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

Jun 17, 2003

SUPPLEMENTARY PROSPECTUS

SELECT-TEL LIMITED ABN 25 062 063 692

Following the Company's AGM on 19 June 2003 to be known as:

SELECT VACCINES LIMITED

IMPORTANT NOTICE

This Supplementary Prospectus is dated 18 June 2003 and was lodged with the Australian Securities and Investments Commission on that date. This Supplementary Prospectus supplements the Prospectus dated 3 June 2003 issued by Select-Tel Limited and lodged with the Australian Securities and Investments Commission on that date.

This Supplementary Prospectus must be read in conjunction with the Prospectus.

The Australian Securities and Investments Commission takes no responsibility for the contents of this Supplementary Prospectus or the Prospectus.

Terms used in this Supplementary Prospectus have the same meaning as in the Prospectus unless otherwise defined or the contrary intention appears.

MINIMUM SUBSCRIPTION - $2 MILLION

The Directors have resolved to remove the previous minimum subscription level of $1,600,000 for the Offer. As a result, the Offer contained in the Prospectus is to raise a minimum of $2,000,000 (before costs). In addition the Directors may elect to place up to an additional 2,220,000 shares and 1-for-2 attaching free options, the placement of which is within the capacity of the Company under Chapter 7 of the ASX Listing Rules ("the Placement"). This would result in a maximum total capital raising of $2,444,000 (before costs) if both the Prospectus Offer and the Placement are fully subscribed.

Each reference in the Prospectus to a minimum subscription of 8,000,000 Shares to raise a total of $1,600,000 is replaced by a reference to $10,000,000$ Shares to raise a total of $2,000,000. Any reference in the Prospectus to the issue of securities (including Shares and free attaching options) being conditional upon the minimum subscription being achieved is a reference to subscriptions for at least 10,000,000 Shares being received. References in the Prospectus to the Offer being fully subscribed remain references to subscriptions for at least 10,000,000 Shares being received.

The table appearing in Section 4.3 of the Prospectus should be disregarded and the table set out below substituted.

In the first table appearing in Section 9 of the Prospectus, the column headed "Pro-forma 1 Consolidation ($1.6m Capital Raising)" should be disregarded. Note 1 to the table should also be disregarded. In Note 11 to the table, the information appearing under the heading "Pro-forma 1" should be disregarded (the information under the heading "Pro-forma 2" is not affected).

In the definition of "Minimum Subscription" appearing in the Glossary in section 13, delete $4,000,000$ Shares and 4,000,000 attaching free options, to raise a minimum of $1,600,000 (before costs)" and replace with "10,000,000 Shares and 5,000,000 attaching free options, to raise a minimum of $2,000,000 (before costs)".

USE OF FUNDS AND REVISED MINIMUM SUBSCRIPTION

The following table is substituted for the table appearing in Section 4.3 of the Prospectus. The table below details the revised use of proceeds of the Offer. The table also contains updated information regarding the Net Tangible Assets position of Select. The table appearing in Section 4.3 of the Prospectus should be disregarded.

	Amount (AS)
Funds Available	($2m Capital Raising)
Total Net Tangible Assets #	890,000
Proceeds of the Offer	2,000,000
Total funds available (post Offer)	2,890,000
Funding Commitments
Project Company costs (12 months)Burnet Institute research contract	Hepgenics682,000	Picoral319,000
Commercial management	131,000	94,000
Patent & legal costs	58,000	112,000
Total project company costs	871,000	525,000
Combined Project Company costs	1,396,000
Administrative costs & working capital	431,000
Capital Raising & transaction costs	200,000
Total Funding Commitments	2,027,000
Surplus Funds*	863,000
Total Use of Proceeds	2,890,000

Use of Proceeds of the Capital Raising - Revised

$*$ The Net Tangible Assets figure of $1,204,255 which was disclosed in the table appearing in Section 4.3 of the Prospectus was the amount extracted from the Company's audited accounts as at 31 December 2002. The Net Tangible Assets figure shown above represents the amount as at 6 June $2003$ and is comprised of cash of $253,000, receivables of $36,000, securities of $626,000 and payables of $(825,000)$ .

* Surplus Funds at the end of vear one are sufficient to provide for all administration costs (including project company administration costs) for the second year and would enable further research and development expenditure in that year on minimum scope projects of over $446,000.

The above table assumes no revenue is received from commercialisation activities, government grants, royalties under existing agreements and disregards interest on retained cash.

PLACEMENT OF ADDITIONAL SECURITIES

The Directors may elect to place up to an additional 2,220,000 shares and 1-for-2 attaching free options, the placement of which is within the capacity of the Company. Placement offers would be made under the Prospectus as supplemented by this Supplementary Prospectus.

If the Directors proceed with the Placement, the additional securities issued would be placed subsequent to the completion of the Prospectus Offer, the admission to quotation by ASX of the Securities offered under the Prospectus, and the allotment of the Securities. The Placement securities, if placed, would have the same terms and conditions as those offered under the Prospectus.

Additional funds raised by the Placement, if undertaken, would provide additional working capital for potential additional projects and to supplement the Company's reserves.

The maximum number of Placement securities will be 2.220,000 shares (and 1,110,000 1-for-2) attaching free options) which represent 10% of the post Offer share capital of the Company. Should the maximum number of additional securities be placed, the total number of securities on issue would be 24,427,025 shares and 22,498,130 options.

OPTION CANCELLATION PROPOSAL

The Company has sought authority from shareholders at the annual general meeting on 19 June 2003 to undertake an option cancellation proposal of those options currently on issue with an expiry date of I February 2007. The offers would propose cancellation at $0.02 per option on a post consolidation basis. The Company wishes to make it clear that implementation of such offers will not be made unless the Company has sufficient working capital to first meet its core administrative, research and development expenses. The Company also notes that it is not likely in any event to pursue the issue of cancellation offers for the options if the then trading price of options (post consolidation) materially exceeds the $0.02 offer price.

All securities referred to in this Supplementary Prospectus are post-consolidation securities.

Each of the Directors of Select-Tel Limited has consented to the lodgement of this Supplementary Prospectus with the Australian Securities and Investments Commission.