Document:

Difran Pty.Ltd.
                                                            601/72 Moray Street,
                                                                        NEW FARM
                                                                        QLD 4005

Mr Milton McColl
Progen Industries
P.O. Box 28
RICHLANDS
QLD 4077

Dear Milton,

          RE: LEASE 2806 IPSWICH ROAD DARRA.

As per our telephone discussion we confirm that Progen's exercising of it's 3
year option period is acceptable to us. The current lease will therefore
continue until 29th March 2007. During this time there will be no increase in
rent other than the usual CPI adjustments provided for in the lease.

As the next CPI adjustment is due on rental for the month of April 2004 I have
included the calculations for it herewith.

The formula is:                present rent X           CPI 12/03
                                                        ---------
                                                        CPI 12/02

Present rent :                       8,055.79
CPI 12/03 :                            144.2
CPI 12/02 :                            139.9

Rent for 1st April 2004 = $8,055.79 X  144.2  =             $8,303.39
                                       -------
                                       139.9

                                                             $ 830.34        GST
                                                            --------------------
                                                            $9,133.73      Total

April tax invoice will reflect the above.

Yours Faithfully,

/s/ Frank J. Calvisi

Frank J. Calvisi

<PAGE>PROGEN
                                                              INDUSTRIES LIMITED

WEDNESDAY, 21ST MAY 2003

PRIVATE AND CONFIDENTIAL

DARREN SCHLIEBS
PO BOX 868
MT. OMMANEY, Q.4074
TEL: 3376 1641 / MBL: 0402 559 688

Dear Darren,

The  company  pleased  to  offer  you  employment on the terms contained in this
letter.

Should  you  wish to discuss any of the terms of your employment, please contact
me.

1.   ENGAGEMENT

1.1  Employment details and a job description are shown in Schedule 1 & 2
     respectively.

1.2  Your appointment with Progen Industries Ltd. will be for the position of VP
     Business Development and commences from June 2nd 2003 or earlier whichever
     is agreed upon subsequently, but before June 2nd.

1.3  You appointment is on a full time basis. The nature of your work means that
     your principal place of employment will be at the Progen Darra site,
     Brisbane, or wherever that might be. Your duties may require you to travel
     and you may be required to work at or from any of our other workplaces.

1.4  Basic working hours are set out in Schedule 1, but in order to meet the
     demands of your position you agree to work whatever hours, at whatever
     times and whatever days as directed by management or work assignments. This
     may include travelling outside normal hours to undertake your duties
     pursuant to this agreement.

1.5  Progen does not operate under an award scheme. In the absence of an
     applicable award, overtime is not paid.

1.6  There is an initial three-month probationary period at the end of which
     Progen or yourself have the opportunity to terminate your employment.
     Otherwise both parties will agree that your position with Progen becomes
     permanent.

2.   YOUR DUTIES

2.1  The  duties of your position are set out in Schedule 2 [Job Description] to
     this  agreement  and  include  any other duties advised by the company from
     time  to  time  ('your  duties').

2.2  While  employed  by  Progen,  you will not, without our written permission:

     (a)  perform  your  duties  other than for the company or on its behalf; or

     (b)  engage in any other employment, business or profession.

                                                                          1 / 13
<PAGE>
                                                                    PROGEN
                                                              INDUSTRIES LIMITED

2.3  You  warrant  that  you  have  the  expertise, qualifications, licences and
     registration  necessary  to  perform your duties and will perform them in a
     manner  appropriate  to  a  person  having  such expertise, qualifications,
     licences or registration. You must maintain that expertise, qualifications,
     licences  and  registration.

2.4  You  will  at  all  times act in the best interests of, well and faithfully
     serve  and  promote  the  company's  business  and  interests.

2.5  Subject  to  your  remuneration  as  described  in Schedule 1, or any other
     benefit  you  may be paid by the company, by way of bonus or reimbursement,
     you  will not accept any payment or any other benefit from any person as an
     inducement  or  reward  for  any  act or forbearance in connection with any
     matter or business transacted by the company, on our behalf or on behalf of
     an  Associated  Business  or  Client.

