BIL - Annual Results Briefing: BIL - Annual Results Briefing Analysts Briefing 7 September 2000 Singapore


Introduction: Introduction BIL - A new beginning Our vision and philosophy Proactive and positive change What next? FY 2000 Results Achieving Value - Three Case Studies Summary Question and answer session


What Is BIL?: What Is BIL? An international investment company Headquartered in Singapore Primary listing on the Singapore Exchange, with secondary listings on the London, New Zealand and Australian Stock Exchanges Global portfolio of investments Focused on opportunities in the Asia Pacific region More than 75,000 shareholders


Our Business - A Snapshot: Our Business - A Snapshot Key Investments Thistle Hotels James Hardie Industries Air New Zealand Listed Investments Fraser & Neave Tasman Agriculture Findel (was Fine Art Developments) PBOC Holdings Inc Unlisted Investments Sealord Group Molokai Ranch Ltd Bass Strait Oil Trust Strategic Partnerships Madrona Group Madrona Asia


Our People: Our People CEO Greg Terry Group CFO Andrew Shepherd Chief Operating Officer John Green General Counsel Mark Horton GM Investment Hugh Gollan GM Asia Richard Reid GM Australia Dan OBrien GM New Zealand Arun Amarsi Group Treasurer Martin Buchegger Group Financial Controller Dominic Siu Group Investor Relations Stephen Temple


BIL - A New Beginning: BIL - A New Beginning Mission Statement BIL will achieve investment returns substantially in excess of its cost of capital via investment in a limited portfolio of core investments in which it will take an active role to ensure value enhancing strategies are implemented and investment in strategic and portfolio investments offering substantial short term returns This investment strategy will be supported by a superior research and analytical capability


Our Vision & Philosophy: Our Vision & Philosophy Vision To recapture BIL’s position as a leading Asia Pacific investment company by disciplined investment in companies leveraged to 21st century growth industries, and by building a synergistically related portfolio Philosophy BIL's primary role is as an active investor with strategic shareholdings and active investment management aimed at extracting and maximising shareholder value


What Did We Set Out To Do?: What Did We Set Out To Do? To establish a new culture focused on shareholder value and financial discipline whilst retaining the entrepreneurial ethos which had driven past successes To deal decisively and promptly with problem and under-performing assets To work with the management of our core assets to maximise the value of our strategic stakes in those companies; and To re-launch BIL as an active investor in Asia and Australasia focused on undervalued companies with sound businesses leveraged to the growth opportunities offered by the information age and the wealth, discretionary incomes and leisure time it has created


The Year in Review: The Year in Review A Review of Achievements since July 1999


 Achieved: July - September 1999:  Achieved: July - September 1999 BIL increases shareholding in Tasman Agriculture to 66.18% BIL announces an on-market cash share buyback for 3.3% of listed capital, or up to 100 million shares, at 50 cents per share BIL announces issue of capital notes programme to buy back up to 300million shares, or 10% of its ordinary capital from New Zealand resident shareholders BIL sells its remaining shares of SEA Holdings and Seabil Pacific for HK$130million


 Achieved: October - December 1999:  Achieved: October - December 1999 Greg Terry commences as new CEO BIL announces new management team Capital notes buyback programme successfully closes BIL commits US$20million in creating a strategic alliance with Madrona Investments to invest in e-commerce and new economy businesses BIL moves global headquarters to Singapore BIL completes on-market cash buyback Shareholders approve transfer of incorporation to Bermuda and BIL is re-registered in Bermuda Graham Field files for Chapter 11 bankruptcy


 Achieved: January - March 2000:  Achieved: January - March 2000 BIL announces cash dividend of NZ 3 cents per share to be paid 31 January 2000 Air New Zealand announces conditional purchase of the 50% of Ansett Australia for A$680million from News Corporation New management team in place Strategic review of Sealord announced BIL announces new division tech@BIL First day of trading completed on the Singapore Exchange (SGX) Standstill on Asia Power negotiated Interim Results announced (including write-offs)


 Achieved: April - June 2000:  Achieved: April - June 2000 BIL announces the sale of 16.7% ('B' shares) of its shareholding in Air New Zealand to Singapore Airlines for NZ$285million (BIL retains 30.3% holding) Tasman Agriculture announces new strategy Thistle management appointments announced Air New Zealand completes takeover of Ansett Australia BIL announces acquisition of a 6.9% stake in Singapore company Fraser & Neave BIL subsidiary Vox Retail Group announces sale of 22 stores to Harvey Norman


