---

HUDSON RESOURCES LIMITED RIDGEWOOD PTY LTD WOODHAVEN PTY LTD CARENDA PTY LTD JAYCEM PTY LTD MALLEE TRADING PTY LTD OXFORD PASTORAL COMPANY PTY LTD TARLING PTY LTD HOLMWOOD PTY LTD CARRABEE PTY LTD CYGNET BAY DEVELOPMENTS PTY LTD CYGNET BAY SALES PTY LTD TENILBA PTY LTD NEMEUS PTY LTD W.A. CHIP & PULP CO. PTY LTD H.S. INVESTMENTS PTY LTD STAUGHTON FARM PTY LTD FRL PTY LTD INVESTMENT PROMOTIONS PTY LTD GRASSDALE PTY LTD