Ann: Presentation at Annual General Meeting on 21 May 2019, page-9

I'm a new shareholder and bought in because i subscribe to the EV revolution in the medium to long term and think that BAT has a decent orebody that underpins the value in the company. I see that there has been a partial management changeout very recently so I'm interested in seeing if there is some new thinking at the project level and also with respect to CAPEX requirements and funding solutions. On financing, money for mineral development projects is tight and not exactly cheap. id much rather management took its time to get the funding model right (and the project configuration for that matter) as opposed to charging off on a path of least resistance to simpky get something built and producing. I've seen a few junior companies blow up conpketely or get tied into knots because of toxic and inflexible financing deals. i feel there is a lot of upside in the project and hopefully this translates into share price appreciation - so I would prefer to see the new guys stepping carefully on this critical stuff.