VENA ENERGY SERVICES (AUSTRALIA) PTY LTD S U I T E 2 , L E V E L 1 0 , 2 0 0 M A R Y S T R E E T , B R I S B A N E , Q L D 4 0 0 0 A U S T R A L I A N B U S I N E S S N U M B E R P + 6 1 7 3 7 0 8 1 4 2 0 W W W . V E N A E N E R G Y . C O M 8 9 6 0 9 1 3 2 7 4 7

23 September 2019 Roger Smith Manager Network and Alternative Solutions 33 Harold St, Virginia QLD 4014 Dear Roger Maintaining reliability of supply between Clare South and Townsville South – Proposal for a Non-Network Solution Vena Energy Services (Australia) Pty Ltd ABN 89 609 132 747 (“Vena Energy”) is pleased to submit this Proposal for the supply on a non-network solution to maintain the reliability of supply between Clare South and Townsville South. We submit this proposal as Asia Pacific’s largest independent renewable energy developer and operator with unrivalled experience in development, construction and operation of utility scale generation facilities. Vena Energy’s Capability Statement is attached (Appendix 1). Background Two 132kV single circuit transmission lines, namely Coastal line and Inland line, exist between Clare South Substation and Townsville South Substation, each traversing separate geographical routes. The coastal circuit was established in 1963 and has a tee connection to Invicta Mill Substation. The inland circuit, established in 1967, carries critical telecommunications traffic for the transmission network via an optical ground wire (OPGW).

Powerlink’s condition assessment of the transmission lines has highlighted that at over 50 years of age, the majority of structures are exhibiting signs of degradation, which if not addressed will lead to increased safety and network risks. The preferred RIT-T network solution involves the repair or replacement of selected components on the coastal 132kV line from Clare South to Townsville South, and the installation of a new 375MVA 132/275kV transformer at Strathmore by December 2021. Under this option, design will commence in late 2019 and construction in early 2020. Installation of the new transformer at Strathmore and the life extension of the coastal transmission line will be completed by December 2021. Powerlink is seeking a non-network solution to enable the removal of the inland Clare South to Townsville South transmission line, and remain within Powerlink’s planning standard, which would need to meet following 3 selection criteria:

1. Supply up to 10MW in the Proserpine, Clare or Collinsville area with capability of operating continuously 24 hours per day on an ongoing basis.

2. The non-network solution must also maintain/restore fault level (system strength). 3. The non-network solution must also have voltage control capability.

VENA ENERGY SERVICES (AUSTRALIA) PTY LTD S U I T E 2 , L E V E L 1 0 , 2 0 0 M A R Y S T R E E T , B R I S B A N E , Q L D 4 0 0 0 A U S T R A L I A N B U S I N E S S N U M B E R P + 6 1 7 3 7 0 8 1 4 2 0 W W W . V E N A E N E R G Y . C O M 8 9 6 0 9 1 3 2 7 4 7

Vena Energy believes that its Grid Firming Facility proposal will meet the above non-network selection criteria. The proposal below is based on our current assumptions of grid status, network parameters and indicative specifications and terms provide by our EPC supplier. These may change as we engage with Powerlink, EPC contractors and completion of the detailed network studied required to finalise the Generator Performance Standards. Thus, Vena Energy reserves its rights to amend its proposal below as required. Grid Firming Facility Proposal Vena Energy proposes to build a new Grid Firming Facility at its site near Collinsville. The Grid Firming facility would incorporate diesel power generation and a Battery Energy Storage System (BESS) sized for

a. Up to 10MW / 120MWh of firm generation b. Up to 16MVAr of voltage support. c. 11kV output connection d. 10MVA Continuous Rating and a 10MVA, 30min energy storage BESS e. Support 43 MVA of Synchronous Fault Level at the 11KV facility connection point

A summary of the key planning parameters of the Project is summarised below: Table 1: Project Summary

Proposal

Source of Supply 12.7 MW diesel generation combined with a 10.9 MW/ 7.6 MWh BESS

Land 258 Ha site at Collinsville owned by Vena Energy. Currently permitted for the installation of a Solar PV facility and BESS.

