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Stapled Securities

	How they work
	Taxation Information
	Distributions History
	Next Distribution
	Security Purchase Plan

This section describes the structure of stapled securities and how they work.

How they work

Each Stapled Security comprises one Loan Note and one Share. The components can only be traded as a single unit.

At the time of listing on the Australian Stock Exchange in August 1997, the Stapled Security structure was a 30¢ Share and 70¢ Loan Note.

Distributions to investors will take one, or a combination, of the following forms:

interest payments on the Loan Notes
repayments of Loan Note principal
dividends on the Share component
other distributions (including return of capital on the Shares)

An illustration of how the nominal value of the components of the Stapled Security could vary over time is as follows:

Stapled Securities Chart

Taxation of Distributions
Investors should seek their own professional taxation advice based on their personal circumstances.

The repayment of the Loan Note principal is not taxable in the hands of the shareholder, but it will be taken into consideration by the Commissioner of Taxation in determining whether a capital gain or loss has occurred on the sale of the Stapled Securities. The interest paid on the Loan Notes is considered taxable income and should be included as a dividend in shareholders' Tax Returns.

An illustration of growth in the nominal value of the components of the Stapled Security is as follows:

Capital Gain Chart

* Note: In this example the impact of indexation has not been included.

Distributions history

	Amount Paid
1997/1998	7.75¢
1998/1999	8.15¢
1999/2000	9.00¢
2000/2001	9.25¢
2001/2002	9.50¢
2002/2003	9.50¢
2003/2004	9.50¢
2004/2005	9.50¢
2005/2006	9.50¢
2006/2007	9.50¢
2007/2008	9.50¢

Payment of distributions

Distributions to shareholders are paid directly into bank, building society or credit union accounts in Australia. The payments are electronically credited on the distribution payment date and confirmed by payment advices sent through the mail.

Distribution to shareholders (cents)

Paid	Loan Note	Interest	Unfranked Dividend	Total	Loan Note Balance
28/11/97	3.77	0.88		4.65	66.23
29/05/98	1.45	1.65		3.10	64.78
TOTAL	5.22	2.53		7.75
27/11/98	3.06	1.83		4.89	61.72
28/05/99	1.54	1.72		3.26	60.18
TOTAL	4.60	3.55		8.15
26/11/99 (1)	3.59	1.81		5.40	56.59
26/11/99 (2)	3.59	0.09		3.68	56.59
26/05/00	1.90	1.70		3.60	54.69
TOTAL (1)	5.49	3.51		9.00
TOTAL (2)	5.49	1.79		7.28
24/11/00	3.77	1.78		5.55	50.92
25/5/01	2.05	1.65		3.70	48.87
TOTAL	5.82	3.43		9.25
26/11/01	3.98	1.72		5.70	44.89
29/04/02	2.23	1.57		3.80	42.66
29/04/02 (3)	2.23	0.20		2.43	42.66
TOTAL	6.21	3.29		9.50
TOTAL (3)	2.23	0.20		2.43
25/11/02	3.99	1.71		5.70	38.67
29/04/03	2.26	1.54		3.80	36.41
TOTAL	6.25	3.25		9.50
28/11/03	3.87	1.83		5.70	32.54
30/04/04	2.18	1.62		3.80	30.36
TOTAL	6.05	3.45		9.50
30/11/04	3.87	1.83		5.70	26.49
30/04/05	2.21	1.59		3.80	24.28
TOTAL	6.08	3.42		9.50
30/11/05	3.87	1.83		5.70	20.41
30/04/06	2.27	1.53		3.80	18.14
TOTAL	6.14	3.36		9.50
30/11/06	3.87	1.36	0.47	5.70	14.27
31/05/07	2.27	1.07	0.46	3.80	12.00
TOTAL	6.14	2.43	0.93	9.50
30/11/07	3.87	0.90	0.93	5.70	8.13
30/05/08	3.19	0.61		3.80	4.94
TOTAL	7.06	1.51	0.93	9.50

(1) Securities issued 25 August 1997
(2) Securities issued 24 September 1999
(3) Placement securities issued on 8 March 2002

Next Distribution

Distributions are for the six months ended 31 March and 30 September and are normally announced in April and October and are normally paid in late May and November.

For recent distribution announcements refer to the following link: