Statement of Corporate Intent 2015/16

STATEMENT OF CORPORATE INTENT 2015/16

with deletions of commercially sensitive material

Stanwell Corporation Limited ABN 37 078 848 674

COMMERCIAL-IN-CONFIDENCE This document contains confidential information relating to the business affairs of Stanwell Corporation Limited. Release of its content is subject to the provisions of the Right to Information Act 2009 . Any unauthorised disclosure of material contained in this document may diminish the commercial value of that information and may have an adverse impact on the business, commercial and financial affairs of Stanwell Corporation Limited.

Statement of Corporate Intent 2015/16 Page 1 of 35 Commercial-in-Confidence CONTENTS

1.0 Performance agreement ...... 3

2.0 Business overview...... 4

3.0 Objectives and initiatives ...... 6

4.0 Key performance indicators – Quarterly ...... 14

5.0 Financial information – Quarterly ...... 15

5.1 Income statement...... 15

5.2 Balance sheet ...... 16

5.3 Cash flow statement ...... 17

6.0 Compliance with GOC legislation and policies ...... 18

6.1 GOC legislation ...... 18

6.2 GOC policies ...... 18

Appendix A: Definitions ...... 20

Appendix B: Corporate entertainment and hospitality ...... 22

Appendix C: Key performance indicators – Year to date ...... 23

Appendix D: Financial information – Year to date ...... 24 Income statement ...... 24

Balance sheet ...... 25

Cash flow statement ...... 26

Appendix E: Weighted average cost of capital ...... 27

Appendix F: Employment and Industrial Relations Plan ...... 29

Statement of Corporate Intent 2015/16 Page 2 of 35 Commercial-in-Confidence 1.0 PERFORMANCE AGREEMENT

This Statement of Corporate Intent (SCI) and all attachments are presented in accordance with Chapter 3, Part 8 of the Government Owned Corporations Act 1993 (GOC Act).

In accordance with Chapter 1, Part 3, Section 7 of the GOC Act, the SCI represents a formal performance agreement between the Board of Stanwell Corporation Limited (Stanwell) and its shareholding Ministers with respect to the financial and non-financial performance targets specified for the financial year. The SCI represents an acknowledgment of, and agreement to major activities, objectives, undertakings, policies, investments and borrowings of Stanwell for 2015/16.

Stanwell’s core business is:

• operating coal-fired electricity generation plant at Stanwell Power Station, Tarong Power Station and Tarong North Power Station, gas-fired generation plant at Swanbank E Power Station and Mica Creek Power Station, hydro generation plant at Kareeya, Barron Gorge, Koombooloomba and Wivenhoe (small) power stations and diesel oil-fuelled plant at Mackay Gas Turbine; • electricity, gas, coal and other commodity sales and trading; • operating Meandu Mine and managing other critical sources of fuel to support the needs of the generation portfolio, and • managing energy resources to ensure continued optionality for trading and/or generation. This SCI is consistent with Stanwell’s Corporate Plan 2015/16 to 2019/20 submitted to shareholding Ministers, and agreed in accordance with Chapter 3, Part 8 of the GOC Act.

In signing this document, Stanwell’s Board undertakes to achieve the targets proposed in the SCI for 2015/16.

Major changes to key assumptions and outcomes detailed in this SCI, and which come to the Board’s attention during the year, will be brought to the attention of shareholding Ministers. Any modifications to this SCI will be dealt with in accordance with the GOC Act.

This SCI is signed on behalf of all the directors in accordance with a unanimous decision of the Board of Stanwell.

………………………………….

Shane Charles Chairman Date:

…………………………………. ……………………………… The Hon Curtis Pitt MP The Hon Mark Bailey MP Treasurer and Minister for Employment, and Minister for Main Roads, Road Safety and Ports Industrial Relations and Minister for Aboriginal and and Minister for Energy and Water Supply Torres Strait Islander Partnerships

Date: Date:

Statement of Corporate Intent 2015/16 Page 3 of 35 Commercial-in-Confidence 2.0 BUSINESS OVERVIEW

We are a diversified energy business.

We own coal, gas and water assets which we use to generate electricity; we sell electricity directly to business customers; and we trade gas and coal.

Our portfolio of fuel, generation and retail electricity contracts allows us to achieve the best possible returns from our business. Stanwell is able to shift revenue between generation and other energy markets depending on market conditions. By switching between generating and selling our fuel (depending on market conditions), we can meet the demand for our energy products and get the best value from our assets.

