Presented by

Interim results31 December 2012

Christopher Kelaher, Managing DirectorDavid Coulter, Chief Financial Officer25 February 2013

2

December 2012 highlights

Strong FUMA growth –improved markets, M&A

Strong platform flow, June halves benefit from tax y/e

Plan B acquisition exceeded expectations

Flagship platforms: Pursuit (IFA), Spectrum (Corporate Super); and TPS (Bridges aligned advisers)

$282m

$397m

$356m

1H 2011/12 2H 2011/12 1H 2012/13

Flagship Net Flows26%

$76.9b $76.7b

$85.5b

1H 2011/12 2H 2011/12 1H 2012/13

FUMA11%

$48.7m$47.7m

$50.9m

1H 2011/12 2H 2011/12 1H 2012/13

Statutory NPAT / UNPAT

UNPAT pre‐amortisation

$46.1m

Statutory NPAT:

($26.7m) $33.2m

5%

3

Results highlights

* Movement compared to 1H 2011/12 # Source: Super ratings (net of fees) ^ Movement compared to 30 June 2012

Statutory NPAT UNPATpre-amortisation FUMA Strategic

achievements

$33.2m $50.9m 5%* $85.5b 11%^

DKN UNPAT $6.2m (up 33% on 6 months to Dec 11),Plan B UNPAT $1.5m Oct –Dec 12, immediately accretive

Statutory NPAT variability driven by non operational, largely non cash items

Result benefited from acquisitions, improved market conditions and strong stockbroking deal flow

Average FUMA for the period $81.4b (up 7%) Plan B recurring synergies of

$10m pa expected from FY14

Pre-tax operating cash flow of $52.8m

Plan B annualised Underlying Basic EPS 2.0 cps

Average gross margin 0.39% (0.39% 1H 11/12)

Top quartile Multimix Investment performance across most asset classes YTD#

Reported Basic EPS 14.3 cps

Underlying Basic EPS 22.0 cps (up 5%) Plan B Group adds $3.2b to

FUMASecond phase brand campaigndue for roll out 2H 2012/13

Fully franked 19.5 cps interim dividend Record Date - 14 March 2013. To be paid -10 April 2013.

Platform Management and Administration segment generates 65% of Group UNPAT

Flagship net flows continue to build market share

Strong balance sheet with low gearing and recurring high cash flow

4

Sustained performance underpins overall strategy

The Corporate segment recorded an UNPAT pre-amortisation of ($10.6m) 1H12/13, ($7.4m) 1H11/12

Strength of underlying business enables M&A

UNPAT pre-amort $9.8m, Avg FUA up $1.9bn Significant improvement from expanded footprint

UNPAT pre-amort $33.0m, Avg FUA up $1.9bn Core business generating recurring strong returns

UNPAT pre-amort $16.1m, Avg FUM down $2.0bn Investors switching to multi-managers

UNPAT pre-amortisation $2.6m, Avg FUS up $1.4bnSteady income stream, Plan B opportunities

5

Acquisitions fuel accretive growth

Success with recent acquisitions Plan B acquisition immediately accretive

- $1.5m UNPAT contribution for 3 months to Dec 2012- $1.1m pre tax synergies to date, approx $10m* in 2014- Annualised Underlying EPS contribution 2.0 cps in 2012/13

Plan B employees aligned, engaged and contributing

DKN fully integrated, 6 month result $6.2m (up 33% on pcp)- $4.7m contribution net of financing costs- 2.0 cps contribution to 1H 2012/13 Underlying EPS- recurring synergies $4.6m pa pre-tax

FUMA added via acquisitions totals $10.7b in the last two years

* Excludes potential future product integration

6

Plan B integration update

What has happened

Determined a roadmap for product rationalisation

Efficient realignment of senior management

Reviewed material contracts – outsourced

services brought in-house

Group’s discounts applied to supplier contracts

Ongoing integration tasks

Primary focus on integration and consolidation

RSE rationalisation

Floor space and footprint reduction

7

Synergy realisation based on experience Acquisition of IOOF Global One (ex Skandia) 2009

$27m pre-tax synergies Approximately 170 FTE reduction from a base of 180 $4b FUA successor fund transfer and elimination of 130 MIS’s

