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Notes to the Financial Statements

Note 19 - Employee and Director benefits

Note 1 - Significant Accounting Policies Note 2 - Other Income Note 3 - Costs and Expenses Note 4 - Income Tax Expense Note 5 - Dividends Note 6 - Basic and diluted earnings per share Note 7 - Receivables Note 8 - Inventories Note 9 - Other Assets Note 10 - Other Investments Note 11 - Intangibles Note 12 - Property, Plant and Equipment Note 13 - Payables Note 14 - Interest Bearing Liabilities Note 15 - Provisions Note 16 - Issued Capital Note 17 - Reconciliation of Equity Note 18 - Financial Instruments Note 19 - Employee and Director benefits Note 20 - Commitments Note 21 - Contingent Assets and Liabilities Note 22 - Auditor's Remuneration Note 23 - Particulars in relation to Controlled Entities Note 24 - Investments accounted for using the equity method Note 25 - Interest in joint venture operations Note 26 - Notes to the Cash Flow Statements Note 27 - Acquisitions Note 28 - Financing arrangements Note 29 - Related party information Note 30 - Segment reporting

(a) Liability for employee and director benefits

(b) Superannuation commitments

The Group contributes to superannuation plans to provide benefits to employees and their dependants upon retirement, disability or death, and directors. Employer contributions (where applicable) are based on a percentage of salary or directors’ fees. The employer is committed to contribute to the plans as prescribed by the relevant trust deeds and relevant legislation.

Caltex Australia Superannuation Plan – Defined Benefit Division

The Caltex Australia Superannuation Plan – Defined Benefit Division is predominantly a defined benefit plan, but it also includes the retirement account, which is a defined contribution payable by the Group.

The last actuarial review of the defined benefit plan was made as at 1 January 2006 by Peter R Hughes FIA, FIAA, Actuary, Mercer Human Resources Consulting Pty Ltd. The review concluded that the assets of the plan were sufficient to meet all benefits payable in the event of termination of the plan or the voluntary or compulsory termination of employment of each employee in the plan.

Information from the most recent actuarial valuation for the defined benefit plan at 31 December 2006 follows:

Caltex Australia Superannuation Plan – Accumulation Division

As this is a defined contribution plan, no actuarial review has been performed on this plan. The plan benefits to members are as described in the trust deed. Funds are available to satisfy all vested benefits in the event of termination of the fund or the voluntary or compulsory termination of employment of each employee of the participating employers.

(c) Other benefits

The Caltex Australia Limited employee share plan is open to all full-time and permanent part-time employees of the Caltex Australia Group. The plan takes advantage of the concessions available under the income tax provisions and uses a salary sacrifice arrangement to acquire the shares on behalf of the employees. The incidental costs of the purchases met by Caltex Australia during the year were $2,000 (2005: $2,000).

All employees of the Group are entitled to receive a discount on private fuel purchases.