3.   REMUNERATION  AND  LEAVE  ENTITLEMENTS

3.1  Remuneration and leave entitlements are set out in Schedule 1.

3.2  You  authorise  the  company  to  deduct  from  your remuneration and leave
     entitlements  any  amount attributable to unauthorised absences or approved
     unpaid  leave.

3.3  The  superannuation  fund  into  which contributions on your behalf will be
     paid  is  set  out in Schedule 1. Your superannuation will be calculated on
     the  basis  of  the  rate  prescribed  in  the  superannuation  guarantee
     legislation  from  time  to time (currently 9%), calculated on your salary.

3.4  Prior to departing on annual leave you are to ensure that:

     (a)  you  have  obtained  appropriate  authorisation.

     (b)  all  work  for  which  you are responsible has been delegated to other
          suitably  qualified  employees  or  managed  for  the  period  of your
          absence;  and

     (c)  your  contact  details  during  the  period  of your absence have been
          provided to your management so that you can be contacted if necessary.

3.5  On  provision  of  receipts  or other documentary evidence to the company's
     satisfaction,  you  will be reimbursed for reasonable work-related expenses
     properly  incurred  by  you  in the performance of your duties. The company
     will  meet  your accommodation, attendance and travelling costs whenever is
     necessary  for  you  to  travel  or  stay  away  from your residence in the
     performance  of  your  duties.

3.6  Your  remuneration  and  entitlements set out in this letter of appointment
     are the only entitlements to which you are entitled and you will receive no
     other  benefits regardless of the time or the conditions in which you work.

4.   AWARD OFFSET

4.1  You  acknowledge that your remuneration and entitlements are in respect of,
     satisfy  and  are to be applied in satisfaction of any entitlements you may
     have  (for  example  overtime, penalty rate, allowances and loadings) under
     any  applicable  award  and  do  not  increase the rates payable to you for
     ordinary  hours  pursuant  to  any  applicable  award.

                                                                          2 / 13
<PAGE>
                                                                    PROGEN
                                                              INDUSTRIES LIMITED

5.   PERFORMANCE  REVIEWS

5.1  Your  work  performance  and  conduct  will  be reviewed by the company and
     discussed  with  you  from  time  to  time. You acknowledge that the annual
     performance  reviews  conducted on all employees are not necessarily linked
     to  your  salary  increases.

5.2  Any  query  or concern regarding your employment should be raised by you as
     soon  as  a  query  or  concern  arises,  and not delayed until a scheduled
     performance  review.

5.3  The  company acknowledges and agrees to your request for a 12-month review.

6.   DUTY OF CONFIDENTIALITY

6.1  You  will  not  at  any  time,  whether  or  not employed by Progen, use or
     disclose  any  Confidential  Information,  without  our  prior  written
     permission,  unless:

     (a)  it  is  strictly  necessary  for  you  to  perform  your  duties;  or

     (b)  for  the  purpose  of  disclosure  only,  you  are  legally obliged to
          disclose  by  a  court,  commission  or  tribunal.

6.2  You  will  not, and will not permit anybody else to, without Progen's prior
     written  permission:

     (a)  seek  to  obtain  Confidential  Information to which you have not been
          granted  access;

     (b)  remove  any  Confidential  Information  from  our  or  any  Associated
          Business'  or  Clients'  premises;

     (c)  make any copies of Confidential Information; or

     (d)  bring  any computer software, tapes or disks onto our or an Associated
          Business' or Clients' premises other than for the purposes of carrying
          out  your  duties.

6.3  When  Confidential  Information  is  disclosed in accordance with paragraph
     6.2,  you  will ensure that the person to whom the information is disclosed
     is made aware of its confidential nature and do everything in your power to
     ensure  that  person  does  not  use  or  disclose  that  information.