Acquisition of AWM 2009 $31m pre-tax synergies Significant FTE reduction, legacy platforms rationalised,

operations streamlined and simplified Floor space and footprint harmonised for capital city head

offices and data centres

Efficient and effective value accretion

8

4.9%

4.2%4.4%

5.4%

7.4%

11.0%

$620m

$630m

$640m

$650m

$660m

$670m

$680m

$690m

$700m

Jun‐11 Sep‐11 Dec‐11 Mar‐12 Jun‐12 Sep‐12

Flagship 12mth netflow (LHS) Flagship netflow marketshare

Broader reach translating to improved market share

Source: Morningstar Market Share Data at 30/09/2012

9

The expense of complex regulatory change is contained within this result FoFA, MySuper, Superstream and FATCA are concurrent

Increased emphasis on Product team resourcing to meet government deadlines Costs are internal, largely opportunity cost, and expected to be

stable

Expenditure confined to headcount resourcing

Minimal draw on capital expenditure

Continued focus on regulatory changes

10

David CoulterChief Financial Officer

11

Reported NPAT $33.2m $46.1m

Reported Basic EPS (cents) 14.3cps 19.9cps

Underlying NPAT (pre-amort) $49.8m $(0.3m) $1.5m $50.9m $48.7m

Underlying EPS (cents) 21.5cps (0.1cps) 0.6cps 22.0cps 21.0cps

FUMA $82.4b - $3.2b $85.5b $76.9b

Gross Margin % 0.37% - 1.03% 0.39% 0.39% -

DPS (cents) 19.5cps 19.0cps 3%

11%

5%

5%

(28%)

(28%)

1H 12/13 1H 11/12 VARIANCE (%)IFL (ex-Plan B)

Financing Costs Plan B

Financial overview

12

Reconciliation to statutory result

Detailed explanation of each reconciling line item provided in Appendix J

Impairment, deferred tax and Plan B have had a material non cash impact on reported NPAT

Reported v Underlying EPS calculations use the respective profit amounts above with the same average number of shares

$'M 1H 12/13 1H 11/12

Reported NPAT 33.2 46.1Amortisation of intangible assets 11.1 9.5

Impairment of goodwill 4.6 -

Acquisition transaction costs 0.7 2.7

Termination and retention incentive payments 3.9 2.2

Recognition of Plan B onerous lease contracts 3.0 -

Fair value gain on investment in DKN - (9.6)

Write-down of DKN leasehold improvements - 0.3

Amortisation of DTL recorded on intangible assets (2.6) (0.3)

Reinstatement of Perennial non-controlling interests (0.7) (1.5)

Income tax attributable (2.2) (0.8)

Underlying NPAT (pre-amortisation) 50.9 48.7

13

Contribution by line item

Financing Costs: Other Revenue - $0.4m borrowing costs, Operating expenditure - $0.1m loan line fees^ A reconciliation of IFL segments excluding Plan B and DKN is provided in Appendix A

Additional 3 months of DKN has contributed $2.4m UNPAT pre-amortisation net of an extra $850k financing costs

IFL UNPAT pre-amortisation excluding impact of acquisitions of Plan B and DKN of $45.0m (1H 2011/12 $47.3m)^

$M IFL (ex-Plan B)

Financing Costs

Plan B 1H 12/13 1H 11/12 Change on pcp (%)

Gross Margin 145.7 - 8.7 154.4 141.5 9%

Other Revenue 36.3 (0.4) 0.1 36.0 33.8 7%

Operating Expenditure (113.2) (0.1) (6.6) (119.8) (108.0) -11%

Equity Accounted Profits 4.1 - - 4.1 4.2 -4%

Net non cash (Ex. Amortisation) (4.0) - (0.1) (4.1) (3.8) -7%

Underlying Profit Before Tax, Amortisation 68.8 (0.5) 2.2 70.5 67.7 4%

Income Tax & NCI (19.1) 0.1 (0.7) (19.6) (19.0) -3%

Underlying NPAT (pre-amortisation) 49.8 (0.3) 1.5 50.9 48.7 5%

Significant Items/Amortisation (17.7) (2.6) -572%

Reported NPAT 33.2 46.1 -28%

14

Australian Equities38% 

(PCP: 37%)

InternationalEquities

14% (PCP: 14%)

Property6% (PCP: 5%)

Fixed Interest/Cash

38% (PCP: 41%)

Other4% (PCP: 3%)

