Ann: Sky Investor Day presentation - 29 June 2021, page-31

I am still bullish on Sky as I believe the market has significantly undervalued the business. Even at reduced capacity, the business is still on target to produce FCF north of $200M between FY21 and FY23.

If no merger or other transaction materialises I still expect buybacks or dividends will happen 'soon'.

But even though I am bullish on Sky and optimistic about long term future prospects...does not mean I have lost all objectivity and just agree with every decision Management make. That would make me a 'fan boy' and not an investor.

So when I see things they do that I think are wrong, I call it out - even though I am still a big supporter of the Sky business.