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Business and financial review

Cautionary note

This Business and financial review has been prepared solely to assist shareholders to assess the Board's strategies and their potential to succeed. It should not be relied on by any other party, for other purposes. Forward-looking statements have been made by the Directors in good faith using information available up until the date that they approved the Report. Forward-looking statements should be regarded with caution because of the inherent uncertainties in economic trends and business risks.

In preparing this Business and financial review, the Directors have aimed to comply with the Accounting Standards Board's 2006 Reporting Statement guidance on Operating and Financial Reviews. However, non-financial Key Performance Indicators have not been included in this Annual Report as they are not at a sufficiently advanced stage of development. See Corporate Responsibility for commentary on employee and environmental issues.