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INDEPENDENT AUDITOR%u2019S REPORTTO THE SHAREHOLDERS OF GUARDIAN MEDIA LIMITEDReport on the Audit of the Consolidated Financial StatementsOpinionWe have audited the consolidated fnancial statements of Guardian Media Limited and its subsidiaries (%u201cthe Group%u201d), which comprise the consolidated statement of fnancial position as at 31 December 2018, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash fows for the year then ended, and notes to the consolidated fnancial statements, including a summary of signifcant accounting policies.In our opinion, the accompanying consolidated fnancial statements present fairly, in all material respects, the fnancial position of the Group as at 31 December 2018 and its fnancial performance and its cash fows for the year then ended in accordance with International Financial Reporting Standards (%u201cIFRSs%u201d).Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (%u201cISAs%u201d). Our responsibilities under those standards are further described in the Auditor%u2019s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants%u2019 Code of Ethics for Professional Accountants (%u201cIESBA Code%u201d), and we have fulflled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufcient and appropriate to provide a basis for our opinion.Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most signifcance in our audit of the consolidated fnancial statements of the current period. These matters were addressed in the context of our audit of the consolidated fnancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.We have fulflled the responsibilities described in the Auditor%u2019s Responsibilities for the Audit of the Consolidated Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated fnancial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated fnancial statements.28 GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2018