With a generating capacity of more than 4,100 megawatts, Stanwell is the largest electricity generator in Queensland. We have the capacity to supply more than 45 per cent of Queensland’s peak electricity requirements through our coal, gas and hydro power stations. We create value from this portfolio by switching generation between fuels depending on market conditions.

We own and have access to competitively priced fuel to use at our power stations. This gives us a significant cost advantage in the market. In cases where it provides a better return, we sell our coal or gas to customers instead of using it to generate electricity.

We have an established retail business, selling electricity directly to business customers. We are growing this retail service to include a broader range of business customers in Queensland, New South Wales, the Australian Capital Territory and Victoria.

Statement of Corporate Intent 2015/16 Page 4 of 35 Commercial-in-Confidence

Statement of Corporate Intent 2015/16 Page 5 of 35 Commercial-in-Confidence 3.0 OBJECTIVES AND INITIATIVES

With improving market conditions and continued cost management, Stanwell’s 2015/16 SCI builds upon Stanwell’s previous strategic initiatives to deliver a significantly improved commercial performance and long-term profitability from its generation business. To deliver on this commitment, Stanwell has structured its strategic approach around three themes:

Sell our energy for the best return Optimise trading revenue, find alternative outlets for energy and diversify revenue streams.

Simplify and streamline our business Create value from the way Stanwell operates its generation portfolio by continuing the organisation’s focus on improving cost and performance efficiencies from core business operations.

Secure our future Provide a safe workplace, engage and retain a high performing workforce and secure ongoing support for Stanwell’s operations and corporate direction.

Statement of Corporate Intent 2015/16 Page 6 of 35 Commercial-in-Confidence Sell our energy for the best return

OPTIMISE GROSS MARGIN

What we will do How we will do it

Increase our trading revenue ••• Develop and execute integrated spot, contract and fuel trading strategies that improve short and long- term revenue performance

Ensure asset performance supports trading ••• Implement asset management strategies and lifecycle requirements plans to ensure asset performance meets market needs ••• Complete plant and equipment overhauls and capital projects within approved budgets and timeframes • Develop an ash disposal plan for the life of Stanwell’s coal-fired generation assets

Reduce fuel and mine costs ••• Deliver coal to the Tarong power stations in line with the 2014 Meandu Life of Mine Plan ••• Extract synergies between mine and power station (minimise pit to pole operating costs) ••• Continue to support the Hitachi autonomous truck trials and assessment at Meandu Mine ••• Progress stakeholder agreement and regulatory approvals for surface rights extension at Meandu Mine

Secure commercial water supply arrangements ••• Implement strategies to secure a commercial water supply for Stanwell’s generation assets

Statement of Corporate Intent 2015/16 Page 7 of 35 Commercial-in-Confidence Sell our energy for the best return

SEEK ALTERNATIVE OUTLETS FOR OUR ENERGY

What we will do How we will do it

Expand exposure to direct retail markets

Develop retail alliances

Expand trading activities into new markets and commodities

Execute commercial long-term hedging contracts

Ensure back office processes support trading ••• Implement effective risk, settlements, funding and activities accounting processes to meet retail trading requirements

Statement of Corporate Intent 2015/16 Page 8 of 35 Commercial-in-Confidence Sell our energy for the best return

DIVERSIFY REVENUE

What we will do How we will do it

Realise best value from our gas portfolio

Realise best value from our coal portfolio ••• Secure the export or on-sale of option coal

• Develop key relationships with coal export and infrastructure participants to secure access to infrastructure to deliver coal to market

Statement of Corporate Intent 2015/16 Page 9 of 35 Commercial-in-Confidence

Simplify and streamline our business

SIMPLIFY AND STREAMLINE OUR BUSINESS

What we will do How we will do it

Deliver operational cost efficiencies ••• Manage capital expenditure program to maintain asset integrity and match performance to market needs • Maintain benefits from implementation of the Operations Review outcomes ••• Realise commercial benefits from the implementation of a new consolidated facilities, overhaul and asset maintenance and management contract ••• Continue to seek short-term debt and cash flow management initiatives to improve trading returns and contribute to reducing corporate debt expense ••• Continue to deliver a 10 per cent reduction in operational expenditure (measured against the 2015/16 budget in the 2013/14 Corporate Plan submitted on 28 May 2012)

Improve and simplify business systems ••• Maintain cost effective business system platforms that are stable and fit-for-purpose ••• Maintain a prioritised schedule of work to reduce the risk, cost and complexity of information and business systems ••• Develop a road-map of replacement/upgrade/ decommission of assets (applications and hardware) for execution in 2015/16 • Ongoing development of energy trading applications ••• Upgrade Ellipse enterprise resource planning systems ••• Develop safe work system upgrade solution

