Steve Gilman Managing Director - B&Q Asia

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1 Steve Gilman Managing Director - B&Q Asia

2 Vietnam Phillipines Asia is a massive opportunity. Estimated RMI Market Size US$bn 10 0 UK Japan China Korea India Turkey Indonesia Malaysia Thailand Taiwan Source: internal estimates

3 with fragmented competition China India Country % HI Big Box / Organised Retailing 2% < 1% % Traditional Home Improvement Supply 98% > 99% Indonesia Japan Malaysia/Singapore Philippines South Korea Taiwan Thailand Vietnam 0% 80% 1% 0% 0% 10% 12% 0% 100% 20% 99% 100% 100% 90% 88% 100% Kingfisher current markets Source: Govt statistics, market research, Dresdner Kleinwort Wasserstein, EME, internal analysis

4 B&Q Asia - Market Development Principles Adapt B&Q format template to suit local requirements Applying learnings about the customer and market Leveraging pan-asian experience identifying similarities and differences across markets Open first store as a low cost trial Roll-out stores: move to retail profit within five years Low cost culture: small central support team Learnings shared with European businesses

5 B&Q Asia: Current Markets Turkey: 5 stores South Korea: Store Opening 2005 Mainland China: 20 stores Taiwan: 18 stores

6 B&Q in Asia a Brief History Small team sent to Taiwan to evaluate the home improvement market opportunity First store opened in Nankan, Taiwan Significant learning from first store understanding of customer and market stores in Taiwan confidence to enter a new market began looking at China June 1999 opened first China store in Hutai district, Shanghai May 2000 acquired a 50% stake in Koctas in Turkey Team established in South Korea

7 B&Q Te Li Wu - Taiwan 50/50 joint venture with Testrite Strong no. 1 market position First store opened stores open by end 2003, 19 stores by end 2004 One of the highest home improvement retailer sales/sq.m in the world

8 B&Q Te Li Wu - Store Details Stores range from 2,500 sq.m to 8,000 sq.m Average store size: 4,900 sq.m Formats: Stand alone Basement to 3 rd floor trading Multi-level stores All leasehold stores land expensive

9 B&Q Te Li Wu Progress 2004 One new store added to strengthen leading market position Own brand and global sourcing development Developed Installations service Total Solutions: c. 30% growth YOY with product sales accounting for 15% of total sales Strengthening of the management team new General Manager and Commercial Director

10 Koctas - Turkey 50% share of existing business acquired in /50 JV with Koc Group Five stores in Istanbul and coastal regions Stores range from 2,500 sq.m to 10,000 sq.m Average store size 4,800 sq.m No. 3 home improvement retailer in Turkey 3 new stores planned for

11 Koctas - Turkey Successful example of benefits of group sourcing: Over 10% of products sold come from Group Allows Koctas to differentiate itself within the market unique products at fantastic value Increased net margins by 3% Own brand range development increases differentiation to drive sales and margins

12 B&Q Home - South Korea First store opening in Seoul in ,000 sq.m store colocated with a hypermarket Currently identifying next two sites Opportunity for up to 50 B&Q Home stores in South Korea

13 Key differences of running a home improvement retail business in Asia Not DIY, but BIY/CIY 25% of all products sold in B&Q China are installed by B&Q 10% are sold to trade Of the remaining 65%, the majority will be installed by a 3 rd party

14 Key differences of running a home improvement retail business in Asia Understanding the customer is key and adapting the format accordingly UK is not Asia

15 .. B&Q China

16 China an attractive market Over 300 million households 37 cities with population over 1 million and more through rapid urbanisation Growing middle class over 10% of population earn over US$3,000 compared to 3% five years ago Retail sales worth over 300 billion growing at 7-8% per year Third largest home improvement market in the world - currently estimated at 22 billion

17 with strong growth prospects GDP growth % (average per year over previous 5 years) 7.8% 7.9% 7.1% Population (million) Population growth (average per year over previous five years) 1, % p.a 1, % p.a 1, % p.a. Percentage of urbanised population 34% 35% 36% Inflation/Deflation (Asia Monitor March 04) 1.8% 2.1% N/A Disposable consumer income per capita - Actual US$ Home Improvement Market Size (US$bn) Source: EIU/ Asia monitor 2004

18 China an extremely competitive environment Home Improvement Malls Big Box Home Improvement Retailers

19 China - big box home improvement retailers (ranked by market share) Number of Stores Jan-Oct Coverage National North & West National (Mainly East) East (Mainly Shanghai) North No Shanghai

20 B&Q China - History 1997 General Manager appointed to establish B&Q in China. Shanghai selected as first entry city 1999 JV established. First store opened in Hutai, Shanghai 2000 Second store opened in Shanghai. Decoration Service launched 2001 First store outside Shanghai opened Suzhou. First twofloor store format opened in Yang Pu, Shanghai. First store opened in the West - Kunming 2002 Ranked no. 1 by China Retail Association. Regional offices established Turnover doubles and B&Q China becomes a truly national Home Improvement retailer with openings in Beijing and Guangzhou. Business becomes profitable 2004 Strengthened leading position in all markets.

21 B&Q China - Store Expansion Currently open Additional store openings for 2004

22 B&Q China - Store Network No 1 with 1% market share: 75 store potential 20 th store opened in September 2004 Will be present in 26 cities. Half these stores will be in core cities

23 B&Q China - Formats Average store size 13,000 sqm, range of 6,000-18,000 sqm. Core City Shanghai, Beijing, Shenzhen, Guangzhou c. 15,000 sqm Two floor Core home improvement plus furniture and finishing products Non Core City Large, high growth cities with populations in excess of 2 million c. 10,000 sqm Single storey Core home improvement

24 B&Q China - 3 main customer groups Retail 65% sales One-stop Shopping Price transparency Wide range offer and availability Quality guarantees Mainly BIY/CIY customers Decoration Service 25% sales Full installation service Transform concrete shells into homes Trade 10% sales B2B Decoration companies/property developers

25 Decoration service is a key differentiator Driving sales growth 25% of sales B&Q China installed over 5000 apartments in 2003/4 (2001/2: 722) Taking the customer from design to completion c. 60 days process ATV driver An average contract value of over RMB100,000 including in-store product purchase Highly skilled market to tap Regular contracts with 360 certified contractors employing 8229 workers

26 Strong Sales Growth. 125% CAGR / / / / /04 H1 2004/05 Sales in m at reported rates

27 Accompanied by Rapid Growth in Chinese Employees 95% CAGR

28 B&Q China - market share* in Shanghai Market Share: Number of Stores: OBI No % 16.9% 18.1% 18.4% 15.3% 17.1% Aug 2004 B&Q Homemart 36.1% 33.9% 32.9% Homemart B&Q 31.1% 29.5% 34.7% No.9 OBI Aug 2004 Source: Shanghai Retail Association *For big box home improvement retailers

29 B&Q China improving profitability Break-even in 2003/4 after costs of doubling space Margins significantly below UK, but growing Future margin drivers: Continued product innovation Increased penetration of own-brand product On-going strategic supplier management Consolidation of vendor base Scale efficiencies on operating costs

30 Local Management for a Local Business Chinese European President Managing Director Property Chief Operating Officer Finance VP HR VP Operations VP Commercial VP 6 expats (UK and Singapore) in B&Q China down from 12 in 2003 Plans to localise more positions in the near future

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