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Appointment of advisers for the sale of National Rail Corporation.

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The Hon. John Anderson, MP The Hon. John Fahey, MP Deputy Prime Minister, Minister for Transport and Regional Services Minister for Finance & Administration


APPOINTMENT OF ADVISERS FOR THE SALE OF NATIONAL RAIL CORPORATION The Deputy Prime Minister and Minister for Transport and Regional Services, the Hon John Anderson and the Minister for Finance and Administration, the Hon John Fahey, today announced the key adviser appointments for the sale of National Rail Corporation Limited (NRC).

The appointment of advisers follows a selection process which attracted competitive proposals from a number of highly accomplished firms. The appointments have been made following recommendations from selection panels comprising representatives of the Office of Asset Sales and IT Outsourcing (the sale manager), the NRC shareholders (the Commonwealth, NSW and Victoria) and respected members of the business community as independent panel members. Based on the strengths of their respective applications, the following appointments have been made:

Business adviser - Macquarie Bank; ● Legal adviser - Blake Dawson Waldron; ● Probity adviser - Sparke Helmore; and ● Accounting adviser - Arthur Andersen. ●

The appointment of advisers is a key step forward in the sale of NRC and follows agreement by the three NRC shareholders to sell 100% of the Company through a joint sale process. Sale management arrangements signed recently by NRC’s shareholders will govern the terms of the sale process.

The sale of NRC will build on the positive contribution to the development of a competitive rail industry that has been achieved through the recent privatisation of Australian National Railways.

Canberra Thursday, 29 June 2000