TAKEOVERS PANEL (2)

FAILURE to CONTINUOUSLY DISCLOSE and its impact upon VWAP and PRESENT and FUTURE VALUE OF K2H - need for INDEPENDENT EXPERT REPORT and the TAKEOVERS PANEL.

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To:-

Ana Gomiero (Who, like Simon Kidston, has blocked my emails)

General Counsel

Genex Power Ltd

Gerard Dooley

Partner

MinterEllison

(Please pass this to Ana Gomiero)

Mr Peter Witham

Acting Senior Executive Leader

Misconduct & Breach Reporting

Intelligence and International

ASIC (Brisbane)

Having failed to elicit any response from the Kidston/Craven Board/IBC about the determination of fair and reasonable SHAREHOLDER VALUE by the Genex IBC, (and Goldman Sachs), I have asked the ASX, among other matters, if it will take appropriate action(s) to have the TAKEOVER PANEL review the findings of the Independent Expert Report.

The present and future value of K2H is the central issue in the proposed takeover. It is imperative for any party seeking to determine these estimates of value to have details of the NAIF concessional loan. I have been formally advised by the NAIF’s Chief Legal Officer, Mr Chris Collins, this crucial information cannot be provided. This vital information is almost certainly, through the Genex Power Ltd director, with J - Power.

My correspondence with NAIF has revealed that the future of the NAIF concessional loan has not been clarified. This is yet another matter not disclosed by the Kidston/Craven Board to GNX shareholders. So much for continuous disclosure.

The two ASX officers contacted are yet to respond. For want of a response from the ASX I have registered a Report of Misconduct over the matter(s) with ASIC.

I now ask the respective legal representatives of Genex Power Ltd and J - Power, when will Genex Power Ltd make an ASX Announcement to inform its shareholders HOW, WHEN and by WHOM will the Independent Expert be appointed?

Such information is not provided in the Transaction Implementation Deed; despite the two words “INDEPENDENT EXPERT” being found ninety times in the 185 pages of the ASX Announcement.

Yours sincerely

HLP

Misconduct Issuer

ASX

Mr Lachlan Morley

Adviser

Listings and Compliance

ASX (Sydney)

John Williamson-Noble

Gilbert + Tobin

Partner

(Proxy for Ana Gomiero)

Catherine Strong

Morrow Sodali

Craig Doyle

CEO

NAIF

Chris Collins

Chief Legal Officer

NAIF

Dr Ralph Craven

Chairman

Genex Power Ltd

Gerard Dooley

Partner

MinterEllison

Andrew Macdonald

AFR

Giles Parkinson

Editor

RenewEconomy