K2H - KIDSTON/CRAVEN Board of Directors and GOLDMAN SACHS - CONFLICTS concerning INTERESTS and OBLIGATIONS., page-6

Keep up the good fight my man!

This morning by coincidence I have also taken the time to email Scott Farquhar and Skip Capital regarding the significant upside in share price that shareholders are being locked out of should the takeover go ahead.

My main aim was to feel them out, see if they respond, see what they have to say etc.

See what, if anything, comes of this.

"Dear Scott Farquhar,

Apologies for contacting you out of the blue but I had no other option. I am not even sure if this will reach you but considering the circumstances I thought it worth the shot.

I am a retail holder of a small amount of Genex Power shares. I say a small amount because it is significantly low compared to the amount that Skip Enterprises/Farquhar Family Trust holds. However, I am invested as much as my personal circumstances allow, and I have been invested for a number of years.

I frequent the forum "Hot Copper" and I am writing to you to highlight the common frustrations of small retail holders when it comes to the takeover of GNX by JPower. As a collective we believe:

A) The offer presented by JPower is too low.

B) The takeover (should it go ahead) allows JPower to realise a significant amount of value that shareholders themselves would realise (should it be denied) without any further work or capital being injected into the company.

C) The takeover (should it go ahead) removes the only remaining pure-play renewable energy company from the ASX meaning ESG investors have no way to invest in renewables in Australia.

D) The takeover (should it go ahead) removes yet another renewable energy company from Australian ownership.

Point C & D speak largely for themselves but to support point A & B, I urge you to please read the below list:

1. Retail shareholder demand for companies such as Genex Power is bound to increase in the next six months to one year due to:

- GNX being the only pure renewable energy play on the ASX.

- GNX potential to pay a dividend in the near future.

- GNX having significant increase in cash flow in the next 1.5 years due to KPH coming online without any further leg work being done by management, just patience.

- ESG investors returning to the market (as inflation woes subside) and wanting to invest in ethical/green companies.

- Climate change fuelling retail/private/government investment in renewable energy.

- Climate change pushing the government to streamline projects and remove red tape in Australia (partially happening as we speak).

^ All these factors stand to significantly increase the value and the investability of GNX. They must be factored into a valuation placed on GNX because they are occurring/will occur without any action from management in the next six months to a year. They simply are not.

2. Genex Power employees, and I refer mostly to the Board of Directors (BOD), are large holders in the company. Thus, they see an exit with a large dollar figure attached. On the contrary, for smaller retail holders, selling now would only exclude us from the value soon to be realised by Kidston Pumped Hydro (KPH) coming online (due within 12-18 months).

3. Genex Power's BOD has been working closely with JPower and JPower has representation on the Genex Board. Thus, Genex's BOD are likely biassed toward selling to JPower.

4. Australia's renewable energy environment, and I refer to government support, Australian and international investment, cutting of red tape etc., is only getting better from here. Looking into the media one can see the momentum provided by government and community support is speeding up. Selling now excludes retail holders and GNX from taking advantage of this increasingly favourable environment/playing field and instead allows an international entity (JPower) to reap the benefits.

5. Genex has never released or informed shareholders of the specific individual revenues/profits being made by their online projects, or those soon to be brought online, or under those in planning/under construction (K2H, Bouldercombe Battery, Kidston Solar Stage 1, Kidston Solar Stage 2 and the K3W, in which J - Power have a 50% interest) and it is only reasonable to point out that by doing so, the company/BOD (which contains a JPower representative) is able to cap the volume weighted average price (VWAP) for six months. I'm sure you are aware that the VWAP is what JPower uses to justify their offer price of 27.5 cents.

6. Last and not least, ASX listed renewable energy plays are hot property. They are snapped up by large international conglomerates time and time again. Blocking this deal (voting no) allows those retail holders who have taken the risk and backed the company to realise closer to true value. It allows us to stay invested and see Genex through to a time where our projects are online and contributing to Australian energy demand and lowering our nation's carbon footprint. At the very least by blocking this deal we will get a more realistic offer, there's no doubt about that.

I and many other retail holders will be voting no. We hope Skip Enterprises & the Farquhar Family Trust will be there voting NO with us.

Kind regards,

Mr.Lumin."