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prospective financial information

The prospective financial information consists of forecast financial information and the underlying assumptions for the years ending 31 July 2004 and 31 July 2005 presented on pages 40 to 43.

The prospective financial information has been the subject of due diligence by the Directors. Although due care and attention has been taken in preparing the prospective financial information, the Directors cannot provide assurance that the prospective financial information will be achieved. Actual results may vary from the prospective financial information due to the non-occurrence of anticipated events or alternatively events occurring that were not anticipated and any variations may be material.

The prospective financial information has been prepared under NZ GAAP. International Financial Reporting Standards are required to be implemented by July 2007 and therefore any potential impact has not been incorporated in the prospective financial information as they will not be in place for the 31 July 2004 or 31 July 2005 financial year ends.

FORECAST STATEMENTS OF FINANCIAL PERFORMANCE

Group 12 Months 31 July 2004 $000

Group 12 Months 31 July 2005 $000

Operating Revenue

213,524

246,774

Group Earnings Before Interest, Tax, Depreciation and Amortisation (‘EBITDA’) and Costs of Restructuring Employee Share Schemes

Depreciation

26,717 7,224

31,199 8,164

Group Earnings Before Interest, Tax and Costs of Restructuring Employee Share Schemes

Costs of restructuring employee share schemes Group Earnings Before Interest and Tax (‘EBIT’) Net interest expense Operating Profit Before Income Tax Income tax expense Net Profit after Income Tax (‘NPAT’)

19,493 7,450 12,043 2,610 9,433 5,397 4,036

23,035

- 23,035

490 22,545

7,214 15,331

Group 12 Months 31 July 2004 $000

Group 12 Months 31 July 2005 $000

20,330 4,036 (9,500) 1,000 106,956 (1,335) (64,716) 5,708 2,100 44,249 64,579

64,579 15,331 (2,400) - - - - -

12,931 77,510

FORECAST STATEMENTS OF MOVEMENTS IN EQUITY

Equity at Beginning of Year Net profit after income tax Dividends to ordinary shareholders Issue of ordinary shares prior to listing on NZX Issue of ordinary shares on listing on NZX Issue costs arising on issue of ordinary shares Repurchase of ordinary shares on listing on NZX Issue of ordinary shares under wound up employee share schemes Issue of ordinary shares under DF7 Scheme Movement in Equity for the Year Equity at End of Year

37

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