ANSELL LIMITED — Interim / Quarterly Report 2012

Feb 7, 2012

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Appendix 4D

Condensed consolidated interim financial report For the six months ended 31 December 2011 Ansell Limited and Subsidiaries

ACN 004 085 330

This interim financial report is a general purpose financial report prepared in accordance with the ASX listing rules and Accounting Standard AASB 134: Interim Financial Reporting. It should be read in conjunction with the annual financial report for the year ended 30 June 2011 and any public announcements to the market made by the entity during the period. The financial statements in this report are 'condensed financial statements' as defined in AASB 134: Interim Financial Reporting. This report does not include all the notes of the type normally included in an annual financial report.

The Company reports in Australian dollars. The United States dollar (US dollar) is the predominant global currency of its business transactions and the currency in which the business is managed.

As such the Commentary on Results is in US dollars unless otherwise specified.

In addition Notes 1, 2 and 10 to the condensed financial statements contain information in US dollars. This US dollar information is a convenience translation of the IFRS Australian dollar financial information.

Appendix 4D - Page 1

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Appendix 4D

Condensed consolidated interim financial report For the six months ended 31 December 2011

Ansell Limited and Subsidiaries

ACN 004 085 330

Results for Announcement to the Market

Results for Announcement to the Market
			%		$M
Revenue from ordinary activities	up/(down)		(3.9)%	to	597.7
Profit from ordinary activities after tax	up/(down)		1.1%	to	64.9
attributable to members
Net profit for the period attributable to members	up/(down)		1.1%	to	64.9
Dividends (distributions)	Amount	per share	Franked amount share		per
Dividend		15.0¢		Nil
Record date for determining entitlements to the dividend	22 February 2012

Highlights

• Revenue from the sale of goods of $594.1 million compared to last year's $617.5 million.

• Net profit attributable to members $64.9 million compared to last year's $64.2 million.

• Basic earnings per share of 49.3¢ compared to last year's 48.4¢.

• An interim dividend of 15.0¢ per share unfranked has been declared payable on 14 March 2012.

Appendix 4D - Page 2

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

Commentary on Results

Business Review

Profit Attributable for the first half of US$66.6m, up 9% on the previous year’s US$61.0m.

EPS in Ansell’s operating currency, the US dollar, rose 10% from F’11 H1 driven by higher sales and improved gross margins. Based on this, the Board declared an Interim Dividend of A15.0¢ a share, unfranked and payable on 14 March, 2012.

Results Summary:

Results Summary:
Reported in Australian Dollars F’11 H1 A$M F’12 H1 A$M % Sales 617.5 594.1 (4) EBIT 73.3 72.8 (1) Profit Attributable (PA) 64.2 64.9 1 Earnings Per Share (EPS) 48.4¢ 49.3¢ 2 Dividend 14.0¢ 15.0¢ 7	Results in Operating Currency – US Dollars
	F’11 H1 US$M F’12 H1 US$M %
	583.7 611.5 5 69.3 74.7 8 61.0 66.6 9 46.0 50.6 10

The Company’s results translated into Australian dollars, show lower year on year growth than the USD results entirely due to the AUD’s 9% appreciation vs. the USD.

Appendix 4D – Page 3

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

Industrial GBU

	A$M	A$M	US$M	US$M
	F’11 H1	F’12 H1	F’11 H1	F’12 H1
Sales Segment EBIT EBIT/Sales	246.7 45.2 18.3%	236.6 38.5 16.3%	232.9 42.7 18.3%	243.6 39.7 16.3%

The Industrial GBU accounts for 40% of revenue and 50% of segment EBIT.

Sales were up 5%, with mixed regional results. NA and LAC were impacted by Fusion, with sales down 6% and 1% respectively versus the comparative period. EMEA sales were strong, especially in Russia, UK, CEE and Germany despite a second quarter economic slowdown in some parts of Europe. AP experienced solid sales growth driven by China (43%) and ANZ.

The Industrial GBU also defined the core brand platforms and started work on optimising its offering by focussing on 3 principal brands HyFlex[®] , AlphaTec[®] and TouchNTuff[®] . To improve the speed of new product development, the Industrial GBU is also centralizing resources and building a new R&D centre equipped with pilot lines.

Segment EBIT declined 7% vs. F’11 H1. GPADE margins were slightly higher as positive prices/product mix offset the negative impact of higher raw material costs (NBR), higher distribution costs (Fusion in NA and a warehouse change in EMEA), and ~US$1.7m of restructuring (including the closure of a US plant). SG&A expenses increased with investment in infrastructure and in additional sales and marketing personnel to expand Ansell’s geographical and vertical coverage.

New Verticals GBU

	A$M	A$M	US$M	US$M
	F’11 H1	F’12 H1	F’11 H1	F’12 H1
Sales Segment EBIT	87.8 0.8	84.0 4.7	82.9 0.8	86.4 4.8
EBIT/Sales	0.9%	5.5%	0.9%	5.5%

The New Verticals GBU accounts for 14% of revenue and 6% of Segment EBIT.

Appendix 4D – Page 4

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

Sales and EBIT results reflect pricing/mix benefits from rationalising poorly performing products (Disposables), revising the positioning of several key products (Disposables, Household Gloves) and growing the “non tender” Military business.

The half was focused on new product launches, such as the 4 new application specific gloves (carpenters, plumbers, electricians and heating, ventilation and air conditioning) and a new cold weather combat glove. Additional launches are planned in H2.

The GBU also continued to build its new brand platforms ActivArmr[®] , ProjeX[TM] and VersaTouch[TM] - all of which are closely aligned with target Verticals and end users. Global marketing efforts around product design, packaging and market positioning are helping to create unique and recognisable new brand identities.

Medical GBU

	A$M	A$M	US$M	US$M
	F’11 H1	F’12 H1	F’11 H1	F’12 H1
Sales Segment EBIT	180.0 22.1	167.4 16.0	170.2 20.8	172.2 16.3
EBIT/Sales	12.3%	9.6%	12.2%	9.5%

The Medical GBU accounts for 28% of Revenue and 20% of Segment EBIT.

