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## RECONCILIATION OF RESULTS 

for the year ended 30 June 2013 

<img src='content_image/242845.jpg'>

Note: The VRL group results are prepared under Australian Accounting Standards, and also comply with International Financial Reporting Standards (“IFRS”). The Reconciliation of Results include s c ertain non-IFRS measures including EBITDA and operating profit excluding material items of income and expense and discontinued operations. These measures are used internally by management to assess the p e rformance of the business, make decisions on the allocation of resources and assess operational management. Non-IFRS measures have not been subject to audit or review, however all items used to calculate these non-IF R S measures have been derived from information used in the preparation of the audited or audit-reviewed (as applicable) financial statements. 

