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<pre>Thursday 8 August 2002

The Australian Securities and Investments Commission (ASIC) has
placed interim stop orders on product disclosure statements (PDS)
from Mediterranean Olives Estate Limited.

The interim stop orders have been issued under the new financial
services PDS regime which commenced on 11 March 2002.

Under the new regime, managed investment product issuers are not
required to lodge offer documents with ASIC. The new PDS content
requirements are similar to the former managed investments regime but
now also apply to insurance, superannuation and financial institution
offer documents.

Mediterranean Olives Project Limited

Mediterranean Olives Project lodged a PDS on 15 May 2002 seeking to
raise funds to establish an olive grove in Serpentine, Victoria and
sell the olives for oil production.

The PDS contained profit forecasts based on material assumptions
which are not supported by information that demonstrates a reasonable
basis for the forecasts.

As a result, ASIC placed an interim stop order on the PDS on 6 August
2002.

==

http://www.asic.gov.au
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