Maximise the value of Mica Creek Power Station

Continue to rationalise gas investments ••• Recover net book value of gas investments

Statement of Corporate Intent 2015/16 Page 10 of 35 Commercial-in-Confidence

Secure our future

PROVIDE A SAFE WORKPLACE

What we will do How we will do it

Continue to improve safety performance, ••• Complete 7,000 values interactions systems and processes ••• Reduce our Total Recordable Injury Frequency Rate and All Classified Injury Frequency Rate compared to the previous year’s result ••• Implement a rationalised approach to safety training with an emphasis on utilising national competencies and e-learning ••• Deliver improvement in contractor safety through the facilities, overhauls and asset maintenance and management contract

Statement of Corporate Intent 2015/16 Page 11 of 35 Commercial-in-Confidence

Secure our future

ENGAGE AND RETAIN A HIGH PERFORMING WORKFORCE

What we will do How we will do it

Maintain engagement in Stanwell’s values ••• Ensure our behaviour, practices and processes are (Safe, Responsible and Commercial) and aligned to deliver business objectives associated behaviours ••• Deliver initiatives that increase efficiency and commercial returns, and progress towards cultural improvement and alignment

New Enterprise Bargaining Agreements ••• Finalise new agreements for: – Stanwell Power Station – Mica Creek Power Station – Corporate office – Barron Gorge and Kareeya hydros – Swanbank Power Station – Tarong power stations

Increase employee engagement in achieving ••• Ongoing support and development of leaders to assist business objectives them in retaining and engaging a high performing workforce ••• Ongoing review and optimisation of the organisational structure to support delivery of business objectives with minimal industrial relations activity ••• Regular communication of strategy and business direction to inform and maintain employee engagement during the implementation of business initiatives

Statement of Corporate Intent 2015/16 Page 12 of 35 Commercial-in-Confidence

Secure our future

SECURE ONGOING SUPPORT FOR STANWELL'S OPERATIONS AND STRATEGY

What we will do How we will do it

Secure shareholder and stakeholder support for ••• Proactively communicate Stanwell’s business model our activities and associated requirements to shareholding Ministers and ensure no negative feedback on Stanwell's communication of business issues, key projects, operations or strategy ••• Build each asset’s links with its local community to ensure our key opinion leaders: – have a relationship of trust with the management of their local Stanwell asset – perceive the asset benefits the community ••• Maintain a positive relationship with traditional owners to reduce the possibility of disruptions to mining operations

Ensure Stanwell’s environmental right to operate ••• Ensure compliance with national legislation, standards and licences – No material environmental compliance breaches or enforcement actions – Secure environmental approvals that align with commercial operating requirements

Ensure compliance with applicable laws, ••• Ensure ongoing compliance with national legislation, regulations and company policies standards and licences, with no material breaches ••• Advocate for the removal of unnecessary regulation and remove market distortions

Statement of Corporate Intent 2015/16 Page 13 of 35 Commercial-in-Confidence 4.0 KEY PERFORMANCE INDICATORS – QUARTERLY

Refer Appendix A for definitions of the key performance indicators and Appendix C for key performance indicators on a year to date basis.

2015/16 2014/15 2015/16 Key Performance Indicators Sep-15 Dec-15 Mar-16 Jun-16 Forecast Budget Safety & Environment Performance 0 0 0 0 Lost Time Injury Frequency Rate (LTIFR) 0 0 0 0 0 0 Total Recordable Injury Frequency Rate (TRIFR) 0 0 0 0 0 0 All Classified Injury Frequency Rate (ACIFR) 0 0 0 0 0 0 Notifiable Safety Incidents 0 0 0 0 0 0 Environment Enforcement Actions 0 0 1,750 1,750 1,750 1,750 Value Interactions 7,000 7,000 Financial Generation Business 10.0 10.0 53.9 147.1 49.1 Generation Operating Profit/(Loss) ($M) 162.0 260.1 (8.2) 16.7 80.9 16.7 Net Profit/(Loss) After Tax - Generation ($M) 25.5 106.3 (2.5)% 5.0% 23.3% 4.8% Return on Equity - Generation 1.9% 8.0% Consolidated Business 26.5 26.5 62.9 155.0 63.2 Earnings/(Loss) Before Interest and Taxation ($M) 175.5 307.6 4.2 4.2 29.5 93.8 30.0 Net Profit/(Loss) After Tax ($M) 70.6 157.7 1.3% 8.9% 27.0% 8.6% Return on Equity 5.3% 11.9% 3.4% 9.8% 24.5% 9.3% Return on Operating Assets 9.2% 11.4% 33.0% 34.2% 28.9% 29.8% Gearing 31.8% 29.8% 57.8 57.8 55.1 39.0 74.6 Capital Expenditure ($M) 213.0 226.5 Gross Profit Indicators (NEM) Average Realised Price per MWh sold (nodal) ($/MWh) Fuel Costs ($/MWh sold) Operational Performance NEM Generators 88.9% 88.7% 93.4% 88.8% Availability 87.8% 89.8% 3.4% 3.4% 3.4% 3.4% Forced outage factor 1.8% 3.4% Operations and site support costs ($/MWh sold) Mica Creek Power Station 88.2% 94.5% 94.5% 94.5% Availability 89.2% 92.9% 3.0% 3.0% 3.0% 3.0% Forced outage factor 3.9% 3.0% People 716 716 716 716 Net FTE personnel numbers 719 716

