Bluescope Steel Limited · ASX:BSL
Bluescope Steel — H1 FY2007 Earnings Presentation
78 slides from Bluescope Steel's earnings presentation, Feb 26, 2007
Slide 1: BlueScope Steel
CE BLUESCOPE STEEL
Slide 2: Important notice
- Important not THIS PRESENTATION IS NOT AND DOES NOT FORM PART OF ANY OFFER, INVITATION OR RECOMMENDATION IN RESPECT OF SECURITIES. ANY DECISION TO BUY OR SELL BLUESCOPE STEEL LIMITED SECURITIES OR OTHER PRODUCTS SHOULD BE MADE ONLY AFTER SEEKING APPROPRIATE FINANCIAL ADVICE. RELIANCE SHOULD NOT BE
Slide 3: i. ee _ -—
i. ee _ -—
Slide 4: Zero harm is our goal for our team and communities
Zero harm is our goal for our team and communities pesos | NSW ‘Manufacturing — 27.9in 2005 Bd < S = 2 3 S = S & € Lost time injuries per m Medically treated injuries per 1095 1996 1997 1998 1999 2000 200 2002 2003 2004 2005 2008 tH 1905 1998 1907 1958 1903 2000 2001 2002 2003 2004 2005 2008 tH 07 2
Slide 5: BlueScope Steel's communities are our homes
BlueScope Steel’s communities are ourhomes — “Our success telies on | communities ‘supporting our business and products. (In turn, we care for the enviro ment, create wealth, respect local values, and encourage involvement. Our strength is in choosing to do what i is right. oo. Key Components: Suppo
Slide 6: Water conservation - clear focus on further reducing fresh water
Water conservation - clear focus on further reducing fresh water Scope Steel's total Australian daily fresh water consumption - 40 megalitres per day (mi/day) (FY 2006) = Port Kembla Steelworks (PKSW) » Consumption of fresh water — 37 mi/day » Innovative waste water recycling project (with Sydney Wa
Slide 7: BlueScope is part of the solution
BlueScope is part of the solution BlueScope Water commenced during 2004 Urban Water Storage experienced continued rapid growth with a focus on: * Retro fit rainwater harvesting solutions to existing homes # Install rainwater harvesting solutions in new homes Rural & industrial water storage continue
Slide 8: Group financial headlines 1H FY2007 vs. 1H FY2006
~ Group financial headlines 1H FY2007 vs. 1H FY2006 Across the board improvements _ Revenue A$4,528M A$3,892M Up 16% (record half year) External despatches 3.7M tonnes 3.5M tonnes Up 6% (record) EBITDA A$794M A$593M Up 34% EBIT AS635M AS449M Up 41% NPAT A$388M A$312M Up 24% EPS ~ Reported §4.7¢ 44.0
Slide 9: Cashflow - a real strength and point of differentiation
~ Cashflow —a real strength and point of differentiation — F tfull year of ons after listing . ace a First Half ASM FY2003 FY2006 7 Strong operations Source performance Cashflow from operations 795 563 752 oe improvement . . : Initiatives pay off Working capital movement (31) (214) (55) : Net cash f
Slide 10: Share Buybacks - Public listing to December 2006
: Share Buybacks - Public listing to 31 December 2006 = Purchased and cancelled 116m shares — on market - 90m shares — off market - 26m shares » Average price paid $6.10 per share = Shares on issue » Asat31 December 2006 726.6 million = Dividend reinvestment scheme = Effective from and including fin
Slide 11: Record sales volumes, driven by strong demand for BlueScope's products
Record sales volumes, driven by strong demand for BlueScope’s Ss - products | : 5% Exports I Exports 15% 45% 31% ™% 9% 4% External Despatches Record Haif Key | | Exports - Americas Domestic sales (produced and sold within country) BE Exports - Asia (Iii Na (NSBSS + C&BPNA) New Zealand/Pacific xy Exp
Slide 12: Strong 20% rebound in despatches to the Australian market
- Strong 20% rebound in despatches to the Australian market 1H FY2006 Sales Tonnes 1H FY2007 wae Despatches ‘000 tonnes Manufacturing 15% Manufacturing 14% Auto & Transport 12% Packaging 6% Auto & Transport 8% Packaging 6% Despatches 1,176mt ——> +20% —— 1,415mt Principal variances: = Very strong dom
Slide 13: All BlueScope business segments profitable and all growing revenue
