Investor Strategy Briefing 2008 8Th December 2008 Investor Strategy Briefing 2008 Strategic Overview ‐ Michael Malone (MD) 8Th December 2008 Today’S Agenda

Investor Strategy Briefing 2008 8th December 2008 Investor Strategy Briefing 2008 Strategic overview ‐ Michael Malone (MD) 8th December 2008 Today’s agenda

10:30 Introduction and strategic overview Michael Malone (Managing Director)

11:00 Westnet integration David Buckingham (Chief Financial Officer)

11:30 Infrastructure Greg Bader (Chief Technology Officer)

12:00 NBN update Steve Dalby (Chief Regulatory Officer)

12:30 Organic growth Mark White (Chief Operating Officer)

13:00 Lunch

13:30 Tour of the call centre Paul Cahill (General Manager Customer Service)

Investor Strategy Briefing 2008 2 Historic financial performance

Revenue $m 251 230 214 157

FY05 FY06 FY07 FY08

Underlying EBITDA Underlying NPAT $m $m 17.8 47.4 11.8 39.1 10.4 34.7

18.1 2.1

FY05 FY06 FY07 FY08 FY05 FY06 FY07 FY08

Investor Strategy Briefing 2008 3 Guidance – accelerating profit growth

Key metrics 1H FY09 Set to break $400m revenue in FY09 Low High Revenue $203m $206m EBITDA $29m $31m NPAT $10m $12m

Net Debt as Oct ‘08 $23m

Note: H1 ‘09 EBITDA impacted by one‐off costs for set up of Cape Town

Accelerating profit growth post the Westnet acquisition

Investor Strategy Briefing 2008 4 Market developments

• Solid market growth expected to continue • Significant opportunity for iiNet to grow market share (currently 6%)

Source: Telsyte, 2008

Investor Strategy Briefing 2008 5 ADSL2+ remains the dominant technology

• Analysis shows that DSL was the dominant technology in 2007 • Expectations are for this to remain the case for the next 5 years • Cable expected to decline with limited expected growth

Australian Broadband Subscribers Share by Access Technology 2007 Source: Telsyte, 2008

Investor Strategy Briefing 2008 6 Competitor landscape –clear no 3

3,000 Top ISPs by Broadband Subscriber Numbers (000’s)

2,500

2,000

1,500

1,000

500

Investor Strategy Briefing 2008 7 Product evolution

Internet Voice Content Dial PSTN FTP DSL VoIP Gaming DSL2+ SIP Trunking Streaming radio Naked Video on demand Mobile data IPTV VDSL2 FTTH

Investor Strategy Briefing 2008 8 Strategic focus for growth

Our aspiration is to be the leading challenger in the Australian Telecommunications Market

Differentiating through:

1. Outstanding service 2. Cool products and attractive content 3. A loved brand 4. Leading industry consolidation

Investor Strategy Briefing 2008 9 What does it mean?

• Leading challenger means growing Broadband market share to >15% • Outstanding service – lifting Net Promoter Score to world class >50% • Cool products – 1 new product per month released to customers • A loved Brand – prompted awareness at >90% & unprompted at >70% • Content ‐ launch of IPTV in 2009, expanded “Media Lounge” and new website

Investor Strategy Briefing 2008 10 Service is paramount

• Cape Town officially launched on 26th October 2008 • Outstanding service – lifting Net Promoter Score to world class >50%, driving down churn.

Investor Strategy Briefing 2008 11 And finally …

Your questions?

Investor Strategy Briefing 2008 12 Glossary of terms

Term Description

ARPU Average monthly revenue per user.

or unlit fibre is the name given to individual fibres that have yet to be used within cables that have been already laid. They are hence not yet connected to any electronic Dark Fibre device, and are only there for future usage.

Digital Subscriber Line or xDSL, is a family of technologies that provides digital data transmission over the wires of a local telephone network. DSL2+ extends the capability of DSL, DSL2+ the basic DSL in providing faster speeds.

DSLAM Digital Subscriber Line Access Multiplexer is a device that connects a customer DSL line to iiNet’s infrastructure.

FTP Means File Transfer Protocol –a network protocol used to transfer data from one computer to another through a network such as the internet.

