Ann: Half Year Results Analyst Presentation, page-16

"If ut5 draft is implemented would you remain comfortable with your investment?"

@Just_a_guy ,

When I buy shares in AZJ, I know that I become an owner of a business that is partly a regulated monopoly; as such, I know that sometimes regulatory resets will work in my favour, at other times they go against me.

But my experience is that, as a long-term owner of this kind of business, in the long-run the regulatory wins and the losses tend to even out.

So, because these are factors I can't predict, I tend to not think about them.

Besides, I think the disappointment of the UT5 draft is now already known to the market, and therefore largely factored into the share price.

I am far more interested in what may or may not happen with WICET, and the degree of capital discipline the AZJ board will impart along with whatever its involvement in any deal there might be.

Because the last time AZJ tried its hand at a big corporate transaction such as this (namely, the ill-fated, top-of-the-cycle acquisition of Aquila Resources in 2014), it cost shareholders several hundreds of millions of dollars of shareholder value destruction.

So, in terms of how I view my investment in AZJ, going forward, developments around WICET (which are within the AZJ board's control) are far more important to me, than extraneous factors such as regulatory rulings, over which the company has very limited control.