Proactive & Positive Change: Proactive & Positive Change Established new culture focused on shareholder value, financial discipline & entrepreneurial ethos Dealt decisively with problem/under-performing assets Worked actively with management of key investments to maximise the value of strategic stakes Re-launched BIL as an active investor in Asia and Australasia focusing on undervalued companies with sound businesses leveraged to the growth opportunities offered by the information age


 Achieved: Establishing a New Culture:  Achieved: Establishing a New Culture New team in place Key management changes New culture Based on discipline, best practice and the best of entrepreneurial flair New investment strategy In line with strategy Disciplined approach Targeted rates of return


 Achieved: Dealing with Problem Assets:  Achieved: Dealing with Problem Assets Vox Sold 22 stores to Harvey Norman and contracted 65 stores to Betta Stores Ltd Retain franchise rights to Chandlers & Archie Martin Vox brands for remaining 36 stores No further cash out Complete exit June 01 Asia Power Plant went operational in June 2000 Sale process continues No further cash to be injected by BIL


 Achieved: Dealing with Problem Assets:  Achieved: Dealing with Problem Assets Graham Fields (GFI) Chapter 11 Molokai New strategy close to finalisation Negotiations with new partners underway Operating costs/losses substantially reduced Final workouts still in progress but have now dealt decisively with legacy of the past Legacy dominates this year’s financial results but will not dominate the 2001 results


 In Progress: Optimise Key Investments:  In Progress: Optimise Key Investments Air New Zealand Acquisition of 100% of Ansett Australia Strategic alliance with SIA through sale of B shares Merger underway New management team Synergy benefits revised James Hardie Industries Continued growth in operating profit Thistle Hotels Positioning as UK’s leading 4 star hotel group & developing e-commerce Narrowing gap between asset / strategic value and share price Enhancing free cash flow from operations


Building the New BIL: Building the New BIL Clear objectives Considered strategy Primary focus on South East Asia & Australasia Leveraging the information age


Our Investment Strategy: Our Investment Strategy Focus on identifying undervalued growth companies with sound businesses Aim is to unlock shareholder value Active involvement at Board level Strategic advice and stewardship


Building a Synergistic Portfolio: Building a Synergistic Portfolio Migrate towards more synergistically related portfolio Evolve portfolio from capital intensive assets to growth assets leveraged to the new economy New investment mix Longer term core investments (providing growth, current profits and dividends) Several smaller strategic investments (with higher risk return profiles)


Leveraging the Information Age: Leveraging the Information Age Seek undervalued growth brick and mortar investments Particularly where leveraged to the information age


The New BIL Vision: The New BIL Vision


 In Progress - Building the New BIL:  In Progress - Building the New BIL Fraser & Neave (F&N) Initial portfolio stake taken in an undervalued growth company New initiatives planned for the months ahead


Our Technology Portfolio: Our Technology Portfolio tech@BIL Initial commitment of US$100m for investment in technology companies To complement existing brick and mortar businesses Will remain a strictly limited activity Findel Substantial share price appreciation with new e-commerce strategy Madrona Madrona US off to an excellent start Madrona Asia to bring investment expertise & parallel investment opportunities


What Next?: What Next? The next 12 months


2001 - Some Specific Targets: 2001 - Some Specific Targets Complete exit strategy from problem assets (especially Molokai) Ongoing disposal of non-core investments Optimise BILs capital and debt structure Focus on driving Air New Zealand Ensure that Ansett merger results in forecast synergies Focus on enhancing value of James Hardie stake Focus on enhancing value of Thistle stake By improving fundamentals Aim is to add value to Thistle so that the market value of Thistle shares exceeds BIL’s book value Pursue strategic acquisitions Of an Australian company Of a stake in a major Singapore / Asian company Of a strong cashflow business in New Zealand


FY 2000 Results: FY 2000 Results 2000 results close a chapter in BIL’s history Final workouts still in progress but have now dealt decisively with legacy of the past That legacy dominates this year’s financial results, but will not dominate the 2001 results FY 2001 opens a new era for BIL where investors can expect a return to the investment offensive with new initiatives, transparent profitability and steady growth in shareholder value


Annual Results (FY 2000): Annual Results (FY 2000) Closing the Final Chapter Andrew Shepherd, Group Chief Financial Officer