Segment performance - Platform

Flagship net flows continue ahead of industry

65% contribution to group UNPAT

Margin uplift

$32.3m

$27.4m

$33.0m

0.74%0.70% 0.72%

1H 2011/12 2H 2011/12 1H 2012/13

UNPAT Gross  Margin %

1H 12/13 1H 11/12 CHANGEGross Margin ($'M) 91.0 86.2 6%Gross Margin % 0.72% 0.74% (0.02%)UNPAT ($'M) 33.0 32.3 2%Reported NPBT ($'M) 41.3 40.7 1%AVG FUA ($'B) 25.2 23.3 8%

15

Australian Equities44% 

(PCP: 44%)

International Equities

7% (PCP: 5%)Property

5% (PCP: 7%)

FixedInterest/Cash

42% (PCP: 44%)

Other2% (PCP: 0%)

Segment performance – Investment Management

Multimix top quartile performance rankings YTD^

UNPAT impacted by Perennial outflows

Product mix relatively neutral impact on margins

^ Source: Super Ratings (net of fees)

$17.4m $18.1m$16.1m

0.25%0.28%

0.26%

1H 2011/12 2H 2011/12 1H 2012/13

UNPAT Gross  Margin %

1H 12/13 1H 11/12 CHANGEGross Margin ($'M) 37.6 38.3 (2%)Gross Margin % 0.26% 0.25% 0.01%UNPAT ($'M) 16.1 17.4 (7%)Reported NPBT ($'M) 16.3 24.4 (33%)AVG FUA ($'B) 28.4 30.4 (6%)

16

Australian Equities47% 

(PCP: 45%)

International Equities

7% (PCP: 7%)Property

2% (PCP: 2%)

Fixed Interest/Cash

43% (PCP: 46%)

Other1% (PCP: 1%)

Segment performance – Financial Advice & Distribution

Strong stockbroking deal flow drives UNPAT up $2.2m (ex DKN, Plan B)

Over 1,000 aligned advisers

DKN extra 3 months adds $3.9m

$3.7m

$8.8m$9.8m

0.05%

0.10%0.12%

1H 2011/12 2H 2011/12 1H 2012/13

UNPAT Gross  Margin %

1H 12/13 1H 11/12 CHANGEGross Margin ($'M) 14.6 6.1 139%Gross Margin % 0.12% 0.05% 0.06%UNPAT ($'M) 9.8 3.7 164%Reported NPBT ($'M) 8.3 0.6 1,274%AVG FUA ($'B) 24.5 22.6 8%

17

Segment performance – Trustee Services

Non cyclical businesses provide stability in volatile markets

Plan B complementary business presents sound trustee opportunities

$2.7m

$2.1m

$2.6m

0.07% 0.07% 0.07%

1H 2011/12 2H 2011/12 1H 2012/13

UNPAT Gross  Margin %

1H 12/13 1H 11/12 CHANGEGross Margin ($'M) 11.3 10.8 4%Gross Margin % 0.07% 0.07% - UNPAT ($'M) 2.6 2.7 (6%)Reported NPBT ($'M) 3.5 3.8 (9%)AVG FUS ($'B) 31.0 29.6 5%

18

$108

.0m

$119

.8m

$11.6m ($3.4m)

$2.9m

($0.2m)

$0.9m

Base Opex 1H 11/12 Synergies realised DKN/Plan B

FTE IT Marketing/Other Opex 1H 12/13

Cost constraint a continuing feature• Plan B synergies to drive further

savings

• Further marketing initiatives planned in 2H 2013

• IT investment stable since Jan 2011

Had Plan B operated without IOOF efficiencies, i.e normalised Plan B, add 3 months DKN

19

$113

.3m

$136

.1m

$138

.7m

$96.

2m

$52.8m

($4.9m)

($25.1m)

$1.9m

($41.8m)

June 12 Corp Cash Operating cashflows

Other Investing andFinance

Tax payments Cash preAcq'n/Div

Plan B(net of borrowings)^

Dividends Paid Dec 12 Corp Cash

Cash flows to shareholders

^ Plan B Acquisition: $49.0m net borrowings, ($46.6m) acquisition price paid, $6.6m cash balances acquired, ($0.7m) acquisition costs, ($3.9m) termination and retention incentive payments, ($2.5m) dividend paid to Plan B Group shareholders

20

Strong funds growth augmented by M&A Funds Under Management, Administration, Advice and

Supervision (FUMAS) up $9.1b to $116.4b

Funds Under Management, Administration, Advice (FUMA) (exclsupervision) up $8.8b to $85.5b (11% increase v June 2012) Average FUMA ex-acquisitions $80.0b (up 10% v 1H 11/12) Perennial mandate losses continued at a lower rate

Plan B adds $3.2b to FUMA $1.6b Platform FUAdmin $1.2b Investment Management FUM $0.5b FUAdvice

Average gross margin 0.39% (1H 11/12 0.39%)

21

Flagship platforms taking market share

^ Plan B acquired FUMA $3,244m, Avenue $477m

$76.

