BOARD OF DIRECTORS	REGISTERED ANDPRINCIPAL BUSINESSOFFICE	AUDITORS	SECRETARY
D. G. Rees, ChairmanR. Rees, Managing DirectorG. L. Rees, Director	C/- Cook's Body Works P/L140-144 Cochranes RoadMoorabbin Vic. 3189Phone : (03) 9553 5740	Hayes Knight Audit Pty LtdRegistered Audit CompanyLevel 12/31 Queen StreetMelbourne Vic 3000	R. Rees, B. Comm., C.A.
SOLICITORSDavies MoloneyLvl 8, 221 Queen StMelbourne VIC 3000	BANKERSNational Australia Bank Ltd330 Collins StreetMelbourne VIC 3000	Commonwealth Bank385 Bourke StMelbourne VIC 3000	SHARE REGISTRYLink Market Services LtdPO Box 20013World Square NSW 2000
Casonato LawyersLvl 2, 88 Pelham StCarlton VIC 3053	Australia and New ZealandBanking Group1/533 Blackburn RoadMount Waverley VIC 3149	Bank of Melbourne424 Warrigal RdMoorabbin VIC 3189	Sietel Australian CompanyNo.004 217 734ABN 75 004 217 734
		NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the ANNUAL GENERAL MEETING of Sietel Limited will be held at the Registered Office of the Company, C/- Cook's Body Works Pty Ltd, 140-144 Cochranes Road Moorabbin VIC 3189, on Friday 25th January 2013 at 11:00 am, for the purpose of transacting the following business:

1. To receive, consider and adopt the financial report of the company and of the consolidated group for the year ended 30 September 2012 and the reports by directors and auditors thereon.
1. To receive, consider and adopt the remuneration report of the company and of the consolidated group for the year ended 30 September 2012 (Refer P.4. Annual Report)
1. Mr G. L. Rees retires in accordance with the company's constitution and, being eligible, offers himself for re-election.
1. To transact any other business which may be lawfully brought forward

By Order of the Board.

R. Rees B. Comm., C.A. Director, Company Secretary

Moorabbin, 12 December 2012

NOTES

VOTING

Individual members who are registered shareholders as at 21st January 2013 at 11:00am are entitled to vote in person or by proxy. In accordance with the Corporations Act 2001, the vote will be carried out via a show of hands unless a poll is requested.

Under the Company's Constitution Ordinary Shareholders are entitled to one vote per share, Preference Shareholders are entitled to a vote of four (4) votes for each share at this meeting if dividends are in arrears as is the situation at the moment.

PROXIES

A member entitled to attend and vote is entitled to appoint no more than two other persons to attend the Meeting and to act on his behalf. Where a member appoints two proxies, the proportion of the members' voting rights given in favour of each proxy must be specified. An additional proxy form will be supplied by the Company on request. The proxy must be lodged at the registered office of the company not less than 48 hours before the timing of the Meeting. A proxy may, but need not be a member of the company, but should be a natural person over the age of 18 years.

QUESTIONS

As provided for by the Corporations Act 2001, reasonable opportunity will be provided during the meeting for members to raise questions about the management of the company. In addition any member may submit a written question to the auditors concerning the content of the auditor's report or the conduct of the audit on the current financial report. Any written questions to the auditors must be submitted to Sietel no later than 5 working days before the day of the AGM.

VOTING EXCLUSION STATEMENT

Pursuant to the Corporations Act 2001, Sietel will disregard any votes cast on resolution 2 (in any capacity) by or on behalf of any key management personnel or their closely related parties. The vote will not be excluded, however, if the above mentioned person is acting as a proxy for another, who has been delegated voting authority in writing, and it has been specified how the proxy will vote on the resolution.

If a vote is cast by proxy, which originates from key management personnel or related party, it will also be disregarded.

SIETEL LIMITED AND CONTROLLED ENTITIES

DIRECTORS REPORT FOR YEAR ENDED 30 SEPTEMBER 2012

In accordance with a resolution of the Directors dated 12 December 2012, the Directors of the Company have pleasure in reporting on the Statements of Account of the Chief Entity and the Economic Entity for the financial year ended 30 September 2012 and the state of affairs as at 30 September 2012.

The Directors of the Chief Entity in office at the date of this report are:- Delwyn Garland Rees, Richard Rees and Geoffrey Rees. The directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Refer table "Directors Meetings" page 3 of this report.

PRINCIPAL ACTIVITIES:

The Chief Entity is engaged principally in investment in industrial, commercial, retail real estate and listed company securities, provision of finance and lease facilities and plant and management services to its controlled entities and management, evaluation and expansion of these and other business opportunities.

The wholly owned controlled entity Cook's Body Works Pty Ltd continued trading as a commercial vehicle body builder.

The wholly owned controlled entity, The Cylinder Company Pty Ltd, is trading as a property maintenance company, mainly servicing the chief entity's properties as well as investigating new product, importation & research & development opportunities.

The wholly owned controlled entity, A.B.N. 17 006 852 820 Pty Ltd is non-operating.

The wholly owned controlled entity, Trade Plus Holdings Limited is non-operating.

There were no other significant changes in the nature of the economic entity's activities during the year.

DIVIDENDS:

No dividends were paid or recommended since the end of the previous financial year.

REVIEW OF OPERATIONS:

The investment properties owned by the Chief Entity have been tenanted for the full year with the exception of one industrial property where the tenant went into liquidation at the 31 October 2011.

The liquidator abandoned all the tenant's assets located on the premises and the Company is in the process of undertaking a cleanup, re-instatement and sale of equipment.

The Company has also taken legal action to recover outstanding rent and costs from the guarantor of the tenant under the lease agreement for this premises.

The Subsidiary, Cooks Body Works Pty Ltd, continued to occupy one of the Chief Entity's properties in the Moorabbin area.

Cooks Body Works Pty Ltd has continued to experience difficult trading conditions with inconsistent customer demand and competition from imports supported by the strong Australian dollar.

Cook's management have worked on expansion of the customer base and product offering to improve sale and margin performance of the business.

The Company's management assisted by the non executive directors have reviewed various investment options in the real estate, listed equities, direct investment and product development markets over the year with the objective of improving the medium to long term performance of the group.

REVIEW OF FINANCIAL POSITION

The directors refer readers to the financial statements including, statement of comprehensive income, statement of financial position and statement of cash flows, in relation to the Group's financial position and comparison.

OPERATING RESULTS:

The consolidated profit of the Economic Entity, after providing for an income tax revenue of $2,634,451 (2011 $44,073 expense), amounted to $2,194,158 (2011 $711,087).

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS:

There have been no significant changes in the state of affairs of the economic entity during the financial year.

EVENTS SUBSEQUENT TO BALANCE DATE:

No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Economic Entity and the results of those operations or the state of affairs of the economic entity in financial years subsequent to the financial year ended 30 September 2012.

Subsequent to the end of the financial year, the entity has purchased an investment property, on 30 November 2012 for a cost of $5,850,000 before government taxes, with settlement due on 30 January 2013.

ENVIRONMENTAL ISSUES:

There is no significant effect of current environmental legislation on the organisation.

FUTURE DEVELOPMENTS:

No information has been included on the likely developments of the Chief Entity or the Economic Entity as the directors are of the opinion that to include such comments would be unreasonably prejudicial to the interests of the economic entity.

INFORMATION ON DIRECTORS:MR. DELWYN G. REESQualifications	DIRECTOR (CHAIRMAN) Age 86Diploma of Commerce (Melbourne University)Member of CPA AustraliaCertified Practising Accountant
Experience	Board Member since 1967Appointed Chairman in 1970An accountant in public practice for over 30 years
Interests in Contracts	Director of a company which provides financial and management services to theChief Entity. Consultant to Garland Consulting Services which providesconsulting and secretarial services to the Chief Entity.
Interests in Shares	Refer to Table headed Directors' Interest in Ordinary Shares on page 25 whichis to be read as forming part of this report.
MR. RICHARD REESQualifications	MANAGING DIRECTOR Age 62Bachelor of Commerce (Melbourne University)Member of the Institute of Chartered Accountants in Australia
Experience	Board Member and Chief Executive of Chief Entity since 1981.
Interests in Contract	Has a service and share option agreement with the Chief Entity dated March 1984.
Interest in Shares	Refer to Table headed Directors' Interest in Ordinary Shares on page 25 which is tobe read as forming part of this report.
MR. GEOFFREY REESQualifications	DIRECTOR Age 58Bachelor of Law and Commerce (Melbourne University)Member of the law Institute of Victoria and accredited business law specialist
Experience	Board Member since August 2009
Other Directorships andAppointments	Member of the Uniseed board, a $60 million preseed fund of Westscheme and three of theleading research universities.A member of the Legal Practice Liability Committee, the professional indemnity insurer forAustralian legal practitioners.The Chairman of the advisory board for Melbourne University Sport.
Interest in Shares	Refer to Table headed Directors' Interest in Ordinary Shares on page 25 which is tobe read as forming part of this report.
DIRECTORS' MEETINGS

During the financial year the attendance at Directors' meetings was as follows:

	Meetings held	Meetings attended
D.G. Rees	10	10
R. Rees	10	10
G. L. Rees	10	10

INDEMNIFICATION OF OFFICERS AND AUDITORS

During the financial year, the company paid a premium in respect of a contract insuring the directors of the company (as named above) and all executive officers of the company and of any related body corporate against a liability incurred as such a director, secretary or executive officer to the extent of the policy limits with a current $7,500,000 in aggregate for all claims per twelve months.

