Ann: 2016 AGM CHAIRMAN'S PRESENTATION-CDD.AX, page-45

Cdd's exposure to oil and gas is vastly overstated. They made a fortune on the BP oil spill which skewed their earnings. They have an underperforming division PPI (US based) which had reasonable revenue coming from speculation on oil prices and African reserves. I think they paid $160 million for the privilege, which must now have been written down to about $10 million. I've said all along they are hugely exposed to property in VICTORIA, QLD and NSW. If they have not made a killing in the last 6 months then Crescent will have lost out. Only saving grace is the AUD which will have inflated US earnings by about 20%. If US is down at half year then the acquisition frenzy of the past 5 years was worse than I first thought.