Announcement to the ASX regarding a Variation to the Terms of Partly Paid Securities

Announcement to the ASX regarding a Variation to the Terms of Partly Paid Securities

08-Apr-2004

The directors of the Thakral Holdings Group (Thakral Holdings Limited and Sovereign Funds Management
Limited as Responsible Entity of the Thakral Holdings Trust) have approved variations to the terms of the 40 million partly paid securities issued in 1994 and presently held by Thakral Investments Pty Limited (TIPL), a company controlled by the Thakral Family.

The effect of the variations is to defer for at least one year the dilutionary impact of TIPL exercising its right to pay up the partly paid securities. THG is presently not in need of additional capital and the right of THG to require TIPL to pay the unpaid balance has been preserved.

The particular variations are:

1. the final date for TIPL to have the right to pay up the unpaid balance of the partly paid securities is extended for three years to 11 June 2007 on the same terms and conditions; and

2. TIPL will not exercise its right to pay up the securities for 12 months ending on 1 March 2005.

The directors consider (having obtained independent advice from Grant Samuel & Associates Pty Limited) that the variations do not adversely affect the rights of THG security holders other than those associated with TIPL (the Thakral Family) and that THG security holders other than those associated with TIPL are not
disadvantaged by the implementation of the variations.

For further information please contact the Managing Director, Mr John Hudson on (02) 9272 8888.

Please provide us with your confirmation of release announcement.

Yours faithfully



Andrew Horne
Group Company Secretary

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