AUSTRALIAN UNITY LIMITED — AGM Information 2012

Oct 29, 2012

Australian Unity Annual General Meeting 30 October 2012

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CHAIRMAN’S ADDRESS – Glenn Barnes

Good morning Ladies and Gentlemen.

This is my first year addressing you as Chairman and so I would like to begin by acknowledging our previous Chairman, Alan Castleman, who retired during the year after 18.5 years leading this company.

Under Alan’s guidance, Australian Unity has flourished into the large, diversified and strong organisation that it is today. I would like to personally acknowledge the substantial legacy that Alan has left this organisation with and to wish him and his wife Beverley well in retirement.

That said, Alan is not leaving us totally, as he has agreed to stay on as chairman of our Foundation and chairman of the Australian Centre for Health Research – a separate organisation from Australian Unity, but one

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that we play a major funding role in.

I would also like to thank Kate Spargo, who left the board during the year after serving as a director for two years.

In the 19 years since the entity known as Australian Unity was established through a merger between the ANA and Manchester Unity in Victoria, we have been involved in other mergers from many parts of the friendly society and mutual sector:

First there was Grand United in 2005, a merger that brought further retirement, aged care and health insurance customers into the group. The corporate health fund, GU Health, is now a market leader in its sector.

Then the merger with Lifeplan Australia Friendly Society in 2009 substantially increased our portfolio of bonds and investment savings products.

Earlier this year we combined with Big Sky Credit Union to form Big Sky Building Society, an entity with $655 million in assets and 34,000 customers.

I would like to welcome all of our members here today, but give a special hello to those of you who are from Big Sky who may be coming to your first Australian Unity annual general meeting.

As a company we really are a unity of many parts. Each of the organisations that have come together to be part of the Australian Unity Group have themselves a long heritage and each of them have also grown as the result of mergers within the sector. Altogether our history dates back to 1840, when the oldest Manchester Unity lodge was established in Melbourne.

The activities of the various mutual groups who are our antecedents not only left a legacy of mutual social support, but also a collection of commercial business activities that aim to contribute to customer and member wellbeing. To give you some idea of the dimensions of the organisation at the end of the year in review:

• We operate in 92 locations across Australia, have 620,000 customers, 320,000 members and 1700 employees.

• We manage more than $12 billion in funds belonging to our customers, and advise on another $2 billion worth of savings.

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• And, we have $515 million in retirement development projects under way.

• Our biggest business, health insurance, is still growing: this year we processed almost 2 million claims and paid out $535 million in benefits. In addition, we provided tailored employer-funded health insurance programs for some of Australia’s largest employers. Both our retail and corporate funds grew at rates significantly above industry growth.

This year, 2012, is the United Nations International Year of the Co-operative. This is the first time the United Nations has recognised a business model to celebrate, and I believe that is because the mutual sector has demonstrated strength and resilience in the face of years of financial market turbulence and economic uncertainty. This is a reality about mutuality that was never lost by Australian Unity, and its antecedent organisations.

One of the key advantages that a mutual can bring to its members, customers and the community is that we don’t distribute any profits to external shareholders and therefore we can focus on long term value creation ahead of short-term returns. This is not to say we shouldn’t measure our financial performance, because apart from creating the capacity to invest in organisational refreshment and new initiatives, our financial results help us gauge how effectively we are competing in the marketplace and if we are developing and delivering products and services that are of value to our customers. From this perspective, it is pleasing to see that this year our revenues rose 10 percent and our operating earnings also grew. However, the profit after tax result of $22.3 million was down on last year. This is as a result of both the ongoing bearishness of financial markets and our choice to continue to invest in new business building initiatives.

Last year Alan Castleman spent some time in his address talking about the complexities of the group and its subsidiaries and the need for each of the board’s directors to devote considerable time, effort and skill to understand and govern the operations of the group. He highlighted to you that the board was undergoing a period of review and planning for renewal. My appointment as Deputy Chairman and now Chairman was part of this process. We have a clear view of the structures, processes and skill mix that will best support the efficient management and governance of the Group in years to come and will be effecting a number of changes over the next two years aimed at maintaining orderly progress and succession.

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Later in this meeting you will get an opportunity to vote on a non-binding resolution concerning our Remuneration Report, which was published for the second time this year in our Annual Report.

