CPT GLOBAL LIMITED — Interim / Quarterly Report 2007

Feb 25, 2007

CPT Global Limited Appendix 4D - Half-year Report December 2006

				Current period	Previous corresponding period
				Dec-06 A \$000's	Dec-05 A \$000's
Revenues from ordinary activities	up	15.31%	tο	18,740	16,252
Net Profit (Loss) before tax attributable to members	UD.	15.67%	to	2,082	1,800
Net Profit (Loss) after tax attributable to members	Uр	16.47%	to	1,280	1,099
Net Profit (Loss) after tax attributable to members prior to Export Market Development Grant	Uр	22.31%	to	1.280	1.047
Dividends (distributions) Interim Dividend payable 16th April				Amount per security \$0.0325	Franked amount per security \$0.0275
2007 Record date for determining entitlements to the final dividend.				30th March 2007
Earnings per security (EPS)				Current period	Previous corresponding period
Basic EPS Diluted EPS				3.71 3.68	3.19 3.19
NTA backing
Net tangible asset backing per ordinary security				0.20	0.20

Half-Year Financial Report

for the half-year ended 31 December 2006

Corporate Information

ABN 16 083 090 895

Directors

Fred S Grimwade (Non-Executive Chairperson) Gerard (Gerry) Tuddenham (Managing Director) Peter Wright (Executive Director) Ian MacDonald (Non-Executive Director)

Company Secretary

Mark Carroll

Registered Office

Level 1, 4 Riverside Quay Southbank Melbourne, Victoria 3006 +61 3 9690 3911

Solicitors Gadens Lawyers

Bankers ANZ Banking Group Limited

Share Register

Computershare Investor Services Pty Ltd Yarra Falls, 452 Johnston Street Abbotsford Vic 3067 Telephone: 1300 850 505 Facsimile: +613 94732500

Auditors

Moore Stephens

Internet Address

www.CPTglobal.com

Contents

Directors' Report	3
Consolidated Income Statement	7.
Consolidated Balance Sheet	-8
Consolidated Statement of Changes in Equity	9
Consolidated Cash Flow Statement	10.
Notes to the Financial Statements	11.
Directors' Declaration	15.
Independent Audit Report	16.

Directors' Report

Your directors submit their report for the half-year ended 31 December 2006.

DIRECTORS

The names and details of the company's directors in office during the half-year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated.

• Fred S Grimwade (Non-Executive Chairperson)
• Gerard (Gerry) Tuddenham (Managing Director) $\blacksquare$
• Peter Wright (Executive Director)
• Ian MacDonald (Non-Executive Director)

REVIEW AND RESULTS OF OPERATIONS

FINANCIAL REVIEW

CPT Global's revenue for the half year ended 31 December 2006 was \$18.7 million, a 15% increase on the previous corresponding half year's revenue of \$16.3 million.

CPT Global's net profit after tax for the half year ended 31 December 2006 was \$1.28 million, a 16% increase on the previous corresponding half year's profit of \$1.1 million.

All costs including those associated with the expansion of international operations and the undertaking of Risk/Reward assignments have been expensed including an unrealised exchange loss of \$157,000 as a result of the strengthening of the Australian dollar to the US dollar.

For the half year ended 31 December 2006 we have not accounted for any Export Market Development Grant (EMDG) as we have the potential to exceed the full year turnover eligibility threshold. NPAT excluding the impact of EMDG is 22% higher than the previous corresponding half year.

Our Australian operations have contributed 77% of the half year revenue. Australia continues to be the solid platform supporting our growth internationally.

Our international operations have contributed 23% of our half year revenue, representing a 63% increase on the previous corresponding half year.

Basic earnings per share amounted to 3.71 cents per share and diluted earning per share is 3.68 cents per share.

A record interim dividend of 3.25 cents per share (fully franked) has been declared, payable on 16 April 2007, with a record date of 30 March 2007.

REVIEW OF OPERATIONS

• CPT Global continues to leverage its proven services and experienced consultant base to expand the current client base through increased market penetration both locally and internationally.
• CPT Global has continued its focus on the banking, government and telecommunications sectors. Internationally we have increased our exposure to the top twenty Fortune 500 Financial services companies.
• Our Southern Region operation has contributed the majority of our domestic growth. Key anchor clients have continued to grow with additional clients in the health sector being included in our top tier of clients.
• Our Northern Region operation has not achieved the level of growth anticipated in the first half but we remain confident in our current strategies. Our marketing efforts have identified target clients which are being actively pursued.
• Our Federal Region operation has expanded its eligibility on federal government ITC panels and is increasing its number of Canberra based consultants. We have engaged with a major government department which has the potential to become another anchor client for the region.

• Our largest European based financial sector client has extended our existing Risk Reward engagement in both scope and duration. In Europe we look forward to additional annuity work to commence with this and other clients in the second half of this financial year.

• In the United States of America our current risk reward assignments in Arizona and Utah have been extended by the clients for another twelve months. The consolidation of our USA operations is highlighted by its current 13% contribution to total revenue.

• CPT Global has continued its strategy of fast tracking selected junior consultants via mentoring by our practice leaders. This initiative is supporting the industry and ensures CPT will continue to provide internationally recognised IT consultants in the future.
• The growth we are experiencing both domestically and internationally has allowed us the opportunity to recruit key consultants to our international resource pool. These industry specialists will contribute to the strengthening of our service offerings.

OUTLOOK

CPT Global has continued its application of the Market Focus model across all existing regions.

MARKET FOCUS

CPT Global provides independent consulting and technology services to the Australian and International Marketplace in a number of specific areas of focus for our customers

CUSTOMER FOCUS	Ø LINES OF BUSINESS Giobal
	MANAGEMENT CONSULTING	TECHNOLOGY SERVICES
ALIGNMENT WITH THE BUSINESS	• ICT Strategic Planning • ICT Enterprise Architecture • ICT Shared Services	• ICT Technical Architecture
$\sim$ ICT COST REDUCTIONS	• Sourcing Strategies • Market Testing • Market Benchmarking	• Data Centre Cost Reductions • Technology Consolidation · Performance Management
ICT TRANSFORMATION	• ITIL / CobiT Customisation • Program Management	· Data Centre Consolidation · Data Centre Automation
ICT SERVICE DELIVERY	• Project Management • Business Requirement Specification • Contract Management	• Capacity Planning • Stress & Volume Testing • Testing Services · Environment Management Services

CPT Global is confident that the general market sentiment and attitude to IT spending in each of its global markets will remain positive.

In Australia several large organisations are undergoing significant business and IT transformations which have resulted in a greater demand for IT services in the market place.

Internationally our focus on IT cost reduction in both the mainframe and mid range has been successful and a number of large international clients are now progressing into further phases of these engagements with greater potential for increased financial rewards. This is resulting in annuity income from these clients.

We are currently awaiting final client approval to commence the initial investigative phase with new clients internationally and expect to process these assignments into full Risk/Reward engagements prior to the end of the financial year.

CPT Global remains confident that in our established markets we will generate solid growth, and in our emerging international markets will deliver a greater profit margin and result in a greater return on investment to our shareholders.

CPT Global Strategy

CPT Global's focus is to expand the current client base through increased market penetration locally and internationally, leveraging its proven services and experienced consultant base.

Internationally CPT Global has invested considerable effort and resources to establish a strategic foothold. Our existing client relationships are starting to increasingly realise returns from those investments.

These returns are being progressively realised in two ways;

• As we progress through current risk reward/gain share/success fee work where the revenue stream is largely back 1. ended.
• 1. From repeat business that is a direct result of recent CPT Global work and reputation. Here the work is initiated at a much lower cost than the original engagements.

CPT Global's presence internationally is also increasing in both reputation and locally sourced consultant numbers. This is enabling us to expand our service offerings to a wider set of organisations.

CPT Global will maintain its key focus of combining IT management consulting with technical consulting to create unique solutions for clients while increasing the independent client side delivery services throughout all lines of business.

CPT Global is proud to have a team of highly skilled and loyal staff and consultants who dedicate themselves to our clients' interests. Consultant care remains at the heart of our culture and we look forward to more consultants joining CPT Global in the years ahead as we continue to expand our operations both in Australia and internationally.

ROUNDING

The amounts contained in this report and in the financial report have been rounded to the nearest \$1,000 (where rounding is applicable) under the option available to the company under ASIC Class Order 98/0100. The company is an entity to which the Class Order applies.

AUDITORS DECLARATION

The lead auditors independence declaration under section 307C of the Corporations Act 2001 is set out on page 6 of the half-year report ended 31 December 2006.

Signed in accordance with a resolution of the directors.

Gerard (Gerry) Tuddenham Managing Director

Melbourne, 26 February 2007

MOORE STEPHENS

AUDITOR'S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF CPT GLOBAL LIMITED

I declare that, to the best of my knowledge and belief, during the half-year ended 31 December 2006 there has been:

• $(i)$ No contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review, and
• No contraventions of any applicable code of professional conduct in relation to the review. $(ii)$

Moore Stychart

MOORE STEPHENS Chartered Accountants

Grant Sincock Partner

Melbourne 26 February 2007

Partners Stephen L. Adrian Steven A. Allan Marco S. Carlei
Jean-Claude Cesario ian K. Kearney Daren I. J. McDonald

Moore Stephens ABN 39 533 589 331 14^th Floor, 607 Bourke Street, Melbourne, Victoria, 3000 Australia. Telephone: +61 3 9614 4444 Email: melbourne@moorestephens.com.au Web: www.moorestephens.com.au

A member of the Moore Stephens International Limited Group of Independent Firms $\boldsymbol{A}$ separate partnership in Victoria

Kevin W. Neville
Stephen J. O'Flysm Tim Olynyk S. David Pitt
Ivan Shapiro Grant M. Sincock Jonathan C. Thomas

Consolidated Income Statement

HALF-YEAR ENDED 31 DECEMBER 2006

	2006	2005
	\$'000	\$'000
Revenue from Ordinary Activities	18,740	16,252
Foreign currency translation gains (losses)	(157)	12
Depreciation expenses	(75)	(59)
Salaries and employee benefits expense	(1, 192)	(1, 109)
Consultants benefits expense	(13, 424)	(11, 726)
Lease expenses	(269)	(275)
Other expenses	(1, 541)	(1, 295)
Profit before Income Tax Expense	2,082	1,800
Income Tax Expense	(802)	(701)
Profit after Income Tax Expense	1,280	1,099
Net Profit Attributable to Members of CPT Global Limited	1,280	1,099
Basic earnings per share (cents per share)	3.71	3.19
Diluted earnings per share (cents per share)	3.68	3.19

The Consolidated Income Statement is to be read in conjunction with the Notes to the Financial Statements.

Consolidated Balance Sheet

HALF-YEAR ENDED 31 DECEMBER 2006

	AS AT 31 DECEMBER 2006	AS AT 30 JUNE 2006
	\$'000	\$'000
Current Assets
Cash and cash equivalents	1,035	2,498
Trade and other receivables	7,254	5,309
Inventories	3,113	3,101
Deferred tax assets	183	145
Other	399	270
Total Current Assets	11,984	11,323
Non-Current Assets
Property, plant and equipment	253	204
Intangible assets	9,801	9,809
Total Non-Current Assets	10,054	10,013
Total Assets	22,038	21,336
Current Liabilities
Trade and other payables	3,242	3,037
Current tax liabilities	845	604
Other	1,087	1,042
Total Current Liabilities	5,174	4,683
Non-Current Liabilities
Long term provisions	61	46
Total Non-Current Liabilities	61	46
Total Liabilities	5,235	4,729
Net Assets	16,803	16,607
Equity
Parent entity interest
Issued capital Ű.	12,075	12,075
Reserves ٠	105	40
Retained earnings ň.	4,623	4,492
Total parent entity interest in equity	16,803	16,607
Total Equity	16,803	16,607

The Consolidated Balance Sheet is to be read in conjunction with the Notes to the Financial Statements.

