Ann: Financial Results Half Year 2021 Presentation, page-4

ROEROC, I just watched SOL's analyst/investor webcast. Funny you should say that as MD Mr Todd Barlow tried to answer that very question.

He said TUA had only given him 'high level' information but as he understands it, the Singapore network is being built to accommodate 5G uploads and there's sufficient spectrum (for TUA I assume). He commented he'd be surprised if TPG's Singapore assets become 'stranded'.

Mr Barlow also said that in Australia, many NBN customers were unhappy with data speeds and value for what they are paying so therein lie TPG opportunities, as per your point above.

Mr Barlow also said that the separation of Telstra into InfraCo and NBN was positive for listed TPG (in which SOL, like TUA, has a sizeable holding). He said this will force Telstra retail shops to stand on their own two feet and compete with TPG, the latter enjoying a lower cost base and what Mr Barlow claimed was superior service to customers.

Mr Barlow confirmed that the only SOL interest in age care was in the retirement community space with a joint venture Cronulla, Sydney development having received development approval,and so to be constructed during the next two years.

He further said that SOL had a 'cautious' view of Australian equities which is why holders are seeing SOL invest in defensive agricultural assets and 'direct credit opportunities' - high yield debt instruments. I didn't understand the latter reference.

The MD commented as per the announced NHC result that if New Acland mine near Toowoomba, Queensland fully winds down, there may be potential opportunities but they must be immediately accretive to SOL shareholders and low cost (which I took to mean 'value for money'). This to me was commonsense but it needed to be said.