Investor Presentaiton

FINANCE Disciplined allocation of capital Capital allocation framework maximises shareholder value Maintaining optimal capital structure determines: Capital allocation Strengthen balance sheet Returns to shareholders - Reinvestment Liquidity settings • Credit rating over time BB Metrics Debt reduction Capital Allocation Priorities BBB- Metrics Capital Management BBB Metrics BBB+ Metrics Greater returns to shareholders Consider growth Constrain capex Reinvestment investment Higher Liquidity Lower Disciplined focus on operating costs at all times 26

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