Statement of Corporate Intent 2015/16 Page 14 of 35 Commercial-in-Confidence 5.0 FINANCIAL INFORMATION – QUARTERLY

Refer to Appendix D for financial information on a year to date basis.

5.1 INCOME STATEMENT

2015/16 Income Statement 2013/14 2015/16 Sep-15 Dec-15 Mar-16 Jun-16 Escalated $M Forecast Budget 1 Electricity pool sales revenue Contract revenue/(payments) Fuel Costs - - - - Carbon Permits ------Coal Export Sales 3.4 - Gas Sales Other Revenue/(Expenses) 108.2 148.0 241.2 143.7 GROSS PROFIT 541.1 641.2

Operations & Site Support Costs Corporate Support Costs ( Depreciation & Amortisation (97.9) (93.8) (93.9) (94.4) OPERATING EXPENSES (378.7) (380.0) (0.9) (1.0) (0.8) (0.8) NET MINING EXPENSES (3.0) (3.5)

0.6 0.6 0.6 0.6 Other Operating Revenue 2.6 2.5 10.0 53.9 147.1 49.1 GENERATION OPERATING PROFIT 162.0 260.1

Non Operating Revenue/(Expense) Fixed Water Grid Costs - - - - Restructure Costs - - Coal Rebate Fair Value Movements - Derivatives 26.5 62.9 155.0 63.2 EARNINGS BEFORE INTEREST & TAX 175.5 307.6

(20.4) (20.7) (20.9) (20.2) Net Interest Expense (74.5) (82.2) (1.9) (12.7) (40.3) (12.9) Income Tax (30.4) (67.8) 4.2 29.5 93.8 30.0 NET PROFIT AFTER TAX 70.6 157.7

- - - (126.1) Dividends Provided for Current Year (56.5) (126.1) 4.2 29.5 93.8 (96.1) PROFIT AFTER TAX & DIVIDENDS 14.1 31.5

Transactions with owners 2015/16 2014/15 2015/16 Escalated $M Sep-15 Dec-15 Mar-16 Jun-16 Forecast Budget - - - - 126.1 Dividends 56.5 126.1 1.9 1.9 12.7 40.3 12.9 Tax Payments 30.4 67.8 - - - - - Equity Injections - -

Statement of Corporate Intent 2015/16 Page 15 of 35 Commercial-in-Confidence 5.2 BALANCE SHEET

2015/16 Balance Sheet 2014/15 2015/16 Sep-15 Dec-15 Mar-16 Jun-16 Escalated $M Forecast Budget ASSETS 124.1 72.3 187.8 200.7 Cash and cash equivalents 157.1 200.7 167.5 179.3 188.4 164.7 Trade and other receiveables 156.4 164.7 165.9 172.5 172.0 178.1 Inventories 162.2 178.1 171.7 163.2 153.3 143.0 Other assets 171.6 143.0 128.7 124.8 126.0 120.6 Derivative assets 143.4 120.6 1.6 2.9 1.4 0.8 Derivative premiums 2.1 0.8 8.3 8.3 8.3 8.3 Financial assets (SFE Collateral) 8.3 8.3 767.8 723.4 837.0 816.2 Total Current Assets 801.1 816.2

