QJC Limited ABN 115942 373 762

Annual financial statements and directors' report for the year ended 30 June 2013

Director~' report

OICllmltod Directors• rtport

lOJtHM 2013

Ttw dlrectcm present~ report on fie ~dated •""'Y (ref..-.d to norealtel 11 fit group) Qli1SIStM>g o1 OIC Llmeod om the entities 1 convotl«<• me ena cl, or dt.rrG. Ihl r- onded 30 """" 2013

Dlr1C1ort The lollowing 1*$01>& were directors of OIC l.Jmrted d..-.,g the whole ollhe hnanaal year and up to !he dale of lhl& rej)Orl

P r vou..g /4JA (Chai""""l K o ~ld (Oop<.ocy Chtltnlan) ec-LT~ ML-PC oeu ... u G 8 MI.<cl0d'l

Mo 8 K Mon11 .... , a dlriCIOI trom tl'oe begin~W~Q or the finenoo.l r-or until her reolgnatoon on 30 SePiemt>et 20t 2

PIIIM rtter eo lhe --..1 repa1 for <IE<&Is r~ o..aors' qual!icaUons 1•penenee and speciel r .. pan .. bol-

- lpal Kllv-0\M'ng the yeer lht pniOOII ~ ~ ot .. group ..,..lied ol pr<MO"'SS .,...otrenl manag.,.,. -Dividendi ONioendt peld cr dodwtcl by the gr011p elnc:e the end ollht pi'O'i\otn ftl\8llCIAI r-~r -•

2013 2012 s·ooo sooo

30,101 15.022

R-ot opemiono The prof! hom """""IY ec:wtleo. oft• rellted .....,e •• .. _ , """"'"'" eo S38 em t!IOn (2012 S2e 7 m.lloon)

Signlfic:ont ch>nges In lho o totl of llffairs Signltlcal'i c:Nngeo in tho llate or elflllrs or lhe group dulng the ~~al y-wore oo follows

On 28 SeP&emotr 2012 OIC Limited tttminoled the """"'""'"' Monagemt11! Agr....,.nt Cltlod 23 ~mtler 20De"""" ~ BooCoprlll Fvnds Pty ltd COBF ~et>y elfeaM!y cnelng v.e opernonal act-..:reo c1 OBF OBF Cl Ued boft1g ,_,_ 01 OIC'I IWO -~ llrdt IS atlhrS dale The QBf dlrec:trn r-od to CNH OBF'a open!JOr.S on 31 Oct-. 2012 end nnsler tomanng ..,.,.,_and IICO¥CeSID OIC Prl.ola Callbl Pty ltd. OI!F ""' romorn dOr>1l.o and ~-The group OUC"""""'d a numotr cl lf!YHtmeJ'ilouppclt ICIMI""ID Nortnem Trust du""U me y- This induded lrodo o<4)t)Ort, l*lormanco. cornpUncit. unrt ptlcong. un.l reg•llry ornd dlenl blllng ond repo111ng

On 28 JUno 2012 0 F McTaggott rel•ed •• Cl>ef Exealllvt ol OiC Um1ted, lhe group"o P"'""' ""'<lf Efteetivo 2 July 2012 0 J Frawley....,. appoio1ted •• Chief Execuliw ot OIC l.rnlted.

M.,..., ou~t to 1hl 1nd of tilt finonclel y<tl r No ... ., IN1IIn 01 d'CU'T>tUIIICM"""" ornsen"""' 30 Jt.no 20131Nl'- .. gn~cancJy lllec:ted 01 mey o~gn-..y 1IIICI 1ne group • ope~~ liOnS, lhe re>Jito cl f>oN OC*"IIlono. or h grOIIIA 118te of a!!an n tnLn ._.....)'OMS Llkt ly - olopments ond upectael,....ults or operotiono Fut111er 11forma11011 on lri<eJV Cllveloj)m<nts rn tne operollono of the- are onduded 11'1 the amual report

1

COJnpl.ny secretary

QICUmltad o.,.cton~· ,.pon

30 June:I013 (~

C G fitzs;mon is the company seO"Bia<y. She"' a Cllanerod '*'•laly with CNer ~ty r••• uperlonoo Sl1e io • "*"be' or Cllortered Sectetane$ ~elraioe. 1>8& Ct~~wmon ollhe Queensland <:...- o1 en.- Soaet~~nu ~w•<aeno eMembef o1 1110 Aullrlllan lntt~~M ol Compony o--ro

M1 61og1 of dhc1otl The-. ol ~ ollhe =-'1'1 bol-d of OreciOI* and ol ead'l-od C0""''l:IM hoJddl.ring the year onded 30 Jw,. 2013 and lhe numbers of~ at1enc1er1 by_, d--•

Full mMIIngo -DI of commlttoM ol di-tora HRond

Audh Md Risk Remuneration

" B A B A II P F Youog Aloi(O..rman) • 8 0 - 6 7 K 0 Macf)o,.l:l (Depu!y ChlirmMI) 7 8 7 7 7 7 B C llowlon • 8 B 7 - . l T Gearing 7 B 7 7 . . M L NE!wmanAC 8 B . . 7 7 DEU..sz 8 8 . . 7 7 GBMolrdOch • 8 5 7 . B KUoms"1 3 3 4 • - .

A• N...-of.....wgoouended 0 • Nt.m>er of mtt(lr>golltld dur<19 tho time 111e direct« held ottree or was o mombe< ol the co..,.noo dunng thoy-(1) • Res~gned 30 Septornllef 2012

lns...-..c:e ot ol'f'lrctn Durir.g the ~- y- OIC ~ .,. prent enlltr pold ~ ,..__ to nwre the d<eaoro and o111cers ot the~ Ftnler di5doourt Of the dotaits ollhe policy • .-QI(Ing the • ..., .. of tho t.abil;ty c::overed 0<

me P..""um pood 11 p~ohbled by till tormo ol tho contriCl

En..,Jronmtntal regulation The 9"0'4>"s ~rllllOO'II are not s!Jbjocl10 any paltiC<Jiar or sign5c.ant envoiQIWT'oellt&i -.gulallon Wider a law Of lhe Ccmmanweailh ar olo Sta:e or T eniory on Ausnloo

S hares unci• option No oploor&.,...- ........... orU<..aln me -If ar COt'lii'Oled- were~~"'"'"" dumg ar..,.. me end of the manc..i yNr and ll>ere -· no "'*""' cub1Ml611g II tl>o dlit ol lho repot\

Auditof'o lndopondonco decbl311on The auditors indopondenc:e declara110n os required under seetion 307C of lhe Corpotallo11• Ad 2001 io oet out on page 4.

Rounclng ol - 111• r~• coml*'ll• cia kind .-..o 10 '"c .... O.der 9&!00 ou- D"f 111e........., Soc:unbu and-·· CommiSSion In~ IMlll 111ot oau O<der amoo.ns., ,.,._report and lnanool report h-been roonded 10 111e nearestlnausand d-.

2

Th.s report 15 made in accordance w th a resclution of cirectors.

,,,.., .. ~~~ Cnatrman

Brisbane 30 Au!l<J$1 2013

3

QICUmllld Directors' rtpor1

30June2013 ( c:<>ntinued)

AUDITOR'S INDEPENDENCE DECLARATION

To the OrectorsoiOIC UriBe!

This auditor's independ<!nce declaralicn has been provided pursuar"dlo s.307C ol tne Cclporotlons AC12001.

lnde~ Oedarolfon

As lead audtor ror the auc1t of OtC O'niled Ltd tor cne yee~ ended 30 June 2013. I declare thlll, to the ~~~ of my knowledge and belie!, there hOYe been -

a) no contraventions oil he eu<i!Ot independence requltements of the Cotpom6ons Act 2001 In relation to the oudh. and

b) no contraventions olat'tf applicable code or professional conduct in relafion to the audit

·'< GENERAt

26 AUG 2013 OF OUEENSLAI>ID

Qu-..land 11uc1t omce Brisbane

QIC Limited A8Ne5e42373762

Annual report - 30 June 2013

Contents Financiaf sta~ements

Staltmencs of ~"~it 011oM SUlCI Me I'D d oon.,.ct• ., ..... II1ClCitM Sl*'llonts o1 rn.,..... .,.._, SWGments ol ctlaoges on equlY Statements ot casn Do"~ NOtes to'"" finanC1816lalem.,...

u~ec~cn· dec:l•alion lnd_..-nl _.. repcr!IO lne """"bets

Page

6 7 8 9

11 12 60 61

These "'111011 U!eme'11s ro h ~-IS oiiNI - ....uy ccnOclllng ol OIC ~ and It& sublld•rtK The tm~ ataen-..,.1 are p-eaented l"'f-.e A-.•.-. QJfJ'!If"CY

OIC lrnJ:ed IS a compa"f lrnHad 1>r oharos, ln()C)(pot81e<f and ciomiclad In Au6!tala Hs regslerad ollocl and princlpol ptece ot buo••••• 11

OIC Lmlted LIYG4 5 cet1lr8l PiiD TWo 68 Eagle Slreet Bt ....... QU)oiOOO

A doeafpllon ol \lle nal\n ollhe consolid..., entll)f$ operllllono and •I> prlnC!pol odivttles • I~ on tile oireclora' roi)OII on pege 1. which Is net pert ollhost nnondolll.....,onto

The firwnc~al wtemeot• -• aulhorsed lorl&oue by lhe dH- on 30 August20t3 The d<octors Moe 1t1e ~ 10 ..,end""" reissle L ... ftna:~Q&I$14-

5

QICUmited -of profit or lou

For 1M yur oncled 30 J..,. 2013

COtroolrdiiUd "'ti:ly PINnllftllty 2013 2012 2013 2012

HolM $"000 $'000 $'000 S'OOO

Revenue 3 274,103 259,090 172,301 167,470

Emplo)'ee bene!iis expense (147,237) (1<6, 102) (84,323) (84,638) Proteuooal "'""""'" (27,377) (25,327) (21,4M) (15,306) ~ing le..., coot& 4 (10,15t) (10 838) (10,120) (10,050)

Dt!>teo•~on end •- • (7.~) (8 334) (7,806) (8,240) ...... (4,744) (4 536) (1,800) (1,903) Proch.IQ and mancate sernces (3,932) (4.353) (3,774) (4.040)

c"""""" ·~ cor.s (3,825) (3859) (3,662) (3.571) ktloii>iOibo<o.OO ruea-dt &M<ic8 (2,871) (3 122) (2,770) (3.023) s..rt OOVOioptienl and recn;llment (2,347) (2.713) (1,34!) (1.552) ln ....... (1,833) (1.683) (1,2t3) 1 171)

Comtoun-·-- (1.313) (1 2G7) (l:t1) ($14) 1« 1ooa on ciSI>OOOI of~ .,..,.. end OQ<Jpmenl (4 27) (72) Audola'l'r...........tlon 20 (410) (ol89) F~exchlnge- • (108) SeN>cefeet

Othet •"~>•""' e.ocp._, Pront llefo,. lncomo1u 54,162 38.568 31.HI 23,350

lnc:omo !I)( (ex-)lbenefit ' !IUtn (11 865) 341 3,:!82

Not prof~ af111r tax for t1>t year 22(b) 31835 26,703 38710 2111.712

Nee profit o!W blot: is lltlribulable to o...-ol OtC ltn'ole<l 22(b) 31,635 26703 :1!,710 20712

N ,..,_,ue ,. 1ton1 ""'*"'"ng ec>e<a"JOnt a.-nsr.tc~ BloC- Fur<!& Ply Ltd (a I<Jbsod•ty of OtC L"'<tdl - _ _..on 3t OacW 2012 Tl'•,..,,., .. l*t on not poolo- w lor lho l"'• Olhor lhon,. ,_ •• no...,.,'""" _.,.,.

1"-.,.,. $1-ts of prol1t or Ala 1t10ut1 De letld 111 Q)rJuncoon Hllltll! 8CC0f71P¥!-/l0t•

6

OAO ..,n,ned tlalemenrs

Not profit after tax for the year

Other comprehensive ineoma lrtm11lti1JJ mtty 0. n>CI_,ed to pro/11 or 1oM G10n on ro....-.on • 9"'" lortlgn oxchonge eoncracts Excna~ <li"erences oo nnslallOn ot to._ OP«ot>Ons

Otlltr c...,pnlwnlive lnc«nt tor 11>o ~~~. net of taa

TotaJ c:ompret.nslvelncor"M forehe

~·· Total ccmi"'Oi>ons"" noomo lor the~­It •tlrbltable 1o OVintfs of OIC l.JIMO~ Tolol c....prehen$r.<e 1noomo for tile year anriDIUblt to owrw• ot OIC Limited unto' frgm; ConlirMng operarJons

QICllmiWd s .... monl$.,. co.,.-....... o.c .....

For 11>o year ""'*130 J..,. 2013

Notoo

Consolldltad on~ 2013 2012 S"OOO $'00)

to

tiO

:111,72$

38,725

28,703

2A

6

29

26732

26,732

Porwot entity 2013 2012 S'OOO $'000

38,710 28,712

24

24

38,710 28,736

38,710 28,736

----~38~·~72~5~--~28~.7~3~2~---3~8~,7~1~0--~~

All menuo Is ~em cona..-.g operlllont Queenslo~ lltoCtpotol Fu~s Ply Lid (a subsl<lillfY 01 OIC lJmilttd) ceased operallen6 on 31 Octcller 2012 Tilts had I'll .._,OCI on net protil a'ter t"" fer lhe year OtNr tf\an IIIIa. there are no d~tilued opeo ato1.s

n.. -stat8f7MI(I(So/001111>'e/IO<loNe...,.,..,. -0. rud., ~ "~ ltotfi«<mPPI/tfllll,_.

7

QAO Wlilr....s stslemems

CIICI.Mni1ecl s.......,..,._ Olllnonclel-"lon

Aa at lO ,._ 2013

Conoonam~~ 411\lily Po ron! ontlly 2013 2012 2013 2012

Notoa $'000 $'000 $'000 $000

ASSETS Current as sots Cash and cash equrvak!nls 8 5,676 1,656 4,276 295 Recewables 7 70,.C68 58380 84,604 7Ull3 Flnenc:ial aaaetS at fair,_ ''"'"'It> pront or IOU a 178,~ 118.063 1 78.~ 178,053 Othe< current asoets 9 4 074 •845 31137 H05 Total currMt asse1:s. 258,782 2:!0,946 270,tl1 2:>7.358

Non<wrent as.aeta Rec::e"18bles 10 !In 17Z F"'--ot""' VOUo thr""!t> prolit ondiOU 11 3,614 3,155 3,114 p._,. plaot .,.,_..,. 12 11,267 18.048 15,1'14 Dele!Yed tax assets 13 24,318 24959 14,057 Ua11giblea...,.s •• 10,613 12.801 10,513 Otl>er-• 16 T*' non-current aneta

TotalMIOll 314,&59 299.915 316,526 30CI,7:13

UA81UTI!S Currem llabltltlos PllyatQI 18 $7,777 n 2111 n1 ,t1• 118,<46() PtO'AiiiOf"'$ 17 12,0,. 14 850 6 ,414 9,393 Curnnt lb bblltles 18 90 4 479 182 • • 120 Taw current liabilities 109,901 116 62() 131,650 1J1.1m

Non-current labUitMta Delerredw- 19 4,461 58 .,..,.. 11

"""""""' 20 11,3" ~188 1112't2 76300 Totll non<......, liabllfiM 15,713 ll2.246 70,1211 '!> 311

1 ot.ol labllitle$ 1t5,884 188,ee6 209Jm 207,2&1

~ ....... 111.- 111.049 107,250 99,449

EQUITY Contr>butod eq .. ty 21 37,475 37 475 37,175 37,475 Olher reterves 22(1) 72 (18) RIMa .ned earnngs 22(b) 81318 73 592 eens 61,974 Equity anr•butable to -of QIC Llmrte<l tl!.f!f 111,049 107,260 99 449

10481 equity 118,815 111 049 107,:150 99449

no.-... &laliimontso/ flfi81JC181 pt:JeNOII""OI.Id bit,.., ill~-... ~-8

QtC Umltecl Slat-nil ol cllar>gto ln equity For the~~ tnclod 30 June 2013

A-labte lo owntro of QIC Limited

Con1ritl<rted Rtlalntd Total

CONO!Idoted ..,bly Nota -ity $'000

R-rvtt Mmlnge S'OOO S'OOO

equity $'000

Balance at 1 Jllly 2011 37 475 (47) 52..911 100339

Prallt lol the yur 20,700 20.703 Other com.,_ve"""""' 29 29 Total eomprehenalvtlneome for the ye~r 29 20,703 20,732

TrallGOotlont with oWMro In ll1olrap101ty u o-.. Oividends pr0111ded lor or paid 23 jl6 022) (15022) B.aJ~nt;• 41t 30 June 2012 37 .. 7S (18) n .su 111 ,049

Balance at 1 Jut, 2012 37 475 j18) n .S82 111 049

Pro• tor 111t r• 38836 38.635 Other a>mP<ehenoive •nc:ome 90 90 Total c:omprlhenatve lneome for the year tO :11,135 38725

Transactlor-.. _.th Owntft In thtlr CII)ICity •• owntrt: DMCIGNl$ ~ri1Vtde<llor "' paid 23 !30,809) QQ.909! Balaneo at 30 J unt 201S 37,!75 72 11,318 111135

Tho- stil/Off1fltl/3 d<lwlges., eqwy S110411111>f11Nd •• ~a._, lhflo~ notes.

9

Po....,tontlty

Balanc<t at 1 July 2011

Protll ""tile re .. OtnercomP<ollenaiYolncome TOUIJ eomprthen1lve •~• for tM y•ar

Noces

Transaetlons wfth O'Wnei'S in their capacity as owners; DtVIdend• p!011J11ed lor or pad 23 Balonc<> a1 30 Juoo 2012

Balance at 1 ~ 2012

Proftt lor tho y-T otaJ comp-alva Income IO< the yeor

Tra~ctlons wfth owners in their eapacily as owners: DiVIdends provcJe<l tor or peld 23 Balance at 30 June 2013

CfC Limhod Stotamonta of chongoo In equity For the year ended 30 Juno 2013

(c...:n.ed)

Contributod equity $'000

3T475

Retained Reserve$ eamifl9S

5'000 S'OOO

(24 ) 51.284

26,712 2~

24 26,712

(16 022) 61,874

61974

38 710 38 710

Totol equity s·ooo

88,735

26,712 24

26,736

(16,022) 99,449

99,449

38710 31710

ThellbOVe statements of chMgosm .,.,.,Y !houJ<I be ffJad in conjcnction W!llllho acctJI1IPill1:ring notes

10

QICUmflod Stat......,ce olcall tlowe

For the yMr ...- 30 ,_. 2013

ConiOI~Ied entity 2ll13 2012

Po...,l onllty 2013 2ll12

No1M S'OOD S'OOO $'000 $'000

Cuh tlowo from operating ocUvllltl R ... "'s1rom cuo!omero 240,723 240,015 118,t71 119,001 Payments to "4'Phers and employees (209,037) (187,146) (135.9921 (111,395) Otllni>Utions recetved 8,847 7,336 $,847 7,336 F ""'valle loues on CIYI ..,d CMII eq-nt& (4$7) (402) (4$1) (402) OM<Iendsrecemod 3$,AJO 30&42 ln-rece!Yed 86 52 86 52

lnc<>r'le taxes '"'"' (11,1»11 (18 687) (14,3681 (18 999) CompensM>m rl!Ceiwd ~lOll ...,. conoatda:ed ""'-"- 15- 14140 '"'-h lrlflowlrom_...,o 1CIM1ill 32 24, .. 1 4 1,168 24H3 40376

Cnh tlowelrcm invesllngactivltie$ Pay"*'IS lor Pfllll"O,. pin and tqllprtllnl 12 (2,411) (UIG) (2,l:IO) ( I 743) Peyi!WIISfor ~ibles (1,823) (3,168) (1,8%3) (3168) Pey"*'tslor onves1ment ln joint -• partnerships (I ) (1) ( I ) ( I ) PrOCMC!a rrom sale ol pr-'1', plant an~ eQI•pment I 1 1 ravmem ror mares. ill !.UbWwlltA. (1 6) (42) (556) Payrne<1Q lor rnancialasse:s ol f•r valUe ltlrougn p<O~ 0< ICOI 15.351) (1145Q) 16.3111 jl1,459) PrOCMC!s ~om aale 01 ftne'ICIIII esoets 11 raw vaUe lh""-'ilh prcllt Of IOSI 313 313 o..tnbu1oons- I 030 285 I 030 285 Net can outflow from lnvtllfno ICIIriliM (1,331) !111181) !U031 (18 841)

Caslt - from financi1g actlvllloo o-.,11811 11> ..,.ret.o<IOB 23 llt,o~ ~4611 111,0~ i!:!-461! Not...,. olllllow 1rom fi,.,..,no ociM1lol 111.022) ~4511 p8.022) (20 481)

Net lncrNM In enh and cuh equivalents 581 Cosh ond ca.rt equvalencs at the

4546 6Jt 3,273

b&glnnr1g of tho finoncll yeor 186,008 161.462 184,845 181,372 Effects 01 exchongt rat• chlnges on coth .nd Clah equ•valents 94 Caah and cash equfva~ots at end of yo•r 6 168,683 168006 165,213 1&4.645

Th~ 8110,. statemen/3 d cas/! t1ows JIIOiild 01 ,.., on.....,.._ """tho ......,._,.1"'11 nctu

11

OAO certlfie~ ttotomeru

CIICUmlltd Nolet to lilt nnanclaltlal...,.nta

30June 2013

Contents of tM noc.t to the flnanaal alat10111tnts

1 2 3 • 6 & 7 8 Q

10 11 12 13 14 15 16 17 18 19 20 21 2' 23 24 25 20 27 28 29 30 31 32

Summary Ill eiQI'ollcarc ftCCIO..,tong pol,.... Cntcai ~~CC~un~ng •stlmates and judgements Revenue Expenses lncomelaoxpenee Co.rTert-• Casll onciCMh-Jtrcs Cl.rTert- -llllles Current .....C. • FNnaal a.....:s at folr vat.1e UYOug' prcli or los• Cm'ert aut&· Otw axrer~ assets Han~ aoo<:l3 • ROO<!IVSbles Hon-<:ooent aseets • Finanoal asoel• attn vlluo lllrough pro(rt or lo5s Hon-e;~.<..,. o01eta ·Property pant and .qulpmtnl Hon-cut..,. aneta . Ollorre<t 1alC ua .. ts Non-cur.., aneta -tfllangltlle assets Non-cumnt asaeta • Ollllr assets Current liabil CIOS l'eyat>leo c..r .... ____ _

c..r.... ---~tao lia­l\lonoQinrltliai)II.IM • Delenecl tax hl>&o:IH NonoQ.I'JWI"J: bat)~..~· Prov~ ContnhJ1ed equity Reeervea and rollllnod eom1ngo OMdlndt Financial nsk management Key mlll\8g-11*10<'1nel cuctooureo Rt,..,.,.lion ol e.otors Coubug•: 11 Ccmmllnencs Related pony tr....a.ono Slblltianea E\101'11$ .....,ong after the report.ng pei'Od R.ec:oncRM!on or prolt after income tax 10 net eaih infklw ffOm operatmg •cthllhiS

12

Page

13 23 2S 25 26 27 28 29 29 29 30 30 32 33 34 34 34 38 38 38 38 39 40 40 44 49 so S2 53 58 511 S9

1 Summary of significant accounting policies

QICUmlt«! No ... 10 lilt r .. onciSr Ola-nta

30June 2013

( """""""" J

The I"'""pM IMXIOUI10<1g poi>Citt llllopled In 1111 P-lbOn ol lheoo fnonool 11110menll .. Itt 0\a belOW rn- po!cloo heve been eonelo~rly &pphod 10 oil lilt,..,,.,..,.,,.., unreoe olheiWise -.ted The Mancial statomenta are lor the ~l<l•led eooly conolsting ot OIC Urnlled and its subsld1110M

(o) Baok of p<epar•tlon

n-... ~ ~ ,,.,.,.... utomeru """" t..o ,..,.,.., In acoon~ .... "'" __, llcaounllng Sllnde..,. tnd lnle<l><-• - by lilt - ~~ - Board, lilt pro>il<>n& ol the Go_..,.flfll Own<td CclpO(~IOn$ Ad rggJ...., me COrporatiOn$ ACI 2001 QIC I.Jmrted IS . lo•-p'Ofolenuy for the ,..-pooc of prepanng the Anancial s1a:emenrs

/1) Ccmpl- -/Jol{li The lmnc.lll stat.aments ollhe QIC lJmMd g<o~JP and !he _. .. llnancial etou ,,..~. ol OIC LJmr.oed also t:JJtrf#t - -enol Frw,... Repo<tr'9 Standa-<11 (IFRS) u -...cl by tile lrte-* Aa>ounong Stardords Board (IAS8)

{b) """' ll!ld emonrlfld standards adopled by lf>e groop None o1 the new stanOards 1nd amendmM'It& 10 ma!'11Ciaf'ds ttwt .. mandatory tor the first Lme tor the 'twlaal yew begomlng 1 July 2012 a~OCW4 any or lilt emoura ~In the CU11!nl penod or ooy prior pt<JOd and eto noc ~koty 1D o"ICI Uurt ~ - a"'<lldmMIS made 1D AASB 101 ,__ or Fo.-el SIMM'leltfl eflillc:Ne 1 Jo.A'I 2012 rD11 ~ the •• ' net It cl c:omprel'len$.\'1 rte:II>Te ~ 5hOw Ult terns ot ~"'""'""' ncome !1<Jlii)Od rtto 1tose - on not ~ 10 be redasl'led to prof;! or loll 11 • Mure petiod end 111ooelhat moy,... to be rocl....,., of c:e<1111n condo-. ore mot

M ~/col ootd cot,.entJOII Tt11!Se l nandal Ntl!l'l\11'0 Mile lleen prepared under ihe /-ojotonc;al c<t<~t coovontlO<\ e><cept lor lil1onc:lat assets Valued 111 talr ••~ lllrougt> pro~t..-.s loll.