Al BlueScope business segments profitable and all growing revenue EBIT variance 1H FY2006 to 1H FY2007 by reporting business segment 700 a 650 600 = 550 2 = o 500 << [oad mw 450 ul 400 350 300 HY December Hot Rolled Coated & NZ & Pacific Coated & Hot Roiled Coated & Corporate & Discontinued HY Decem
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Slide 16: Hot Rolled Products Australia - operational strength
_ Hot Rolled Products Australia os — operational strength _gontnues meet strong demand _ =—r—me = Domestic demand stronger » HRC to pipe and tube = PKSW sales revenue up 10% to A$2,000m — Strong engineering and non-residential construction » Plate — Strong project activity = Exports down » High in 1
Slide 17: Port Kembla Steelworks despatches: richer sales mix and stronger domestic demand
_ Port Kembla Steelworks despatches: _ nicher oe sales mix and. ‘stronger domestic demand __ (ktonnes) 1000 800 600 400 200 0 FY05-1H FY05-2H FY06-1H FY06-2H FY07-1H @ internal Customers G Domestic Customers Exports Customers * External Product Slab 34% 51% 54% 42% 1% K Sales Mix HRC 48% 36% 35% 45%
Slide 18: Hot Rolled Products North America - another outstanding result
Hot Rolled Products North America - another outstanding result "© This segment includes: Markets « North Star BlueScope Steel (50% interest) * Continued strong demand for BlueScope’s products in North . . Ameri dE . " Castrip LLC and North American and mee BNO European sales offices Performance: Fir
Slide 19: Hot Rolled Products North America - new baghouse installation
Hot Rolled Products EN th America — new baghouse installation a Looking after our employees and environment - the new baghouse will significantly improve working conditions. The capital cost is approximately US$40M (100% project) and will take 18 months to complete (June 2007). Pre-installation Post
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Slide 21: New Zealand and Pacific Islands Products: higher zinc costs reduce earnings
_ New Zealand and Pacific Istands Products : higher zinc costs reduce S pA _. - . Sales revenue up 1% to A$364M 100 9-93 96 50 EBIT A$ Millions WM FY05-1H @ FY05-2H @ FY06-1H @ FY06-2H m FY07-1H Markets ® Strong domestic construction market ® Improving distribution segment ® Exports down due to stro
Slide 22: SANS
. SANS
Slide 23: Coated and Building Products Australia - Packaging Products
Coated and Building : Products Australia — oe Products — business ont Tin mill plant closure expected April 2007 HY December Domestic Conversion & Raw Material Exchange HY December 08 Export Prices Prices Volume Mx Oth Costs: Costs Rates: Other One-offs 06 ® 4H FY2007 vs. 1H FY2006 » Closure Sales r
Slide 24: Coated and Building Products Australia (excluding Packaging Products)
Coated and Building Products Australia (excluding oe Products) — — strong domestic despatch daeileee ls soales revenue up 19% to $1,536M Steel Feed 64 ia ~d [aad ma ui HY December Export Prices Domestic Volume Mx Conversion & Raw Material Exchange Other One-offs HY December 05 Prices Oth Costs Costs
Slide 25: Coated and Building Products Australia domestic building market remains strong
Coated and Building Products Australia 7 domestic building market remains strong A TrueCore’ «Building Markets = Record building market half-year volumes for BlueScope = Branded product price increases implemented in September 2006 = TrueCore® (steel framing) sales continue to demonstrate strong gro
Slide 26: Coated and Building Products North America - a success
_ Coated and Bulding Products North America - a success hoy America. _ Markets (100% sales to non-residential) » Non-residential market strong " Sales revenue up 8% to A$656M * Building's market share increased by 0.6% to 16.4% « 1H FY2007 return on net assets annualised = Market improvement in Vist
Slide 27: BlueScope: acquisition of Butler proving a great success