7b

$76,690.8b$75,755.4b $75,755.4b $75,752.0b $75,564.4b $75,564.4b

$69.

9b

$85.

5b

$356m

($1,291m)

$189m

($192m) ($188m)

$3,720m

$6,258m

FUMA Jun 12 Platform Management& Administration

(Flagship)

InvestmentManagement

Funds Under Advice Platform Management& Administration

(Transition)

IOOF Global One AcquiredFUMA^

Market/Other FUMA Dec 12

22

Asset allocation

45% 44% 42%43%

39% 42% 44%

41%

$29.4b

6% 5% 5%

5%

$29.0b

9% 8% 8%

9%

$27.1b1% 1% 1%

2%

$30.9b $30.9b

Asset Allocation 10/11 Asset Allocation 1H 11/12 Asset Allocation 11/12 Asset Allocation 1H 12/13 FUMAS by Segment 31/12/2012

Australian Equities Fixed Interest / Cash Property International Equities Other

Funds Under Supervision

Financial Advice and Distribution

Investment Management

Platform Management and Administration

FUMA $76.7bFUMA $76.0bFUMA $76.9b

FUMA $85.5b

23

Christopher KelaherManaging Director

24

Regulatory reform implementation on track

Subject to change

FoFA

MySuper

SuperStream

November 2012 April 2013 July 2013 onwards

MySuper application process MySuper product launch

SuperStream platform changes

- rollovers

FoFA changes phase 1

FoFA changes phase 2

FoFA changes phase 3

Super 123 to Transact

25

Even better placed as an adviser’s ‘partner of choice’

Opportunities in IFA space as banks develop direct strategies

Market leading FoFA functionality for advisers Able to service any adviser business model Compliant, disclosed fees linked to specific service provided

New advice models to support employer sponsored superannuation Supporting scaled advice Enhanced referral models

26

IOOF strategic achievementsOrganic growth objective Achieved by…

More active advisers Significantly expanded active IFA footprint

Investment in technology and infrastructure Lower reliance on external software

Increased market share of net flows 11% for flagship platforms, up from 4% one year earlier

Acquisition growth objective Achieved by…

Maintain financial flexibility Lean balance sheet, prudently geared

Reputation which produces opportunities Continually approached; buyers market, attractive asset prices

Leverage experience as a consolidator6 major acquisitions integrated in 5 years$73m pre-tax synergies Diligent acquirer

27

Wealth management industry remains compelling

Ever changing regulatory landscape increases complexity

Complexity increases the need for advice, administration and management

Strong system growth assured with ageing population and SGC increase

^ Source: Rice Warner Actuaries, October 2012

$1,342B

$1,884B

$3,334B

2011 2016 2026

Total Superannuation Market^

148%

28

Outlook 2012/2013

Higher FUMA starting base for 2H 12/13 bodes well for full year

Excluding acquisitions*, and subject to markets, IOOF’s 2H 12/13 UNPAT should exceed1H 12/13

Added impetus of a full 6 months of Plan B, a full year of DKN and the associated synergies

M&A landscape continues to provide a number of meaningful opportunities

* Excluding acquisitions refers to the impact of Plan B and any future acquisitions

29

Questions?

30

Appendices

31

Appendix A: Segment Summary

^ DKN Group 1H 2011/12 result for 3 months post acquisition only

$M 1H 2012/13 1H 2011/12 CHANGE

Platform (ex Plan B) 31.5 32.3 (3%)

Investment Management (ex Plan B) 16.2 17.4 (7%)

Financial Advice & Distribution (ex DKN, Plan B) 3.5 1.4 145%

Trustee (ex Plan B) 2.4 2.7 (14%)

Corporate (ex Plan B) (8.6) (6.5) (32%)

IFL Group UNPAT (ex Acquisitions) 45.0 47.3 (5%)

DKN Group^ 6.2 2.3 173%

Plan B Group 1.5 - -

Financing costs - Plan B (0.3) - -

Financing costs - DKN (1.5) (0.9) (64%)

UNPAT pre amortisation 50.9 48.7 4%

Amortisation of Intangibles (11.1) (9.5) (16%)

