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Investor Presentaiton

Capital Management – Key Measures - Balance Sheet (A$ million) Mar 16 Sept 15 Mar 15 Net debt inclusive of USPP hedge value 326.2 276.9 329.0 Rolling Trade Working Capital (TWC) to sales 15.7% 15.2% 15.3% Х Net Debt: EBITDA (times) 1.4 1.2 1.5 EBIT Interest Cover 9.3 9.0 8.7 Cash Flow and P&L (A$ million) Operating cash flow excluding non-recurring items Cash conversion excluding non-recurring items Net finance costs Average net interest rate H1 16 H1 15 28.2 38.5 52% 56% 10.6 10.8 4.9% 5.3% Rolling trade working capital ratio increased due to inventory - ~50% of increase related to deliberate stock build (new Wash & Wear, strike planning); the rest related to inventory in businesses impacted by lower revenue (eg. Parchem) Operating cash flow impacted by tax payment timing ($7M) and TWC (inventory) Cash conversion of 80%+ targeted for full year Refer to Appendix for definitions. DuluxGroup Imagine a better place 17
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