FINANCIAL SERVICES GUIDE
5 MAY 2004

We are required to provide to retail clients a Financial Services Guide which is designed to help them to make decisions as to the use of the general financial product advice we offer and to ensure that we comply with our obligations as a financial services licensee.

Mr Robert H Duffin of Resource Equity Consultants Pty Ltd ("we") holds Australian Financial Services ("AFS") license 223675 issued by the Australian Securities and Investments Commission. 

Our AFS licence authorises us to provide reports for the purposes of acting for and on behalf of clients in relation to proposed or actual mergers, acquisitions, takeovers, corporate restructures or share issues, to carry on a financial services business to provide general product advice for securities, to retail and wholesale clients.

We provide financial product advice pursuant to a contract of engagement to prepare a report, notwithstanding that our contract of engagement may be with another person or entity. Our report will include a description of the circumstances of our engagement. Persons who receive our report will do so generally because they have a connection with the person or entity which has engaged us to prepare it. Reports we prepare in that capacity are independent of the person or entity which engaged us.

We provide general financial product advice in our reports, not personal advice, because our reports are not prepared with regard to the personal circumstances of the persons who are entitled to read them. Persons who receive our reports should consider the appropriateness of our reports having regard to their own objectives, financial situation or needs. Where our advice relates to the acquisition of a financial product, readers of our report should obtain a product disclosure statement from the providers of that product. We do not provide financial products and do not provide product disclosure statements.

We are paid in a manner set out in our contract of engagement and, for the provision of financial product advice this will be on the basis a fixed fee or per diems basis, with recovery of disbursements, and GST, from the person or entity which engaged us. Our fees for the provision of financial product advice for which we are licensed are not success-based.

We have an internal complaints resolution process but if that process is unsatisfactory to authorised users of our reports complainants have the right to refer the matter to Financial Industry Complaints Service Limited ("FICS"), an independent organisation to which we belong. FICS has been set up to provide advice to consumers of services in the financial services industry. Further details including ways of contacting FICS can be found at its website, www.fics.asn.au.