Investor Presentaiton

FINANCE Maintaining an optimal capital structure Maximising shareholder value by minimising cost of capital Optimal Capital Structure • Mix of debt and equity that minimises WACC • • . Consistent with credit metrics between BBB- and BBB With $1b debt reduction¹, and improvement in maintainable earnings, Group expects to be within target range by end FY15 Focus on reducing Group earnings volatility to reduce WACC 1. Net debt including operating lease liabilities measured on a constant currency basis. WACC (pre-tax) Financial Leverage and WACC BBB Target Range BBB- 24 24

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