6.4  You  acknowledge that if confidential information is released to the market
     it  may  affect  the  price of Progen's securities, which are quoted on the
     Australia Stock Exchange and NASDAQ. You undertake not to engage in trading
     in Progen's securities, which may give rise to a breach by you or Progen of
     any  law  applicable  in  Australia,  USA  or elsewhere relating to insider
     trading  or  unlawful  conduct  in  relation  to  dealings  in  securities.

6.5  'CONFIDENTIAL  INFORMATION' means all information belonging to Progen or an
     Associated  Business,  and  includes  information  which:

     (a)  the  company  or  an  Associated  Business  or  a  Client indicates is
          confidential;

     (b)  by  its very nature, might reasonably be understood to be confidential
          or  to  have  been  disclosed  in  confidence;

                                                                          3 / 13
<PAGE>
                                                                    PROGEN
                                                              INDUSTRIES LIMITED

     (c)  would be of commercial value to a competitor or an Associated Business
          or  Client;

     (d)  relates  to  our  or  an Associated Business' or Clients' financial or
          business  affairs  (including  financial  information,  accounts work,
          financing  information,  management  reports  and  performance  or
          profitability  reports  and  margins);

     (e)  relates  to  any  of our or an Associated Business' clients (including
          but  not  limited  to  client details, client lists, details of client
          requirements,  details of prospective clients, the identity or contact
          details  of any client, their requirements and their financial affairs
          and  details  of  our clients' dealings or financial arrangements with
          other  parties);

     (f)  relates  to any arrangements or transactions between the company or an
          Associated  Business  and  a  Client  (including the prices charged to
          clients  and  details  of  the  arrangements  or  transactions);

     (g)  relates to or is contained in any manuals or handbooks produced by the
          company  or  an  Associated  Business  or  Client;

     (h)  relates  to  our  or  an  Associated  Business'  or  Clients'  fees,
          quotations,  prices  or  charges  in  respect of services or products;

     (i)  relates to the marketing and selling techniques used by the company or
          an  Associated  Business  or Client (including marketing and targeting
          plans,  prospect  lists  or  databases, sales plans, research and data
          surveys);

     (j)  relates  to  trade secrets, technical specifications, know-how, plans,
          design  concepts,  ideas,  design  specifications,  manufacturing  or
          development  processes,  research,  formulae, processes, applications,
          unique  features  or  techniques  in  respect  of  any  of  our  or an
          Associated  Business'  or  Clients'  products  or  services,  whether
          existing  or  in  development;

     (k)  relates to or is contained in any of our or an Associated Business' or
          Clients'  computer  databases  or  software;

     (l)  relates  to any arrangements or transactions between the company or an
          Associate  Business  or  Client  and  or  its  suppliers, contractors,
          employees  or  consultants (including their identity and the existence
          or  size of any fees, prices, commissions or charges paid or payable);

     (m)  all  copies of the information, notes and other records referred to in
          paragraph  (a)  to  (l)  above,

     except for information that:

     (n)  was  rightfully in your possession and not subject to an obligation of
          confidentiality  on  you  before  the  negotiations  leading  to  the
          commencement  of  your  employment  with  the  company or an Associate
          Business;  or

     (o)  is  or,  after  the  date  of this agreement, becomes available in the
          public  domain (other than as a result of a breach of this agreement).

                                                                          4 / 13
<PAGE>
                                                                    PROGEN
                                                              INDUSTRIES LIMITED

7.   DUTY TO NOT ENDANGER HEALTH AND SAFETY

7.1  Progen  gives  a  high  priority to health and safety and will not tolerate
     smoking in the workplace, or discrimination or harassment of our employees.
     If  you are or become a smoker, you will not smoke in or in the vicinity of
     any  of  our  offices  or  workplaces.

7.2  For  the  safe  and effective operation of the workplace and the welfare of
     other employees, you undertake to abide by, implement and enforce state and
     federal  laws  and policies of the workplace relating to health and safety,
     discrimination  and  harassment.

