Ann: December 2022 HY Financial Report Advisory, page-35

I and others have repeatedly pointed out that the announced basis for dividend distributions
is that they will flow from a portion of FREE CASH FLOW not from PROFIT.

Those who want PLS cash to be used for future profit enhancement projects will know
that such expenditure is deducted before arriving at FREE CASH FLOW.

This means dividend expectations have to be tempered to allow for growth oppotunity
expenditure out of profit BEFORE free cash flow is determined.

A PART ONLY OF FREE CASH FLOW WILL THEN BE CONSIDERED FOR A DIVIDEND.

I hope none of us has to repeat this important distinction between profit and FCF.

If you want growth spending that comes first, and dividends come second.

COMPRIS ???