NPL coverage down to 157% by 1H15 H: Hold/A: Reduce: Too big to perform A leap in the agency channel Too inexpensive to ignore with sales recovery likely ahead Solid 1H results with NPAT up 19% In line with expectations,weak at the core Slower growth ahead on slower new model cycle and high base effect In-line with expectation:Mixed dollar margin,disciplined capex The 1H15 result:"From the horse's mouth" 1H15 Results Mixed