Securities Trading Policy

All Directors and employees of the Company and its subsidiaries are prohibited from "insider trading"?, in accordance with the Corporations Act.

GRD has a formal Securities Trading Policy. All directors and employees of the company and its subsidiaries are prohibited from "insider trading"?, in accordance with the Corporations Act. Directors and employees also have a duty of confidentiality to the company in relation to inside information about the company.

Additional restrictions apply to directors and senior management. Directors and senior management, subject to Board discretion:

• Are prohibited from short-term trading of the company's securities
• Are prohibited from hedging securities held in the company
• Must notify the Company Secretary and Chairman in writing, and be given approval, before undertaking any dealings involving the company's securities.

Exemptions apply to securities acquired under employee share and option plans and general bonus or entitlements issue made to all holders of the company's securities.

Breaches of this policy are treated seriously and may lead to disciplinary action, including summary termination.