Adoption of International Accounting Standards (IAS): Adoption of International Accounting Standards (IAS) As announced at our interim results presentation, BIL has adopted IAS as its primary basis for accounting in FY2000 This results in a change of accounting policy for deferred tax, goodwill, the treatment of foreign currency reserve on disposal of subsidiaries and associates and the depreciation of hotels The adoption of IAS has been accounted for by restating comparatives and adjusting the opening balance of shareholder funds as at 1st July, 1999


US$ Reporting: US$ Reporting To reflect BIL’s move to Singapore and the global basis of our operations, the reporting currency of the Group has been changed from the NZ dollar to the US dollar To effect this change, all current and prior period Balance Sheet and Profit and Loss accounts have been translated at the 30th June, 2000 NZ$/US$ spot exchange rate of 46.87 NZ cents/US$


Financial Highlights: Financial Highlights Net Debt Net Debt + Equity 2000 1999 Year-ended 30 June US$m US$m Profit/(loss) before exceptional items (26) 33 Net profit/(loss) after exceptional items (162) 33 US¢ US¢ Earnings/(Loss) per share excluding exceptional items (1.0) 1.1 Earnings/(Loss) per share (5.8) 1.1 Net assets per share 31.6 37.4 Net assets per share (Market Value) 27.0 38.2 Consolidated Net Debt 1,016 1,018 Gearing 52.7% 46.0%


Profit and Loss Summary: Profit and Loss Summary Year-ended 30 June 2000 1999 US$m US$m Income from Associates and Subsidiaries 69 53 Income from Investment Activities 43 88 Funding Costs (105) (77) Corporate Costs (33) (31) Profit/(Loss) before Exceptional Items (26) 33 Impairment of Investments (72) -- Goodwill Write-down (Air NZ Deferred Tax) (64) -- Net Profit/(Loss) after Exceptional Items (162) 33


Consolidated Balance Sheet: Consolidated Balance Sheet Year-ended 30 June 2000 1999 US$m US$m Assets Fixed Assets 181 228 Investments 1,584 2,158 General Provisions -- (322) Current Assets 551 714 Total Assets 2,316 2,778 Current Liabilities 220 361 Term Liabilities 1,185 1,221 Minority Interests 46 78 Shareholders’ Funds 865 1,118 Net Assets per Share 31.6cents 37.4 cents


Geographic Breakdown : 2000 1999 69 53 Geographic Breakdown Income From Associates & Subsidiaries


Business Activity Breakdown: 2000 1999 69 53 Business Activity Breakdown Income From Associates & Subsidiaries


Business Activity Breakdown: Business Activity Breakdown Income From Investment Activities 2000 1999 US$m US$m Disposals - Air NZ B Shares 22 - - Bondway Properties, UK 12 - - Others 1 (8) - CNI Forest Partnership - (66) - English Welsh and Scottish Railways - 20 - John Fairfax - 15 - LWR Industries - (9) - Sky City - 113 - WD & HO Wills - 15 Dividends 8 8 43 88


Air NZ ‘B’ Shares Disposal: Air NZ ‘B’ Shares Disposal Deal with SIA announced 25th April, 2000 Purchase consideration : NZ$285m (95 million ‘B’ shares @ NZ$3.00) Book loss announced at time of sale : NZ$84.5m Following completion of the acquisition of Ansett and change of accounting policy on deferred tax, carrying value of Air NZ ‘B’ shares written down to NZ$2.89 Profit on disposal NZ$m Sale proceeds 285 Re-stated book value (274) 11 Cumulative translation differences 37 Net profit realised FY2000 48


Air NZ Earn-out: Air NZ Earn-out Earn-outs are dependent on the combined Air NZ / Ansett achieving EBITDRA targets in FY2001 EBITDRA exceeds NZ$1.65b Earn-out = NZ$0.50 per share (proceeds NZ$47.5m) EBITDRA exceeds NZ$2.1b Earn-out = NZ$1.00 per share (proceeds NZ$95.0m) When achieved, these gains will be recognised as additional Investment Income in BIL’s 2001 P&L


Funding Costs: Funding Costs Year-ended 30 June 2000 1999 US$m US$m Interest expense 68 92 FX trading (1) (17) Translation loss on long term Yen bond 34 -- Others 4 2 105 77


