1.   In November Zurich agreed to subscribe to new Peregrine convertible preference shares -- fixed-income securities that could later convert to stock.

2.   The convertible preference share rights issue will be fully underwritten by BT Securities Ltd. and Macquarie Underwriting Ltd.

3.   To fund the acquisition, St.George will make a convertible preference share issue, a private share placement and will issue fresh subordinated debt.

4.   At the proposed issue date the GDRs will represent convertible bonds and the company will not have created or issued the convertible preference shares.

5.   The capital injection will be in the form of convertible preference shares and, as a result, the SingTel Optus holding will reduce over five years.