8.   PROGEN POLICIES AND PROCEDURES

8.1  You  agree  to  be bound by all of the company's policies and procedures as
     varied  from  time  to  time.

9.   TERMINATION

9.1  You  have  a  right  to terminate this agreement, by giving the company the
     appropriate  notice  set out in paragraph 9.2(b) (or payment of your salary
     in  lieu  thereof).  If  you  do not give the required notice or payment in
     lieu,  you  authorise the company to withhold or deduct from any money owed
     to  you,  an  amount  in  total or partial satisfaction of that obligation.

9.2  The company may dismiss you, and thereby terminate this agreement:

     (a)  without  notice if there is reasonable grounds to suspect that you are
          guilty  of  Misconduct;  or

     (b)  by  giving  notice to you, or payment of salary in lieu, in accordance
          with  the  following  table:

<TABLE>
<CAPTION>
     ==============================================================================
     PERIOD OF SERVICE                                              REQUIRED NOTICE
     ------------------------------------------------------------------------------
<S>                                                                 <C>
     Less than 6 months                                                     2 weeks
     ------------------------------------------------------------------------------
     6 months or more                                                       4 weeks
     ------------------------------------------------------------------------------
     Employer only:
     If you are over 45 years old and your period of service is at     1 extra week
     least 2 years
     ==============================================================================
</TABLE>

9.3  'MISCONDUCT'  has  its  ordinary  meaning  at  law,  and  includes:
     (a)  any  conduct which we indicate is misconduct or will result in summary
          dismissal;

     (b)  dishonesty  or  misrepresentation  of  your expertise, qualifications,
          registration  or  employment  history;

     (c)  not  complying  with the legislative requirements for a person in your
          position;

     (d)  wilful disobedience of the company's lawful directions;

     (e)  conviction  of  a  criminal  offence that affects your suitability for
          your  position;

     (f)  drunkenness or intoxication;

     (g)  neglect of duty or incompetence;

                                                                          5 / 13
<PAGE>
                                                                    PROGEN
                                                              INDUSTRIES LIMITED

     (h)  conduct of a sort which may injure our reputation;

     (i)  engaging  in  misleading  or  deceptive  conduct  or  making  any
          misrepresentations  in  relation  to the performance of your duties or
          our  business;  or

     (j)  breaching your obligations in paragraphs 2.2 or 6.

10.  POST-TERMINATION ASSISTANCE

10.1 Following  termination  of your employment, you will, upon request, provide
     the  company  or  an  Associated Business with reasonable assistance to the
     best  of  your  ability  in  relation  to  any  matter relating directly or
     indirectly to your employment, or which arises out of events which occurred
     during  the  period  of  your employment, including providing statements or
     affidavits,  attending  meetings  and  attending  hearings  or  inquiries.

10.2 Upon  provision  of  receipts  or  other  documentary  evidence  to  our
     satisfaction,  the  company will reimburse you for any reasonable expenses,
     such  as  travel and accommodation, incurred by you in providing assistance
     in  accordance  with  paragraph  10.1.  The  company  will  also  pay you a
     consultancy fee for work undertaken by you in providing that assistance, at
     an hourly rate calculated on the basis of your salary as at termination for
     a  40  hour  work  week,  upon  provision  of  invoices.

11.  INTELLECTUAL PROPERTY

11.1 You  acknowledge  and  agree  that  all  existing  and  future Intellectual
     Property  Rights:

     (a)  in  any  Confidential  Information;

     (b)  in  respect  of  any  intellectual property developed, in development,
          created  or  conceived wholly or partly by you, alone or together with
          any  other  person  or  body, whether during or outside working hours:

          (i)  on  our  or an Associated Business' or Clients' premises or using
               our  or  an  Associated  Business'  or  Clients'  facilities  or
               resources,  or facilities or resources which were in the care and
               control of the company or an Associated Business or Client or any
               of  our  employees,  officers,  agents,  sub-contractors  or
               representatives;

