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BT Investment Management Limited listed on the Australian Securities Exchange in December 2007. It was formed from the investment management business within BT Financial Group – the wealth management division of Westpac Banking Corporation (Westpac). This represented the combination of three different businesses – BT Investment Management, Rothschild Australia Asset Management and Westpac Investment Management – which collectively have a long history of successful investment management in Australia. BT Investment Management enjoys a strong continuing relationship with Westpac, which remains its largest shareholder and a major client.

Note:
1 Proforma and reported (statutory) results
BT Investment Management acquired its investment management business on 19 October 2007. However, in its Prospectus dated 30 October 2007 it produced a forecast for the full year from 1 October 2007. The financial results from 1 October 2007 to 19 October 2007, during which BT Investment Management was not the beneficial owner of the business, have been aggregated in this narrative with the reported (statutory) results of 20 October 2007 to 30 September 2008 to provide full year proforma results. However, the results set out in the financial statements included in this Annual Report are based on reported (statutory) numbers from 20 October 2007 to 30 September 2008. Comparisons to 2007 refer to results for the business prior to its acquisition by BT Investment Management on 19 October 2007.

A reconciliation of cash net profit after tax (NPAT) to NPAT is provided in the financial results page.