Ann: Investor Presentation, page-2

In summary 2021 good year considering. 2022 the year of conversion/maint and capacity upgrade and flexibility with new elevated prices and moderate output. Excess monies IMO will be used to expand which I'd prefer to dividends if we get one it will be small....but I see it as smart use of money. Energy prices will remain high fuelling sustained price base for all high energy intensive industries. 2023 will see a step change in size and value of the business. Apply a net margin of $500 per tonnes and compare to MC of company it is exciting. Also see a market money flow heading to actual earners vs future earners that have ridiculously high PE ratios. All imo but sound solid approach.