Sales were up 1%, aided by the Sandel acquisition, which added ~US$5.6m or ~3%. Organic sales were down in NA and EMEA but up in LAC and AP. Surgical glove sales rose 3%, due to strong growth in the expanded synthetic line which grew 20%. Exam glove sales fell 9%, as Ansell continued to exit more commoditised areas.

New products continue to drive growth, with the recent launch of Gammex[®] PF with AMT[ TM] in EMEA and Gammex[®] polyisoprene products in EMEA/AP markets. The family of polyisoprene products continues to expand in NA as well. To support our Emerging Markets platform, Medigrip[®] powdered was launched in China/Asia.

EBIT declined 22% due to higher SG&A expenses, which included ~US$2m of Sandel costs not in the prior year, as well as continued investments in growth. GPADE margins were unchanged year on year as higher NRL costs (compared to F’11 H1) and lower sales volumes were offset by price/product mix.

Appendix 4D – Page 5

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

Sandel is being integrated into Ansell’s Medical GBU. Its results to date are broadly in line with expectations, with sales lower and EBIT higher and it is expected to be EPS accretive in F’12.

Sexual Wellness GBU

	A$M	A$M	US$M	US$M
	F’11 H1	F’12 H1	F’11H1	F’12 H1
Sales Segment EBIT	103.0 11.5	106.1 18.2	97.7 10.9	109.3 18.8
EBIT/Sales	11.2%	17.2%	11.2%	17.2%

Sexual Wellness accounts for 18% of Revenue and 24% of Segment EBIT.

The SW business had a very strong first half with sales up 12% and segment EBIT up 72%. Branded condom sales were strong in all regions except for EMEA. The SKYN[®] polyisoprene condom continues to be an outstanding success with launches into Brazil and multiple line extensions globally. Ansell’s businesses in two of the world’s most attractive condom markets (Brazil and China) continue to show strong growth, supported by solid sales performances from ANZ, USA, Poland and India.

Segment EBIT growth came from higher volumes with good mix/prices, driven by rapidly growing sales of the premium SKYN[®] range. SG&A expenses were lower in both EMEA and NA. The half also included US$0.9m of restructuring costs, mainly for the last phase of our German condom plant closure.

Finance:

Average market spot FX rates were favourable in F’12 H1 compared to H1 last year, boosting sales growth approximately 2%. EBIT was also assisted by FX rates and Ansell’s hedging program. Continued volatility in FX markets is expected, but existing hedges should provide sufficient protection in H2.

Restructuring costs were US$2.9m, up on last year’s US$1.8m, due largely to factory closures in Germany (SW) and the USA (Industrial). The effective book tax rate was steady year on year, as was the DTA adjustment.

Appendix 4D – Page 6

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

Capex has continued at the higher level of last year, although Fusion expenditure was lower at US$5.9m (last year US$11.4m). Plant Capex has risen to US$15.5m, up from last year’s US$11.8m due to capacity expansion and spending on a new R&D facility. Capex spending in H2 will continue to be high with several large projects underway or planned. Working Capital increased by US$48.2m, including US$2.1m from Sandel. Inventory accounted for US$41.1m, partly to support customer service levels as we implemented our ERP system.

During the half, we purchased the business of Sandel Medical Industries for US$13.6m and made a US$4.6m minority investment in Lakeland Industries, Inc.

In August 2011, a new Share Buy-Back Program of 5m shares was announced. 2.45m shares were purchased at a cost of A$32.6m, equating to an average price of A$13.30 a share.

NIBD increased to US$108m during the half resulting in gearing of 13.5%, up YOY from 6.5%. Additional bank lines totalling US$145m were put in place, and, together with cash of US$204.2m, provide strong liquidity for the Company.

Dividends:

The Ansell Board has announced an increased interim dividend of A15.0¢ (A14¢ in 2011) per share unfranked. The dividend will have a record date of 22 February, 2012 and payment date of 14 March, 2012.

For non-resident shareholders, the dividend will not attract withholding tax as it is sourced entirely from the Company’s Conduit Foreign Income Account.

Appendix 4D – Page 7

Ansell Limited and Subsidiaries Appendix 4D Half yearly report for the six months ended 31 December 2011

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ANSELL LIMITED

ABN 89 004 085 330

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DIRECTORS’ REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

This Report by the Directors of Ansell Limited ( the Company ) is made pursuant to the provisions of the Corporations Act 2001 for the half-year ended 31 December 2011 and is accompanied by the Condensed Consolidated Interim Financial Report of the Company and its subsidiaries ( the Group ), for the half-year ended 31 December 2011, in the form of ASX Appendix 4D.

The information set out in this Report is to be read in conjunction with that appearing in the attached Half-Year Results Announcement and in the Notes to the Condensed Consolidated Interim Financial Report which accompanies this Report.

1. Directors

The name of each person who has been a Director of the Company at any time during or since the end of the half-year, is:

Peter L Barnes (Chairman) Glenn L L Barnes Ronald J S Bell

L. Dale Crandall

W. Peter Day Marissa T Peterson Magnus R Nicolin (Managing Director and Chief Executive Officer)

2. Review and Results of Operations

A review of the operations of the Group during the half-year ended 31 December 2011 and the results of those operations is contained in the attached Half-Year Results Announcement.

3.

Auditor’s Independence Declaration

A copy of the independence declaration received from the Company’s auditor, KPMG, in accordance with section 307C of the Corporations Act 2001, in respect of the audit review undertaken in relation to the Condensed Consolidated Interim Financial Report for the half year financial period ending 31 December 2011, is attached.

