Managing Director’s  overview  Chris Kelaher IOOF’s strategic focus has yielded pleasing results Organic growth Growth through acquisition 2012 has been a year in which IOOF invested time, energy and  money in growing the business both organically and through  acquisition. While financial markets globally remain challenging, I am pleased with the progress we have been able to achieve in the areas where we have the greatest influence. DKN Financial Group fully integrated in 2012  Announcement of Plan B acquisition post year end Reputation as an experienced  consolidator provides opportunities More aligned advisers Investment in our brand and greater awareness Release of new products Refresh of existing products Financially, IOOF has performed positively in light of difficult external  conditions during the year, particularly  in comparison to others in the industry.  IOOF reported a $19.4 million statutory  profit and a $96.4 million Underlying  Net Profit After Tax and before  pre-amortisation result for the period  ended 30 June 2012.  Despite the difficult markets, the money we manage on behalf of our clients increased $1.1 billion to  $107.3 billion. This movement is primarily a result of acquiring the funds under  advice associated with DKN Financial  Group Ltd (DKN) in late 2011. Offsetting  that amount was a decrease in the market  value of IOOF’s total client funds and  some institutional outflows in Funds  Under Management. Further information on each of our four  key segments, namely financial advice,  platforms, investments and trustee  services, can be found in the Divisional  Update after my overview. Accompanying the continued  outperformance of IOOF’s flagship  products was the DKN acquisition that  was completed towards the end of the 2011 calendar year. The strategic work undertaken in past  years to improve IOOF’s flagship platforms  has seen net flow growth in those  platforms outstrip that of the industry.  IOOF’s flagship platforms netflows  have grown at 5 per cent compared to  annualised industry growth of 1 per cent.  For yet another year, the growth we have experienced in our flagship  platforms is ahead of industry growth. page 8