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ANZ Natural Resources 13 December 2004 Our Vision: To be the most respected and trusted natural resources bank in the world The Americas • Oil minnow Lion Energy plans to follow in BHP Billiton's footsteps by a stake in a producing oil field off the Gulf of Mexico.

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The Melbourne company will be hoping to build on that success through its successful acquisition of the A25 toll road in Montreal, Canada for CAD858 million (912 million). "This acquisition marks an important step for the business as we establish our second market in North America," said Charlton.

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Progressed the Nowa Ruda coking coal project significantly in the permitting process; Raised USD as a prepayment for future coal sold Entered into an agreement for 7M through a convertible loan Completed a sale of its residual interest in the Elsienora Projects to Alkane Resources for 75,000;

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