PRESS RELEASE 1. The meeting was chaired by its President and President of the Republic of Fiji, His Excellency, Ratu Josefa Iloilo. He looked well and disproved reports recently circulating about his health. 2. Audited Annual Accounts 2003 The draft audited Annual Accounts for the year 2003 was approved by the Board. NLTB's 2003 Annual Report will now be prepared and should be out before the end of June. The main issues arising out of the accounts at this stage are highlighted below; Statement of Income/Expenditure for the year ended 31/12/03 showed a net surplus of $84,427.00 after providing for abnormal items and previous year's adjustments. An operating deficit of $669,573.00 was recorded for the year and after the transfer of $754,000.00 from Reserves to Income, the account showed a surplus of $84,427.00. The operating deficit was mainly due to the low income collections recorded during the year. This is a matter that has been previously highlighted, and can be attributed to a large extent to the fall in income from the cane belt. Total employment costs were also above budget. This reflects the full effect of the complete restructure of the Board's organisation which came into effect on 1st November, 2002 and the Job Evaluation implemented with effect from 1st January, 2003. Other details of the NLTB's accounts will be available when the Annual Report is released. 3. Performance for the 1st Quarter. 2004 has kicked off on a high note with performance for the 1st Quarter well above budget. Whilst there were some significant windfall payments during this period, we believe that we are reaping the benefits of some of the re-organisation within our structure that took place recently and referred to above. 4. Housing Authority During the reporting period we finalised a ten (10) year land development lease with Housing Authority for 161 acres owned by Mataqali Nawavatu of Kalabu, located at Tacirua East along Khalsa Road. This is a project that will see the issue of over 1,000 new leases for housing purposes. A close relationship has been developed with the Management team at Housing Authority and we intend to open up other land for residential development in Suva, Tavua, Sigatoka, Nadi and Labasa. This may also include Housing Projects within the periphery of Tourism development sites such as Natadola, Momi and Yaqara Studio City. 5. ALTA/NLTA AMENDMENTS These have now been issued as Bills and we now await the Parliamentary process following the Talanoa Sessions. NLTB will be providing input to the Parliamentary Select Committee that has been established. 6. INFORMATION TECHNOLOGY Work has already commenced on site by PCX on the development of our new IT System, SAP. As previously mentioned this exercise will take nine (9) months and the new system should be ready for implementation from 1st January, 2005. 7. VANUA DEVELOPMENT CORPORATION LIMITED and PACIFIC CONNEX LIMITED The launching of these two Companies will now take place on the 17th of May, 2004. K BAKANI GENERAL MANAGER