Appendix 4D – Page 8

Ansell Limited and Subsidiaries Appendix 4D Half yearly report for the six months ended 31 December 2011

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4. Rounding Off

The Company is of a kind referred to in ASIC class Order 98/100 dated 10 July 1998 and in accordance with that Class Order, amounts in the Condensed Consolidated Interim Financial Report have been rounded off to the nearest one hundred thousand dollars, unless otherwise stated.

This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors.

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P L Barnes Director

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M R Nicolin Director

Dated in Melbourne this 8[th] day of February 2012.

Appendix 4D – Page 9

ABCD

Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

To: the directors of Ansell Limited

I declare that, to the best of my knowledge and belief, in relation to the review for the half-year ended 31 December 2011, there have been:

• (i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and

• (ii) no contraventions of any applicable code of professional conduct in relation to the review.

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KPMG

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Don Pasquariello Partner Melbourne 8 February 2012

Appendix 4D – Page 10

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative.

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Condensed Consolidated Interim Income Statement

of Ansell Limited and Subsidiaries for the six months ended 31 December 2011

		2011	2010
	Note	A$m	A$m
Revenue
Total revenue	3	597.7	621.8
Expenses
Cost of goods sold		348.4	374.8
Distribution		28.7	26.8
Selling and administration		144.3	142.6
Total expenses, excluding financing costs		521.4	544.2
Financing costs		5.3	6.7
Profit before income tax		71.0	70.9
Income tax expense		4.4	4.8
Net profit		66.6	66.1
Non-controlling interests in net profit		1.7	1.9
Netprofit attributable to Ansell Limited shareholders		64.9	64.2
		cents	cents
Earningsper share is based on netprofit attributable to Ansell
Limited shareholders
Basic earnings per share	6	49.3	48.4
Diluted earnings per share	6	49.2	48.3

The Company reports in Australian dollars. The United States dollar (US dollar) is the predominant global currency of its business transactions and the currency in which the business is managed. Refer to Notes 1, 2 and 10 to the condensed financial statements which provide financial information in US dollars.

Appendix 4D - Page 11

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Condensed Consolidated Interim Statement of Comprehensive Income

Condensed Consolidated Interim Statement of Comprehensive Income	Condensed Consolidated Interim Statement of Comprehensive Income
of Ansell Limited and Subsidiaries for the six months ended 31 December 2011 2011 2010 A$m A$m
Profit for the period Other Comprehensive Income/(Expense) Net exchange difference on translation of financial statements of foreign operations Change in fair value of available for sale financial assets Net movement in effective hedges for period	66.6 66.1 (1.2) (51.0) 0.1 - (5.0) (5.6)
Other comprehensive income/(expense) for the period, net of income tax	(6.1) (56.6)
Total comprehensive income for the period	60.5 9.5
Attributable to: Members of Ansell Limited Non-controlling interests Total comprehensive income for the period	59.1 9.4 1.4 0.1
	60.5 9.5

Appendix 4D - Page 12

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Condensed Consolidated Interim Balance Sheet

of Ansell Limited and Subsidiaries as at 31 December 2011

		31 December	30 June
		2011	2011
	Note	A$m	A$m
Current Assets
Cash on hand		0.7	2.0
Cash at bank and on deposit		201.3	237.0
Cash - restricted deposits		3.5	3.5
Trade and other receivables		189.9	180.6
Inventories		235.6	185.4
Other		14.2	10.3
Total Current Assets		645.2	618.8
Non-Current Assets
Trade and other receivables		1.9	1.5
Investments		5.0	0.1
Property, plant and equipment		147.7	140.9
Intangible assets		364.6	339.0
Deferred tax assets		107.2	98.1
Other		18.5	17.9
Total Non-Current Assets		644.9	597.5
Total Assets		1,290.1	1,216.3
Current Liabilities
Trade and other payables		170.7	167.5
Interest-bearing liabilities		197 8 .	185 2 .
Provisions		40.1	60.3
Current tax liabilities		13.4	11.8
Total Current Liabilities		422.0	424.8
Non-Current Liabilities
Trade and other payables		6.3	0.5
Interest-bearing liabilities		109.9	42.2
Provisions		18.0	17.6
Retirement benefit obligations		10.6	12.4
Deferred tax liabilities		27.6	25.7
Other		16.2	15.5
Total Non-Current Liabilities		188.6	113.9
Total Liabilities		610.6	538.7
Net Assets		679.5	677.6
Equity
Issued capital	4	862.2	893.9
Reserves		(110.5)	(104.8)
Accumulated losses		(85.6)	(125.2)
Total Equity Attributable to Ansell Limited Shareholders		666.1	663.9
Non-controllinginterests		13.4	13.7
Total Equity		679.5	677.6
The Company reports in Australian dollars. The United States dollar (US dollar) is the predominant global
currency of its business transactions and the currency in which the business is managed. Refer to Notes 1, 2
and 10 to the condensed financial statements which provide financial	information in US dollars.

Appendix 4D - Page 13

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Condensed Consolidated Interim Statement of Changes in Equity

of Ansell Limited and Subsidiaries for the six months ended 31 December 2011

	2011	2010
	A$m	A$m
Issued Capital
Balance at 1 July	893.9	889.9
Exercise of options	0.9	4.0
Buy-back of shares	(32.6)	-
Total Issued Capital at 31 December	862.2	893.9
Reserves
Share-Based Payments Reserve
Balance at 1 July	36.4	36.9
Charge/(release)to the income statement for theperiod	0.1	(0.6)
Balance at 31 December	36.5	36.3
Hedging Reserve
Balance at 1 July	(8.3)	3.7
Net movement in effective hedges for theperiod	(5.0)	(5.6)
Balance at 31 December	(13.3)	(1.9)
General Reserve
Balance at 1 July	8.9	8.6
Transfer from/(to)accumulated losses	-	-
Balance at 31 December	8.9	8.6
Foreign Currency Translation Reserve
Balance at 1 July	(131.1)	(70.6)
Currency translation differences arising during theperiod	(0 9) .	(49 2) .
Balance at 31 December	(132.0)	(119.8)
Transactions with Non-Controlling Interests
Balance at 1 July	(10.7)	(10.7)
Transactions with non-controllinginterests in subsidiaries	-	-
Balance at 31 December	(10.7)	(10.7)
Fair Value Reserve
Balance at 1 July	-	-
Change in fair value of available-for-sale financial assets	0.1	-
Balance at 31 December	0.1	-
Total Reserves at 31 December	(110.5)	(87.5)
Accumulated Losses
Balance at 1 July	(125.2)	(207.1)
Net profit attributable to Ansell Limited shareholders	64.9	64.2
Dividendspaid	(25.3)	(23.3)
Accumulated Losses at 31 December	(85.6)	(166.2)
Total Equity at 31 December attributable to Ansell Limited shareholders	666.1	640.2
Non-controlling interests
Issued Capital	2.5	2.5
Reserves	(5.4)	(4.7)
Retained Profits	16.3	15.3
Total Non-controlling interests	13.4	13.1
Total Equity	679.5	653.3

