CFO's letter

From a position of strength

Our commitment to clearly set and stick to our financial policies has been a mainstay of our financial management approach for more than a decade. While it has taken courage to stand firm on these policies, especially during times of market exuberance and economic downturns, our resolve has been rewarded. The result is evident in our strong financial position, successful access to the credit markets even during the recent recession, and the excellent total shareholder return of 40 per cent in 2010.

We enter 2011 from a position of financial strength that we believe will help us meet upcoming challenges and exciting opportunities in the fast-moving communications industry. Building on the momentum created in 2010, we are confident in our prospects for the future as we strive to create value for our investors.

Sincerely,