          (ii) directly  or  indirectly  as  a  result of your or anybody else's
               access  to  Confidential  Information;

          (iii)  in  the  course  of,  as a consequence of or in relation to the
               performance  of  your  duties;  or

          (iv) relating  to  our  or an Associated Business' or Clients' general
               methods  of  operation;  or

     (c)  in respect of or associated with any of our or an Associated Business'
          or  Clients' products or services, and any alterations or additions or
          methods  of  making,  using,  marketing,  selling  or  providing those
          products  or  services,

     vest  in  and  belong to the company or our nominee to the extent that they
     may  for  any  reason  vest  in you, are assigned by you to and vest in the
     company  or  our  nominee.

11.2 You  agree  to execute all documents, including any assignments, and do all
     acts  and  things, required by the company for the purpose of effecting and
     perfecting  the  title  of

                                                                          6 / 13
<PAGE>
                                                                    PROGEN
                                                              INDUSTRIES LIMITED

     the company or our nominee to the Intellectual Property Rights described in
     paragraph  9.1,  in  Australia  and  such  other  countries as is required.

11.3 You  will  immediately disclose to the company in writing, any invention or
     improvement  you  make  or of which you conceive during or in the course of
     performing  your  duties.

11.4 You consent to the company infringing any moral rights that you may have or
     become  entitled  to  in any work created in the course of your employment.
     For  the purpose of this consent, 'work' has the meaning given to that term
     in the Copyright Amendment (Moral Rights) Act 2000 (Cth) and 'moral rights'
     refers  to  any  right  arising  under  the  provisions of the legislation.

11.5 'INTELLECTUAL  PROPERTY  RIGHTS'  means  any  and  all beneficial and legal
     ownership  and intellectual and industrial protection rights throughout the
     world,  both  present  and  future,  including  rights  in respect of or in
     connection  with  any confidential information, copyright (including future
     copyright  and  rights  in  the nature of or analogous to copyright), moral
     rights,  inventions  (including  patents),  trade  marks,  service  marks,
     designs,  circuit  layout  and  performance  protection (whether or not now
     existing  and  whether  or  not registered or registrable) and includes any
     right  to  apply  for  the  registration of such right and all renewals and
     extensions.

12.  SECURITY

12.1 You  will  take  all reasonable steps to ensure the security of and protect
     all  Confidential  Information  and intellectual property of the company or
     Associated  Business  or  Client  in  your  possession,  power  or control.

12.2 You  will  comply  with, and to the best of your endeavours ensure that all
     other  employees  or  contractors  engaged  by the company or an Associated
     Business  comply  with,  all  of  our  or  an Associated Business' security
     guidelines, procedures, rules and regulations (whether formal or informal).

12.3 If  you are provided with any kind of security access device, such as a key
     or  computer  coded  access  card,  you  will:

     (a)  immediately  return  the  device to the company on termination of your
          employment,  or  earlier  request;

     (b)  not  copy  nor  permit  the  copying of the device or any aspect of it
          which  is  integral  to  its  function  of  security;

     (c)  not  give the device to anybody else or permit anybody else to use the
          device;  and

     (d)  use  the  device strictly in accordance with any conditions advised by
          the  company  in  respect  of  it.

12.4 Immediately  upon  termination  of  your employment, or upon request at any
     time  by  the  company,  you  will  provide  any:

     (a)  Confidential  Information;

     (b)  item  in respect of which Intellectual Property Rights are held by the
          company  or  an  Associated  Business  or  Client;

     (c)  property,  records  or  information  belonging  to  the  company or an
          Associated  Business  or  Client,

                                                                          7 / 13
<PAGE>
                                                                    PROGEN
                                                              INDUSTRIES LIMITED

     in  your  possession,  power  or  control, in the form requested and to the
     company's  satisfaction.

13.  INTERPRETATION

13.1 All  the  provisions  of  this  agreement  are  reasonable  in  all  the
     circumstances and each provision is and shall be deemed to be severable and
     independent  and  shall  not  affect  the validity or enforceability of any
     other  provision.

