CONCLUSION

As is always the case, the company’s performance to which I refer in these brief comments is attributable in part to the excellent assets we own but, in my view most particularly, to the efforts of our more than 30,000 employees. I want to express the confidence of the Board and senior management in the quality of our employees and to convey to them our appreciation for their efforts during the year. My thanks also to the Board and to my senior executive colleagues for the great support given over the past 12 months.

Looking ahead, we can expect a further reduction in coal revenues due to lower prices for the first nine months of 2007/08 but prospects are better beyond that time. All other divisions should make an increased contribution.

The outcome of the Coles transaction will be known relatively shortly after the publication of this report. We will keep shareholders fully informed of developments as they occur.