Appendix 4D - Page 14

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Condensed Consolidated Interim Cash Flow Statement

of Ansell Limited and Subsidiaries for the six months ended 31 December 2011

	2011	2010
	A$m	A$m
Cash Flows Related to Operating Activities
Receipts from customers	575.9	635.7
Payments to suppliers and employees	(584.0)	(592.0)
Net receipts from customers	(8.1)	43.7
Income taxes paid	(8.6)	(7.1)
Net Cash(Used In)/Provided by Operating Activities	(16.7)	36.6
Cash Flows Related to Investing Activities
Payments for businesses, net of cash acquired	(13.0)	-
Purchase of property, plant and equipment and capitalised software costs	(20.9)	(24.3)
Proceeds from sale of plant and equipment	0.8	0.2
Purchase of other investments	(4.9)	-
Net Cash Used in Investing Activities	(38.0)	(24.1)
Cash Flows Related to Financing Activities
Proceeds from borrowings	117.8	28.0
Repayments of borrowings	(41.4)	(20.0)
Net proceeds from borrowings	76.4	8.0
Proceeds from issues of shares	0.9	4.0
Payments for share buy-back	(32.6)	-
Dividends paid - Ansell Limited shareholders	(25.3)	(23.3)
Dividends paid - Non-controlling interests	(1.7)	(0.9)
Interest received	3.5	4.3
Interest and financing costs paid	(5.6)	(6.9)
Net Cash Provided by/(Used in) Financing Activities	15.6	(14.8)
Net decrease in cash and cash equivalents	(39.1)	(2.3)
Cash and cash equivalents at the beginning of the period	242.5	235.1
Effects of exchange rate changes on the balances of cash and cash equivalents
held in foreign currencies at the beginning of the period	2.1	(13.8)
Cash and Cash Equivalents at the end of theperiod	205.5	219.0
The Company reports in Australian dollars. The United States dollar (US dollar) is the predominant global
currency of its business transactions and the currency in which the business is managed. Refer to Notes 1, 2
and 10 to the condensed financial statements which provide financial information in US dollars.

Appendix 4D - Page 15

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Notes to the condensed consolidated interim financial statements

1. Business and Regional Segments

of Ansell Limited and Subsidiaries for the six months ended 31 December 2011

	2011 2010 2011 2010 A$m A$m US$m(a) US$m(a) Operating Revenue December December	2011 2010 2011 2010 A$m A$m US$m(a) US$m(a) Operating Result December December
Business Segments Industrial 236.6 246.7 243.6 232.9 Medical 167.4 180.0 172.2 170.2 New Verticals 84.0 87.8 86.4 82.9 Sexual Wellness 106.1 103.0 109.3 97.7 Total Business Segments 594.1 617.5 611.5 583.7 Corporate revenue/costs 3.6 4.3 3.7 4.0 Earnings before Interest and Tax (EBIT) Interest expense and other financing costs Interest revenue Profit before Income Tax Income tax expense Profit for the period Non-controllinginterests	236.6 246.7 243.6 232.9 167.4 180.0 172.2 170.2 84.0 87.8 86.4 82.9 106.1 103.0 109.3 97.7	38.5 45.2 39.7 42.7 16.0 22.1 16.3 20.8 4.7 0.8 4.8 0.8 18.2 11.5 18.8 10.9
		77.4 79.6 79.6 75.2 (4.7) (6.3) (4.9) (5.9)
		72.7 73.3 74.7 69.3 (5.3) (6.7) (5.5) (6.3) 3.6 4.3 3.7 4.0
		71.0 70.9 72.9 67.0 (4.4) (4.8) (4.5) (4.2)
		66.6 66.1 68.4 62.8 (1.7) (1.9) (1.8) (1.8)
Total Consolidated 597.7 621.8 615.2 587.7		64.9 64.2 66.6 61.0
Regional Segments Asia Pacific 129.7 118.7 133.6 112.6 Europe, Middle East and Africa 229.1 239.5 236.5 226.1 Latin America & Caribbean 38.1 39.7 39.2 37.6 North America 197.2 219.6 202.2 207.4		29.2 27.1 30.1 25.8 30.2 24.5 31.1 23.0 5.0 6.7 5.1 6.4 13.0 21.3 13.3 20.0
Total Regional Segments 594.1 617.5 611.5 583.7		77.4 79.6 79.6 75.2