BlueScope: acquisition of Butler es proving: a great _ SUCCESS. with re tc come Also growing this capability throughout our ir Asian footprint with new facilities in Thailand and India plus opportunities worldwide First half 2007 only EBIT A$M 50.0 = _ Bus, improvement 40.0 initiatives SH OG04 imple
Slide 28: Coated and Building Products Asia - turnaround underway
- Coated and Building Products Asia- turnaround underway Markets = Higher domestic despatches in all regions * Sales revenue up 46% to A$676M as = Thailand — coup led to depressed local market conditions, greenfield plants start to produce and leading to more exports. * China — very strong building
Slide 29: Coated and Building Products Asia
- Coated and Building Products Asia * Established Businesses « Thailand - “coup stalls strong recovery” ~ Political uncertainty flattened demand from 2Q (continue in 2H); strong 1Q ~ Taking initiatives, including exports ~ Technical issues on cold rolled and coating lines resolved = Indonesia ~ “ful
Slide 30: Global Steel Industry - BlueScope's Strategy
1960 1970 1980 Global Steel Industry _ _ BlueScope’s Strategy 1990 2000 =. Severstal ChinaSteel Maanshan as) “a= Revenue (US$m) Midstream
Slide 31: Global steel industry - our long term view has not changed
Global steel industry — our long term view has not changed " China's steel capacity growth tate slowing Economic growth remains strong » Raw material, energy and internal transport costs * Japan — record steel production likely in 2007 reducing relative competitiveness stoked by domestic demand _ *
Slide 32: Global steel industry consolidation
~ Global steel industry consolidation | EU? Americas EU / Asia E | | Australia, Asia, Americas YE | Americas 120 100 Most companies shown announced intention to acquire or formed alliances What will happen in Asia and when? increases pace = S [Ey iv D> OD 4 Qa N =] w =< OD c o oO £€£3e:sHt#es 88st 8
Slide 33: Our strategy remains unchanged
Our strategy remains unchanged. Focused on growing more — diversified and stable revenue / earnings profile Revenue increased 1H 2006 vs. 1H 2007 411% Asia Asia Midstream ™ Thailand ~ second metal coating line (MCL2) and ramp up in | ™ india - new MCL & PL $27%, progress construction (CY2009) o ~ ra
Slide 34: Historical revenue and EBITDA growth by stream since listing
- Historical revenue and EBITDA growth by stream since listing Sales Revenue Upstream 1,638 2,167 2,429 +48% Midstream 1,491 1,688 1,936 +30% Downstream 292 1,151 1,319 +352% Other / Eliminations (853) (1,134) (1,176) - Total 2,568 3,871 4,508 +75% EBITDA Upstream 360 867 674 +87% Midstream 145 (16)
Slide 35: Acquisition of stake in Smorgon Steel
~ Acquisition of stake in Smorgon Steel = = The global steel industry continues to consolidate = The Australian industry may also restructure as a result of actions initiated by OneSteel and Smorgon = However, despite the original announcement 8 months ago the proposed merger still has significant h
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Slide 37: Earnings performance leveraged to steel price spreads
Earnings performance leveraged to steel price spreads. More meaning contribution from Mi idstream and Downstream Dustiesses : A$ Millions FY2002 ) FY2003 FY2004@) FY2005 FY2006 ' 2006-1H 2007-1H Revenue 4593 5,302 5,770 7,964 8,031 i 3,892 4,528 EBITDA @ 412 881 1,104 1,655 850 593 794 EBIT @ - Repo
Slide 38: Underlying first half FY2007 BlueScope financial performance
- Underlying first half FY2007 BlueScope financial performance EBIT $M Unusual and one-off items include: Growth activity - Business development and pre-operating activities Operating results from businesses discontinued or to be discontinued Other - Staff downsizing - Asset sales (Erskine Park) - S
Slide 39: All BlueScope business segments profitable and all growing revenue
