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## Directors’ Declaration 

In accordance with a resolution of the directors of Harvey Norman Holdings Limited, we state that: 

(1) In the opinion of the directors: 

(a) the financial statements and notes of the company and of the consolidated entity are in accordance with the Corporations Act 2001, including: 

(i) giving a true and fair view of the company’s and consolidated entity’s financial position as at 30 June 2003 and of their performance for the year ended on that date; and 

(ii) complying with Accounting Standards and Corporations Regulations 2001; and 

(b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. 

(2) In the opinion of the directors, as at the date of this declaration, there are reasonable grounds to believe that the members of the Closed Group identified in Note 41 will be able to meet any obligations or liabilities to which they are or may become subject, by virtue of the Deed of Cross Guarantee. 

On behalf of the Board. 

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Sydney 26 September 2003 

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