directors’ report  on the Transurban City Link Unit Trust The performance of the Trust, as represented by the results of its operations, was as follows:  DIRECTORS PRINCIPAL ACTIVITIES MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR SIGNIFICANT CHANGES IN THE STATE  OF AFFAIRS 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 Kenneth H Spencer Anthony L Kahn (alternate for 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 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. 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.  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. 3 Results 2001 2000 $’000 $’000 Revenue from ordinary activities 229,308 115,675 Net profit from ordinary activities 73,547 42,873