13.2 This  document  represents  a  full record of our agreement with respect to
     your  employment,  and  supersedes  any  prior oral or written agreement or
     understanding  between  you  and  the  company.

13.3 Any  award  or legislation applicable to your employment does not form part
     of  your  employment  agreement.

13.4 Subject  to our right to amend policies and manuals and change your duties,
     any  amendment  to  this agreement is not binding unless agreed between you
     and  the  company  and  recorded  in  writing.

13.5 This agreement is governed by and is to be construed in accordance with the
     laws  of  Queensland and the Commonwealth of Australia. You and the company
     submit  to  the  non-exclusive  jurisdiction  of  the courts of Queensland.

13.6 'ASSOCIATED  BUSINESS'  includes  any  company,  partnership, trust or sole
     trader with common ownership or control (whether in whole or part, directly
     or  indirectly,  or  through  interposed  entities  or  not), including any
     Related  Body  Corporate  (as  defined  in  the  Corporations  Law).

13.7 'CLIENT'  means  any  persons,  company, association or any other entity to
     whom  the  company,  or  any of its Associated Business, provides services,
     advice,  products  or  any other knowledge or know-how during the period of
     your  employment.

Please  confirm  your  acceptance  of  these  terms of employment by signing and
returning  this  letter  to  me.

Yours sincerely,

--------------------------------
MILTON MCCOLL
COMPANY SECRETARY/CFO
PROGEN INDUSTRIES LIMITED

I accept the offered employment on the terms contained in this letter:

                                DATE:   / 05/ 2003
------------------------
DARREN  SCHLIEBS

                                                                          8 / 13
<PAGE>
<TABLE>
<CAPTION>
                                                                                PROGEN
                                                                           INDUSTRIES LIMITED

SCHEDULE 1
EMPLOYMENT  DETAILS

=============================================================================================
<S>                    <C>
EMPLOYER:              PROGEN INDUSTRIES LIMITED
---------------------  ----------------------------------------------------------------------
EMPLOYEE'S FULL NAME:  DARREN M. SCHLIEBS
---------------------  ----------------------------------------------------------------------
POSITION:              V.P. Business Development
---------------------  ----------------------------------------------------------------------
REPORTING LINE         Direct Report to the CEO/MD
---------------------  ----------------------------------------------------------------------
DATE OF AGREEMENT:     Wednesday, 21st May 2003
---------------------  ----------------------------------------------------------------------
DATE OF COMMENCEMENT:  Monday, June 2nd, 2003 or earlier.
---------------------  ----------------------------------------------------------------------
WORKPLACE:             2806 Ipswich Rd. Darra, Brisbane.
---------------------  ----------------------------------------------------------------------
BASE WORKING HOURS:    8.30am to 5pm
---------------------  ----------------------------------------------------------------------
BASE REMUNERATION*:    100, 000 base salary plus statutory Superannuation
---------------------  ----------------------------------------------------------------------
MANNER OF PAYMENT:     Fortnightly in arrears, into a bank account nominated by you.
---------------------  ----------------------------------------------------------------------
SUPERANNUATION FUND:   Company super fund unless otherwise stated
---------------------  ----------------------------------------------------------------------
BONUS *                A special incentive bonus is attached to this position in the form of
                       a $40,000 gross payment for the successful closure of an out-
                       licensing deal for PI-88 in accordance with the company's licensing
                       strategy for PI-88 and requirements at the time of this contract.
---------------------  ----------------------------------------------------------------------
SHARE OPTIONS          Following a successful probation period, you will be awarded
                       22,000 options at a strike price of $4.00 in accordance with the
                       existing employee option plan.
---------------------  ----------------------------------------------------------------------
LEAVE ENTITLEMENTS:    Annual leave, sick leave and long service leave at the minimum
                       levels prescribed by the Industrial Relations Act 1999 (Qld), in
                       accordance with that Act.  Those levels currently are:

