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DIRECTORS' DECLARATION

The directors declare that in their opinion, the concise financial report of the consolidated entity for the year ended 30 June 2006 as set out in the 2006 Concise Financial Report complies with Accounting Standard AASB 1039 Concise Financial Reports.

The concise financial report is an extract from the full financial report for the year ended 30 June 2006. The financial statements and specific disclosures included in the concise financial report have been derived from the full financial report.

The concise financial report cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report, which is available on request.

This declaration is made in accordance with a resolution of the directors.


GRAHAM KRAEHE AO
GJ KRAEHE AO, CHAIRMAN


Kirby Adams
K C ADAMS, MANAGING DIRECTOR & CEO

Melbourne
18 August 2006

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