Consolidated Statement of Changes in Equity

	\$000	\$000	\$000	\$000	\$000
	Issued Capital	Retained Earnings	Equity Reserve	Foreign Currency Translation Reserve	Total
Balance at 1.7.2005	12,075	4,419		25	16,519
Profit attributable to members of parent entity		1,099			1,099
Transfers to and from general reserves				20	20
Sub-total	12,075	5,518		45	17,638
Dividends paid or provided for	÷	(1,034)	u.	$\tilde{\phantom{a}}$	(1,034)
Balance at 31.12.2005	12,075	4,484	$\blacksquare$	45	16,604
Balance at 1.7.2006	12,075	4.492		40	16,607
Profit attributable to members of parent entity		1,280			1,280
Share-based payments			83		83
Transfers to and from general reserves		$\ddot{\phantom{0}}$	$\blacksquare$	(18)	(18)
Sub-total	12,075	5,772	83	22	17,952
Dividends paid or provided for		(1, 149)	u.		(1, 149)
Balance at 31.12.2006	12,075	4,623	83	22	16,803

The Consolidated Statement of Changes in Equity is to be read in conjunction with the Notes to the Financial Statements.

Consolidated Cash Flow Statement

HALF-YEAR ENDED 31 DECEMBER 2006

	2006	2005
	\$'000	\$'000
Cash Flows From Operating Activities
Receipts from customers	16,224	15,109
Payments to suppliers and employees	(15, 820)	(14, 172)
Interest received	25	59
Interest paid	(9)
Income tax paid	(599)	(567)
NET CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES	(179)	429
Cash Flows From Investing Activities
Proceeds from sale of property, plant and equipment		5
Purchase of property, plant and equipment	(117)	(33)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(117)	(28)
Cash Flows From Financing Activities
Payment of dividends on ordinary shares	(1, 149)	(1, 034)
NET CASH FLOWS FROM FINANCING ACTIVITIES	(1, 149)	(1, 034)
NET INCREASE/(DECREASE) IN CASH HELD	(1, 445)	(633)
Add opening cash brought forward	2,498	2,241
Effects of exchange rate changes on cash	(18)	20
Closing Cash Carried Forward	1,035	1,628

The Consolidated Cash Flow Statement is to be read in conjunction with the Notes to the Financial Statements.

Notes to the Financial Statements

HALF-YEAR ENDED 31 DECEMBER 2006

NOTE 1: BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL REPORT

The half-year consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standard AASB 134: Interim Financial Reporting, Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2006 and any public announcements made by CPT Global Limited and its Controlled Entities during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001.

The accounting policies have been consistently applied by CPT Global Limited and its Controlled Entities and are consistent with those applied in the 30 June 2006 Annual Report. The Annual Report of CPT Global Limited and its Controlled Entities for the half-year ended 31 December 2006 was authorised for issue in accordance with the resolution of directors on 26 February 2007.

The half-year report does not include full disclosures of the type normally included in an annual financial report.

Reporting Basis and Conventions

The half-year report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied.

(a) Significant Accounting Policies

The half-year consolidated financial statements have been prepared using the same accounting policies as used in the annual financial statements for the year ended 30 June 2006, except for the adoption of amending standards mandatory for annual periods beginning on or after 1 July 2006 as described in Note 1(c).

(b) Principles of consolidation

The consolidated financial statements are those of the consolidated entity, comprising CPT Global Limited (the parent entity) and all entities which CPT Global Limited controlled from time to time during the year and at balance date.

Information from the financial statements of subsidiaries is included from the date the parent company obtains control until such time as control ceases. Where there is loss of control of a subsidiary, the consolidated financial statements include the results for the part of the reporting period during which the parent company has control.

The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies. Adjustments are made to bring into line any dissimilar accounting policies which may exist.

All inter-company balances and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in full. Unrealised losses are eliminated unless costs cannot be recovered.

