Ann: Launch of Fortescue Capital, page-65

How I see Fortescue Capital's Platform taking shape moving forward:

* Fortescue Capital will have to discuss and decided with the board what segment of the green energy market they will target and raise capital for.

* Fortescue Capital's strategy will be to raise significant capital in the Platform to bring projects to a global set of institutional investors ie sovereign wealth funds, pension funds, endowments, insurers and ultra-high net worth family offices (minimum $1 billion plus initially?). The company's strengths are in decarbonisation, infrastructure & renewables, the goal will be to acquire high-quality assets that bring significant returns.

* Fortescue Capital will have the support of its parent company Fortescue. Fortescue will commit 25-50% capital to Fortescue Capital's Platform aligning interests between the asset management fund and institutional investors / partners.

* Once Fortescue Capital achieves fund target outcome, they will then need to close the asset fund for that segment they are targeting.

* Proof of Concept - Fortescue Capital will need to prove that projects are viable and profitable ie that energy projects return IRR between 10-15%. Note, proof of concept already achieved within their in-house decarbonisation operations ie haul truck and battery projects.

* Note, there are many branches within each green energy segment, therefore plenty of opportunities. Remember they have 100 plus potential projects that they are sifting through.

* Fortescue Capital will need to have a timeframe for when monetising the asset.

* Rinse and repeat the process and target another green energy segment.

Tony