FTTH Means fibre to the home –this was the predecessor title for the now called National Broadband Network (NBN).

IPTV Internet Protocol Television is the provision of digital television over the Internet.

Line Sharing Service. A wholesale product provided by Telstra which allows iiNet to transmit data across the copper telephone line between the customer’s residence and the LSS exchange.

Mobile Data Broadband supplied by a wireless digital modem sold to customers as a separate plug‐in device for computers.

Prior to its release, a customer would have to purchase a phone line and pay line rental in order to have an ADSL service active. Naked eliminates the need to pay line rental yet Naked DSL still have a VoIP telephone service as backup for making calls if required.

A measure of customer recommendation levels that has a direct correlation with future customer growth. NPS is calculated by asking a sample of customers how likely they are Net Promoter Score to recommend the brand to others.

Off‐Net A customer that is provided a DSL service through another network (usually Telstra Wholesale).

On‐Net A customer that is provided a DSL service through the iiNetwork.

PSTN Public switched telephone network. The traditional copper network built to provide fixed line telephony in most developed countries.

Stands for Session Initiation Protocol which allows internet telephony service providers and telecommunications carriers to deliver a single data connection to an enterprise, SIP Trunking upon which voice, internet, email and video can travel

VCC Virtual Call Centre –a call centre where the representatives are geographically dispersed.

VDSL2 Very high speed Digital Subscriber Line which provides higher speeds over copper than ADSL2+ but only over shorter distances.

VoIP Voice over Internet Protocol –the routing of voice conversations over the Internet or through any other IP based network.

Investor Strategy Briefing 2008 13 Disclaimer

Some of the information contained in this presentation contains “forward‐looking statements” which may not directly or exclusively relate to historical facts. These forward‐looking statements reflect iiNet Limited’s current intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside the control of iiNet Limited.

Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward‐looking statements include known and unknown risks. Because actual results could differ materially from iiNet Limited’s current intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward‐ looking statements contained herein with caution.

Investor Strategy Briefing 2008 14 Investor Strategy Briefing 2008 Westnet integration –David Buckingham (CFO) 8th December 2008 Clear rationale for acquisition

Delivering Results Rationale • Westnet revenue growth of 36% and growing • Accretive transaction pre synergies EBITDA run rate of $12m per annum in FY08

• Migration from pure reseller to iiNet • Network migration of 40k Metro customers infrastructure delivers significant savings ($19 on‐going per sub per month)

• Cements position as 3rd Largest ISP in • 4,500 new broadband customers since Australia and clear leader in WA acquisition and 1,250 new DSL2+ on iiNetwork • Acquisition of best‐in‐class service and organic sales capabilities • NPS consistently > 65%, Voted “Best ISP” in 2008 PC Authority Awards last week • Complementary metro and regional customer bases • Complementary brands with different demographics & target customers

Investor Strategy Briefing 2008 2 Confident of beating synergy target

FY09 Target of $2.5m

Being delivered through combination of voluntary migrations to iiNetwork and new Telstra volume rebates

FY10 Target of $5m

Options exist, migration model requires minimum 25k customer moves iiNetwork going into FY10

Investor Strategy Briefing 2008 3 “Best ISP in Australia and New Zealand”

http://www.pcauthority.com.au/Awards2008/AwardsList.aspx

Investor Strategy Briefing 2008 4 Integration strategy

A simple integration

• Operate Westnet independently and continue to grow the Westnet brand & customer base

• Unique culture and service focus, critical to retain Westnet management and staff

• Migration of metro customers onto iiNet infrastructure is key synergy goal

• No legacy networks and existing billing platform is both robust and scalable

• Opportunity for Westnet to offer innovative new products

• iiNet customers who cannot get ADSL may be able to get Westnet satellite

Investor Strategy Briefing 2008 5 Maximising value from Westnet

• Financial benefit from Telstra rebate for FY09

• Delivers synergy target without the need to spend capex

• Maintain potentially valuable long‐term wholesale relationship

• Westnet customers favour mature products

• In discussions for FY10 –increased volume rebate could retain attractive off‐ net margin but needs to deliver our internal synergy target