The company has not otherwise, during or since the financial year, indemnified or agreed to indemnify an officer or auditor of the company or of any related body corporate against a liability incurred as such an officer or auditor.

AUDITOR'S INDEPENDENCE DECLARATION

The auditor's independence declaration for the year ended 30 September 2012 is included on page 9 of the Annual Report.

PROCEEDINGS ON BEHALF OF THE COMPANY

No person has applied for leave of Court to begin proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings.

The company was not a party to any such proceedings during the year.

OPTIONS

No options over shares or interest in the group have been taken up during the period, or are outstanding at the end of the period.

REMUNERATION REPORT

The Board policy for determination of the nature and amount of remuneration for directors and senior executives is based on the Chairman and Managing Director's assessment of individual's performance and the general overall performance of the company.

It is the stated policy that depending on this assessment, the level of remuneration may be increased or decreased after a review from its previous level.

The criteria on which individual performance is assessed are:-

technical knowledge and skills in light of current levels for the applicable occupation or profession
application by the individual of their knowledge and skills to their tasks
the ability and success in imparting their knowledge, skills and work ethic to personnel assigned to them
the ability to complete assignments successfully and in the allocated time
the ability to assist the company and or subsidiary achieve profitable short, medium and long term performance and growth by delivering customers with quality, competitively priced and innovative products and services.

The table below sets out the remuneration paid during the year to Directors and executives with a breakdown into salaries/ bonuses, superannuation and other benefits.

No equity component of remuneration is provided but board policy is to encourage directors and executives to purchase shares in the company on the stock exchange with the objective of long term investment.

Name	Office		Salary/Bonus	Super		Benefits			Total
			$	$		$			$
		2012	2011	2012	2011	2012	2011	2012	2011

D.G. Rees	Director	60,000	60,000	-	-	-	-	60,000	60,000
R. Rees	Director	268,759	260,012	50,000	50,000	40,000	40,000	358,759	350,012
G.L. Rees	Director	40,000	40,000	-	-	-	-	40,000	40,000

C.	Executive	170,000	170,000	15,300	15,300	-	-	185,300	185,300
Theodoropoulos

Signed, in accordance with a resolution of the directors made pursuant to s.298(2) of the Corporations Act 2001.

On behalf of the Board

Mr. D. G. Rees Mr. R. Rees Director Director

Moorabbin, 12 December 2012

CORPORATE GOVERNANCE STATEMENT

The Directors set out below their comments on the extent to which each of the eight essential corporate governance principles and the recommendations aligned with these principles, as provided by the Australian Stock Exchange Corporate Governance Council, as a guide for listed companies, have been followed and the reasons for any differences .

1.dddd 1. Lay solid foundations for management and oversight

1.1 Companies should establish the functions reserved to the board and those delegated to senior executives and disclose those functions.

The small nature of the company and its controlled entities lead to the board taking a proactive role in the decision making and performance management of the group under the guidance of the Chairman.

The role of the board and senior executives are not set out in prospective terms but left to the Chairman and Managing Director to determine based on their assessment of current circumstances and the competencies of board members and executives to achieve effective outcomes. The roles and expectations of those selected to manage is then communicated to them in face-toface discussions.

From the guidelines for board responsibilities set out in the commentary to this recommendation the board takes responsibility for:

overseeing the company, including its control and accountability systems
providing input and final approval of managements development of corporate strategy and performance objectives
reviewing, ratifying and monitoring systems of risk management, internal control, codes of conduct and legal compliance
monitoring, appointing and removing senior executives and performance and implementation of strategy
where appropriate providing sufficient resources to senior executives
approving and monitoring the progress of major capital expenditure, capital management, acquisitions and divestures - approving and monitoring financial and other reporting to external parties.
1.2 Companies should disclose the process for evaluating the performance of senior executives. Directors annually review the performance of executives against the competitive markets in which the group operations are conducted. Further information on this process is disclosed in the remuneration report on page [4] of the annual report.
1.3 Companies should provide the information indicated in the guide to reporting on Principle 1. A performance evaluation for senior executives has taken place according to the disclosed policy.

2. Structure the Board to add value

2.1 A majority of the board should be independent directors.

The Board has no independent directors. The Chairman, Managing Director and the Non executive director all have a relevant interest in the chief entity, as they all have a relevant interest in numerous substantial shareholders. The board believes that increasing its size to include a number of independent directors is not warranted at this time of the company's development.

Independence is brought to bear through the directors commercial knowledge, experience and expertise. Directors have access to all staff and if required independent professional advice with the cost of the latter being funded by the Company provided prior approval of one other Director is obtained for the specific amount of the proposed expenditure.

2.2 The chair should be an independent director. The Chairman has a relevant interest in the chief entity, as he has a relevant interest in one or more substantial shareholders and has been on the board of the company since 1967. The Chairman follows the practice of vacating his directorship each year and offering himself for re election by the shareholders
2.3 The roles of the chair and the managing director should not be exercised by the same individual.
The role of the managing director is performed by Mr Richard Rees, while the role of chair is performed by Mr Delwyn G. Rees. 2.4 The board should establish a nomination committee

The small size of the company leads to the existence of a small board, which does not lend itself to the formation of committees instead; the role of the nomination committee is carried out by the full Board.

The selection of senior executives and directors is based on direct knowledge of applicant's backgrounds making seamless induction, and allowing selected executives to participate in decision making at the earliest opportunity.

2.5 Companies should disclose the process for evaluating the performance of the board, its committees and individual directors.

The companies' policy for determination of the performance of directors and the board is based on the Chairman and Managing Director's assessment of individual's performance and the general overall performance of the company.

It is the stated policy that depending on this performance evaluation, the level of remuneration may be increased or decreased after a review from its previous levels for the board and individual directors.

The criteria on which individual performance is assessed are:-

technical knowledge and skills in light of current levels for the applicable occupation or profession
application by the individual of their knowledge and skills to their tasks
the ability and success in imparting their knowledge, skills and work ethic to personnel assigned to them
the ability to complete assignments successfully and in the allocated time
the ability to assist the company and or subsidiary achieve profitable short, medium and long term performance and growth by delivering customers with quality, competitively priced and innovative products and services.

2.6 Companies should provide the information indicated in the guide to reporting on Principle 2. A performance evaluation for senior executives has taken place according to the disclosed policy.

The term in office held by each director at the date of this report is as follows: Name Term in office Mr Delwyn G. Rees 46 years Mr Richard Rees 31 years Mr Geoffrey Rees 3 years

CORPORATE GOVERNANCE (cont.)

3. Promote ethical and responsible decision making.

3.1 Companies should establish a code of conduct and disclose the code or a summary of the code as to:
- The practices necessary to maintain confidence in the company's integrity
- The practices necessary to take into account their legal obligations and the responsible expectations of their stakeholders
- The responsibility and accountability of individuals for reporting and investigating reports of unethical practices. The Directors will continue to maintain their high standard of decision-making and promote and encourage ethical behaviour of all employees.

The Directors believe personal integrity and honesty is the key, rather than documented codes or company regulations, to enable maintenance of high standards of business practice.

3.2 Companies should establish a policy concerning diversity and disclose the policy or a summary of that policy. The policy should include requirements for the board to establish measurable objectives for achieving gender diversity for the board to assess annually both the objectives and progress in achieving them.

The board focuses on the skills and experience of employees in deciding their position, remuneration and responsibilities with standards met by personal integrity and honesty rather than through documented codes or company regulations.

3.3 Companies should disclose in each annual report the measurable objectives for achieving greater gender diversity set by the board in accordance with the diversity policy and progress towards achieving them.

The board considers that the skills sets of each individual in the organisation is matched to their relevant position. 3.4 Companies should disclose in each annual report the proportion of women employees in the whole organisation,

women in senior executive positions and women on the board. The board considers that the roles in the organisation are filled by the person with the skills best required to achieve the
organisations goals and strategies
3.5 Companies should provide the information indicated in the guide to reporting on Principle 3. Refer to 3.1, 3.2, 3.3 and 3.4 above.

4.0 Safeguard integrity in financial reporting

4.1 The board should establish an audit committee.
- The small size of the company leads to the existence of a small board, which does not lend itself to the formation of committees instead; the role of the audit committee is carried out by the full Board.
4.2 The Audit committee should be structured so that it:
- Consists only of non-executive directors
  - Consists of a majority of independent directors
  - Is chaired by an independent chair, who is not chair of the board
  - Have at least three members.

The small size of the company leads to the existence of a small board, which does not lend itself to the formation of committees, instead the role of the audit committee is carried out by the full Board.

All members of the board are qualified to participate in this role due to their extensive experience in and knowledge of, the industry in which the company and its subsidiaries operates, in addition Mr Delwyn G. Rees, Mr Richard Rees & Mr Geoffrey Rees have accounting qualifications.

4.3 The Audit committee should have a formal charter.

The board has two members with formal audit experience and qualifications and one member has significant legal experience and qualification which is considered as an adequate substitution for a formal charter at this stage in the company's development.

4.4 Companies should provide the information indicated in the guide to reporting on Principle 4. Refer to 4.1, 4.2 and 4.3 above.