Acquisition related significant items (2.8) 3.0 (191%)

Other significant items (3.8) 3.9 (199%)

Reported NPAT 33.2 46.1 (28%)

32

Appendix B: Platform Management and Administration

$'M Platform(ex Plan B) Plan B 1H 12/13 1H 11/12 Change on pcp

(%)

Revenue 168.0 4.0 172.0 164.9 4%Direct Costs (80.9) (0.1) (81.0) (78.7) -3%Gross Margin (GM) 87.1 3.9 91.0 86.2 6%GM % 0.70% 0.95% 0.72% 0.74%

Other Revenue (0.0) - (0.0) - -Share of Equity profit/loss (0.0) - (0.0) - -Operating Expenditure (40.6) (1.7) (42.4) (38.7) -9%Net Non Cash (1.3) (0.0) (1.3) (1.1) -16%Income Tax Expense/N.C.I (13.7) (0.6) (14.3) (14.1) -1%UNPAT pre-amortisation 31.5 1.5 33.0 32.3 2%Significant Items (0.0) (0.0) (0.1) 0.1 Amortisation (5.9) (0.1) (6.0) (5.7) Income Tax Expense/N.C.I 13.7 0.6 14.3 14.1 Reported NPBT 39.2 2.0 41.3 40.7

Average FUA ($'b) 24.5 1.6 25.2 23.3

33

Appendix C: Investment Management

$'M Inv. Mgmt (ex Plan B) Plan B 1H 12/13 1H 11/12 Change on pcp

(%)

Revenue 62.9 0.8 63.7 62.2 2%Direct Costs (26.1) - (26.1) (23.9) -9%Gross Margin (GM) 36.8 0.8 37.6 38.3 -2%GM % 0.26% 0.25% 0.26% 0.25%

Other Revenue 1.2 - 1.2 1.8 -33%Share of Equity profit/loss 3.5 - 3.5 3.9 -11%Operating Expenditure (17.9) (0.9) (18.8) (17.8) -6%Net Non Cash (0.7) (0.0) (0.7) (0.7) -2%Income Tax Expense/N.C.I (6.7) 0.0 (6.6) (8.1) 18%UNPAT pre-amortisation 16.2 (0.1) 16.1 17.4 -7%Significant Items (5.4) 0.0 (5.4) - Amortisation (1.1) - (1.1) (1.1) Income Tax Expense/N.C.I 6.7 (0.0) 6.6 8.1 Reported NPBT 16.5 (0.1) 16.3 24.4

Average FUM ($'b) 27.9 1.2 28.4 30.4

34

Appendix D: Financial Advice and Distribution$'M FAD

(ex Plan B) Plan B 1H 12/13 1H 11/12 Change on pcp (%)

Revenue 78.3 5.5 83.9 68.0 23%Direct Costs (67.1) (2.2) (69.3) (61.9) -12%Gross Margin (GM) 11.2 3.3 14.6 6.1 139%GM % 0.16% 2.66% 0.12% 0.05%

Other Revenue 34.2 0.1 34.3 28.8 19%Share of Equity profit/loss 0.6 - 0.6 0.3 83%Operating Expenditure (31.5) (3.3) (34.7) (28.8) -21%Net Non Cash (1.4) (0.0) (1.5) (1.5) 2%Income Tax Expense/N.C.I (3.5) (0.0) (3.5) (1.2) -188%UNPAT pre-amortisation 9.7 0.1 9.8 3.7 164%Significant Items (0.4) (0.5) (1.0) (1.7) Amortisation (1.8) (2.3) (4.1) (2.6) Income Tax Expense/N.C.I 3.5 0.0 3.5 1.2 Reported NPBT 11.0 (2.7) 8.3 0.6

Average FUA ($'b) 27.6 0.5 24.5 22.6

35

Appendix E: Trustee Services$'M

Trustee Services

(ex Plan B)Plan B 1H 12/13 1H 11/12 Change on pcp

(%)

Revenue 10.5 0.7 11.2 10.9 3%Direct Costs 0.1 - 0.1 (0.0) 439%Gross Margin (GM) 10.6 0.7 11.3 10.8 4%GM % 0.07% - 0.07% 0.07%