Diesel Generators Diesel Generator Sets 1,820 kW, 11kV Generating unit per Container Total of 7 Containers Total output 12,740 kW

Battery Energy System Power Grid Stabilization (PGS) Battery Energy Storage System packaged in containers. Each container consists of • Grid Forming Inverter 1,562 kW • 2C Li Ion batteries 1,088 kWh

Total of 7 Containers Total Capacity is 10,934 kW / 7,616 kWh

Balance of plant • 11 kV / 132 kV Facility Substation • 415 V/11kV Step-up transformers for PGS Modules • Auxiliary transformer • LV Switchroom / Control Room / Station Control /SCADA /

Microgrid Controller • 11kV Switchroom

VENA ENERGY SERVICES (AUSTRALIA) PTY LTD S U I T E 2 , L E V E L 1 0 , 2 0 0 M A R Y S T R E E T , B R I S B A N E , Q L D 4 0 0 0 A U S T R A L I A N B U S I N E S S N U M B E R P + 6 1 7 3 7 0 8 1 4 2 0 W W W . V E N A E N E R G Y . C O M 8 9 6 0 9 1 3 2 7 4 7

Proposal

• Bulk Diesel Tank for 2 days of operation

Preferred Facility Substation Contractor

TBA

Preferred Diesel Generator Supplier

TBA

Preferred BESS Supplier TBA

Transmission Connect to Powerlink’s 132 kV Collinsville North Substation by a 900 m transmission line

Development Approval Amendment Expected approval date

June 2020

Generator performance standard – AEMO Expected approval date

October 2020

Notice to Proceed (NTP) November 2020

Commercial Operations Date (COD) December 2021

Development and Delivery Risk Figure 1: Project Timeline

The Collinsville site for the Grid Firming Facility is owned by Vena Energy. The existing Development Approval for the site will need to be modified to incorporate a diesel fired generator.

VENA ENERGY SERVICES (AUSTRALIA) PTY LTD S U I T E 2 , L E V E L 1 0 , 2 0 0 M A R Y S T R E E T , B R I S B A N E , Q L D 4 0 0 0 A U S T R A L I A N B U S I N E S S N U M B E R P + 6 1 7 3 7 0 8 1 4 2 0 W W W . V E N A E N E R G Y . C O M 8 9 6 0 9 1 3 2 7 4 7

Contract terms have been discussed with key equipment suppliers. These will be finalised once this non network solution is selected as the preferred option. Remaining areas of development include the finalisation of Generator Performance Standards with Powerlink and AEMO and obtaining a connection offer from Powerlink. Financial Capacity and Commercial Viability While Vena Energy has the capacity to fund the Project without the use of debt, Vena Energy considers that the overall cost of funding will be minimised by a capital solution that incorporates both long term equity and debt sourced from third parties. This allows Vena Energy to offer a lower cost solution to Powerlink. Commitment to Local Content and Community Benefits Vena Energy is committed to undertaking best practice methods to obtain and encourage local content, procurement and to ensure full, fair and reasonable opportunities for local suppliers, job seekers and industry participants. Contact Information We welcome the opportunity to discuss this proposal with Powerlink and we look forward in progressing this non-network solution. If you have any questions in relation to this Proposal please do not hesitate to contact Jerry Jia, Grid Connection Engineer 0466 472 868 or jerry.jia@venaenergy.com. Yours sincerely,

Anil Nangia Managing Director Vena Energy Services (Australia) Pty Ltd anil.nangia@venaenergy.com • Appendix 1 – Vena Energy Capability Statement

P R I V I L E G E D I N F O R M A T I O N

S e p t e m b e r 2 0 1 9

CORPORATE OVERVIEW

OVERVIEW OF VENA ENERGY

Singapore-headquartered pan-Asian independent renewable power producer

EBITDA contribution2: ~67% ASEAN+3 contribution

Portfolio overview3,4

Notes: 1 Shovel Ready means (a) secured exclusive position (b) completed feasibility & resource studies, (c) secured or in final stages of securing land, offtake and grid connection; 2 Company’s forecasts based on proportionate accounting and excludes holdco costs; 3 Includes net capacity of all projects in operation, construction and shovel-ready stages; 4 Stated figure is as of Apr 2019.