	December June December June December June December June 2011 2011 2011 2011 2011 2011 2011 2011 A$m A$m US$m(a) US$m(a) A$m A$m US$m(a) US$m(a) Assets Employed Liabilities
Business Segments Industrial Medical New Verticals Sexual Wellness Total Business Segments Corporate assets/liabilities Cash	352.2 310.1 357.2 331.0 87.7 96.0 88.9 102.5 294.3 261.6 298.5 279.1 78.5 78.9 79.6 84.2 95.7 76.2 97.1 81.3 23.5 19.7 23.9 21.0 200.2 211.9 203.1 226.2 30.7 37.4 31.1 39.9
	942.4 859.8 955.9 917.6 220.4 232.0 223.5 247.6 142.2 114.0 144.2 121.7 390.2 306.7 395.9 327.3 205.5 242.5 208.4 258.8 - - - -
Total Consolidated	1,290.1 1,216.3 1,308.5 1,298.1 610.6 538.7 619.4 574.9
Regional Segments Asia Pacific Europe, Middle East and Africa Latin America & Caribbean North America Goodwill and brand names	243.7 226.0 247.2 241.3 81.1 87.5 82.3 93.4 153.2 149.2 155.4 159.2 51.0 61.4 51.7 65.5 32.7 30.3 33.2 32.3 5.2 5.6 5.3 6.0 202.1 162.6 205.0 173.5 83.1 77.5 84.2 82.7 310.7 291.7 315.1 311.3 - - - -
Total Regional Segments	942.4 859.8 955.9 917.6 220.4 232.0 223.5 247.6

(a) Refer to the Notes to the Business and Regional Segments Report.

Appendix 4D - Page 16

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Notes to the condensed consolidated interim financial statements

1. Business and Regional Segments (continued) Notes to the Business and Regional Segments Report

(a) For the convenience of the reader, monthly translations of amounts from Australian dollars into US dollars for Operating Revenue and Operating Result have been made at the average of the 10.00 am mid buy/sell rate for Australian dollars as quoted by Reuters for each working day of each month for the period July 2011 to December 2011.

Translation of amounts from Australian dollars into US dollars for Assets Employed and Liabilities have been made at the 10.00 am mid buy/sell rate for Australian dollars as quoted by Reuters on Friday 30 December 2011 at US$ 1.01425 = A$1 (30 June 2011 US$1.06725 = A$1).

(b) Corporate Revenue/Costs

Represents costs of Statutory Head Office, part of the costs of Ansell Healthcare's Corporate Head Office and non-sales revenue.

(c) Income Tax

The Company regularly reviews the current and projected trading performances of operations in jurisdictions where unbooked tax benefits of operating tax losses exist. The trading performance of the Australian operations for the first six months of the year together with improved taxable income projections have resulted in the recognition of an additional deferred tax asset in respect of unbooked Australian revenue losses which has reduced current period income tax expense by $2.5 million (US$2.5 million) (2010 - $8.0 million; US$7.9 million).

A valuation allowance against the deferred tax asset recognised in respect of US tax losses was partially reversed during the current reporting period reducing income tax expense by $5.4 million (US$5.5 million).

The recognition of unbooked tax losses in other jurisdictions is dependant upon achieving a sustainable improvement in the trading operations in such jurisdictions.

(d) Cash

Cash also includes Accufix Pacing Leads restricted deposits.

(e) Inter-Segment Transactions

Significant inter-segment sales were made by Asia Pacific - A$131.5 million (US$135.7 million) (2010 - A$120.9 million; US$114.3 million) and North America - A$132.3 million (US$136.5 million) (2010 - A$117.3 million; US$111.0 million). Inter-segment sales are predominantly made at the same prices as sales to major customers. Operating revenue is shown net of inter-segment values. Accordingly, the Operating revenues shown in each segment reflect only the external sales made by that segment.

(f) Business Segments

The Group comprises the following main business segments:

Industrial - manufactures and markets hand and upperarm protective solutions for a wide spread of industrial applications. Medical - manufactures and markets a wide range of hand protective solutions for healthcare professionals and patients alike.

New Verticals - manufactures and markets high performance, application-specific gloves for industries such as Food, Services and Agriculture, Construction, Do-it-Yourself, Janitorial/Sanitation, Military, First Responders, Household Goods and Auto Aftermarket. Sexual Wellness - manufactures and markets condoms and other personal products.

(g) Regions

The allocation of Operating Revenue and Operating Results reflect the geographical regions in which the products are sold to external customers. Assets Employed are allocated to the geographical regions in which the assets are located.

Asia Pacific - manufacturing facilities in Malaysia, Thailand, India and Sri Lanka and sales activity. Europe, Middle East and Africa - packaging facilities and significant sales activity.

Latin America and Caribbean - manufacturing facilities in Brazil and Mexico and sales activity. North America - manufacturing facilities in USA and significant sales activity.

	2011	2010	2011	2010
	**December **	**December **	**December **	December
	A$m	A$m	US$m	US$m
(h) Segment Capital Expenditure
Industrial	8.0	4.8	8.2	4.6
Medical	4.8	4.4	4.9	4.2
New Verticals	0.9	0.7	1.0	0.6
Sexual Wellness	0.9	2.7	1.0	2.5
(i) Region Capital Expenditure
Asia Pacific	13.5	8.9	14.0	8.4
Europe, Middle East and Africa	0.5	0.6	0.5	0.5
Latin America & Caribbean	-	0.3	-	0.3
North America	0.6	2.8	0.6	2.7
(j) Segment Depreciation
Industrial	2.5	4.0	2.6	3.8
Medical	4.4	4.6	4.5	4.4
New Verticals	0.6	0.8	0.6	0.7
Sexual Wellness	1.5	2.0	1.6	1.9

Appendix 4D - Page 17

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Notes to the condensed consolidated interim financial statements

2. Additional Financial Information

The Cash Flow Statement required to be reported for statutory purposes provides an analysis of cash flows which have impacted the cash held by the Company and its subsidiaries. The following analysis is based on the Company's internal cash management reporting which focuses on the cash flow generated by the operations and the movement in net interest bearing debt (NIBD).

