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## directors’ report 

on the Transurban City Link Unit Trust 

## Results 

The performance of the Trust, as represented by the results of its operations, was as follows: 

<img src='content_image/83283.jpg'>

## DIRECTORS 

On 30 March 2001, under the Managed Investments Act 1998, Perpetual Trustee Company Limited became the Responsible Entity for the Trust (the Responsible Entity). Prior to 30 March 2001, a dual entity structure existed which comprised the Trustee and the Trust Manager (City Link Management Limited). 

The following persons held office as directors of the Trust Manager until 30 March 2001: 

Michael S Hamson W Richard Sheppard 

The following persons held office as directors of the Responsible Entity from 30 March 2001 until the date of this report: 

Gai M McGrath Rohan W Mead (from 28 May 2001) Michael J Stefanovski Phillip A Vernon 

## SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS 

The Trust was registered as a managed investment scheme by the Australian Securities and Investments Commission on 30 March 2001. Perpetual Trustee Company Limited, formerly the Trustee, was appointed as the responsible entity for the Trust. City Link Management Limited, formerly the Manager of the Trust, was appointed by the Responsible Entity as investment manager of the Trust. 

In the opinion of the directors’ of the Responsible Entity, there were no other significant changes in the state of affairs of the Trust that occurred during the year under review. 

Kenneth H Spencer Anthony L Kahn (alternate for Richard Sheppard) 

## PRINCIPAL ACTIVITIES 

The principal activities of the Trust during the year were the borrowing of funds to finance the Trust’s share of construction of the Melbourne City Link, the lending of funds to the Company to fund the Company’s share of operations and leasing of Project land and Trust Assets to the Company. 

## MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR 

At the date of this report, the directors are not aware of any circumstances that have arisen since 30 June 2001 that have significantly affected or may significantly affect the operations, and results of those operations or the state of affairs, of the Trust in financial years subsequent to 30 June 2001. 