The principles by which the board establishes and considers executive remuneration are set out in the report. To summarise, the board and HR committee considers a number of factors, including the purpose and structure of the company, the business’ strategies and market conditions. We aim to ensure that the remuneration is connected with the company’s short and long term performance, is effective at attracting and retaining talent and is competitive in the marketplace for that talent. The framework is constructed to consider the expectations of all relevant stakeholders. It is also reviewed by external consultants. These matters are important and complex and the board spends a considerable amount of time reflecting on them.

Before handing over to our Group Managing Director, who will take you through our operations in detail, I would like to highlight a few of our recent investments in growth:

Perhaps the most significant of these is the Big Sky Building Society. During Australian Unity’s history, we have had building societies within the Group at different times, but in recent years our presence in this sector was very small, through the Lifeplan Australia Building Society, and the number and type of products it provided was quite limited. The members of the Big Sky Credit Union voted to join the Australian Unity group effective from 1 March 2012, and we combined that business with the Lifeplan Australia Building Society to form what we now call Big Sky Building Society. As a result of this merger, we now have a broad suite of personal banking products that we can offer our members as a real alternative to the listed banks. The business operates in Western Australia, Queensland, South Australia and Victoria. It is our intention to continue to grow the building society so that we can offer these services to more people and build and maintain the scale required to effectively compete in this market.

We engaged in a number of other growth initiatives during the year that will be discussed in more detail by Rohan later. These include:

• The purchase of a significant holding in Certainty Financial, a financial planning business that has now joined our Personal Financial Services business unit;

• Becoming the responsible entity for the Investa Property Group’s $430

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million of retail property funds, expanding our traditional strength in property management;

• Continuing our plans for the Carlton Wellbeing Precinct, our most significant development project to date; and

• Substantially progressing our plans for our evidence-based preventative health business.

Sometimes companies are required to invest in areas they would rather not. This was the case for us this year due to the federal government’s decision to impose a means test on the private health insurance rebate. In order to prepare for this legislative change, which we believe is not in the best interests of our policyholders, we needed to invest considerable resources into major systems changes and customer communications. Unfortunately these were resources that could have been directed elsewhere, specifically into services that we know directly contribute to member wellbeing.

Unfortunately, last week’s announcements regarding further changes to the health insurance rebate look like imposing yet more distraction and costs on our health insurance businesses, as well as additional direct costs to our members.

Our commitment to wellbeing does not stop at the services I have discussed. Throughout Australian Unity’s history we have been dedicated to improving community wellbeing, through small and large initiatives designed to have an impact at a local level:

• This year our investment in community initiatives totalled $1.2 million, and covered broad areas including our sponsorships of Learn to Swim schools, the Australian Unity Wellbeing Index, Bell Shakespeare and The Australian Brandenburg Orchestra.

• In addition, we engaged in a number of advocacy initiatives designed to improve public policy in the areas of health and ageing.

The Australian Unity Foundation, which governs much of our community initiatives, also launched an exciting new initiative this year, the Heritage Fellowship grant program, which supports Australian Unity Limited members who have relevant academic skills to undertake post-graduate research into health, ageing, financial security and wellbeing.

The fellowships build on a scholarship fund tradition started from Manchester Unity and the Australian Natives’ Association (two of our

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antecedent organisations) dating back to the 19[th] century.

The inaugural recipients of these grants were Dr Carolyn McIntyre, who is researching treatments relating to prostate cancer, and Dr Sue Fletcher, who is investigating patient engagement with cardiac rehabilitation programs.

Members, I now come to the forward situation the company is facing:

The environment, as you all know through your own personal lives, remains challenging.

While Australia does have a robust economy overall, in many areas many Australians are facing uncertain futures.

The amount of debt, both public and private, in developed economies is too high and will take a number of years to bring down to sustainable levels. In combination with this the expectations of communities for future pensions, aged care and health services are well in excess of what forward revenue estimates can sustain.

Our economy, although relatively robust at present, shares in a number of these challenges and this has led to investor uncertainty. A major impact on our financial results in the year just ended was the lacklustre performance of investment markets due largely to investor caution.

Having said that, these are times when a mutual philosophy and operating model is most needed and is well placed to effectively support its customer, members and the broader community.

The retirement boom has begun. Each week, 5000 Australians turn 65, and if any of you happen to be one of them this week, then happy birthday!

I don’t want to dampen any celebrations you might be having, but a sobering thought is that people over the age of 65 consume four times as much in health services as those under 65.

