Ann: FY22 PRODUCTION UPDATE, page-61

I feel safer in developing economies and brics nations right now. Low labour and output costs, cheaper energy. I just did a holiday in Brazil. Unreal! Petrol prices are incredible. Because they don’t tax it like we do in the west and they don’t have an environment first attitude. They aren’t hampered by protests and left side of politics and the green tape. People just want to make a living and do whatever they can in order to get that living. They are happy to continually explore for more fossil fuels. Energy cost is low and Investment is strong and they will be one of the biggest growth stories in the years to come imo. Hence why they are siding with China and India instead of US, UK etc. Once you get to a peak like the western economies then you have a lot to lose, if you start out low, you have a lot to gain. Resource rich and non woke countries will have a big period of growth coming up.