Investor Strategy Briefing 2008 6 Leveraging Westnet’s customer base

Progress to date

• Launched ADSL2+ on the iiNetwork

• iiNet products now on sale in over 100 Westnet reseller outlets

• Mining of the iiNet dial up base for potential conversion to broadband via Westnet satellite

• Cross development of new combined hosting platform

• Sharing iiNet content and initiatives e.g. English Premier League, 3FL gaming

• Synergy upside over and above pure network synergies previously highlighted

Investor Strategy Briefing 2008 7 First national ADSL2+ launch …. by Westnet

• Soft launched on 21st October 2008 • Provides access to more than 1,400 exchanges nationally, 998 of which are rural • Already >1,250 customers with no active marketing • Full campaign launch January ’09 • Speeds up to 20Mbps for the first time nationally via Telstra & iiNet exchanges • Targeting 7,500 customers by 30 June 09

Investor Strategy Briefing 2008 8 Back office integration progressing to plan

• Network migration of 40k customers on‐going

• Unified service approach

• Single HR and IT systems now in place

• Supplier consolidation programme recently kicked off

• Corporate policies aligned

• Synergy upside over and above pure network synergies previously highlighted

Investor Strategy Briefing 2008 9 Summary

• A logical and value accretive acquisition for iiNet

• Confident of beating synergy targets set at the time of acquisition

• Our strategy of running two brands is proving to be successful and allows us to address different demographics and geographies

• Back office integration is progressing to plan

• Focused on creating shareholder value from the acquisitions we undertake

Investor Strategy Briefing 2008 10 And finally …

Your questions?

Investor Strategy Briefing 2008 11 Disclaimer

Some of the information contained in this presentation contains “forward‐looking statements” which may not directly or exclusively relate to historical facts. These forward‐looking statements reflect iinet Limited’s current intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside the control of iinet Limited.

Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward‐looking statements include known and unknown risks. Because actual results could differ materially from iinet Limited’s current intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward‐ looking statements contained herein with caution.

Investor Strategy Briefing 2008 12 Investor Strategy Briefing 2008 Infrastructure –Greg Bader (CTO)

8th December 2008 Extensive national network

•Fibre assets (combination of IRU and Lease) •Flexible growth models • Resilience • Providing wholesale services

These assets retained and grown under NBN

Investor Strategy Briefing 2008 2 Extensive metro network

•Majority of sites on dark fibre – 209 Exchanges (68%) – 161.5k Customers (76%) •Long term IRU • Multiple cores (6) per site • Unlimited expansion capability

iiNet is forward thinking: Intra‐city dark fibre, crucial to handle Video

Investor Strategy Briefing 2008 3 Opportunities in international

• Opportunities in market •Lease or IRU models •Working with all providers • Reduction in cost of sales •Increasing local content (~20%) •Increasing usage by customers (NBN or not)

iiNet ‐ taking advantage of competitive pressure

Investor Strategy Briefing 2008 4 Investing in services

• Under NBN, service will be the differentiator •Mail / customer storage (market leading –1Gbyte) •Value add and “up‐sell” opportunities •Increased automation and self service •Real value in improving retention • Leveraging Westnet abilities

iiNet is customer service: Increase customer experience, reduce opex

Investor Strategy Briefing 2008 5 DSLAM investment

• Disciplined approach • Delivering real value • Spend when it makes sense • Rollout slowing

Average CAPEX ~ $100k Average IRR ~ 45%

iiNet is a disrupter: We have defined the broadband market in AU

Investor Strategy Briefing 2008 6 DSLAM ‐ Brisbane

QLD Metro Exchanges TOTAL 91 Metro DSLAM 47 52%

Metro Customers TOTAL 32,017 Metro DSLAM 22,940 72% Metro iiNet L2 3,901 12% Metro Westnet L2 5,176 16%

Regional Customers TOTAL 30,450 Regional iiNet L2 8,436 28% Regional Westnet L2 22,014 72%

Investor Strategy Briefing 2008 7 DSLAM ‐ Sydney

NSW Metro Exchanges TOTAL 125 Metro DSLAM 99 79%

Metro Customers TOTAL 68,823 Metro DSLAM 63,148 92% Metro iiNet L2 2,704 4% Metro Westnet L2 2,971 4%