232.7 200.4 168.9 136.9 Derivative assets 263.6 136.9 2,238.1 2,249.7 2,244.7 2,280.5 Property, plant and equipment 2,221.8 2,280.5 22.5 22.5 22.5 22.5 Exploration and evaluation assets 22.5 22.5 21.4 21.4 21.4 21.4 Other assets 21.4 21.4 155.7 148.3 148.3 148.3 Deferred Tax Assets 163.1 148.3 81.0 80.6 80.2 79.9 Intangible Assets 81.3 79.9 2,751.3 2,722.8 2,685.9 2,689.5 Total Non-Current Assets 2,773.7 2,689.5

3,519.1 3,446.2 3,523.0 3,505.7 TOTAL ASSETS 3,574.8 3,505.7 LIABILITIES 173.1 173.8 177.1 174.4 Trade and other payables 165.0 174.4 141.6 132.9 130.0 124.0 Derivative liabilities 147.9 124.0 3.5 2.6 1.8 1.0 Derivative premiums 6.0 1.0 88.5 32.0 32.0 158.1 Provisions 88.5 158.1 10.2 10.2 10.2 10.2 Other liabilities 10.2 10.2 (18.4) (11.6) 7.4 3.9 Current tax payable (6.8) 3.9 398.5 340.0 358.5 471.6 Total Current Liabilities 410.8 471.6

771.3 771.3 771.3 771.3 Borrowings 771.3 771.3 768.7 759.1 759.2 759.0 Provisions 779.5 759.0 230.6 199.4 166.8 136.5 Derivative liabilities 261.8 136.5 1,804.4 1,760.9 1,725.7 1,692.5 Total Non-Current Liabilities 1,848.9 1,692.5

2,202.9 2,100.9 2,084.3 2,164.2 TOTAL LIABILITIES 2,259.7 2,164.2

1,316.2 1,345.3 1,438.7 1,341.6 NET ASSETS 1,315.0 1,341.6

EQUITY 1,214.7 1,214.7 1,214.7 1,214.7 Issued Share Capital 1,214.7 1,214.7 98.1 127.6 221.4 125.3 Retained earnings 93.8 125.3 3.5 3.1 2.6 1.5 Deferred (gains) losses on derivatives 6.5 1.5 1,316.2 1,345.3 1,438.7 1,341.6 TOTAL EQUITY 1,315.0 1,341.6

Statement of Corporate Intent 2015/16 Page 16 of 35 Commercial-in-Confidence 5.3 CASH FLOW STATEMENT

2015/16 Cash Flow Statement 2014/15 2015/16 Sep-15 Dec-15 Mar-16 Jun-16 Escalated $M Forecast Budget Cash flows from operating activities 394.9 400.7 522.2 444.9 Cash receipts in the course of operations 1,271.0 1,762.6 (334.8) (313.6) (328.4) (319.1) Cash payments in the course of operations (972.2) (1,295.8) - - - - Cash payments for carbon liability (84.2) - (17.0) (17.0) (17.0) (17.0) Net financing costs paid (55.6) (67.9) (18.8) (11.3) (23.9) (19.1) Income tax paid (62.0) (73.1) 24.3 58.8 153.0 89.7 Net cash provided by operating activities 97.0 325.8 Cash flows from investing activities - - - - Proceeds from/(payment for) the disposal of assets 3.2 - (57.4) (54.1) (37.5) (76.8) Payments for property, plant and equipment (207.0) (225.8) (57.4) (54.1) (37.5) (76.8) Net cash used in investing activities (203.8) (225.8) Cash flows from financing activities - - - - Drawdown/(Repayment) of borrowings 250.0 - - - - - Equity Contribution -- - (56.5) - - Dividends paid (96.5) (56.5) - (56.5) - - Net cash provided by/(used in) financing activities 153.5 (56.5) (33.1) (51.7) 115.4 13.0 Net increase/(decrease) in cash held 46.7 43.6 157.1 124.1 72.3 187.8 Cash at the beginning of the period 110.4 157.1 124.1 72.3 187.8 200.7 Cash at the end of the period 157.1 200.7

Statement of Corporate Intent 2015/16 Page 17 of 35 Commercial-in-Confidence 6.0 COMPLIANCE WITH GOC LEGISLATION AND POLICIES

6.1 GOC LEGISLATION

Community Service Obligations Stanwell does not have any community service obligations as defined by s112 of the GOC Act.

Dividends Stanwell intends to recommend a dividend of 80 per cent of Net Profit after Tax unless otherwise agreed with shareholding Ministers, in accordance with s131 of the GOC Act or limited by the Corporations Act 2001 .

Employment and Industrial Relations (E&IR) Plan An E&IR Plan meeting the requirements of s149 of the GOC Act and the GOC Wages Policy 2015 is provided in Appendix F.

