Ann: Half Yearly Report and Accounts , page-2

Just listened to the webcast. Some points that I got.

1. The half just reported is not expected to be repeated in H2, hence no change to guidance.

2. CSL is currently in a high CAPEX spend period as production is expanded to set the company up for future growth.

3. CSL has a Net Debt aim of between 0.7 and 1.2 times ebitda. On the half year results, CSL is at .42, so it has a long way to go. It will continue to increase it's debt over time.

4. Emerging markets sales grew by 40% on the prior period and now represent 12% of sales. This is currently low margin sales, but will migrate to high margin over time.

All up, a good result. There was quite a move in the sp today, which was a bit unusual. I do not have an explanation for it.

BTW, the number of shares on issue is now under 500m (20% of the issued capital has been bought back.) With the growth in the business still occurring and new products coming to market, this may not be the last buyback.

HT1