16 December 2002

Company Announcements Office
The Australian Stock Exchange Limited
Exchange Centre
20 Bond Street
Sydney NSW 2000

By Facsimile: 1300 300 021

Dear Sir/Madam

BOARD CHANGES TO AEC

The Directors announce that at a board meeting convened today, the resignations of Peter Malone as Chairman, Director and public officer and Craig Piercy as Company Secretary were accepted.

The Directors are pleased to announce that Jamie Scoringe has accepted the position of Company Secretary.

Further to the meeting, Antony Middleton was appointed Chairman, vacating the position of Managing Director. Anthony Hamilton, who has been Chief Operations Officer since late 2001, has been appointed Managing Director.

The Directors are in discussions with a number of parties with a view to making an appointment of a third director, and expect to make an announcement to this effect shortly.

Yours Sincerely

JAMIE SCORINGE
COMPANY SECRETARY

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