Regional Customers TOTAL 32,225 Regional iiNet L2 12,885 40% Regional Westnet L2 19,340 60%

Investor Strategy Briefing 2008 8 DSLAM ‐ Melbourne

VIC Metro Exchanges TOTAL 161 Metro DSLAM 68 42%

Metro Customers TOTAL 48,001 Metro DSLAM 35,308 74% Metro iiNet L2 6,585 14% Metro Westnet L2 6,108 13%

Regional Customers TOTAL 13,819 Regional iiNet L2 4,798 35% Regional Westnet L2 9,021 65%

Investor Strategy Briefing 2008 9 DSLAM ‐ Perth

WA Metro Exchanges TOTAL 72 Metro DSLAM 61 85%

Metro Customers TOTAL 118,378 Metro DSLAM 80,087 68% Metro iiNet L2 7,231 6% Metro Westnet L2 31,060 26%

Regional Customers TOTAL 37,609 Regional iiNet L2 5,774 15% Regional Westnet L2 31,835 85%

Investor Strategy Briefing 2008 10 DSLAM value

•Cost of sale advantage remains • Product advantage remains (Naked) •Over 215,000 customers

iiNet has a disciplined investment model

Investor Strategy Briefing 2008 11 DSLAM future

• Still growing •No immediate technology threat •National Broadband Network (NBN) years away •“Outside in” models increase lifespan

iiNet, flexible and forward looking

Investor Strategy Briefing 2008 12 National Broadband Network

•Easier for customers to join iiNet •Our network is being readied, minimal forward CAPEX required •Services will be the differentiator •Our efforts in international and domestic transmission reduce cost of sales

iiNet, ready for NBN: If it happens, opens up our market

Investor Strategy Briefing 2008 13 Content ‐ current

•Web based • Minimal investment • Building competence • Retention focused model • Align brand to strategy (know content player)

iiNet, moving into new areas: Learn, understand and deliver

Investor Strategy Briefing 2008 14 Content –where we will end up

•Move to lounge via STB • Manageable investment, inline with NBN needs •Models for ARPU, retention and wholesale •Cost of entry in our market in 24 months time • Leverage early adopter customer base

iiNet, a leader in content delivery: We changed broadband, we will change content

Investor Strategy Briefing 2008 15 Summary

•New investment, manageable and in‐line with future needs • Significant network in place, ready for now and NBN • Discipline approach, focus on value to business •Exploring new models (content)

• Committed to be relevant in the broadband space

iiNet, changing the world

Investor Strategy Briefing 2008 16 And finally …

Your questions?

Investor Strategy Briefing 2008 17 Disclaimer

Some of the information contained in this presentation contains “forward‐looking statements” which may not directly or exclusively relate to historical facts. These forward‐looking statements reflect iinet Limited’s current intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside the control of iinet Limited.

Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward‐looking statements include known and unknown risks. Because actual results could differ materially from iinet Limited’s current intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward‐ looking statements contained herein with caution.

Investor Strategy Briefing 2008 18 Investor Strategy Briefing 2008 NBN Update ‐ Steve Dalby (Chief Regulatory Officer)

8th December 2008 National Broadband Network (NBN) –what is it?

The Government proposes : State Local • Investing $4.7bn in a Neighbourhood Exchange public/private partnership to build a fibre network Copper • Estimated more than 5 Pillar years to build Fibre • Available to 98% of Node Australians • Speeds faster than currently enjoyed • Open access for all ISPs Important Factors Achieved by laying fibre optic cable from current exchanges Costs to build could be ~ $15bn to newly built ‘nodes’ that Structural separation and open access for all at equivalent prices service premises with the last mile still on copper. Transfer process for unconditioned local loop (ULL) TERRiA’s proposal will be the benchmark

Investor Strategy Briefing 2008 2 iiNet perspective

Customer focus essential

• An outside‐in deployment to target ‘have nots’ first

• A ‘no disadvantage’ test should be applied to existing customers

• An open access regime should apply for access seekers

• Transparent wholesale and access pricing must be mandated

• Structural separation of the network owner and retail businesses will ensure effective competition

Investor Strategy Briefing 2008 3 Why access not resale?