(rvJ OIIUI~g-...tos The ~of flrw'ICII &lateman1S JeQI.Ar• the use ol cetta., crttical ac::c:oun11ng es:twn;~t• n etto requ.-es m.,_.gomen~ro exercite b judg..,_ In CI>O pro<>ess of opplyng llle group's ICCXlU!U19 polooQe Tne areas 1nvolw1; a hlg...- cJ&gree o1 Judgement o• oompledy, or .,, .. -· a~tlons and .. umatoo fie .. ~~cent to the inanolollllllemera oro dlldooodln 1!0112

(b) Prlnclpl" at ooooo-uon @ ~-The rn.nc:lat --~ tho • ..,. ond 1-tioo o1 1111 • .-,,., or OIC urnMCI room~*'( or parent enmy) es at 30 J""' 2013 ond cne ~ olal ulidlonu for the veer then ended OIC lmtod end its •ubsodoa11c" ~thor oro rlftlled to'" thio AnofiCIOI report 8J iht group or the eonSO'id.l'.ed l)lolft(

Subslcl- ere 01 erlllieo (.ncludong speolll purpose enotiK) OWf whk:h 111e UJOIJP has tile -10 gowem the lkWICIOI and operalu'lg ,.., .. _..., ac:c:o-npanyl'1 a w.-.o ol more 1111n ~ ol lllo oe~>og "!tlt•

SUbsd- ore Uy ....-odatod from the - oo -ch -trot Is rronsrorred 10 the WOUP- They aro de con-loci ltom the dete trw contrOl--lntercompeny lrimsoctlono. balances •11(1 u..-laiiBed gaina on transaCI>Ona be~ 9'"'-" comparMs ate elimonaled UnrAiised looses ore also elti1'Wllll8d unless the tronsactiOn PfO'Iidel ....-.. ollhe impeflllenl ol the asser tron•- ~*'9 poicies otouoaoanes are contostentWIIh the polcilo odopled by tne ~

n.e •• no""""" In!_. 11 the rooullo ond e<!U<IY ol oublidl"*

13

1 Summary of signlflant accounting policies (continued)

(b) Pl1nclpltl ot conooldotlon (contlnutd)

(N) A$SOC/6IU

QIC Llmltod Notoo to lilt fln8nclolollttmtnta

30 .lune 2013 (c::oNRJedj

Auoa11101 are enOOes.,.... whldllhe group nas slgrltllC:ant ln~uonce blll not cM1101 generally a~anyong a sll•r-ong represe~ng betweerl 20'11 and 50% Of tile vocong ngt>ts ln-.nto on tllodaleS a.- .._.nte<l for on 1M parenc onoty llrw>dat Olatbments ot faor ...- end In flo con- INnaal -.m '*'8 the eq~Aty metflod ot occcutq

Whtn the 9'0<4J'S sh¥e ol- .., .., •~ eqoaa 01-ds otee•esl on lhe ossoo«e o~ any oth• .,........., ~......, .-- llle OIOUJ> does nor teeegnO&e fuo1hor - u- 4 hao t"'C<MTod

Ob~ or..-~ on""""""'"'"-•~~ (ii1} .JoltW veniUte$ Thoi-Mt In I jOint venture p0Mif$1llp II OCilOtii,Od for II ()06t end io not molerlol

(c) fcnlgn currency lrlnlllltlon

(o) Mlr>cliomrl 11/JdpiO!f!fUM>orr......,cy lterr'siQICit<ltn 1he ~-.,_,. of eodl cl lhe {10IJfls .......,.. ore - .-ng ,. QOlWC( ot lhe ,..,.., ...,. oo oc ..w._,n,n .,...., .,. .,.,., -"" Cll'oe ........,.. CUTmcy') lt>t l'rnonoll -­"' p_.od 11 Austra1oa1 <lelllato .,.,_ os OIC lrmdocfo ~and prMoOtUG'l ....-on<:y

(II} T_,.,s and bolor>ces r"'• currorq """""""""' ort nnololed into the func:loonal currency uong lhe exd\engt -· P"'- ot lho 01'" c1 lht trenuaiono. Fot•gn oX<:hange ge.,. Md looses ..... ~ln8 flo"' tho M<tltmont ct oUCh tronooctiono oncJ trom the tren!lalion et year end e.Ad'l.af\18 nu~ ul nlut~t~t:ly assets anct llablllJM lJI.nOiftiN;t6d In rOfetgn ourrencie$ JJfl!' reoogrne<11n the stetetrenls of comprthlnStYelnawne

(N) Group CXJtrll)l1lio$ The -.s ond lnandal poor11on ol lte 11""'1' 11>01 ,_ 1 I\JfiOiocnol axrency dtfere<tlrom lhe _,..,..., CUiency ••11'111S1ata<1- tile ptOI6'IIa!lOn CUT!!ncy II$-

MNII...a fi-- • ro trwllotad II._ do•ng r..., Ollhe bllonco ~~ oncoiT't ano oxper.attlor .-,noome are treniiii!Od al._age exc:hongo rotlt (unlels !hi$ is nor a reasonable apptooa....,on ol H10 ounrrAatove el'ec:t ol the ra:es prevairng on tho lrD0$8CI!On datK, on which C8$C! income and expenses are nnslatoo at lhG oat.s Ollhe transactiON), and an rtauttwlg exchange dtfG'«'ttOI are recognw.ed •n tt'le uements ot comp,-ehens!ve JncDI"M

(d) R .. tnut recognition

Revon..e rs -lithe foor ""'"' ottht _.,.,-orr_.._ Nnou1t1 O.Colocf as revenue .,. ntlo!-~ atoooaiOIIS reiJale8 ald &mOIRSCOIIOCitO on bel'aJOithrlll PI"••

The SiJ'OUP f'&CX9 res revert.Je when the arTICU'll of revenue c.n be reliably mN54QCt. tt I'S CW'OCab'E! thaltaure """""""' benetts will flow 1o 11>1 nty an~ spec:rlic .,.... """' _, met lcJ each at 1111 8""41• ocwlleo •• dtocrrbocf boiOM The gro141 bel" Itt Otdrnotn on hotonCIII ruu~a taking lnlo con11derlbon tho typo at cullomt<, tho type ol transac:soon end tile IIC)«<frc:a ol e:JCII ""Dngament,

R......,..ls rocognised lcJ ll'oe mejor busineu adlllities u loltows

M _,_, monoOif'*'l lttos ~,~.._...,..lot&.,. rocog .. locf on 01n IICCI\allba6l6 .. tel c.A on lhe _,..,, c1oetr1 ogr-••U. not d tho ..,....,. ot goods ana*'"*' tax pey1ll>ie

1 Summary of significant aocounting policies (continued)

(d) Rovonue roc:ognltloft (continued)

(N) Potfonnonce lees

QICLimltod NoM to the ftnanci1J atatemonll

30 Juno 2013 (~ued)

A po<famance fee os potenllally payable by the OIC Shoppng Ceroo Fund to tho gr- ""'"'" "'""' n perlormence cmena are achevod <Ner a 12 year penod ending on Octob« 2014 None pe<~ crtene are noc -over the ont~re 12 yo• per;od no pottormonoo 1M is ~~· In a.c.m~~e< 2008 lhl group ,......d a mk).ltml l,.._l ollhl perlo<ma'1Ce leo of~ 3 _,not ol CST

AI y- end llaSe<! on lie ~ "'dote. manegemettsJ.dgene( os tNt !hero is a l>igh oeg-eo ol ceo1aln!y !liar apeoforrnance lee woo be- ood conoo_.,cly!ho inllowol """''"'" -10 Is ...,..lle·ed ~· r.ince O'ICeptlon 01111t f*lO•n••"'"' lw !Otwogl!n11tnl, one IOietall I.JIItenn petiOfmance lee has been -on a quarterly basi$, Qbwvabons and stat.- analy!ls of me changes In 111o polfonnanceloe over olmo l\lvo been underlllkon, ouulcng In a reasonable dota eotto estimate hcrw lho porformonoo ree may evolve lrom the cuntnt poe~lon 10 11\o ,_ng date From lhiM obH<Va~ono ll1e group hM adopted • ~•mo ltagocl rOCOgntiiOn "'llll'ooc:h and 1 portion ollho porlotmonco ,_ has boon raoognised 11 nc:orne by lhe grouP lor lhe year Mded 30 .lJne 201 S

AI o'* I*IOIII•oc:e---·are leOOQOIMd as r-..e ""'""they_, be -'f-rdll\o inflow .. - of 8COOI .. - is~ 10 be~ --•• -od In &WOi"'" .,. Willi dGlned 101m lAo e • oet olll n clierol19M"'tnll

(IN) SeMco ond lldmino>nboo 1-Sel'la ond odm.,..tralion loot In ..cogniliOd on on oc:cru~l ll6W ol nonmal oommetdoll.,. ond C>CitOUono, net ol amounto ot goOds ond aeNI- Ill< peyeble.

(IV) ~lling R.-.ue ond t>- .. 0~111 on 11141 lnnoll .._,enll d ll1o llf"'oP """'" oli!>ellong IN lre-ono occur..., rol'llctl lho alb_..,. ol h lnll,....ion rd -· not ollselbng wo.od do~oct !ram llle liiJoMy ol U51R 10 Cle811'i undersland IN .-.e ol ll>e Uanaaction ond _.bor.s ol the !jiOuP The gtCI4) hos oftsiC ex- peod en bellal Of es-M entrbes and cfoerO 'Mill ,....ues r~ en - ol 8SS>O"""' 01\bUot rd clienls n r...t100 10 prod..ct and .... roiolod COSIO _. OIC IJ(oo>cipoly- 81 I~

(o) Goods and Sti'IICOI Tu (GSl)

Ravenuea. expenses and assets •• rooognisod net ol tho ..,_nt of goods and ooiVicao lliX (GSl) except wllore 111e amounl ol GST W1currod io not raooverablo lrom the Ausnllan Tar 011108 (ATO). In t~e clrcumsuoncos lhl GST 11 rocognlood ao ~rt d "'' CIOtl OlocQult4lon or 111111101 or M PM ol..,. ewpe,...

R...,...OMio and pay-8<1111~ onc:luso"" ollha _..o nl llST r~~ 0< ~

The net _,.ol CST reco- loom. or ~ID. 1111 ATO •S orck.odedas 0 QITef'IIISSelorlablit(.., lhl

--oi~-CII Colh ..,... oro presented en e groos besos The GST comi'Of*'ls ol cao1> lowo •~oong to'll -ng or ~-g octiVitlel ..nlch •• reoo-• from, or payable to, ll1o ATO oreciMolflod NOC>O<l'lng ce!ll ft.,..

(I) lncomo tu

OJ -..oi/JX-IV/lletll$ Aa I Stile lrodong body under 1111 lnconte TO> A .. _, /Ia 11191 OIC L.lmilod rd Ill """"'r-<>""ed ,._..., w•ollod ri- ore .. .....,. lao the ComrTlonowNIIn inccme 11>1 - "'"''*" 10 llle Govotm>«>t o..ned C<>tpctarrons Act tl/93 anc1 111o ".......,. T a.. E~ Reg..,.,. 111e gmrp ,. ~ to """" peyme<~~Sil> lhe ou.notand GtNommeril. equov-.. to 11>e amoor( ol .., eom--owealh """""' ta>t tor ..toe~~ on e.<"""*"" ... --

15

1 Summary of sig nifi~nt accounting policln (continued)

(I) Income tax (continued)

(I} lnoot>o& '"" eqo;iv- (00/Jt•IWdl

QIC Llmllod Not11 to the fiMJKialatatemente

30 June 2013 ,........,..od)

Tl\o Income tax equivajenl axpenee (referred to as inoome tax IJCIMI!lse} kl< lho penod 11 tho ~ payable on the CIJrrvnt periOCts llOOible noome - on !he _onal...,..,. tu rate lot each J'"_, ..-l)y ~~ 1n ~eterred talC assets end •lb~ 11n O!Ut>vt- 10 llmpoti'Y ctl'lt-11'<110 unvstd tax 1011•

AASe 1121ncomo Ta.• .... o Boto1100 sneet _ .. "'. lor ca<Ua:~~g """"""~~x .,.,.,.. Ttu """'*" ,....,.. Ito ae<ofTed tax-......., lhe<e" a cJ~-., the aonyong..,. ol an auet"" -iity and '" tax bEISe The ci:taences ere 'e::o.7 sed « tt\lt tax ra!es expec:ted to apply ~ the asae11 •re ,..,.,...od "'Lob6tii!• ""' ~led, -on lh:>H lox,_ which are""""""' or ..-ootrvdy enoaed lor eK/1 JUf'lldlctlon

Oolotr.o IIX assets are rOCOijniH<I lor ~edUCilble temporary dolletences ond unvstd touK ody II~ io probabiO lhot Mure toxoblt omouncs Will be .....,lable 10 utollse -tompaooy dllfORnCOI ond lallet

Oeferned tax loablobei ond assels t •o not rea>gnoed for Qllerenoes betWeen the calf)ong aJ!ICOill ..,d lax buoo ol .,._, ... , in ~ ono._ wllere 1he pam ~ • - ro ccrorollhe amng ol "' ,....... CJI the Cldf..-.oM lnd l • ptoi:IKWe ttl. ht ditfcMe.IIOeS WJI not tevetM 11'1 N b 1 IIIJtlN ....,_

o- laX -. and lool»<lito .. - ..._ lhe<tl ,. o legally Ofllo<.-oe 11g'll 10 oiiHt CJ1l'111lt tax a&Nta and NltM lties ind -Mlen !he defened tax bata'K:es retate k» lhe tar'!)e laXcDO"'I a~ Currett tax assets and w .-..... """"IIM>t!e the·~ has a legally onloroeablo nghl to o11set and "*"''-to .-on a net bo.,l, ot to -IH tno Ml!lltncl ttnto thetstt>li1y lrmvll-'neouely

(Jf) lm'e3tment MJotvence.s Mld SJi)~ (eM IJI\.VIl/W~

Compenles wrttm the grOIJI) may bo ont11ed 10 daom -I tax oectudions lor investmonta It> quotlying assets or In ,..ot.on to qu;ol .~ytng txpeni)Mt (for CXOfl1l)le N Rt- and De-~ r., -IM r~ In All$0'• or- onve- tl'-<:11) The group e<lOCUltl for l<ld1 tl-1011 M lOX <•-•· whch "'""' thai tnt -.c:e redUces nccme taX payable tnd an.,.. tax - A do- IIIX ..... • ~ tor und.>.tr...., ta><..-s lhal are canned lorwo'll

(01} Ta< oon-!!Onlff/lf/111/on OtC t.mtod ond ots ~ Avstralan CMIIIIO"" eM.- hll~ mpl....-od t~o laX oonsdodatoon IOgillabon.

rne parent entity, OtC LJr-<ttd, end tho oonuolled eru .. In lilt UIO< consclid&bon l'OUP IICCOUnt tor lilt~ own curr..c lond doftrrtd llx omountl Tntoe Ill>< amounll t•t .-.urad M W Mch ont<ry In the IIIX con-ted grovp oonti,..,..lo be a ttand alone taJCptyor In •• own !191'1.

..._ 01 lllbol.., •••ng undot lA< IUndong 011•- """' ... laX .....clldllllel -..1 - recognMd 01 emourll rectNib.o 01 peyable ~ QUltlr eru.es In lie IJCIUP Oelzlls aoovt the 1101 1\.rdng *ill•••~ are dlldoltdn..-5.

{rV) T .. elo()'l oiFinMOJJI AmlngomtniS (TOFA) ComploonOt with tht TOfA 1eg111.14on •• mondorory for Ult tax COIIIOIIdot.o group tor tax yen begnnsng on"" ofter 1 JIAy 2010 ThOIJOUP hOI, aporl lrom thelote11J1txc11unge re1ransla!lon el..a.on In relllbOn to ~lylng foreign exc~ange aecounii, IICCOI'led the defalJI mGCIIod of aocruols « "'ahat.:>n end hal nol rna~• the olection reg•do~~g tronSII-at flnanc>atllll'~t• « iln'f olh<t< eltcttvolmlng ,__

M Sl.,.,dufy Undot,. P'......,. CJI"' ~ .....,_.,., ~ Acl 1991, IN group • u~ • om ~end o~..-np '*'ly. but mllll....e f)&Jmeoe to IN a.-..- <looelmWC. tqi.WOionl lo tho amo..t11 CJI ""'-duly lOt IM1fCII ..... --.. r~

IS

1 Summary of significant accounting policies (continued)

(O) Le .. oa

QIC Umftod Nolte 10 lilt fi.-cllfl-ntl

30JUM 2013 (CO<W1ued)

The group has no1 entered ontO .,.,.., •nenoe leases lhat rwvo not been novateciiO a tllvd f)8rty

L08Mt ., whocll a "gM~ port.,n of the Mks ond oew.rds of o.vnerahlp we no1 n,..te<rtd to the gwp M 1-t 111 ~ •• operotonv •- (note 281 Poy.-s maclt u""" ~~ - (net of 1ny ·---loom ... - ... cNrgtd 10 tilt ltaltlnllnl or~ tiCO"'>>! on • Sltaoghl·lne b ... -the penod of"" ftost

(h) c .. h and call equlvolenta

FO< the purpose of Anana;oJ s~.-. cash and cash equivalems includes cash on 1\and and o<ller s11ort tenn higl>ty ~quid I-ents Wllh on~rwl mai\Aes of tnrM montlls or less thai oro rtodily convert.t>le 10 known amourAa ol caall and 11181 are aubfi!CI to en lnslgr>fic:M>t nak ot en.ngtl rn value

Cosh ond OOsh equivolents tr.:ludt balanc<!S in relaiJOniD fnvowr>e"ts In tile QIC CMII EManr:ed Fund Tllete .,-. """e~y -10 btccnveltedtocasll oncallandllle ~lyfiel.id.

Tilt~ un..,...s -· INilM ...,......,.. As .,.group- orly"' 1 CUI- ,.In rtSpOCI of tiltH UM_.. and_,.,.. tt-ey n nol 1'0~ ltl lilt frnonool-r•oiO buiWI cltdottd In note 8

(I) R-lvabloos

R~lel are rtoognrMd at r.. value ond te&& provoelon kl< ompairmenl Trode rooorv-s oro duo lor sottlolmont In no more then 30 daya

Colleclabolity of trade receivables Is reviewOO on an ongorng bts!s Oetns tllat •• known to be uncolled3ble are wn«on olf M -'Jowanot eocount (llrovlsion lor tm,_l or tr80e reoervebles) •• o>lobl- _., tto•e Is ob,_.,. tvlcllnOI tl1el lilt group w« not be .Ole 10 COI.ect •• .......,.,.. duo ....,.ong 10 lilt orlglnalllmlt of •-nllleo. Tlltrt ,..,,. no...,..,...,. arno.ns at 30 ,u.,. 2013 i2012: ~

(I) ,,__;and otlltr llnoncllf oHoto

Tilt group (jHI'Ies ,,.........,..,. llflli"CIIIaueta M I* value Uvougl> prolil 0< ,_ .,d •-•abies

(I) FIIWIC/&1 assets a1 frw vol<lo ~ pro!fl or loS3 A r.nenoolasset •• clas~f.ed In lin category ff ;ocquirod prrnclpQIIy lor 111e pu!PDse of Hi ling tn 111e 6hort·letm or ff • • dtt>gnalod on aOQIJiol1ion. A rrnanciat .... II desrgnotod w -· oxisls the poo .. bol~y rl woli be IOid ... lilt short t«m or tho •- II ...OitC\10 freq•.,. cnqn "' lair value AIMta In thre category oro c"'"'l-rOd es CU'ront tooeu t lhey att ..,.,, C8SII - or ate expecied to be re;olooed wrtton 12 -· ot one balonoo date OChtrw .. lhey .. duolhd M non curtnl

.._,..,. lln!s"""" he<llllllt OIC Cash EMotoold Fund dumg the frnanaal- Tilt OIC Cash En.'lanctd fund ,.,...,, rn $hort terM cash end lrxed O'lle<esl oea~ntJeS wtoich l record• on a Ia• va\Je baSIS The annuaeed roteolrewrnonll1a.,._...nt rnlheOIC C...~ En~OfiCtdfund""'' I 27% r20t2 611%)

lnvM""Itll 1\.rldo were lito nolO In 1110 OIC Growth fund lilt OIC Grcw\h Fund rnverls In Austrolr., c .. h, oqul~ll. nxed rntorest and PfOj)My end lntemac.onal fixed intereotond oq .. looo i he IIMUOlOod rate ol ,_.m on 1110 1.-1men1 in lhe OIC Grov.1ll Fund was 13.60% (2012: 0 33%) lnveslmer!IJ hood by the OIC Growth Fund are reG«ded on a fair vatue bes's

~ long It"" stall ._..,.. tlfiO<IItl -· 11t1C1 n llll 0tC Cesn fund OIC OFt AIPIIt Fund end QIC O<vwtl1 Fund dwng t1'r1 ...,.,...., yilt Tho 0tC CIS/I f....:llnYeSU WI !IIOrlleml Cllh- wtolc:h II ..a><ds on 1 .. -lle$$ Tho QIC Ofl ~ Fund ......mo., caslllnd ll><ed ttU<O!st oecu-. """"' K ~on 1 fwr vtll.t bolls Tilt annw. Ud ,_,. on ,_ •-onts ...., OIC Call Fund 3 ~ (2012 3Jt~). UIC Gfl "'PIIt fund 1081% (2012. 11 OO!I) a"dOIC Growll fund II 74% (2012 e ~)

17

OAO certified 5l~ten'ler1t

1 Summary of significant accounting policies (continued)

Ul lnv .. t,...ta 111d - flnonelol"lttl (contlnuod)

I•J~

QfC Limlted Not .. to tho llnondllau-.