(a) Cash Flow Analysis (movement in NIBD)

(a) Cash Flow Analysis (movement in NIBD)
	December December December December 2011 2010 2011 2010 A$m A$m US$m(1) US$m(1)
EBIT Depreciation/amortisation/asset write-downs Working Capital Reduction/(Increase) - excluding acquisitions Tax Paid Capital Expenditure Net Interest Paid Free Cash Flow Acquisitions Dividends Paid - Ansell Limited shareholders Contributions of equity Share Buy-Back Net employee incentives Other (Increase)/Decrease in NIBD (b) Abridged Balance Sheet	72.7 73.3 74.7 69.3 9.7 9.9 10.0 9.4 (56.7) 6.3 (46.1) (32.7) (8.6) (7.1) (8.8) (6.8) (20.9) (24.3) (21.4) (23.2) (2.1) (2.6) (2.1) (2.2)
	(5.9) 55.5 6.3 13.8 (13.0) - (14.1) - (25.3) (23.3) (25.9) (21.7) 0.9 4.0 0.9 3.8 (32.6) - (33.4) - (15.4) (6.4) (16.0) (4.8) (24.7) (12.5) (36.0) 15.9
	(116.0) 17.3 (118.2) 7.0
	December June December June 2011 2011 2011 2011 A$m A$m US$m(2) US$m(2)
Property, Plant & Equipment 147.7 140.9 149.9 150.4 Intangible Assets 364 6 339 0 369 7 361 8 . . . . Other Assets/Liabilities 2.1 (24.7) 2.1 (26.4) Trade Debtors 170.9 165.5 173.3 176.8 Inventories 235.6 185.4 239.0 197.9 Trade Creditors (135.0) (138.1) (136.9) (147.5) Net Operating Assets 785.9 668.0 797.1 713.0 NIBD (Interest Bearing Liabilities less Cash at Bank and on Deposit) (106.4) 9.6 (108.0) 10.2 Shareholders' Equity 679.5 677.6 689.1 723.2 (c) Reconciliation of Statutory Cash Flow Analysis to Management Cash Flow Analysis December December December December 2011 2010 2011 2010 A$m A$m US$m US$ m	147.7 140.9 149.9 150.4 364 6 339 0 369 7 361 8 . . . . 2.1 (24.7) 2.1 (26.4) 170.9 165.5 173.3 176.8 235.6 185.4 239.0 197.9 (135.0) (138.1) (136.9) (147.5)
	785.9 668.0 797.1 713.0 (106.4) 9.6 (108.0) 10.2
	679.5 677.6 689.1 723.2
EBIT Depreciation/amortisation/asset write-downs Working Capital Reduction/(Increase) - excluding acquisitions Tax Paid Net employee incentives Other Net Cash (Used in)/Provided by Operating Activities Capital Expenditure Net Interest Paid Acquisitions Dividends Paid - Ansell Limited shareholders Contributions of equity Share Buy-Back Effect of exchange rate changes on the balances of cash and interest bearing liabilities held in foreign currencies Other (Increase)/Decrease in NIBD	72.7 73.3 74.7 69.3 9.7 9.9 10.0 9.4 (56.7) 6.3 (46.1) (32.7) (8.6) (7.1) (8.8) (6.8) (15.4) (6.4) (16.0) (4.8) (18.4) (39.4) (30.8) -
	(16.7) 36.6 (17.0) 34.4 (20.9) (24.3) (21.4) (23.2) (2.1) (2.6) (2.1) (2.2) (13.0) - (14.1) - (25.3) (23.3) (25.9) (21.7) 0.9 4.0 0.9 3.8 (32.6) - (33.4) - (2.1) 27.2 0.2 16.3 (4.2) (0.3) (5.4) (0.4)
	(116.0) 17.3 (118.2) 7.0

Appendix 4D - Page 18

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Notes to the condensed consolidated interim financial statements

2. Additional Financial Information (continued)

Note:

(1) For the convenience of the reader, translation of amounts from Australian dollars into US dollars has been made throughout the Cash Flow Analysis at the average of the 10.00 am buy/sell rate for Australian dollars as quoted by Reuters for each working day of each month for the period July 2011 to December 2011 with the exception of the movement in Working Capital which is the actual movement in working capital balances from the start to the end of the financial periods.

(2) Translation of amounts from Australian dollars into US dollars has been made throughout the Abridged Balance Sheet at the 10.00 am mid buy/sell rate for Australian dollars as quoted by Reuters on Friday 30 December 2011 at US$1.01425 = A$1 (30 June 2011 US$1.06725 = A$1).

3. Total Revenue

3. Total Revenue
	31 December 2011 31 December 2010 A$m A$m
Revenue from the sale of goods Interest Received or Due and Receivable From others	594.1 617.5 3.6 4.3
Total Revenue	597.7 621.8
4. Issued Capital	31 December 2011 31 December 2010
Fully Paid Ordinary Shares Balance at 1 July Conversion of Performance Share Rights and exercise of options Buy-back/cancellation of shares Balance at 31 December	No. of Shares
	133,011,550 131,577,652 97,812 1,430,251 (2,452,694) -
	130,656,668 133,007,903

5. Dividends Paid and Declared

5. Dividends Paid and Declared
	31 December	2011	31 December	2010
	A$m		A$m
Dividends Paid
A final dividend of 19.0 cents per share unfranked for the year ended
30 June 2011 (June 2010 - 17.5 cents unfranked) was paid on
21 September 2011 (2010 - 29 September 2010)		25.3		23.3

Dividends Declared

An interim dividend for the year ended 30 June 2012 of 15.0¢ per share unfranked, has been declared and is payable on 14 March 2012.

The balance of available franking credits in the franking account as at 31 December 2011 was Nil (2010 - Nil).

Appendix 4D - Page 19

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Notes to the condensed consolidated interim financial statements

6. Earnings per Share (EPS)

6. Earnings per Share (EPS)
	31 December 2011	31 December 2010
	A$m	A$m
Earnings Reconciliation
Net profit	66.6	66.1
Less Net profit attributable to non-controlling interests	1.7	1.9
Earnings used in calculation of Basic and Diluted EPS	64.9	64.2
Weighted average number of ordinary shares used as the denominator	No. Shares	No. Shares
Number of ordinary shares for basic earnings per share	131,677,404	132,597,442
Effect of partly paid Executive Plan shares, Options and Performance Rights	214,791	225,688
Number of ordinary shares for diluted earnings per share	131,892,195	132,823,130

Partly paid Executive Plan shares, Options, and Performance Rights have been included in diluted earnings per share in accordance with applicable Australian accounting standards.

