Here are the options highlighted--NOL stock overha

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    2/5/02 Ceasing INGsubstantial holder bullboard121 6/5/02 9:29:27 AM

    Appendix 3B - Issue of Employee Share Options 29/4/02 6:06:07 PM
    -------------------------------------------------------------------- +++++++++++++++++++++++++
    The directors of National 1 Limited have resolved to issue 250,000
    to a member of the company's senior management. The options are issued pursuant to and in terms of the company's Employee ShareOption Plan, are exercisable at $1.00 per share from 1 April 2004,and expire on 31 March 2007.
    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 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
    Name of EntityNational 1 Limited
    ACN or ARBN44 088 164 872
    We (the entity) give ASX the following information.
    You must complete the relevant sections (attach sheets if
    there is not enough space).
    1. Class of securities issued Unlisted optionsor to be issued
    2. Number of securities issued 250,000or to be issued (if known)
    or maximum number which may be issued
    3. Principal terms of the securities Exercisable at $1.00 from
    (eg, if options, exercise price 1 April 2004 and expiring
    and expiry date; if partly paid on 31 March 2007securities, the amount outstanding and due dates for payment; if convertible securities, the conversion price and dates for conversion)
    4. Do the securities rank equally Yesin 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) or 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 Nil
    6. Purpose of the issue (if Issued interms of theissued as consideration for company's Employee Sharethe acquisition of assets, Option Plan, a copy of whichclearly identify those has been lodged withassets) Australian Stock Exchange Ltd
    7. Dates of entering securities N/Ainto uncertified holdings
    or despatch of certificates NUMBER CLASS
    8. Number and class of all 62,992,786 Ordinarysecurities quoted on
    ASX (including the securities in clause 2 if applicable)NUMBER CLASS
    9. Number and class of all 78,453,642 Ordinary shares fully
    securities not quoted paid and held in escrowon ASX (including the to 24/10/2002securities in clause 2 1,000,000 Options held in escrowif applicable) to 31/10/2002,exercisable at 40 centseach and expiring on30/06/20051,000,000 Options held in escrowto 31/10/2002,exercisable at 45 centseach and expiring on26/10/2002500,000 Options exercisable at50 cents each from 31/12/2002 andexpiring on30/06/20052,100,000 Options exercisable at90 cents eachfrom01/01/2004andexpiringon31/12/20055,000,000 Options exercisable at$1.00 each from01/01/2004 and expiring31/12/20051,050,000 Options exercisable at$1.00 each from01/04/2004 and expiringon 31/03/2007
    10.Dividend policy (in the case N/Aof a trust, distribution
    policy) on the increased capital (interests) PART 2 - BONUS ISSUE OR PRO RATA ISSUEItems 11 to 33 are Not ApplicablePART 3 - QUOTATION OF SECURITIESYou need only complete this section if you are applying for quotationof securitiesItems 34 to 37 are Not ApplicableEntities that have Ticked Box 34 (b)Items 38 to 42 are Not ApplicableALL ENTITIES
    Fees43. Payment method (tick one)Cheque attachedElectronic payment madeNote: Payment may be made electronically if Appendix 3B is
    given to ASX electronically at the same time.Periodic payment as agreed with the home branch has been arrangedNote: Arrangements can be made for employee incentive schemes that involve frequent issues of securities.QUOTATION AGREEMENT1. Quotation of our additional securities is in ASX's absolute discretion. ASX may quote the securities on any conditions it decides.2. We warrant the following to ASX.* The issue of the securities to be quoted complies with the
    complies with the law and is not for an illegal purpose.* There is no reason why those securities should not be granted
    * 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.* Section 724 or section 1016E of the Corporations Act does notapply 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 or1016F 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 requestthat the securities be quoted.* If we are a trust, we warrant that no person has the right to return the 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.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 theinformation and documents. We warrant that
    they are (will be) true and complete.J Burness COMPANY SECRETARY
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