Half Year Report to Shareholders 2004

11 March 2004

We are pleased to report a profit after tax and outside equity interests of $125.6 million for the six months ended 31 December 2003, a 40% increase on the prior corresponding period. Earnings per share increased by 39% to 19.2 cents per share primarily due to higher contributions from energy retailing, oil production and power generation.

Half year report to Shareholders (9 pages)