Perpetual Limited — Major Shareholding Notification 2004

Sep 27, 2004

Form 603

Corporations Law Section 671B

Notice of initial substantial holder

To Company Name/Scheme	AAV LIMITED
ARSN	083 269 701
1.Details of substantial holder (1)
Name	PERPETUAL TRUSTEES AUSTRALIA LIMITED
ACN (if applicable)	000 431 827

The holder became a substantial holder on $27/09/2004$

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Persons' votes (5)	Voting power (6)
Ordinary	4,147,648	4,147,648	$5.02%$

3. Details of relevant interests

The nature of the refevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Refer annexure1 & 2

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph above are as follows:

Holder of relevant interest	Registered holder ofsecurities	Persons entitled to beregistered as holder (8)	Class and number ofsecurities
Refer annexure 1

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number ofsecurities
Refer annexure 3		Cash	Non - Cash

Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN (if applicable)	Nature of association
Refer to Annexure 1 & 2

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Refer to Annexure 1

Signature

Print name GLENDA CHARLES

Capacity

ASST. COMPANY SECRETARY

Perpetual Investments Account Codes & Details

INTERNAL CODE	ACCOUNT DETAILS	REGISTRATION DETAILS
PIHEST	RBC Global Services Australia Nominees PtyLimited ACF: HEST Australia LimitedAccountCode: PIHESTGPO Box 5424 Sydney NSW 2001	JP Morgan Chase NomineesLocked Bag 7, Royal Exchange SydneyNSW 2000
PMISF1	RBC Global Services Australia Nominees PtyLimited ACF: Perpetual's Industrial Share FundAccount Code: PIISF1GPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PMISF2	RBC Global Services Australia Nominees PtyLimited ACF: Perpetual's Industrial Share FundAccount Code: PIISF2GPO Box 5424 Sydney NSW 2000	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PMISFJ	RBC Global Services Australia Nominees PtyLimited ACF: Perpetual's Industrial Share FundAccount Code: PIISFJGPO Box 5424 Sydney NSW 2000	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PIJUTD	Permanent Trustee Australia Ltd ACF: PI UnitedSector Property Fund. Account Code: SMF0024.C/- RBC Global Services Australia Pty LimitedGPO Box 5424 Sydney NSW 2001	Permanent Trustee Australia Ltd<smf 0024=""> GPO Box 4270 SydneyNSW 2000
NSWTC	Cogent Nominees Pty Ltd ACF NSW TreasuryCorporation. Account Code: PINSWTRBC Global Services Australia Nominees PtyLimited GPO Box 5424 Sydney NSW 2001	Cogent Nominees Pty Limited P.O. BoxR209, Royal Exchange, Sydney NSW1225
PIEFM6	Cogent Nominees Pty Ltd ACF EFM AustralianShare Fund 6 Account Code: PIEFM6RBC Global Services Australia Nominees PtyLimited GPO Box 5424 Sydney NSW 2001	Cogent Nominees Pty Limited A/C:WTXME6, P.O. Box R209, RoyalExchange, Sydney NSW 1225
ARF	JP Morgan Chase Nominees Ltd ACF:Australian Retirement Fund, Account Code:PIARF. RBC Global Services AustraliaNominees Pty Limited GPO Box 5424 SydneyNSW 2001	JP Morgan Chase Nominees LockedBag 7, Royal Exchange Sydney NSW2000
PIACT	JP Morgan Chase Nominees Ltd ACF:Australian Capital Territory Treasury. AccountCode: PIACT RBC Global Services AustraliaNominees Pty Limited GPO Box 5424 SydneyNSW 2001	JP Morgan Chase Nominees LockedBag 7, Royal Exchange Sydney NSW2000
PIFIJI	National Nominees Limited ACF: Fiji NationalProvident Fund Account Code: PIFIJI, RBCGlobal Services Australia Nominees Pty LtdGPO Box 5424 Sydney NSW 2001	National Australia Custodian Services A/CFNPEAE. 5th Floor South 271 CollinsStreet Melbourne VIC 3000
SMF	Permanent Trustee Australia Ltd ACF: SMFFunds Management <smf 0013=""> AccountCode: PISMF. RBC Global Services AustraliaPty Limited GPO Box 5424 Sydney NSW 2001	Permanent Trustee Australia Ltd<smf 0013=""> GPO Box 4270 SydneyNSW 2000