30 ........ 20U (contlluecl)

R- ....., """"'""""*"" hnaol ou.u v.ith ixed or ~ poymonll lhat are 11C11 ~ In an octve m111<01 They anoe"""'n the g""'p pn>l'del money, good& or S«\\loes Otealy"' 1 -""'"'"'no -nrlon ol eeq the ·-••bl• They '" ondl'ded., w-rent aMell, except forlhote "'"" M&tui'Les greoltriNn 12 monlllS •~•r lilt biiMce dolt wNc:ll•t cltltllitd •• non<urrent aaseto

(~) Property. plant ond eQUipment

0n ln*-ai recogt~~\0, a"IIJiet i5 l"'lUI"Id M the fair va. of1f'le l'l'le1S grvw'l OI.IIAI:WIAA il"'t::necj 1\ h dltt 01 ~ plu• _,. illr«::Y -•to"'" acquooc.on

Wl1ert oettler1*11 of lrlt 1*1 ~ lle CMh ......-....., II -ed, !he -ret payable ., the fiAurt are Oiecontnued 10 the• pr...,. ·-ltlllht dott ol .-go The <l•tCC\.111 ra111 liMO are theMes attlc:llng to thO CommonwMith Gcw<nment securitltl at belaoce dale

Item. of property plant - equtpment '01111 a cost. or Olhor Vlluo. in oxceos ol $ t,OOO (2012. $1,000) are cepiiiiJSOd ., 1t1e yoer or aoquroilion

Int..,. ll1d btlmll coats ditedly onc:urrtcl n tno ~ or -- ~ oomputer 8plllaCrona lntlJdlng .. ._ .... Ufl!l'- ..... erilancemeru. ... """'--... COS1s- $100,000 (2012· $100000). Coils ncurred ., llla"'*ll or ~ -~ proposalS, or ., n~~inta"""9 <yotem< alter iTI)Iementnon ore notcapu•sec~

EliJ'If'W'dittwa, W't11f'tii'I!J ttt.t. on inttmelly ~rated :~~GGC IO. lo ortty rccoguaed •• • n .u .set ~ U1111 ytUW contrcis future IQ)nomic: benefits as a ret~t of the c:osaa incurred, II is ptelbabfe tn•t thole tutuft economic benlfit's W>ll -..It ll1d "''COG can ~e -red ,..,.bly AIM:s ~...: ,... an ,,_ uselll ~ ... ora nOIIUbJ«<IO ..-on a'ld..,. - ...,..all' lor ,_.,,.,it. Assets thai are ..,qed 10 -preoaoon are- IDt mp;rrr<ent .,_...,, ........., 01 ctwgea in ein:::tJ'nstanoes fi'1dleltt t\ilt the CEII'I)'W'Ig lmcu'll may not be tecx:wtfable An tmpttrmen1 toss is recog1 ilMIO for lht t>nO\Int by- 1t1e aset's c:.oylng amount~ exoee<ltlll ,_..,..bll omounl n. rocownoble ........,.,, tho t.gner ol tht euora le• value 1-ooeu 10 seil and vekrt in uat For lht purpotllt olasaasalng lml*f!lent, assets are groupe<! at the lowest te.eta lor which they ar11 ._..,ely lelenlifiable cesh ftows (e&h ~ng •nHs)

1>/A - oi-'Y. pllntiOICI eq.o;11!*11 n .... llmlle<l uatfl.j - ll1d ... <llprtcllttd uairq ""*ltle .. llglll lrt m-"'.,..,....,..ng WiiUe ......,.,to ooiOCalll tt.. c:.>tl t-.t dill« ,...,ual,....es .,., .,., • ..,.,.., U$8'UI IM!s, - 118 Olp'eoaled - the - of O«<U t 111on or In r- d rf'IICrl'OIIy (X)r"GIIIH:Itcl tiM! I , korn lht trme.., •"'" oornplotod

The 05tlmated uaoru lives used to cak:olate lhe depreoabon rete for each class of ass« arc as to1ows

M 8$SUS '*'Y"'' .,..,. IS--lmmedately 10 u ·-· ll!rlO\IrC w tl'.e 80SEI'$ canyng ...... nt rs gru:er ll>an rts -~ ~ ...,ounl

o .. na eno lostet on dlsooa!l are o•ermlneO by compor..g pr-with c:anylng omount T-art lllCiuclod on profil or tosa

(I) lntirnglblt -to

M Com;JvNK -· wt>on computer-"' asteis- nOIOlttg'Ally rolatod ID .. soo .. .., hSt~·e. the 0""'1> ~·.,.,.as an rmang.l:lle •-whe<e f1e cools .,. doat1y o<lere.ft- con be relrably measured ll1d o ,. probable m.y '"'' lead 10 l.rturo econornrc be .. lils thilllht group oontrols

18

1 Summary of significant accounting policies (continued}

(I) lniOnglblt 111111 (contln.,..,)

{r) C<>mpuror •otrware (OI)(Itirwod)

OlC Limited Note• to tht nnenclllttaMmente

30 JUnt 2011 (<DMued)

The group e<~tr\e$ $0ltwilte tUtti tt IX>OI Ieso amortis.llo<1 and lrnc>eirmellllosses, W""'' Tt>Ne 11aets ... omo<loMd on t -!jlt me1>as4 -~~~err-ed uoelul•••• ...ttch n bllwHn 3 ond 5 , .... ~ ""'lniCNI'Ial COliS ... ---•• •nc:urrt<l

llol IT dow"\'''"""~ c:oon Coe:a 1nane<1"' deoel ,_,!1 ~ 0< $\'SIOrnS and Q)StS OtiCIII'ed In 8CQU!nng -• and b!nses NC ... ~ oonlrWo 10 M.Jre per>Od monoa l*llflls lh'O<!gh ,........,. _..- """"""""' '""'oc:t<» - aop!'.o"Hd co soiiWarW and $)'Stems Costa capitalised ondude extem11 d•<ed COlis ol ma:erial• and service, direct payroll and payrol releled costs oll!rnployns'..,. spent on the prqect AmonJSaUOn 1< calculi~ on t ~~n~ighl~.ne oaela over per.oda generally t"'9ng 1tom 3 to 5 ytara

II deW!opment costs lndudo only those COOlS diiiiCiy eMbt.UI>Ie to the development phase and .,. only r~ loiOWI'lQ oomlllellOn ol techrucally ~•l>lr1Y and who<8 the grrup has an ""•nocoo and al>illy to u•e

""'-,,., __ .. ....,.,...., R_., txptndilure "'8000iiiMOes an--- """*' C.W.a ilia.nedonoe lop uentprqecto(..alng to me ~n anti tesling ol ncrw or "'QrC\IOd II'-) ... reQ19111$0d •• ..-gtblt ""'" when it 1$ prooobiO thai 1111 p<o)oa ~. aner oon&ldetng Is oomme<ciol and le<Mal r. .. ibilily be oompiOIOd and genetate Mute aeonO<noc: llenllllo end Ita ooots .. n be -ed t•llbly. The e><pendiuQ capil•l68d oompnoee on orectly etlnbutabte C:OII$ nctud•no 00111 of rnatenals. W\'tetl. d1tact labOur •nd an -r'lf'l'"rw''• p~rt 0( o~ OVMW developmenl expendttures cnat dO not meet the:se crltefta are recognised as an ~se a5 incurred Development CO&II otewou-sly recogrtl1ed at en ·~,.. are not rKCJ9'"ed a1 an at-set 10 1 s.-.enc,..,.,., Copb.sed ~me"C C>OOts.,.. rocot- •• ln""9blt ••- .,d iltnCiO!l&ed ~O<n Wle PQolll It wl1ichll'e as.et a toody lor ,.. on 1 sniglt...,. balls.,_ Ill useu lie 'lrh<ti'111nH from 3to 5 ,_,,

fm)PoyabiH

TMM eonouro tOll'- •tbl•lltllor OOQdl end ..,..,.. l"cwidtd ro rhO grD\4) pnor co the lnd o1 the Mandel yoer-are ""'*"" The emounts .,.. unseo..red and .,. uouljly paid -., 30 ~or recogn.110n.

(n) Provlslono

Pro\11...,1 ere reoognlud wh&n tile group '- e -1 llgol or oonlbUC:II•t oblogltlon • o result o1 Pill - l le probable IIIII •n ou- 01 roiOU'c:.s..., be roquqd lo MUle lhO Ol>iOQIIIon and 11\e amoun1 hot

-~-" Pro- tre II'ASUreG It tne preoent ...., 01 ,. _......, eJU)efduro ~ co HC:Ie lite .,.._,t obll~ til""' balance dole The~ moo used 1o Oil......,. !he preoentYOIIA e•e llle ra:es attacl'..,g 10 CcimtT'c>nloeolth Govarnttall -.. ... balonoe -

(o) Employoo blntlill

IV Sl>otl torm obigaf•ons LillO- lot WO!I<' and salanes oxpocted 1o oe stnled within 12 monl!ls ol lite reocrbng date .n tecogMed In poyo- on tMpect ol "'"ploy"'' -s uP 10 the rtp0111ng dl• ano are mea~ atllle """""'" e><podod 10 be pel<l wnen lilt llaOI"n ert •-

Rerr.,trtllon ondudeS o- ol bod tem.......:.on and P'l'"'tniS for porforlronc. -and teton- Tht moP'I'f ollhe>e paytr..U 111 dtponde•• on tne saiiSiaciJon o1 """"'"""'"condillcnl and are oelined as 'til 11$1.' n., moxrun 'elnsl<. emol.ft pefll>l - v.fl ..a .. dull roln lo lht oldtrt Nl Nd> role '"'peas on ..-ln'ltf'll and corporale ~

A llalliltly lor paymon!S lor po<fotmtnce atttacbon and rottn110n. onrliJOIIeaW> and ted\Manoes is me......ed M lho omounc eltPtC(ed 10 be paid when senltO ana, 11 lnCiuoecs n employee M..,.lllo peyabto The l•ll>llly Is doullloO ••-snorH«m or long term cependlng on wllen n Is e.pec:led 1o be sealed

,, ~ ·~led _ _'I_"'-~

1 Summary or slgnifocant accounting policies (continued}

(o) EmployM _,, (continued)

W Sholl-torm Obii{J81/on4 toonllnued)

QICUmltcd Notet to tht flnanclllttlt.mente

30JUM2013 (allillnued)

No PfcMsiOn lot s:ck Iee-e benofoiJ has be<!n made •• bone~ta do not >re$1 With em~

(oJ lonp ,.,.. ~· Loog ..-.Ice INYe be- nsvt~ _, rneo.nc1 • IN ,,..,.. •llue o1 tho t-td r.u. cosh CIU'1ows 111<11\IIIJ hom MIYIC8I ...-~ OIT1>k>l<es al - dlolt PnMs.o<lS lor t""*'YM - tnot are Mel oxpec>ed 10 be sellled-12-""' chaulttd •"'9 tl>o ,_ OlladWlg 10 Cunil .. -11111 G""""'"""'" secu>- 81 balanoo date wllodl INIOt do$ell< maccttlhe terml d Mlii>JMIVcf tile- llat .. l!y In detemww.g tho prvolalon. «r>11doratJGn hoc _, grven 10 Mure lnCJeuu '" stllllfY l'llles ana prior experience ..Uo • wll d~n. Related on-<>00:1 have 1110 been oncl>ded.

(IIQ Rtl111flllltHll bt>tlofd ot>6gtllor" 'The group contlibu!H 10 aupttiM .. don t\Jnoo 101 tho J>"IPOM ol P<OIIicWlSI bonlltll lor emp~ end 111ol• d-tdento on n!tKementclllbohty or dearn. eon-.n.,....,. 110 chor;ed • • _,,., ..r.on .-...rod.

1<1 .-..n to~ 10 !toe OSUper defined beneft plan ~~lor·~""' as Oet..,.,oned ~ h T,_ on 11>t- cl tho S- Acluoty No Mbolqo. lh"""' lor ._...,..lion benelits In tht -moru of f>nonoll po"""" M111o 118bloty ot ,..., on 1 \...,_ a/ Gootornnwll be .. .-.! repo<lad 11'1 tnt w- ol Government fnar1Cial ..-ots pr~ rn 8CICOfdoto:e""" AASB tOIP- ol ~ .,d G.,_ GOI!Gmment Sector FIN!laal Ropot!Jfl9

(p) OtrlvttiYes ond hedging • ctM ... t

D•olvllli\IW "'" IWally re<cgnlstd at IM YaU on tile dale a defivabve cont..a Is enlortd irm and • ro subo-Oy """easured 10 tl'oei< faor volue lltllle end o1 etch repor1119 penod The toeounDf!IJ tor Stlbsequont oho,_ In lair vt1uo dtponde on - !toe doroYI',.. " -QNIItd as • htdg<IIIJ '"'"""*"- ond r ., the noture ollhe tom belnghtdptd The grrup<Wy .... .,., l'cw'-'lgo$ to hedge o l*'t<I.CII nllc """''tlad"'lh tho~~ ol h'f/1ly F-..,._ ~ensacbOIIS

Tht V""P doa.nt- 81 !toe oncepiiOn cllhe '-~gong - tlt relotonlhtp btt_, ntdgong lns1n.fl'lenll end hedged ,,.,,, 01 .,... •• ll tflk monagem..-.. OOitC'ivt ond otro:.gy lor ...-oklng Vll'lou$ ~>edge lttl16tdlono The ~P no dOC\ImtniS its -mt~ both It hedge oi'Oej)ljon ond on on or.going bow, ol Whelho< tho demr.o~~"'"' lhllt ore usealn hedging transadlons hlllle oeen and wJI conll'lut to bt hgNy eitecbvo tn oNoorung ohenges in lair volu"""' caan floWs ol hedgoo ItemS

W CW! fi<JN f>edpe The ellodlvt poruon a/ d>ongta In !he foir - of Otf"'811- tnat 8te deugna*l ond qo.oo.of( •• """" l'cw hedQtt 11 roc:ogr.oeG '"-ccmcnheNN>e •noome end oocunU8Itd on -In tcii>'Y ..........,.. ., thO heOQ"'9-"' 8114W't-•· equoy ore""""'" on noc.o 22. The gaon or'"" rllilllg 10 ll'e .,._ po~m!S ~ wnmedately oo prolol or loss wthon othe< lnoomo or-expenses

AmoutU ocoumulo1ed in·~ o.-rcydoo on the &!81_,.,11 ol oomprehens,. onoomo In the penod$- tho hodgeG otem -.!1 811ec! pr~t ex lou (lor on•ttro:e -n tM IOIIC611 eJfP"""' !halls htdgtd loktt ploct)

When a hedging l'l5trurntl1t txp ••• or is $Old 01 termlnet.O, Ot \'Alen a hedge no longer meeta the cr~tene lor hedge oa:oounlng any c:unu!allvo gan or loss exosting in equity 81 t11a1 bme rem01mln equll'j end is f8<X91dtd when ohio lorecaot r.onsac:I>Cln II u1tmately """'9f'lised In tho alB:ements ol com~nllllt Income. 'Mltn 8 IOitcall trt..-un " no toroer •-"" 10 ocwr. tlt cuonu- glln or ., .. 1Nt .,., -"" In -IV 11 •mm-'1-r-...roed IDiht •--11 oloomprt_o_

(q) Comrii>IJted equoty

Onli"llfl' 1N1os oredo .. 6td •• eqo.r.y

1 Summary of significant accounting policies (continued)

(r) Olv~n<IO

QIC Lim Hod NotH to tht nnanc111 atal:M'Iente

30J .... 2013 (CI:lnllr<Jed)

P-1& made for the amount ol1111y dvodend dl!datod, be<ng appropnaiBiy aLChOr•aed and no longer at IN d1.aetoon of the groop, on or belen the l!<1d of til<> r.- year but not dis:nDiAoO 81 OOianoe ctale

Tho d-<IOC:II..O 1>1'.,. perent lnlll)' rep- 80% (2012 !IO'A.) ol --lod ~ profto'lef tou T"" relocta 111e re~nra ollhe eo. ..... ,_ o..n.d Capcnllons Act 11103 .., Olleenoialld Treo...., POICeo wtucn ._..,the.,.,.... IJ..Adend- bjr o go..--- to be ..,..,,aled on o grc..op bes~

(I ) ROUIIdlng of &MOunb

Amouots in the monciol report t.a.o boen rounded to 1110 noantlt thOU5and dolln ()( tn C8Ciain cases, the nurul dottor When -.ory, OOtnPirti!Ne ..,o.,. I« tho prl'ollous peeled have been o<lfuotod 10 lacliltoto velkl c:ompe~son

(II - oeeot.nling standardo and Into...,_.,..

c.-,.., ecxcuntlng _..,lrd, ono ""~ ,_ 1>0en poJblllllo<i tllat ere ('oOI m~ 1o< lO Juno 2013 rwport>ng peliodl and ,_ not been oar1y 8CIOC>Ied 1>1' the group Tho 9""4'1 olld the parMI ~ IIHI5rW!f'lt of he 1m pact ollheee new stal'ldards ancs wurpr~ 1& s:M OlA below

(f) M$8 9 Financlell~tvments. M SB 201»-1 1 Amondm<>nruo Ausrlllofarl Ac<'O<NtMg Start6ar!18 arioing from MSB 9, M$8 20 1~7 A~ctntnls to Australton Aaoolllong S/Dtl(Jart» ans.'ng lrom AA$8 9 (~ 2010) littd MSB 201 2· 5 Am-Jts 10 AusJtAlltttJ AlltlniiOI"'' St.,.,...,..-~ E"- e>..r. of MSB 9 end Tnmsmm ~ (effedN<o from 1 JonUIIry 2015)

AAS8 9 F/rlllftOeJ 1--· onea'Yelot ~ penods beglmng on or all.,. 1 J....,ry 2015 Tho man ~·of II'I!S8 OII-I 0<1 lhe groop are CNIII!ey Wil chang• lhe --· fo< 1M da~ ~ent and Cis.ciOSI.nS eeecceted 'IMih tinanaaf ..,.., The s:tandatd c:oru.r.. ...o pnnary mtSISU"erT''et1 cetagoneo 1o< l--1 .- omatllod cost and loir .-A~ - WO<.fd be ,_.,.rod ala'l\01.1<!<1 COal 1 4 il htlcf ""' "" I -- - - Objldl .. 'I 10 ho<l IIIG n Ofllll< 10 oolleclconlrocluol CMh llowl .., tho ...... , anrac:tuol ...,. g....., ~~~ on opeonod daao to caol\ flows lhat "'" .-y poy..-to ol pnnc:.pal and interest on :he Pllnopat our&t.a..l'ldlng All ocnet tinanc:ael assets would be mll&ured al fair value The aUindllfd ejimina:u lhe existing MSB 139 calegones of hiiO<o-mat .. iry, avail-lOt.- and toano and receivables.

Whon e:loptod, tho llalldard W1l ol'wct ., pMCUiar a. grouP'• ~ t>r Ito ••aolabte-br-sole ltnancill ¥- llnc:eMSB9 ortly permn. NteCOgt"OtiOnollaor volvo"""'' anct uooaln - ........ ,.,..tncome II IIley rtlllCe 10 eq,.ty .,..._,It-•• no1 hold 1o< ~ld,.,g F•r ·-goo,. ond lolon on...,. _...,le debt "'""stmenb fo< exa<'ll)le, W1l -eltte ha¥e to be recog- .,.ec:tly n prWj Of •011

The!e oMit be no mpacr on ll1e grouP"• ...,.,...,.,g lor lironool-111, aslhe new_..,.,.,. only anea the eooounb"V for ...,aalllll>o tloa tNt ere de"'"atect 11 leu ••••• tnrough P<Ottl or._ 1nd tne group cloea not 1\l!ve lhf audlloal>loli•s Tho daroccgMion ru1el hive been ,,,,.,.,.rod lrom MSII f Jg rtnana/11 lnsJrUmoflla RocognJ/Ion and Uoosur_,l &ncf Nlve nol baen changed

Tho g'DUp will not need 10 restate OOfrl>3tat<ve figur01 10t finettoal inslnJmento on edoptlng MSB 9 • fr«n 20111-2010 H-. Cl1angod dieCIOoYre _em.,..• "'' 1P!)Iy l"cm tttat omo A""moorcc -" c~-..,., ...,;t bereQu<ecf on lhe 2015-2010 _.., .. 1~ IOt.<P'Oon h Mj)8CtCC ~MSB g

21

1 Summary of significant accounting polleles (continued)

Itt New occounting tlllndlrda ond lnltl'l)riUtlono tcontlnutdl

QIC Limllod NoMe to the llnonclolollll...,.nto

30 June 2013 (ocr11r'ued)

(II) MSB 10 Consolldator1Fif>DrtaM St4tements, AAS8 t 1 Jom/ .Anongo,.,ts, AASB 12 DIWosvr<t or Jntsrost~ In OllltJr Entities. revrsed AASB 127 Seplif818 FlnlltlCU>I Stot..,..,ts, AASB 128 /IIWI.Unonts rn Assoaat63 end Joint VMtW'O$ AAS8 2011·1 A-• to AuSinllian AQCO!Nl(rflg S/llft(f-lfll{ng trnm rM Conoo-lltldJon Alf.,_nroSW>OerOI-MSB 2012-!0AIN_, to~kr:cunMg s,_. T/WWbol! Culdoncw-01tw Am-...vs t~-.e 1 J-2013)

In "'-9.111 20t' lhe AAS8 IIIUod M new and a •ICIOCl Aan<latll$ lhal acllhtl 1110 aca:>.ll1tl'lg for JOtnl •••101' •n1s (Dn$(llt".eo tnancial5lalemercs and •noaacod ct.aebs-u~es AASB 10 replaeeo al ollhe guodanoe on -1 an<l O>nool- in AASB 127 Con101- and Sepatsre Fl- St•toments, and Inter~ 12 Consolldot100 . ~Purpose Entit••• Tho cent pnnclpto !hot a conoolidllod """ty "'"""' 1 pQ,.nl lind Mt aublidilneo aR ~ !hey are o elngle eoonomoc: enbty rwnalna unChanged, u do lhe m.d\anlct o1 oone01td81100 Howevet the Sllndard lntrc<luces • 11ngte dolirubon ol "'"~01 ttoot 8R>' es to 01 entitleSc n rocu- on lhe need to r-.e.e bOih- and nghts or pPOoure iO ' -aiablo re-.ums before con110116 present p....., 10 the cunert obtliy to direct the ac:tMteo U..t ~ onlluence ron.ns

Ret..,. muot vwy - con be - · - or 00111 Tho<e • olio new gu- on paot>Cioelir'll end .,_. nghto end on age~ncloll,.tiKIOI 111111" h II'OUP,. .,...,._ • 111g11 lellel ..--end- not eJq>OGt 10 con-:e ""f -t P<'IIOM en...,. on ICICI!'(.On o1 tlloo-AASB 11 'ntrodU<:es a pmaples baHCI •Pili08Ch to aca>un~ong for JOint """"!19mo<ll._ Tho locus os no Ianger on the leQtlotruc:AUre ol 10on1 enongernemo, but racher on '-rlghta ond obl9100"t " e en•so bY tne pan,..lo lhe Joint amongomenc Buoo on the •-•mont o1 nglltl ond ObligtiC>Cr1S. a JOI"t orr8ngornent ,.., bo dassrfttd as ·~""' w IUJnl operatiOn 01 a JCint -lUI& J<>int •Ml1Xe6 are eccounted Ito< uoing the equity method, ond 1t1o dlooce 10 proport101'181ely c:ons<liiOote wol no longer be '*"'laid Portoes 1o a JOint -•tion wllaccount for their wre at r11110nues oxpe,_, etJeta end habtltlon In muc:ll lhe .. ..,. way • under the ll'f"'IUU IUI.Oard. AASD 11....,proyodosg&il<lonc.lor pert1eo tt-11 peroopote in JOII'(ill\'8n!llm&nta boA dO not .,..,.jOWl(~

Tho """"'' in-.men~ on .. 10'"' ..,.ure panne:ollo ""I be d-.1iecl as a ;on ...cure..- lhe ,_Ales AAS8 11 wll not nave attt mPtc:l on the omo,r,ts re=grued 1'1 ots flnont10l-orrwots

AASD 12 aets oullhe req- -ureo for en~IIH r..,.,nlng undlr the two,_ tllnCIIrdl AASB 10 ond AASB 11 end replaces iho dtscl011n requirements currontly IOUI'O in AASB 127 ono MSB 128 AppiiCOIIon o1 lhl• oLOnda<d by lfle gr- will not .tl'ecl any of tho amounts recognised n lhe fi,.,.•l •taements, but wll snpac:lll'le 1ype o1 onlonnatiOn dA-1n ret.uo011 to the ~'sl,....llmenls

Amendments to AASB 128 provide _,ficailcn thai an ..t1ty «>ntnJoo to apply 1111 equity mo:noct 001d CIOea not ,.._.,. ~' - nle-est u Pill or ownenl1ip c:ha"tle& wtw:n> " joont .cn~..-e btiOOoles on asSOOII!t, ano viol..,... The ---1110-1 ~a- O>ncept.