7. Net Tangible Asset backing

7. Net Tangible Asset backing
	31 December 2011	31 December	2010
	A$m	A$m
Shareholders' Equity attributable to Ansell Limited shareholders	666.1		640.2
Less Intangible Assets	364.6		336.0
Net Tangible Assets	301.5		304.2
	No. Shares	No. Shares
Total fully paid ordinary shares on issue (millions)	130.7		133.0
Net tangible asset backing per ordinary share	$2.31		$2.29

8. Acquisition of Businesses

Effective 1st July 2011, Ansell Limited acquired the assets of Sandel Medical Industries, LLC, a recognised leader in the development of staff and patient safety disposable products in the USA for US$13.6 million (A$12.6 million). The Purchase Agreement includes sales growth based earn-outs over the next five years.

9. Accounting Policies

This interim financial report has been prepared in accordance with the same accounting policies that were applied in the most recent annual financial report. These policies comply with the Australian Accounting Standards adopted by the Australian Accounting Standards Board, Corporations Act 2001 and International Financial Reporting Standards and interpretations adopted by the International Accounting Standards Board.

Appendix 4D - Page 20

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Notes to the condensed consolidated interim financial statements

10. US Dollar Financial Information

The following US dollar financial information is provided as additional information for the Company's shareholders. This information is a convenience translation only and has been prepared using the Group's accounting policies.

Translation of amounts from Australian dollars to US dollars in the Income Statement, Cash Flow Statement and Operating Revenue and Operating Result within the Business and Regional Segments have been made at the average of the 10.00 am mid buy/sell rate for Australian dollars as quoted by Reuters for each working day of each month for the period July 2011 to December 2011.

Translation of amounts from Australian dollars to US dollars in the Balance Sheet and Assets Employed and Liabilities within the Business and Regional Segments have been made at the 10.00 am mid buy/sell rate for Australian dollars as quoted by Reuters, on Friday 30 December 2011, at US$1.01425 = A$1 (30 June 2011 US$1.06725 = A$1).

Income Statement

of Ansell Limited and Subsidiaries for the six months ended 31 December 2011

	2011	2010
	US$m	US$m
Revenue
Sales	611.5	583.7
Other revenue	3.7	4.0
Total revenue	615.2	587.7
Expenses
Cost of goods sold	357.0	352.9
Distribution	29.5	25.3
Selling, general and administration	150.3	136.2
Total expenses, excluding financing costs	536.8	514.4
Financingcosts	5.5	6.3
Profit before income tax	72.9	67.0
Income tax	4.5	4.2
Profit for the period	68.4	62.8
Non-controllinginterests	1.8	1.8
Profit attributable to Ansell Limited shareholders	66.6	61.0
	2011	2010
	US cents	US cents
Earnings per share is based on profit attributable to Ansell Limited shareholders
Basic earnings per share	50.6	46.0
Diluted earnings per share	50.5	46.0

Appendix 4D - Page 21

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Notes to the condensed consolidated interim financial statements

10. US Dollar Financial Information (continued)

Balance Sheet

of Ansell Limited and Subsidiaries as at 31 December 2011

Balance Sheet of Ansell Limited and Subsidiaries as at 31 December 2011
	31 December	30 June
	2011	2011
	US$m	US$m
Current Assets
Cash on hand	0.7	2.1
Cash at bank and on deposit	204.2	252.9
Cash assets - restricted deposits	3.5	3.7
Trade and other receivables	192.6	192.7
Inventories	239.0	197.9
Other	14.4	11.1
Total Current Assets	654.4	660.4
Non-Current Assets
Trade and other receivables	2.0	1.6
Investments	5.1	0.1
Property, plant and equipment	149.9	150.4
Intangible assets	369.7	361.8
Deferred tax assets	108.7	104.7
Other	18.7	19.1
Total Non-Current Assets	654.1	637.7
Total Assets	1,308.5	1,298.1
Current Liabilities
Trade and other payables	173.0	178.6
Interest bearing liabilities	200.7	197.7
Provisions	40.8	64.4
Current tax liabilities	13.6	12.6
Total Current Liabilities	428.1	453.3
Non-Current Liabilities
Trade and other payables	6.4	0.5
Interest bearing liabilities	111.5	45.0
Provisions	18.2	18.8
Retirement benefit obligations	10.7	13.2
Deferred tax liabilities	28.0	27.4
Other	16.5	16.7
Total Non-Current Liabilities	191.3	121.6
Total Liabilities	619.4	574.9
Net Assets	689.1	723.2
Equity
Issued capital	874.5	954.0
Reserves	(112.1)	(111.8)
Accumulated losses	(86.8)	(133.6)
Total Equity Attributable to Ansell Limited Shareholders	675.6	708.6
Non-controllinginterests	13.5	14.6
Total Equity	689.1	723.2

Appendix 4D - Page 22

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Notes to the condensed consolidated interim financial statements

