Anaconda Nickel Limited 13 – Panel Allows MP Global to Extend Offer for Anaconda Rights Until 2.00 p.m. EST [13/02/2003] The Takeovers Panel

13 February 2003

PANEL ALLOWS MP GLOBAL TO EXTEND OFFER FOR ANACONDA RIGHTS UNTIL 2.00 P.M. EST

The Panel advises that it has agreed to a variation of the undertaking given to it by MatlinPatterson Global Opportunities Partners LP (MP Global) in the Anaconda 08 and 09 proceedings.

Under the varied undertaking, the Panel has allowed MP Global to extend the closing time for MP Global's offer (the Rights Offer) to acquire rights (Rights) in Anaconda Nickel Ltd.

The offer was due to close at 12.00 midnight tonight Sydney time. Under the Panel's decision the Rights Offer may now close at 2.00 p.m. Sydney time (11.00 a.m. Perth time) tomorrow, Friday 14 February.

MP Global freed its offers from all conditions today.

The Panel considered that it would assist the Anaconda shareholders if they were given some extra time to accept the offers given the new information.

Anaconda facilitated the extension of time for its shareholders by agreeing to its implementation.

The President of the Panel appointed Simon McKeon, David Gonski and Ian Ramsay to sit on the application.

The Panel will post the reasons for this decision on its website when they have been drafted and settled.

Nigel Morris,
Director, Takeovers Panel
Level 47 Nauru House, 80 Collins Street,
Melbourne VIC 3000
Ph: +61 3 9655 3501