5. Make timely and balanced disclosure

5.1 Companies should establish written policies designed to ensure compliance with ASX Listing Rule disclosure requirements and to ensure accountability at a senior executive level for that compliance and disclose those policies or a summary of those policies.

The Board has the policy that all company announcements to the shareholders and ASX are approved prior to issue by at least two Directors and are timely, factual and in accordance with the law.

The Board also appreciates the need in the very competitive industries in which its controlled entity and it operate, that disclosure to the market does not disclose competitive sensitive information which would be unnecessarily prejudicial to the interests of the Group and the Company shareholders.

Shareholder inquiries during the course of the year are addressed by the Managing Director or Chairman in a timely manner. 5.2 Companies should provide the information indicated in the guide to reporting on Principle 5.

Major announcements made to the ASX are placed on the company's website, sietel.com.au in a timely manner after the public release.

CORPORATE GOVERNANCE (cont.)

6. Respect the rights of shareholders

6.1 Companies should design a communications policy for promoting effective communication with shareholders and

encouraging their participation at general meetings and disclose their policy or a summary of that policy. A hardcopy of the annual report is sent to all shareholders who have their current address registered with the Company and have requested this option to be utilized. This includes a notice to attend the Annual General Meeting (AGM). All shareholders are able to receive a hardcopy of published annual reports on request or can obtain a copy online which is available on our website at sietel.com.au, or through the ASX website, asx.com.au.

The Annual Report is prepared, on a no nonsense, uncluttered and to the point basis, to assist non technocrats in gaining a reasonable understanding of the group and its individual entities' performance over the year and financial position at year end.

The AGM is held at one of the Company's premises which provides free parking and easy access. The format of the meeting provides shareholders with the opportunity to ask questions of the Directors and the Auditor or his nominated representative.

Shareholder inquiries during the course of the year are addressed by the Managing Director or Chairman in a timely manner.

The entities manufacturing subsidiary has a web site which provide information relevant to their products allowing shareholders to become better acquainted with the business.

6.2 Companies should provide the information indicated in the guide to reporting on Principle 6.
- Refer to 6.1 above.

7. Recognise and manage risk

7.1 Companies should establish policies for the oversight and management of material business risks and disclose a summary of those policies.

The board recognises that there are many areas of risk that effect the going companies operations. The following though will have the greatest impact; operational risks, compliance risks, strategic risks, reputation and brand risks, product or service quality risks, financial reporting risks and market-related risks.

Management with the support of the board has taken the following actions to minimise the areas of risk faced by the group companies; Appointed qualified and experienced directors and staff, set standards for behaviour, have comprehensive Insurance Policies which are reviewed annually, segregation of duties, delegated limits of authority, reliable and stable management, reporting systems and accounting controls, procedures for managing financial risks and the treasury function, and defined organisational structure and management responsibilities.

7.2 The board should require management to design and implement the risk management and internal control system to manage the company's material business risks and report whether those risks are being managed effectively. The board should disclose that management has reported to it as to the effectiveness of the company's management of its material business risks.

The board has received regular presentation from management as to the effectiveness of the company's management and its material business risks.

7.3 The board should disclose whether it has received assurance from the chief executive officer (CEO) (or equivalent) and chief financial officer (CFO) (or equivalent) that the declaration provided in accordance with section 295A of the Corporations Act is founded on a sound system of risk management and internal control and that the system is operating effectively in all material respects in relation to financial reporting risks. The group complies with section 295A of the Corporations Act.
7.4 Companies should provide the information indicated in the guide to reporting on Principle 7. The board has received regular presentations on the management of material business risks.

8. Remunerate fairly and responsibly

8.1 The board should establish a remuneration committee

The small size of the company leads to the existence of a small board, which does not lend itself to the formation of committees instead; the role of the remuneration committee is carried out by the full Board.

The Board, with its experience in the relevant industries in which group companies operate plus reference to independent survey information combined with regular in depth meetings between staff and the Managing Director, have implemented a policy of fair remuneration based on individual and relevant company or divisional and group performance.

Long term rather than short term performance has been the overriding objective, along with assessment of the dedication and commonly held objectives, plus the ability of the relevant business to achieve a return on the investment in time, money and intellectual property.

8.2 The remuneration committee should be structured so that it; Consists of a majority of independent directors, it is chaired by an independent chair and has at least three members.

8.3 Companies should clearly distinguish the structure of non-executive directors' remuneration from that of executives/ senior executives.

The components of remuneration for each executive director and senior executive are largely cash based. There are no share based payments and non-cash benefits are minimal. Performance based cash payments are largely related to the company's trading and operating performance. Currently there is no scheme to provide any director or member of management with retirement benefits other than accrued long service leave, annual leave and superannuation benefits.

Non-executive directors are remunerated by way of cash salary/bonus plus statutory superannuation and the company does not have any prescribed incentive scheme. There is no scheme to provide directors with retirement benefits other than statutory superannuation.

8.4 Companies should provide the information indicated in the guide to reporting on Principle 8. Refer to 8.1, 8. 2 & 8. 3 above.

INDEPENDENT AUDIT REPORT TO THE MEMBERS OF SIETEL LIMITED

Report on the Financial Report

We have audited the accompanying financial report of Sietel Limited (the company) and Sietel Limited and Controlled Entities (the consolidated entity), which comprises the consolidated statement of financial position as at 30 September 2012, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information and the directors' declaration of the consolidated entity comprising the company and the entities it controlled at the year's end or from time to time during the financial year.

Directors' Responsibility for the Financial Report

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

Auditor's Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

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

Auditor's Opinion

In our opinion:

the financial report of Sietel Limited and Sietel Limited and Controlled Entities is in accordance with the Corporations Act 2001, including:

i. giving a true and fair view of the company and consolidated entity's financial position as at 30 September 2012 and of their performance for the year ended on that date; and
ii. complying with Australian Accounting Standards and the Corporations Regulations 2001.

Report on the Remuneration Report

We have audited the remuneration report included on page4 of the directors' report for the year ended 30 September 2012. The directors of the company are responsible for the preparation and presentation of the remuneration report in accordance with s 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.

Auditor's Opinion

In our opinion the remuneration report of Sietel Limited for the year ended 30 September 2012 complies with s 300A of the Corporations Act 2001.

Hayes Knight Audit Pty Ltd Geoff S. Parker Melbourne Director

Dated this 12th day of December 2012

DIRECTORS' DECLARATION

The directors declare that:

a) The attached financial statements and notes as set out on pages 10-24 thereto comply with Australian Accounting Standards;
b) The attached financial statements and notes thereto give a true and fair view of the financial position and performance of the company and the economic entity;
c) In the directors' opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001; and
d) In the directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed, in accordance with a resolution of the directors made pursuant to s.295(5) of the Corporations Act 2001.

On behalf of the Directors

Mr. D. G. Rees Mr. R. Rees Director Director

Moorabbin, 12 December 2012

AUDITOR'S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF SIETEL LIMITED & CONTROLLED ENTITIES

I declare that, to the best of my knowledge and belief, during the year ended 30 September 2012 there have been:

i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.

Hayes Knight Audit Pty Ltd

Geoff S. Parker Director

Melbourne Dated this 12 th day of December 2012

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2012

Note		Economic Entity
		2012$	2011$
	Continuing Operations:
20	Revenues	6,969,779	6,827,573
20	Other income	10,095	9,604
21	Other expenses	(6,114,117)	(6,082,017)
21	Finance costs	-	-
	Operating profit (loss) before income tax	865,757	755,160
21	Impairment loss	(1,306,050)	-
	Profit (loss) before income tax	(440,293)	755,160
24	Income tax revenue/(expense)	2,634,451	(44,073)
	Profit (loss) after income tax	2,194,158	711,087
	Profit attributable to members of the Parent Entity	2,194,158	711,087
	Other Comprehensive Income:
20	Net gain (loss) on available for sale financial assets	1,450,374	(1,006,949)
	Other comprehensive income/(loss) for the year	1,450,374	(1,006,949)
	Total comprehensive income/(loss) for the year	3,644,532	(295,862)

	2011	2012
26	8.88	27.40	Earnings per share - Basic (cents per share)
	8.88	27.40	Earnings per share - Basic (cents per share) - continuing operations
26	8.80	27.15	Earnings per share - Diluted (cents per share)
	8.80	27.15	Earnings per share - Diluted (cents per share) – continuing operations

Notes to and forming part of the accounts are set out on pages 13 to 24.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2012

Note		Economic Entity
		2012$	2011$
	Current Assets
	Cash and cash equivalents	8,975,760	13,149,177
3	Trade and other receivables	266,670	270,393
4	Financial assetsInventories	-475,051	-523,836
5	Other current assets	224,417	256,213
6	Current tax receivables	77,396	216,445
	Total Current Assets	10,019,294	14,416,064
	Non-Current Assets
7	Trade and other receivables	-	-
8	Financial assets	12,549,332	9,553,677
9	Property, plant and equipment	2,870,862	2,973,759
1011	Investment propertyOther non-current assets	30,717,576-	24,934,767-
12	Deferred tax assets	220,239	668,047
	Total Non-Current Assets	46,358,009	38,130,250
	Total Assets	56,377,303	52,546,314
	Current Liabilities
13	Trade and other payables	647,202	604,803
14	Financial liabilities	231,625	225,481
1517	Current tax liabilitiesProvisions	-866,316	-728,402

