SHAREHOLDER MEETING LETTER
Dated: 17 June 2003

June 2003

Dear Shareholder

Last week I held presentations for shareholders in most of the capital cities around Australia, including Adelaide.

The response to these presentations was exceptional. Indeed the Adelaide presentation was so well attended, that we were unable to accommodate all shareholders who arrived, within the venue we had booked.

I believe it is important for as many shareholders as possible to get an opportunity to hear more about the company’s progress and to give an opportunity for detailed questions. Accordingly I have now arranged a second meeting in Adelaide. This will take place at 12.45pm on Friday 20 June 2003 at the Hyatt Hotel, Grevillea Room, North Terrace, Adelaide 5000.

If you were unable to attend the first meeting, or if you were at the previous meeting and would like a further opportunity to ask questions, I encourage you to come along to this meeting.

With the entitlements issue due to close on 23 June, this would not give shareholders sufficient time to attend this new meeting and submit an application prior to closing date. I have therefore extended the offer’s closing date, by one week, to 30 June 2003.

I hope you will be able to attend the meeting and look forward to seeing you.

Yours faithfully

Gordon Galt
Managing Director

For further information:

Gordon Galt
Managing Director