Ann: ADDRESS: FBU: Fletcher Building Chairman and CEO speeches ASM 2015

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ADDRESS: FBU: Fletcher Building Chairman and CEO speeches ASM 2015

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FLETCHER BUILDING LIMITED

Annual Shareholders' Meeting 2015

Chairman and Chief Executive Officer Speeches

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Annual Shareholders' Meeting 2015
Chairman and Chief Executive Officer Speeches

CHAIRMAN

Welcome

Good morning ladies and gentlemen. Welcome to the 2015 annual shareholders'
meeting of Fletcher Building Limited.

I advise that a quorum is present and the meeting is duly constituted.

This meeting is being webcast via the Internet and I extend a warm welcome to

those who are watching proceedings online.

Directors

Before commencing the business of the meeting, let me introduce my fellow
directors.

Tony Carter joined the board in 2010. He was previously managing director of

Foodstuffs (Auckland) and Foodstuffs (New Zealand) and has extensive
experience
in retailing, including as a previous director and later chairman of Mitre 10
New
Zealand. Tony is chairman of Fisher & Paykel Healthcare, Air New Zealand, and
the
Blues LLP, and is a director of ANZ Bank New Zealand and Avonhead Mall.

Alan Jackson was appointed to the board in 2009. He has been an international

consultant since 1987 and was until 2009 chairman Australasia and a director
of The
Boston Consulting Group. He has proven experience at the most senior levels
of
international and government business. He is a director of Delegat Group and

Chairman of NZ Thoroughbred Racing.

John Judge has considerable experience in Australasian business including
most
recently as the Chief Executive of Ernst & Young New Zealand. He is chairman
of
the ANZ Bank New Zealand and the Auckland Arts Festival Trust, a director of
The
New Zealand Initiative, and a member of the Otago University Business School

Board of Advisors.

Mark Adamson was appointed Chief Executive Officer and Managing Director with

effect from 1 October 2012. He joined the Formica Group in 1998 and became

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president of Formica Europe in 2004. Mark was appointed chief executive of
Formica
Corporation in 2008 and of the Laminates & Panels division in 2011. Mark is a

member of the English Institute of Chartered Accountants and the Institute of

Taxation.

Kate Spargo was appointed to the board in March 2012. She has extensive
business experience from advisory roles on strategic and governance issues
following a career in legal practice in both the public and private sectors.
She is
Chairman of UGL, and a director of Adairs, Sonic Healthcare and SMEC Holdings

(Australia). She is a fellow of the Australian Institute of Directors.

Cecilia Tarrant joined the board in 2011. She has over 20 years' experience
in
international banking and finance in the United States and Europe. Cecilia is
a
director of Annuitas Management and Shopping Centres Australasia Property
Group Trustee NZ, and deputy chair of the Government Superannuation Fund
Authority. Cecilia is also a member of The University of Auckland Council and
an
Executive-in-Residence at The University of Auckland Business School.

Steve Vamos joined the board in July this year. He has more than thirty
years'
experience in the Information Technology and online Media industry and has
lived
and worked in Australia, the USA and Asia. Steve currently serves as a non-
executive Director of Telstra and is a member of the Advisory Board of the
University of Technology Sydney Business School.

Steve joined the board to replace Gene Tilbrook who retired from the board in
April.
We welcome Steve to Fletcher Building. I would like to formally thank Gene
for the
significant contribution that he has made to the board during his tenure
since 2009.
Fletcher Building has benefited from his deep financial and strategic
experience
and his knowledge of the Australian market in particular.

On my immediate right is Charles Bolt, our Company Secretary and General
Counsel.

Meeting Agenda

I will shortly provide an overview of the company's performance for the 2015

financial year. Mark Adamson will then address you and discuss the progress
in the
past year against the company's strategic priorities, and outline the key
areas of
focus for the year ahead.

At the conclusion of Mark's presentation, I will discuss the trading and
financial
outlook for the 2016 financial year, and we will then take the opportunity
for
questions and discussion from the floor. I will outline the procedure for
that part of
the meeting when we reach it.

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The formal proceedings this year comprise four resolutions, which are
outlined in the
notice of meeting. The resolutions will be decided by poll. Any questions
from the
floor will be dealt with before they are voted on.

Review of 2015 Performance

Let me now briefly review the financial and operational performance of
Fletcher
Building over the past year.

