Tranche Update on Carlton Investments Limited's Equity Buyback Plan announced on November 14, 2001.

Carlton Investments Limited is an Australia-based investment company. The Company is engaged in the acquisition and long-term holding of shares and units in entities listed on the Australian Securities Exchange. Its investment strategy is to invest in established, managed Australian listed entities that are anticipated to provide sustainable income and also long-term capital growth. It also invests in companies that enable a high portion of income to be received as fully franked dividends. It invests in various sectors, such as consumer discretionary, including media and consumer services; financials, such as banks, capital markets and insurance; materials, such as steel, gold and chemicals; construction materials, such as containers and packaging; consumer staples, such as food, beverage and tobacco, food and staples retailing, and household and personal products; energy, including oil, gas and consumable fuels; utilities, including gas utilities and multi-utilities; and other.