Ann: Analyst Presentation HY Jan 2022, page-2

The proposed joint venture property trust with GMG is exciting and continues the long association with another extremely well respected company.

Given BKW's history, one could expect this proposal to be excellent over time and exceed today's expectations.

Note how BKW quietly purchased new land in NSW to support its advanced technology brickmaking, while converting other land into high value industrial warehouses for which there's great demand.

Great result from Building Products Australia.

The lost time injury rate in the USA (brickmaking operations) continues to be suboptimal while the overall performance of the USA division is not yet satisfactory if I correctly read the accounts. No mention of abandoning the region though, so hopefully, eventually, things will improve.

The warning re Western Australian operations being a drag and unprofitable is ominous. The mention of 'insufficient transport' available there may be a reference to local unavailability of drivers, perhaps, who prefer working for big dollars in Pilbara mines?

The increase in the dividend will be welcome. Again, a BKW tradition.