50 Operational Assets totaling 1.6 GW of Net capacity

9 Construction Assets totaling 0.2 GW of Net capacity

13 Shovel Ready1 Assets totaling 0.4 GW of Net Capacity

18 offices across 9 countries in Asia-Pacific, with a strongfocus on ASEAN+3

400+ professionals including over 100 engineers andlocal development and investment professionals

100.0% completion rate of Assets that commenceconstruction

2019E Operating EBITDA: USD288 millionAustralia

2%Indonesia

9%

India29%

Japan32%

Philippines16%

Taiwan 2%

Thailand10%

Solar68%

Wind32%

JAPAN• 118 staff• 35 assets / 724 MW

AUSTRALIA• 15 staff• 1 asset / 127 MW

INDONESIA• 34 staff• 5 assets / 114 MW

SINGAPORE• 26 staff

PHILIPPINES• 144 staff• 7 assets/ 329 MW

TAIWAN• 31 staff• 5 assets/ 98 MW

THAILAND• 16 staff• 10 assets/ 64 MW

INDIA• 62 staff• 9 assets/ 679 MW

Singapore

New Delhi

Bangalore

Brisbane

JakartaJeneponto

Bangkok

Manila

Yunlin

TaipeiTaitung

Shichinohe

FukushimaKasama

Tokyo

Tsugaru

Karatsu

Solar Wind

Vena Office

SOUTH KOREA• 4 staff

3Vena Energy’s Competitive Strengths

• Strong development and operating expertise to underpin future growth– Deployed over US$1 billion of equity within the last 5 years– Acquired in January 2018 by Global Infrastructure Partners for US$5 billion in the largestrenewable energy acquisition in history– 100% construction completion rate and successful commissioning of 100% of solarprojects ahead of scheduled commercial operation dates

• Stable and predictable long-term cash flows backed by robust PPA and creditworthyofftakers

– Portfolio has an average long-term remaining contract life of 20.7 years (MW basis)

• Diversity in project geography and technology enhances operation and cash flowsstability

• Low operational risk backed by proven technologies and young age of assets• Healthy financial profile and flexibility underpinned by low gearing and financial

prudence– Low reliance on debt, conservative capital structure, prudent financial policy

• Strong corporate governance and well-defined investment strategy

STRICTLY PRIVATE AND CONFIDENTIAL

4CORPORATE MILESTONES

Founded in 2012, Vena Energy has demonstrated steady growth and successfully expanded into new markets

2013 2015 2016 20172012 2014

Vena Energy founded

Entry into Thailand

Entry into India

First investment into 54MW wind project in India

First investment into 4 solar assets in Japan totaling 47.5MW

Entry into Australia

First solar (50MW) and wind (54MW) investment in Philippines

Commissioned Taiwan’s largest ground mounted solar project

Secured tender to develop Taiwan’s largest solar project

First investment into 10 solar projects (91MW) across Thailand

Entry into Japan Entry into Philippines

Entry into Taiwan

Entry into Indonesia

Commissioned 132MW Project Pollo, SE Asia’s largest solar facility in Cadiz Philippines

Signed first 60MW wind PPA in Indonesia

Acquired by Global Infrastructure Partners (GIP) and changed name to Vena Energy

2018

Financial close reached for first 127MW Australian solar project in South Australia

First successful bid for 125MW solar project in Telangana India

1 12 20 30 39 43# of Operational assets

Net capacity (MW)

1,735

5 148 457

839 1,103 1,289

113 303

511 297

292 446

324

2013 2014 2015 2016 2017 2018 2018

Operational Construction Shovel Ready

2019

International rating/ potential USD bond issuance

STRICTLY PRIVATE AND CONFIDENTIAL

6EXPERIENCED MANAGEMENT TEAM (1/2)

Qualified senior management team with extensive experience

Name & Designation Qualification Past Experience/Achievement Experience

Nitin ApteChief Executive Officer

Bachelor of Aeronautical Engineering, Indian Institute of Technology, Mumbai

M.S. and MBA, Ohio State University, Columbus, Ohio

Chief Executive Officer of Vena Energy, Asia-Pacific’s largest renewable energy Independent Power Producer (IPP)

Previous experience include President and CEO of Materia, a specialty materials company Worked for over 25 years at SABIC and General Electric in assignments spanning P&L Leadership,

Marketing, Innovation, Supply Chain, Six Sigma, Manufacturing and Product Management

25 Years

Sam OngChief Financial Officer

Bachelor of Arts (Economics), University of Alberta, Canada

MBA (Finance), Drake University, USA

Experience mostly in infrastructure development and concessionaire finance in the water, waste-to-energy, power and petrochemical industry

Finance and commercial exposure to private entrepreneurial entities, government agencies and publicly listed companies based in Singapore, Malaysia, Thailand, Indonesia, Australia, Japan, USA and Spain

30 Years

Praveen JainChief Risk Officer

Bachelor of Engineering, Delhi University

MBA, XLRI, Jamshedpur, India

Experienced banker with assignments in project finance, Corporate Banking, Fixed Income, Debt Capital Markets, Syndications and Treasury.