                       -  4 weeks' annual leave per completed year of employment(1)
                       -  10 days' sick leave per completed year of employment(2)
                       -  13 weeks' long service leave after 15 years' continuous service,
                       or pro rata on termination after 10 years' service.
---------------------  ----------------------------------------------------------------------
COMPANY VEHICLE *      A novated lease will be arranged as part of your package and the
                       company will meet all running costs and pay FBT as long as you
                       remain employed by the Company. The total cost of maintaining
                       the car including lease payments, fuel, oil, licensing, registration
=============================================================================================
_______________________________

(1)  To be taken in the year following its accrual.  All leave is subject to approval
     and  will  not  be  granted  where  it  interferes  with  work  commitments
(2)  Available  in  circumstances  when you are unable to attend work because of your
     own  incapacity or the need to care for a member of your immediate family.  Paid
     sick  leave  will  not  be  available where your absence exceeds 2 days unless a
     medical  certificate  (for  you or your family member) is provided.  Unused sick
     leave  may  be  accumulated  from  year  to  year  but  will  not be paid out at
     termination.

                                                                          9 / 13
<PAGE>
                                                                                PROGEN
                                                                           INDUSTRIES LIMITED

=============================================================================================
                       and servicing is limited to $10,000 p.a. The vehicle will be in name
                       of Darren M. Schliebs. Upon termination lease commitments for
                       the vehicle become the responsibility of the employee.
---------------------  ----------------------------------------------------------------------
TRAVEL/TRAINING        There is an annual pro-rata reimbursement of substantial
REIMBURSEMENT          travel/training incurred by the company if you decide to terminate 6
                       months prior to the event (>$2,000) e.g. if a course costs $5,000 and
                       you decide to leave 3 months after the event, you will be required to
                       repay $5,000/12 x 9 = $3,750 to the company.
=============================================================================================

*    Details relating to your remuneration should only be discussed with members
     of  the  remuneration  committee,  CEO  and  CFO. Disclosure by you of such
     information  is  prohibited  before  statutory  disclosure  is  required.
</TABLE>

                                                                         10 / 13
<PAGE>
                                                                   PROGEN
                                                              INDUSTRIES LIMITED

SCHEDULE  2

JOB DESCRIPTION
KEY RESPONSIBILITIES

-    Aggressively pursue out-licensing of company's development compounds in
     cancer. In particular PI-88 within the next 12 months and in accordance to
     the company's licensing policy wrt the compound, and PI-166 in that order
     of priority.
-    Bridge the gap between R&D and other departments, and the marketplace
     [scientific, pharma and investor community] though effective in-house or
     outsource communications strategies.
-    Contribute to building strong commercial culture that focuses on
     deliverables in key activity areas [R&D, Commercial Services] by utilizing
     gained experience.
-    Key support function to the CEO.
-    Actively manage company Public relations.
-    Develop showcase scenarios and strategies for licensing opportunities,
     contracts and ventures.
-    Competent in building strong business cases around potential projects that
     will support and satisfy company objectives.
-    Keep management updated on important market developments and competitive
     research and marketing activities by utilizing available market information
     and establishing communications networks.
-    Challenge project proposals and provide necessary supporting information
     that will aid effective decision-making.
-    Act as a company delegate and promote company at congresses, meetings etc.
     as required.
-    Strong Networking and business lead development capabilities
-    Provide appropriate level of feedback and information to MD and management
     team.
-    Complement management of team dynamics through business competence,
     professionalism and leadership skills
-    Maintain cost consciousness mind-set.