The gr-..... adOpllhe - Sl6ndo'<is lrom the• -~•.,.. They WI! flerelore De apoltocl on lhe ._ statements for tho annual~ penod endng 30 -""" 201~

22

1 Summary of significant accounting policies (continued)

(I) Now occ.,..,Ong 111nderd1 lnd lnltrl)l'ltltlono (conllnuod)

QIC Llmllod Notulo ""' linanclololllomtnll

30 June 2013 (conlinUOd)

(/U) MSO 13FIIK Value M<IIS(IretMnt and MSO 2011·8 Ar,_tsto~vstrsUIIIAccollntlng Stondoros 8f1SinQ from AASB f3(o~ectiYW1 JanuaJY 2013)

AASB 13F•w VoJ.>eM..,....,ne<>t~PPttslrom lei)Ort.I"G Pit,_ ~'""'"'IOOO< _, JanuefY201l MS8 13 14111 cut 1 ,_ del'v>ltlon cf '111 t .,, .. IS- u new pnncl~ 10 be app6od..., --lht lair .. -.. ol .....,.11\0- Tl'e new~.,. apply 10 •• ot 111e srouP'•-aod lolbll-l""'*'<~r"G re .... ) !hill .. moao.re<~ an<Jcr <Mdooed ot Ia• value or - .,_._...,..... based on far WIUe The -~~ lm- or MS8 13 rolo:. to lho Ia~ ...,., me......,.,. mel!lOdOIOg•s USod ond fiNnclal sta'em&n1 cll~14 111..U.1rt l1!$pvdOI IUCfiUI01Und hblhAl

MSB 13 llhll roquire an ineteeeed emounl ol oniO<mobon to be ditdoeed In relllllon 10 taor ~ meas .. ementa lor both as.e1s end lllll>411>os To lilt oxtontlllll any t•r voluo "'""'uremantalor an 11111 ond hobil~ u-dtlll lhtl •• n<>1 'obMfVablo' rutsrdell\t SPOUP. II141at1'10\lllcllnlonnolicn lo be-odwll be ""aiNely 9'"'""' lhore are no--- 11\11 n no1 .,.. et'ecbYe end thet are·~ to h.,.. 1 m- ""aa on the onllfV ., tht c:uren1 Q( IIAlle tepclltlt>g pencxls end on -llle luUo n.'1Ndl0f's

2 Crhlcal accounting eatlmMes and judgements

l:allrnaees ant1 tuctgements •re ClOf'lftllly e'llluare" and •re C.ted on l'listoncal expcw .. nce .nd other f1c.1en. Including t.qltc:Qtoons ot tutox~ ov- Ul&t may heve a ~none~llmplct on 1M group ond thol 011 beievocl 10 bo roatonlbta undef the Ota.l'nliAr'II"J!It

Tho g•oup mol<es e.t•m- ond _llo,. <Xlntenw>g ll1e M\n The resJI!Jr"G tceeunltng esbmiltts """· Ill' cltllnlboo\ 111dom equal lht re"'lod KIUII ·-Tht eoumat• end llll.lftl'llOnt lhel have • '9"ficanl tlok ot C8UWog I ~~~ a~IIO h CMf'llne-ol- end Ooto- wia' ... lht """' lr'lonml year M d.so••e1~

(•J ,_,.,.... • Tho g.oup" ...qoa 10 tnt Nallona Te>< Cq11vollnta RfOI'naln -Ia ~ .ncome .., .. '" ollll• )IM11dc:110nt whe<t • ""' tor_, opera\lOna. S/grtf1C8nl jUdgement IS <equlrtd on detennirltnglht ...,...,on lor 111oomt laJ<QO. There ere oertlln transacbOns end calcUlations undertaken dunrg the ordillry course of bus1ness for wtlKtl tn& ultimate te)( ~rminat.on •• uncertlin The group esllmat.es rts tu Nablltlea beiGd on management's undt,....,dlng clll\t lax law WI.- tho flnol taX oule()tnt or thin mellen 11 dttf....-c from tile emo<.f'IS thll .,.,. lnholly r...o<ded, IUCh doff..,.,.• Will "l'8CII~e ourrenl and defemod WICO<nllll< e...u end._.,. In lhe peood '" wn.cn sucn e~etermlnlilm 1s made.

1·1-,.,..,..,. are hOOd in~ ot e rar>ge ol «*galonl, rn<*lcir"G emplotaa e~lle<Oen!S So..., cl the pr.,.,,_,. . ......,. .. ~~gnlicarljudgeme,. abcUI tne •kelyO<Ac>me ctvaoouo- anl eslrnolod ..,.,.. c:am-(Ill) A<:CN11d rev-.. A portonronot toe It polonllolly PIYible Ill' !he QIC Sllor:>P"'9 Cenue Fund 10 111e group where cerleon perlor""""et entona are ec:h<MlO .,.., a 12 year periOd ending lfl Oeto~er 2014. In December 2008, the group reee!Ywd a mt<Herm lnstarnenl or 1M performance r .. of $64 3 fi'OIIon nel cl reboto end GST This has been reeognstd •• 1 con11ngeney reter10 noto 27(d) •• undo< llle oenl agreement II tht perlormara aliena art not met o'ftf the ertn 12 y-po<IOd no ptrlO<RWCa foolo poy-

Tht•t art 1 no.mb« ol,_-.- .._s flo pe<tormonce clflo OIC Soopping C<!niJe Fund 011e1 wlldl 11\t porerc -Y ~as linlited '"""""· ono !IIeSe nsi<S CCUd leed 10 lho p!!rfcm:once lee al1eria nor being met Tho ma,ot _,.,.. cl.--llllnty., ••bon to ltlt porbmanc» """'""~>eng actl..., .,.._

Cl\anges., the <Omj>Giol"t erwironmel'lll181 mey onea ... perle~ cllhe propen..s hold by 111• lund end/or thelonanta wi1Nn lllo&e PfllperlieS

23

~ ~--~--~

QIC Limited Notoe to tho flnanclll oto-nta

30 Juno 2013 (<XllllllUedJ

2 Critical accounting estimates and judgements (continued)

(til) Aocruod~.->•& I~ Changes 111 tho rontal or occvpency levels of tne propen.ea held by !he lund Changes ll tonant Clrcumatanoes that may result In lan•nt default The value •nd IJ:jtnd~y ol the fund a!Set! may ...,.,..,. W'1ll l)<opefly orwestmenl marl<et oo""!ionS c~ on ~ lows lhet mev 8'1ect the lnv"lm4nla ol tne lUnd Unupec:lld capu' uponoue olollgntllelr>t nlllft 11M may ~capital end del>l requ,_ ~ pclcy .,.,_or atiUOr)l Cf\8n901 tnat may olltd ..,.lund Tne~ IMd on pn,ecbnglhe ..-.ci<Wtum•ncc l>eor'lg-Oue., a.y comiWiallOn of the lll>cwe lado<s lhe torg- outoo<re of.,.,._.,.,,, ol assets lleld by the fvnd not b00'1Q.O.Ieved

At y- end. besoed on 1he pertoomenc:e to date, monagomenrs jUdgement is th81 tnore II a high degree ol ~rtalroly lllet e perior"*""' IH ~Mi bl loChleved owr thG 12 veer period and a>nsequently the lnnow of eco""""c -Ills con-red .,_Dit. Acc:or<*ngly a llagta ...cognlbon tP!lroech htlo _,adopted 111d 1 po<l.., of tne performance tee hiS bttn reoog'll&ed &a Income by tl'le !7""11 for lhe yeat ended 30 June 2013

The .,.oulll recognised lin _, ....,mated ~ oiiM<VOilOns al li$lorcal end li:ftco" lui term Pt<lor.,...,. 1M cal........,. on • ~ - A~- onoly1io of"" cnargoo on l*lormence 1M OYI< ..,. h81baoon- 011~ In I .......... dalaiOIIO eAtna:e- the l*lormonct lee.,..,­from 1he c..rororrt pouoon.,.,. ""ll<>G date.

At reporong date based on v111- ••-· the M&omlted performance lee at ....,I'G date may range ~om 512 • mttlon 10$504 mt4oon (n<!lolrabolt)

3 Revenue

Prom continuing ~r1tfon1 Managemen~ performanco an(! ocrw­OMdends from CIX'Itreled .,.,bas ServJCe fees from contrOied enbbes ProdJcl-a!IOoo~ lnvem>ent OllClOCle

Aclr•••otrnon lees ....... F•r •llue oa.n• on lonanaaloueu • ,_ .­llvo"!t' ~"""' <7i:>ss c.-a &ttl .,..,.

QICUmltod -to tho finoncillo10-30June 2013

(a>nbnuod)

Contolldmd entity Po....Ctntlty 2013 2012 $'000 $'000

235,675 221,098

22,216 20.51>1 6,576 - .620 1,410 61311

12 48

2013 2012 $'000 $'000

19,441 3&,111 35,01 3 19,212 1,571 2,103

t2

16564 35 430 26 433 18191 7620 2 331

48

Management and perfonnanc:c - 8floe 11om lidt.Cial)' actMbes retotmg lo lhe prov1..., ol ln-omont management seNioes aM propeny "'anagemtnl NMces

4 Expenses

2013 s·ooo

Pfollt befor• i.nc:c::wn& tax indudes the ro .. owtng lptefllc ••pe,. .. : o.,_.., Oll\ce ~pment bnrlu-e ¥001 ~ Compoter_.,en Toutoepreoacoon

Total cleprecla~<>n oond omco105ollon

Rem Dl expflnSIJ rolama to 01)<1(81hog Jesses MinafTlUt"''11e'-Se p&yments T otlll ,., ..... _... retaong to Oll<i'G:flO INNS

2,616 ttn

_ 3,861

4,0115 4,085

7953

10,959

10959

2S

2012 $'000

2,585 1,476 ~.rm.

•.2n 4.272

8334

10.838

10838

2013 $'000

2.$55 1115 3, 720

4,ots 4,085

7~805

10,120

10120

2012 s·ooo

2496 1 472 30M

• 272 4272

8240

10050

10050

QIC Llm~od N01H 10 1ht ttnanclal ""Ill""''*

30 Juno 2013 {conl<lued)

4 Expenses (continued)

2013 2012 20U 2012 - $'000 $'COO 1'000 $'000 F01e9> "'""""~~' golos-bsses For1!9' el<Cila'lge loan 109 ... 3 Ne1toreogn e>Chlnge-~ '" prollt !*or& onoome 1u blhey-<• .,,her _I,_,, or e:cptO .. ) 101 •• 3

5 Income tax exponso

(a) tneom& tax ••penH

Contclldolltd tndty P ... nc tnUiy 2013 2012 2013 2012 S'OOO $'COO $'000 $'COO

CunW'IIIU 12,800 152m 11,111 14,530 ~IIIC CompensatiOn receMid hom 1iiiC <0"1501ida:ed

4,t70 (3 353) U51 (2,322)

groupeniiUes (15,MO) (15.691) Adjusrnen!O fo1 OJITenl laX ol priOr periods (2,253) 16 (2,:!A8J 21

15,517 11.1165 1)11! (3.362)

lncxJmt ta>< expen~el(bt-) Is 111Utl>u1able 10 Proll trom OOntftJing _..,ns 1!,517 11,865 ()41) ~352)

The OIC I.JrTr.td 2012 lnoomel&x 1et1.m .,...,. omeudod CUing lhe year 1o ondude • - af1Cf -l:o!>mem tal< clam Tlw tinllll:lll o'lecl of lhe r.- .,., ~.,.. da., of $2 2 - 11 ,...,._ ., lhe acr~s b.........ctucl pnor porlods o1 t>cch thtper.,.. .... 'II' """ca'-'eu .-..y

(b) Nurnericalreeonclllallon of income tax expense1o pr1mo l oeit W< payable

Conoolfdo•d ontily 2013 2012 s·ooo sooo

Profit from conlnlong openltJOns bebe incomo tax e):J)ense Tax e>;>ense ac lhe Aumoun!llx raoe or 30% (2012-~)

lox·-ollmOU"'Io"""""' owe nat dodiCilble (ttx-1 ., calcaAibng ,...,., """""" Non-(asseo-)ldeduatlle s.n1rt ile<ns --OO<lUCt>lliO ..,...,_,

Ol"erence In ,...,...., tu raiO$ TOll olfsc1 lor rr-od dlvcltndlanc:l ,...lgn Income No~ssable d""'dencs InCOme upon consolidation AdjusameniS fo• OJITOI\IIltx o1 prior penods

54.152

15,2A5

(33) 14

11,277

38

(211)

38568

11 570

11.8112

(10)

(17)

_1711~---=:,-(710) (27)

Pe..m ontl1y 2013 2012 s·ooo sooo

11.510

(22<1) 42

1U21

23350

7 005

117 65

7187

(17)

(10,532)

QAO ceruf!ed ,t.-emcnts

5 Income tax expense (contlnued)

QIC Lll'nKed Not<ltiO tho finencllloto-ntt

30.U.1013 (~l

(b) Numorlcol rooonc:lllollon ol lnc:omo till a~nMIO ptlma lacletax payobltlcon~nuad)

Conoolldoted entlty 2013 2012

Partntollllty 1013 2012

$'000 $VOO S'OOO SVOO

lnccno tax expensel(beno!lit) ____ 15~,1~17~--~~~~~~~----~~~~ILI ____ ~p~~~

(c) Tu expense (income) rolatfng to "•""' of othercomprehen~oive In corM

Conoolldotad t ntl!y 1013 2012 s·ooo S'lXXI

7

(d) Tu conoolidation legitlltlon

Pt,.nt onllty 1013 2012 S'OOO SVOO

7

QIC lJmiled and II$ _,..,..,.., Avstralon oontrol'-d tnt- halll lmPiemt'lltd ,,. ""' ccnii<W08tl0n ltgl~ton The eccounb"41 policy In rtlollon to lhoo loglollllon It Mt oulln nett 1(~

On adOption ollhe lllX consoldllllen leglalaoon, the eA<bes In fh tax <Xlf'""lldlllad IIIOUP .,.....,d n10 • tax on&rng ogreemenl wl'iclllwnils lht pti and 11111ral llol>ilty oltt. "'holly-..-In the cut of 1 otlau~ oy tile po~orc lt'llly. OIC lllnlled

Tt.-nos .............. <110 8 1M 1\Jotling agr.-anW -...ctl llle >olloily- - ... fuly OOTp&llU\1 QIC Un>led lor.,, ...,.,,lOX~.......,.,., t'ld trt -oliiltod by OIC United far_, wrr-..ot ta.c -end <lel«red ta.c .. oe~. -no 10 unused 11x ..... , or..., • ..., Ia( eroo.tt tnM oro -rrod 10 OIC Umotad ..,der lhe tax oon-Uon logoolotoon The funclng om...u are det.,ineo oy ro1e1enoe 10 lhe amounts recogr11R!d 1n the whcfly<OM'l8Cf entitleS' fina~ 5tatements

The amount• rtetrvabl&'llltoble llndet 1ne tax fund.ng ogoe..,.,.. ore due upon P8Y.,.., oy lht parent trclty or lh- lallitlllet 8nd ...OjtCIIO tnl parent onbly ptov<l•'l8 to lt. wholly- IMUI U1•tlacao<y evocWocl 01 cnat ,.,IIIMI. tne wholly._,.d mill .. ohal prolllfllly pay 10 1n. parenl emty thot 00'11nbUtion orne..,. ar.d tnA parl<'l or1o1y INI ~ pay to lhl ,.,...,. W!IOfy- tnt••• omourca ,..,.,.,_ o, mem .....,., the fundng omnge<nerl (- nole Zii(IJ)

6 Current assets • Cash and cash equivalents

Colllolldlted enlity 2013 2012 $'000 $'000

Cot/let bini< and on IOQnd

27

PorenlonUty 2013 2012 s '000 $'(XX)

~ ~

QICUmll-.1 NotH 10 tho tlnoneltl •-""" ..

30Jt.OI02013 (C<Jnlinued)

6 Current a.ssets -Cash and cash equivalents (continued)

{a) Rteonelllotlon to Cl6h ot the end ol the yur

The abOve figures are reconciled 10 cash at the end at llle lnanool yeat as shown N'lllle •-at cash ftows as kilo.~~

c~~n ana omh eqt.ivsloru 1-et>ts 01 OIC Cash EnhoncEd Food (no'.e 8) BalancH C* iWitWII oi U6h flows

(b) Fait value

CtN'ttoHII.cl entlly 20t3 2012

,._ .. Milly 20t3 2012

S'OOO S'OOO $'000 sooo

! ,171 1 668 4,276 295

111,0C77~--1~6o4~3!i0~----'1~1-?1,~0117~-~t&f~l!i0~ 1ll,a.J te&,OOii 115,21l 1$4,6f5

Tnt carrying'"""""' for .. ., 8$111$ equals tile fair....,. The werghl~ -.geltU<Ht,.telor atlll t1fld cash eq:,'Valtfltt was 2 37~ {2012' 2 93'1') The IJ"'UU'• -tolql.4doly riok,. ciiCUIIed m Noct 2•

(c) Amounll held in trvot

An amount ol $161,678 {2012 $27 621) wu '*lOgl\oed ' " caan and.- equl-o .. II 30 June 2013 TheM monies oro for the tote j)Uti)O$e of ...,tung rocovt')' ol l'undltnvolw>g tht grwp aa a ptolf\blf ond In"' capedty a:s truatee

7 Current assets. RectivablH

Trad• rtceiY'IIbles """";omen~ .. peroot:>trcm""'"""'>ce"' end Olho1 ~ recewbe

RetaiN party recel\labiH Net r-vable frGm contr-enti!Ais Dividends dUI ~om <Otlllantd enblleS

Tax aNtlng orrangemtnt Tax •••od..,..... ..-vablt from contrOlled entillet

Conoollcloted entilJ 2013 2012 $'000 $'000

10M!

28

Pa..,..ondty 2013 2012 S'OOO $'1100

s.~ 36-

31.587

133 36430 35563

QICUmlted - tolho ftnanetolo--

30June 2013 (CCit'lllrued)

8 Current auets · Financial assets at fair value th rough profit or loss

F1nancJalas$1CS a1 lair .-lhrough prohl or 1oM ere 81 held-for-lfa~ing and •nclude 11>11 lo1ov.ng

At beg...,ing dye« R..-IOn (realised and ..,reall$8dl Dt>II'IIU!On3A!1<111e3ted ~- (SI.bsoiplico<S) o._ll(-ons) Alo,.,.,.y..-

Investment in OtC CaSh Emanoed Fund lnvellmenlsln 011\er OIC products

Consolidated entity 2013 2012 $'000 $'000

Cono.,.ickted ontl1y 2013 2012 S'OOO S'OOD

Pll'ent entity 2013 2012 $'000 S'OOO

176,063 e-o3

Pa..,n«WWIy 201) 2012 1'000 S'OOO

1&1,350 1!.!13

17ti,OOl

CNngesln fair votues of 'nanclalo .. tts gJ ra. \li1ue twough pro!~~ or loea re reco<ded., lhe owemonlt d prol~ or loSs

9 Current assets · Other current assets

p,_ .. oe.•• • or• 4.&15

10 Non-current aneta · Receivables

Consoli doled entily 2013 2012 $'000 $'000

Other recellf8l)les 972

Portnt..,~ly 2013 2012 $'000 S'OOO

3$37 4 405

Pa~RnUty 2013 2012 $'000 $"000

t72

OAO a=rll1\ed stot.,menls

QIC Umlttd Not .. lo 1M flnonclol IU-t.

30Juno 2013 (""'bllt.ed)

11 Non-current assets· Financial anots at fair valuo through prorrt or loss

AI begl nnt~g o1 year -aoons (reaised and unru-) Otstrb..itt<lns reuwes;ed Al....,olye•

lrwewnoot 1n OIC Gr.....U. Fund

Conoolldated entity 2013 2012 $'000 5'000

3,154 157) 56 3,155

C onootldio ltd -ty 2013 2012 $'000 $'000

3,114 3,155

Parwnt entity 2013 2012 $'000 S'OOO

3,11$ 165 ~

),114

P•,..,. ontlty

3164 (57) 58

3.155

2013 2012 $'000 S'OOO

3.155 Ch~n~~~~•n t .. vaiUH ol finanoli llatll• fair Vlivt l!'lrough 1>'014 or bss ore teCDrdld In thl llato,..,., of prof4 or loss

12 Non-cummt anets · Proporty, plant and equipment

C<>nsotldated 201 2

At 1 July 201 t C<*orla<rv.ot.e Aacunl.tllled~on Netbool< amoo.nt

Yuronclld30Juno2012 Opem>g nei boo1< amomt EOC<:hlnge diN.._a AddiLc:na Olopcoats Oepradatoon charge (nc<e 4) CIOoing not boot amount

At 30Juno 2012 Cost or lair value AA:cumuLa!td Cl4predation t-Iel bool< tmount

UH.u ~uip..-\

fumlt""' and llntnga $'000

Tolal $'000

20359 &

1 819

24,103 10,2"6 30 349

::::]'8t~~:::::'~7,~~r,r' --~1 1~&30J1 15 797 2 26t t& 0>43

QIC t..imOitd ~ot" 1o tho llnoncilltiOtomontt

30 June 201 3 (continued)

12 Non-current assets· Property, plant and equipment (continued)

Olllce equlpmtnt.

h.mlllftand Compii!H fitllngs oqllpment r-.