6.2 GOC POLICIES The Board acknowledges and has put in place governance mechanisms to ensure compliance with all prescribed GOC policies.

Specific statements of compliance are made as follows:

Code of Practice for GOCs’ financial arrangements The Board will ensure Stanwell takes full responsibility to ensure that prudent financial practices will be applied within the business and its subsidiaries (whether fully controlled or otherwise). Without limiting the obligations imposed on the Board and the Chief Executive Officer by the GOC Act and, where applicable, the Corporations Act 2001, this includes a commitment to:

• abide by the Code of Practice for Government Owned Corporations’ Financial Arrangements (Code of Practice), as issued by the Queensland Government; and • establish, maintain and implement appropriate financial risk management practices and policies required and as specified in the Code of Practice.

Corporate governance guidelines Stanwell has adopted all the recommendations in the Corporate Governance Guidelines. Stanwell’s governance framework reflects the Board’s commitment to best practice governance arrangements that enhance Stanwell’s effectiveness while ensuring the appropriate degree of accountability and transparency to stakeholders.

Investment guidelines The Board notes the shareholding Ministers’ approval threshold for capital projects of $15 million and will submit such projects for shareholder approval following Board approval. In order to ensure certainty, reduce overall cost and risk, Stanwell will seek an annual approval of its statutory overhaul program. The Board notes the notification threshold for capital projects of $10 million.

In 2015/16, Stanwell will undertake a number of capital expenditure projects which are detailed in the 2015/16 to 2019/20 Corporate Plan.

Cost of capital principles (weighted average cost of capital) Stanwell’s Board-approved weighted average cost of capital calculation is included in Appendix E.

Statement of Corporate Intent 2015/16 Page 18 of 35 Commercial-in-Confidence Risk management Stanwell’s Risk Management Framework and Risk Evaluation Matrix give effect to ISO 31000:2009 Risk management principles and guidelines and assign responsibility to individual Executive General Managers for the management of specific business critical risks for which they are functionally responsible. The Risk Management Framework clearly communicates the Board’s and management’s position on the process, terminology and tolerances for risk assessments (as calculated by the Risk Evaluation Matrix) and the requirements for risk reporting.

Other matters As part of its Fiscal Strategy and Debt Action Plan (Fiscal Strategy), the Government raised its intention to drive savings in the electricity GOCs through merging the three network businesses into a single network business; and the two generation businesses into a single generation business, subject to a final structure being agreed with the ACCC.

While no decisions regarding future structures of the businesses have been made, the Government has commenced work to identify efficiency and synergy gains which may be achieved through merging the businesses, along with developing organisational structures which will support the achievement of those gains, while managing any competition issues.

Stanwell will continue to assist and work with Government throughout this process through the provision of information and the identification of potential efficiency and synergy savings.

Statement of Corporate Intent 2015/16 Page 19 of 35 Commercial-in-Confidence APPENDIX A: DEFINITIONS

Term Definition

All Classified Injury All classified injuries in the period/number of hours worked in the period X 1,000,000. YTD Frequency Rate (ACIFR) figures are based on a 12-month moving average. Includes first aid, medical treatment and lost time injuries. Includes employees, contractors and third party sites

Availability factor Measures the percentage of total plant capacity that is actually available to produce power, reported as a percentage. [Installed plant capacity (MW) x 8760 – MWh losses due to outages] x 100% Installed plant capacity (MW) x 8760 MWh losses can be attributed to all causes (planned, maintenance and forced) Average Realised Price per Calculated as the sum of electricity sales revenue from NEM generators divided by total energy MWh Sold - nodal ($/MWh) sold on the NEM Capital expenditure Amount incurred by Stanwell on capital projects to the end of the reporting period Consolidated business Includes Generation Business and proceeds from Coal Rebate revenue

EBIT Earnings Before Interest and Tax

EBITDA Group Earnings before Interest, Tax, Depreciation and Amortisation. Measures the group earnings in terms of cash-related items only EBITDA Interest Cover Earnings before Interest, Tax, Depreciation and Amortisation (but after any abnormal or extraordinary items) divided by interest cost (for clarity – includes capitalised interest, but excludes interest unwind related to provisions) Energy sent out (GWh) Measures total production of the generator, net of power used internally (in both unit and station auxiliaries). For clarity net of imports Environmental Enforcement Includes the issue by an Environmental Regulator of an infringement notice, an environmental Action protection order, a program notice, a notice requiring the preparation and submission of a draft environmental management program, or the institution of any court proceedings. Environmental Impact Assessment processes are excluded from this definition Forced outage factor Proportion of plant capacity that is unavailable due to forced outage. MWh out of service due to forced outage x 100% Installed Plant Capacity (MW) x 8760 Fuel cost Total fuel costs or energy inputs expenses Gearing Debt / Debt + Equity