• Access to components allows differentiation. For iiNet, this has meant: – Product definition (‘Naked’, full speed, phone, video) – Innovation, flexibility and change control –Service (customer toolbox) –Price and value –Cost control – Improved margins •Resale – Control is in the hands of the wholesale provider

iiNet is an innovator : Access ‐ not resale ‐ suits our business model Investor Strategy Briefing 2008 4 Why is it good for iiNet?

• Initial deployment to regions allows iiNet to leverage Westnet brand and offer ‘metro equivalent’ services

• ‘Outside in’ brings high speeds to underserved first ‐ win for customers and iiNet

• Open access and transparent pricing levels allows innovators (like iiNet) to differentiate their product offerings

• Higher bandwidths support video applications like IPTV

Investor Strategy Briefing 2008 5 NBN overview

•The NBN is a government led process –The objective of the NBN is 12Mbps speeds to 98% of Australian households • Proposals were submitted on 26 November 2008

Proponent Scope of proposal * Compliant ? Comments

Optus Network National Yes Wholesale only. Investments Lodged via Optus Network Investments Pty (Terria) Ltd (ONI) as Terria Telstra National No Limited proposal submitted, coverage for only 80‐90% of households proposed Axia National ? French & Alberta models are backhaul with local interconnect Acacia National Yes Claims 100% coverage. Wholesale only. Tasmanian Gov’t Tasmania ? TransACT ACT Yes

* Proposal details have not been released by the government. Government documents called on ‘proponents’ to define regulatory framework required for each proposal.

Investor Strategy Briefing 2008 6 Indicative timing

for

changes

Senate?

approval date

Comments challenges?

execution Proposal Target through ACCC Cabinet Legal Legislative

Proposed time line Slippage Construction* ‐ ‘outside in’ 09 09 08 08 09

2010 2011 2012 2013 2014 Jul Dec Jan Feb Dec Mar Nov

* Telstra have indicated that, working 24/7 it will still require 5 years to complete a 90% coverage fibre to the node network

Investor Strategy Briefing 2008 7 Questions …

Q: How will iiNet play in the post‐NBN world? A: In both metro and regions with innovative, high value products and services, backed up by award winning service

Q: How will the competitive landscape change post‐NBN? A: No player will have anetwork advantage

Q: What will happen to the infrastructure iiNet has built? A: It will continue to generate returns for some considerable time and we have options to sell assets into ONI

Q: What capital may be required as part of the consortium? A: For services like mail, IPTV, etc. Not major

Investor Strategy Briefing 2008 8 In summary

• NBN is a Government infrastructure initiative, to be partly funded by Government

• The aim of the NBN is to provide high speed access to 98% of Australians within five years

• ONI (iiNet is part of the supporting Terria consortium) submitted a conforming proposal on 26 November 2008

• NBN can change the landscape in which telcos / ISPs operate, and provides iiNet with attractive growth opportunities

• iiNet will be able to differentiate itself in an ‘NBN world’ by leveraging a loved brand, innovative products / attractive content, and outstanding service

• It will not happen overnight

Investor Strategy Briefing 2008 9 And finally …

Your questions?

Investor Strategy Briefing 2008 10 Disclaimer

Some of the information contained in this presentation contains “forward‐looking statements” which may not directly or exclusively relate to historical facts. These forward‐looking statements reflect iinet Limited’s current intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside the control of iinet Limited.

Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward‐looking statements include known and unknown risks. Because actual results could differ materially from iinet Limited’s current intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward‐ looking statements contained herein with caution.

Investor Strategy Briefing 2008 12 Investor Strategy Briefing 2008 Organic growth –Mark White (COO) 8th December 2008 Introduction

• The guidance provided at our recent AGM indicated that we are set to break $400m revenue in FY09

• Key to ongoing organic growth is:

• A loved brand • Cool products and attractive content • Outstanding service

Investor Strategy Briefing 2008 2 Setting the scene

Organic growth strategy • Simplify Naked to broaden market to Early Majority • Improve sales effectiveness and bundling through the iiNet Home Hub • Diversify distribution strategy to grow Resellers • Expand geographic markets • Dedicated in‐bound sales function • Industry best churn through leading customer satisfaction and value adds.