Coneolldeltd ontily $'000 $'000 s·ooo

Y-endod 30Junt 2013 Open1r1g net book omourt 15.797 2 251 18,048 Ex<honge doltoroncet 24 8 32 Ad<klon~ 1,726 785 2.491 Ol$pO&ai& (432) (5) (437) Oepecilbon cllorgt (naa • ) !2 6'00) p,1n1 @867J Clooing netbool< omounc 14 . .:15 ti:ii 16267

At 30 June 2013 Colt 23074 8,881 33035 Acl::u'niAiod~O'I (8!!49J 1!!. 1 I !!I 116,7681 Nt!1 boolt • ._.. 14425 1 &42 16267

Olf'tce eq~prnen~

furniture and Computer fillings eqllpment T-1

Porent o nifty s·ooo $'000 $'000

At 1 Juky 2011 Cost or lair vaW 22.740 10770 33010 AccuTIAated depriCII- !5.711) !!.~ 113,1:!!} Netboolt•"""'"' 17028 2844 10873

Year onded 30 June 2012 Openi"V not boot< omounc 11028 2.844 19873 Ad<lbOnl 870 873 1.743 Oltpoult (68) !61 (74) Oepreciatoon ~· (ncxo 4) Cloolng not bool< omount

(2 4961 15335

_11.4721 2 .239

(3,86$1 17 574

At 30 Juno 2012 Cost or far .- 23190 tO 224 33.414 ~.....,oltdclo!><OCIObon ~ 855) j7,8851 j15,~ Net bOOk- 1335 ~m 17, 4

31

QIC Llmll..r Nolle lo tho nnonc:lala-nta

30 June 2013 (,.,.....,.,)

12 Non-current assets· Property, plant and equipment (continued)

OlriCt equip"""'\

fumULnt and Ccrnputer fittings equipment Toto I

Parent tnUty $'000 S'OOO FOGO

Ytar tnde<l30 June 2013 01'0'""9 net-.,..,.... 1!>335 2.239 17 574 --- 1.657 873 2.330 ct.,... (3116) ('C) .400) Oej>reaallon charge I'"* • ) ~555! I''~ Q.720! C!ooong ""' boek """"" 14 041 1 743 IS 7e..

At30 June 2013 COol 22.106 9.840 31~ AccuM<Ir.od depreciaom Nee ~ omOU'il

!,!066! 14 C)i t 1!!.~ 17

(1111!!!) 1~7S..

A•aets irl tho eourse of construction

Thi C8fl'Ying emouru olllle assets di&clooed llbove IIQJde the following expendi1Uit rocognooed In rtl~on to propef1Y, plant ond equrpment thtt • >n the coune or oona1ruct1M

Office equprnent. lumilllre and litt.-gs TOCIItoMtJin L,_.,.,.,... of oontllucllon

Contolidotod ontny 2013 2012 S'OGO $'000

430 430

136 138

Ptrent ondty 2013 2012 s•ooo S'OOO

138 136

13 Non-current assets • Oefemtd tax assets

The balaneo comprises 1amporory Clinerenca attributAble to· £mploveo benet.ls provided lor or peyablt Le••• it\Cet'ltNei cap;tal project ro~ed = Cep4UIIUU<Ioeoe Suroclry ~•m • ACCIUIO "'1*'­C.proaation and amor11 .. 110n

Conoolldlted entity PorenlooUty 20U 20t2 20U 2012 1'000 S'OOO S'OOO $'000

20-428 1.474 1,189

909 165 122 103

19,017 10,311 9 786 1.321 1,474 1 321 2.009 946 2.007

909 809 009 682 "5 302 220 89 125 801 ., 175

--~2~·~~~-----1~4~06~7----~152~

14 Non-current assets - Intangible ISlets

AI 1 July 2011 Coli A.IXtlnulaticn&"nCCrt$abon N« bock """"""

Ye~r ended 30 June 2012: ~net bool< amOYnt --AmariiUIOn cnarge c.-4J e-.g nel boot amount

At30 Juno 2012 !:<>01 AOOJmutation amortrs,c~bon Nil bool< ~mOYnt

Consolklaied and 1'-arent

YHr onded 30 Juno 2013 Oper.,g net bool< amounc Adci-. D~s ........,_.,.ge(n<U4) Cla&.ng not bOOt< .,_,

At 30 June 201l Coli Acl:umo.CotedanutosabOn N« ~ arllOI.rll

Al&ets in the cou,... of conatrucbOn ·IMa,.b .. ....u

QtC Llnllted -10 t"" r._..lol o-nca 30~2013

(CO'III'>UIId J

Computer software r ... l

s·ooo $'000

33.223 33.223 (19318) 13906

(18,3 18) 15;006

13.1101> 131101> 3.188 3188

(42nt 12 80i

(4 272) '2801

36,1311 38.139 __ @.338) (23 338J

1280~12801

12.801 12801 1 823 1.823

(26) (26) (4,0851 j4 0851 10~13 10513

28280 211,280 (187w 10 51

(111.7871 10,~1~

T"" Cllollyong amoun<s olme esMU <lltdO!Ied ebovo ndudo '"" fojloWing e><pendl1ln rocogn- In riiMion to intanglllla aseets lhalare tn 111e ooiiM Of oonllNdoOn.

Coneolldltt<ltnlity 2013 2012 $'000 $'000

lnt~ble a.uecs To~• asets tn lihe course of~

33

P•r•nt entity 2013 2012 S'OOO S'OOO

OAO cen·r,~ ~l.ltemMt'

15 Non-current asset$ - other assell

lnt-11., uscaotod eniCJto Int-I In joini...-AlJr@ porlnef>~lp Sha<e& on 54bs«iorie$ (note 30)

16 Current liabilities- Payables

ErnP40)'ee t>onoUa P<>Yatlle Aca!urtspayable Accrued e:.penses Divid-Arnounll due 10 controlled enlilleo

OICUmkl<l No!eeiO U>t l1nlnciiii­

)O.,._ 2013 ( COI'Ibnl.iOd J

Conoolldolad ontlly 2013 201< s·ooo $'000

11 5 5 1 1

23 6

Contotidated -ty 2013 201< $'000 5'000

~.713 6,414 5,741

)0,801

vz,m

•9384 6211 5674

18,022

Po...,t ontlty 2013 2012 s·ooo $'000

17 s 6

513 557 - w

P orent entrey 2013 2012 $'000 $'000

18,112 4,3llll 3,411

30,10t 74,381

131 ,974

17,4« 3,754 4,479

18,022 78 783

118,480

Thete we n~lnterest -..g in"""'-tion abo<rtl~ &""'P'• rill: expowre is proYideG to no~<~ 24

17 Current liabilities - Provisions

Conoolldoeod entity 2013 201< $'000 $'000

(1) lllovt:manta in provisions

MOll.,..,, in NCh daso d proVrOion d11lng t11o finonelat year, ore set out bdow

Employ.e Conaolidotcd enbty benefits Oilier To1al 2013 $'000 $'000 $'000

Ca"}'lng amount 811he .,.. of me y.­AddlllONI prOV\arono l'eCOgl>oed Amounrs USed du'ng 1M )'Mf

Amouru m.....r f>o:n oorHDTent Corryong orncunt at M<l ol year

OAO centfied 1101emeru

QIC Limltod NotM to tht n .. nctolotollmtnll

30 Ju<le :Z013 ( <XlOIInlled)

17 CuOTent liabilities· Provisions (continued)

(a) lloVomonll In provlolono (CG<>tlnuod)

ConsoJJdalod entity 2012

~ _..., ol tho lla~ "'"'.,.. _...."'......,.,.~ AmourU ..... dl.mg ""' year Arno..ft• rnaYIId .-am non-atrr~ Car~"""'""' at end ol year

Po..montlty 2013

c...,n;..,...,.,."' 11>e-o/Jhe ,_ -~·ooog"'Md Amcunls UMd Wl'l9 tho year Amo<n!l translerre~ lromi(1o) retalod partes Amo<n!l """""' trom non-<:utrent Cerry1119 omount otend of ye8o

Po,.nc entity 2012

Conyng """"'lallhe SIM of the­AdeM--·-.. """!'"<lod Amounts """" W1ng the roar Amountslransfened fromi(IO) re~l*l panoes AmOums mewed 11om non-<:utrent Cony.og oooount otend ol ~ur

(b) An*lnll not e•pe$d 10 bo--12 rnonJI1&

Emplo~ beneli1s

$'000

Empl-benelits

$'000

7303 3•13

(6.251) (27) 680

5 158

fml>lovH bonofita

$'000

6.560 3,827

(4.2$) 18

Other $'000

Olhor S'OOO

2~

(2.129)

1,3315 1256

Other 1'000

768

(551)

TOI41 $'000

12830 aa1•

T-1 $'000

8 3113 3 413

(8 380) (27)

2,015 8.414

T-1 $'000

7 318 3 .927

(4,807) 18

lho onent ...,.,._.tor~" blneMaii'QJclee IKDIIod .,.,.., tu<e ;w>GJot<9 ......ce....,. Long sew. INve -• a.l Ullall'llllll<NI enc-.s ..nere ~ hlloe c:ompteled the oequrod ponod olseMOO n a<oo trooe-.. employea aro olded1o ~ porments n-"""""'- The enon amo.,.. ollhe pro<ll..., Is preseno..s a• <:u«enl, •- the grcup dooo no1 havo on uncono(JOtlal ngt1110 dOter.-,..., any oil- Obi'OII>Onl H-. blled on paol oxparlenQO, lht group 0001 net l"'lOCIII l>mj)loy-10 tekolho lull amount of oocruod annual 108vll 0t reqwe payment v.IINn the next 12 months

LtiiiO obloglllOI\S t!lpeaed 10 be -...san.. 12 -Contolldoted entity 20U 2012 S'COO S'OOO

735 1,~ 735 1,462

Parent entity 2013 2012 s·ooo S'OOO

341 580 560

~ ----

QIC Umftod - to tho flnonciolo-mom. :IOJUne 2013

("""*""'<!)

18 Current liabilities. Current tax llabllltle1

CoMolldoted onti1y 2013 2012 S'OOO S'OOO

19 Non-<:urrent liabilities . Deferred tax liabilities

C<lnsolidated entilr 2013 2012 SWO S'OOO

Th<t jgbnc:e compm. lamporwy ditfOAn<a oaribuloblo to: P~ance lees 3,706 Ott>w•-·- 727 Oopreciltlon anc1 em-on 22 ~~~~ 2 Ceptaf aliOWiJnte$

UmooiHd I~ exchange go.,. 4,457

20 Non-current liabilities . Provisions

c-ollclated entity 2013 2012 $"000 $"000

21 2

24 11 58

Plrtnt entity 2013 2012 S'OOO S'OOO

-omlly 2013 2012 $'000 S'OOO

3,706 7211

Poront on~ty 2013 2012 $"000 S'OOO

11 11

~ .. Deneb PrcMslo.ns m 2..$:$00ated ll'dles

25,62t 51,9113

2S292 10,151 8609

~ .......... - .. ily Other--(I) Movemonto In pro¥lolono

3,&32 11,:131

&c 337 51,9113 &4,337

2.569 --~3 ~151~-- 2,354 82.188 K ,m 75.300

Mo_,..nl$ on eac:h dass ol provl""" during 1n0 flniii>Cial year, are set out below-

Provl:sk>na to fmployoo MIOClated

Conootldatod onbty bonofHo onUtit's Othor Total 2013 swo $'000 $'000 $'000

CorfYW'II amo<Jf'l• orart ol yeor 26,292 &4,337 2.569 92.188 Amcuntt uaod cUr>g the pe"od (12.354) (31) (12 3116) AddolllCnal f)<O\II$Q1S re<:ogn~Md 21579 2.639 24 218 ~111110\'odto<>~rnn _121 3liO) 1!.._33~ ~28~ Cotl).ng omoutt at end d year 25 !!21 51983 3832 &13315

QIC Limited Noteo to tho nnondllot.owmom.

30.MM2013 (coni> nuecl)

20 Non<urrent liablUtles- Provisions (continued)

(I) Movemems ln provlllont (eondnutdl

Provisions lo ElnpjOyll llsodNd

Con-dlted entity bonofltl entities Otllor Tot.l 2012 1'000 1'000 $'000 S'OOO

C...,."' arno&ll181 St1lrt of,_ 14, 1134 64337 1668 60.529 - UMC!dmg lhepenod (16.262) (.00) (16.302) AddoLOnol prCMOOOnS reoognlled 27.020 2.774 Z8,7i4 Amo<rU moYed to currvc Carryr,g emcxrrlat eod ol yNr ~6.282 64.337

[1.&33! ~568

p,833) 92188

Provlelon to Employee COnlrOited

P....,lentily bonoflt. enliry Olhar loUI 2013 $'000 $'- 1'000 $'000

Carrr'llamcut at star1 o1 yew 8.61» $4,337 2,354 75.300 Amoun1S usee! during lhe penod (12.354) (12,354) Add1bonal prowwtOnS rec::ngntted 5,484 2.639 8,127 Arnounta Jra,.,.,•d tolllatod !*let (32) (32) fvrloon1o movexl to currenc [3,414! [I.~ j4 14Y! CMying amO<Jnt ot end ol yow tb;M1 51 983 3. ll8,292

Prov151on to EmployM controled

POIWMontlty - entity Other T-1 2012 $'000 $'000 $'000 $'000

Carrytng art'oOUI'I 8l sian o1 year 5,884 64337 1,413 71718 Add~.,,.,. pr<M$100S recognlud 5,220 2,774 7,89<1 Amount• mOiled 10 Curren! 12,5711) . j1 ,833! !• ,•t2! Cerrylng amouu It and ol yMr 16" &1.!3? 2,360& 75300

In ~ 2008, ,... group r-- 1 moo 1r11m In"*"""' ola ptlfoln• ca lee ol S&l 3 m '""' ne1 of GST I'J year end -on the pertormance 10 date. O>anagou•u judgolrec Is lhat IIMd • 1 Ngll~ooolce<~ar~ly lhet 1 ~lee ri bo ea.-lind~ 11M! In-of """""""'l>eneflts oS cu'"""'ed p<Obob.e AOcofci"fh, a Uged re<:O!Jlotooft .,ll'Oaeh t.. boon OOOPted and a pomon ol lhl perlo<monce lee llil$ been r~ •• """""" by t'>t QfOIC> for lhe yeor enGecl 30 N'e 2013 n.., rn....,onent 11 Illy r~ If spoelfleG pGrlormenoa c:tllllftl are noc m&t o.er lhe term ol lha pertlcular fund thorofcn a I)OftOO of me """''orm perlo<mance lee remarno o proVIslonollrob•hly (re!or to Nolo 27(d))

The non eurrert pr011ision fer employee ~ - 11M! net present ""Jue of lq servrc:e laYe condibonal entc-ta-. employoet have no1 vet COI!Ipiet&d ll're '"""'"" I«VIOI period

37

21 Contri buted equity

(at Silo re capaal

2013 Shartl

Ordinary &hOtel Fully paid 30.300,000

(b) lilo¥011l0fll& •• ll<li'""'Y staro capital

Dote Otlalle -· 1 July2011 Opening ll8l8noe

30~2012 Ooulg-....

1 July 2012 Operong-'!Ce

30 June 2013 Cloolng bolt nce

(C) CapiUII risk ma nl gtrnlnl

QIC l.lrniM<I -·to lllo ftnanclolllt-ta 30 .,.,. 2013

'"""'"'""dl

2012 2013 2012 Sllanls s·ooo $000

30,:lal000 37,A75 37,.75

N..,._ol loluo ... ,.. p~ca l 'OOO

30.300.000 $124 37 475

30300.000 $124 3H75

30.300,000 $1 24 3H75

30,300,000 $1 24 ~7475

no porere enll(1 oncl Gto.Jp'• ~ n••geo••rt oc,oc._ .,. 10 ...,. ..,.._,.. copco1 .. ..,...... ., ~ bu$1_. end QC>eiOilllg req........,.. ancl ,_ end ID """!lnue 1D ptO'IIdo a <*ILrn lo the S- ol Oueonslancl..., -10 lor OCher s<ot- oon In aOctllon the G10.1p -· to ,_.,., 1 1ulllaent cap11ol baM 10 u.._d 11>1 1101-1'/ to CIOilt<lue •• a going conoem

Captaf levels are monitored and assM&ed on a re!jJJ!ar besas to ensure that the:le ob;ltctives ~tre mel

The porwrc ..-.cty anc1 Gnoup ••• no1 ~ oubjoct 10 any top or (1(.'* reg.AIIC!y ,._......, 10 r.v6 e

capotal base ol.., sp...r.e - · Woth b e>eoepllon ol .,.,-.. pr....-.s ona 1100me tall 111,.1- ncu"*'ln the normal ..,..,. ol bult>e&l , the po1ent ont~y oncl Groop do not unde~ok• borroWings or held Oelll

22 RKorves and retained urnlnge

(a) Ruorv ..

YowJMnts:

H~,.,..,.. .... h -htdQH O~balante Gain~~ on tevaJuation • gro•• tora.gn exCNroge comtacts Balance 30 June

Foroign t:IJfr&ney lrMolatiot> resef\'0 Openo~ balance Cull'eiiCy tran-on d1f~s lltl-.ng duringlhoyear Balance 30 June

(b) Rou!nod u mtngo

-

__ .,retained u :nngsWW11 u-

o.a.nc.e 1 July Net prnf.t for the~· C.lliderm Botonce 30 June

-(c) N1ture and purpot e of other rwMf'lltt

(I} Hedging,....,.

Conso4iditod entity 2013 2012 s·ooo sooo

72 72

(11)

10 72

Cono- onllly 2013 2012 $'000 S'OOO

QIC Limited No ... 10 the nnonclll olltomona.

30June2013 (""'*'<ted)

18 18

(24)

24

(23)

5 1

Paron( entity 2013 2012 s·ooo sooo

""ront ondly 2013 2012 suo S'OOO

Poma ontlly 2013 ~12 S'OOO $000

(24)

24

The hedging rese<ve Is used to 111CDf'd110in1 01 IOaaea on e hedging •nstrunent '" a cash ~ow hodge that are rec~ to O#ler c:<lmjlrlhenslve IIICO'IIe. as GIKIIc.d ., note 1(p) .....,.,._ 1111 rectaullltd to pro& "' '"" when the as.sooa:eo heoged ttMsacton alteda poo(c O<lou

I•) f<Jm9fl ''"'"'">' rrat>QQon ,. ...... Ex<Nrlgo dne....,..sansng on tror-.n OIN rore.gn c:m~otled "'bl'f..., recognsec1 In oCher ccm~ """""• u de- in noee 1(c) and~'" a_.,._ ~HeM!......, eqUity The.......-• ._.,...,. Is ~assrted to prt>litO<Ioss"'*' lhenOI '"'-'••t is6~ ol

23 Dividends

(1) Onlirwy-

OICUmitod Note• to the ftnanci.llttawmenta

30 June 2013 (continoed)

F'~Rntentity 2013 2012 $'000 S'OOO

Final c!Mdencl tor lhe yur ended 30 June 2013 ot 102 cerct (2012. 52 cems) per share being 80% (20 12 60%) of consolidated oporotrng profit after tax reccgnioG1l otiO payoble (note 16) SO, tot 15.022

24 Financial rl1k management

The grcup• -..- ,._, liO a wrrety ol inanwiiiiU mer11e1 ,_ (ncludong lorolgn e:change nsk ard l)rir;e ~o!<), c:r101 rl5l< and IQuiOiy ns1<. The grcup s 1nanc;.1 ml< mana~ adMIIH locus on mownrsing ~ OdvwM o'l6c:ts ollnonc.al nsks on the frnonoal .. b II •a of tl'e Q'OO.IP

The IJ'OUP ..-dlte<.,. --10..,....... l>t d ~orel'l types ol fnanaol ~II< 10""""' ~ • upooed Fet 1118 pu- of llnrdol ,._...,"'• ol$dO•urn these IMI!lods rncLdll &en&Ovlty tnelyt4 rn the """" ol ....,ogn exch;inge ana Pf<:e rlsluo.,., ageing analysiS tor crod" end llq.,Jdty nsks.

The reaponal~ tor -IIJOnal roolt mone-l ros.,..-.Mth oac:h of tho buolnoss un<ll WltiWltna ~1011p ond ra supported by o """""' a.mpllanee oncl ~lk manog...,.,.. group ""lc:h ensurts conllllency encl ovtwslghlrn trne with IJUIIIJ.., uwo u••d by tne coara ct cfreaer&

The ;roup hoiOO 1>t tOIIOWIIQ tlnondalon51rumonts

Flnoncoal asoota ca.n....,., R.-Frnanooll&eett at tair veutthrougl> p<ofit or lOu

f lnanclalllobiiHito Pay-.

1•1 M..Ut rtsk

Cor>oolldaltd entitJ ""'*" tnlily 2013 2012 2013 2012 1'000 S'OOO S'OOO $'000

5,176 1.6511 4,271 295 71,.140 58.380 85,571 76 593

18:{2.,:. 1~7·;.....-..,:1,;.:78~.218 1 8),?:tg7~·-__,,g171l218 lst,2t4 23h~272,030 256.1li6

e1,n1 s1n1

n291 n291

131,87. 13187.

