Form 603 Corporations Law Notice of initial substantial holder Section 671B

RRA To:Company Name/Scheme The Secretary RR Australia Limited Level 1 47 Rickard Road BANKSTOWN NSW 32200 Fax: (02) 9101 9035

ACN/ARSN ACN 072 507 147

1. Details of substantial shareholder Name Limited (ACN 004 044 937) being comprised of the bodies corporate ACN (if applicable) listed in Annexure A and which includes Elly Investments Pty Ltd ACN 098 198 004 (Elly Investments Pty Ltd acquired more than 20% of the voting power in Pengana Holdings Pty Limited (PHPL) on 30 April 2008. Pengana Capital Limited is a wholly owned subsidiary of PHPL)

The holder became a substantial holder on 02/05/2008

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 had a relevant interest in on the date the substantial holder became a substantial holder are as follows:

Class of securities Number of Persons’ votes Voting power securities Ordinary 9,607,900 9,607,900 7.507%

3. Details of relevant interests The nature of the relevant 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 Class and number of securities Elly Investments Pty Ltd Having voting power in Ordinary Pengana Capital Limited that 9,607,900 is above 20% TOTAL 9,607,900

4. Details of present registered holders The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest Registered holder of securities Person entitled to be registered Class and as holder number of securities Pengana Capital Limited as Elly Investments Pty Ltd Cogent Nominees Pty Ltd responsible entity for the Ordinary (ACN 084 150 023) Pengana Emerging Companies 9,607,900 Fund Total 9,607,900

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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 Class and number of securities Cash Non-cash

Ordinary

6. Associates The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if Nature of association applicable Elly Investments Pty Ltd Is a related body corporate of National Australia Bank Limited

7. Addresses The addresses of persons named in this form are as follows: Name Address National Australia Bank Level 34 Limited 500 Bourke Street MELBOURNE VIC 3000 Elly Investments Pty Ltd Level 35 500 Bourke Street MELBOURNE VIC 3000 Pengana Capital Limited Level 29 20 Bond Street SYDNEY NSW 2000 Pengana Holdings Pty Level 29 Limited 20 Bond Street SYDNEY NSW 2000 Cogent Nominees Pty Ltd Level 6 60 Castlereagh Street SYDNEY NSW 2000

Signature print name Brendan T Case Capacity Associate Company Secretary for and on behalf of National Australia Bank Limited

signature date 06 /05 / 2008

ssnbrl.doc ANNEXURE A This is Annexure A of three pages referred to in the Form 603 Notice of initial substantial holder signed by me and dated 06/ 05/2008

Brendan T Case Associate Company Secretary

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Investments Services Limited (In liquidation) BNZ Capital Guaranteed Growth Fund Limited National Australia Securities Limited BNZ Funding Limited Tasovac Pty Ltd BNZ International Funding Limited ARDB Limited BNZ International (Hong Kong) Limited Australian Banks' Export Re-finance Corporation Limited BNZ International Australia Limited National HK Investments Limited Interchange and Settlement Limited (12.6%) Portsmouth Investments Company Pty Ltd (45%) Loyalty New Zealand Limited (25%) National Australia Managers Limited Cards NZ Limited (23%) National Australia Underwriters Limited BNZ Corporation Limited National Australia Corporate Advisory Limited (In Liquidation) Mondex New Zealand Limited (20%) Alice Corporation Pty Ltd (50% NAB; 50% Alice Ventures) BNZ Investments Limited Erstfeld Pty Limited BNZ Equipment Limited HICAPS Pty Limited BNZI Securities No. 1 Limited BOACT Pty Ltd BNZI Securities No. 2 Limited Matrix Film Investment One Pty Limited National Australia Limited NBA Leasing Pty. 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Limited BNZ Property Investments Limited National Australia Investment Brokers Limited (In Liquidation) BNZ Branch Properties Limited Custom Credit Holdings Limited (In liquidation) BNZ Properties (Auckland) Limited O2-e Limited BNZ Properties Limited National eProcurement Ltd (In Liquidation) Custom Fleet (NZ) Limited National eProcurement Australia Pty Ltd (In Liquidation) Squadron No. 1 Limited (FKA Custom Service Leasing (New Zealand) National eProcurement UK Limited (In Liquidation) Limited) Valewin Pty Limited Squadron No. 2 Limited (fka Fleetlease (NZ) Limited) Elly Investments Pty Ltd Squadron No. 3 Limited (fka BNZ Fleet Limited) Rosie Investments Pty Ltd Squadron No. 4 Limited (fka Custom Flettleasing (NZ) Limited) National Global MBS Manager Pty Ltd National Australia Group Europe Limited Deesarn Pty Ltd National Americas Holdings Ltd Rycee 2 Pty Ltd National Capital Investments Limited Rycee 3 Pty Ltd Tokenhouse Investments Limited Rycee 6 Pty Ltd NAGE Trustee Company Limited Mockey 1 Pty Ltd National Australia Finance (Europe Holdings) Limited Antares Capital Partners Pty Ltd M.O.R.A. 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Ltd. Nautilus Insurance (Europe) Limited National Australia Finance (Asia) Limited National Australia Finance (Hong Kong) PLC National Australia Funding (Delaware) Inc. National Australia Merchant Bank (Singapore) Limited National Australia Overseas Holding (Singapore) Private Limited National Wealth Management Holdings Limited Australian Company Number 094 484 625 National Australia Management Services Pty. Ltd. (In Liquidation) National Wealth Management Services Limited National Australia Financial Management Limited MLC Corporate Services Asia Pte Limited GWM Adviser Services Limited Godfrey Pembroke Limited MLC Holdings Limited Apogee Financial Planning Limited MLC Investments Limited MLC Lifetime Company Limited Australian Eagle Nominees Pty Limited (In Liquidation) Capita Properties Pty Ltd MLC Limited Plum Financial Services Limited PFS Nominees Pty Ltd PLUMFS Limited (In Liquidation) Godfrey Pembroke Financial Services Limited (in Liquidation) ssnbrl.doc