NOTE 1: BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL REPORT (continued)

(c) Change in Accounting Policy

The following Australian Accounting Standards have been issued or amended and are applicable to the parent and economic entity but are not yet effective. They have not been adopted in preparation of the financial statements at reporting date.

AASB Amendment	AASB Standard Affected	Application Date of the Standard	Application Date for the Group
$2004 - 3$	AASB 1: First-time Adoption of AIFRS	1 January 2006	1 July 2006
	AASB 101: Presentation of Financial Statements	1 January 2006	1 July 2006
	AASB 124: Related Party Disclosures	1 January 2006	1 July 2006
$2005 - 1$	AASB 139: Financial Instruments: Recognition and Measurement	1 January 2006	1 July 2006
2005–5	AASB 1: First-time Adoption of AIFRS	1 January 2006	1 July 2006
	AASB 139: Financial Instruments: Recognition and Measurement	1 January 2006	1 July 2006
2005–6	AASB 3: Business Combinations	1 January 2006	1 July 2006
2005-9	AASB 132: Financial Instruments: Recognition and Measurement	1 January 2006	1 July 2006
	AASB 139: Financial Instruments: Disclosure and Presentation	1 January 2006	1 July 2006
2005–10	AASB 139: Financial Instruments: Recognition and Measurement	1 January 2007	1 July 2007
	AASB 101: Presentation of Financial Statements	1 January 2007	1 July 2007
	AASB 114: Segment Reporting	1 January 2007	1 July 2007
	AASB 117: Leases	1 January 2007	1 July 2007
	AASB 133: Earnings per share	1 January 2007	1 July 2007
	AASB 132: Financial Instruments: Disclosure and Presentation	1 January 2007	1 July 2007
	AASB 1: First-time Adoption of AIFRS	1 January 2007	1 July 2007
2006–1	AASB 121: The Effects of Changes in Foreign Exchange Rates	1 January 2006	1 July 2006
New Standard	AASB 7: Financial Instruments: Disclosure	1 January 2007	1 July 2007
New Standard	AASB 119: Employee Benefits: December 2004	1 January 2006	1 July 2006

There has been no impact on the accounts for the half-year ended 31 December 2006.

	Economic Entity
	31.12.2006 \$000	31.12.2005 \$000
NOTE 2: DIVIDENDS
Distributions paid
(a) Aggregate dividends payable
Declared interim fully franked ordinary dividend of 3.25 (2005: 2.75) cents per share franked at the tax rate of 30% (2005: 30%)	1.120	948
(b) Aggregate dividends declared and paid not previously recognised as a liability
Final fully franked ordinary dividend of 3.25 (2005: 3.0) cents per share franked at
the tax rate of 30%	1,149	1.034
	2.269	1.982

NOTE 3: SHARE-BASED PAYMENTS

$\ddot{\phantom{0}}$

The following share-based payment arrangements existed at 31 December 2006:

On 18 October 2006, 900,000 share entitlements were granted to certain employees under the CPT Share and Option Incentive Plan to take up ordinary shares at an exercise price of nil. The fair value of these entitlements at the date of grant was \$334,000. The fair value has been calculated using a Hull-White trinomial option pricing model using the following inputs:

Weighted average exercise price	nil
Maximum life of option	3 vears
Underlying share price	\$0.62
Expected share price volatility	24%
Risk free interest rate	6%
Dividend yield	10%

The shares are to be held in escrow and are transferable to the relevant employees in three equal tranches on 18 October 2007, 2008 and 2009. The shares hold voting and dividend rights but are not transferable whilst held in escrow At the reporting date, none of these share entitlements have lapsed or been transferred out of escrow.

