Continuous Disclosure Policy

Continuous disclosure is based on the principle that all investors and stakeholders are entitled to equal and timely access to balanced information about a company that could impact, either positively or negatively, on the value of the company's share price.

Legal Requirements

ASX Listing Rule 3.1 requires that Eftel Limited ("Eftel") notify the Australian Stock Exchange ("ASX") immediately of any information that a reasonable person would expect to have a material impact on the value of securities issued by Eftel. The Corporations Act (2001) s674 provides legal backing by requiring listed disclosing entities to abide by the ASX Listing Rules.

Breaches

Failure to comply with s674 is an offence under the Corporations Act and can create a civil or criminal liability.

Exemptions

Disclosure of information will not be required where that information satisfies all of the following:

A reasonable person would not expect the information to be disclosed, and
The information is confidential and the ASX has not formed the view that the information has ceased to be confidential, and one or more of the following apply:
- disclosure of the information would breach the law
- the information concerns an incomplete proposal or negotiation
- the information comprises matters of supposition or is insufficiently definite to warrant disclosure
- the information has been generated for internal management purposes
- the information is a trade secret.

It is important that employees of Eftel who have access to confidential information ensure that the confidentiality of that information is maintained. If that information becomes known, either selectively or generally, whether deliberately or inadvertently, then the ASX will regard the information as having lost its confidentiality and the disclosure requirements will then apply.

POLICY

Directors

The Directors must notify the Chief Executive Officer ("CEO") immediately that they become aware of any information that they consider price sensitive and should be released to the market.

Employees and Executive Management

Any employee or senior executive of the company must notify the Company Secretary immediately of any information that they consider price sensitive and should be released to the market. If the Company Secretary believes the information may warrant release to the market then the Company Secretary must refer the information to the CEO.

Chief Executive Officer ("CEO")

On receiving information that may be price sensitive, the CEO must make an assessment of the information and decide whether it warrants disclosure to the ASX. The CEO may consult with the Chairman, other members of the Board, the Company Secretary, and the company's legal representatives to clarify whether the information is required to be disclosed. The final decision on the disclosure of information remains with the CEO.

Register of Announcements

Copies of all announcements of information released to the market will be maintained by the Company Secretary.

Release Procedure

The CEO will authorise the final copy of any announcement that is to be posted to the ASX and is responsible for ensuring the accuracy of all information contained within the announcement. With regard to announcements of financial results, including the Half Year Report, Preliminary Final Report, and Annual Report, are required to be approved by the Board.

A copy of all ASX announcements will be forwarded to all members of the Board prior to release to the ASX.

The Company Secretary will lodge all announcements with the ASX by using the ASX Online Gateway.

The information contained within the ASX announcement cannot be passed to any other party until it has been disclosed to the ASX. Following release to the ASX, the Company Secretary may place a copy of the announcement on the internal Eftel staff website.

Media & Public Statements

Only those directors and employees authorised to act as spokespersons for Eftel by the Board of Directors may speak to the media on behalf of the company.

When speaking to the media, those authorised spokespersons should ensure that:

comments are not made that will result in rumours and speculation about Eftel
information released is limited to that information that has already been released to the ASX

Stockbrokers and Investors

Only the CEO, Chief Financial Officer ("CFO") and General Manager ("GM") are authorised to speak to investment analysts, stockbrokers and shareholders. During any discussions with these parties it should be noted that information is to be limited to that information that already been announced.