	Total Current Liabilities	1,745,143	1,558,686
16	Non-Current LiabilitiesFinancial liabilities	-	-

	Total Non-Current Liabilities	-	-
	Total Liabilities	1,745,143	1,558,686
	Net Assets	54,632,160	50,987,628
	Equity
18	Issued capital	4,257,129	4,257,129
	Reserves	586,312	(864,062)
	Retained profitsTotal Shareholders' Equity	49,788,71954,632,160	47,594,56150,987,628

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED 30 SEPTEMBER 2012

Economic Entity	IssuedCapital	Reserves	RetainedEarnings	Total Equity
Balance at October 1, 2010Net profit for the period	4,257,129	142,887	46,883,474711,087	51,283,490711,087
Other comprehensive income		(1,006,949)		(1,006,949)
Balance at September 30, 2011	4,257,129	(864,062)	47,594,561	50,987,628
Net profit for the period			2,194,158	2,194,158
Other comprehensive income		1,450,374		1,450,374
Balance September 30, 2012	4,257,129	586,312	49,788,719	54,632,160

Notes to and forming part of the accounts are set out on pages 13 to 24

CONSOLIDATED STATEMENT OF CASH FLOWS FOR YEAR ENDED 30 SEPTEMBER 2012

Note Economic Entity

		2012	2011
		$	$
	Cash flows from Operating Activities
	Receipts from customers	5,652,740	6,410,986
	Payment to suppliers and employees	(4,606,775)	(5,563,568)
	Income tax refunded/(paid)	2,602,869	(685,464)
	Interest received	719,846	867,495
	Dividends received	511,028	308,053
	Finance costs	-	-
30(ii)	Net cash provided by (used in) operating activities	4,879,708	1,337,502
	Cash flows from Investing Activities
	Proceeds from sale of property, plant and equipment	-	9,604
	Proceeds from sale of financial assets	47,109	-
	Purchase of property, plant and equipment	(152,249)	(619,757)
	Purchase of investment properties	(6,682,212)	(3,056,514)
	Purchase of financial assets	(2,265,773)	(5,662,975)
	Net cash provided by (used in) investing activities	(9,053,125)	(9,329,642)
	Cash flows from Financing Activities
	Net cash provided by (used in) financing activities	-	-
	Net increase/(decrease) in cash flows	(4,173,417)	(7,992,140)
	Cash at beginning of financial year	13,149,177	21,141,317
30(i)	Cash at end of financial year	8,975,760	13,149,177

Notes to and forming part of the accounts are included on pages 13 to 24.

Note 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards, including Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.

The financial report covers the economic entity of Sietel Limited and controlled entities incorporated and domiciled in Australia.

The financial report of Sietel Limited and controlled entities comply with Australian Accounting Standards. Material accounting policies adopted in the preparation of these statements are stated below and were consistently applied unless otherwise stated.

The financial statements were authorised for issue on 12 December 2012 by the directors of the company.

(A) Significant Accounting Policies

Accounting policies are selected and applied in a manner which helps ensure that the resultant financial information satisfies the concepts of relevance and reliability, thereby, ensuring that the substance of the underlying transactions and other events is reported. The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets.

In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for the current annual reporting period.

(B) Property, Plant and Equipment

Depreciation has been charged in the accounts using either the reducing balance or straight line method on all classes of depreciable assets so as to write off their book value over the estimated useful life of the asset including buildings classified as investments. The economic entity's land and buildings leased to third parties have been classified as Investment Property and land and buildings occupied by the economic entity have been classified as Property, Plant and Equipment. The following estimated useful lives are used in the calculation of depreciation. Buildings: 20 – 40 years and Plant and Equipment 4 - 8 years. The policy of the company is to review its valuations of land and buildings every 3 years. There has also been no capital gains tax taken into account in determining revalued amounts.

(C) Investment Property

Investment properties are held for long term rental yields and are not used by the consolidated entity. Investment property purchased before 1998 are carried at fair value re the directors 1998 valuation (deemed cost), while the remainder is carried at cost. The policy of the company is to review its valuations of land and buildings every 3 years. There has also been no capital gains tax taken into account in determining revalued amounts.

(D) Inventories

All entities in the economic entity have:

(i) Valued stocks at the lower of cost and net realisable value
(ii) Calculated costs by including all variable manufacturing cost, and an appropriate portion of fixed manufacturing cost, but excluding selling, distribution and administration expenses, and
(iii) Assigned cost to inventory quantities on hand at balance date on a first in first out basis.

(E) Research and Development Expenditure

Expenditure during the research phase of a project is recognised as an expense when incurred. Development costs are capitalised only when technical feasibility studies identify that the project will deliver future economic benefits and these benefits can be measured reliably.

Development costs have a finite life and are amortised on a systematic basis matched to the future economic benefits over the useful life of the project.

(F) Employee Entitlements

Provision is made for benefits accruing to employees in respect of annual leave and long service leave when it is probable that settlement will be required and are capable of being measured reliably.

Provisions made in respect of annual leave and long service leave, expected to be settled within 12 months and after 12 months are measured at their nominal values plus related on costs

(G) Leases

Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership, are transferred to entities within the economic entity and classified as finance leases. Finance leases are capitalised recording an asset and a liability equal to the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated to the reduction of the lease liability. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred.

(H) Comparative Figures

Where required by Accounting Standards comparative figures have been adjusted with changes in presentation for the current financial year.

Note 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

(I) Receivables

Trade receivables and other receivables are recorded at amounts due less any provision for doubtful debts.

(J) Recoverable Amount of Non-Current Assets

Non-current assets are written down to recoverable amounts where the carrying value of any non-current assets exceeds recoverable amounts. In determining the recoverable amount of non-current assets, the expected net cash flows have been discounted to their present value.

Investments in subsidiary companies are valued at cost although in the case of one subsidiary the net assets are less than the company's investment. The Directors have written down this investment as they believe there is a permanent diminution in value.

(K) Accounts Payable

Trade payables and other accounts payable are recognised when the economic entity becomes obliged to make future payments resulting from the purchase of goods and services.

(L) Principles of Consolidation

The consolidated accounts comprise the accounts of Sietel Limited and all of its controlled entities. A controlled entity is any entity controlled by Sietel Limited. Control exists where Sietel Limited has the capacity to dominate the decision-making in relation to the financial and operating policies of another entity so that the other entity operates with Sietel Limited to achieve the objectives of Sietel Limited. A list of controlled entities is contained in Note 27 to the financial statements.

All intercompany balances and transactions between entities in the economic entity, including any unrealised profit or losses, have been eliminated on consolidation.

(M) Revenue

Revenue from the sale of goods is recognised upon the delivery and invoicing of goods to customers. Revenue from rent, interest revenue & dividend revenue is recognised on receipt. Revenue from the rendering of a service is recognised upon the delivery and invoicing of the service to the customers.

(N) Provision for Warranties

Provision is made in respect of the economic entity's estimated liability on products under warranty at balance date.

(O) Income Tax

The economic entity adopts the liability method of tax-effect accounting whereby the income tax expense is based on the profit from ordinary activities adjusted for any non-assessable or disallowed items. It is calculated using the tax rates that have been enacted or are substantially enacted by the balance sheet date.

Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited in the income statement except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.

The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation that the consolidated group will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.

Sietel Limited and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime. Each entity in the group recognises its own current and deferred tax liabilities, except for any deferred tax liabilities resulting from unused tax losses and tax credits, which are immediately assumed by the parent entity. The current tax liability of each group entity is then subsequently assumed by the parent entity. The group notified the Australian Tax Office that it had formed an income tax consolidated group to apply from October 1, 2003. The tax consolidated group has entered a tax sharing agreement whereby each company in the group contributes to the income tax payable in proportion to their contribution to the net profit before tax of the tax consolidated group.

(P) Borrowing costs

Borrowing costs are recognised in profit or loss in the period in which they are incurred.

Note 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

(Q) Financial Instruments

Recognition and Initial Measurement

Financial instruments, incorporating financial assets and financial liabilities, are recognised when the entity becomes a party to the contractual provisions of the instrument. Trade date accounting is adopted for financial assets that are delivered within timeframes established by marketplace convention.

Financial instruments are initially measured at fair value plus transaction costs where the instrument is not classified as at fair value through profit or loss. Transaction costs related to instruments classified as at fair value through profit or loss are expensed to profit or loss immediately. Financial instruments are classified and measured as set out below.

Derecognition

Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expire. The difference between the carrying value of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss.

Classification and Subsequent Measurement

(i) Financial assets at fair value through profit or loss

Financial assets are classified at fair value through profit or loss when they are held for trading for the purpose of short term profit taking, where they are derivatives not held for hedging purposes, or designated as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Realised and unrealised gains and losses arising from change in fair value are included in profit or loss in the period in which they arise. (ii) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost using the effective interest rate method. (iii) Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the group's intention to hold these investments to maturity. They are subsequently measured at amortised cost using the effective interest rate method.

(iv) Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets that are either designated as such or that are not classified in any of the other categories. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.

(v) Financial Liabilities

Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost using the effective interest rate method.

Fair value

Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm's length transactions, reference to similar instruments and option pricing models.

Impairment

At each reporting date, the group assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the income statement.

