Ann: SW1 July 2018 Investor Update, page-10

Interesting observation from non shareholders from meeting. They thought Swift was just a Foxtel reseller. They didn't understand the access to global content rights that allows Swift to move the entertainment with a drilling rig in the Gulf of Mexico to Saudi Arabia. Foxtel can't do that! It allows Swift to tailor the entertainment & advertising to the individual (& keep privacy). Foxtel can't do that. It allows communication with employer, family, site management, on duty staff. Foxtel can't do that. This thing has a lot more legs with little direct competition Margins will increase with the advertising which could mean some operators won't have a net cost. Plus a mobile app will increase its attractiveness. All good!