ACTIVITIES

-    Manage out-licensing activities including active prospecting, licensing
     development, meetings conferences etc. within corporate deadline.
-    Develop sound business models, in collaboration with the working groups and
     tailored to specific business proposals/projects in R&D and other business
     divisions.
-    Collaborate with and challenge significant company business activity and
     practices in all divisions.
-    Develop and maintain company business plan with input from appropriate
     sources.
-    Draft and finalize press releases and public announcements in collaboration
     with PR agency.
-    Ensure that key business data is assimilated for easy interpretation and
     with input and validation where possible.
-    Ensure that MD/CFO is informed and engaged in all PR and corporate related
     activities.
-    Conduct business evaluations with appropriate participation of company
     members.
-    Coordinate financial input together company secretary, and M.D. and others
     as required.
-    Monitoring and reporting on competitive activity [local and international]

ACCOUNTABILITY, APPRAISAL AND REWARD

--------------------------------------------------------------------------------

Direct report to CEO.

                                                                         11 / 13
<PAGE>
                                                                   PROGEN
                                                              INDUSTRIES LIMITED

Appraisal and reward will be considered in the context of overall performance
against goals as agreed with CEO and the remuneration committee.

Strictly hands on position. An ideal development role for person who wishes to
prove his/her potential as a future CEO in the biotechnology industry.

<TABLE>
<CAPTION>
PROFESSIONAL SKILLS

-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
<S>                         <C>
Mid to long-term Vision:    Planning skills and ability to work to tight deadlines. Ability to
                            conceptualize big picture commercial outcomes for complex
                            scientific and manufacturing ideas in key business areas.
--------------------------  -------------------------------------------------------------------
Analytical:                 Ability to evaluate, synthesise and develop reasonable
                            perspective on information, data and people, and set the right
                            priorities
--------------------------  -------------------------------------------------------------------
Business oriented           Profitability and commercially minded
--------------------------  -------------------------------------------------------------------
Customer oriented:          Ability to interact and communicate efficiently across
                            departments, clients and investors.
--------------------------  -------------------------------------------------------------------
Demeanor                    Conducts oneself with appropriate professionalism, lending
                            support the CEO and servicing the corporate function above
                            personal goals with the attitude that personal gain will flow
                            from the performance and support of the company and the CEO.
--------------------------  -------------------------------------------------------------------
Goal & Achievement mindset  Ability to set and follow-through on milestones and goals.
--------------------------  -------------------------------------------------------------------
Selling/Negotiating:        Strong communication and negotiation skills and ability to
                            present clearly (orally and in writing)
--------------------------  -------------------------------------------------------------------
Leadership:                 Exhibits integrity, competence, confidence and professionalism
--------------------------  -------------------------------------------------------------------
Work Ethic                  Ambitious and goal orientated. Able to work well under stress.
                            Multi tasked and works to get job done.
-----------------------------------------------------------------------------------------------
</TABLE>

PERSONALITY
--------------------------------------------------------------------------------
-    Analytical and organised
-    Company orientated but personally ambitious.
-    Mature, stable personality
-    Persistent. A good starter-finisher.
-    Enthusiastic and self-motivated - a problem solver not a problem maker
-    Strong 'partnership-oriented' team player
-    Demonstrative drive and accountability for achievement.
-    Open minded and outgoing
-    Willing to openly share thoughts and information
-    Mental flexibility - open to new ideas and advice - ability to deal with
     criticism- ability and willingness to change course of action in line with
     company initiatives.
-    Willingness to be measured on performance (not only activities)
-    Ability to take a clear, consistent position and responsibility
-    Willingness to learn new skills and accept challenge

EDUCATION & QUALIFICATIONS
--------------------------------------------------------------------------------
-    Advanced science degree + MBA or similar, or,

                                                                         12 / 13
<PAGE>
                                                                   PROGEN
                                                              INDUSTRIES LIMITED

-    Finance plus health sciences marketing and sales experience
-    Essential Computer (spreadsheet/graphic) capabilities
-    Good written and oral presentation capabilities

EXPERIENCE
--------------------------------------------------------------------------------
-    Experience in the pharmaceutical, biotechnology, health sciences industry
     [international preferred].
-    Operational Experience: licensing, IP management, manufacturing, R&D,
     Market Research, Clinical Development.

                                                                         13 / 13
<PAGE>

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