substantial shareholder notice, page-4

Manifest Capital Management is an investment manager
specialising in Australian equities, that formed in late
2001 and has offered individually managed accounts
to private investors since May 2002.

The key members of the investment team have substantial
experience in investment analysis and portfolio management.

Manifest is entirely owned by staff.

Manifest is a conservative fundamental investor that focuses
on preserving investment capital. They invest in established
Australian businesses which Manifest considers to have
sound balance sheets, strong cash generation, high return
on capital, competent and honest management, and solid
long-term prospects. They aim to invest in such companies
when Manifest considers them to be priced too cheaply
relative to the quality of the business and where they are
able to identify change occurring within the business that
they expect will lead to a positive reassessment of earnings
power, corporate quality and corporate value in the future.