(R) Critical Accounting Estimates and Judgments

The directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the group.

Key estimates - Impairment

The group assesses impairment at each reporting date by evaluating conditions specific to the group that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is determined. Value-in-use calculations performed in assessing recoverable amounts incorporate a number of key estimates.

(S) Discontinued Operations

A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographic area of operations, is part of a single coordinated plan to dispose of such a line of business or are of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately on the face of the income statement and the assets and liabilities are presented separately on the face of the balance sheet.

Note 2 PARENT INFORMATION

The following information, extracted from the books of the parent, has been prepared in accordance with accounting standards.

	STATEMENT OF FINANCIAL POSITION
	Chief Entity
	2012	2011
	$	$
ASSETS
Current Assets	9,679,477	13,161,112
TOTAL ASSETS	57,969,266	53,296,096

LIABILITIES
Current Liabilities	1,262,653	967,540
TOTAL LIABILITIES	1,262,653	967,540
EQUITY
Issued Capital	4,257,129	4,257,129
Reserves	586,878	(864,062)
Retained Earnings	51,862,606	48,935,489
TOTAL EQUITY	56,706,613	52,328,556
	STATEMENT OF COMPREHENSIVE INCOME
Total Profit	2,927,117	1,061,143
TOTAL COMPREHENSIVE INCOME	4,377,491	54,194

Guarantees

Sietel Ltd has not entered into any guarantees, in the current or previous financial year in relation to the debts of its subsidiaries, except as disclosed in Note 29.

Contingent Liabilities

As at 30 Sept 2012, Sietel Ltd did not have any contingent liabilities. (2011: None)

Contractual Commitments

At 30 Sept 2012, Sietel Ltd had not entered into any contractual commitments for the purchase of property plant and equip. (2011: None)

	Economic Entity
	2012	2011
	$	$
Note 3 CURRENT RECEIVABLES
Trade receivables	260,355	290,653
Provision for doubtful debts	-	(20,260)
	260,355	270,393
Other	6,315	-
	266,670	270,393
Trade Receivables Aging Summary	30 Days ($)	60 Days ($)
Trade receivables	240,035	20,320
	2012	2011
Note 4 CURRENT INVENTORIES	$	$
Raw materials	374,487	34,792
Work in progress	56,800	406,105
Finished goods	43,764	82,939
	475,051	523,836
Note 5 OTHER CURRENT ASSETS
Tenant bonds – Fixed deposits	224,417	222,731
Prepayments	-	33,482
	224,417	256,213
Note 6 CURRENT TAX RECEIVABLES
Current tax receivables	77,396	216,445
	77,396	216,445
Note 7 NON-CURRENT RECEIVABLES
Receivables	-	-
	-	-

	Economic Entity
	2012	2011
	$	$
Note 8 NON-CURRENT OTHER FINANCIAL ASSETS
Other available for sale assets
- Listed Shares (at market value)	12,549,332	9,506,790
- Unlisted Investments (at market value)	-	46,887
	12,549,332	9,553,677
Note 9 PROPERTY PLANT AND EQUIPMENT
Plant and Equipment at cost	2,852,913	2,700,665
Less Accumulated depreciation	(2,340,189)	(2,137,980)
Total Plant and Equipment	512,724	562,685

Property
Land at Cost	1,273,568	1,273,568
Total Land	1,273,568	1,273,568

Buildings at Cost	415,491	415,491
Building Additions at Cost	907,909	907,909
Less Accumulated depreciation	(238,830)	(185,894)
Total Buildings	1,084,570	1,137,506
Total Property	2,358,138	2,411,074
Total Property Plant and Equipment	2,870,862	2,973,759

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current year 2012.

Economic Entity	Land($)	Buildings($)	Plant andEquipment($)	Leased plantandEquipment($)	Total($)
Balance at 1 October 2011	1,273,568	1,137,506	562,685	-	2,973,759
Additions	-	-	152,248	-	152,248
Depreciation expenseDisposals	--	(52,936)-	(202,209)-	--	(255,145)-
Transfers to investment property	-	-	-	-	-
Balance at 30 September 2012	1,273,568	1,084,570	512,724	-	2,870,862

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the previous year 2011.

Economic Entity	Land($)	Buildings($)	Plant andEquipment($)	Leased plantandEquipment($)	Total($)
Balance at 1 October 2010	1,273,568	258,322	555,027	-	2,086,917
AdditionsDepreciation expenseDisposals	---	907,909(28,725)-	207,518(199,860)-	---	1,115,427(228,585)-
Transfers to investment property	-	-	-	-	-
Balance at 30 September 2011	1,273,568	1,137,506	562,685	-	2,973,759

Note 9 & 10 PROPERTY, PLANT & EQUIPMENT AND INVESTMENT PROPERTY (Cont.)

*The Directors have reviewed and established a market value of all properties, including investment properties. Valuations adopted include reference to local council independent valuations, independent research, information received from real estate agents and recent sales information.

Valuation year end 2012		$36,850,000
WD Book Value as at 30 September 2012Note 9: Property, Plant & EquipmentNote 10: Investment Property	$ 2,358,138$ 30,717,576	$ 33,075,714
Unrealised Net GainApplicable Capital Gains tax at 30%		$ 3,774,286$ 1,132,286

				Economic Entity
				2012$	2011$
Note 10 INVESTMENT PROPERTY
Property
Land at Directors Valuation 1998* (Deemed cost)Land at Cost*				3,702,9378,994,903	3,702,9374,718,652
Total Land				12,697,840	8,421,589

Buildings at Directors Valuation 1998* (Deemed cost)Buildings at Cost*				1,989,75019,807,267	1,989,75017,397,880
Building Additions at Cost*				3,545	3,545
Less Accumulated depreciation				(3,780,826)	(2,877,997)
Total BuildingsTotal Investment Property				18,019,73630,717,576	16,513,17824,934,767

Movement in the carrying amounts for investment property between the beginning
and the end of the current year 2012.Balance at 1 October 2011				24,934,767	22,734,743
Additions				6,685,637	3,056,514
Depreciation expense				(902,828)	(856,490)
Balance at 30 September 2012				30,717,576	24,934,767
Note 11 OTHER NON-CURRENT ASSETS
Buildings in Progress				--	--
Note 12 DEFERRED TAX ASSETS
Deferred Tax Assets				220,239	668,047
				220,239	668,047
Note 13 CURRENT ACCOUNTS PAYABLE
Unsecured :
Trade CreditorsSundry Creditors				394,245252,957	427,235177,568
				647,202	604,803
Note 14 FINANCIAL LIABILITIES
Unsecured :Tenant bonds				231,625	225,481
				231,625	225,481
Note 15 CURRENT TAX LIABILITIESCurrent – Income Tax				-	-
				-	-
Note 16 NON-CURRENT FINANCIAL LIABILITIES
Lease Liability				--	--
Note 17 CURRENT PROVISIONS
Economic Entity	AnnualLeave	LongService	Directors'Fees	Provisionfor	Total
		Leave		Warranty
	($)	($)	($)	($)	($)
Opening Balance at 1 Oct 2011Additional provisions	495,186166,117	122,21637,574	71,000100,000	40,000-	728,402303,690
Amounts used	(52,171)	-	(100,000)	-	(152,171)
Amounts paid out on resignation	(3,605)	-	-	-	(3,605)
Amounts transferred out	-	-	(10,000)	-	(10,000)
Balance at 30 September 2012	605,527	159,789	61,000	40,000	866,316
				Economic Entity
				2012	2011
Note 18 ISSUED CAPITALIssued and Paid Up Capital 8,007,479 Ordinary				$	$
Shares fully Paid (2011 8,007,479)				4,107,129	4,107,129
75,000 Preference Shares 5% Cumulative fully paid (2011 75,000)				150,0004,257,129	150,0004,257,129

Movements in Ordinary Shares				2012 (No.)	2011 (No.)
Opening BalanceShares Issued				8,007,479-	8,007,479-
Closing Balance				8,007,479	8,007,479

Note 18 ISSUED CAPITAL (CONTINUED)

	Economic Entity
	2012	2011
	$	$
Note 19 DIVIDENDS PAID AND PROPOSED
5% Cumulative Preference	NIL	NIL
A preference dividend was last paid for the half year ended 31st March 1987.
Adjusted Franking Account Balance	12,603,172	14,857,197

Note 20 REVENUEContinuing operations:
Sales Revenue	2,322,494	2,647,806
Dividends
- Other Corporations	511,028	308,053
Interest Received
- Other Corporations	719,846	867,495
Rent Revenue
- Other Corporations	2,643,674	2,501,325
Other Revenue	772,737	502,894
	6,969,779	6,827,573
Non Operating:
Gain on disposal
- Property, plant and equipment	-	9,545
-Investments	10,095	59
	10,095	9,604
Total Revenue	6,979,874	6,837,177
Other Comprehensive IncomeNet gain (loss) on revaluation of available for sale financial assets	1,450,374	(1,006,949)
Other comprehensive income/(loss) for the year	1,450,374	(1,006,949)


Note 21 EXPENSES
(a) Operating profit before income tax has been determined after:
Continuing OperationsCost of goods sold	1,669,179	1,764,931
Overheads	3,550,161	3,495,345
Administration expenses	726,572	653,488
Selling expenses	143,246	163,819
Bad debts and other	24,959	4,434
Total other expense	6,114,117	6,082,017

