Ann: 2023 Strategy Briefing Day Presentation, page-24

Thank you for your thoughts am always interested in different peoples perspectives. I do agree that there is likely to be an impact in the area of consumer discretionary shares although I'll admit i'm possibly more optimistic about the levels of shock to come. I also think WES strategy in diversifying themselves long term will go a long way to mitigating the impact of any consumer downturn. I'm liking their turn to pharmaceuticals and minerals as well as increasing the facility for online transactions. So I'm seeing the potential upsides for their growth and expansion whilst acknowledging that could likely be an impact on consumer spending and therefore consumer discretionary in the shorter term.

I can certainly understand looking elsewhere too and indeed our own increase in WES at this time is but a part of a wider increase in overall investments due to changed circumstances and needs. Again thank you for your thoughts it's good to think on different perspectives.