YEN vs NZ$ FY2000: YEN vs NZ$ FY2000


Financial Risk Management: Financial Risk Management Our foreign exchange management policy will be to minimise material economic transactional exposure from currency movements against the US dollar. Translational risk would not normally be hedged Wherever possible, we will net exposures using natural offsets to reduce foreign exchange risk Significant residual non-dollar exposure will be managed using a range of derivatives A Treasury Risk Policy has been approved by the Board


Financial Risk Management – Work In Progress: Financial Risk Management – Work In Progress Our reporting currency and shareholders’ funds are now in US dollars. However, our assets and liabilities are denominated in a mix of currencies Assets composition Liabilities composition Assets and liabilities composition as at 30 June 2000


Corporate Costs: US$millions 27 30 31 22 Operating Overheads – By Region (Recurring) Corporate Costs


Corporate Costs: US$millions Operating Overheads – By Function (Recurring) Corporate Costs 27 30 31 22


Investment Impairment: Year-ended 30 June Book Strategic Write Off / US$millions Value Value Provision AsiaPower 193 -- 193 Cedenco Shares 7 4 3 Graham Field 41 -- 41 GRD Shares 20 4 16 Molokai Ranch 259 170 89 NZ Properties 15 11 4 Seabil Pacific/SEA Holdings 62 15 47 Others 8 7 1 605 211 394 Existing General Investment Provision (322) Further Impairment for FY2000 72 Investment Impairment


Air NZ Deferred Tax Adjustment: Air NZ Deferred Tax Adjustment Following acquisition of Ansett, Air NZ has changed its accounting policy on deferred tax to full from partial provision in accordance with US, Australian GAAP and International Accounting Standards This has resulted in Air NZ providing an additional NZ$786m (US$368m) for Deferred Tax in FY2000 (BIL share NZ$370m, US$173m) Although entirely a non-cash item and not impacting on the underlying financial strength of Air NZ, this provision reduces Air NZ’s shareholder funds and is effectively, from BIL’s perspective, principally a write-down of goodwill


Air NZ Deferred Tax Adjustment: Air NZ Deferred Tax Adjustment To effect the goodwill write-down, an exceptional charge of US$64m has been taken to the P&L this year and the remainder written off over current and prior years as a change of accounting policy: 2000 1999 Prior Years Total 14 11 69 94 The residual balance of US$15m is a current and prior year deferred tax charge As at 30th June, 2000, Air NZ Net Assets of NZ$2.80 (US$1.31) and BIL’s carrying value of its Air NZ investment were identical (excluding dividends receivable).


Impact of adoption of IAS: Impact of adoption of IAS 2000 1999 US$m US$m Net profit/(loss) before impact of adopting IAS (139) 5 Change in accounting for: - deferred tax 8 7 - depreciation (7) (6) - goodwill (24) (21) Net profit/(loss) for the year (162) 33 Opening shareholders funds as previously reported 1,096 1,262 Change in accounting for: - deferred tax (27) - depreciation (38) - goodwill (119) - foreign currency translation/other 18 Opening shareholders funds as adjusted 1,096 1,096


Cash Flow: Cash Flow 2000 1999 Year-ended 30 June US$m US$m Profit before financing and corporate costs 112 141 Retained equity earnings (93) (56) Net interest paid (101) (146) Corporate (33) (31) Other non-cash items 45 28 Cash flows from operating activities (70) (64) Acquisitions (204) (232) Disposals 302 1,160 Others 8 (18) Share re-purchases (21) (9) Repayment of borrowings (Net) (85) (520) Dividends paid by Parent (38) -- Cash flow from investing and financing activities (38) 381 Changes in net cash (108) 317 Opening net cash 393 55 Effect of disposal of subsidiaries /exchange rates (40) 21 Closing net cash 245 393


Work Out Assets - Vox: Work Out Assets - Vox A$29m loss in FY2000 compared to A$21m in FY1999 but A$10m cash positive in FY2000 Divestment plan in place and 22 stores disposed of to Harvey Norman, 65 to Betta Support infrastructure to be closed and remaining stores franchised until sold Disposal process expected to have minimal P&L impact in FY2001 and be cash positive BIL’s exit will be completed by 30/6/01


