Ann: Subscription of shares in Tetra4, page-53

MGE to get 5.5% directly in Tetra4 not in Renergen so as I understand it today:

Renergen has two main business units:

Tetra4 - 100% owned by Renergen until the deal is complete to sell 5.5% to MGE

Cryovation - 100% owner by Renergen

Looks like maybe another 4.5% of Tetra4 to be sold to another party given they mentioned 10% previously. And further funds for Phase 2 to come from the US$750m in loans and then also equity directly into Renergen in return for Renergen shares via the Nasdaq listing.

So MGE to only have Tetra4 as an investment as it maybe meets their mandate to invest in gas projects.. Meanwhile investors investing directly into Renergen for the Nasdaq IPO they also get exposure to the Cryovation business unit.