Other Revenue - - - - -Share of Equity profit/loss - - - - -Operating Expenditure (7.2) (0.4) (7.6) (6.9) -10%Net Non Cash 0.0 (0.0) 0.0 (0.1) 108%Income Tax Expense/N.C.I (1.0) (0.1) (1.1) (1.2) -5%UNPAT pre-amortisation 2.4 0.2 2.6 2.7 -6%Significant Items (0.2) - (0.2) (0.1) Amortisation - - - - Income Tax Expense/N.C.I 1.0 0.1 1.1 1.2 Reported NPBT 3.2 0.3 3.5 3.8

Average FUS ($'b) 31.0 - 31.0 29.6

36

Appendix F: Corporate and other

$'M Corporate (ex Plan B)

Financing Costs Plan B 1H 12/13 1H 11/12 Change on pcp

(%)

Revenue 0.2 - - 0.2 - -Direct Costs (0.2) - - (0.2) 0.1 -276%Gross Margin (GM) 0.0 - - 0.0 0.1 -48%

Other Revenue 0.8 (0.4) 0.0 0.5 3.2 -85%Share of Equity profit/loss - - - - - -Operating Expenditure (16.0) (0.1) (0.3) (16.4) (15.8) -4%Net Non Cash (0.7) - 0.0 (0.7) (0.4) -88%Income Tax Expense/N.C.I 5.8 0.1 0.0 5.9 5.6 6%UNPAT pre-amortisation (10.0) (0.3) (0.2) (10.6) (7.4) 44%Significant Items (1.0) - (4.6) (5.6) 6.0 Amortisation - 0.2 (0.2) 0.0 (0.1) Income Tax Expense/N.C.I (5.8) (0.1) (0.0) (5.9) (5.6) Reported NPBT (16.8) (0.3) (5.1) (22.2) (7.0)

37

Appendix G: Segment UNPAT reconciliation to statutory note 5

$'MPlatform Management and Administration

Investment Management

Financial Advice and Distribution

Trustee Services

Corporate and other

Revenue 172.0 63.7 83.9 11.2 0.2 Direct Costs (81.0) (26.1) (69.3) 0.1 (0.2) Gross Margin (GM) 91.0 37.6 14.6 11.3 0.0

Other Revenue - 1.2 34.3 - 0.5 Share of Equity profit/loss (0.0) 3.5 0.6 - - Operating Expenditure (42.4) (18.8) (34.7) (7.6) (16.4) Net Non Cash (1.3) (0.7) (1.5) 0.0 (0.7) Income Tax Expense/N.C.I (14.3) (6.6) (3.5) (1.1) 5.9 UNPAT pre-amortisation 33.0 16.1 9.8 2.6 (10.6) Significant Items

Impairment - (4.6) - - - Acquisition transaction costs - - - - (0.7) Termination and retention incentive payments (0.1) (0.8) (1.0) (0.2) (2.0) Recognition of Plan B onerous lease contracts - - - - (3.0)

Amortisation (6.0) (1.1) (4.1) - 0.0 Reverse out:

Income Tax Expense/Non Controlling Interests 14.3 6.6 3.5 1.1 (5.9) Reported segment profit before income tax 41.3 16.3 8.3 3.5 (22.2)

APPENDIX H

RECONCILIATION TO STATUTORY FINANCIALS

STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 31 DECEMBER 2012

2012 2011

Statutory

Note Ref. Platform Inv. Mgmt

Trustee

Services

Corporate and

other

$'m $'m $'m $'m $'m $'m $'m

Gross Margin

Management and Service fees revenue 6 167.6 60.5 76.5 9.7 - 278.4 262.8

Other Fee Revenue 6 4.4 3.2 7.3 1.4 0.2 16.5 9.3

Service and Marketing fees expense 7 (76.7) (22.8) (67.5) (0.0) (0.1) (131.4) (121.6)

Other Direct Costs 7 (2.9) (3.3) (0.4) 0.1 (0.1) (6.4) (5.2)

Amortisation of deferred acquisition costs 7 (1.5) - (1.4) - - (2.8) (3.8)

Total Gross Margin 91.0 37.6 14.6 11.3 0.0 154.4 141.5

Other Revenue

Stockbroking revenue 6 - - 31.6 - - 31.6 27.2

Interest income on loans to directors of controlled and

associated entities 6- 0.2 0.1 - 0.0 0.2 0.3

Interest income from non-related entities 6 - 0.2 0.7 - 1.3 2.3 3.7

Dividends and distributions received 6 - - - - 0.4 0.3 1.3

Fair value gain on investment in DKN 6 - - - - - - 9.6

Profit on sale of financial assets 6 - - 0.2 - - 0.2 0.6

Other revenue (incl. Fair Value Gains) 6 - 1.0 1.7 - 0.3 3.1 1.6

Finance Costs 8 - (0.2) (0.1) - (1.5) (1.8) (0.9)

