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## Direc tors’ repor t 

The Directors present their report together with the financial report of IOOF Holdings Ltd (the “Company” or “Parent”) and of the Group (“IOOF” or “Group”), being the Company and its subsidiaries and the Group’s interest in associates for the financial year ended 30 June 2012 and the auditor’s report thereon. 

## Directors 

The Directors of the Company during or since the end of the financial year are: 

## Name 

Dr Roger Sexton (appointed Chairman 1 April 2012) 

Mr Christopher Kelaher (Managing Director) 

Mr Ian Blair (retired 31 March 2012 - former Chairman) 

Mr Ian Griffiths 

Ms Jane Harvey 

Mr George Venardos 

Mr Kevin White (appointed 4 October 2011) 

All Directors held office during and since the end of the financial year, unless otherwise noted. 

## Principal activities 

The principal continuing activities of the Group during the financial year consisted of: 

• financial advice and distribution; 

• platform management & superannuation administration; 

• investment management; and 

• trustee services including estate planning and corporate trust. 

## Review of operations 

In accordance with current Australian accounting standards, the audited financial results of the benefit funds of IOOF Ltd are included in the consolidated results of the Group. The inclusion of the benefit funds has no impact on the profit after tax for the year (2011: $11,000), but results in offsetting pre-tax profit and income tax amounts not available to shareholders. 

The following table, which has not been audited, provides a reconciliation between the reported results of the Group and underlying net profit after tax (UNPAT) pre-amortisation, with the results of the benefit funds excluded. In calculating its UNPAT pre-amortisation, the Group reverses the impact on profit of certain, predominantly non cash, items to enable a better understanding of its operational result. 

Shareholders can view the more detailed results presentation by visiting the Company website at www.ioof.com.au 

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