We recorded net earnings of $270 million for the year ended 30 June 2015.
This
compares with net earnings of $339 million that we achieved in the 2014
financial
year. This year's result included significant items totalling $150 million;
these related
to the impairment of goodwill and the costs associated with several plant
closures
that we made during the year.

Net earnings excluding significant items were $399 million, which was 10%
higher
than the prior year.

Similarly, operating earnings, that is, earnings before interest and tax,
were $503
million, compared with $592 million in the prior year. Operating earnings
excluding
significant items were $653 million, up 5% on the prior year and in line with
the
guidance we provided a year ago.

Earnings per share excluding significant items were 58 cents per share, 10%
higher
than for 2014.

Overall, the result was satisfactory and the strong underlying earnings
growth was
driven by a number of standout performances amongst our business units.

The significant items included the $78 million impairment of goodwill arising
from
acquisitions made over the past decade. This impairment was due to a
reduction in
the future earnings prospects of these businesses. These impairments were
non-
cash in nature.

In addition, we incurred costs totalling $65 million relating to the closure
of the Crane
Copper Tube business in Australia, and site closures in Iplex Australia,
Stramit,
Humes and Forman. The decision to close sites is never an easy one, but the
sites
we have closed will help to ensure that we have the right footprint for our
manufacturing and distribution businesses and that our cost base remains
competitive.

What was particularly pleasing about the 2015 result was a very strong cash
performance, with operating cash flow up 18 per cent to $575 million. This
was a
function of both higher earnings together with lower working capital
requirements.

The growth in underlying earnings that we experienced was driven by strong
market
conditions in New Zealand, offset by a more mixed set of industry
fundamentals in
Australia.

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In New Zealand, operating earnings rose by 24 per cent. We saw continued
growth
in residential consent numbers in New Zealand over the year, although the
pace of
growth slowed later in the year. Residential consents are now running at 8
per cent
above the long run trend.

What has been interesting to observe over the past year has been the shift in

underlying demand drivers. Auckland has recorded strong growth in new housing

demand and was very much the driving force behind the new consenting
activity,
while Christchurch growth slowed considerably over the year.

Net migration climbed throughout the year and approached record levels, and
this
has clearly impacted demand for housing, particularly in Auckland.

Another trend we have seen in the past year has been the rise in the number
of
multi-unit dwellings and apartments consented. In the year to June,
multi-unit
dwelling accounted for 29 per cent of total consents, double the number 5
years
ago.

Government funded infrastructure activity remained strong, and there was also
a
marked increase in commercial activity with the value of commercial consents
rising
by over 20 per cent year on year. These activity levels flowed into increased

demand for building materials and we saw excellent growth in volumes for most
of
our core product lines.

Conditions in Australia were more mixed, and operating earnings were down 30
per
cent. There is no doubt that the residential construction market has been the
bright
spot across the industry. Consents have been running at record levels, with
multi-
residential consents tracking ever higher, although stand-alone housing
permit
levels flattened out.

Beyond New Zealand and Australia, conditions have continued to be more mixed.

Operating earnings were down 7 per cent, with a strong performance from
Formica
in North America, but mixed conditions in Europe and a more difficult trading

environment experienced in China.

Dividend

Last year we revised the company's dividend policy to establish a target
dividend
pay-out ratio, in the range of 50 to 75 per cent of net earnings. This range
was set
with the objective of allowing dividends to be maintained despite variations
in
market conditions through the economic cycle.

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The total dividend for the year increased to 37 cents per share, from 36
cents per
share last year. This increase was lower than the 10 per cent growth in
underlying
net earnings, and was consistent with our goal of growing the dividend but
reducing
the pay-out ratio from the top of our target pay-out range. This pay-out
ratio for the
2015 dividend was 64 per cent of net earnings before significant items,
compared
with 68 per cent in 2014.

Total shareholder returns

The total return to shareholders for the year to 30 June 2015 was minus 3 per
cent,
with the positive return from the dividends paid offset by a reduction in the
share
price over the year. While a disappointing outcome for the year, it should be
seen in the
context of increased volatility in equity markets that we have observed
throughout 2015.
Also, two years ago the return to shareholders was 51 per cent, followed by a
9 per cent
return in 2014. If we take a longer term view, and look back over the past 3
years,
shareholders have averaged an annual return of almost 17 per cent per annum.