118.-480 118.<60

MlWI\1( liS!< Is.,. not 01--1111 trorn moverttonts rn-.... -. rrOJdlng ---sud! as rnte1est rates elfl:t\lnge I'OieS alld equ<ty morblo, tncl •ndlreciY -..- v~-. sUch 11 _._ and corr-.s Mlrtet n•k lor the- flllmllrly or•seo ~om lore~ exchange 11$1< m •-on to Jorergn ~ om'COIIIpony .... and hcldlng• ... foreogn 511-lflts tncl prroe ....... rtiiOon 10 ,.,.__ ... un.llt\llb held oy lhe910UP

(i) Fora/gn exCio/ltl~ n&k Tho 9<0\IP opora101 lnt.,..tionalty and II exposQd 10 lorelgn ueMnge till< twlarng from variOus currency expoo•ros. pomarly w ~~ rtlpe<t to Bn1lSh pculda (GBP) Incl ~States dolton (USO)

QIC Limited No!H to the finonelol aw....,.nta

30 ...... 2013 (<CillOlued)

2A Financial rtsk man 8gement (continued)

(ot llotkot rltl< (conUnutdl

(I) Foro/fin exellongo Mit ((J()f)l/rlu«J/ FO<e.gn e•ehange risk ati$M wMn lu4ure comm.,aal tra,.aciiOns and recoped """' and l"'tlii.:Je& ore d~ted., a curre'IC)' 11111 Is not the onl!ly's fln:tlonfi QltJ"eney, The risk • meaawtd using Mn$1ti"ty onelylil

Lot- tn val..e mJI'f ra\11 11om ~ng the goupa e.po111 ..- ., ........ ope•ai!Ono i11D ...,....., dol.ara at~ dale (nnslaCJon ntlt) or from-.. lorolgn .,...,..,q ~- mCMinler'U"" spe¢1c caV> - tronsadions (tlans-..n nak)

TIKI group does 001 heage the G~C>~t&l 1nv- in overoeos "'*""""'· lhE<eby .,..,.,ng llle loreign Qm'Onty trat'lll~ rlak on 1rwes~ copilal

Tho group'a •-•• to Jorolgn c~ ,,.., 01 the "'ponjng dOll was as lolo.va

ConooUdaM<I IH1tily 30 J~ 2013

C.., a"ets ROQ!·-s Poy-. Noto-o

Pt rent •ntlty

F0te1~ CW'rency seminv;ty

GBP USO £'000 J'OOO

, 30 701

(170) 11$1

30 June 2013

625 6'6

(1001 1 171

G8P USO COOO S'ODO

30 ,.,. 20 12 GBP USD £'COO $"000

718 '' 478 971

{2821~"--7.(21'7) 912'----'u"'s""a

30 Ju"" 2012 GBP USO £'000 $000

The aenalllvlly d the groop's fi ntw1C~~t l il'l tr\.VlllllltsheiCI et 30 J•ne 2013 (and in 11\e pt1o1 yeN) to movements 1'1

tho Bl'lllsh po.nd and I.Mited Statel dOllar "'"' Ill Ollie< vbri-S held c:cnSienl hOI boon -IMCI and II n()(

m•llorlol The group's OXIIOI<Jit to -lor- exchango mov.rne~~~t Ia ""'mlt0111t

M PrlcerWt Tl'e group • -ed to pt1co rfsll. Th• antes lrom IIWU1tnen11 ol'l U'olt tn.IIS held bJ tho 9'""1' and da!a 'Od in 1110 •-11 d lnalw;aj poo.tJOn "" IW\af'lcla aose~a 11 f&• ....,. ... lllroug~ prolit or lois. The gJ<Np ,. no1 expooed 10 orry oilier price no1< Pnce l1lil< 11 .,...,.. .. ..,. "*"" r1s.<, .,......, ,_ ns~ oncl loreogn exc:trange n il< rn ~d,_....lntntttulllo

The """"" ,,.., ot •• llll*tment hOlding compnsealllO ~~~~ th&t ll1e unh "'"'"or I he lnllt Wll change CU<Ig tht next reporting ponod (pnco risk} Tho change n unit pnce 11 determined by dlllldlng 111e hypo<helical chango in the net asset • ..,. ('NAV) ot t11e1tu11 by the numbor d un•ls on •.sue at belance dale The hypotllell~ ct\ange In tile NAV was -""ned by u-"9 • sensiiMty -yale lor the key 1ypee d merl<ot nat that IPP'Y to tnt ..-ts cllhat """""" OU9'11P'"''I 1110 .....r.s ot.,. onolyM

8"*' on h RCir'<OKTO!'It llnonc:lll UMII 01 tarr valUe IIW'Ough pro(A or loss hood It 30 Juno 2013, had 1t1e.,.. proo octt>ed by 10% (201~ ~) wCil a1 - """"- ._ <x>nstan~ the 9f'IUI>'S prot~~ lor the ~ar """'d hovo bMn $31• o.g hogrw (2012 S2&3,<H91 Con\lerWv. ~ tno ...a pnco l'rad- by 10% (2012 10%). thlt wo.ICI have deoeesed group profit tor tile year t>v 531• S.9 (2012 S3t • 9<3).

' I

OAO ~t:t\of-<:lj stptll'fiV"nt'

2• Fln•nc:ial risk m8Ragement (continued)

(I) Marktt rlol< (cantlnued)

M PI'ICe rt31< tconfinued)

OIC Llmltod No• k> the ftnMcll lstat.-mtn'-

30Junt21H3 (Cili"C:rlueCI)

A &ell~Nlty analysis was ccnduc:ted on the •rrpacl of a movemer1: in lhe urwr: pnce of Che company's investments in cu...m fina'IOal auetsat Ltlrva.throll!j\ profit or~~ h"a 1130 Ju'll 2013 (enct ln the prwyear) woth ol - .... .,........, toni!M'(. INI'ICI>illdlcatod Nc ,,. !)liCe ..... 1'01-

nw. • na sqdcarC .,.....1181< on oeopect ola'lf o~ flnenclei ... ts

(b) Credlt riP

Cr.cllr\1~ Ia ~On a grO<Jp basts. Credl nok-.. !rom CMh and c;:ooh oqur.rateniS, ~~ Wflh bank& and aecsn exposure• to -.&11 lflvtt&tmort cl•ont• onclucing out>tandi~ reooMibl" 0~11$ wolllt>anl:o are held only with rndependontly ratod p•r11k

The c:.nylng amou11 olloano!QI-s represents me maximuM "'PQ&ure 1o credot rak The """''m""' 8JCPOiurt 10 crodl rl5k n thouoards 11111e reponong dale l01 11le group 11 $258,322 (2012_$2392!i6) Olrd the poronlls $271.0!i6 (2012: S2!i6.106)

The g'CUp - 10 lrN I& ,,_,. 10 0.01 1'111< tn lefml ol oo;I&Uindl'lg ~ --• by -.g ...U. ~ ..._..,rolnw_,. d•nll ond by"""'""!! ftl el'lfGil peoce•Dge ol-P"1.., _ ... fHS .,. unn _,Pilon on a mordlly ba..s wrthon on ograod imeframo Where ""' group nos a SigRiieant conc:en11'8141\ o1 cnort n~ lhltls onty on rolalicwo "' c1- mat-. pan olen. Oue.n ... nd GOYIIIM>om

Crldll nlk lurthor arltM on rei !lOon to Rnandlll guaront- gW.n 10 cenaln parties (see r>04e 'Z7 Cont.ngenclot) S"ch g~j~ront- are priMclodln lmocd drrumstancm

Conaolktolod entity

20t 3 20t2

Pa..,tentlty

2013 2012

Wclw'lltaclng lefmt S'OOO

&eee6 52622

Wcrun trad'rtg tlf'm& S'OOO

30.171 25.129

Days overdue

31 · 60 61 . 80 <Mt90 S'OOO $'000 $'000

223 715 1105 ~.671 1,139 48

Oayw overdut

31-60 61· 80 0...80 $'001) sooo $'000

223 'Z75 1.105 4671 1,139 48

No oolleleralle held over lheso .,_..,., T1141 group hit no1 "'""-ag11'1Sl overOUt l>lilnc:eo n 111er1 nat not be"" • Oignlftcont chong,. tn <>edit qu.Jny ord 11>900 ~~~ Brl 1111 cons.cterad ro-.rable

RoloteO pany receovs~""' are scl1lld1011hln trodlng ten1le

24 Financial risk management (continued)

(C) Llquldlly rllk

QIC Um~ No\M 10 .n. flnancloi i i0- 1111

30.,..,. 2013 (CDnti."IUGd)

Uquicllty rlslc.lslhe risk IN! the group wlft not be able 10 meG« Ill caSh ouUicoNs as IIIey fall due be<ause ollatk of l•q\Jid aaets

The group 1.-IUI_...,i Cllpitolln the OIC Cosh ~ Fu<ld - 1 hlg"'y IQU!d

The~ llb.e- the groups- paranl ~· ........,;rg CCIIIraaUII ma&..'\ly lor'" lnanoal­on ., ""*.....,..,.,bas$

20U 2012 l.eaa than LOil~lfl

Conaolldotod ondly ,,.., " 1 ytar TOIOI tv-a• > 1 V""' 10141 $'000 $'000 $'000 S'OOO $'000 $'000

97,184 97,784 n:ztt n2e1

20U 2012 Loss than Less ltwn

1 ye1r > 1 year loaf 1-.,_

Tolol $'000 s·ooo $'000 :rooo $'000 S'OOO Parent onllty

Pa~ 131 ,$74 131,974 118,4410 118,..00

(dj Fu velu• ,...uremema

The Car .....,. of tnancalassetl e'>d linanoJI ...,.. .. muSI be f!Siin3tf!d fo< roa>g'Wton e'>d ,.,.......,.... a

""~--Tne gtO<Jp'a holdolg on rirwlaol •Mil hold a1 fair ""'uo ~~>rougn pro!lt and IOU 11 lo!MOC to li'ICI In u"l bull mofleiiOd by lhe parenl "'*I' The fu value ollhese llddl"il WN l>a.OC on lhO unk prce ollhe oele'<ont lruil al lho <epc>omg - · The '-"'1 pnce • derived l>a$ed on ol>oerveble ""'fl<et data lor u.-ylng in .. nnonl< hoiO by lhe ~\Ill ACCOIOngty, lhe group one parenl ef'fbty clauoly flnafiCIOI """ 11 a1 taor 1111tuo ltlrouvh proro or 10t.a u tevef2

All Olh~ '""'-'"''eta ..:I linlnool&-held by II'IC group are measured a1 coat, - oquale$10 '"" voluo

QAO c::ertlf.ed sl&1eme'U

QICUmltod Not" co tht nnanclol o-,.nt•

30June 2013 (conllnuOd)

26 Key management per11onnel disclosu res

Key menogoment porsomel ~scloiUr~~J ere made In oecctonnce With thO AllnlrrnJm O!clolloxe ~"'"""""" lor 0/1-.ctors and Chef and S..rnor Execv~ves of Government Owt'>fld Cctpor&/IOOS ISSOJed by the Q,_,.land Govtm'l'int

Kay~ petaOMii '""""' boll>......,.. It'd - ....::.so-\OoflO ha>e tutno<(>( end res_...., fo< pllr>'lng d"WC!!ng It'd c:onc..-ng lhe --o111e group

<•• o..clO<S

Tht -.g porsoo• - • dorQ<;tur• ul QIC l..mltod"" lhlwnole lll1h8 CU!6n11NI pnt>l tnanaal rear except where ondice!Eod o!herwlse below.

Dlreetor Potltlon T•rm fJtOirY ell ..

P F Youna All. Chll~man Jve.:m 30 5eote'llber 2015

KOU- Decl<JIY C-.nan 3vears 305e!Umber2013

BCBowtan DiMCIOr 2r~ 30 2013

L TGNrno Drrlc1or 2vears 305eotomber2013

MLNewmanM'. Dlreclor 3vears 30 Seoterroer 2014

G e uurooc11"' l>roctor 3v ... 30 s-omber 2014

OEUM&t1'• DreoiO< 3yeors 30 Sootember 2014

B K Llortos l>..c10< (IIIS!II!'od 30 September 2012) J years 30 September 2012

OHHar~ton 0 rOd« ("""gned 30 September 201 1) Jv_. 30 Set>teml>er 2011 -(IJl .. flllft!O C Lt'O!!t1)~2'Jtl•:xts-.er~ 2~ .. I'IOIIU~2'.:1~

(b, Sonlor Eucutlv11

Senoor eKecuovos are eppconted by !he OIC Board ThO Chief Execurve •• abo oppoonted by lhe QIC BOO<d wllh the prior Wlrtten appr0Vll1 Ollhe ehe<eholding Uoni•tors During thO current and prior fNncial year, 11le fOllowing per110n1 were senror executilltl "'"' thO greateol aulhonly 10' the s1ra1eg1c drtc1lan and <Mnage<nenc olth& groUI) raenlor executives1

0 J Frt/I>Mffi Cl'otll:x-..... 2 JU; 2012! IQpon•rm OFUo:T- cn.l Exec.A.;e !ruvled 29 .Mit 2012· l0r1en te'm

CMBial<e et.e! Fnanaa! O!lic:er l0oen oem. PR Le1dl et.e! O!>«otng o-r- IO!>en ,..., 0 E Clol1<o Chlof Rl1k Ollloer I Coon term

A C RYder Chi a! lnvotlment 011\cor loooonted 1 Oecember 2011 l l0oen 1erm B J Oeii!Mv Chlel or Global croer>~s and ~!Mt<etina !ocooinlod 15 Octob8 20121 I 0oen 11!rm

WGJordaan Chro/ Qpo•*'!l ar.c. (resigned 31 Dlcamber 20121 I ()pen..,

0 J Addtt IQnogng DrtCCOr Co•PO<O!O SlriiiiOV ! rosranea 31 ~ 2012" ' ()pen l8rm

H lollrlc:He"""' HeadDIF•N1$Ma t lt1!_,ed 2!1-201 II ' Ooen "'""

25 Key management per5onnel disclosures (continued I

(c) RomunoroiJon princlpltl

(I) RitmUIIIIral>Ot> Of ditedOIS

QIC UmH..S No .. • lo lho llnanclalt......,.nlt

30 ...... 2013 (CXDUaJecl)

The Gove<nor on Coundl ollho 5.- of Q.-.slanc -~- tho gr-·s Cllr.-t' fees. Oirectoro reoollling dirlden' '"' l*$0nalty 8llo ,_.,.lho WMory ""*''~"""..., coniJ-.o AI do<oct0<1 .. ~mbu....., fOf ~ - lnCUrtd "''* ...,~ cu- on - otlhe 9""4> Oortclo<• .. no1 ..-ailed 10 '*"",..,.,. -·ncon:Mo ~ '"'d-t>tt*lll (•) ~d-ox..,..,...,and"'Jllorws Governeru of re'fll..ll'leQtJon ptiCiiell and •ra1"91""Mta nrnn ~ ~t Human Rtt~ and Remuneration CoTirruttH "Nttleh ~~ al rem...,..tion poic:ies and lhelr impi.....U1JOn The CQ'nnuttoo refetl lla recommendaholl$ rel1hng tO remunetation to the QIC SC.I'd for approval

Tho """"'lly ollho gooup'1 employ"' aro IO<ICed from cne v.,10u1 ,,,_, mNketo end lnvatmont MCIOrs In whoch tho gr- patlidpoiH II it Important INII tne g-oup's e~ent pradJCH .. CCmpnoNe Wltlwl 1114! .. m•l eu. Etfec:IMt rem<Jt'let8IJ~ snreg~es are an esse<~~~tl tlernert on lhe grOI.Va ablity 10 llttlliCI one retain mesurtnl P' : ' 1 tsoonals enc ollw key ""1>fo) .. eo and 10 .,...., lh• of!e<:Oo,ono" In ""'"""''19 ~ per1orn>roce benclwnert<o

AnelyM and a<Mce i• o-trcn 8l<temal <XlllsU&or&s 10 .,. ... thai ...,..nor..,., 11 bonclvnar1<ed agaontt mt~rk« r~es tor ccmparable ro'os In addition. a nt.mbet olsurwys are used 1o assess marker ratM and «rends Remunor•lon •• reviewed at letS! onnuolly k> onsuro ltwl M 11 ecmpec uve Wl!non ltw '"""' m.,_...nl lrduotty

Th111 !J'Ol'P hat esUiblrah94 1 rtmt~teratlon cotruoturc 10 moth·ere superil:;lr employee pee~ il' uuN1 lo achleYI rho organsatlon'$ tno~ wm pertonnance OllfeC!oves, 10 pro111do $U$Iainoblo long 1erm performance o-. tor lho !J'OUP enc lllgM'tnt W1lh c•em one -.holcll< ontor .. ts

R......,..8110n lot senoor- rQidos a nu ol beO ""'IIWa!IOn end voniOie poo1oooolala bated ·~ p8ylTl@1n-

F11<ed remune~a~>on It c:tlo.Mied"" o 101ol CCII' blot•. ondud"''Jihe coot o1 emP'O,.. bOnt"U oucn 01 mo!O< veticWI, ouper....,atlon one car portorg, logether will lrlnge benet\1$ tax Oll!l4~ 10 1noee beoeln. F•<ed rem..,..,tlon levds are tarvefed 1>o1ween the markel ,..,.an enc 75111 pe<ce.-,le t:>klng 1rto eonsodereuon re!evsnt mar1let trerds

Rodundaney paymenll wo not pr<>Y>Cied lor 'Mhll1 ln<IMduol conncn 01 onoploymont ContJoas of ompqmont pro""" onlY tor nollce periOds or payment on lou ol notice on lonninaeoon. ·~-· al 1llo reason tor ~ermo onon Ttw g""'p may • ;u -.o~o •. ~ rwnnctvnera poymettU ccneo61en1WIII> ...,llry ~

(to) AI,_ l*lotmSIIC8 rod reftltltm ~ v-palomance an~ .-..on poymeru aro locused on "'""' etrl>'oiees 'lllloM roles and conllilltlioll1ore odont<' ed oa crilicalto lhe cor&-•·•:x:eu ollhe group

Tho '-ing cacego~eo ot Ofr4liOyoo1 ont ologele 10 per!ICC)olo on thooo poymenll

Selected seniOr executives apecrfled wdh11 thr& note Leedmg JpeCiabt 5ten With primary <ired respoPI!bitlly b investmen1 or client CK.Jtoomes Son« •poc:oahst 1ta!lv.llh •W'ftC.,.. cfJec:t .._....ollly lot .,.-Oldoent outCCINIS OthorlnoeAntropror.IIOr-.o-onU\e~ol l.-ertpo-orcltnt...,_,., s.nlorrcn 111YIIIInel'll~

n ...... ...,.,_ .. deponden1 on ... tell$fec110n ot j*1ofmtoce c:oncftont ltld .. clll>noo .. ... ""'' Tho I!I8XJmu'n 91 riSk· IWOOunt ~le -• wolh m.tdual.- lo tile llldonlflaleach roo impoc:IS on o!WOSiment and CC'POrate pel1omoanoe Tho oomponenls ot tile calo.Aatlon ~""' buslness OllJOCWOl and are df&Wn ~om the folaw>ng •• opproprlalo.

25 Key managoment personnel disclosures (continued)

(c) RMI...,.rtliOn P<inciPII (conelnuod)

(w) Al nslc P"'11lm1~11ct -tel.,_, canp&'WihOtl (ClC>'IbllUed) flllat'CII pertormanco,. inc1Jding ~- ......, .... gmw!h

QICUmked NOIOI to 1111 fiMnclllllltementa

30 June 2013 (oonbnood)

Client end me~ ondudorg cloenl -laetoon end rott'100n and lnvestme'll porbmance Proc.o ond __.co Including rclt and~~'""'" m""91MO<"rl ond llullnell 1mp......,.n11 Talflnland ctAt""· 1nctUdrng ompl""" 11>geg.men1 copoDrllly ma .. gementendleem -k

In -on. ltle bOIWd Of drrocle<• may exerooe ils ciiCfellon 1o mal\e ooe-<llf perlonnanoo b9&od payments to a-ol emplorHI

(d) Remuneralion ol key monog-1 po.....,ol

Short.t .............. -~ .... po,. .. - .. PosH<rploymere benefits Tei!M\OIIOn bonolill

1,544 tn 282 6711

UM

811&4 2'" 371 457

8036

Plltftl onUiy 2013 2012 s-ooo sooo

1;101 ,., 270 11!

t,647

6817 ~

363 457

7.B81

K$y management personnel remunerationlnd!Jdes lh• remuneraXtn ol direc:mrs and Mnior executiyes specified In this nolo lot ltle ponods nchc:."J!od

Short wm ·~• bonll'll Include salalle& annuaiiNVe eccrued. PG<d loCk leaw ol no!< perionnance Md ret.,_, co_., end 81tf non~ boncfits l""""'ed •uc:h .. an 01 Cll porU1g Long term ompo,..,.. benri:s - long ooMc8 r.o .. acxru.d end ot nslc lorrg le!rn porformanct and ,.,.,....,., """-'sol>on "'*on"*""""" llonofQ Include_.,..,.,.,..., ClOnlllbW><l&

25 Key management personnel disclosures (continued)

l o...a... IloilO IM

~ loiCBolnl 1100_1<1

No ... - 5'00( ,...., h ·~~ 2.,. ......... , 159 . .

• IDeowr 67 25 .. •c-. llllreaot 87 10 .

.lT~ lew.- 87 10 M t-..an/>C. ICbao< 87 10 .

· o· lone.. 07 13 . o~.-1" I""- 67 10 8 l llRCIC< 10 • P r ..... •"' to.._ . . 117

I P IDiradof , 1 DiredDI . . .,;· To11r

1 .u. 2012 . oo ,..,. 2013 m 12 145

,_., "'"""' I '-'"" ""' ao P F y..,.,.A.\1 1&9

07 2$ JO

I Dft<:tor 87 10 . l !Do...,.,. 07 10 . 1H I ~><..,.. 57 10 . 0 It> .. _. ., I . DEI.Aioi" I"'""'"'

., e .

n•'"""""' I"''"""' IT ~~

DH I Oorod., IG 2 PF..,_"> I Diredor "' PR-ns''' I Drec1ot . "' A r. JA...,,O> lo.c- .. TCCI1

1 July 201t - 30 ..U. 2012 uo .. ~~

.....

QICUmltod _ ..,.,.n"""la' oc.- o

30Juno 2013 (CCt'MlllGG)

Ta1.11 Ohdon' -;;;: Pot1

T-

... --;; 17)

w • ,.--Ti 7 .. 7i 7 .. 7i 1 &. --.n 7 07

n 1 -..---,;;- 2 2:2 .. o n , .. -.. -

" ~~ - 71 .,. 1 .. -,.- 113

'"' :w~ · 1l7 T7 7 IW

T7 -,- IW

T7 7 .. .. • " •• • Sl .. -, .. 10 2 20

--,;.:, 8 73 67 67 .. 3 11

838 !18 113-4

( 1 • ......,. .. 10~2011 ~1 111"19._,10.....,....201) ( ltDndoffiiOICI.If'I'I•IIIM....,.·Oolr,_...,. ... ..., •4)0 ...... d01C l ltrl11ri111 ••cJW) _,..,..,.edt and.-.~;,......,,~"*"" 1012: <tl Oootc'1IOif 01 OIC Ullll.ttd ..._..IY ~r ontr .,. ~ )0 t.~wtl'l to·u "> Jt""* » Seot:Urn. lD1t

47

25 Key management person nel disclosures (continued)

(f) Remuneration ot aeftlor aacU'Itvaa

""" ~ ~.;;- ~~~ b ......

Niltlle Posl!lon $'QOO

Poriod 1 Julr 2012 . !0 J..,• .au 0 J F<OWiey'' 744 12 17 C "l!lele 311 II 33

P I ..... ;;;;: 305 12 24

lo • ~

347 tO 17

I A c ...,.., $24 9CI OiftiiOf . Is. .......... -"'~'<ft.,.

4(15 II

lwG ..... :; 140 a

loJA<!ois01 ... 168 3 B

I T_"':". ~:72012 30.1\H 3040 16 211

I J"" 2011 • 30 ue . >I 2

IDF: Clwf_l 520 jll_ -~· [c .. a..o. l a..t-·iol~ 21M! 17 32

1 ~0 .........

P R lnlcll

1~.~~ 257 II 47

DF Clorl<e 30$ I tO

ACRydel" ~ =~ 316 •• lo.b.- m 16

OJADoa 1:': ~ 10 16 I ~,.. • .,.,

17$ 43

TOIII ~":1201 I • 30 N1e :2.4$.) M Z75

......

Ot ....

CIC Llmhltd Notea to tht rlnanclt l atatema.nte

30 June 2013 (continued}

Total~

("'*""'9 -~;;· -.;~- ·-., ~~~~· ..

$'000 f'OOO f'OOO

4 m 18 ~

7 428

7 :!!II

15 832

2 .~ ..