For companies such as ours, this presents both a challenge and an opportunity:

• The challenge is to support our customers and members to prepare for retirement with adequate savings, accommodation and social support,

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and of course, to continue to offer our insights and understandings to governments who are faced with the fiscal burden of this looming demographic bubble.

• The opportunity is also with us. If we can continue to invest in health programs that demonstrably improve health outcomes, if we can continue to offer valuable products to our customers that support their wellbeing and quality of life, then there is a strong and vibrant shared future for us as a company and for our members.

None of our results would be possible without the hard work and dedication of our employees.

I thank all of the Australian Unity team for their ongoing commitment, forward thinking and dedication to the wellbeing of our customers and members.

Finally, I wish to thank my fellow directors for their diligence and hard work during the year.

I will now ask our Group Managing Director, Mr Rohan Mead, to present his report.

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GROUP MANAGING DIRECTOR’S ADDRESS – Rohan Mead

I add my welcome to the Chairman’s to Australian Unity’s 2012 Annual General Meeting. I endorse his remarks about the way the company, as a mutual operates. We strongly focus on commercial results because these are enabling, while we also consider our progress in the context of our ambitions for member, community and national wellbeing.

So to start with the commercial measurements, I am pleased to report that the results were solid across all of our divisions, despite the challenging environment―both economically and in a regulatory sense.

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For the second consecutive year, our revenues crested $1 billion this year reporting $1.12 billion, an increase of 10 percent.

Our operating earnings, which is profit before tax less investment income and borrowing costs, increased by 8 percent to

$34.6 million, a result that included substantial costs associated with

responding to the federal government changes to the private health insurance legislation.

This figure is important because it focuses on our trading results, separated from the earnings we receive on investible funds of various sorts.

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Our profit before tax result was $22.2 million, while profit after tax reduced by 13 percent to $22.3 million.

This result compared to the previous year was largely attributable to volatile investment markets and expenses incurred in relation to mergers and acquisitions.

While the external environment was a factor in affecting our overall result, we significantly expanded our capacity and capabilities in financial planning and banking services, along with our continued innovation in aged and community care, and chronic disease management.

Members, we have said in our report to you that we imagine a nation where all Australians live with the greatest possible personal and community wellbeing. Obviously, this is a bold and aspirational statement and will take more than the actions of our operations – however extensive they may be – to achieve. But we believe this statement is consistent with Australian Unity’s heritage. It was, after all, members of our antecedent organisations who lobbied for a national celebration that became Australia Day; who argued the case for Federation and who created mechanisms of social assistance to allow

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families to build much-needed housing after the second world war.

In this spirit we remain interested in and engaged with social policy. We want to play our part in building our community and in creating social infrastructure that supports the needs of our nation as we face a future whose terrain, shaped by demography, has no historical antecedent.

You have probably heard many statistics before regarding the dramatic demographic change that is upon us and indeed the Chairman has mentioned some of them today. In order to better understand this often overwhelming issue, it can help to look at the dimensions of one part of the challenge.

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Last month, the Australian Institute of Health and Welfare—the government’s health statistician—released a report on dementia. In it, the Institute predicted that 400,000 Australians would have a form of dementia by 2020, in eight years— that is a 30 percent increase on today’s numbers. By number, it is more than the population of the ACT and just shy of the total number of Tasmanians.

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Today, about one-third of those diagnosed with a form of dementia live in residential aged care. The remainder, some 70 percent, live in the community, usually with substantial support from unpaid carers … often, it should be said, their elderly spouse.

If these trends continue in the same way, in eight years’ time we will need another 30,000 aged care beds for people with dementia just to keep the same level of residential support that we now have. Today, most aged care facilities accommodate about 100 people, so that means 300 facilities will need to be built, or about 40 facilities per year.

Actually the figure is much more than that because these numbers only refer to the growth in demand for people in aged care with dementia. Obviously, there are many people in aged care who don’t have dementia, indeed about half of today’s residents don’t. So if this proportion continues, we will need to build 80 new facilities each year over the next eight years to account for the likely full growth in demand.

It may depress you somewhat to know what is actually happening. According to industry sources, there are currently only about 20-25 aged care facilities being built across Australia.

The policy settings here are important. We were disappointed during the year that the proposed aged care reforms failed to adequately understand and respond to the size of the challenge. We believe last year’s Productivity Commission’s report, Caring for Older Australians , presented a comprehensive understanding of the size and scope of reforms needed and we continue to urge governments to consider some of its so-far neglected recommendations.