Impairment loss	1,306,050	-

Depreciation included above:
- Buildings	955,764	885,215
- Plant and equipment owned	202,209	199,860
	1,157,973	1,085,075
(b) Finance costs (borrowings):
- Interest paid
Other corporations	-	-
Finance leases	-	-
(c) Net transfers to (from) provisions for:	-	-
- Employee entitlements	(152,171)	(289,251)

(d) Research and Development Costs	396,711	434,733

(e) Costs in relation to the holding of rental properties:
- Council rates	103,384	150,315
- Water rates	32,477	25,021
- Insurance	100,401	110,575
- Land tax	339,086	415,665
- Repairs & maintenance	170,073	70,679
- Other	44,512	34,970
	789,933	807,225

	Economic Entity
	2012	2011
	$	$
Note 22 AUDITORS REMUNERATION
Amount received or due and receivable by the Chief Entity
Auditors for:
- Auditing the accounts	38,850	37,000
- Other services	-	-
	38,850	37,000
Note 23 CAPITAL AND LEASING EQUIPMENT
Finance leasing Commitments
Total finance lease liability	-	-
Capital Commitments
- Less than 1 year
Investment Property*	5,850,000	-
Development of Existing property	-	-
- Longer than 1 years, not longer than 5 years	-	-
- Longer than 5 years	-	-
*Refer to 'Events Subsequent to Balance Date' on page 2

Note 24 INCOME TAX EXPENSE
a) The prima facie tax on operating profit is reconciled to theincome tax expense (benefit) in the accounts as follows:
Continuing profit (loss) before income tax	(440,293)	755,160

Prima Facie income tax expense/(refund) applicable to
Operating Profit/(loss) at 30% (2011 30%)	(132,088)	226,548
Add/Deduct tax effect of:

Depreciation on Buildings	4,787	87,009
Legal Expenses	7,228	(1,849)
Research and Development ExpenditureImpairment Loss on shares held for investment (capital loss)	(177,695)369,305	(32,605)-
Tax offsets/rebates	(147,949)	(88,324)
Reclassification of brought forward differences and over	36,863	(146,706)
provision for tax in previous years
Refunds received which relate to prior tax returns	(2,594,902)	-
Income Tax Expense/(Revenue) per Accounts	(2,634,451)	44,073
Income tax expense related to continuing operations	(2,634,451)	44,073
The applicable weighted average effective tax rates	0%	6%

Note 25 SUPERANNUATION COMMITMENTS

Sietel Ltd, Cook's Body Works Pty Ltd and The Cylinder Company Pty Ltd each pay the employer's contribution required by the Superannuation Guarantee Charge Act and any further salary sacrifice amounts or employee contributions, if instructed, to complying superannuation funds as selected by their employees.

The amount and time of payment of benefits by these various superannuation funds will be in accordance with the terms and conditions negotiated by each individual employee and are not guaranteed in any way by the company or its subsidiaries.

The relevant company has a legal obligation to contribute to these superannuation funds in accordance with relevant requirements of the Superannuation Guarantee legislation.

Sietel Ltd also has a fund called the Senior Staff Superannuation fund where the benefits are the accumulation of contributions by the employer and if applicable the employees which become payable on retirement, death or total and permanent disability. Contributions to this fund are at the discretion of the employer or the employee.

		2012	2011
Note 26 EARNINGS PER SHAREBasic earnings per share (cents per share)Diluted earnings per share (cents per share)		27,4027.15	8.888.80
The weighted average number of ordinary shares on issue used in the calculationof basic earnings per share.		8,007,479	8,007,479
Basic EPS = Profit/loss for the period=2,194,158No. Of ordinary securities8,007,479	= 27.40¢
Diluted EPS = Profit/loss for the period=2,194,158No. Of ordinary securities8,007,479+75,000+ Preference securities	= 27.15¢

Note 27 CONTROLLED ENTITIES AND SEGMENT REPORTING

(a) Entities controlled by ultimate parent entity Sietel Ltd

and contribution to Consolidated Profit(Loss)Name of controlled Entity ofSietel Limited	Beneficially Ownedby Sietel Ltd		Contribution to consolidatedoperating Profit (loss) afterincome tax attributable tomembers of the chief entity		Investment by Sietel Ltd at cost
	2012	2011	2012	2011	2012	2011
	%	%	$	$	$	$
Continuing operations
Cooks Body Works Pty Ltd(1)	100	100	(492,538)	(542,120)	290,000	290,000
The Cylinder Co Pty Ltd(1)	100	100	(12,136)	(235)	60	60
ABN 17 006 852 820 Pty Ltd(1)	100	100	171,713	163,799	481,713	481,713
Trade Plus Holdings(2)	100	100	-	-	-	-
Sietel Limited(1)	N/A	N/A	2,527,119	1,089,643	-	-
Total(1)Companies incorporated in Australia.			2,194,158(2)Company incorporated in Hong Kong.	711,087	771,773	771,773

(b) Segment Reporting

		Revenue		Results		Assets		Liabilities		Depreciation
	2012$'000	2011$'000	2012$'000	2011$'000	2012$'000	2011$'000	2012$'000	2011$'000	2012$'000	2011$'000
Continuing operations
Investment	4,651	4,182	2,699	1,253	54,986	51,321	1,157	1,037	1,120	1,047
Manufacturing	2,329	2,655	(493)	(542)	1,344	1,212	585	520	33	38
Maintenance	0	0	(12)	0	47	13	3	2	5	0
TOTAL	6,980	6,837	2,194	711	56,377	52,546	1,745	1,559	1,158	1,085

	Economic Entity
	2012$	2011$
Note 28 STANDBY ARRANGEMENTS AND UNUSED CREDIT FACILITIES
Standby arrangements with banks to provide funds and support facilities.	-	-
Note 29 RELATED PARTY TRANSACTIONS
Transactions between related parties are on normal commercial terms andconditions unless otherwise stated.
(a) Transactions with directors and director-related entities -
- Consulting fees are paid to a company of which Mr. D. G. Rees is a Director forfinancial and management services provided.	-	8,750
- Legal fees are paid to a firm of which Mr. G. Rees is a Director for legal services	-	6,196
- Sale of Motor Vehicle to Mr. D. G. Rees	-	7,273
- Purchase of Motor Vehicle from Mr. D. G. Rees	-	8,000
- Directors of entities within the economic entity are able to receive goods andservices at discounted prices and participate in field testing of new products.
(b) Controlling entities
Guarantees and indemnities given by controlled entity to chief entities banker forfacilities.
- Cooks Body Works Pty Ltd	50,000	50,000
Directors acquired NIL (2011: 46,308) ordinary shares in Sietel Ltd, the Chief Entity.Directors sold NIL (2011: NIL) ordinary shares.

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2012	Economic Entity
	2012$	2011$
Note 30 NOTES TO THE STATEMENT OF CASH FLOWS
(i) Reconciliation of Cash
For the purpose of the statement of cash flows
cash includes:
(a) Cash on hand and at call deposits with banks or financial institutions
(b) Investments in money market instruments with less than 14 days to maturityCash at the end of the year is shown in the balance sheet as:
Cash on hand	8,975,760	13,149,177
Bank overdrafts	-	-
	8,975,760	13,149,177
(ii) Reconciliation of cash flows from operations with Operating Profit after
Income Tax
Operating Profit after Income Tax	2,194,158	711,087
Non-cash flows in Operating Profit
- Depreciation	1,157,975	1,085,075
- Income Tax	249,434	155,099
- Impairment Loss	1,306,050	-
Changes to provisions
- tax	(284,167)	(685,464)
- employee entitlements	137,914	(49,866)
(Profit)/Loss on sale of Plant and Equipment	-	(9,545)
(Profit)/Loss on sale of Investments	(10,095)	(58)
Changes in assets and liabilities
(Increase)/Decrease trade debtors	3,722	184,160
(Increase)/Decrease in prepayments(Increase)/Decrease in inventories	31,79648,786	78,10712,026
Increase/(Decrease) in trade creditors	44,135	(143,118)
Net cash provided by operating activities	4,879,708	1,337,503

Note 31 FINANCIAL INSTRUMENTS

(a) Significant Accounting Policies

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which revenues and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 1 to the accounts.

The group's financial instruments consist mainly of deposits with banks, local money market instruments, short-term investments, accounts receivable and payable and preference shares.

(b) Interest Rate Risk

The following details the group's exposure to interest rate risk as at the reporting date.

	Economic Entity
	2012	2012	2011	2011
	AverageInterest	Total	AverageInterest	Total
	Rate %	$	Rate %	$
Financial Assets
Trade receivables (net)	-	266,670	-	270,393
Other receivables	-	-	-	-
Cash	4.48	8,975,760	5.36	13,149,177
		9,242,430		13,419,570
Financial Liabilities
Trade Payables	-	394,245	-	427,235
Lease liabilities	-	-	-	-
Other liabilities	-	484,582	-	403,049
		878,827		830,284

The group has performed sensitivity analysis relating to its exposure to interest rate risk at balance date. The sensitivity analysis demonstrates the effect on the current year results and equity which could result from a change in these risks. The company's policy is to manage its interest expense using floating interest rates and interest cap rates based on the bank bill rate.

At 30 September 2012, the effect on profit and equity as a result of changes in the interest rate, with all other variables remaining constant would be as follows for interest revenue.

