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## REMUNERATION REPORT (AUDITED) 

This remuneration report for the year ended 30 June 2011 outlines the remuneration arrangements of the Company and the Consolidated Entity in accordance with the requirements of the Corporations Act 2001 (“the Act”) and its regulations. This information has been audited as required by section 308(3C) of the Act. 

The remuneration report details the remuneration arrangements for Key Management Personnel (“KMP”) who are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company and the Consolidated Entity, directly or indirectly, including any director (whether executive or otherwise) of the parent company, and includes the five executives in the parent and the Consolidated Entity receiving the highest remuneration. 

For the purposes of this remuneration report, the term ‘executive’ includes the Managing Director, executive directors, senior executives, general managers and secretary of the parent and the Consolidated Entity. 

## THE REMUNERATION REPORT IS PRESENTED UNDER THE FOLLOWING SECTIONS: 

1. Individual key management personnel disclosures 

2. Board oversight of remuneration 

3. Non-executive Director remuneration arrangements 

4. Executive remuneration arrangements 

5. Company performance and the link to remuneration 

6. Executive contractual arrangements 

7. Equity instruments disclosures 

## 1. INDIVIDUAL KEY MANAGEMENT PERSONNEL DISCLOSURES 

Details of KMP including the top five remunerated executives of the Parent and Consolidated Entity are set out below: 

## KEY MANAGEMENT PERSONNEL 

<img src='content_image/163940.jpg'>

Other than the appointment of D. Will as shown above, there were no other changes to key management personnel after reporting date and before the date the financial report was authorised for issue. 

