Response to ASX Price Query

Ms Caitlin Chau
Graduate Listings Officer
ASX Limited
Bridge Street
Sydney NSW 2000

Dear Ms Chau,


I reply to your facsimile of 22 June 2000 as follows, using your numbering.

1. Unannounced information

The Company is not in receipt of any information concerning it
that has not been announced which could be an explanation for recent
trading in the securities of the Company.

The company has carefully conserved the $10m capital it raised
in December 1999 at the time of its IPO on the ASX, and as a result
still has approximately $7.5m cash on hand. In spite of this, as recently
as 20th June the market capitalisation of the 50.5 million
shares on issue was below $5m.

As a result the company has received a number of expressions of
interest from both listed and unlisted companies regarding opportunities
to increase shareholder value. As at today's date the Company is unable
to announce any information regarding any such discussions, as no firm
proposals have been received or agreements have been entered into.

2. Can an announcement be made?

See 1. above.

3. Operating results to 30 June 2000

The Operating loss for the year to 30 June 1999 was stated in the
prospectus to be approximately $179,000, with accumulated losses of
$357,000 to the same date. The operating loss for the year to 30 June
2000 is not yet known.

The Prospectus made no forecast or projection of the operating
results for the period to 30 June 2000. Management accounts suggest
the Directors should expect that the operating loss for the year to
June 30, 2000 will increase to approximately $1.983m,

The Company has adhered to the business plan upon which the Prospectus
was issued, and expenditure has increased accordingly but generally
below budget expectations. However as a result of slower than anticipated
development and subsequent roll out of the Company's new Infochoice
web sites, revenue to date has not achieved management budgets, and
is anticipated to be $1.5m for the year to 30 June.

Management is currently undertaking a review of operations in order
to ascertain the appropriate strategy and action required to ensure
that future product development and sales revenue are at acceptable

The Company retains approximately $7.5m in cash.

4. Material abnormal profits or losses

The Company does not expect to report any such results for the
period to 30 June.

5. Other explanations for price change

In line with investor interest and support of many other technology
stocks and the Technology sector in general, the Company's securities
have declined in value over the past three months.

In this environment, and in spite of the Company's securities having
a cash asset backing of approximately 15 cents per share, the market
price has fallen as low as 9 cents in recent weeks, resulting in the
Companies securities being oversold.

The Directors understand that at the same time, an institutional
investor holding a significant parcel of the Company's securities amounting
to over 3m shares have been offered on the market over the past month

or so. It is understood that the final portion of this holding was sold
on market on Tuesday 20th June, resulting in this overhang
being removed from the market.

In addition the Company has received significant exposure and publicity
on National Television for one of its new websites,
This product was extensively featured on Tuesday 20th and
Wednesday 21st June on the Seven Network's “Today Tonight”
program, resulting in significant increases in internet usage, sales
enquiries and investor interest.

The Directors consider that all the above circumstances could assist
in explaining the recent increase in volume and price change.

6. Compliance with the Listing Rules

The Directors of the Company are well aware of the obligations
under the Listing Rules to maintain a fully informed market, in accordance
with the continuous disclosure requirements, particularly under Listing
Rule 3.1. The Company has complied with those requirements in all respects.

Yours sincerely

Christopher Gosselin
Chief Executive Officer
Market faxts Limited

For more information:
Chris Gosselin
Chief Executive Officer
InfoChoice Limited
PH: [02] 9247-6788
MOBILE: [0411] 537 830

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City Public Relations
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