	Economic Entity
	2012	2011
	$	$
Change in profit
- Increase in interest rate by 1%	118,890	167,938
- Decrease in interest rate by 1%	(116,419)	(164,406)
Change in equity
- Increase in interest rate by 1%	118,890	167,938
- Decrease in interest rate by 1%	(116,419)	(164,406)

Note 31 FINANCIAL INSTRUMENTS (CONTINUED)

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the economic entity. The economic entity has adopted the policy of only dealing with creditworthy counterparties and obtaining sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial loss from defaults. The economic entity measures credit risk on a fair value basis.

(d) Market risk

The following details the groups exposure to market risk as at the reporting date.

		Economic Entity
	2012	2011
	Total	Total
	$	$
Financial Assets
Assets available for sale	12,549,332	9,553,678
	12,549,332	9,553,678

The group has performed sensitivity analysis relating to its exposure to market risk at balance date. The sensitivity analysis demonstrates the effect on the current year results and equity which could result from a change in these risks.

At 30 September 2012, the effect on profit and equity as a result of changes in the market index, with all other variables remaining constant would be as follows for asset values.

	Economic Entity
	2012	2011
	$	$
Change in profit
- Increase in index by 10%	467,449	-
- Decrease in index by 10%	(629,747)	-
Change in equity
- Increase in index by 10%	1,252,534	955,368
- Decrease in index by 10%	(1,252,534)	(955,368)

(e) Liquidity risk

Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debt or otherwise meeting its obligations related to its financial liabilities. The groups low borrowings $0 (2011 $0), greatly reduces the liquidity risk faced by the firm. All financial liabilities are current and therefore have a maturity of less than one year.

(f) Net Fair Value

The carrying amount of financial assets and financial liabilities recorded in the financial statements represents their respective net fair values, determined in accordance with the accounting policies disclosed in note 1 to the accounts.

Note 32 NEW ACCOUNTING STANDARDS FOR APPLICATION IN FUTURE PERIODS

AASB 9 Financial Instruments, 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 and 2010-7 Amendments to Australian Accounting Standards arising from AASB 9

This standard and its consequential amendments are applicable to annual reporting periods beginning on or after 1 January 2013 and completes phase I of the IASB's project to replace IAS 39 (being the international equivalent to AASB 139 'Financial Instruments: Recognition and Measurement'). This standard introduces new classification and measurement models for financial assets, using a single approach to determine whether a financial asset is measured at amortised cost or fair value. To be classified and measured at amortised cost, assets must satisfy the business model test for managing the financial assets and have certain contractual cash flow characteristics. All other financial instrument assets are to be classified and measured at fair value. This standard allows an irrevocable election on initial recognition to present gains and losses on equity instruments (that are not held-for-Trading) in other comprehensive income, with dividends as a return on these investments being recognised in profit or loss. In addition, those equity instruments measured at fair value through other comprehensive income would no longer have to apply any impairment requirements nor would there be any 'recycling' of gains or losses through profit or loss on disposal. The accounting for financial liabilities continues to be classified and measured in accordance with AASB 139, with one exception, being that the portion of a change of fair value relating to the entity's own credit risk is to be presented in other comprehensive income unless it would create an accounting mismatch. The consolidated entity will adopt this standard from 1 July 2013 but the impact of its adoption is yet to be assessed by the consolidated entity.

AASB 2010-8 Amendments to Australian Accounting Standards- Deferred Tax: Recovery of Underlying Assets

These amendments are applicable to annual reporting periods beginning on or after 1 January 2012 and a practical approach for the measurement of deferred tax relating to investment properties measured at fair value, property, plant and equipment and intangible assets measured using the revaluation model. The measurement of deferred tax for these specified assets is based on the presumption that the carrying amount of the underlying asset will be recovered entirely through sale, unless the entity has clear evidence that economic benefits of the underlying asset will be consumed during its economic life. The consolidated entity is yet to quantify the tax effect of adopting these amendments from 1 July 2012.

Note 32 NEW ACCOUNTING STANDARDS FOR APPLICATION IN FUTURE PERIODS (CONTINUED)

AASB 10 Consolidated Financial Statements

This standard is applicable to annual reporting periods beginning on or after 1 January 2013. The standard has a new definition of 'control'. Control exists when the reporting entity is exposed, or has the rights, to variable returns (e.g. dividends, remuneration, returns that are not available to other interest holders including losses) from its involvement with another entity and has the ability to affect those returns through its 'power' over that other entity. A reporting entity has power when it has rights (e.g. voting rights, potential voting rights, rights to appoint key management, decision making rights, kick out rights) that give it the current ability to direct the activities that significantly affect the investee's returns (e.g. operating policies, capital decisions, appointment of key management). The consolidated entity will not only have to consider its holdings and rights but also the holdings and rights of other shareholders in order to determine whether it has the necessary power for consolidation purposes. The adoption of this standard from 1 July 2013 may have an impact where the consolidated entity has a holding of less than 50% in

an entity, has de facto control, and is not currently consolidating that entity.

AASB 11 Joint Arrangements

This standard is applicable to annual reporting periods beginning on or after 1 January 2013, The standard defines which entities qualify as joint ventures and removes the option to account for joint ventures using proportional consolidation. Joint ventures, where the parties to the agreement have the rights to the net assets will use equity accounting. Joint operations, where the parties to the agreements have the rights to the assets and obligations for the liabilities will account for the assets, liabilities, revenues and expenses separately, using proportionate consolidation. The adoption of this standard from 1 July 2013 will not have a material impact on the consolidated entity.

AASB 12 Disclosure of Interests in Other Entities

This standard is applicable to annual reporting periods beginning on or after 1 January 2013, It contains the entire disclosure requirement associated with other entities, being subsidiaries, associates and joint ventures. The disclosure requirements have been significantly enhanced when compared to the disclosures previously located in AASB 127 'Consolidated and Separate Financial Statements', AASB 128 'Investments in Associates', AASB 131 'Interests in Joint Ventures' and Interpretation 112 'Consolidation — Special Purpose Entities'. The adoption of this standard from 1 July 2013 will significantly increase the amount of disclosures required to be given by the consolidated entity such as significant judgements and assumptions made in determining whether it has a controlling or non-controlling interest in another entity and the type of non-controlling interest and the nature and risks involved.

AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13 This standard and its consequential amendments are applicable to annual reporting periods beginning on or after 1 January 2013. The standard provides a single robust measurement framework, with clear measurement objectives, for measuring fair value using the 'exit price' and it provides guidance on measuring fair value when a market becomes less active. The 'highest and best use' approach would be used to measure assets whereas liabilities would be based on transfer value. As the standard does not introduce any new requirements for the use of fair value, its impact on adoption by the consolidated entity from 1 July 2013 should be minimal, although there will be increased disclosures where fair value is used.

AASB 127 Separate Financial Statements (Revised)

AASB 128 Investments in Associates and Joint Ventures (Reissued)

These standards are applicable to annual reporting periods beginning on or after 1 January 2013. They have been modified to remove specific guidance that is now contained in AASB 10, AASB 11 and AASB 12. The adoption of these revised standards from 1 July 2013 will not have a material impact on the consolidated entity.

AASB 119 Employee Benefits (September 2011)

This revised standard is applicable to annual reporting periods beginning on or after 1 January 2013. The

amendments eliminate the corridor approach for the deferral of gains and losses; streamlines the presentation of changes in assets and liabilities arising from defined benefit plans, including requiring re-measurements to be presented in other comprehensive income; and enhances the disclosure requirements for defined benefit plans. The adoption of the revised standard from 1 July 2013 will require increased disclosures by the consolidated entity.

AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirement

These amendments are applicable to annual reporting periods beginning on or after 1 July 2013, with early adoption not permitted. They amend AASB 124 'Related Party Disclosures' by removing the disclosure requirements for individual key management personnel ('KMP'). The adoption of these amendments from 1 July 2013 will remove the duplication of information relating to individual KMP in the notes to the financial statements and the directors report. As the aggregate disclosures are still required by AASB 124 and during the transitional period the requirements may be included in the Corporations Act or other legislation, it is expected that the amendments will not have a material impact on the consolidated entity.

AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards

The amendments are applicable to annual reporting periods beginning on or after 1 January 2013. The amendments make numerous consequential changes to a range of Australian Accounting Standards and Interpretations, following the issuance of AASB 10, AASB 11, AASB 12 and revised AASB 127 and AASB 128. The adoption of these amendments from 1 July 2013 will not have a material impact on the consolidated entity.

AASB 2011-9 Amendments to Australian Accounting Standards — Presentation of Items of Other Comprehensive Income

These amendments are applicable to annual reporting periods beginning on or after 1 July 2012. The amendments requires grouping together of items within other comprehensive income on the basis of whether they will eventually be 'recycled' to the profit or loss (reclassification adjustments). The change provides clarity about the nature of items presented as other comprehensive income and the related tax presentation. The adoption of the revised standard from 1 July 2012 will impact the consolidated entity's presentation of its statement of comprehensive income.