On 29 November 2006, at the Company's Annual General Meeting, 600,000 performance shares were granted to executive directors to take up ordinary shares at an exercise price of \$6 in total. The issue of these performance shares in three equal tranches is contingent upon the Company's share price exceeding certain levels for specified periods between 30 November 2006 and 29 November 2009, as follows:

No. of shares
to be issued.	Conditions which must be satisfied
200,000	The highest quoted (buy) price of CPT Global shares reaching or exceeding \$0.90 for 5 consecutive business days during the period 30 November 2006 to 29 November 2007 (both dates inclusive)
200,000	The highest quoted (buy) price of CPT Global shares reaching or exceeding \$1.10 for 5 consecutive business days during the period 30 November 2007 to 29 November 2008 (both dates inclusive)
200,000	The highest quoted (buy) price of CPT Global shares reaching or exceeding \$1.30 for 5 consecutive business days during the period 30 November 2009 to 29 November 2009 (both dates inclusive)

At balance date the share price criteria for the issuance of the first tranche of these options had been met and since balance date the first tranche of these options has been exercised.

For the half-year ended 31 December 2006, \$83,000 has been expensed in relation to share-based payments.

NOTE 4: CONTINGENT ASSETS AND LIABILITIES

Since the last annual reporting date, there has been no material change of any contingent liabilities or contingent assets.

NOTE 5: SEGMENT INFORMATION

Primary Segment - Business Segments

CPT Global Limited operates predominantly in one business segment being the provision of information technology consulting services.

NOTE 6: SUBSEQUENT EVENTS

There have been no events subsequent to reporting date.

Directors' Declaration

In accordance with a resolution of the directors of CPT Global Limited. I state that:

In the opinion of the directors:

• $(a)$ the financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001 including:
• give a true and fair view of the financial position as at 31 December 2006 and the performance for the $(i)$ half-year ended on that date of the consolidated entity; and
• comply with Accounting Standard AASB 134 "Interim Financial Reporting" and the Corporations $(ii)$ Regulations 2001; and
• $(b)$ there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

On behalf of the Board

Gerard (Gerry) Tuddenham Managing Director

Melbourne, 26 February 2007

INDEPENDENT REVIEW REPORT TO THE MEMBERS OF CPT GLOBAL LIMITED

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of CPT Global Limited ("the consolidated entity") which comprises the income statement, balance sheet, statement of changes in equity and the cash flow statement for the half-year ended on that date, a summary of significant accounting policies, selected explanatory notes and the directors' declaration.

Directors' Responsibility for the Half-Year Financial Report

The consolidated entity's directors are responsible for the preparation and fair presentation of the halfyear financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes designing. implementing and maintaining internal controls relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor's Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410: "Review of an Interim Financial Report Performed by the Independent Auditor of the Entity", in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity's financial position as at 31 December 2006 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134: "Interim Financial Reporting" and the Corporations Regulations 2001. As the auditor of the consolidated entity, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the financial report.

A review of the half-year financial report consists of making enquiries, primarily of persons responsible for the financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have followed applicable independence requirements of Australian professional ethical pronouncements and the Corporations Act 2001.

Partners Stephen L. Adrian Steven A. Allan Marco S. Carlei Jean-Claude Cesario ian K. Kearnev Daren I. J. McDonald

Moore Stephens ABN 39 533 589 331 14^th Floor, 607 Bourke Street, Melbourne, Victoria, 3000 Australia. Telephone: +61 3 9614 4444 Email: melbourne@moorestephens.com.au Web: www.moorestephens.com.au

A member of the Moore Stephens International Limited Group of Independent Firms A separate partnership in Victoria

Kevin W. Neville
Stephen J. O'Flynn Tim Olynyk S. David Pin ivan Shapiro Grant M. Sincock Jonathan C. Thomas

MOORE STEPHENS

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of the consolidated entity is not in accordance with:

• the Corporations Act 2001, including: $(a)$
• (i) giving a true and fair view of the consolidated entity financial position as at 31 December 2006 and of its performance for the half-year ended on that date; and
• (ii) complying with Accounting Standard AASB 134: "Interim Financial Reporting" and the Corporations Regulations 2001; and
• $(b)$ other mandatory professional reporting requirements in Australia.

Moore Stychars

MOORE STEPHENS Chartered Accountants

veklit

Grant Sincock Partner Melbourne, 26 February 2007