Court of Appeal Confirms Dismissal of $50b AUSMAQ Case - 15 August 2002

The New South Wales Court of Appeal today refused the appeal brought by Idoport Pty Limited (Idoport) against the decision of Justice Einstein of 29 January 2002 which dismissed the proceedings brought by Idoport against the National, certain subsidiaries and eight individual defendants.

Idoport had been claiming damages in excess of $50 billion.

The Court comprising Mason P, Stein JA, and Giles JA, was unanimous in its decision.

This now brings to an end all of the proceedings brought by Mr Maconochie and companies associated with him against the National, subject to any successful appeal to the High Court.

Mr Ross Pinney, the National's Executive General Manager, said today:

"We are pleased the Court of Appeal has upheld Justice Einstein's decision to dismiss the proceedings. We have always held the view that the claims were misconceived and would fail."

Idoport remains liable to pay the National's costs of the dismissed proceedings and of the appeal.

For further information, contact:

Brandon Phillips
Group Corporate Affairs
Tel: 03 8641 3876
Mob: 0419 369 058