RENT.COM.AU LIMITED — Capital/Financing Update 2003

Jul 1, 2003

Sefect Vaccines LimitedABN 25 062 063 692

PO Box 46 ArmadaleVictoria 3143 AustralíaTelephone +613 9824 8166Facsimife +613 9824 8161

www.selectvaccines.com.au

Pro-Forma Financial Information

- Auditors Letter

Our Ref: RLY:

26 June 2003

The Directors Select Vaccines Limited Suite 2 1233 High Street Armadale VIC 3143

Dear Sirs.

This report has been prepared at your request to satisfy the requirements of the Australian Stock Exchange listing rules in respect of the company's Prospectus dated 3 June 2003 ("the Prospectus") and the related Supplementary Prospectus dated 18 June 2003. At these dates the company was known as Select-Tel Limited.

The Prospectus relates to a public offer of 10,000,000 ordinary fully paid shares in Select Vaccines Limited with 1 for 2 free attaching options at a subscription price of 20 cents per share. The attaching options are exercisable on or before 31 May 2008 at an exercise price of 20 cents per option.

As outlined in the Prospectus, the Directors may elect to place up to an additional 2.220,000 shares and 1 for 2 attaching free options. This would result in a maximum total capital raising of $2,444,000 (before costs) if both the Prospectus offer and the placement were fully subscribed.

Pro Forma Financial Information

Scope of Our Review

The pro forma Statement of Financial Position of the company is set out in Section 9 at page 25 of the Prospectus. This statement was the subject of a review and report (included in the Prospectus) by Hall Chadwick Corporate (NSW) Limited.

The pro forma Statement of Financial Position has been presented in accordance with the policies and assumptions, which form part of the financial information as detailed in the notes to the pro forma statement. The purpose of the pro forma statement is to incorporate in the company's Statement of Financial Position the effect of the proposed capital raising net of expenses as if it had occurred.

The pro forma Statement of Financial Position shown in the Prospectus as "pro forma 2" reflects the financial position of the company as it would appear upon successful completion of the public offer of 10,000,000 shares. We have now reviewed the financial position of the company as it would appear assuming the completion of the further placement of 2,220,000 shares.

A revised version of the pro forma Statement of Financial Position is attached hereto. It differs from the statement appearing in the Prospectus in two respects. It omits the column of figures headed "Pro-forma 1" following the removal by the Directors of the previous minimum subscription level of $1,600,000 for the Prospectus offer and replaces those figures with those related to the issue of 10,000,000 shares to raise $2,000,000. The statement now includes a revised "Proforma 2" which projects the effect of the completion of the Prospectus offer and the additional placement by the Directors of 2,220,000 shares to raise $444,000.

Melbourne

Level 9459 Collins Street Melbourne 3000Victoria Australia

CDX AGS Methodisms

Telephone: (03) 8625 5200 (03) 9614 5498

Melton ----------297 High StreetMelton 3337Victoria Australia

Telephone: (03) 9743 1333 Fausimile: (03) 9614 6496Email: homelinkvishall chadwick.com.au

Partners João 44 Douis Digby L. LockerGraerae A Marciott Lance R ScholasRobert L Yeo

Associate Kevin P Adams

Other firms in: SydneyBrisbane AdolaidoPerlh Caims

26 Jan 23

Nalisiad Association>las Chadwek lalernalisma: AssociAGN: liderialisma: .Indopendient Pares.Indopendient Pares.

We have satisfied ourselves that the completion of the further capital raising by way of placement by the Directors would result in the following changes to the company's pro forma financial position:

• an increase of $444,000 in the amount of Contributed Equity;
• an increase of $26,640 in Capital Raising Costs; and
• an increase of the net amount of $417,360 in Cash Assets.

For the purposes of this review we have accepted without further review the financial information included in the Prospectus and referred to in the report of Hall Chadwick Corporate (NSW) Limited. Figures from the Prospectus and that report are included in the attached revised pro forma Statement of Financial Position in the column headed "Pro-forma 1".

Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements and has been limited primarily to inquiries of the company'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 audit opinion.

Statement

Based on our review of the pro-forma financial information set out in the attached statement, nothing has come to our attention to indicate that the pro-forma financial information has not been compiled in accordance with the assumptions outlined in the Prospectus so as to present fairly the relevant pro forma financial position of the company in accordance with applicable Accounting Standards and other mandatory reporting requirements as if the transactions described in the Prospectus had occurred.

Disclosure

Hall Chadwick does not have any pecuniary interests that could reasonably be regarded as being capable of affecting its ability to give an unbiased opinion in these matters. Hall Chadwick is the appointed auditor of the company and will receive a professional fee for the preparation of this report.

Yours faithfully,

Hall Chodwach

Chartered Accountants

eluve ffo Robert L Yeo Partner

Registered Company Auditor

SELECT VACCINES LIMITED - Statement of Financial Position

The table below sets out Select's consolidated balance sheet position as at 31 December 2002 (audited) in comparison with alternative pro-forma positions on completion of the Capital Raising as per Select's Prospectus dated $3^{rd}$ June 2003 and Select's Supplementary Prospectus dated $18^{th}$ June 2003.

	2002December YearEndAudited	Pro-forma 1Consolidated	Pro-forma 2Consolidated
		($2m CapitalRaising)	( $2,444,000Capital Raising)
		Note A	Note B
Current Assets
Cash (note 3)	536,784	2,336,784	2,754,144
Receivables (note 4)	143,490	143,490	143,490
Other Financial Assets (note 5)	685,033	685,033	685,033
Other (note 6)	59,000	59,000	59,000
Total Current Assets	1,424,307	3,224,307	3,641,667
Non-Current Assets
Other Financial Assets (note 7)	290.000	290,000	290,000
Intellectual Property - Hepgenics (note 8)		367,009	367,009
Intellectual Property - Picoral (note 8)		171,601	171,601
Total Non-Current Assets	290,000	828,610	828,610
Total Assets	1,714,307	4,052,917	4,470,277
Current Liabilities
Payables (note 9)	161,052	161,052	161,052
Total Current Liabilities	161,052	161,052	161,052
Total Liabilities	161,052	161,052	161,052
Net Assets	1,553,255	3,891,865	4,309,225
Equity
Contributed Equity (note 10)	21,319,735	23,319,735	23,763,735
Capital Raising Costs (note 11)		(200,000)	(226, 640)
Accumulated Losses (note 12)	(19,766,480)	(19,766,480)	(19,766,480)
Total Parent Eatity Inferest	1,553,255	3,353,255	3,770,615
Outside Equity Interest in controlled
entities		538,610	538,610
Total Equity	1,553,255	3,891,865	4,309,225

• Note A: This assumes the minimum subscription of two million dollars ($2,000,000) for the Capital Raising is achieved.
• Note B: This assumes the Capital Raising is fully subscribed for two million, four hundred and forty four thousand dollars $($2,444,000).$

Other notes are references to the notes to the pro-forma Statement of Financial Position set out at Section 9 (page 25) of the Prospectus.