Have banking and finance transactions experience across Asia. Keen follower of fixed income markets and most recently was running own investment office for

4 years.

30 Years

Rupert HallGeneral Counsel

BA (History), University of Nottingham

LLB, College of Law, London Solicitor, England and Wales

Experience in finance, M&A and private equity across a range of sectors, primarily energy and financial services.

Private practice experience with Latham & Watkins in London and Hong Kong. Prior to Joining Vena, Executive Director at Goldman Sachs covering its investment business

including Asian Special Situations Group and the Merchant Banking Division.

13 Years

Anna HoChief Human Resource Officer

Bachelor of Arts (Sociology and Philosophy), National University of Singapore, Singapore

Has more than 25 years of HR experience and held progressive positions across various industries and multiple geographies, which included Asia Pacific and Middle East.

Most recent role was in Temasek as the Group Head of HR for one of their subsidiaries specializing in providing management services like IT, HR, Consulting and Training.

27 Years

STRICTLY PRIVATE AND CONFIDENTIAL

7EXPERIENCED MANAGEMENT TEAM (2/2)

Qualified senior management team with extensive experience

Name & Designation Qualification Past Experience/Achievement Experience

Juan Mas ValorSolar Sector Lead (Japan Country Head)

Bachelor of Industrial Engineering, Polytechnic University of Valencia (Spain)

Industrial Management Degree, Manchester University

Over 15 years experience in the renewable energy industry, overseeing the development, construction and operations of solar and wind projects in Japan, South America and Europe

Commissioned 290 MW of solar projects and establishing in-house Engineering, Procurement and Construction (EPC) and Operations & Maintenance (O&M) capabilities in Vena Energy Japan

Prior to Vena Energy, worked for Juwi Holding AG in Spain and Chile as a Managing Director and in Japan as a Co-Managing Director of a Juwi joint venture with Japanese renewable energy development company Shizen Energy, for which he built more than 40 projects in three years. Before Juwi, Juan worked for Gamesa, executing wind projects in Spain

15 Years

Daniel AstburyWind Sector Lead (Indonesia Country Head)

Bachelor of Mechanical Engineering, Swinburne University of Technology, Melbourne

M.E., Sustainable Energy, RMIT University

Over 17 years of experience in the renewable energy sector across Asia including Australia, India, Thailand, Vietnam, Philippines, Korea, Indonesia, Japan, New Zealand and China

Prior to joining Vena Energy, was Principal Engineer and Regional Business Development Manager for the Advisory business of DNV GL – Energy in Asia-Pacific

Extensive experience across a variety of renewable power generation sectors, in addition to electricity markets, transmission and distribution

17 Years

Tarun AgrawalEngineering and Procurement

Master of Science Electrical Engineering, Michigan Tech University (USA)

MBA Finance and Strategy, Indian School of Business Hyderabad, (India)

Experience in entire life cycle of Solar project from Development to operations having developed 265MW of solar power plants in India, including single location 135Mwp project.

Specialist in Design, Engineering and Procurement of PV plants including DC/AC and HV.

19 Years

Anil NangiaAustralia Country Head

Bachelor of Engineering, Melbourne University

Master of Business Administration, The University of Queensland

Over 25 years of experience in power development including utility scale solar, wind, gas, energy storage and bioenergy

Managed the development, financing and construction of a 127 MW Solar PV project in Tailem Bend, South Australia which will be operating in Q1 2019

Project director – 180 MW Mt Emerald Wind farm & 42 MW Collinsville Solar PV Farm in QLD

30 Years

STRICTLY PRIVATE AND CONFIDENTIAL

10FULLY INTEGRATED CAPABILITIES

Phase 1Project & Site Assessment

Phase 2Pre-Execution Preparation

Phase 3Contracting & Procurement

Phase 4Installation &

Commissioning

Phase 5Operations & Maintenance

Feasibility study

Resource assessment

Grid impact assessment

Financial analysis

Land procurement and perfection

Grid connection

System design

Financing

Contract management approach (full EPC, split-contract EPC, EPCM)

