Dear Shareholders,The year ending 30 June 2004 has been a very...

Dear Shareholders,

The year ending 30 June 2004 has been a very successful one for your Company, and we
are pleased to provide herewith the UXC Limited Preliminary Final Report.

In a year of many highlights, some of the more notable include the following:

• Revenue of $189.07 million,
up 63.9%
Revenue has grown significantly due to a
combination of organic growth and the impact
of acquisitions.

• EBITDA of $18.738 million,
up 108%
Earnings before interest, taxation, depreciation
and amortization has grown dramatically,
evidencing the robust performance of UXC
Business Units.

• PBT of $11.776 million,
up 76%
Profit before tax has grown substantially, after
absorbing a 112% increase in depreciation
and amortization, to $6.937 million, and a
$1 million reduction in net interest income.
These fluctuations reflect the investments being
made by UXC in operating businesses.

• NPAT of $9.015 million,
up 35%
Income tax expense increased by $2.724
million from the prior year.

• Research & Development costs
expensed
All research and development costs incurred in
operating divisions have been expensed in the
P&L in the period in which incurred.

• Contracts in hand of $124 million UXC has substantial annuity income,
representing 65% of FY2004 revenue. Of this,
$51 million extends beyond 12 months, and
$23 million is subject to annual renewal.

• Cash and Investments of
$16.868 million
Investments have good capital gain potential,
but did not contribute to earnings during the
period.

• Goodwill amortization of
$3.214 million, up 174%
Goodwill amortization has risen as a result of
the acquisition program. Underlying earnings
were robust enough to amply cover this cost
increase, the accounting treatment of which
will change under IFRS from FY2006.