Part of our social purpose at Australian Unity is to become, as much as we are able to, part of the solution. This is why we think about these issues and how we can play our part to build community and to build social infrastructure that supports the changing demographic needs.

We must confront these issues together. In addition to the built form that will be required, we need more carers, in the formal and informal workforce, to support those who need support. These problems are large and complex and can only be solved with good will, collaboration and a strong sense of community wellbeing as the outcome.

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And rather than just act alone, which we do, we also seek to collaborate with other bodies who share our interest in the longer term wellbeing of our nation. The Business Council of Australia, of which Australian Unity is a member, is one organisation that aims to contribute positively to social policy. Its work aims to influence the community debate and encourage our politicians, of all colours and creeds, to look past this week into the middle and distant future and work together to solve some of our biggest challenges.

I would like now to introduce members to the Australian Unity executive team.

The Chairman has already introduced you to Tony Connon, our Chief Financial Officer and Kirsten Mander, our Company Secretary and General Counsel.

They are joined today by colleagues, and I’ll introduce them starting with Amanda Hagan, the chief executive of our Healthcare business. David Bryant is our Chief Investment Officer and the chief executive responsible for our Investments business.

Derek McMillan is the chief executive who heads up our Retirement Living business. Steve Davis is the CEO of our Personal Financial Services area.

Sharon Beaumont is the group executive in responsible for Human Resources and Kimina Lyall is group executive of Corporate Development.

Tahir Tanveer is the group executive in charge of Business Technology. Finally, Kevin McCoy is group executive of Strategic Business Development and Deputy CFO.

I now turn to each of our businesses and their performance over the 20112012 financial year.

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Our healthcare business includes the traditional operations of health insurance, along with our increasing focus on preventative healthcare, which I will come to shortly. In health insurance, we, like the rest of the industry, are adjusting to the legislative changes to the federal government’s private health insurance rebate. This presents a significant challenge to the business and possible upward pressure on premiums for all policyholders, and we continue to review our operations and our products to ensure they offer the best value for policyholders in this new context.

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I am proud to say that during the year we were granted the International Customer Service Professionals’ highest award, the “outstanding business” award, for the third consecutive year. These awards are designed to recognise world-class best practices of Australian and New Zealand innovative businesses. This award reflects our ongoing commitment to our customers, and that our focus on service is vital.

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Our customer solutions team has been rewarded for their hard work through the year and it is also pleasing that we have experienced another year of customer growth.

This year, our retail health fund increased its number of policyholders by 6.1 percent, or 10,936 policyholders – well above the industry growth rate of 3.7 percent.

We seek to continue to grow our policyholders as this assists in reducing the average age of fund members which as a result reduces the pressure on health inflation and premiums.

Our corporate fund, GU Health, also increased its policyholders, by 16.7 percent, or 3,619, a strong result given the pressures the corporate markets have also experienced over the previous 12 months.

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Over the past few years we have worked hard at increasing our productivity and level of service in our health insurance business. I am pleased to report that Australian Unity’s health insurance premium increases have been lower than the industry benchmark for eight of the last 10 years.

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Not only were our customer service team recognised for their efforts but Amanda Hagan, chief executive officer of our Healthcare business, was announced as a Victorian finalist in the 2012 Telstra Business Women’s Awards. This award recognises Amanda’s achievements in transforming the healthcare business into a leading provider of preventative health services.

As many of you are aware, a few years ago we began reshaping our healthcare business, which included substantial investments in preventative health programs. We have since been followed by other major health insurers.

We are the only health fund with home-grown experience in this field and have an unmatched and growing bank of evidence of the benefits of our preventative health and chronic disease management programs for Australians.

Through this we have capitalised on this success by making our expertise available to other health funds through Remedy Healthcare. Remedy Healthcare enrolled its 5,000[th] patient and finalised some significant clinical trials and peer-reviewed clinical papers. Over the past five years we have

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invested $52 million in preventative health benefits and chronic disease management.

One of our programs is the type 2 diabetes program, where members who have been diagnosed with type 2 diabetes are invited to participate in a free program that gives them coaching and support for their condition.

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Since its inception in 2009 more than 350 Australian Unity health fund members have completed the type 2 diabetes program. Graduates of the program have significantly reduced their risk factors and are less likely to be hospitalised.