Work Out Assets - Molokai Ranch: Work Out Assets - Molokai Ranch Major Strategy Review in final stages of completion Joint Venture discussions with mainland property developers well advanced Negative cash flow of US$14m in FY2000 an improvement on FY1999 (US$31m) Operating cash flow will be reduced further in FY2001 but levels of cash support required will ultimately depend on the outcome of the Strategy Review


Work Out Assets - AsiaPower: Work Out Assets - AsiaPower BIL’s financial obligations are complete Forbearance agreement in place with banks. No further cash will be injected by BIL Banks continue in their efforts to find a suitable purchaser Plant went operational in June 2000


Share Buy Back / Capital Notes Programme: Share Buy Back / Capital Notes Programme Share Buy Back 100 million shares (3.3%) were acquired on market at an average price of NZ45 cents per share Buy back commenced on 10 September 1999 and concluded on 8 December 1999 Capital Notes Buy back of up to 300 million shares authorised Available to shareholders with recorded addresses in New Zealand Fixed coupon of NZ4.5 cents per capital note 149 million shares bought back at average price of NZ55 cents


Case Studies: Case Studies Adding Value through Active Management


Case Study - Thistle Hotels: Case Study - Thistle Hotels Thistle Hotels Richard Reid - General Manager Asia


Business Overview: Business Overview Four-star UK hotel chain with 56 hotels (10,750 rooms) Largest number of four-star hotel rooms in London (23 hotels and 6,350 rooms) Three year refurbishment program will be substantially complete by end 2000 London hotel market showing strong growth Senior management team strengthened by a new CFO and COO


Financial Overview: Financial Overview Shares on issue 481.9 million Shares owned by BIL 221.3 million (46%) BIL investment £489.0 million (£2.21 per share) Current share price £1.23 per share (@6/9/2000) Net Asset Value £2.34 per share


Value Drivers: Value Drivers Location 4 day market & 3 day market Facilities Room stock, meeting facilities, food and beverage Business Mix Corporate vs. leisure Marketing & Reservations Global & local Operations Customer service, quality and cost control


BIL Aim: BIL Aim Add value to Thistle so that the market value of Thistle shares exceeds BIL’s book value (real estate value)


Existing Core Assets - Strategy: Existing Core Assets - Strategy Short Term Maximise operations Conserve cash and strengthen balance sheet Improve quality of portfolio Improve efficiency of capital employed


Existing Core Assets - Strategy: Existing Core Assets - Strategy Medium Term Progressively shift the business mix away from physical assets towards brands and management Enhance the potential liquidity of the investment Long Term Develop Thistle as the champion of European hotel brand integration


Case Study - James Hardie Industries: Case Study - James Hardie Industries James Hardie Industries Dan O’Brien - General Manager Australia


James Hardie - Business Overview: James Hardie - Business Overview Australian listed Building Products Company 70% sales in USA/90% profit from USA 2 Key Businesses Fibre Cement Products Dominant player (85% share USA) Rapidly growing (sales and profit growing 20%) Gypsum Wallboard Very profitable business Commodity pricing Provides cashflow to fund fibre cement growth


Financial Snapshot: Financial Snapshot


BIL Investments: BIL Investments 29% Shareholding (117 million shares) 2 board seats Purchased 1995 - 1997 Book Value $319M ($A2.73 per share) Market Value as at 30th June, 2000 $514M ($A4.39 per share)


History of BIL Involvement: History of BIL Involvement From 1996 to 1999 James Hardie has transformed from an Australian Building Products Conglomerate with uncertain financial returns to a focused market leader in US Fibre Cement Business (85% market share) and major player in US Gypsum Wallboard Business (9% market share).


BIL Investment Strategy: BIL Investment Strategy BIL will continue to be a supportive active shareholder BIL believes that a correctly funded, focused strategy to grow fibre cement business globally can result in value gains of more than 20% per annum


BIL strategy moving forward: BIL strategy moving forward Continue to support James Hardie’s global strategy to build competitive advantage in fibre cement by Building on proprietary technology and low cost position Continuing new product development (new technology rolling out next 6 months) Launching new product categories (to be announced September 13th) Realising full potential of US market Continuing USA market share growth via product substitution during downturn Growing globally via planned geographic rollout from US base The growth potential in fibre cement business will overshadow any perceived volatility in gypsum wallboard prices