Other Revenue adjustments Below - - - - - - (9.6)

Total Other Revenue - 1.2 34.3 - 0.5 36.0 33.8

Equity Accounted Profits

Share of profits of associates and jointly controlled

entities accounted for using the equity method SOCI*(0.0) 3.5 0.6 - - 4.1 4.2

Total Equity Accounted Profits (0.0) 3.5 0.6 - - 4.1 4.2

Operating Expenditure

Salaries and related employee expenses 7 (5.9) (10.6) (17.2) (4.6) (31.9) (70.2) (62.9)

Employee defined contribution plan expense 7 (0.4) (0.5) (1.3) (0.4) (2.4) (5.0) (4.6)

Information technology costs 7 (0.2) (0.7) (5.5) (0.1) (11.5) (18.0) (17.0)

Professional fees 7 (0.3) (0.3) (0.7) (0.0) (2.6) (4.0) (2.4)

Marketing 7 (0.5) (0.3) (2.3) (0.1) (0.8) (4.0) (4.2)

Office support and administration 7 (0.1) (0.3) (2.5) (0.3) (4.3) (7.5) (6.9)

Occupancy related expenses 7 (0.0) (0.6) (3.1) (0.1) (4.1) (7.8) (6.7)

Travel and entertainment 7 (0.6) (0.6) (0.7) (0.2) (1.1) (3.2) (3.1)

Corporate recharge N/A (34.4) (4.1) (1.3) (1.9) 41.8 - -

Other 7 - (0.6) - (0.0) 0.6 (0.0) (0.2)

Total Operating Expenditure (42.4) (18.8) (34.7) (7.6) (16.4) (119.8) (108.0)

Loss on disposal of non-current assets 7 - - (0.1) - - (0.1) (0.0)

Total Operating Expenditure (42.4) (18.8) (34.7) (7.6) (16.4) (119.8) (108.0)

Net non cash (Ex. Amortisation)

Share based payments expense 7 (0.6) (0.4) (0.4) 0.1 (0.7) (1.9) (1.7)

Depreciation of property, plant and equipment 7 (0.7) (0.3) (1.1) (0.1) - (2.2) (2.2)

Net non cash (Ex. Amortisation) (1.3) (0.7) (1.5) 0.0 (0.7) (4.1) (3.8)

Income Tax & NCI

Non-controlling Interest SOCI* - - (0.3) - - (0.3) 0.0

Income tax expense SOCI* (14.3) (5.7) (2.3) (1.1) 9.7 (13.7) (16.5)

Income tax expense/NCI adjustments Below (0.0) (0.9) (0.9) - (3.7) (5.6) (2.6)

Total Income Tax & NCI (14.3) (6.6) (3.5) (1.1) 5.9 (19.6) (19.0)

Underlying NPAT (pre-amortisation) 33.0 16.1 9.8 2.6 (10.6) 50.9 48.7

Significant Items .

Impairment 7 - (4.6) - - - (4.6) -

Acquisition transaction costs 7 - - - - (0.7) (0.7) (2.7)

Termination and retention incentive payments 7 (0.1) (0.8) (1.0) (0.2) (2.0) (3.9) (2.2)

Recognition of Plan B onerous lease contracts 7 - - - - (3.0) (3.0) -

Fair value gain on investment in DKN 6 - - - - - - 9.6

Write-down of DKN leasehold improvements 7 - - - - - - (0.3)

Income tax expense/NCI adjustments

Amortisation of deferred tax liability recorded on

intangible assets N/A- - 0.6 - 2.0 2.6 0.3

Reinstatement of Perennial non-controlling interests N/A - 0.7 - - - 0.7 1.5

Income tax attributable N/A 0.0 0.2 0.3 - 1.7 2.2 0.8

Total Significant Items - Net of Tax (0.1) (4.5) (0.0) (0.2) (1.9) (6.6) 6.9

Amortisation of intangible assets 7 (6.0) (1.1) (4.1) - 0.0 (11.1) (9.5)

Reported Profit/(Loss) per financial statements 27.0 10.6 5.8 2.4 (12.5) 33.2 46.1

* SOCI = Statement of Comprehensive Income

Note: Segment results include inter-segment revenues and expenses eliminated on consolidation

