Ann: September 2021 Quarterly Report and Appendix 4C, page-9

This is a much clearer qtrly update.

A bit disappointed that Bibra Lake facility still hasn’t got to Tier 3 accreditation. Was meant to be Q3, then September & now year end. 6 months of lost opportunities for Bibra Lake and it seems to be dragging on. Only 8 weeks left in the year! On a positive it is good to hear them talking about the 400kW of customer workload taken up but we should be talking about Mega Watts. Do we know how many MWs of workload Bibra can accomodate?

However when you compare this to the Mid-West data centre (modular DC) which has 300kW online and expects to grow that to 600kW by end October and potentially to 2MW by year end, this is where they have been most successful! Adding another in Victoria in January; what is the potential here?

The modular DC part of the business seems to have gained a lot of momentum and I assume it is profitable, but can only think this has distracted the team from the Jewell in the crown Bibra which they need to get better billing utilisation. It has plenty of potential and I recall Blake saying “Once built the $$$$ will flow”. That is true if you get customers through the door and utilising the space. Back in May we had about 20racks online and at $1600pcm would be generating about $385k/yr. if Bibra can accomodate 200 racks that would be $3.85m! That is what I am looking for and some. With the Modular business, DC2 could have annual revenue of $6m or more relatively quickly and that would support a MC of closer to $20m and a SP back up in the 30s without factoring in potential growth.

The next 2 months will be very interesting.