re: thanks rager The key dates and events for the implementation...

re: thanks rager The key dates and events for the implementation of the
Recapitalisation Proposal are subject to a number of factors which are outside the control of ERG. Accordingly the dates below, other than the date for return of proxy forms and the date of the shareholder meeting, are indicative only and may be changed without notice:

ACTION/EVENT INDICATIVE DATE*

*Meeting of Noteholders10.30am 28 March 2003
*Adjourned meeting of Noteholders (if required) 10.30am 16 April 2003
*Shareholder proxy form due at Computershare 10.30am 28 April 2003
*Meeting of Shareholders 10.30am 30 April 2003
*Announcement of proposed Note Conversion Date 30 April 2003
*Cessation of Note trading at close of business on ASX 9 May 2003
*Announcement of Rights Issue timetable ** 9 May 2003
*Commencement of trading of new Shares on ASX (deferred delivery) 12 May 2003
*Record date for conversion of Notes to Shares 5.00pm Sydney time 16 May 2003
*Last date for issue of Shares on conversion of Notes 23 May 2003

* Unless otherwise indicated, all references to time are references to time in Perth, Western Australia.

** The announcement of the Rights Issue timetable will depend onwhether or not the Directors decide to proceed with the Rights Issue.