Ann: Annual Report 2020, page-23

I’ll make a couple observations from your remarks:

- yes the dividend amount was disappointing but necessary to ensure we maintain a favourable credit rating (keeping our financing costs low) and strong balance sheet In the lead up to decisions on major projects;

- in order for shareholders to benefit from high dividends, we must invest in projects which either grow or maintain the existing business - its fanciful to believe we can keep making profits without renewed investments; and

- our major projects were well thought out long term decisions which use our existing infrastructure. Very happy with peters performance - if anything he was too conservative and should’ve considered acquiring a domestic player (eg santos) some years ago. But on balance a good stint at the helm.