Al BlueScope business segments profitable and all growing revenue EBIT variance 1H FY2006 to 1H FY2007 by reporting business segment 700 a 650 600 = 550 2 = o 500 << [oad mw 450 ul 400 350 300 HY December Hot Rolled Coated & NZ & Pacific Coated & Hot Roiled Coated & Corporate & Discontinued HY Decem
Slide 40: EBIT variance 1H FY2006 to 1H FY2007 by item
EBIT variance 1H FY2006 to 1H FY2007 by item Recovery from _ Smorgon dividend | Western Port fire and Lower redundancy ncreased Asian Prior period rebates. despatches General employee _ Share pian costs Assetsaies 850 750 650 550 EBIT A$ Millions 450 360 250 HY December Export Prices Domestic Volume
Slide 41: Balance sheet - working capital reductions and lower gearing
_ Balance sheet — working capital reductions and lower gearing mprove: financial flexibility As at A$ Millions 30 June 2006 31 December 2006 Assets Cash 62 58 Receivables 1,344 1,181 Inventory 1,329 1,410 Other Assets 783 1,180 Net Fixed Assets 3,743 3,736 Total Assets 7,264 7,565 Liabilities Credit
Slide 42: Cash - return of strong cash flows
- Cash - return of strong cash flows _ ; § millions 2002 2003 2004 2005 2006-1H 2007-1H Cash from operations 795 1,012 1,671 901 ! 563 752 Working Capital Movement (31) (94) (432) (98) 1 (214) (55) Net operating cash flow 764 918 1,239 803 ! 349 697 Net investing cash flows - Capital & investment (1
Slide 43: EBIT remains sensitive to realised hot rolled prices and raw material costs
_ EBIT remains sensitive to: realised hot rolled - ps and raw _ material | costs / : Estimated impact on forecast EBIT (A$mil) Assumption (eurent) (previous) +/- US$25 / tonne movement in BlueScope’s average realised export 86 86 HRC price”) +/- 1¢ movement in Australian dollar / US dollar exchange
Slide 44: Indicative FY2007 Zinc and Aluminium usage
"Indicative FY2007 Zinc and Aluminium usage (vs. FY2006) FY2007 FY2006 FY2007 FY2006 AUSTRALIA Springhill 22,787 21,250 10,632 10,000 Western Port 21,800 17,500 10,900 9,500 Sub-total 44 587 38,750 21,532 19,500 NEW ZEALAND 6,700 6,500 3,400 3,500 NORTH AMERICA Vistawall - - 33,000 30,000 ASIA 15,80
Slide 45: mn
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Slide 46: Questions and Answers
Questions and Answers Profitable Way Dynamic ‘“ _ Throughthe obal Stee — oo eC | Lo <a Strong Board& Qa : ee _ Management. Branded lean _ Products >> A VERY DIFFERENT Ge )— __ KINDOF STEEL Operating COMPANY — Rees Strong and —rmrr™—~— - Flexible Capital — | LowCost - ae a _ Producer — " Consistently
Slide 47: BlueScope Steel
Mibie BLUESCOPE STEEL
Slide 48: _ Hy . _ ye a i . _ . IEE Hae . Le,
_ Hy . _ ye a i . 7 _ . IEE Hae . Le, DO a _ |. yy i Li |. ey . ye Le a 7 sg —_ Lo ENR LO ae Sa te ae Ly Mo Nee Le DLT _ oe _ LD = Wee . . ee LE ort nalni i. ‘Supporting GG Jo Co Le Le Le
Slide 49: Early days of steel industry consolidation - announcements
Early days of ae steel industry consolidation - announcements over — 12n months Ongoing Jan 07 Dec 06 Nov 06 Oct 06 Aug 06 Jun 06 Apr 06 Feb 06 Jan 06 A series of mergers to consolidate the Chinese steel industry around Baosteel (East), Anben (North East), Wuhan (Central), Shougang (Central) and Pan
Slide 50: World crude steel production - 1950 to 2006
World crude steel production - 1950 to 2006 — China driving growth but Slowing Compound Annual Growth Rates 1400 1200 1000 rr) a c < e at 800 5 World Excluding = China: 2.1% Ss ee 400 “World Excluding 200 _ Japan: 1.8% 0 1950 1960 1970 1980 1990 2000 2005 Source: IfS], BSL
Slide 51: Annualised Production Capacities and Approved Growth as at December 2006
_ Annualised Production Capacities and Approved Growth as at _ December 2006 | @ China MC 250kt Painting 150kt India Vietnam Metal Coating 250kt MC 125kt Painting 150kt Painting 50kt Brisbane Thailand Cold Rolling 350kt Metal Coating 375kt Painting 90kt Port Kembla / Illawarra Raw Steel 5.2mt Hot Ro
Slide 52: BlueScope Steel China footprint
