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«CSR Limited Triniti 3 39 Delhi Road North Ryde NSW 2113 Australia T +612 9235 8000 F +612 8362 9013 E-mail investorrelations ...»

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On this basis, CSR is maintaining its current estimate of Australian housing commencements of 146,000 on a one quarter lag basis to 31 March 2011 (YEM11).

In Aluminium as disclosed at year end, Gove Aluminium Finance has a lower proportion of hedging than in prior years, given lower metal prices throughout 2009 when hedging would otherwise have occurred. The US$ spot price of Aluminium has also declined by around 20 per cent from mid April 2010.

As a result, GAF has not materially added to its hedge book and currently has around 35 per cent of net aluminium exposure hedged at A$3,157 per tonne for YEM11. Consequently, full year earnings will be largely dependent on the A$ spot price of aluminium for the remainder of the year.

In Property, while market conditions remain soft, CSR continues to focus on specific sales from within its pipeline of projects. CSR is currently in negotiation to sell one of its residential development projects in south east Queensland to reduce project risk and to avoid the associated capital commitment with the project.

Sucrogen has added to its hedge book since the year end and now has around 80 per cent of its YEM11 crop priced at A$435 per tonne IPS. Crushing has commenced slightly earlier than last year, however, there has been some minimal disruption due to industrial action in the sugar mills and a little rain on start up.

Earnings in sugar will, as usual, be subject to raw sugar prices and weather.

So, while CSR remains subject to the knock on effects of the global economy we are confident of optimising our assets as best as we can, in whatever environment we face, for the balance of the financial year.


Ladies and Gentlemen, as Ian said it has been a busy year for CSR – but for good reason.

CSR has now achieved a separation which we believe delivers value for shareholders, appropriately addresses the issues of our stakeholders and enables our two very different businesses to pursue their own distinctive goals.

There is some water to go under the bridge before we finalise this transaction, but rest assured, we will continue to work hard to complete the process in a timely manner.

In the meantime, our businesses continue to operate more efficiently and are more focused on their own market sectors.

We will continue to update you on progress and I look forward to keeping you informed as further important milestones are reached over the next few months.

Thank you for your attention and your continued support of CSR.

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