10. US Dollar Financial Information (continued)

Cash Flow Statement

of Ansell Limited and Subsidiaries for the six months ended 31 December 2011

	2011	2010
	US$m	US$m
Cash flows Related to Operating Activities
Receipts from customers	583.0	601.2
Payments to suppliers and employees	(591.2)	(560.0)
Net receipts from operations	(8.2)	41.2
Income taxespaid	(8.8)	(6.8)
Net Cash (Used in)/Provided by Operating Activities	(17.0)	34.4
Cash Flows Related to Investing Activities
Payments for businesses, net of cash acquired	(14.1)	-
Payments for property, plant, equipment and capitalised software costs	(21.4)	(23.2)
Proceeds from sale of property, plant and equipment	0.8	0.2
Purchase of other investments	(5.0)	-
Net Cash Used in Investing Activities	(39.7)	(23.0)
Cash Flows Related to Financing Activities
Proceeds from borrowings	119.3	27.8
Repayments of borrowings	(41.9)	(19.8)
Net proceeds from borrowings	77.4	8.0
Proceeds from issues of shares	0.9	3.8
Payments for share buy-back	(33.4)	-
Dividends paid - Ansell Limited shareholders	(25.9)	(21.7)
Dividends paid - Non-controlling interests	(1.8)	(0.9)
Interest received	3.5	4.2
Interest and borrowingcostspaid	(5.6)	(6.4)
Net Cash Provided by/(Used in) Financing Activities	15.1	(13.0)
Net decrease in cash and cash equivalents	(41.6)	(1.6)
Cash and cash equivalents at the beginning of the period	258.7	199.8
Effects of exchange rate changes on the balances of cash and cash
equivalents held in foreign currencies at the beginningof theperiod	(8.7)	24.5
Cash and Cash Equivalents at the end of the period	208.4	222.7

Appendix 4D - Page 23

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Notes to the condensed consolidated interim financial statements

10. US Dollar Financial Information (continued)

Business and Regional Segments

of Ansell Limited and Subsidiaries for the six months ended 31 December 2011

	2011 2010 US$m US$m Operating Revenue	2011 2010 US$m US$m Operating Result
Business Segments Industrial Medical New Verticals Sexual Wellness Total Business Segments Corporate revenue/costs Earnings before Interest and Tax (EBIT) Interest expense and other financing costs Interest revenue Profit before Income Tax Income tax expense Profit for the period Non-controllinginterests	243.6 232.9 172.2 170.2 86.4 82.9 109.3 97.7	39.7 42.7 16.3 20.8 4.8 0.8 18.8 10.9
	611.5 583.7 3.7 4.0	79.6 75.2 (4.9) (5.9)
		74.7 69.3 (5.5) (6.3) 3.7 4.0
		72.9 67.0 (4.5) (4.2)
		68.4 62.8 (1.8) (1.8)
Total Consolidated	615.2 587.7	66.6 61.0
Regional Segments Asia Pacific Europe Middle East and Africa , Latin America & Caribbean North America	133.6 112.6 236 5 226 1 . . 39.2 37.6 202.2 207.4	30.1 25.8 31 1 23 0 . . 5.1 6.4 13.3 20.0
Total Regional Segments	611.5 583.7	79.6 75.2
	December June 2011 2011 US$m US$m Assets Employed	December June 2011 2011 US$m US$m Liabilities
Business Segments Industrial Medical New Verticals Sexual Wellness Total Business Segments Corporate assets/liabilities Cash	357.2 331.0 298.5 279.1 97.1 81.3 203.1 226.2	88.9 102.5 79.6 84.2 23.9 21.0 31.1 39.9
	955.9 917.6 144.2 121.7 208.4 258.8	223.5 247.6 395.9 327.3 - -
Total Consolidated	1,308.5 1,298.1	619.4 574.9
Regional Segments Asia Pacific Europe, Middle East and Africa Latin America & Caribbean North America Goodwill and brand names	247.2 241.3 155.4 159.2 33.2 32.3 205.0 173.5 315.1 311.3	82.3 93.4 51.7 65.5 5.3 6.0 84.2 82.7 - -
Total Regional Segments	955.9 917.6	223.5 247.6

Appendix 4D - Page 24

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Ansell Limited and Subsidiaries Appendix 4D Half yearly report for the six months ended 31 December 2011

ANSELL LIMITED ABN 89 004 085 330

Directors’ Declaration

In the opinion of the Directors of Ansell Limited ( the Company ):

1. the Condensed Consolidated Interim Financial Report (including the notes to the Condensed Consolidated Interim Financial Report) of the Company and its subsidiaries ( the Group ), for the half-year ended 31 December 2011, in the form of ASX Appendix 4D:

2. (a) gives a true and fair view of the financial position of the Group as at 31 December 2011 and of its performance for the half-year ended 31 December 2011; and

3. (b) has been made out in compliance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

4. as at the date of this declaration there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Directors.

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P L Barnes Director

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M R Nicolin Director

Dated in Melbourne this 8[th] day of February 2012.

Appendix 4D – Page 25

ABCD

Independent auditor’s review report to the members of Ansell Limited

We have reviewed the accompanying interim financial report of Ansell Limited, which comprises the consolidated balance sheet as at 31 December 2011, consolidated income statement and consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the interim period ended on that date, notes 1 to 10 comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration of the Group comprising the company and the entities it controlled at the half-year’s end or from time to time during the interim period.

Directors’ responsibility for the interim financial report

The directors of the company are responsible for the preparation of the interim financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such control as the directors determine is necessary to enable the preparation of the interim financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on the interim financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the interim financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Group’s financial position as at 31 December 2011 and its performance for the interim period ended on that date; and complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As auditor of Ansell Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of an interim financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 .

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the interim financial report of Ansell Limited is not in accordance with the Corporations Act 2001 , including:

(a) giving a true and fair view of the Group’s financial position as at 31 December 2011 and of its performance for the interim period ended on that date; and

(b) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

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KPMG

Don Pasquariello Partner

Melbourne

8 February 2012

Appendix 4D – Page 26

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative.

Ansell Limited and Subsidiaries Appendix 4D Half year report for the six months ended 31 December 2011

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Compliance statement

• 1 This report has been prepared in accordance with AASB Standards, other AASB authoritative pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to ASX.

• 2 This report, and the accounts upon which the report is based, use the same accounting policies.

• 3 This report does give a true and fair view of the matters disclosed.

• 4 This report is based on accounts which have been subject to review by external auditors.

• 5 The entity has a formally constituted audit and risk committee.

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Signed: .................................................................................. Date 8 February 2012 Company Secretary

Name: C M Cameron

Appendix 4D - Page 27