(4 ) :In 11:1(1

,., 2M 071

... an 4 031

21 , . u• II 3>11

5 . 320

10 . 33Z

2~ . 395

• . JOe

• 3!8

·~ m 500

52 •57 J,)S2

(I) ~'-d 2 J"r 2'012. m 1 .. Chti!IOM '' Octcbr 20t2. Prw • ttfl a•.., LIIU:I'I •• "te rcJ'e flllhnlglng Ohaot ~ fit• tOll"- ...a ~e ~...,...,.....,,;c.- p) T .... r.~ 1 <'lllt!Dt.. 2012. Pre~~ kJ h•dni I* Clll!\1 'Ill. 11'1 ~·- d W..Mt;~li'IQ ~. ~~~~~ """"lAg ... ,. Tk

14)....,_,_. 11 0.0.._ 21H2 ttt"~ 31 o.camc-201i ~O)Iblir.d 2tJ.nt 20"it f7) AHG.nted 1 Oece"'"' 1~11 . Pl'tor • file .. ,_,....A:~ ...,. lilf'lt 1011 d w.r~•g,g Onct«, s......,, wl!lcf'l., net •• ..,. ae- ctefi~ ill '-r IM"'IIQil.,_,. ~ l') ~ned l'e ~btr :Nt t

QAO certined staremen1:11

QIC UmltH -to thor_,, .. _ ,

25 Key management personnel disclosures (continued)

(g) Total perlormance enct rot•nUOn rfrnuneratlon

Aggrog;~~e arnoo.nto tor ~rmlnCI and r-r.on ol eft11l10Vees ($'000) Aggroglle ren:U'Iefalion frdudrv lho llmOUrb obo .. ) for employHS 1o whom IUCh omounts a<e paid. payable a< provoded (1'000) Nl,l!'llbt1' of en....,Jea 'tlltto rtte:eNe peymera tor e»rton'rwnoe ar'ld retention -28 Remun8f11tlon of auditors

Oue<lnsland AuG1 Onlt» A••"t ~nd !tvtfo..vof flnano;aal rtporu

KPMG Audtt 8nd re~J~ew of flnanoal rep<)fta Toto remunetacn fer audit &ei'VIC$$

c-olicralll<l enUty 2013 2012

s s

&4,24'1 489.282

30~2013

(CO"'WWued)

Consolldar.d ontity 2013 2012

~.211

127,711

....,

17,092

107,810

287

Portnt •ntlty 2013 2012

$ s

%08,083 25 1,742

208,013 251,742

27 Contlngen<:iK

(1) TruolH obligations

As • 30June 2013. OIC uMed Ol'ltlcon~ored enlil!es-.. lruotee ot

QtC uon~ed Nolte to tho linanclaloll-a

30 Jl.w>e 2013 (caw.ueo)

c.ee-Ccn ... (No 2) lr-1 T- 01<:-Slrii'V!' T-ho 29 01<: ,.,. ... Eq.,ty F..-1 l<o 2 ~ Cenft: klw:::sa;oaj TfUII 0.C GowwwbEiilt Olloe Fund No 1 QIC PrW- Eo,.1y F..-d No 3 e ....... ~ Cenlto TMI 01<: G<on:l <:erml Tnat 01<:-~ f-' Hoi Oenw• Fond No 2 0tC ~Fund QIC Pn.-.a E.QUIY 11'1 •trnent Trull No 1 Inn- lrtYeiCIMIIIS 1\UIBO&l funa OIC Hedged k\1 ............ 1 £qujooo Funa 01<: PO"' to Equ<ty _,.nt Tnat No 2 IIAirtll\ Plfot Property Ttu5t OIC Heter\Svale TNtl OK: Property Fun(! Melton Pfoptf1y Trus1 OIC lrldusenll TNit 0tC Relnit (No 2) F4r'ld NI)Otl CNIC T1ve;t OIC Mhnuctu,. Mnl ll Nt 1 Trull! QIC Ringwood Trutl OIC 1•1 O*nSQel lrusl OtC ifttrt:structur.Minel tll No 1ATNit 0tC Robine lru$1 QIC 10 COlina Stteet T~ O.C ln~e ~-·No 2 Trust OK; 5tc110n 83 TNil 01<:-..ourvoC<xno""""'FundNo Z OIC I-elhna .. oNo 2ATn.c> Ot<:~Cf<ftFund OIC_S_Cclr'IW_Nnd Q<C--...W.-No 28 Truot OICSUblo FU"d ooc-.. e-•""" ooc:--•...., OtCShlof'rr"""Ho1 OIC-O...fiod "'-" '""" OIC--F...., No 2 OIC S1otorr '-1 Ho 3 OIC AM ~ F.....S C»C ~ Proplr1y Dl *Dna• OK:: To11r01111 lnwstmenl Fu'ld No 1

OIC ,_ Rttll l'lq>eny F...., OIC Auttra~•n E~ Fund ho. 2 OIC .... ,,.iln Equllleo Spocill ""'P'• FunJ QIC AIAtrehn Filaed lnteret4 Fund OIC ...... ,., v..-.. C. ..... rl.'ld OIC--·-01<:--Irllra.........., TMl OIC can El'll\anald Food OICc:.ft'-1 OIC ~ T.,_. TIUII OICCN 1-..t OtC Ccllonoll C«ft TNtl OIC c- TIUSI QIC CRCHU._, Tnat OIC o...s~nod Auilrlliell EQ\11111 r Ul'ld

rru" ooc .. ...,...,.., "'-'r •­ooc J~n.~~ty 1m r""' OICLogonH)'I>II-INO 311""'

OIC Logon H!l>fRIO"" TnJII OIC Mlfttl2CX)1 r"'* OICMonyHI -Truot 01<: MH IJer>ey) I Ml No I Ot<:MH-)TMlNo2 ac "'4Jrnevt r""' ,.., 3 OIC MH (JirMVt T.., No 4 OICMHIJO!My)TM1No5 OIC MH (Jo<wyt Tnat No 5 QIC MH (.le<>ey) TNOt No 1 OIC MLC Centrt fi'Uilo1 OIC 1<01111 Amerlco o-etfiod "-'1 F•na

OIC a.-.i'-1 Foed 1-Food OIC "'""'-"'-1Y F .... OIC OMr'II<IG..........,.... F..,. ... I OIC ""'" Aoio ""-11 Funo QIC Or ara4tci .MIIIIt\.!Cir.n rtl'lll tfo 2 0tC NZ Powtt Trw~ No 2 OIC E1111110Reta•Fund 04CNZ-T""'No l OICOFI-f<.m OICNZ-l'WINo 4 QICGFI--Fund OICO..PropottyF ...... OIC GtoNI Cre<ll Fu"Cf QC Po"'l Truat No 1A OIC GloNI Cr.O.O ()r:lporul'l,_ f""d OtC PoliO IMINo 18 0 10 GloNI Stroh:gy TruiC No 2 OIC Pono TMI No 2 0 !0 GIIOOel Strategy Trust No 2A Ote PPP Tru~t

OIC Tdhoecll f'\1'10 No 1 OIC Tolr_r...., No2 OIC fnt•IU') tnrrutruc:~~U Funo

CIC Ttw!U'#) IMfUCruclln Food No l Ole UK Rt .. l f und OICU$1r_F....,I.o I 01<: us lrholriiCIInf'Uld No 2 QIC:OS ~~F~No 3 OICUS-TNtiNol OICUS-T11At1No2 OIC US~- Fuocf No I QIC WMICIOnt Trutot Q.QReaiP>ooonyHodng Trust Q.OTruotNo I Q.OTruotNo 2

Q.OTMIHo 3 OS 1 MH 1"* OS2CI'I T""' OS"'-" T""' No I C) •4 8oCipUII fUlj No 1 ().Aon....,.l!lloCopat f'tm No 2 ~...,... ..,..,...,... Tl'\l&1 No 'l WllltfgitOII'IIt Tf\.111

In Ill -tty as trustea. 1111 gr01rp • potenlioly 1- tor Ull> t.es of lite trv•IJ Howovor l.llder the TRJIII ~ lhe group 11 .,.,..., to c. -.n~~~ec~ ,.. of llle .,Mtt ollhe ltUiiS 1g11n11 wrr -or OIAgOIIIQS ...-In Its role os .,_, l'fV"dod the NIIIM hos OCOid ,......, 111e"""" of tie TIUIII o- N. 8130 ..V.O 2013 IOCAO· a...u """'""IDilll ~ .. ill tile r.JStS ill ~ me o1nt111 otUy -- c~rsamo ponloioot on bellolr of port;Qll;lr COIIIfiiJ The inves"''"'" compr 11ng each pcnlolro a-e owned Ill' each palticular dronl In eocoroance W11h - argree......-.:s I)OIIelnng dlscrece poilkllios. dients are oblrgoled to provide runds to the parenc en lily to CO\'ef •"Y loues or O<JtQornga ouotorned In QPO<ating I heir partJculill' po<IIOIIO{s)

27 Contingencies (continued)

(1) Truotce oi>Uga~ono (conUnuoCI)

QIC Llmii&CI NOIH 10 tllllln&ncloiSIIW!Itnta

30 June 2013 (ccn1.onuoel)

The Cllrec:tors t>a.., • ..- lht ,_.,eretle amounta clll\e asseiS of the tMU erd conducted lhallha ""''' have excess assets orvw liabd•tieS and &CQ)rding.ty the gro..p hiiJ not recorded I"Y llbility in its. &lanclal IIQiemtiU

Funcll rnanegod ~ "'-I"'"P tn a wstM copact~y In • .., ..... or dlsa«a ~tOalocalleCI S70 3-ot30 June 2013 (2012. 564.7 btl iOn) n-. 6gLns exduclo aooa ~·-INtiS

(b) Subllclary--late undtrtoklngo

In ~anao d!h an ~ unoe<taktng <laleCI 27 Februory 2006, •-a 5 Feb<uary 2013. QIC l..om<leCI "'~ agreeslo pay QIC Reta- Ply uo an amounl up 10$3.0 million (2012" sao millen) (In aggre,jate) on """""' CIO<nena pu01uan1 to on 1\/JolJIIian Financial St!N\Oee Lloenoo

OIC Lltrltea lotmat'V retan<lld ,.,_, 28 _.,., 2012 1/le elgtble lllldenakng GaleCI 27 February 2006 to OIC ""'Perloo• Ply UCIIo pay on ""'ount "P 10 S5.0 millen (WI aggregate) on wncen aemar.d JlUS"''>t 10 "" applcollon b on~ F......,. Semen ~ The opplk:alion cid not p<oootCI ond 1llere to no ,__,. b 01C "'-' .. Ply liG 1o - an oli~l>le l.ftdert...-.g

tn eccoraanao Wllh an el9tla ...-ou-.g cla:aCI 27 -bor 2006 ~:nonaeCI 5 f~ 2013, OIC Lanrtea t~ly agees 10 pay OIC Pnvr.e ~IJli'l Ply Ll!l an amour& up 10 S8.0 tr111on (2012 $10.0 million) (•n aggregolo) on wnilen aeme•li pur~Uen••• ""Austral.-> Ftnanciol Service! Ltc:Mco

In ec:c:crdanco 'Mil> a loi!W ol gul!rWllee Claled 30 Juno 2010, OrC Umlted lrrevocobly ogr- to pay OIC (UK) M8fl8901Ttel1l l.Jmltod an amount up 10 $10 o """"' (11MIIllfllll•-llll on wlfllen aemarw1

In occord;lnQt ...ut an ~bit uncllnokln; Clnod z; ~lire!> 2011, emended 5 February 2013 OIC LlmlleCI lu.-y ag.- 10 pay OIC lnii'IIIIUCUJte M~Ngtf!'e,_ No 2 Ply LlCI en,., ..... "P 10 $50000 (2012. S5 0 ml 1 on) (11 o~) on W!1llen CIIT.and pursuart 1o on AliolriNn Fononcial Servlcn I.Jcor<;e.

In eccorelence .oitl an "Vblt ~ daled 20 Mlrcl1 2011 amendeCI 5 feC>ruary 2013, OIC L .. lled ...-.ootilllly o; ... s 10 PIT OIC In-merna No I Pl'f Ud an a'I'IOUnl up 10 S50.000 (2012 $50 milton) (11 oggregote) on W"'ll.an demerd purouont lo., Alio~ehan Fnan<>al S<!rvlces ~oo

OIC LIMOCI r>ll$ IOtmally reecinOed, effed""' 30 Apnl 2013 the undertaking gi- 10 <:onll'llle 10 turwl the opereltOna of o,_,...,nd BtoC..,.,.I r unds Ply Ud onco tho rnan.gement fee C&j)IOM!hln till Truor Deeela M\le bHn exhluoleCI

In 8CCO<dence Willi deed polo <*ae 2 FebtUary 200< anCI 18 Motdl 20CI!>. OIC llmleCI hi• oveeel to tndornnlly eech ...-ry bled11 ..... daeCI polo lcr -ties '""""OCI ~ lhO IUI>Idary 10 twd poriiOI. ... ng 1Iom ll'le pro-cllnlncaf-10 -~~· chrUin-of COOing (ncludortg •ta>g.IIQ lor t per10'> 10 dMI) pnMCI.rg lnlncal p<odutt a:Met erd ~a wsiDCIIII or e1ep00110ry senoco

In ecc:crdenoe """' the OIC (UI<) Ltanagem.,. L.-noted looM cl 21 -n liladiA:I. L.,_, OIC lmMeCI lrriMXel>ly agrees 10 PIT 1ho 101oor lny OUIS!ancing ...-c onli maile gooo on any Cllnlllges 10 the prem.ses fO< lht iOfm of tho lease, Oltp.mg 1 Fti>Nary 2017

In IICC0<1lance .. 111 an dglblo unoe<takrtg c1atee1 29 Marett 2012. OIC l.Jm~ea .,._.,bly agrees to ~ OIC lnvutmom• No 3 Ply lid on om....C up lo S50,000 (11 og;rtgoce) on w.-. damenCI pursuOil to on Aullramn F.,.nc:.J S..-IJcenoo

In -donco wotn a G8P _, -ty aw-ne'll CIOieCI 16 AQI1 2012. ••""leloCI 15 May 2013 OIC Umoled egroes to pay OIC ~ lnllfttment ~ IJmAeCI on .,_.,, up 10 G8P 50 I1"0lltcn (2012: G8P 20 0 rnilocn) (11 eggrlglle) on ""'!It" Clomond

In ecc:crdonoo w.:11 a G8P 10en laa.lt'/ agreemon1 - 18 A!><l 2012, amended 15 IJoy 2013, OIC l.Jm•tod ag"'es to pay QIC (U~) Managemem um<ea "" anount up 10 G8P s.o m•ltoon (2012 GBP 20 0 millen) On avgrtglll) on wrmon demenel

51

27 ConUngencies (continued)

QIC I.Mnffod HolM lo tho nnonclal .... _, ..

30""- 201 3 (cont~)

(b) Suboldllry and ouoclato u- klngo (contlnuod)

In accord&~"'·"' a USO IO&n laollly ogreemonl dalod 1& Apnl 2012. amef'lded 15 May 2013, OIC Umilod ngre6 10 pay OIC US N.on•ll""""" Inc an amount up to USO 50 mt~on (2012' USO 20.0 mAcn) (on a~o) on-"" d""'ond

In ..... Cilia wtn a - tlclilly ogreement Cll&8d 16M 2013 OIC 1,. ••-No I I'll' lid ogr- 10 g-v OIC ......,od an..,...,. up 10 S8 0 Mol liOn (on_...,, on ••<Ilion demand

(c) Utlgolion

UdgC>On It I~ PIOQI- mo"'rG lhe peronl emiy and ..rt.ln ol ks c:ontroled entJl>eS "'V1tlr capaQiy U lrustoo, in re11•on 10 dospues po~ta~niro 10 PfOf*iY, leo.,ng af'ld management avi~•• Tno parent enlity and ils cooliJolled on~l~eo oro p!I'IU!ro an~or do/ending lllo -• 1111 n01 possi>lo 10 ,.,obly eoNINIIG I he fill&nclol oftocto llll'f)'

~ complltly is delendng on action Orougl\1 againstt as lllolruotee olatrust wf11dl ~- Iince been ves<eo 1118 grc Ud'1g8 a-e in lhe.r early.._ and q pot......, lob~"Y IS 001 COI"i$itlei'Od ., .. ., .. The CIOI'IlJ*'IY 110$ ,..., I ltiOIIOOior lhe ,_ 10 bo rHmoOMG

(d) ,._,""'nee , ... A porfo'mance lee IS pooent.any peyeble by the QIC ShOppong Centre Fuf'ld 10 till group wnere certain pertormence cnten. 01'0 ld>-..,. a 12 year pef'Od or<11ng on OCIObef 201~ . II IN pelfomlllnce cnte'ia ore noi iMI over lhe - •• 12 yoor ptf\011, no performance lot lo payol:ilo In Oeoombor 2008, 111e group ,_ .. d 1 mlcl-...., 111alolmonl or tllo porlorrnoncc Icc oiS&<.J million nol ol G3T

At at 30 June 2013 booed on portormonco 10 dale m.ona90"*1U JOJCigemtnl II 11\11 Ol'lf 1!> - are "'.,.....,g or IIIIi porforrnonco r. ..,., 1111 ll<oohoOd 1 por~o,._ lee .,.. bo ,_..., 18 much more proOII>Io and..,. bo ...-a..t- a higl1 CIOgM o1 OIWianly .,. porlcrmance ta.ogala.,.. be .n-d lor ll1e 12 ,­penod AcNWement Of """ IJrlle& IS INiuenoad l)y 8 """"'"' ollactcn """' - "" group has rD a:r<rol, lnc:luOng 1M undof1VIng worrnence olll\e IX><IWIIO<C ... .,._,., ~ ,_,.,.,...ill"'*"" 11($$ 8nd other t11k-Tno group 1\as uposu'e 1o pOlO"""' peyables in relaloon 10 porll)rm.anoa fe6 - pr<>w>oons Theoo poymtnl$ are C0111ingenl upon the ocn.rrence or nege~rve perfllrmanee rele~ .. 10 conain oondfbona No nogallve parro.mance has boon recorded ae<:ordlngly porformonce leo -· ,. .. n01 boon recogrwoed • • expenooa by till QtOUP 101111e ye<Jr onded 30 Juno 2013

28 Commitments

(1) Copltoltornmi1mtnta

Capolal expencflule COi 11>- lo< • IN 'IPOfli'IG dlile 1M 001 rocognrsad as 1- • as IOIIaws"

W~M ono ytflf

Ullet liWI ono .,_ b<Jt 00111"" "*' INoo r-s

(b) Opo"'tlng leaoe commllmenll

Conoolldoted entity 2013 2012 s·ooo $'000

1,091 824

1 72J

1124 1 21.8 1 S72

Parent entity 2013 2012 S'OOO S'OOO

Tho group it..., various olfices o•d m<Kor W!h(lil$ illder non cancelab.o operallng '-••••· Tho 1 .. 56 ,. .. varyillg ...,, t1C81atlon C'aultl lnd ronewat rigiU On "'newel 11\e term• ol \lle lo"oa ..,, ~ialtd

OAO c:ertif.ed $1atemercs

28 Commitments (continued)

Com'~"< trnttn tor minuw..m ae••• peymenta 1m -to 1101><81Celat .. _..1'9 ... _ .. pttyillllt •• - -Wdw>oneyar Lolw """one year but not Iota ttwii!Ye yeatS Loecr llon hwc yan

QIC Limited Notte to tho llnonclal 112-n~

30 Jun4o 2013 (armued)

CoMOikloltd "'till' p,,..,, tntlly 2013 2012 $'000 $'()()()

10 ,117 4C,I6C 1,031

11.110

9825 40,290 13659 ti3 n~

2013 2012 $'000 S'OOO

59,706

9117 37,841 13.!7• 60,332

ThrH 01 the leased omeoo 1\tVe oeen ~<~blet by lhe ~ At30 Juno 2013, 11>11 totol oi tiA\J,. momnUliiUblta .. payments oxpededto be reoer>'ed ...-dor non-cancellalllo IWb-owas $11 9mllllon

29 ReiMed party transactions

(ol Plnnt enllty

The ~ottomate parent ontr.y ~rn mo group is QIC I.Amlltd The czxnpany is a Olltle..-Ad Govemm""' OWnod Corpora~on. wolh an oharOI hold by wretiOiding M...,er, on -• ollhll StMe o1 Oueenoland AI Slate ot Ou...,.tond controlled tnl!tlet mMtlht deRnoaon of- l)&rlltt ol OIC LAm•od

(b) SUboldlatles

lnltttttl '" "*-diaries ere Mt ~ 1"1 note 30

(c) OChor ~.,.Ill Uy managomentJ*Sonnal

Aggregece.....,..... oro~ be-tor uano""""'" ,.., Uy ~ PI!W wwl ol ()!(; Um¢od

(1) r>Hdors d QIC '-""""<~

Tile Chairman. Mr P F Young AM ts a direct<>< 01 the Grut Bomer Reef Foundation. In previous y..n, OIC Limited provided donationo to the <l<eat &mer Reef Foundation Tllese IJansodJonl OCCU'rld 9t arm's length and-. nol molonll

Tl1o Charman ~ P F Young AM II I cluodlx 01 F•rfax Media LJmllad OIC U""led l<ll>ocrt>n 10 pub'OC8I;On& ~ by Fu1ax M- ~ l.lrnUd TO.M ~- oc:c:u "" - COf'm'OIOII ter1M lncl -Tho Chaorman ~ P F Y<>Ulll foJA • 1 member ot lilt Queen-.! Art ~ Boan! ol TrU!lees OIC lrnrleO proviCie& lllllltm8111 ma~monc -to lilt Ou-ond An Gollory -abon mo .. nnsactiors oa:ur on"""""' conwncrdll ~-ton<! oondctJono

Tllo Chlolrmon Mr P F YOU"9 AM wet appointed chaumon ot B...:lay& - Auotralie end New z..,.lond dur.ng u .. year Bardays provides lransactlanlll b8nkif'9 10 QIC !inned's st.Csidlories OIC (UK) M"""gement Llmi!ed and OIC Europo:~n II'Mistment SeMcet Llmrtecl These nnsodlans OCQir on normll corrrneraol terti'$ and oonca..,. ltw Oop..Cy a-man, loll K 0 - ...,. a Iormor ,..._ ol Mons Mtu -eon un11r 31 O.C.•.,., 2007 1nc1 IS rcw a cor"'""" _.,...., cr Alieno Unldators (pnovrouoly A!lans IWU Robrnsan) Alens Lr~W<~-. 11M PIOVICied 11;11 oeMOH to OIC Umiod ond cort111 olu -- lt-"*'-"''InO OCoOJr Oft nonnol commeraa!term1 ton<! corldroo,.