Case Study: Case Study New Zealand Arun Amarsi - General Manager New Zealand


3 Key Investments in New Zealand: 3 Key Investments in New Zealand


Tasman Agriculture - Key Facts: Tasman Agriculture - Key Facts Largest corporate farm owner in New Zealand A listed company At 31 May Gross Assets = NZ$288M NTA = NZ$188M BIL owns 67% of shares At start of calendar 2000 trading at NZ$0.70 Today the shares are trading at NZ$1.30


Tasman Agriculture - During the year…..: Tasman Agriculture - During the year….. Share buy back undertaken Capital return of 24 cents per share BIL received NZ$18m prior to 30 June


Tasman Agriculture - At the end of June: Tasman Agriculture - At the end of June Directors announced intention to sell all 64 New Zealand farms Demand has been strong, BIL confident that prices higher than NTA are likely Process to take 24 months Tasman Agriculture should realise NZ$200m


Tasman Agriculture - New Opportunities: Tasman Agriculture - New Opportunities Tasman Agriculture owns 24 farms in Tasmania worth NZ$75m (book value) The dairy industry has been going through deregulation in Australia Tasman Agriculture has good low cost farms in Australia Board is looking at ways of leveraging this position


Sealord - Key Facts: Sealord - Key Facts An unlisted investment Ownership structure - 50% BIL; 50% Maori Fisheries Commission Has joint ventures in Namibia, Argentina and Australia Marketing presence in Europe, USA, Asia and Australia Revenues of NZ $500m and operating profit of NZ $74m


Sealord - What has happened….: Sealord - What has happened…. At the start of 2000 BIL sought Expressions of Interest 4 bidders allowed due diligence Government indicated foreign bidders could not own greater than 24.9% on the day of binding bids A revised process has commenced


Sealord - Where is it heading: Sealord - Where is it heading All 4 bidders remain interested BIL working with existing 50% partners and potential bidders to arrive at a transaction


Air New Zealand: Air New Zealand BIL helping to creating a new global player


Now a top 20 Global Airline by passenger: Airline Passengers 1 Delta Air Lines 105,304,794 2 United Airlines 86,799,705 3 American Airlines 81,452,635 4 US Airways 57,989,599 5 Northwest Airlines 50,489,394 6 All Nippon Airways 41,471,160 7 Continental Airlines 41,281,787 8 Lufthansa 38,502,528 9 British Airways 36,592,684 10 Air France 33,497,633 11 Japan Airlines 31,362,194 18 Combined Air NZ/Ansett 18,396,238 20 Qantas 16,353,700 27 Singapore Airlines 12,329,000 28 Ansett Australia 11,970,225 32 Cathay Pacific 10,286,122 43 Air New Zealand 6,426,013 44 Olympic Airways 6,403,393 45 Indian Airlines 6,084,432 Now a top 20 Global Airline by passenger Source : IATA, 1998


Balance Sheet…: Balance Sheet… Balance Sheet Dynamics NZ$’000 Total Equity 1,590,085 Total Liabilities 7,399,334 Loans & Capitalised Lease Obligations 3,913,289 Total Assets 8,989,419 Company to undertake a NZ$285 million rights issue in October BIL and SIA are supporting the rights issue


What has Been Done At Air New Zealand: Bought the remaining 50% of Ansett New Management team Identified $350m in gains – was $285m Commissioned Project teams to extract gains Brought in SIA as a 25% strategic stakeholder What has Been Done At Air New Zealand


What is BIL’s role in Air New Zealand: What is BIL’s role in Air New Zealand Active role at board level (4 members including the Executive Chairman) A catalyst for Change – SIA as an industry player Supported the Ansett deal Provided pro-active debate Actively helped in the recruitment of a new management team Used BIL management to study “best practice” Operational performance Cost control Capital structure management Provided active leadership


What BIL can provide in the future: What BIL can provide in the future Support the October rights issue Monitor and assist in ways to capture full NZ$350 million in operational savings Assist in building the strategic relationship with SIA Work with CEO, Board and key shareholders on developing the future growth of the company


Post Financial Investment: Devil’s Advocate Coach Catalyst Post Financial Investment BIL is Relentlessly Pursuing Value Creation BIL’s Intellectual Capital


Summary: Summary On track with 4 objectives set earlier this year Next 12 months to be more focused on new initiatives than past problems Key to enhancing BIL’s NAV is still 3 key investments Clear philosophy and strategy being rigorously implemented Going forward expect sustainable profit and NAV growth


Question & Answer Session: Question & Answer Session Thank You