The average hospitalisation cost for the participant group is 30 percent less compared to a comparison group of Australian Unity health fund members, who have not participated in the program.

There was also similar success with the osteoporosis program, with the average cost of hospitalisation for participants less than 35 percent than that of their counterparts.

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During the year Remedy Healthcare also launched the Integrated Care program, which focuses on patients or have had three or more hospital admissions in the past year. Patients receive a phone call from one of Remedy’s registered nurses, who offers individualised health advice and information about other support services. I am firmly of the view that if we keep investing in this area, it will support us in our aim to improve the lives of our members and to reduce claims inflation over time.

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We are committed to providing the most effective wellbeing services in Australia including leading preventative health and in-home benefits for members. We continually evaluate and add evidenced-based programs and services to our products that reduce hospital utilisation, improve health outcomes and customer wellbeing.

Overall, our healthcare operations recorded an adjusted earnings before interest, tax, depreciation and amortisation – or EBITDA –$55.2 million for the year.

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I would like to move on now to our retirement living business.

Despite the well-publicised demographic evidence, authorities have yet to truly grasp the challenges and opportunities our ageing population present. The huge growth in life expectancy over the 20[th] century should be viewed as one of humankind’s greatest achievements. Senior Australians offer an enormous resource in life experience and knowledge that as yet has not been generally recognised, rewarded or exploited by society at large. Many people are enjoying better health for longer. Conversely the inefficiency of a health system that costs $1,000 a day to maintain a frail senior Australian in the under-pressure resource of a hospital bed, when the average daily payment to maintain a similar level of care in an aged care facility is around $150 is one example of where the current approach is significantly flawed. With governments of all persuasions struggling to come to grips with the challenges of how to fund higher projected health costs from a small proportional tax base, some solutions are obvious.

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Modern retirement communities provide the ideal setting for “ageing in place”. They provide a safe, affordable, community environment for senior Australians, with accommodation options purpose built to adapt to changing health needs.

During the year we continued to develop our village, aged care and wellbeing facilities with significantly expanded activity at Peninsula Grange retirement village in Mornington, Victoria as well as at Victoria Grange Retirement Village in Vermont South in Melbourne. We also acquired two new villages through the newly established Retirement Village Property fund, Geelong Grove in Geelong and Morven Manor in Mornington, with a total of 234 units. An extension to The Oaks in Croydon, Melbourne was also completed.

As many older people prefer to remain in their own homes than moving into a retirement community, we are continuing to grow our Community Care program and this segment of the Retirement Living business. Increases in the number of transition care beds and continued growth of in-home services led to a 45 percent increase in this segment of the business during the year. Our Community Care program now represents 9 percent of revenue for this

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division. We are also optimistic about an imminent strategic acquisition in community care that will bolster our scale in these services, particularly in the northern and western parts of Melbourne.

Occupancy rates of our retirement communities consistently met or exceeded industry averages, with occupancy rates at retirement villages and aged care facilities at 95 percent and 98 percent respectively.

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We currently operate 18 retirement communities, including four aged care facilities, in Victoria and New South Wales, with a combined 1,899 home units, 451 aged care beds and 180 ambulatory and community care places.

One of our new exciting current initiatives is our landmark metropolitan retirement community in Carlton, Melbourne.

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We signed a major funding agreement during the year and finished negotiating various approvals with the assistance of state and local governments. The Carlton Wellbeing Precinct began construction in July of this year and when completed will offer 181 independent living units and a 161-bed aged care facility, with ageing in place services.

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Altogether we have a total of $515 million in development projects currently under construction in our Retirement Living business, including Sienna Grange in Port Macquarie, New South Wales as well as those I have already mentioned.

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The financial results of this business were flat due to subdued residential property market which moderated price growth in retirement villages. Investment in new projects and costs to upgrade the technology and services supporting existing facilities also moderated returns achieved from business growth initiatives.

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It is now time to move on to our financial services businesses. Firstly, our Personal Financial Services business. Our Personal Financial Services business has required significant investment over the past few years, as it establishes its reputation as a fee-for-service financial planning and finance broking dealership.

This area of the business is exposed to global and local economic conditions; however, it has continued to report extraordinary growth.

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The business achieved a 91 percent increase in funds under advice to almost $2 billion during the period. The acquisition of a majority stake in Certainty Financial in January, boosted what was already a strong level of organic growth and assisted in this result.

