“OUR SOLID FINANCIAL POSITION PROVIDES US WITH THE CAPACITY TO LEVERAGE NEW OPPORTUNITIES AND TO UNDERPIN THE STRATEGIES FOR CONTINUED BUSINESS EXPANSION ACROSS THE GLOBAL MARKETS. THE STRENGTH OF OUR FINANCIAL PERFORMANCE PROVIDES A SOUND AND CONSISTENT BASE TO MAINTAIN STABILITY AND SUPPORT OUR VISION TO DEVELOP THE CORE SKILLS AND COMPETENCIES WITHIN THE FIRM.” Graham has a Bachelor of Business degree and his professional affiliations include FCPA (Australia) and Fellow of the Chartered Institute of Secretaries. He joined NDY in 1990 and prior to this he held a number of senior financial and commercial positions in private sector industries. He is a member of the Executive Board and is responsible for the global financial services across the NDY group.

THE NDY GROUP CONTINUES TO DELIVER STRONG FINANCIAL PERFORMANCE, PROVIDING A SOUND PLATFORM IN ALL ACTIVITIES FOR THE FUTURE. WE END THE FINANCIAL YEAR IN EXCELLENT SHAPE AS CAREFUL MANAGEMENT OF THE OPERATING RECEIVABLES HAVE HELPED TO SUSTAIN GOOD CASH FLOW AND IN TURN OUR ABILITY TO MAINTAIN OPERATIONAL INVESTMENTS IN LEADING TECHNOLOGIES. I am pleased to report that the Group has had a solid financial performance in the 2002/2003 Financial Year, with all indicators trending upward on the previous two years. Despite some challenges in the global marketplace, NDY has enjoyed continued improvement in the area of financial management, with a rise in profitability and steady cash flows giving us the opportunity to reduce longer-term debt. All sectors showed healthy growth, with business revenue in Australia up by 17.5 percent, growth in our UK/Europe business and a stable revenue base in New Zealand. Operational profits (EBIT) are up by 14.7 percent on the previous year. Tighter controls have been introduced over billings and collections, and the resulting steady flow of funds has allowed us to continue our programme in Information Technology investment, crucial in maintaining NDY’s profile and expertise within the marketplace. Our sights are set on creating value growth at rates that exceed our industry’s average in order to support our long-term business strategies. These include extensive investment in the expansion of our core business disciplines, advanced forms of emerging technology and above all the continual training and professional development of our people. Our Financial Accounting teams have implemented a new cost management system across the organisation to better service the needs of our Project Team Leaders and engineers. The applications offer enhanced tracking and accounting tools that will improve financial reporting on projects and in turn the standard of our financial services to clients. Our focus on becoming ever better and bigger is defined by our tough slate of financial objectives across the cycle which drive us to generate a quality return on equity. We are convinced that our long-term strategies are well planned and managed and will enable us to fully realise the substantial cost synergies beneficial to an international group. We end the year in excellent shape, well positioned to build on our performance over 2004. Graham Tickle Chief Financial Officer