11. Utilities

Electric utilities; gas utilities; multi-utilities; water utilities.

7. Consolidated Insurance Group - Total direct equity investments which represent exposure to the following sectors:

List the direct equity exposure into the 11 global sector indices listed on the form. The indices are listed below with a short description of the types of industries contained in each index. These sector indices are calculated on a real time, intra-day basis from June 2001 and will continue to run in parallel over the ASX classification system into 2002. The Global Industry Classification Standard (GICS) has been introduced by Standard & Poor’s and Morgan Stanley Capital International, with the objective of facilitating a uniform classification of companies around the world according to the type of business operations performed. The table on the following page sets out the mapping of the ASX industry sectors to the Global Industry Classification Standard sectors.