Main Contents

Key Highlights Results Chairman and CEO Message Board of Directors Our Business Our Performance Improve Customer Satisfaction Retain and Grow Customer Numbers Simplify the Business Develop New Growth Businesses Sustainability Our Customers Our People Our Communities Our Environment National Broadband Network Full year results and operations review June 2012 Corporate Governance and Board Practices Shareholder Information Directors' Report Remuneration Report Financial Report

Financial Report Contents

Financial Statements Income Statement Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flows Statement of Changes in Equity   Notes to the Financial Statements Note 1 - Basis of preparation Note 2 - Summary of significant accounting policies, estimates, assumptions and judgements Note 3 - Earnings per share Note 4 - Dividends Note 5 - Segment information Note 6 - Income Note 7 - Expenses Note 8 - Remuneration of auditors Note 9 - Income taxes Note 10 - Trade and other receivables Note 11 - Inventories Note 12 - Non current assets held for sale Note 13 - Property, plant and equipment

Note 14 - Intangible assets Note 15 - Trade and other payables Note 16 - Provisions Note 17 - Capital management and financial instruments Note 18 - Financial risk management Note 19 - Share capital Note 20 - Notes to the statement of cash flows Note 21 - Impairment Note 22 - Expenditure commitments Note 23 - Contingent liabilities and contingent assets Note 24 - Post employment benefits Note 25 - Investments in controlled entities Note 26 - Investments in jointly controlled and associated entities Note 27 - Employee share plans Note 28 - Key management personnel compensation Note 29 - Related party disclosures Note 30 - Parent entity information Note 31 - Events after reporting date Directors' Declaration Independent Audit Report