BlueScope Steel China footprint : BlueScope Steel in China @ 1 Metal Coating/Paint Line facility 4 Lysaght manufacturing facilities e 2 Butler PEB manufacturing facilities A 6O0Lysaght/ CSC sales offices A 24 Buller district offices / sales offices
Slide 53: BlueScope Steel North American sites
_BlueScope Steel North American sites BlueScope Steel in North America @ 1 Regional Office @ 4 BlueScope Steel Sales Offices © 2 Joint Ventures ® 7 Butler Manufacturing Plants 4 12 Butler Sales / Engineering Offices @ 7 Vistawall Manufacturing / Fabrication Plants 4 12 Vistawall Sales Offices
Slide 54: BlueScope Steel - a global leader in adding value to hot rolled coil
-BlueScope: Steel - -4 a global leader i in adding value to hot rolled coll In addition, Teading global positions i in: . * Rollforming : "Painting = Pre elas Bull ng oo llyich FS 3 3 a 5 — 3 = e 2 . . — 2B EBL E8 Re e8fERBSP EL EES 924328 82 e 22 F § 3 = x 3 egeez 3 ¢ S232 = § £3 Ee2 523 2 8 & BH 3
Slide 55: Our customers are our partners
- Our customers are our partners — = Our Market Offer « High quality products « Advertising / promotional support « Service Delivery « Satisfaction « Warranty « Technical Support XLERPLATE® = Creating « New products « New markets TUBEFORM® Page $6
Slide 56: New building solution - Lysaght Quickform product
New building solution - Lysaght Quickform product ~ applications = Light weight (minimum lebour rroireents) * Fast and easy to install _ YSAGHT my)
Slide 57: Another building solution - Lysaght Bondek
Another building solution -Lysaght Bondek®
Slide 58: Value-added solutions
Value-added solutions Graffiti Remover TrueCore
Slide 59: From construction to production
- From construction to production = Major project capital spending profile Li Projects completed Thailand ~ Coating expansion 80 80 - - - - Vietnam — Coating / Painting 136 136 - - - - China - Coating and Painting Facility 274 256 13 5 - - - Guangzhou Butler / Lysaght 33 3 2 - - - India - Butler / L
Slide 60: Global group sales revenue mix - mid and downstream sales revenue powering ahead
Global group sales revenue mix — mid and downstream sales _ revenue ot powering ahead _ =.=. 1H FY2003 _FY2007 | A$1,319M 14.5% A$1,151M ee 294.2% Downstream A$292M 13.2% Midstream A$2,429M A$2,167M Upst pea A$1,638M Less internal / other (A$853M) (A$1,134M) (A$1,176M) Total Sales Revenue A$2,568M A
Slide 61: Our Asian Coating / Painting / Roll-forming / PEB capacity to improve twofold by FY2009
_ Our Asian Coating / Painting / Roll-forming [ PEB capacity to improve twofold by FY2009 (k tonnes) | 475 ae oe _ a — Oo. oe oo FY2006 FY2007 FY2008 FY2009 Metal coating Painting
Slide 62: Global group revenue sales mix - downstream quadruples in size
Global group revenue sales mix - downstream quadruples in size FY2003 FY2006 +300% Downstream ly Midstream +12% 0, Upstream A$4,321M 429% Less internal / (A$1,689M) (A$2,057M) other Total revenue A$5,272M > A$8,013M
Slide 63: Calendar year financials CY2003-CY2006
A$ Millions CY2003 CY2004(2) CY2005 CY2006 Revenue 5,328 7,029 7,980 8,693 EBITDA” 857 1,501 1,411 1,052 EBIT) - reported 581 1,212 1,111 742 - operational - - 1,308 966 Net profit - reported 436 859 792 413 - operational - - 943 586 EPS (¢) 56 116 110 59 (1) _ Includes EBITDA & EBIT for North Star
Slide 64: Reporting business segments
: Reporting business segments. : Australia New Zealand Asia North America » Lowest quartile « Largest supplier of. Only fully integrated * Pre-eminent seller of * 50:50 joint venture = * Pre-eminent global producer metallic coated and flat steel maker in branded steel in Asia _ with Cargill Inc. des
Slide 65: Hot Rolled Products Australia (PKSW) - variance analysis
Ho Rolled Products Australia (PKSW) - variance analysis. = 1HFY2007 vs. 1H FY2006 " Sales revenue up 10% to A2,000M EBIT up 7% to A$438M 1H FY2007 annualised return on net assets (pre-tax) 46% = increased domestic : external ancien : : sal 3 an = 2 = an << Ee mm ity Higher expor! slab and HRC prices