Generation and site support Operations and site support costs is calculated as operations and site support costs, divided by costs ($/MWh sold) electricity sold. Fuel, carbon, energy trading team costs, corporate support costs and depreciation are excluded Generation business Excludes proceeds from coal rebate revenue

Generation Operating Profit Earnings Before Interest and Tax, excluding fair value movements on derivatives, coal rebate (Loss) revenue, one-off transactions, the fixed cost portion of the grid water contracts and organisational restructure costs. Gross Profit Includes all energy sales, including electricity, fuel sales, renewable energy certificates, market charge

Lost Time Injury Frequency The number of lost time injuries in the period / number of hours worked in the period X Rate (LTIFR) 1,000,000. YTD figures are based on a 12-month moving average. Includes employees, contractors and third party sites

Statement of Corporate Intent 2015/16 Page 20 of 35 Commercial-in-Confidence Term Definition

Notifiable Safety Incidents Health and safety events that are notifiable to: 1. Workplace Health and Safety Qld in accordance with the requirements under the Work Health and Safety Act 2011 and associated Regulation. 2. The Electrical Safety Office in accordance with the requirements under the Electrical Safety Act 2002 and associated Regulation. 3. The Petroleum and Gas Inspectorate in accordance with the requirements under the Petroleum and Gas (Production and Safety) Act 2004 and associated Regulation. Net full time employee The headcount percentage measure determined by comparing the number of hours an equivalent personnel employee is paid, against the hours an employee is paid on a full time arrangement which has numbers a FTE of 1. Most full time arrangement hours are either 36.25 or 40 hours/week. Some employees (particularly at Mica Creek Power Station) have slightly higher hours/week Net Profit After Tax - Group net profit after tax excluding the coal rebate revenue Generation Net Profit After Tax Group net profit after tax O&M Expenditure Operation and maintenance costs excluding fuel divided by the MWh sold (excluding fuel) $/MWh Sold Return on Equity Group net profit after tax (but before any abnormal or extraordinary items) divided by the average contributed equity

Return on Operating Assets Group Earnings before Interest and Tax (but after any abnormal or extraordinary items), less income from investments, divided average of group operating assets

Second tier retailer New-entrant retailers (although in some contexts it is used to indicate small retailers, typically without generation capacity in the jurisdiction in which they have retail load), whereas first tier retailers are incumbent retailers Total Recordable Injury Recordable injuries in the period/number of hours worked in the period X 1,000,000. TRIFR is a Frequency Rate (TRIFR) combination of Lost Time and Medical Treatment Injuries. Includes employees, contractors and third party sites Values interactions A values interaction is a proactive way to discuss safe, responsible and commercial behaviours that impact how our people operate at Stanwell

Statement of Corporate Intent 2015/16 Page 21 of 35 Commercial-in-Confidence APPENDIX B: CORPORATE ENTERTAINMENT AND HOSPITALITY

2014/15 2015/16 Quarter to date 2015/16 Activity Description/Benefit Forecast Budget ($) ($) ($) Sep-15 Dec-15 Mar-16 Jun-16 SPONSORSHIP Support for community projects and activities contributethat to a Community Partnership Funds / vibrant, prosperous, inclusive community that makea genuine 'quality 365,000 350,000 87,500 87,500 87,500 87,500 Sponsorships of life' contribution to the communities that hostStanwell assets

Support for employees to engage with one anotherile whparticipating in Employee Engagement 25,000 25,000 6,250 6,250 6,250 6,250 charity fundraising events that benefit our localommunities. c TOTAL SPONSORSHIP 390,000 375,000 93,750 93,750 93,750 93,750 ADVERTISING Other (total) advertising below $5,000 12,000 5,500 1,000 1,750 1,750 1,000 TOTAL ADVERTISING 12,000 5,500 1,000 1,750 1,750 1,000 CORPORATE ENTERTAINMENT Events over $5,000 Energy Trading and Commercial Strategy Industry networking event - Queensland 6,000 6,000 6,000 0 0 0 Bowls Day Energy Trading and Commercial Strategy Client networking event - New South Wales 13,000 0 0 0 0 0 Client Event Energy Trading and Commercial Strategy Client networking event - Victoria 0 14,000 14,000 0 0 0 Client Event Total over $5,000 19,000 20,000 20,000 0 0 0 Other (total) below $5,000 55,068 57,765 12,728 14,448 16,538 14,051 TOTAL CORPORATE ENTERTAINMENT 74,068 77,765 32,728 14,448 16,538 14,051