GSF	RBC Global Services Australia Nominees PtyLimited. ACF: Perpetual Australia Share Fund.Account Code: PIGSF GPO Box 5424 SydneyNSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PMSCA	RBC Global Services Australia Nominees PtyLimited ATF: Perpetual's Smaller CompaniesAnalyst Fund Account Code: PISCA. GPO Box5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PMCBUS	National Nominees Ltd ACF: Construction &Building Union Superannuation Fund AccountCode: PICBUS, RBC Global Services AustraliaNominees Pty Limited. GPO Box 5424 SydneyNSW 2001	National Australia Custodian Services5th Floor South, 271 Collins StreetMelbourne VIC 3000
PPSF	RBC Global Services Australia Nominees PtyLimited ATF: Perpetual Property SecuritiesFund Account Code: PIPSF, GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
ICIS	RBC Global Australia Nominees Pty LimitedACF: Perpetual Investor Choice Industrial AssetGroup Account Code: PISIND GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424Sydney NSW 2001
ICAS	RBC Global Services Australia Nominess PtyLimited. ACF: Perpetual Investor ChoiceAustralian Asset Group. Account Code: PIICASGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424Sydney NSW 2001
ICSC	RBC Global Services Australia Nominees PtyLimited. ACF: Perpetual Investor ChoiceSmaller Asset Group Account Code: PISSCF.GPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424Sydney NSW 2001
PMHOST	JP Morgan Chase Nominees LimitedACF: Host - Plus Pty Ltd Accoutn Code:PIHOST, RBC Global Services AustraliaNominees Pty Limited, GPO Box 5424 SydneyNSW 2001	JP Morgan Chase Nominees LockedBag 7, Royal Exchange Sydney NSW2000
ALL 'PC' CODES	RBC Global Services Australia Nominees PtyLimited GPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424 Sydney NSW2001
ALL 'SS' CODES	RBC Global Services Australia Nominees PtyLimited GPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424 Sydney NSW2001
PMONE	National Nominees Limited ACF: OneSteelSuperannuation Fund Account Code: PIONE,RBC Global Services Australia Nominees PtyLimited GPO Box 5424 Sydney NSW 2001	National Australia Custodian ServicesOneSteel Superannuation FundOSPEAE / 6571-17 5th Floor South271 Collins Street Melbourne VIC 3000

