Ann: Appendix 4D, page-12

GNX received grants and raised equity for hydro... yet as it stands, we are a solar producer, looking for a loan to equity partner in a shovel ready PH system.

The use of a battery to store surplus solar generation so you are not pumping into a grid at $0 in no way undermines PHES... PHES with a battery is also workable, as B is faster response and perhaps better suited for FCAS - saving PH for export to grid purposes.

Agree that conversion of water storage resource to H2 may be detrimental to storage levels - when PH is actually comissioned... isn't there a water rights agreement and pipe network already in place though? Water purchase costs would be less than H2 sale proceeds