Column 1| Column 2| Column 3| Column 4 1| CITICORP NOMINEES PTY...

	Column 1	Column 2	Column 3	Column 4
1	1	CITICORP NOMINEES PTY LIMITED	22,850,259
2	2.	UBS NOMINEES PTY LTD	13,670,855	3.16
3	3.	MACQUARIE BANK LIMITED	10,000,000	2.31
4	4.	HBSC CUSTODY NOMINEES (AUSTRALIA) LIMITED – A/C 2	7,100,020	1.64
5	5.	FANCHEL PTY LTD	6,400,000	1.48
6	6.	MR CHRISTOPHER IAN WALLIN + MS FIONA KAY MCLOUGHLIN + MRS SYLVIA FAY RHATIA	5,000,000	1.15
7	7.	NATIONAL NOMINEES LIMITED	4,684,375	1.08
8	8.	CROFTON PARK DEVELOPMENTS PTY LTD	4,500,000	1.04
9	9.	NATIONAL NOMINEES LIMITED	3,838,997	0.89
10	10.	EDWIN HOLDINGS PTY LTD	3,250,000	0.75
11	11.	FRANZE HOLDINGS PTY LIMITED	3,145,092	0.73
12	12.	MR MARK SHAWCROSS	3,000,000	0.69
13	13.	MR WILLIAM TRICKETT WRIGHT + MRS HELEN ELIZABETH WRIGHT	3,000,000	0.69
14	14.	HSBC CUSTODY NOMINEES AUSTRALIA LIMITED	2,773,487	0.64
15	15.	MR STUART FRANCIS HOWES	2,700,001	0.62
16	16.	MR JAMES DONALD BRUCE COCHRANE + MRS JOAN ELIZABETH COCHRANE	2,578,947	0.60
17	17.	RUDIE PTY LTD	2,500,000	0.58
18	18.	J P MORGAN NOMINEES AUSTRALIA LIMITED	2,352,471	0.54
19	19.	ABN AMRO CLEARING SYDNEY NOMINEES PTY LTD	2,141,444	0.49
20	20.	MR GERARD PIETER TOM VAN BRUGGE	2,125,000	0.49
21	Totals:	Top 20 holders of ORDINARY SHARES (TOTAL)	107,610,948	24.84
22	Total Remaining Holders Balance[/B]	325,586,699	75.16

If one accepts that the names above in bold will all vote YES, that amount totals approx 60 Mil, ( excluding MacBank who cant vote) that leaves the balance of approx 47 Mil voting NO. It assumed that they are small retail holders and would support the No vote.

Total votes are 433 Mil  less 10 Mil for MB = 423 Mil maximum available.

That means that at its highest supporters of MB will need to buy (or retain) a total of 317 Mil (75%) of 423 Mil.

Of that amount there will clearly be a large percentage that normally gives their proxy onto the Chairman to vote, it really does not matter as they would attract a YES vote and have already been allowed for in the 317 Mil, any amount over that becomes cream for MB and gets the YES vote up, so they become irrelevant for the purpose of this debate.

In my opinion such an amount may be able to be to garnered IF there is significant amounts of shares being sold by retail shareholders and mopped up by friendly YES voters.

For the purpose of this exercise one MUST assume that all shares purchased will vote YES.

So how many shares have been bought since the offer was made?

Therefore of the 46 mil assumed to be NO votes above that only leaves approx 50 Mil among the other 317 Mil that we need to support the NO vote.

50 Mil out of 317 Mil plus 47 Mil above = 97 Mil.

In my opinion that is more than achievable.

I will be buying more at approx 20.5 but will VOTE NO.

CB