PCEF	RBC Global Services Australia Nominees PtyLimited, Account Code: PICEF GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
QITE2	RBC Global Services Australia Nominees PtyLimited AFT: Quantitative Investments TE 2Equity Fund. Account Code: PIQTE2 GPO Box5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PIMIT	Guardian TrustAustralia Ltd ACF: PerpetualJames Fielding Meridian Investment TrustAccount code PIMIT. RBC Global ServicesAustralia Nominees Pty Ltd GPO Box 5424Sydney NSW 2001	Guardian Trust Australia Ltd <meridianA/C> GPO Box 469 Sydney NSW 2001</meridian
PIWGAF	UBS Nominee Pty Ltd ACF: PerpetualWholesale Geared Australian Share FundAccount code PIWGAS. RBC Global ServicesAustralia Nominees Pty Ltd GPO Box 5424Sydney NSW 2001	UBS Nominee Pty Ltd <prime broking<br="">A/C> Level 25, 1 Farrer Place GovenorPhillip Tower Sydney NSW 2000
PIWSPF	UBS Nominee Pty Ltd ACF: PerpetualWholesale Share Plus Fund Account codePIWSPF, RBC Global Services AustraliaNominees Pty Ltd GPO Box 5424 Sydney NSW2001	UBS Nominee Pty Ltd <prime broking<br="">A/C> Level 25, 1 Farrer Place GovenorPhillip Tower Sydney NSW 2000
PMSTA	National Nominees Limited ACF: Super Trust ofAustralia Account Code: PISTA. RBC GlobalServices Australia Nominees Pty Limited GPOBox 5424 Sydney NSW 2001	National Australia Custodian Services5th Floor South 271 Collins StreetMelbourne VIC 3000
PMWSCM	RBC Global Australia Nominees Pty LimitedACF: Perpetual Wholesale Smaller Co FundAccount Code: PIWSCF, GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PMWSCS	RBC Global Australia Nominees Pty LimitedACF: Perpetual Wholesale Smaller Co FundAccount Code: PIWSCF. GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
AMCORP	National Nominees Ltd ACF: IOOF Account.Account Code: PIAMC RBC Global ServicesAustralia Nominees Pty Limited GPO Box 5424Sydney NSW 2001	National Australia Custodian ServicesA/C ATPFAE 6822 - 16. 5th Floor South271 Collins Street Melbourne VIC 3000
TEL	National Nominees Limited ACF: TelstraSuperannuation Pty Limited Account Code:PITEL RBC Global Services AustraliaNominees Pty Limited GPO Box 5424 SydneyNSW 2001	National Australia Custodian ServicesA/C 3093-15 TSPPAE 5th Floor South271 Collins Street Melbourne VIC 3000
PMFR	Westpac Custodian NomineesACF: Frank Russell Investment ManagementAccount Code: PIMFR RBC Global ServicesAustralia Nominees Pty Limited GPO Box 5424Sydney NSW 2001	Westpac Custodian NomineesState Street Fund BQ8D Level 9 / 50 PittStreet Sydney NSW 2000
PMCPSF	Citicorp Nominees Pty Ltd ACF:CommonwealthProperty Fund 3 Account Code: PICPSF. RBCGlobal Services Australia Pty Ltd, GPO Box5424 Sydney NSW 2001	Citicorp Nominees Pty Ltd A/C EPSS03GPO Box 764G Melbourne VIC 3001

PMCGSF	Citicorp Nominees Pty Ltd ACF: CommonwealthAust Shares Fund 11 Account Code: PICGSFRBC Global Services Australia Pty Ltd GPOBox 5424 Sydney NSW 2001	Citicorp Nominees Pty Ltd A/C EASS11GPO Box 764G, Melbourne VIC 3001
CBAISF	Citicorp Nominees Pty Ltd. ACF:Commonwealth Aust Shares Fund 4. AccountCode:PICISF, RBC Global Services AustraliaPty Ltd GPO Box 5424 Sydney NSW 2001	Citicorp Nominees Pty Ltd A/C EASS04GPO Box 764G, Melbourne VIC 3001
PMWSRF	RBC Global Services Australia Nominess PtyLimited. ACF: Perpetual Wholesael Ethical FundAccount Code: PIWSRF GPO Box 5424 SydneyNSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PWSCF	RBC Global Services Australia Nominess PtyLimited. ACF: Perpetual Wholesale Smaller CoFund Account Code: PIWSCF GPO Box 5424Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box5424 Sydney NSW 2001
PTGEN	Perpetual Trustee Services General A / CAccount Code: PTPGEN RBC Global ServicesAustralia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001
PTAL	Perpetual Trustees Australia LimitedAccount Code: PTALRBC Global ServicesAustralia Nominees Pty LimitedLevel 19 / 1 Castlereagh Street Sydney NSW2000	RBC Global Services Australia NomineesPty Limited GPO Box 5430,Sydney NSW 2000
PTQLD	Perpetual Trustee Queensland LimitedAccount Code: PTQLD RBC Global ServicesAustralia Nominees Pty LimitedLevel 19 / 1 Castlereagh Street Sydney NSW2000	RBC Global Services Australia NomineesPty Limited GPO Box 5430,Sydney NSW 2000
PTCO	Perpetual Trustee Co. LimitedAccount Code: PTPCO RBC Global ServicesAustralia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001
PTNM	P.T.A. Nominees Limited ATF: PerpetualTrustees Nominees LimitedAccount Code: PTPNM RBC Global ServicesAustralia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424Sydney NSW 2001
PTVIC	Perpetual Trustee Victoria LimitedAccount Code: PTNM RBC Global ServicesAustralia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001
PNOM	Perpetual Nominees Pty LimitedAccount Code: PTPNOM RBC Global ServicesAustralia Nominbees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001