Balance Sheet

Turning now to our balance sheet, we have maintained a strong financial
position.
As in prior years, we have continued to target financial metrics that ensure
we retain
high quality investment grade credit characteristics and that we remain in
line with
our industry peers.

At year end, gearing, measured by the ratio of net debt to net debt plus
equity,
remained unchanged at 32 per cent. This was a pleasing outcome given the
additional investment we made in residential land during the year, and was a
result of
the strong operating cash flows generated across the company. We expect to
continue to maintain a strong financial position in the year ahead.

Health and safety

Fletcher Building's approach to managing safety, health, environment and
sustainability aspects of our operations is driven by a core belief in being
a
responsible business. Our leadership team and individual business managers
are
responsible for continuing to reduce risk and improving our performance in
these
areas.

Importantly, the board has further extended its oversight of this part of the
business.
We have established a board committee dedicated to health, safety,
environment
and sustainability governance, with regular structured interactions with the

management team. In addition, we have introduced an external assurance
programme whose findings on our broad sustainability performance are reported

through to the board.

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Maintaining a strong focus on health and safety hazards that could result in
serious
injuries or fatalities continues to be key for us. Over the last year our
recorded rate
of reportable injuries plateaued. The rate of total reportable injuries per
million
employee and contractor hours rose for the first time in five years from 6.0
to 6.4. In
June 2005 this rate was over 60, so we have made huge advances over the past

decade.

We need to continue this focus on health and safety, and have identified a
number
of significant hazard areas for increased focus. These include working at
height,
vehicles, materials handling, mobile equipment, and fixed plant and
equipment. We
are investing in improved risk management tools, development of standards and

competency of supervisory teams to manage these risk areas.

Progress on Strategic Priorities

Over the past year, the board has worked with the management team in refining
the
strategic direction of the company. Late last year, we undertook a review of
the entire
business portfolio and the returns that it is generating. This work has
informed where
we prioritise our efforts and investment going forward.

We have been clear for some time now about the need to continually evaluate
our
portfolio of businesses, to focus on those areas of best opportunity and to
divest for
value where we do not see Fletcher Building having a long term position.

We have continued to make good progress in rationalising the portfolio.
Following the
sale of Pacific Steel and Hudson Building Supplies in 2014, we announced in
August
the sale of Rocla Quarry Products. Rocla is a sound business, with excellent
sand
quarry resources across Australia, but has been something of a stranded asset
for
Fletcher Building. Without a position in upstream cement manufacturing or
downstream ready-mix concrete in Australia, we did not have a strategic
requirement
to own this business. As such, we have been able to divest the business for a
full and
fair value to a strategic buyer. We expect this sale to be completed in
January.

A further important outcome of the review has been the identification of a
number of
opportunities to grow organically through expanding selected existing
businesses.
Conversely, we discerned very few areas for investment where we could
generate
satisfactory returns through acquisitions.

The organic growth areas we are prioritising include our residential
development
business in New Zealand, our civil and engineering construction business, and
our
distribution businesses in both Australia and New Zealand. While we remain
open to
further investment through acquisitions where we can see strong returns and
where
such investments are sufficiently linked to our chosen growth priorities,
these
opportunities are likely to be limited in number.

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Mark will provide further detail on our strategic direction shortly. In
summary, we
recognise that we must deliver further value from our existing operations,
through
revenue growth and market share gains, and through effective cost control and
margin
enhancement. This remains the number one priority for the board and
management.

Management changes

Over the past year, there have been a number of new appointments to executive

management roles. These appointments have been consistent with our goal of
building capability and leadership bench strength. A number of the changes
resulted from the aggregation of smaller business units into larger entities,
and the
consequent stream-lining of the company's structure. The board have fully
supported Mark and the changes he has made.

Let me now hand over to Fletcher Building's Chief Executive, Mark Adamson,
who
will address you.

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CHIEF EXECUTIVE

Thank you Chairman, and good morning ladies and gentlemen.

Sir Ralph has already discussed our 2015 financial performance. What I would
like to
do is review some of the operational highlights for the past year, and then
discuss
our priorities for the future.

2015 Operational Review

In the past year, we recorded very strong performances in a number of our
businesses, and real progress in delivering on our strategic growth agenda.

In terms of volumes, we've seen some truly pleasing increases.