Slide 66: | L io i i i i - BS&A B Conversion Costs @ Despatch
| L io i i i i - BS&A B Conversion Costs @ Despatch & Freight Raw Materials
Slide 67: Hot Rolled Products Australia - product flow 1H FY2007
_ Hot Rolled Products Australia - product flow (Indicative) 1H FY2007 Port Kembla Steelworks -2.7mt slab 1H FY2007 (2.7mt slab 1H FY2006) Hot Strip Mill Cl (Springhi 43! Notes: (1) +400kt HSM expansion was completed July 2006. The ramp-up to the planned increased throughput rate was achieved by Dece
Slide 68: Hot Rolled Products Australia - product flow FY2006
~ Hot Rolled Products Australia - product flow (Indicative) FY2006 Port Kembla Steelworks 5.3mt slab FY2006 - (5.1mt slab FY2005) Hot Strip Mill oe 7 ey. Notes: (1) +400kt HSM expansion was completed July 2006. This will progressively see slab sales reduced by an equivalent amount over FY2007. (2) |
Slide 69: Slab and HRC price benchmarks
"Slab and HRC price benchmarks = Previously recommended the Japan to Korea HRC price as being a reasonable public benchmark for BlueScope’s domestic and Asian HRC sales; and * continue to recommend the following both benchmarks Asian HRC Benchmark Price HRC $700 Steel Business Briefing HRC East Asia
Slide 70: Hot Rolled Products North America - variance analysis
“= This segment comprises: ~ Hot Rolled Products North America — variance analysis * North Star BlueScope Steel (50% interest) « Castrip LLC and North American and European sales offices « 41H FY2007 vs 1H FY2006 EBIT variance analysis EBIT A$ Millions 140 130 120 . 110 100 Conversion & Raw Material
Slide 71: BlueScope's acquisition of Butler
BlueScope’s acquisition of Butler Pugs Povig a gies Success, with more to come _ “Also growing th this capability throughout our ‘Asian root nt with new facilities in Thailand and India plus opportunities worldwide First half 2007 only EBIT US$M\) 40.0 - “ Bus. improvement Initiatives. 30.0 “impleme
Slide 72: North Star BlueScope Steel
- North Star BlueScope Steel - on energy management given recent spike in electricity and natural gas prices Natural Gas Consumption (MMBTU per ton, FY) ‘EA operational excellence 2002 2003 2004 2005 Tap to Tap Time (minutes) 2006 Electricity Consumption KWH per ton, FY’ 2002 2003 2004 2005 EAF Powe
Slide 73: New Zealand and Pacific Islands Products performance variance analysis
EBIT AS Millions _ New Zealand and Pacific Islands. Products Performance variance analysis " 4H FY2007 vs. 1H FY2006 " Sales revenue up 1% to A$364M " EBIT down 35% to A$43M * 1H FY2007 annualised return on net assets (pre-tax) 24% 100 90 80 70 60 50 40 30 20 HY December Export Prices Domestic Volum
Slide 74: New Zealand Steel product flow
New Zealand Sie! (F206) product flow* Mine Sites ie Iron Sand Concentrate * Indicative annual prime ye d Ly production and sales (t) _ New Zealand Steel 0.6mt Slab mtHotRolled Cold Strip mit! [MMI Domestic Pipe MM Domestic Hot Rolled | Me SAB iii / B95 Coating lines Domestic Cold Rolled. (External %
Slide 75: Coated and Building Products Asia - variance analysis
Coated and Building Prod ucts Asia — variance analysis | ® 1H FY2007 vs. 1H FY2006 « Sales revenue up 46% to A$676m « EBIT up from A$2m to A$31m " 1H FY2007 annualised return on net assets annualised (pre-tax) 5% = EBIT variance analysis Commissioning and ramp up new facilities "Partly offset by hig
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Slide 77: Coated and Building Products Australia - packaging products flow
Coated and Building Products Australia - packaging podide - Tepe i flow a . Pickling 4, Temper Rolling Single Reduce (TM1) or Double Reduce (TM2) ‘A ikighs Touche Cod Rolling Mat 3. Annealing 6. Continuous or Cleaning.. GA
Slide 78: BlueScope Steel
He BLUESCOPE STEEL - Kity oe c anaging Director and Chief Executive Offi joer Paul O'Malley, Chief Financial Off ice Business Presidents 26 February 2007