PTAN	Perpetual Nominees Limited Account Code:PTPAN RBC Global Services AustraliaNominees Pty Limited, GPO Box 5424 SydneyNSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001
PML	Perpetual Management Limited Account Code:PTPML RBC Global Services AustraliaNominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424,Sydney NSW 2001
PTWA	Perpetual Trustee WA LimitedAccount Code: PTPWA RBC Global ServicesAustralia Nominees Pty LimitedGPO Box 5424 Sydney NSW 2001	RBC Global Services Australia NomineesPty Limited GPO Box 5424.Sydney NSW 2001
Τ2	Perpetual Trustee Company LimitedPrivate Client Division )	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
T3	Perpetual Trustees Victoria LimitedPrivate Client Division )	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
Τ4	Perpetual Trustees Queensland LimitedPrivate Client Division )	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
Τ6	Perpetual Trustees WA LimitedPrivate Client Division )	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
T7	Perpetual Trustee Company Canberra Limited(Private Client Division)	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000
DIRECTOR	Perpetual Trustees Australia Limited,Directors Personal Holdings	Perpetual Trustee Company Limited39 Hunter Street, Sydney 2000

PRESENT RELEVANT INTERESTS

CHANGES IN RELEVANT INTERESTS

Account	Security		Quantity		Value	Price	DateAsAt
ICSC	AVV		18,747		40,264	$2.15	11-Jun-04
ICSC	AVV		2,018		4,319	$2.14	16-Jun-04
ICSC	AVV		1,896		4,057	$2.14	17-Jun-04
ICSC	AVV		5,842		12,969	$2.22	28-Jun-04
ICSC	AVV		5,828		12,547	$2.15	05-Jul-04
ICSC	AVV		51,487		114,301	$2.22	05-Jul-04
ICSC	AVV		6,067		13,105	$2.16	06-Jul-04
ICSC	AVV		46,858		101,682	$2.17	07-Jul-04
ICSC	AVV		56,450		128,733	$2.28	26-Jul-04
ICSC	AVV	÷,	67,803		156,454	$2.31	27-Jul-04
ICSC	AVV		14,490		34,341	$2.37	28-Jul-04
ICSC	AVV		82,785		198,684	$2.40	05-Aug-04
ICSC	AVV		103,580		253,771	$2.45	06-Aug-04
ICSC	AVV		76,504		187,435	$2.45	09-Aug-04
ICSC	AVV		167,229		409,711	$2.45	13-Aug-04
ICSC	AVV		35,590		87,196	$2.45	16-Aug-04
ICSC	AVV		87,695		209,171	$2.39	26-Aug-04
ICSC	AVV		38,566		91,456	$2.37	27-Aug-04
ICSC	AVV		7,452		17,810	$2.39	31-Aug-04
ICSC	AVV		17,651		42,157	$2.39	01-Sep-04
ICSC	AVV		13,163		31,328	$2.38	07-Sep-04
ICSC	AVV		3,342		7,908	$2.37	08-Sep-04
ICSC	AVV		99,098		235,437	$2.38	08-Sep-04
ICSC	AVV		242,878		577,930	$2.38	08-Sep-04
ICSC	AVV		1,500		3,420	$2.28	10-Sep-04
ICSC	AVV		14,001		32,293	$2.31	13-Sep-04
ICSC	AVV		9,218		21,456	$2.33	20-Sep-04
ICSC	AVV		9,827		22,876	$2.33	21-Sep-04
ICSC	AVV		2,768		6,366	$2.30	22-Sep-04
ICSC	AVV		9,299		21,295	$2.29	22-Sep-04
ICSC	AVV		4,882		11,375	$2.33	23-Sep-04
ICSC	AVV		56,073		130,650	$2.33	24-Sep-04
ICSC	AVV		133,263		309,170	$2.32	27-Sep-04
ICSC	AVV		1,792		3,459	$1.93	02-Jun-04
ICSC	AVV		1,792	$\overline{ }$	3,798	$2.12	08-Jun-04
ICSC	AVV		1,798		3,470	$1.93	02-Jun-04
ICSC	AVV		1,798	$\blacksquare$	3,811	$2.12	08-Jun-04
ICSC	AVV		3,351		7,930	$2.37	08-Sep-04
ICSC	AVV		99,366		236,074	$2.38	08-Sep-04
ICSC	AVV		243,536		579,496	$2.38	08-Sep-04
ICSC	AVV		1,500		3,420	$2.28	10-Sep-04
ICSC	AVV		9,339		21,540	$2.31	13-Sep-04
ICSC	AVV		6,099		14,196	$2.33	20-Sep-04
ICSC	AVV		8,185		19,054	$2.33	21-Sep-04
ICSC	AVV		2,760		6,348	$2.30	22-Sep-04
ICSC	AVV		9,275		21,241	$2.29	22-Sep-04
ICSC	AVV		4,454		10,378	$2.33	23-Sep-04
ICSC	AVV		55,612		129,576	$2.33	24-Sep-04

This is annexure 3 Page 1 of 3 referred to in Form 603Title: Notice of initial substantial holder

ICSC	AVV	132,827		308,159	$	2.32	27-Sep-04
ICSC	AVV	18,814		40,408	$	2.15	11-Jun-04
ICSC	AVV	944		2,020	$	2.14	16-Jun-04
ICSC	AVV	3,066		6,561	$	2.14	17-Jun-04
ICSC	AVV	5,693		12,638	$	2.22	28-Jun-04
ICSC	AVV	5,866		12,628	$	2.15	05-Jul-04
ICSC	AVV	51,821		115,043	$	2.22	05-Jul-04
ICSC	AVV	6,207		13,407	$	2.16	06-Jul-04
ICSC	AVV	47,218		102,463	$	2.17	07-Jul-04
ICSC	AVV	14,414		36,063	$	2.50	30-Jul-04
ICSC	AVV	48,767		122,148	$	2.50	02-Aug-04
ICSC	AVV	76,448		187,301	$	2.45	09-Aug-04
PMWSCM	AVV	31,253		67,124	$	2.15	11-Jun-04
PMWSCM	AVV	2,982		6,381	$	2.14	16-Jun-04
PMWSCM	AVV	3,467		7,419	$	2.14	17-Jun-04
PMWSCM	AVV	8,598		19,088	$	2.22	28-Jun-04
PMWSCM	AVV	8,107		17,453	$	2.15	05-Jul-04
PMWSCM	AVV	71,621		158,999	$	2.22	05-Jul-04
PMWSCM	AVV	8,933		19,295	$	2.16	06-Jul-04
PMWSCM	AVV	68,142		147,868	$	2.17	07-Jul-04
PMWSCM	AVV	85,396		194,743	$	2.28	26-Jul-04
PMWSCM	AVV	97,197		224,280	$	2.31	27-Jul-04
PMWSCM	AVV	20,510		48,609	$	2.37	28-Jul-04
PMWSCM	AVV	117,715		282,516	$	2.40	05-Aug-04
PMWSCM	AVV	146,420		358,729	$	2.45	06-Aug-04
PMWSCM	AVV	107,105		262,407	$	2.45	09-Aug-04
PMWSCM	AVV	232,771		570,289	$	2.45	13-Aug-04
PMWSCM	AVV	48,013		117,632	$	2.45	16-Aug-04
PMWSCM	AVV	112,305		267,871	$	2.39	26-Aug-04
PMWSCM	AVV	52,847		125,323	$	2.37	27-Aug-04
PMWSCM	AVV	2,092		5,000	$	2.39	31-Aug-04
PMWSCM	AVV	30,649		73,201	$	2.39	01-Sep-04
PMWSCM	AVV	8,993		21,403	$	2.38	07-Sep-04
PMWSCM	AVV	4,558		10,786	$	2.37	08-Sep-04
PMWSCM	AVV	135,158		321,108	$	2.38	08-Sep-04
PMWSCM	AVV	331,261		788,238	$	2.38	08-Sep-04
PMWSCM	AVV	281		648	⊅	2.31	13-Sep-04
PMWSCM	AVV	7,673		17,862	$	2.33	21-Sep-04
PMWSCM	AVV	3,482		8,009	$	2.30	22-Sep-04
PMWSCM	AVV	11,700		26,794	$	2.29	22-Sep-04
PMWSCM	AVV	4,716		10,988	$	2.33	23-Sep-04
PMWSCM	AVV	72,002		167,765	$	2.33	24-Sep-04
PMWSCM	AVV	172,282		399,694	$	2.32	27-Sep-04
PMWSCM	AVV	3,008		5,805	$	1.93	02-Jun-04
PMWSCM	AVV	3,008		6,375	$	2.12	08-Jun-04
PMWSCS	AVV	3,003		5,796	$	1.93	02-Jun-04
PMWSCS	AVV	3,003	$\overline{a}$	6,364	$	2.12	08-Jun-04
PMWSCS	AVV	4,549		10,764	$	2.37	08-Sep-04
PMWSCS	AVV	134,891		320,474	$	2.38	08-Sep-04
PMWSCS	AVV	330,603		786,672	$	2.38	08-Sep-04
PMWSCS	AVV	4,943		11,401	$	2.31	13-Sep-04
PMWSCS	AVV	3,119		7,260	$	2.33	20-Sep-04

This is annexure 3 Page 2 of 3 referred to in Form 603Title: Notice of initial substantial holder

PMWSCS	AVV		9.315		21,685	$2.33	21-Sep-04
PMWSCS	AVV		3.490		8.027	$2.30	22-Sep-04
PMWSCS	AVV		11.724		26,849	$2.29	22-Sep-04
PMWSCS	AVV		5.143		11,983	$2.33	23-Sep-04
PMWSCS	AVV		72.462		168.836	$2.33	24-Sep-04
PMWSCS	AVV		172.718		400.706	$2.32	27-Sep-04
PMWSCS	AVV		31.186		66.980	$2.15	11-Jun-04
PMWSCS	AVV		4,056		8,680	$2.14	16-Jun-04
PMWSCS	AVV		2.297		4.916	$2.14	17-Jun-04
PMWSCS	AVV		8.747		19.418	$2.22	28-Jun-04
PMWSCS	AVV		8.069		17.371	$2.15	05-Jul-04
PMWSCS	AVV		71.288		158.259	$2.22	05-Jul-04
PMWSCS	AVV		8.793		18.993	$2.16	06-Jul-04
PMWSCS	AVV		67,782		147,087	$2.17	07-Jul-04
PMWSCS	AVV		25.504		63,810	$2.50	30-Jul-04
PMWSCS	AVV		69,163	$\overline{\phantom{a}}$	173,234	$2.50	02-Aug-04
PMWSCS	AVV	$\blacksquare$	107.551		263,505	$2.45	09-Aug-04

This is annexure 3 Page 3 of 3 referred to in Form 603Title: Notice of initial substantial holder

Signature _______________________