SHAREHOLDING INFORMATION

Stock Exchange
Shares are listed on both the Port Moresby Stock Exchange Limited (POMSOX Code: SST) and the Australian Stock Exchange Limited. (ASX Code: SST). All stock units carry equal voting rights.

STOCKHOLDINGS
As at 31 January, 2007, there were 401 shareholders

256	holding	1 - 1000 units
105	holding	1001 - 5000 units
20	holding	5001 - 10000 units
20	holding	10001 and over

12 Stockholders held less than a marketable parcel.

The 20 largest sharholders were:

Shareholder	Nbr. of Shares	%
John Swire & Sons (PNG) Limited	22,362,651	72.12
Brislan Nominees Pty Ltd	6,176,746	19.92
National Superannuation Fund	1,636,069	5.28
John E. Gill Operations Ltd	54,727	0.18
Kelvenside Pty Ltd	50,000	0.16
RSM Pension Fund AC	36,513	0.12
Mrs. M. Elkington	33,183	0.11
Roger Wayne Harrison	31,000	0.10
PCM Pension Fund	23,580	0.08
Mr. R. Mahtani	21,700	0.07
Malcolm Burns Reid	21,626	0.07
Hylec Investments Pty Ltd	20,494	0.07
Engoordina Pty Ltd	15,078	0.05
Dr Gordon Bradley Elkington	12,966	0.04
Winpar Holdings	10,230	0.03
Derrick Charles Whitaker	10,348	0.03
Ms. J. Forbes	10,000	0.03
Miss Shirin Moayyad	10,000	0.03
Ms. Maureen Christie	9,240	0.03
BSP Capital Ltd	8,785	0.03
	30,556,476	30,556,476

APPLICABLE LEGISLATION

The Company is incorporated in Papua New Guinea and is not generally subject to Australian Corporations Law including, in particular, Chapter 6 of the Australian Corporations Act dealing with the acquisition of shares (including substantial shareholdings and take-overs). The Company is subject to the requirements of the Papua New Guinea Companies Act 1997, Securities Act 1997 and the Takeovers Code. The Companies Act and the Securities Act regulate the issue and buy-back of shares and contain provisions as to the trading in securities, provisions as to financial benefits to related parties, substantial shareholders provisions, remedies in cases of oppression or injustice and actions by, and access to, records by shareholders.

The Takeovers Code regulates offers where a person already holds more than 20% of the voting rights in a company or where a person becomes the holder of more than 20% of the voting rights in a manner permitted by the Code. A Code offer, which can either be a full offer or a partial offer, must be extended to all holders of voting securities in the Company. The Code also contains compulsory purchase and sale provisions if more than 90% of the shares are acquired under an offer.