Based on our assessed value o1 an ERG share, in section 5.6, we valued the April Interest Conversion Sharesin the range of between 17.21 cents and 44.55 cents. -- Anonymous

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Subject: Based on our assessed value o1 an ERG share, in section 5.6, we valued the April Interest Conversion Sharesin the range of between 17.21 cents and 44.55 cents.

Author:
You never know vegetable and the dog might even be pals again one day
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Date Posted: Monday, March 10, 09:24:09am

Based on our assessed value o1 an ERG share, in section 5.6, we valued the April Interest Conversion Shares
in the range of between 17.21 cents and 44.55 cents. �l�his compares to the cash value of ehe April Interest of
50.625 cents per Listed Note. While the discount is substantial, the impact ofthe April Interest Conversion
and the Listed Note Conversion on the Ftnancial position of the Cornpany should be significant.

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Replies:

Subject Author Date

Hi Walt I'd value ERG at between 17 and 44c by April--based on examination of the accounts you can tellem bonkers said that over at Ozestock too and he's backed it up with some research-Steve (NT) Tuesday, March 11, 2003 3:30 AM Monday, March 10, 09:28:42am

the Future lnteresl Conversion wilt only apply if theListed Note Conversion or the Proposed Capital Reslructure does not proceed. Monday, March 10, 09:41:22am

The April Interest Capitalisation will have effect on and from l April 2003 Deed and Conditions set out in this clause 3 will have no force or effect if thisdeed is not executed before 21 April 2003. Monday, March 10, 11:19:53am

Subject	Author	Date
Hi Walt I'd value ERG at between 17 and 44c by April--based on examination of the accounts you can tellem bonkers said that over at Ozestock too and he's backed it up with some research-Steve (NT)	Tuesday, March 11, 2003 3:30 AM	Monday, March 10, 09:28:42am

the Future lnteresl Conversion wilt only apply if theListed Note Conversion or the Proposed Capital	Reslructure does not proceed.	Monday, March 10, 09:41:22am

The April Interest Capitalisation will have effect on and from l April 2003	Deed and Conditions set out in this clause 3 will have no force or effect if thisdeed is not executed before 21 April 2003.	Monday, March 10, 11:19:53am