Corporate Entertainment and Advertising - Detailsf Total o Budgeted and Actual Total Expenditure under $5,000

2014/15 2015/16 Quarter to date 2015/16 Activity Description/Benefit Forecast Budget ($) ($) ($) Sep-15 Dec-15 Mar-16 Jun-16 Corporate Entertainment Total Staff & Stakeholder Functions 55,068 57,765 12,728 14,448 16,538 14,051 Total UNDER $5,000 55,068 57,765 12,728 14,448 16,538 14,051

Note: Stanwell does not provide donations.

Statement of Corporate Intent 2015/16 | Commercial-in-Confidence Page 22 of 35 APPENDIX C: KEY PERFORMANCE INDICATORS – YEAR TO DATE

Year to date 2015/16 2014/15 2015/16 Key Performance Indicators Sep-15 Dec-15 Mar-16 Jun-16 Forecast Budget Safety & Environment Performance 0 0 0 0 Lost Time Injury Frequency Rate (LTIFR) 0 0 0 0 0 0 Total Recordable Injury Frequency Rate (TRIFR) 0 0 0 0 0 0 All Classified Injury Frequency Rate (ACIFR) 0 0 0 0 0 0 Notifiable Safety Incidents 0 0 0 0 0 0 Environment Enforcement Actions 0 0 1,750 3,500 5,250 7,000 Value Interactions 7,000 7,000 Financial Generation Business 10.0 10.0 63.9 211.0 260.1 Generation Operating Profit/(Loss) ($M) 162.0 260.1 (8.2) 8.6 89.5 106.3 Net Profit/(Loss) After Tax - Generation ($M) 25.5 106.3 (2.5)% 1.3% 8.7% 8.0% Return on Equity - Generation 1.9% 8.0% Consolidated Business 26.5 26.5 89.4 244.4 307.6 Earnings/(Loss) Before Interest and Taxation ($M) 175.5 307.6 4.2 4.2 33.8 127.6 157.7 Net Profit/(Loss) After Tax ($M) 70.6 157.7 1.3% 5.1% 12.4% 11.9% Return on Equity 5.3% 11.9% 3.4% 6.5% 12.4% 11.4% Return on Operating Assets 9.2% 11.4% 33.0% 34.2% 28.9% 29.8% Gearing 31.8% 29.8% 57.8 57.8 112.9 151.9 226.5 Capital Expenditure ($M) 213.0 226.5 Gross Profit Indicators (NEM) Average Realised Price per MWh sold (nodal) ($/MWh) Fuel Costs ($/MWh sold) Operational Performance NEM Generators 88.9% 88.8% 90.4% 89.8% Availability 87.8% 89.8% 3.4% 3.4% 3.4% 3.4% Forced outage factor 1.8% 3.4% Operations and site support costs ($/MWh sold) Mica Creek Power Station 88.2% 91.4% 92.4% 92.9% Availability 89.2% 92.9% 3.0% 3.0% 3.0% 3.0% Forced outage factor 3.9% 3.0% People 716 716 716 716 Net FTE personnel numbers 719 716

Statement of Corporate Intent 2015/16 Page 23 of 35 Commercial-in-Confidence APPENDIX D: FINANCIAL INFORMATION – YEAR TO DATE

INCOME STATEMENT

Year to date 2015/16 Income Statement 2014/15 2015/16 Sep-15 Dec-15 Mar-16 Jun-16 Escalated $M Forecast Budget Electricity pool sales revenue Contract revenue/(payments) Fuel Costs - - - - Coal Export Sales 3.4 - Gas Sales Other Revenue/(Expenses) 108.2 256.3 497.5 641.2 GROSS PROFIT 541.1 641.2

Operations & Site Support Costs Corporate Support Costs Depreciation & Amortisation (97.9) (191.7) (285.6) (380.0) OPERATING EXPENSES (378.7) (380.0)

(0.9) (1.9) (2.7) (3.5) NET MINING EXPENSES (3.0) (3.5) 0.6 1.2 1.9 2.5 Other Operating Revenue 2.6 2.5

10.0 63.9 211.0 260.1 GENERATION OPERATING PROFIT 162.0 260.1

Non Operating Revenue/(Expense) