Perpetual Limited — Major Shareholding Notification 2005

Mar 15, 2005

Form 603

Corporations Law Section 671B

Notice of initial substantial holder

To Company Name/Scheme LIPA PHARMACEUTICALS LIMITED

ARSN		070 106 526
1.	Details of substantial holder (1)
Name		PERPETUAL TRUSTEES AUSTRALIA LIMITED
	ACN (if applicable)	000 431 827

The holder became a substantial holder on $-15$ / 03 / 2005

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	4,699,236	4,699,236	5.24%

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 NomineesPtv 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

Ele	Summary (Perpetital Indicates)		$-10\times1$
▒LIP (LIPA PHARMACEUTICALS).		Portfolios
Portalio	Fari	Hiddings
/ Iss	PM	1,962,108
MSCA	PМ.	45,087
PMWSRF	PM	527,184
PMWSCSممنعتا	PM	2,164,857

CHANGES IN RELEVANT INTERESTS

Account	Security	Volume		Value	Price	AsAtDate
ICSC	LIP	416,604			$	30-Jul-04
ICSC	LIP	76,682		153,364	$2.00	06-Aug-04
ICSC	LIP	5,548		11,096	$2.00	09-Aug-04
ICSC	LIP	498,834		997,668	$2.00	10-Aug-04
ICSC	LIP	438,525			$-	30-Jul-04
ICSC	LIP	79,956		159,912	$2.00	06-Aug-04
ICSC	LIP	5,490		10,980	$2.00	09-Aug-04
ICSC	LIP	5,733		11,466	$2.00	10-Aug-04
ICSC	LIP	463,335		926,670	$2.00	10-Aug-04
ICSC	LIP	80,363		160,414	$2.00	11-Aug-04
ICSC	LIP	147,453		294,867	$2.00	12/08/2004
ICSC	LIP	40,560		81,120	$2.00	13/08/2004
ICSC	LIP	76,863		161,412	$2.10	14/09/2004
ICSC	LIP	10,000		23,102	$2.31	14/10/2004
ICSC	LIP	15,850		38,163	$2.41	15/10/2004
ICSC	LIP	2,375		5,819	$2.45	18/10/2004
ICSC	LIP	68,388		159,344	$2.33	22/10/2004
ICSC	LIP	112,323		260,589	$2.32	25/10/2004
ICSC	LIP	218,787		536,444	$2.45	08/11/2004
ICSC	LIP	7,900		19,671	$2.49	10/12/2004
ICSC	LIP	21,613		54,033	$2.50	13/12/2004
ICSC	LIP	20,487		51,218	$2.50	14/12/2004
ICSC	LIP	8,355	$\overline{a}$	21,723	$2.60	06/01/2005
ICSC	LIP	6,000		15,600	$2.60	07/01/2005
ICSC	LIP	2,369		6,159	$2.60	10/01/2005
ICSC	LIP	174		456	$2.62	11/01/2005
ICSC	LIP	3,359		8,984	$2.67	12/01/2005
ICSC	LIP	222,033		377,900	$1.70	28/01/2005
ICSC	LIP	52,085		85,940	$1.65	01/02/2005
ICSC	LIP	47,734		78,752	$1.65	01/02/2005
ICSC	LIP	94,013		158,374	$1.68	02/02/2005
ICSC	ЦP	61,804		105,067	$1.70	03/02/2005
ICSC	LIP	44,520		75,684	$1.70	04/02/2005
ICSC	LIP	13,536		23,011	$1.70	07/02/2005
ICSC	LIP	11,397		19,375	$1.70	08/02/2005
ICSC	LIP	19,094		32,460	$1.70	09/02/2005
ICSC	LIP	82,792		139,918	$1.69	10/02/2005
ICSC	LIP	71,735		120,221	$1.68	11/02/2005
ICSC	LIP	5,270		8,847	$1.68	14/02/2005
ICSC	LIP	62,786		106,322	$1.69	15/02/2005
ICSC	LIP	4,431		7,444	$1.68	16/02/2005
ICSC	LIP	45,400		77,130	$1.70	17/02/2005
ICSC	LIP	34,003		57,492	$1.69	18/02/2005
ICSC	LIP	21,131		35,500	$1.68	21/02/2005
ICSC	LIP	41,131		69,318	$1.69	22/02/2005
ICSC	LIP	9,697		16,388	$1.69	23/02/2005
ICSC	LIP	2,969		5,047	$1.70	24/02/2005
ICSC	LIP	4,337		7,199	$1.66	07/03/2005

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

ICSC	LIP		16,006		26,570	$1.66	07/03/2005
ICSC	LIP		4,616		7,663	$1.66	14/03/2005
ICSC	ЦP		83,958		139,370	$1.66	15/03/2005
ICSC	LIP		47,976		79,640	$1.66	15/03/2005
PMSCA	LIP		8,487			$m	30/07/2004
PMSCA	LIP		700		1,400	$2.00	06/08/2004
PMSCA	ЦP		100		200	$2.00	09/08/2004
PMSCA	LIP		100		200	$2.00	10/08/2004
PMSCA	LIP		8,600		17,200	$2.00	10/08/2004
PMSCA	LIP		1,500		2,994	$2.00	11/08/2004
PMSCA	LIP		5,000		9,999	$2.00	12/08/2004
PMSCA	LIP		1,000		2,000	$2.00	13/08/2004
PMSCA	LIP		7,600		15,960	$2.10	08/09/2004
PMSCA	LIP		400		836	$2.09	10/09/2004
PMSCA	ЦP		2,000		4,200	$2.10	24/09/2004
PMSCA	ЦP		8,000		16,720	$2.09	28/09/2004
PMSCA	ЦP		1,600		3,344	$2.09	29/09/2004
PMWSCM	ЦP		688,108			$	30/07/2004
PMWSCM	ЦP		9,973		19,946	$2.00	06/08/2004
PMWSCM	ЦP		5,792		11,584	$2.00	09/08/2004
PMWSCM	LIP		703,873			$2.00	10/08/2004
					1,407,746
PMWSCSPMWSCS	LIP		720,151			$2.00	30/07/2004
	LIP		6,699		13,398	$	06/08/2004
PMWSCS	LIP		5,853		11,706	$2.00	09/08/2004
PMWSCS	ЦP		7,167		14,334	$2.00	10/08/2004
PMWSCS	ЦP		651,272		1,302,544	$2.00	10/08/2004
PMWSCS	LIP		106,121		211,831	$2.00	11/08/2004
PMWSCS	LIP		202,547		405,040	$2.00	12/08/2004
PMWSCS	LIP		53,440		106,880	$2.00	13/08/2004
PMWSCS	LIP		23,137		48,588	$2.10	14/09/2004
PMWSCS	LIP		15,300		33,048	$2.16	05/10/2004
PMWSCS	LIP.		32,546		72,420	$2.23	13/10/2004
PMWSCS	ЦP		30,000		69,305	$2.31	14/10/2004
PMWSCS	ЦP		24,150		58,148	$2.41	15/10/2004
PMWSCS	LIP		2,625		6,431	$2.45	18/10/2004
PMWSCS	ЦP		5,000		12,250	$2.45	19/10/2004
PMWSCS	ЦP		66,612		155,206	$2.33	22/10/2004
PMWSCS	LIP		137,677		319,411	$2.32	25/10/2004
PMWSCS	LIP	$\overline{ }$	11,611	$\overline{\phantom{a}}$	28,447	$2.45	05/11/2004
PMWSCS	LIP	$\overline{a}$	281,213		689,506	$2.45	08/11/2004
PMWSCS	LIP		22,967		59,739	$2.60	31/12/2004
PMWSCS	LIP	-	11,757		30,568	$2.60	04/01/2005
PMWSCS	LIP		27,001		70,203	$2.60	06/01/2005
PMWSCS	LIP		6,117	$\overline{\phantom{a}}$	15,904	$2.60	10/01/2005
PMWSCS	LIP.		2,931		7,679	$2.62	11/01/2005
PMWSCS	LIP		7,970		21,317	$2.67	12/01/2005
PMWSCS	LIP		1,071	$\overline{a}$	2,892	$2.70	14/01/2005
PMWSCS	LIP		277,967	$\overline{\phantom{a}}$	473,100	$1.70	28/01/2005
PMWSCS	LIP		52,266		86,228	$1.65	01/02/2005
PMWSCS	LIP.		57,028		94,096	$1.65	01/02/2005
PMWSCS	LIP		105,987		178,546	$1.68	02/02/2005
PMWSCS	LIP		65,510		111,367	$1.70	03/02/2005
PMWSCS	LIP		47,380		80,546	$1.70	04/02/2005

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

PMWSCS	LIP	13.850	23.545	$1.70	07/02/2005
PMWSCS	LIP	11,938	20,295	$1.70	08/02/2005
PMWSCS	LIP	19,696	33,483	$1.70	09/02/2005
PMWSCS	LIP	89,248	150,829	$1.69	10/02/2005
PMWSCS	LIP.	78,096	130.881	$1.68	11/02/2005
PMWSCS	LIP	3,230	5,423	$1.68	14/02/2005
PMWSCS	LIP.	67,714	114,667	$1.69	15/02/2005
PMWSCS	LIP	10,483	17,611	$1.68	16/02/2005
PMWSCS	LIP	49.062	83,351	$1.70	17/02/2005
PMWSCS	LIP	34,911	59,028	$1.69	18/02/2005
PMWSCS	LIP	22,455	37,724	$1.68	21/02/2005
PMWSCS	LIP	43,369	73,090	$1.69	22/02/2005
PMWSCS	LIP	6.956	11,756	$1.69	23/02/2005
PMWSCS	LIP	10,730	18,241	$1.70	24/02/2005
PMWSCS	LIP	8,994	14,930	$1.66	07/03/2005
PMWSCS	LIP	2,438	4,047	$1.66	07/03/2005
PMWSCS	LIP	91,042	151,130	$1.66	15/03/2005
PMWSCS	LIP	52,024	86,360	$1.66	15/03/2005
PMWSRF	LIP	78,125		$	30/07/2004
PMWSRF	LIP	800	1.600	$2.00	09/08/2004
PMWSRF	LIP	900	1,800	$2.00	10/08/2004
PMWSRF	LIP	79,500	159,000	$2.00	10/08/2004
PMWSRF	LIP	13,300	26,548	$2.00	11/08/2004
PMWSRF	LIP	45,000	89,988	$2.00	12/08/2004
PMWSRF	LIP	10,800	22,721	$2.10	12/10/2004
PMWSRF	LIP	50,000	117.500	$2.35	01/11/2004
PMWSRF	LIP	20,000	47,000	$2.35	02/11/2004
PMWSRF	ЦP	27.033	63.798	$2.36	03/11/2004
PMWSRF	LIP	101,726	240,073	$2.36	03/11/2004
PMWSRF	LIP	100,000	236,000	$2.36	23/11/2004

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