Contractor selection

Equipment procurement

Process monitoring and management

Issue identification and resolution

Commissioning requirements and preparation

Asset management and monitoring

Preventative and corrective service

Equipment and spare part management

Invoice and payment

Expertise across Full Renewable Energy Development Spectrum

Procurement and EPC Capabilities Translate to Cost Competitiveness

Value Proposition of Vena Benefits to Off-takers Benefits to Vena Energy

Regional procurement

Optimised construction

Leading team

Best Technology

Lowest Cost

Highest quality

Economies of scale

Price competitive in bid situations

Market dominance

STRICTLY PRIVATE AND CONFIDENTIAL

12VENA ENERGY AUSTRALIA

• Established in January 2016 by leading experts in the development, constructionand operation of renewable and conventional energy assets in the Australianmarket

• Currently constructing the Tailem Bend Solar Farm in South Australia to supplySnowy Hydro with electricity and LGCs under a long-term PPA

• Actively developing a pipeline of over 2,800 MW of renewable energy assets– Development Approvals successfully secured for solar projects totalling 1,377 MW– Diversified development asset portfolio across the key NEM regions of QLD, NSW, SA

• Long term investment strategy for full life cycle of assets– Develop, build, own and operate

• Focussed on providing tailored solutions to all market segments– Long term offtake agreements with electricity retailers– Large and medium sized corporate customers via virtual or sleeved PPAs– Behind the meter solutions

STRICTLY PRIVATE AND CONFIDENTIAL

13

VENA ENERGY AUSTRALIA’S DEVELOPMENT PIPELINE

Solar Sites

Stage of Development Project Name (State)

Operational • 127 MW Tailem Bend Solar Project (SA)

Advanced

• 111 MW Tailem Bend Stage 2 Solar Project (SA)

• 40 MW/ 80 MWh Battery Energy Storage Project Tailem Bend (SA)

• 260 MW Wandoan Stage 1 Solar Project (QLD

• 100 MW / 150 MWh Queensland Battery Energy Storage Project (QLD)

• 150 MW Collinsville North Solar Project (QLD)

• 550 MW Wandoan Stage 2/3 Solar Project (QLD)

Development

• 220 MW Gulgong Solar Project (NSW)

• 200 MW Wagga Wagga Solar Project (NSW)

• 409 MW Miles Solar Project (QLD)

• 310 MW Yuleba North Solar Project (QLD)

Brisbane

CollinsvilleNorth

Wandoan

Miles

Tailem Bend 1Tailem Bend 2

Yuleba

Wagga

Gulgong

VEA has to date focused on developing solar farms in QLD and SA

14

Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements," including thoserelating to general business plans and strategy of Vena Energy (the "Company"), its future outlook and growth prospects, and future developments in itsbusinesses and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number offactors, including future changes or developments in the Company's business, its competitive environment, its ability to implement its strategies and initiativesand respond to technological changes and political, economic, regulatory and social conditions in Asia ex. Japan. This presentation does not constitute aprospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be considered as a recommendation that any investorshould subscribe for or purchase any of the Company's shares. Potential Investors should seek their own Legal, Tax, Regulatory and Investment advice beforemaking an decision to invest. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or inrelation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of the Company.

The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, thefairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unlessotherwise specified, is only current as of the date of this presentation. The Company assumes no responsibility to publicly amend, modify or revise any forwardlooking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, theinformation contained herein is based on management information and estimates. The information contained herein is subject to change without notice andpast performance is not indicative of future results. The Company may alter, modify or otherwise change in any manner the content of this presentation,without obligation to notify any person of such revision or changes. This presentation may not be copied and disseminated in any manner.

This document contains confidential information regarding the Company and its subsidiaries and associated undertakings and their businesses. This documentis being made available on a confidential basis, and subject to the following provisions, to a limited number of persons who may be interested in thistransaction. It is issued for the exclusive use of the persons to whom it is addressed, with a view to assisting the recipient in deciding whether it wishes toproceed with the further investigation of the Company. This document does not purport to contain all of the information that may be required to evaluate theproposed transaction and any recipient hereof should conduct its own independent analysis of the Company and the data contained or referred to herein.

No information set out in this document will form the basis of any contract. Any prospective investor will be required to acknowledge in the purchase contractthat it has not relied on, or been induced to enter into such agreement by, any representation or warranty, save as expressly set out in such agreement. TheCompany reserves the right to negotiate with one or more prospective investors at any time and to enter into a definitive agreement for this transactionwithout prior notice to the other prospective investors. The Company also reserves the right, without advance notice, to change the procedure; or to terminatenegotiations at any time prior to the entry into of any binding contract for this transaction.

THE INFORMATION PRESENTED HERE IS NOT AN OFFER FOR SALE OF ANY EQUITY SHARES OR ANY OTHER SECURITY OF THE COMPANY.

DISCLAIMER