Ann: WHSP 2020 AGM Presentation, page-3

In relation to questions, the Chairman Mr Millner responded that Josephine Sukhar has sufficient time to conduct her Directors' Duties.

Some activist asked re 'coal remaining one of the primary investments for SOL' and that 'there should be a transition to renewables'. The MD said SOL had done much work to assess what the outlook for coal was. Coal will be a part of the mix through any transition period. Low cost quality assets such as Bengalla will be good: it has approvals until 2036. SOL is open to investing in renewables. It has an exposure to copper (through Round Oak Minerals) which is part of any transition to renewables.

Mr Stephen Mayne asked re the SOL Retail Foods Group holding but the Chairman said it's only a small holding. Regis Healthcare bid was not a 'frolic': SOL wants to take a long term view, trying to invest when assets were at the bottom of their cycle. Mr Mayne was apparently complimentary at the REG AGM re that business, but the CEO noted there were challenges in the business and that Mayne ought be asking more questions of the REG Board given that the SOL offer is above what might be expected at this time.

The MD said the small cap portfolio was managed internally.

The copper business, said the MD, is expected to make a profit in 2020-21 as the copper price has risen 33 per cent and much of the capital costs have been expended.

Re API's Priceline (SOL holds an interest in API), the MD said generally it doesn't get involved in the operations of businesses. It shares the concerns of the shareholder not generating the returns, but to the SOL MD, API shares look cheap and as COVID-19 restrictions reduce, store operations should regard to normal.

The risk profile of NHC is something that SOL assesses. Bengalla mine is performing well. SOl is not aware of any information NHC has that isn't in the public domain. SOL sold to open up the register.

Another ratbag activist asked about 'investment exclusion lists' re coal investments. Mr Barlow (MD) said it had not seen any ramifications. More than 10000 shareholders have joined the register (in the last year?)