MACRO METALS LIMITED — Audit Report / Information 2003

Mar 13, 2003

Level 19, 2 Market Street Sydney NSW 2000 GPO Box 2551 Sydney NSW 2001 Tel. +61 2 9286 5555 Fax +61 2 9286 5599 Email: bdosyd@bdosyd.com.au www.bdo.com.au

INDEPENDENT REVIEW REPORT TO THE MEMBERS OF AUTO ENTERPRISES LIMITED

Scope

We have reviewed the financial report in the form of Appendix 4B of the Australian Stock Exchange (ASX) Listing Rules, comprising the half-yearly report and Directors' Declaration of Auto Enterprises. Limited for the half-year ended 31 December 2002, but excluding the following sections:

• material factors affecting the revenues and the expenses for the current period (page 15); $(a)$
• (b) compliance statement (pages 17 and 18).

The disclosing entity's directors are responsible for the financial report. We have performed an independent review of the financial report in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the financial report is not presented fairly in accordance with Accounting Standard AASB 1029: Interim Financial Reporting, other mandatory professional reporting requirements in Australia, statutory requirements and the ASX Listing Rules as they relate to Appendix 4B, so as to present a view which is consistent with our understanding of the disclosing entity's financial position, and performance as represented by the results of its operations and its cash flows, and in order for the disclosing entity to meet its obligations to lodge the financial report with the Australian Securities & Investments Commission and the ASX.

Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. A review is limited primarily to inquiries of the disclosing entity's personnel and analytical procedures applied to the financial data. These procedures do not provide all the evidence that would be required in an audit, thus the level of assurance provided is less than given in an audit. We have not performed an audit and, accordingly, we do not express an opinion.

Statement

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the halfyear financial report of Auto Enterprises Limited is not in accordance with:

• the Corporations Act 2001, including: $(a)$
• giving a true and fair view of the disclosing entity's financial position as at 31 December 2002 and of $(i)$ its performance for the half-year ended on that date; and
• $(ii)$ complying with Accounting Standard AASB 1029: Interim Financial Reporting and the Corporations Regulations 2001; and
• $(b)$ other mandatory professional reporting requirements in Australia and ASX Listing Rules as they relate to Appendix 4B.

BDO Chartered Accountants

KRREID Partner

Sydney, 13 March 2003