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Personal Financial Services has grown in difficult conditions because of growing awareness of its commitment to the interests of clients and to clientadviser relationships. These values resonate strongly with accountants, who have become important partners in the growth of the business. The number of accounting firms in the Personal Financial Services referral partner program jumped 48 percent. To service the demand the number of financial advisers also increased by 54 percent, from 71 to 109 advisers. These numbers have more than doubled since 2010.

The business was named ‘2012 Institutional Dealer Group of the Year’ by the highly regarded Money Management magazine. Personal Financial Services emerged a strong winner of the institutional award based not only on the growth in our planner numbers, but also the manner in which the overall business had grown. The mortgage broking business unit acquired three loan books totalling $70 million, boosting the total value of mortgages under advice to 39 percent to $432 million.

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The business continues to require investment from the broader group, but has this year reduced its adjusted EBITDA loss by almost $2 million on last year. The business did however report positive monthly contribution figures during the second half of the year, on track to deliver its first full-year positive contribution in this current financial year.

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Now I wish to turn to our Investments business. The investment markets experienced another difficult year, yet the Investments business did achieve a slight increase in funds under management, to $12.2 billion.

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The resilience of our Investments business in these challenging conditions is reflected in the quality and diversity of our portfolio of investment products in Australian and international equities, fixed interest, bonds, property and mortgages.

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Following the addition of Big Sky building society into the Group, Australian Unity now has a suite of banking products that include term deposits, saving and loans. Big Sky Building Society has $655 million in assets, more than 85 staff in locations across Australia and a strong link to the resources industry. This merger has expanded our geographic reach while providing our existing customers access to a wider range of banking products, as well as providing Big Sky existing customers with access to health and other insurance products.

We continued to operate our range of joint venture partnerships with asset managers, including in Australian equities (Platypus Asset Management), micro caps (Acorn Capital), international equities (Wingate Asset Management), Asian equities (Seres Asset Management) and fixed interest (Altius Asset Management and Vianova Asset Management).

Another achievement for the year was the acquisition and successful integration of the responsible entity for the Investa Property Group’s retail property business. The business comprises three property trusts, with funds under management of more than $430 million. The funds hold 12 office and industrial buildings across Australia.

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Other property highlights included the $43 million capital raised to expand the Waurn Ponds Shopping Centre in Geelong, and the $67 million sale of the Olderfleet office buildings owned by the Office Property Trust at 477 Collins Street.

Our total property portfolio is now $1.7 billion, up $300 million from last year. We now have specialist funds dedicated to the retail, office, industrial, healthcare and retirement property sectors.

As we have indicated in previous annual general meetings, the mortgage trust sector was affected by the introduction of the federal government’s bank guarantee during the global financial crisis and the sector overall has experienced some pressure for redemptions. During the year, we made an assessment that the future demand for high yield mortgage vehicles will remain subdued. We therefore made a decision to wind up our High Yield Mortgage Trust and return all capital to investors over coming years.

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Overall, the Investments business recorded an adjusted EBITDA profit of some $12.5 million, down on last year, but nevertheless a significant achievement at a time when the managed investment industry recorded a decrease in fund inflows, as well as declining investment values and profits.

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Not only are we committed to the wellbeing of our customers but also the wellbeing of our staff. We believe in our people and invest in sustaining Australian Unity as ‘a great place to work’. Employee engagement during the year climbed to 85 percent, well above the average of other leading Australian companies and approaching the levels of some of the world’s best performing companies. The high level of engagement is particularly pleasing given the diversity of occupations and the different needs and expectations of our staff.

For the second consecutive year, Australian Unity’s efforts on gender equity and the opportunities we provide for women at all levels were recognised by the federal government’s Equal Opportunity for Women in the Workplace Agency, which named us again “Employer of Choice for Women”.

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When you entered the venue today you may have noticed a video featuring some of our employees talking about their relationship to their jobs and their relationship to our customers. Every day, our commitment to wellbeing is experienced in thousands of interactions between our members and our employees. We don’t always get these experiences right – we are a human organisation – but we do continue to invest to develop a culture that recognises our heritage and helps us to create a future as an important Australian company.

Ladies and Gentlemen, there is no question that the company has experienced challenges in a tough economic environment. However, overall the results are solid and we continue to pursue our ambition to become Australia’s leading wellbeing company as we provide services to more than . 600,000 Australians. I thank you for your continued support

END GROUP MANAGING DIRECTOR’S ADDRESS

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