Commencement date options can be
	exercised is 30 June 2007.
	100,000 unlisted options exercisable at \$2.00
	2010. each expiring 30 June on.
	Commencement date options be can
	exercised is 30 June 2008.
Nature of change	On-market trade by Picola Holdings Pty Ltd.
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

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
Nature of interest
Name of registered holder (if issued securities)
Date of change
No. and class of securities to which interest related prior to
change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

$\overline{\textcolor{blue}{\textbf{+} \text{ See chapter 19 for defined terms.}}}$

$+$ See chapter 19 for defined terms.