Ann: Share Cafe Webinar Presentation, page-20

Hey All,

I have been saying BBP will have an equity partner for a while. I back Ben and Simon to know what we can handle on risk, however, just a few dot points to contribute.

- We can't launch a million projects at once. Otherwise, we would, and so would everyone else.
- We aren't exactly capped like Neoen
- Historical battery revenue isn't the best guide for future revenue
- We have a 100% stake in KS1 AND Jemalong @alanbrazell@ ...
- It is very normal to sell down stakes in projects to minimise risk
- We could either have 50% Bouldercombe and 50% Yabulu or 100% Bouldercombe and 0% Yabulu for a while
- Well be moving hard on Kidston Wind and finding space for that BEFORE revenue from K2H hits the balance sheet
- Selling down is excellent for valuation. Less geographical risk (ie taking a stake instead in another battery in VIC or NSW) is better than just all in on Queensland. If you get downtime due to a tornado or cyclone...w/e it can be advantageous or catastrophic based on luck. We don't do luck.
- We also have our sights on other potential pumped hydro sites...it's going to take cash to acquire these assets

Clearly, there is money to be made in K2H given we've got this far. If we can hit contractual close in the coming fortnight then we have a bright future. Should that happen, I'll update my loans/revenue spreadsheet based on final terms to reflect where we can likely springboard to new projects.

Regards,
Jeremy