FY15 was a healthy year "Managing through" as Mining costs cut; Need more to cure Balance Sheet Cannibalising its products In line with expectations: Slow growth, yet better than PIMM peers U/g CDC & HPH to Buy and CMD to Hold;OOIL; CN Telecoms, Macau; Results Too early to play the reflation trade Morning Meeting Daily In line with expectations; steady NT growth, financing LT capacity Buy: US approvals flowing in 1H15 results - In line; non-standardized assets the key concern