DIRECTORS' INTEREST IN ORDINARY SHARES AS AT 30 SEPTEMBER 2012

Director	Ordinary	Ordinary	Ordinary shares	Ordinary shares in
	Shares in	Shares in	in which Directors	which Directors
	name of	name of	may have relevant	may have relevant
	Director	Director	interest	interest
	2012	2011	2012	2011
D. G. Rees	28,237	28,237	5,277,382	5,277,382
R. Rees	488,602	488,602	6,001,027	6,001,027
G. Rees	2,000	2,000	4,560,751	4,560,751

Substantial Shareholders

Triple Two Investments Pty Ltd., Lyntina Pty Ltd, Siderfin Holdings Pty Ltd, Delvest Pty Ltd, Merben Pty Ltd and The Three Pumpkins Pty Ltd. of Suite 3, 15 Tintern Avenue Toorak are shown in the Substantial Shareholder Register as holding 2,319,866; 808,776; 676,895; 658,875; 615,365 and 560,000 Ordinary shares respectively.

20 Largest Shareholders at September 30, 2012

The twenty largest Ordinary Shareholders of the Company held 6,935,801 Ordinary Shares representing 87% of the voting shares of the Company. The twenty largest Preference Shareholders of the Company held 73,133 Preference Shares which attract votes on the basis of four for each $2 Preference Share held while there are dividends in arrears as is the present situation.

List of the twenty largest Shareholders for each class of Shares have been supplied to the Australian Stock Exchange Ltd.

Directors

There were no loans to any Chief Entity Directors during the financial year nor do any loans to Directors of the Chief Entity exist. The Company has not entered into any service agreement with any Director or with a Company in which a Director has a direct or indirect interest, except for a service and option agreement with the Managing Director. There is no contingent liability or termination under this agreement.

	Distribution of Shareholding as at September 30, 2012
Number of Shareholders	Number of Shares Held

Ord	Pref
123	30	Up to 250
113	5	251 to 500
56	0	501 to 1,000
167	1	1,001 to 5,000
16	3	5,001 to 10,000
40	3	10,001 and over

The number of shareholders holding less than marketable parcels is: - 123 Ordinary

35 Preference

Security Holders Privacy Statement

Link Market Services Limited collects personal information from security holders of entities ("clients") for which we act as security registrars. We are committed to protecting the privacy of these security holders' personal information.

We need to collect personal information from you so we can accurately identify your security interest in our clients, fulfil legal obligations under the Corporations Act and other legislation governing the operation and activities of the clients' progress, business activities and ranges of products and services that may be of interest to you.

Without this information we may not be able to, for instance, process your application for securities issued by clients, pay dividends to you or provide copies of notices of meetings.

As Share Registrar, we may provide your personal information to the securities issuer, persons inspecting securities registers, bidders for your securities in the context of take-overs, regulatory bodies, including the Australian Tax Office, authorised security brokers, print service providers and mail houses. Your personal information may also be disclosed to a related body corporate of Link Market Services Limited for the purpose of facilitating securities registry functions such as paying distributions or preparing information for mail outs.

At any time you may request access to the personal information that we hold about you and advise us of any inaccuracies.

If you would like to access or update your personal information, obtain a copy of our Security Holder Privacy Policy or change your mind about receiving marketing information, you can contact us by:

Correspondence:	Link Market Services Limited	Telephone: (02) 8280 7357
	PO Box 20013	Facsimile: (07) 3228 4999
	World Square NSW 2000
Website:Email:	linkmarketservices.com.au; Share Enquiries[email protected]

SIETEL LIMITED SHAREHOLDER RANKING PREFERENCE SHARES AS AT 30 SEPTEMBER, 2012

NAME	RANKING	NO. OFSHARESHELD	% OFSHARESHELD

WINPAR HOLDINGS LIMITED	1	26,800	35.73
ELKINGTON, DR GORDON BRADLEY	2	11,500	15.33
ELKINGTON, MILLY	3	11,500	15.33
HENLEY UNDERWRITING	4	6,833	9.11
LEAVER, GRAHAM ALLAN	5	6,000	8.00
LYNTINA PTY LTD	6	5,300	7.07
ALITON PTY LTD	7	1,600	2.13
LEAVER, GRAHAM ALAN AND	8	500	0.67
MARSHALL EST. OF THE LATE GUY	9	500	0.67
CROFTON, HENRY EDWARDS MELVILLE	10	400	0.53
MARTINDALE MARJORIE HILDA	11	300	0.40
MORTLOCK, PATRICIA GAIL	12	300	0.40
BODLE, MARY CATHERINE	13	200	0.27
BROWN, PATRICIA FLORENCE EMILY	14	200	0.27
FOWLES, HERBERT ALEXANDER	15	200	0.27
LYNTINA PTY LTD	16	200	0.27
MACGREGOR, ELAINE NANETTE	17	200	0.27
PATERSON JOYCE LOUISE	18	200	0.27
SCHRODER MARIE SOPHIE	19	200	0.27
BELL, DAVID	20	200	0.27

SIETEL LIMITED

SHAREHOLDER RANKING

ORDINARY SHARES AS AT 30 SEPTEMBER, 2012

NAME	RANKING	NO. OFSHARESHELD	% OFSHARESHELD

TRIPLE TWO INVESTMENTS PTY LTD	1	2,280,641	28.48
LYNTINA PTY LTD	2	696,220	8.70
DELVEST PTY LTD	3	596,875	7.45
THE THREE PUMPKINS PTY LTD	4	560,000	6.99
MERBEN PTY LTD	5	425,050	5.31
REES RICHARD	6	353,800	4.42
SIDERFIN HOLDINGS PTY LTD	7	337,250	4.21
METASOKOL PTY LTD	8	333,000	4.16
ELKINGTON, DR GORDON BRADLEY	9	313,200	3.91
SIDERFIN HOLDINGS PTY LTD	10	219,645	2.74
REES RICHARD	11	132,802	1,66
MERBEN PTY LTD	12	121,450	1.52
SIDERFIN HOLDINGS PTY LTD	13	120,000	1.50
LYNTINA PTY LTD	14	112,556	1,41
MERBEN PTY LTD	15	68,865	0.86
REDEN INVESTMENTS PTY LTD	16	62,000	0.77
DELVEST PTY LTD	17	62,000	0.77
AGO PTY LTD	18	61,222	0.77
PELZ, RALF	19	40,000	0.50
TRIPLE TWO INVESTMENTS PTY LTD	20	39,225	0.49

AI assistant

SIETEL LIMITED — AGM Information 2012

65864_rns_2012-12-20_469a7e19-f44b-4ab2-9d08-53a7610d82e2.pdf

NOTES

PROXIES

QUESTIONS

VOTING EXCLUSION STATEMENT

SIETEL LIMITED AND CONTROLLED ENTITIES

DIRECTORS REPORT FOR YEAR ENDED 30 SEPTEMBER 2012

PRINCIPAL ACTIVITIES:

DIVIDENDS:

REVIEW OF OPERATIONS:

REVIEW OF FINANCIAL POSITION

OPERATING RESULTS:

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS:

EVENTS SUBSEQUENT TO BALANCE DATE:

ENVIRONMENTAL ISSUES:

FUTURE DEVELOPMENTS:

INDEMNIFICATION OF OFFICERS AND AUDITORS

AUDITOR'S INDEPENDENCE DECLARATION

PROCEEDINGS ON BEHALF OF THE COMPANY

OPTIONS

REMUNERATION REPORT

CORPORATE GOVERNANCE STATEMENT

1.dddd 1. Lay solid foundations for management and oversight

2. Structure the Board to add value

CORPORATE GOVERNANCE (cont.)

3. Promote ethical and responsible decision making.

4.0 Safeguard integrity in financial reporting

5. Make timely and balanced disclosure

CORPORATE GOVERNANCE (cont.)

6. Respect the rights of shareholders

7. Recognise and manage risk

8. Remunerate fairly and responsibly

8.1 The board should establish a remuneration committee

8.2 The remuneration committee should be structured so that it; Consists of a majority of independent directors, it is chaired by an independent chair and has at least three members.

8.3 Companies should clearly distinguish the structure of non-executive directors' remuneration from that of executives/ senior executives.

INDEPENDENT AUDIT REPORT TO THE MEMBERS OF SIETEL LIMITED

Report on the Financial Report

Directors' Responsibility for the Financial Report

Auditor's Responsibility

Independence

Auditor's Opinion

Report on the Remuneration Report

Auditor's Opinion

DIRECTORS' DECLARATION

AUDITOR'S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF SIETEL LIMITED & CONTROLLED ENTITIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2012

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2012

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED 30 SEPTEMBER 2012

CONSOLIDATED STATEMENT OF CASH FLOWS FOR YEAR ENDED 30 SEPTEMBER 2012

Note 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

(A) Significant Accounting Policies

(B) Property, Plant and Equipment

(C) Investment Property

(D) Inventories

(E) Research and Development Expenditure

(F) Employee Entitlements

(G) Leases

(H) Comparative Figures

Note 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

(I) Receivables

(J) Recoverable Amount of Non-Current Assets

(K) Accounts Payable

(L) Principles of Consolidation

(M) Revenue

(N) Provision for Warranties

(O) Income Tax

(P) Borrowing costs

Note 1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

(Q) Financial Instruments

Recognition and Initial Measurement

Derecognition

Classification and Subsequent Measurement

(i) Financial assets at fair value through profit or loss

(v) Financial Liabilities

Fair value

Impairment

(R) Critical Accounting Estimates and Judgments

Key estimates - Impairment

SIETEL LIMITED AGM Information 2012