Ann: Results Presentation, page-2

The distribution is OK in what might be viewed as pretty much a 'stagnant' result. Good outlook for FY 22 distribution is on page 25 with a predicted 3.9 per cent rise to 53 cents per stapled security.

'Softer contract renewals' in Queensland and 'lower contracted capacity' in NSW may be concerning: see page 36 of the presentations.

Free cash flow and operating cash flow declined somewhat in FY 22.

While the debt maturities are diverse in terms of the year to which they extend, a fairly high proportion is due in 2024-25 (FY 25).

There's no further explanation of the Orbost, Victoria Gas Processing Plant situation with COE and arguably contractor DOW other than the non-cash item of just under A$250 million announced in February 2021.

Page 7 of the presentation showing why natural gas is essential is a really important section of the presentation, as the Victorian Labor Government is very anti-natural gas despite its huge role in the state.

Lower industrial and commercial demand needs an explanation: are companies switching to other energy due to gas cost concerns, or is this symptomatic of a poor future for heavy industrial manufacturing (e.g. plastics) in Australia?