We experienced strong volume growth across the NZ concrete chain, driven by
the
growth in the construction sector, with cement volumes up 9 per cent and
ready-mix
concrete volumes up 14 per cent. In light building products, we enjoyed
similar
growth with plasterboard volumes rising 7 per cent and aluminium windows and

doors up 11 per cent.

Another highlight was in our New Zealand Distribution division. A year ago we

combined the PlaceMakers and Mico businesses with our steel distribution
businesses, and the reinvigorated leadership helped to drive volume growth of
17 to
20 per cent. At the same time, PlaceMakers delivered the highest retained
earnings
in its history.

In Canterbury, we completed the EQR home repair programme involving 65,000
permanent house repairs in April. Subsequently we have agreed an extension of
a
further year to April 2016 for additional home repairs which were beyond the
original
scope of the programme. We are very proud of what we have achieved with EQR,

and the achievements of the EQR team have been borne out by the extension to
the
original contract.

Our strategy of expanding our residential development and construction
businesses
continued to bear fruit. The number of completed homes sold rose by a third,
and
Fletcher Construction won a record level of new contracted work during the
year.

In Australia, the strength of the residential construction sector helped a
number of
our businesses, with insulation volumes up 22 percent, and Laminex' operating

earnings rising 30 percent.

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Other parts of our Australian portfolio experienced tougher market
conditions, most
notably in the mining and energy sectors, but also due to lower state and
federal
government spending on core infrastructure programmes. This resulted in
reduced
earnings in several of our businesses. Most notable was Iplex, where a steep
fall in
demand from the coal seam gas projects in Queensland dramatically reduced
earnings. What was pleasing, however, was the response of the management team

to reshape the business in these challenging conditions.

FBUnite, the business transformation programme, delivered a further $25
million in
cost savings in 2015, bringing the total delivered benefits to $50 million.
What is
equally pleasing is the impact the operations excellence programmes have had
in
offsetting inflation in our manufacturing and distribution operations. We
estimate this
saved a further $50 million in FY15.

Strategic Priorities

I would now like to share with you our future areas of focus.

Fletcher Building has four strategic priorities that are being executed
across every
level of the organisation. These are:

1- People: making Fletcher Building a great place to work. This means going
home safe every day, building leadership and capability and creating
an engaged, high-performance workforce across the entire business.

2 - Customers: focusing on delivering what our customers value and helping
them to succeed.

3 - Efficiency: using our scale and expertise to improve the effectiveness of
our
operations and drive down costs.

4 - Profitable Growth: investing where we can win, particularly in
Residential,
Construction and Distribution.

Let me briefly discuss each of these in turn.

People

In this past year, we have continued to invest in our people.

Our people strategy is built around four pillars - organisational design,
leadership,
talent and culture. In the past year, we have simplified our structure to
focus on our
customers, with the creation of fewer, larger business units. This had led to
the
creation of larger business unit general manager roles, and has provided our
best
managers with the chance to build their careers and expand their experience
base.

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Over the past several years, Fletcher Building has invested in leadership
programmes that aim to develop the capability we need to support our business

strategy. Our objective was to create a world class leadership framework, and
we
have achieved it. The quality and innovative design of our leadership
programmes
have been recognised around the world winning a number of global awards. In
2015,
our leadership programmes expanded from Australasia to include our global
business with great success. We also delivered a learning curriculum to over
7,000
employees globally.

At the same time, we have increased our focus on building a deeper pipeline
of
diverse talent for internal recruitment. Our focus on talent regeneration has
created a
strong succession pool of candidates to fill critical leadership roles across
the group.

We have a Diversity Council, which I chair, to ensure that we drive continued

improvements. Our diversity strategy is focused on developing a strong
pipeline of
diverse talent; working with community and government organisations to
provide
employment opportunities to youth; and creating an inclusive work environment
for
all our employees.

Women in leadership has been a specific focus over the past three years.
Since
2012, there has been a 73% increase in female leaders at general manager
level.
Our female leaders have access to specific development opportunities,
mentoring,
and network events.

FBuSay, our annual employee engagement survey, available in 15 languages, was

completed by over 17,000 staff. All key engagement indicators improved this
year.
To reinforce the importance of building employee engagement all of our
business
leaders have engagement targets as part of their short term incentive scheme.

