Ann: Appendix 3Y - Neville Power, page-73

JL, these numbers are wrong. For the 2029 facility, interest is capitalised until 2026 and then amortised until maturity leaving a balloon of $88M. Same with Asset facilty, balloon of $39M. The interest cap period aligns to construction timeframes so by the time amortisation commences, revenue should be flowing. By the time peak debt is reached, revenue receipts would be coming from Walyering, Peaker, and West Eregulla. If you question these facilities, you are basically saying the credit team at Macquarie have no idea what they are doing. My view is that these debt levels are very conservative and would be serviceable from any two of the three projects. Then there is the potential of OH. Agree that time overruns are possible but that's the MD's job to have a contingency/cash reserve in place by late 2026 which is when amortisation commences.