Broker reports pumped out - 6/10/2020, page-7

Hey BN,

It should remove many causal curtailment factors. Others still exist, of course. Transmission deals are often where energy projects fall over - so I'm very pleased to hear we're moving forward with the QLD Government/Powerlink offer.

Agreed, on the momentum for K2W. This agreement with the QLD Gov't incentivises an aggressive approach to build out our portfolio and share the line O&M between projects. Most would be hamstrung in obtaining the ~A$270m finance. However, with the realisation of K2H on the balance sheet and consistent returns from KS1, Jemalong, and our Bouldercombe battery - I'm confident we can do it without a JV (unlike K2S). Additionally, the financing of Jemalong and KS1 was specifically designed to enable near-term build-out.

Regards,
Jeremy