Underpinning all of our efforts are our vision and values. They create a
shared sense
of what it means to be Fletcher Building and alignment around a common
purpose
and way of working. This year we launched a new vision and set of values for
the
company, which we have rolled out globally across the group. Our vision is
"Building
Better, Together" and it is supported by four values or behaviours:

o Be Bold

o Customer Leading

o Better Every Day

o Play Fair

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We knew that to succeed, the vision and values needed to be owned and shaped

with input from a wide range of people across the company. The enthusiasm
with
which the new vision and values have been embraced around the world has been
a
highlight of the year for me. As I travel around each of our businesses, I
can sense
that employees now feel more connected to the organisation, our vision and
our
future success. And it is inspiring to see how the values are being embedded
in
everyday processes and are guiding Fletcher Building's transformation to
becoming
a collaborative, customer leading organisation.

Customer

Fundamental to our future success will be our ability to grow market share in
a
profitable and sustainable way. We recognise that this can only be achieved
by
delivering superior customer value propositions through innovation in
products,
systems and services. Providing complete, seamless end-to-end solutions
allows us
to achieve a differentiated customer experience. This is easy to say but
harder to
achieve.

Product innovation is a key part of how we will better serve our customers.
We are
increasing our use of online tools developed to enable customers to design
and
submit their specific requirements. In addition, with many consumers now
carrying
out the majority of their pre-purchase research online, we are continuing to
build
upon and improve our capability across social media platforms. By way of
example,
Laminex Australia now has the largest social media presence in the decorative

services industry for the entire Asia Pacific region.

A new sales and marketing excellence programme is being developed across all
of
Fletcher Building to further support the business in delivering our ambitious

objectives. We aim to create increased demand for our products through
marketing
strategies, targeted at our main customers and market influencers. Also, we
are
increasing collaboration across the group to ensure we maximise opportunities
to
provide mutual customers with a more complete product and service offering.

One very visible example of our renewed customer focus can be seen here in
New
Zealand in both our Mico and PlaceMakers stores. During the year we launched

customer service promises relating to product availability, collection and
delivery, in-
bound calls and invoicing. To reinforce their customer commitment,
PlaceMakers
and Mico are making public their customer service scores. Visit any of our
branches
and you will be able to see this in action for yourself.

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Efficiency

The FBUnite programme has successfully established core capabilities which we
can
leverage to drive our earnings performance going forward. Having built this
platform
and locked in the benefits, the focus for the management team has switched to

scoping out what each business is capable of over the next few years. This
exercise
will be key in helping to prioritise capital investment, technology and
management
resource.

The scoping process started with a bottom up exercise done by each business
unit.
More recently, we have complemented this with an external diagnostic
"top-down"
assessment, undertaken to validate the initial results and to help determine
whether
there were further opportunities to improve Fletcher Building's performance.

This second analysis, done from a pan-company perspective rather than on an
individual business unit basis, has identified significant opportunity to
further improve
earnings. Specific areas include extending our central procurement operations
and
leveraging the low cost country sourcing office we have established in
Shanghai;
centralising a wider range of back office and core support functions
including finance,
human resources and IT; and driving productivity and supply chain
improvements
across our manufacturing, distribution and construction activities.

In essence, this work has identified that we have further opportunity to
drive value
from the core capability that we built with the FBUnite programmes, by
extending
their breadth and their reach, and the speed with which we execute them.

At this stage we have not accurately quantified the value we can deliver from

accelerating these activities, however, we are of the view that they will
exceed the
$100 million that FBUnite is on track to deliver. We see this next phase not
as a one-
off programme, rather, a driver of significant culture change in how we do
business in
the future.

Profitable Growth

The fourth strategic area is further growing our core business profitably. As
Sir Ralph
has already mentioned, the areas we have identified as offering the most
opportunity
are New Zealand residential development, construction activities in New
Zealand
and the South Pacific, and trade distribution in New Zealand and Australia.
These
are businesses where we believe we have differentiated capabilities, cost
positions
and customer relationships, and that offer substantial room for growth.

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Fletcher Living, our residential development business, had a record year in
2015,
with operating earnings of $66 million, which were 35 per cent higher than
the prior
year. This was driven by the strong increase in the number of homes we sold
in the
year, up by a third on the prior year.

We have ambitious plans to further expand this business, with the ultimate
goal of
lifting the number of homes we bring to market each year from an historical
average
of 300, to 1500. To achieve this, we are working on three fronts.