ARPU $/mth $50.9 $48.9 $17.4 $54.0 $9.1

Investor Strategy Briefing 2008 3 Brand perceptions

Respected Reliable Trusted Professional Customer Service focused

Dynamic Fresh Upfront Optimistic Cheeky Imaginative

Investor Strategy Briefing 2008 4 The iiNet & Westnet brands

iiNet Westnet sweet spot • Clearly targeting discrete sweet spot market segments • Both segments have differing attitudes and needs

We will grow faster and more effectively targeting two large segments using two well differentiated brands that are both viewed very positively

Investor Strategy Briefing 2008 5 Geographic brand success

Monthly DSL sales today Perth Monthly Sales since the launch of Manifesto May 08 UP 100%

Sydney UP 140% Monthly sales since March 2008

Brisbane UP 100% Sales have doubled after brand & naked launch in July 2008

Melbourne UP 80% Sales since launch of national online campaign in Nov 07

…above the line campaign launch in Melbourne UP ??? due Q4 08/09

Investor Strategy Briefing 2008 6 Tackling the “Early Majority”

Today Tomorrow

Maintain focus on NEO’s (New Economic Order) but extend from Early Adopters to Early Majority More male than female 3.8 million people in Australia Higher skew to the 25‐34 age group 50% of all people with degrees are NEO’s Higher than average incomes Most likely professional Heavy over skew in WA 5 times more likely to earn >$100,000 p.a Significant number with 5+ more years of internet experience Inner city urban dwellers Heavier internet users than average Females (73% of current Naked customers are male) Higher economic status than average population Shared households Selected family segments Small office/Home office businesses Decision influencers User groups (gamers, sport fans)

Investor Strategy Briefing 2008 7 Product development

Simplify the NAKED customer proposition • iiNet Home Hub • Mobile data integration • Enhanced call packages

Mobile Broadband • Partnership with existing 3G provider • Most competitive plans in market • Integration into fixed line ADSL to provide quicker provisioning and emergency backup

iiNet Home Hub • Best in class wireless • Simplified setup and install process • Integrated DECT handset • iiTV compatible

Investor Strategy Briefing 2008 8 Product development

Content • Enriched new website • IP television • Video on demand • Gaming • Streaming radio

Small Business • Dedicated customer & PC support • Naked DSL Business • Virtual Private Networks • Annex M (self managed DSL speeds) • Multi‐line Voice over IP • Wireless Hotspots (via Tomizone) • SIP Trunking

Investor Strategy Briefing 2008 9 Call centre strategy

Follow the sun Technology Staff satisfaction Customer satisfaction

• Virtual Hold • Providing 24/7 Net Promoter Score • Mandatory Call service Line Identification • In normal working 40% • Event Call 35% hours 30% Routing 25% 20% • Happy staff 15% • Web Chat 10%

• Differentiating & 5% • Enhanced online efficient service 0% processes

Apr08‐ May‐08 Jun‐08‐ Jul08 Aug‐08 Sep‐08 Oct‐08 Nov‐08

Investor Strategy Briefing 2008 10 Making a difference with service

“Congratulations on such great people, great service and a great company.”

“This is the type of service that keeps us with iiNet ”

“The customer service staff member was very patient very knowledgeable very professional thanks a lot”

“The call‐back idea is really great ‐ well done”

“Unreservedly the best online service providers I've ever encountered “

Investor Strategy Briefing 2008 11 In summary …

A clear and focused organic growth strategy

A loved brand • iiNet and Westnet are complementary • Servicing different demographics • Providing “best of both worlds”

Innovative products and attractive content will continue to be one of our hallmarks • Targeting one new product a month • Well established innovation timeline

Outstanding service • Providing 24/7 service • In cost‐effective manner

Executing our strategy for organic growth to become the leading challenger in the Australian telecommunications market Investor Strategy Briefing 2008 12 And finally …

Your questions?

Investor Strategy Briefing 2008 13 Disclaimer

Investor Strategy Briefing 2008 14