** institutional buyer - its official **, page-12

re: aegis quarterly december 2004 report Hi Meerkat,

For completeness, I have copied and pasted the following paragraph from the Aegis Report (see www.aer.com.au for full copy of the December Report which can be downloaded)...

Aegis, its officers, employees and its related bodies corporate have not and will not receive, whether directly or indirectly, any commission, fee, benefit or advantage, whether pecuniary or otherwise in connection with making any statements and/or recommendation (if any), contained in this Report. Aegis
discloses that from time to time it or its officers, employees and related bodies corporate may have an interest in the securities, directly or indirectly, which are the subject of these statements and/or
recommendations (if any) and may buy or sell securities in the companies mentioned in this publication;
may effect transactions which may not be consistent with the statements and/or recommendations (if any)
in this publication; may have directorships in the companies mentioned in this publication; and/or may
perform paid services for the companies that are the subject of such statements and/or recommendations
(if any).

However, under no circumstances has Aegis been influenced, either directly or indirectly, in making any
statements and/or recommendations (if any) contained in this Report.
The information contained in this publication must be read in conjunction with the Legal Notice which can
be located at http://www.aer.com.au