The first is a continuation of our traditional activity where we buy
completed lots from
land developers. The second is where we buy bare land for development, and
master plan whole new communities. Third, we are partnering with the
government
to develop existing land with increased density to cater for a wider range of
housing
needs.

During the year, we were pleased to win the tender to develop the East Frame
in
Christchurch. This will see up to 900 medium density homes and apartments
built
over the next decade and will provide a unique high quality experience for
people
wanting to live in the rejuvenated city centre. This is the third project we
have
concluded with the government, and is a new model which is going to bring
more
homes to the market more quickly, including affordable homes.

The expansion of our residential development business is requiring us to make

substantial investment in land to enable us to meet the goal of delivering
1500
homes a year. Last year we invested a further $58 million in land net of
house sales,
and expect to invest a further $160 million in the current year.

Fletcher Construction is continuing to build on its outstanding track record.
With a
number of new contracts secured recently, its total contracted order book now
stands
at a record $3.4 billion.

The third area of growth is in our New Zealand and Australian distribution
businesses. In New Zealand, we have seen PlaceMakers achieve record earnings,

and Mico plumbing and bathrooms go from loss making two years ago to strongly

profitable this year. In addition, as I have already mentioned, we have seen
our steel
distribution businesses flourish sitting within the Distribution division.

In Australia, we have made excellent progress in lifting the performance of
our
Tradelink plumbing distribution business. There remains much to be done to
get that
business to acceptable returns, but we are clear on our strategy and the
early signs
of customer acceptance are encouraging.

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Across all our distribution businesses, we have identified further organic
growth
opportunities, from improving our store footprint, developing complete
customer
solutions, expanding our product range into adjacent categories, and
expanding into
entirely new but complementary categories. We will continue to invest in
online and
omni-channel platforms, and increasingly leverage our procurement
capabilities to
further source from low cost countries. We have a portfolio of strong
distribution
brands, trusted by the customers they serve, and this provides us with the
opportunity to drive deeper customer connections through the services and
products
we procure or supply.

Thank you for your attention ladies and gentlemen, let me now hand back to
the
chairman for comments on the trading outlook for the year ahead.

P a g e | 16

CHAIRMAN

Thank you, Mark.

Let me now provide an update on the outlook for the 2016 financial year.

Outlook

We expect the current strong market conditions in the New Zealand
construction
industry to persist through the 2016 financial year, with ongoing demand for
new
housing particularly in Auckland and surrounding provinces, an increase in
commercial construction activity off the back of the significant increase in
the value
of consents, and government expenditure on infrastructure to remain at the
present
healthy levels.

In Australia, the outlook is more mixed. Residential construction activity
may slow
particularly in the multi-dwelling segment, while stand-alone housing should
be
more resilient to potential changes in foreign capital inflows. Commercial
construction activity is unlikely to lift from current levels. Continued
federal and state
government fiscal deficits are likely to mean that infrastructure activity is
further
constrained.

Residential and commercial construction activity levels in North America are

expected to remain broadly consistent with the past year. European conditions
are
likely to remain mixed with a generally weak economic outlook. Further volume

growth is expected in South East Asian markets but market conditions in China
are
likely to remain highly competitive.

In terms of financial guidance, we expect operating earnings, that is,
earnings
before interest, tax and significant items, to be in the range of $650
million to $690
million. This compares with operating earnings of $653 million earned in the
prior
year.

In comparing year over year performance, it is important to adjust for those

businesses that we have sold, such as Pacific Steel and Rocla Quarries,
together
with other earnings streams which by their nature are set to decline such as
EQR
and the Stonefields residential development.

If we normalise operating earnings for the 2015 financial year to reflect
these
changes in our business activities, the relevant prior year comparator
earnings
figure would have been $610 million. Therefore, operating earnings in the
range of
$650 to $690 million will represent solid growth year on year from our
continuing
business operations.

P a g e | 17

For those that are interested, we have provided additional comments on the
expected trading result for the year, and these can be found on our web site.
They
have also been lodged with the New Zealand and Australian stock exchanges.

General business

On that note I conclude my comments and now invite you to raise any matters
in
relation to the activities of the company on which you would like to hear our
views.
Mark or I will attempt to answer your questions, but if necessary we have the
other
board members, senior company executives and the auditors present.
End CA:00273548 For:FBU    Type:ADDRESS    Time:2015-11-17 10:15:01