A dlrtaor, Mr M l Newman /4C II an IIM&<>r 10 the MMC Group OIC Llmrted hoi ubi<Md the consulting HIVtctl ot ~las Wtnfl llle MloiC Group These ttoMocUono oec:ur on normal commorclot ttrmt and condlt1ons

53

QAO D!nifwed statements

29 Related party transactions (continued)

(C) Olhtt trarwactlono with koy monogoment poraonnel (conllnuecf)

(I) Cltr&CI~ Of OIC Umiled (COIIbnu«/)

QIC Umhtd HoiMIO lilt lintndolo­

)C)June20U (c:cnl.nued)

A dlredor, Mr M l Newm.> AC os a palfan al ltlo C01!11T1111ee for Economic Development al Australia (CEDA) OIC IJmrted suboaibesta p.AlllcatJOOo pralllcled by CECA These uansOCIJCln$ OC(;'"' an normal oammer01111rmo aocl conditione

A citeaor. Mr G B MuiOa(l> t• o aenetar a'ld adjunct prates.., of the u.. .... rsoty al Queensland OtC l .. lled sobsalbes to membenhp and - Hr.Ac»t proWled by the UnNersty of Oueenolond 1heH tra-ans OOOJ< an I'IOI1'nal C<liTimertiOIIermo aocl ~

A atW:IOr, Mr G B MurdOCI'I. was aCOQO\Ied clftdor of Cardna l.Jmr(ed cmrrg the~ OIC LJm,tod has ldised the oamuMrng ......,.. of C. '<Ina IJmoitd Theao ..........,. oor:u an llOW\Ol crommor o.~- tocl c:cnoiiOnS

A 6<eao<. Mr 0 E IJiau -a -tcoAI'oo O'«CQr al Ulllll Ply Lid ..... Its rot_,ont on 30 J1N 2013 OtC IJmoltd Nl Ull.sed 1he """"'""';- o( Ufl>l Ply lJ<I These lr8MaCIIOOS QClQ6 an - Otii>IOOol terms aocl conobCns

A 1-drOCIIlr his B K Morria ra o farmt< mombor aiii'IO AuArlloan M#<sory C()U'I(jl OIPlnant B~­OIC IJmrlod he$ u!Astd ll>o cano~ng IOMCM of PIIIO.S Srncl<ottro« Aullralra Ply LIO T~-1J...a.«~o occur on normal! oommero.aJ 1erma1n0 condftGM

A for""" directt>r. Mr D H Harrison Is a olrtaor at BAC Holdings limited OIC Limrled ._.,.. droc;tars' -In retellan to seMc:eo prcwtdedto BAC Haldlnvt L"""td ThMe tronsactlont OOOJr on n""""' ClOIM* clalt"""' oocl can~

(li) Executives of lire Group

Or 0 F l.lcTigg~n. lilt I<Nmor CMI &ocul,.., WH a-alltlo Ouetrwland CamrnJnlty Foondlrtlan \.nlll 31 May 2012 . OIC l...ted prcMdeo opanoorohlp 10 11\a Ouoen•land Commuroty Founaallan

Dr 0 F MeT-was a dnetor a1 T- Tochncllogiesliried L11bl9 Odaber 2012 T...ts for whd'l OIC llm teo aub50ene$ ere INSlee rul Sit- "' TtloeOO TaeM:IIcgieo IJ- OIC I.Jorrlod ..ao-..d dl,.._,ro '-"' "'J&IIOn 10 Dr 0 F Uc:Ttg!ll'fo-

Dr 0 F Me Taggart W3S a chetar- of the Ccmmace for Ea>nomr: !Jor.oefoll'"*'lt 01 Auslr8lia (Cen.v ..,.- 7 -en 2012. QIC.........., S<l-slo po--.,..,._., Dy CEDA. T~eoe tnonsac:bans OOD..< an"""""..........,....,

-· - c:roncbc> .. Dr 0 F MeT~ wos ~ 11 o ~an tho a--..t..ocl P\.blrc SeMce Cormronron of 1\ucli! an 21 Aprll2012 WIIH or o F l.lcT11gg011 waa tnt cn..t Exoall,.. o1 OIC lJrnUd t1te ,_ tar hro .eM- 10 tno Carnm.uran ol Audrt -. renutled to OIC '-"''ed l,_, tr--=-s oc:rcun>c1 an - c:ommlfoa c.ms and COfl(itjons.

Mr A C R)'der 11 a director of MecJICII and Proftnranol Fuocla Manag&menc pty Ltd and chell 01 t1te M-end Profe.-.01 Funds Managomoot tn.eotment Commrttoe M< A CRyder reeeNet dlteCIOrt' lttl kl rtttlran to 1111• appconlmont. QIC llmrted provldeo lnw.~~m«~~ manog..,ent ...,.ces to ModQI end ProloNional Funds MBnagtmenl Pty ltd These tr41nsadl0ns occur on normM COIYlm~ terms and oaldrbOns

QICU.,.tecl Notn 10 tho IIMnCiol ot.-nta

:IOJunezon

29 Related party transactions (continued)

(c) OU..r trlnaactlono with koy monogo.....,t pe...onnet (continued)

(/1) E>or>ttlv&s o1 1/le Group (OOtllrnuecl)

'""'*"*"

Agg~ate amC<O>ts of each of ll1e above typea of tronoacllons IMih key """"'gemeri personnel of OIC Limited and tie conacfdoted entity, are Alted below

Al'bOCMt recognised .as ,.,.,ue ~-~.ar-ce lees Otreaor's fees Conslltng--

Amoun:r.s r.cognl$.ed • uponsu Prole'$$1C1081 IEfVK:8S SUOtcriptiono Banii<Nrgtl Spoosor<~~pe

o~ona

(d) Tnonuctions with otherrebllod portiM

Tho lolowwtg .._ ooourrecl"'lll ret- I*IIU

SMM olgoodoands~ SoNa- lromcomr....,enuiiM Olroelors' toea frcm ••-•• lnvestmem management and~,_ from Olher rei !It«! pertres- State of Oueonollnd lnvoatn'enl management - perlom>onot 1-lrom-rotated psrtln - OueenWnd Tret~IIIIY Corpourllon Other goods and services from otl'ol!r related parbes- Stole of Oueensfand

PlJrchUu of ooo<J• and services PUtcn.aas of~ and """'oees from othor retolecl porbe$ - Sla:e d OuHnsland

- '"' """'10 CQ .. ored --· hyiD«lt ol income tu ocnor-pa:tea - Stale dOUo_..,

Coneolldolecl ~ 30 June 30 Awle

2013 2012 noo S'OOO

9,540

Bt,050

158

• • 498

55

50

8535

90,002

353

5.284

18999

2013 2012 $'000 sooo

32 43 143 15

ll 201

2013 2012 $'000 $'000

4,2118 1,208 20 29 2

1~ 13

_ 4,230 132~

Pa,.,.tnUl)' lOJ""o 30Juno

2013 2012 S'OOO $'000

35.on

9,540

84,000

lt

:1$,433 50

8.535

83,000

253

4 1)65 10005

QIC llmtl.-1 NoiHIO 11M ftMMIIIt._tt,.nc.

29 Related party transactions (continued}

(d) Tron .. cllono wltll ...,.,. ,.lot.-! Pll'tlfl (COfttlnwcl)

Poym.,lt of dMdends Other related pates· Queensland T "'"""Y ond Tr-

Tex COI!solidation legisbttion Nnoo.Rs ~ by subo-""""' .,. w l'*"'98nd fllndng 8g1Ni-

0Mdond-...ue CorttrclleO entlbe$

(e) Oulstanding balonc.

Contolldlted entity 30 June 30 Jtsle

2013 2012 J 'OOO $'000

te.022 211.>461

JOJune 2013 (-..od)

P•,.nt ,.l11ty 30 Juno 30 June

2013 2012 $'000 1'000

16,022

'" ••o 35430

Tho rolowing bolanceo .,. ovt•lllfl<lng Qt .,. ond ol ll>t repo<li't; penod n relal()n to 1raneac~.ona "'Ill related PIRIU

¢onoolidoted ontlly Plr.nt ontlty 2013 2012 2013 2012 $'000 $'000 s·ooo $'000

Ccmetl( rec:e/vllbles (- ol goods and HI'Acu)

Cooln:illed ·-1,645 133

Ottw ,..lltd 111111~ . Sl.M ot o.-lland M3 773 .., 773 Otli« ·-po,..... a.-.tono r.-urr c..,.,._n 18.<l20 18279 5,711 S880

Cu ri'Wif r«:- (tu futtdlltfl-"*10

~-tilt--- 10,1M 11443

CurTWit r<K- (dM"""d TC'YOIIIH!) Conu...., ertteo "·'" 35430

Current pa)llll»es (purcba56 of flOOd• Ofld JOrvlcu) Controled entites 74,351 78783 Olhtr rwlilltd perlleo • St .. of o ...-lond 2tS >462 141 218

c .u,.,r payliblu (poymonr of d<vldendfl) Olhtr related part:es • O...nsfond Trusury and Trade 30,9011 15.022 30,90t 18.022

Non-current -'lion• Controlltd entilleS 5U13 ~.337 Alsoaated entlbe:S 51,,83 &<337

No pnMOIOOS lor OOI.Uf-' cleDU NMI been ...eel In -.on to orry ~ l:>elanC:U ond no 101111- '­been ...:ogriSed n-ol 1>..:1 01 dOubel\1- d"" tam relalod partes

OAO ccnlfieo statemern

29 Related party transactions (continued)

(I) Ttrmt and condldono

OICUmhod - 10 tlw flnlnc:lllo-nca

30June 201S ( c:orc.l'lled)

Deta;lS OIIM IOEI'IIacilily agreemeJU and ohgiDio u-ln!)S provided to related po<11es are diiCiosed'" note 27(b)

SOM<e feoo hom c:onlrolod entf-l't Chllf9ed II egteed 11101

There are no imd terms fof tne repeymerc of loll'a between entitles ., the group and Itt In*- free Outozanding tJalarices are unsecurecs MICI ,,. ._yatft on easll

OAO certified llAtemenrs

QtC Limited Not11 10 tho fif\lncJal etatementa

30 J uno 20t3 (ccnt111ued)

30 Subsidiaries

rne fnanclai&Ul!ements 10001porare the asoets. li&biolleS and resuu of tne IOIIooMng subtl<llartes In acx:ordance ~ilh tne aoc:oi.l\ling policy described m note t(b).

Nom. of entity

Canbern Cenrre lnVe~merns Ply L ld Oaremonl Resat Company PI) Lld Eastland Propeny Holdln9S pty Ud lnnovtS lnvntmenls Ply Lid Mllrt"' Pllece Mreoemcne ~ Ltd Pl>dic Edlo Ply Umlted QBFNo 1Piyl1d QBFHo 2 PiyL .. OIC(U<I""'n-tU<Mod' OICA.Jie Rcot est.. tnvettmtnlt Ply Lid QIC Q.l Ply lid QIC Coorr<!"' Ply lid QIC O.....lop.,_. Ply Lid QIC E Ptylld OIC &.opeen lnwettmint s.t\4c:tt Urntld • OtC CJobal Re•l &taie ~).Inc. •• OfC GI!E ll•nog-t Sl Inc '· OIC H!len:svale Ply Ud OIC ""Yitld Ply Ud QtC ... tr\ICIU"' tMnD~ No.2 Pt)' Ltd OIC ..._,rucllft totana~ No.3 Pry Ud QIC ...._struclure l.Canag~ No. 4 Pty ltd OtC tnbl1J\IC1uteliiCIAII!Otmenl Pty ltd OIC Hliot Un-Ply Lid OJC l'*mMiol\ll Rul EMil* lnvtelr'l'lenla Ply Lid OIC ltWeStmeniS No. 1 pty Ud • QIC lrwestments No.2 Pty UCI OIC lrwestments No. 3 Pty Ud OIC Logon Hy~ ~No 2) Ply Lid O!C Logon Hy~ ~ L"' O!C loWry Hill Ply Ltd. OIC-CoY>t~Lid QC Ncdl Amerca ln\>ellmlnll Pty Ud O!C 110M A$18 ~~~Etta~ ""'eslmenl Ply ltd OlC - ... Capilal Ply Lid· OIC "'OI'trti., Ply lid· OIC Property lnYa~nlt (Jefwy) No 1 U1nhd OIC "'-rty Monogom.,.. Ply Ltd OIC Real E•ta~ funds Ply Ull QIC Real Esto~ Ply Ud OIC Reali (No. 2) P1y Ud OIC R«oi Ply Llll ' QIC~Piylld OIC-.,PiyUd ate 1 oowoombe Ply ltd OIC US k'wcslmert SeMceslnc •• QIC US Man_,, Inc ' QIC WestpOinl pty Lid ctPC ln<illt$.!m(I(Q No 1 Pty lkf Queendond 9ioCopi1al Fuod$ Ply Lid Wr.er9Mdent Pty Uo'ilid

Courmyof lncorpor•Uon Cla .. ofaht rn

~rata o.-ry .austrah OrQnary Australia OrOnoly Mw•li• Ordnory AuM'IIIt Ordnory A~A~relia Ordnory .-...s.raua Ordnary -·· O.Snory

1.01iloQ t<inOdom Ord•OtY Aulltllll Ord""Y Auslr.,lt~ Ord!\IIY Auslraliil Ord!\IIY Australia Oni"")' Austrll!a OninlfY

U......,KingdOrn OniiAaty U,.._,St1tu Ontno<v Ullo1ecl States On>nary

Auslnlka Ordinary Aultrtltwa o.-ry ALtelrat~" ()r ... ry Au&tralia Or-ry A&snli~ Ordhery Au51rall0'1 OOJnary Awnlll Onfinlry ........... Ordonory Ao&•eUtl o.-y Aus1ralia ()nDiory

-~· Oninory

AuUI"IUO Onfinlry -·· Onlnory ~ia Onlnory ............ Onlnory Nslrolla Onlnory

"""'"'Ia Onlnory

""""'"" O!dinory ........ , .. 0!\MifY Jersey ""'"'"'¥ Alai11Jiil 0...NI)'

Al.tlrr.lrj On!N<y Auslraha ()nj,nory Australia Otdftary Aus'tralla On!onaoy Aul>lf'lllli<l Ool'*\' Awtral!n Oolnary Aushlia OoiiW)'

Ur'llted s lilies. On! ray lkWSiuioa Ord'fW)'

Al.&traia Onlnooy AustTNa OniN<y At.rs-ntia On!JW( -· OnlfW)'

58

Equity holding 2013 2012

% "4 100 100

50 100 100 60 ro

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 tOO 100 tOO 100 100 100 tOO 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 too 100 100 100 100 100 100 100 too 100 100 too too tOO 100 100 100 100 100 100 100 100 100 100 100 100 too 100 too 100 100 100 100 100 100 100 100 100 100 100 100 tOO 100 tOO 100 100 100 100 100 tOO 100

QAO certffied statements

30 Subsidiaries (continued)

(conllnuod)

QICUmlted -ID tho llnllldllot.-11

30J- 2013 (a>nllnued)

'Suboidta<ies lllilt a<e m!l!rred to In INs finanool ropon as the gr0<4> or lhe oonsoidaled entoty All other erMies ltstad lied no tran$aelions end were effecllvoly dormont during lh8 Ct~retlland prlo< yea.s

" Suboodouy ol OIC US ,.,.negtmonl, lnc.

31 Events occurring after the reporting period

Thlt1! hX no1.nsen irl '"' r lll!rwl- 118 IIIII Ili tilt ll/lal'1cia '1$(11 Md the dole ol lla repcri ""J com. transaclion"' ...,. of • motanal nacu•e i-oty ID alfecl sognc~earey alfW tne ope<aliono olllle-h­ol-operaiiOnS «tile -• of.,..,. ot 1111 0'0'0., 1\Aute "-,..,

32 Reconciliation of profit after Income tax to net cash Inflow from oper.tlng actlvitios

Consolidated enlily P...,nlentity 2013 2012 2013 2012 s·ooo $'()()() $'000 $"000

Plolitlor tho yeor 31,635 26,703 311,710 2e.712 Olatflbubon Income reinvlfi.tod (1,0321 (265) (1,032) (285) Felr V8IUI (gsino)nosses on flllondol oaeollllla~ value through profil or IO$$ (t521 (25>1 (952) (255) Depreciation and amOfi..,.on 7,t53 8334 7,806 8 .2>40 N<K (goln) loos on diopoeol ol non .,.,.,.., e ... ll 427 72 427 72 N« (!l;llnYion on $310 oll....,clliUMIIIIIM Y111Ue IIVOUgn IJIOIII or 1066 Ch8tlge 1\ operr.ing asselS and liaMtlU

(313) (313)

,,.,.,_, "' ,_...bta (13,010) (7 5411) (8.M3) ('!> 107) (lna-•J-•• in - cu...,. Ql- n1 m .. 373 (lnaease) deaease in oe!errad IIIli uteta 871 (3.35o<) 1,221 12 307) (ller:rta$8) tncrease in ~s 5.511 7,6tl0 (1,373) 21.637 (Deer ..... ) lnerea$8., -- (ll.ISell 13,879 (11,117) 5M7 tDec:reose) ,.,.,... on curron1 ta bbl 1100 (4,3811 ( ... 123) CUAI (4 354) ( Der:r .. oe) ,..,_on de'erred *' .abtl- 4 3111 8 4,4Z'l !8!

Net t»Sh tniiOw (au:flow) 1n>m ope<Ung oct- _ 24,141 .,, 168 2UIJ 410 375

In the dl QCIOr~o· Ol)niUJl

QIC Umltod Olrectora• dec:.lar• don

30June2013

(a) Inti ,...,.,... sla:em.ents ...S-Mt out on page< 5 10 58 oro'" acaYdanCI wlh the Colpor.tl>OtiS N:t 2001 ""*""'!~ (•) a>rnp~y>ngwl1~ ACClOI.IIIIn~ SUndar as tne CCii)OIIIIIOM Regl/ttroonJ 200flnd 041'tr moncsatcry

pr<>leoSionel rtportng roqulreotenta, and (II) giving o true ana t•view clthe perent ond ,.,._ted erlity'• flNW'Ool po<Aion .. at 30 Juno

2013 and of~~ performance lor theY""' 0<1ded on 11181 date ana (b) there a-e reas...-~to -lhat the oompany ,.;tl be-to oey a ceecs as a'ICI wtltnlhey

booomo $>0 and po~able

Note 1(., conkm$ thet the fonanaal s:atemeru also comply wotn lfllornal.<lnal Flnarael R~ Standards as ISsued by tho ~n«>matf()(I(J/ k<:OuntJng Slencf~Jrr~J B08fd.

Tills de< It fOil«> rs miKie In • ccor<l....., w.th o reooluuon or doreciOrl

OIC Limited lndopondont oudlto<'s ropo<t to tho momwrs

30 June 2013

INDEPENDENT AUDITOR'S REPORT

To the Membenl ofQIC Umlted

Report on the Financial Report

I hovo oudjlod the eecompon~ng ~nelal ropO<I or QtC Limited. which comorisos the atetemenls of fonont>lll poslllon as ot 30 June 2013, lhe statements of profit or loaa and other c:omprehen&fve Income, statements of ehonges ., equity, statements ol cash nows 1o< lhe yeat !hen ended, nole. compn.ing ol summary of S~g~ifJCanl accounung policies and OCher explanatory information, and the directors' declaration of the company and the oonso•lctated entity comprising the cotnpany 8tld the entities it contJolled at the year's end or from time to time dutlng the flnandal year.

Diteclors' R~ for the FIT'IMCi8/ Repod

Til<! dlrOCIOrs or the company 010 responsible lor the prep;~ration of lhe financial repon lhat QNes a lrue and laor view in acc:ordance willl Al.ls&ralian Accounting Standards and the Corpora:l()l'ls Act 2001, and for &uch int~ control as the diredof'S ddMnine is nec:essilry to enillb'e the preperation o1 the financ::iai report that gives a true and fair view and is free from matena1 miSStatement, whether ctvG to fnJud or error. ln Note 1{8), the directors also state, In accordance v.ilh Aa:ounllng StaMard AASB 101 PresentrltJOII ol F111at>C>81 Stetements. mat the~SI'Cial stalemems comply "''llh lntDifiDtlonal F111ancll;li Reporfin(l Slen(IM1s

Auclilors Resf)Ofl$ibill(y

My rQi pgnstbdity 11 W expre~a ~ ~lniQn 9n h RnanQII f8pgrt t:aced Qfllhe a~otdll. The a\tldrt wae conduaed In aocordance witt! the Auditor-Genera/ of Queensland Auditing SfandiJI'ds, which i'lcorporate the Au$1ratian Auditing Standards Those standards •equire c:ompli8tloe with re'evenl ethicel requ..-ements reloli119 to audt eng8gomenll end that lhe audll Is planned and p<!rlo<med lo obtar1 re•scnoble ou .. ronce aboUI whether the fm.ancial report i$ free from material rrvntatement

An audit invotves petforming procedures to obtain audit evidence about the amounts and disctoaure5 In the financial rapon. The procedures selecled clepend on the audiiO<'o )udgament, lnduding the aueasment or the r1s.ks Of materiel misstatement of the financial repon. whether due to fraud or error. In making those fl$k assessments, the auditor considers intemal control rel~t to the company'$ preparation of the financial report that gives a true and fair view in order to design audit prooedure:5 that ore i,ppropri.alte in the circumstances, but not lor lhe purpose of expressing on oplr11on on tho effedlvcnell ollhe oompony'a lr1tomal contrOl. An oudA D!ao Includes evaluabng the approp.rhueness of accounting polk:ies used ond the rea.sonnble.ne-ss of accountWig estima~ made by the directors, as we-ll a'i ev-'uati~ the overall preser'!liltJon of the finim, ial report.

I believe thai ~"' aldl eviderat obtained JS suffoenlar'ld •Jlll'OPil•le 1o pro~~ldo a bags for my audi opollal.

I~

The Audltor·General Acl 2000 promotes the ondependcnco or the Audilor·Generat and all authorised audiiOtS. The Aud.ltoc~General is lhe audllor of au Queensland pub'ie uc.tor entJ.t.es end cen be removed only by Parliament

The Aud,tor·Generot may conduct sn audit In any way c:onllide<ed apprgprlole end is not subject to direction by any per$01\ abOut the way in which audit powers are lo be exercased. The Audltor-Ge~ has for the purpo$es of conducting an aud.1, ac:c.u 10 al documents and propMty and can repof11o PiJrliament IT\iltler5 which in the Audltor.Generars QPtllon are slgnl!le4nt

In conducmg lhe oodil,the independence requirements of the CotpOr'Biion.s Act 2001 hav<! been eompliod with. I connrm 11\at the lnclependence declaration requi'ed by the Corporations Ac1 2001. wnich has w en given to the directors ol OIC L.miled. would be in the same terms if gwen to 1he diredon as at the time of thts auditor's report

61

In my OllO'Iion -

OIC Limi1od lndopencfent 1uditor'a report to the members

SOJun• 2013 (continued)

(a) 1110 llnand al repool of QIC Limited lo In aocordD!>ee w1th the Cotporollons Act 2001, Including-

(i) giving a true and 1air view of the company's and consolidated entity's financial position as at 30 June 2013 and or ils perlo1mance for the year ended on ltwtt da1e: lind

(u) comply.ng w1th Auttrolo., Aocounl1119 Slondorda ond lhe Corponllrons Ref1uk!tlons 2001, ond

(b) the fl'lancial report al.a co~ will lntematlon81 Fi18nd81 Reporting st8nd8tdo as disclooed in Note 1(a)

Other Manor~ • ElectroniG Preocntlltlon or the Audited Financial Ropon

Th0$41 viewl<lg "" eleCironiC P<o&QrUiion or 11'1$$41 fi"""""'l statement< •hO<Ad note th~t 9U<M does not P<OVIdo Ul<!ranc:e on the ontognty of tho lnlonnatlon pro~ntad oloclronocolly ond does not provldo an opinion on any iniO<mabOn wnlctl may be hyperlnkad 10 or trcm the llnandat sl*menls W uoers ol tne ~noncial statemencs are concerned wHh the illherent risks arising from elec1ronic presentatm of information. they are advised to refer to the j)(inled COPY Of the audited financial Slatements tO conlltm the OctU'OCy Of this eleCCtonlcally P<esetlted mfoM'Iation.

_..bl,!D!TOR GENERA[-

3 0 AUG 2013

Queensland Audt OffiCe Br1sbane