At the time of our year end results in 2008, we had clearly mapped out and planned our objectives for the current year. It is with a strong sense of pride that I am able to report that we have achieved these objectives and that we have successfully separated our financial services and retail businesses. This has resulted in each of these businesses achieving total focus on their core competencies. One year ago we had a combined retail and financial services business. Today we can forge ahead confidently with our ultimate goal of being a world-class retail and financial services group.

It is particularly pleasing for me that we achieved these goals in a relatively short period of time and that we were not sidetracked despite the tough trading environment which could easily have diverted our attention during the vitally important implementation phase.

The retail business incorporates three divisions, Traditional Retail being the seven furniture and appliance chains, Cash Retail being Hi-Fi Corporation and Incredible Connection and our international business, Abra in Poland. The financial services business incorporates two divisions, being the Traditional Retail debtors book, including the insurance business, and the New Business Development division of Maravedi and Blake. Our priority for 2010 is to fine tune these businesses to cement their positioning for long term value creation.