Financial

Advice &

Distribution

38

39

Appendix I

20.6c

22.0c

19.5c

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

26.0

Jun-09 Nov-09 Apr-10 Sep-10 Jan-11 Jun-11 Nov-11 Apr-12 Aug-12

(cen

ts)

Underlying EPS (cents) DPS (cents) ASX200 (RHS Base 100) IFL (RHS Base 100) ASX200 Financials Ex. A-REITs (RHS Base 100)

TSR = 105% June 2009 - December 2012 (23% annualised)

17c

18c

21c

18c

19c

22c

20.5c

21.8c23.7c

24.7c

21.0c

Dec ‐ 12

APPENDIX J

Explanation of items removed from UNPAT

Reinstatement of Perennial non-controlling interests: Embedded derivatives exist given the Group’s obligation to buy-back shareholdings

in certain Perennial subsidiaries if put under the terms of their shareholders’ agreements. IFRS deems the interests of these non-controlling

holders to have been acquired. Those interests must therefore be held on balance sheet as a liability to be revalued to a reserve each

reporting period. In calculating UNPAT, the non-controlling interest holders share of the profit of these subsidiaries is subtracted from the

Group result as though there were no embedded derivatives to better reflect the current economic interests of Company shareholders in the

activities of these subsidiaries.

In calculating its Underlying Net Profit After Tax (UNPAT) pre-amortisation, the Group reverses the impact on profit of certain, predominantly non cash,

items to enable a better understanding of its operational result. A detailed explanation for all such items is provided below.

Amortisation of deferred tax liability recorded on intangible assets: Acquired intangible asset valuations for AASB 3 Business

Combinations accounting are higher than the required cost base as set under newly legislated tax consolidation rules. A deferred tax liability

("DTL") is required to be recognised as there is an embedded capital gain should the assets be disposed of at their accounting values. This

DTL reduces in future periods at 30% of the amortisation applicable to those assets which have different accounting values and tax cost

bases. The recognition of DTL and subsequent period reductions are not reflective of conventional recurring operations and are regarded as

highly unlikely to be realised due to the Group's intention to hold these assets long term.

Amortisation of intangible assets: Non-cash entry reflective of declining intangible asset values over their useful lives. Intangible assets are

continuously generated within the Group, but are only able to be recognised when acquired. The absence of a corresponding entry for

intangible asset creation results in a conservative one sided decrement to profit only. It is reversed to ensure the operational result is not

impacted. The reversal of amortisation of intangibles is routinely employed when performing company valuations.

Impairment of goodwill: Non-cash entry which reflects a point in time valuation of assets which is unable to be reversed to profit in future

periods should a higher value be ascribed in future periods. The entry is not related to the conventional recurring operations of the Group.

Acquisition transaction costs: One off payments to external advisers by both Plan B Group Holdings Limited (Plan B) and IOOF in pursuit

of a successful acquisition which are not reflective of conventional recurring operations. These costs relate to the acquisition of DKN in the

prior comparative period.

Termination and retention incentive payments: Facilitation of restructuring to ensure long term efficiency gains, predominantly Plan B

related in the current period and DKN related in the prior comparative period, which are not reflective of conventional recurring operations.

Recognition of Plan B onerous lease contracts: Non-cash entry to record the expected costs of meeting the obligations under a Plan B

lease contract where the costs exceed the economic benefits expected to be received under it.

Fair value gain on investment in DKN (prior comparative period only): An initial 18.5% holding in DKN prior to its acquisition means this

is a business combination achieved in stages under AASB 3. The Group is therefore required to measure this previously held equity interest

in DKN at acquisition-date fair value and recognise the resulting gain in P&L. The initial entry ensures the assets acquired are held on balance

sheet at fair value, however the impact on profit is reversed as it is regarded as highly unlikely to be realised due to the Group's intention to

hold its investment in DKN long term.

Income tax attributable: This represents the income tax applicable to certain of the adjustment items outlined above.

41

Important notice This presentation does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Certain statements in the presentation relate to the future. Such statements involve known and unknown risks and uncertainties and other important factors that could cause the actual results, performance or achievements to be materially different from expected future results, performance or achievements expressed or implied by those statements. IOOF does not give any representation, assurance or guarantee that the events expressed or implied in any forward looking statements in this presentation will actually occur and you are cautioned not to place undue reliance on such forward looking statements.

This presentation has not been subject to auditor review.

Creating financial independence since 1846