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Cost of borrowings<br />

Focus on debt reduction lowering interest costs<br />

• Cost of borrowings reduced<br />

to 5.3%*<br />

• Debt repayments US$3.1bn<br />

+ US$0.5bn committed in Oct 14<br />

• Intention to re-pay additional<br />

US$0.5bn to US$1.0bn in FY15<br />

10.1%<br />

7.0% 7.0%<br />

6.3%<br />

5.3%<br />

• Debt reductions + refinancing reduce<br />

borrowing costs by US$330m p.a.<br />

FY10 FY11 FY12 FY13 FY14<br />

22<br />

*Cost of borrowings are calculated at 30 June and exclude Leucadia notes and finance leases

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