Ann: 2021 AGM Presentation, page-2

At the AGM, answering holders' questions, Mr Tood Barlow said it was looking to reduce the number of flights the company's staff made.

There were a number of questions asked by woke activists. (Many may well have a tiny number of shares).

He also said SOL encouraged companies in which it invested to look at their sustainability, with companies typically having released such reports.

SOL believes it's good to invest in companies that benefit from renewables investment, such as in copper mining.

Over the coming years, SOL expects the value of the NHC investment as a percentage of SOL's total portfolio value to decrease. NHC undertakes top quality refurbishment of former mining sites.

SOL agrees with NHC's view that the transition to a lower carbon economy won't occur overnight: coal provides 35 per cent of total worldwide energy, and demand for energy is set to rise.

Mr Stephen Mayne popped up asking a question about proxy advisers. Mr Millner said reports these entities made remain confidential.

Re pricing of coal, Mr Millner said that there was demand from the northern hemisphere with forward sales locked in at above $200 a tonne. Things were looking rosy at NHC, which in turn benefits WHC.

Mr Mayne asked re Mr David Teoh's departure from TPG. Mr Millner sees him at Board meetings once a month.

Mr Barlow said that at the time of the SOL-MLT merger, there were quite a lot of share transactions, while at the end of that process there was a rebalancing of various indices as funds needed to invest in SOL. (He earlier said that MLT holders had seen a value uplift of 28 per cent).

Re the care sector, health and ageing is a key area for SOL: it is looking at a multitude of ways to play that theme. Since it approached Regis Health Care in 2020, 'all and sundry' aged care (operators) had approached SOL. It continues to examine things.

A merger between BKI and SOL has not been discussed by the Board.

A holder said that MLT holders have experienced a lower dividend ratio upon the merger (although capital growth has occurred). Last year during the pandemic, the MLT dividend had been cut due to companies such as BHP reducing dividends. Mr Millner said that SOL has every intention of trying to raise SOL dividends.

Re the BKW-SOL cross-shareholding, the Board has no intention of changing the arrangement.

Another activist asked re SOL assessing the risk claimed by the International Energy Agency in relation to coal. SOL analysed this in detail. It says that under any credible analysis, low cost, high quality Oz coal will have a future for some years with the investment giving a good return.

There were too many questions from minority lefties who do not represent the majority of shareholders in any way, shape or form.