Assumptions and bases of belief

1. When a profit forecast is included in any document or announcement published during an offer period (or in an announcement which commences an offer period), the document or announcement must include the principal assumptions on which the profit forecast is based.

2. The assumptions included for a profit forecast or bases of belief included for a quantified financial benefits statement should provide useful information as to its reasonableness and reliability. They must:

   1. be readily understandable;

   2. be specific and precise; and

   3. not relate to the general accuracy of the estimates underlying the profit forecast or the quantified financial benefits statement.

3. There must be a clear distinction between assumptions or bases of belief about factors which the directors (or other members of the company’s management) can influence and those which they cannot influence.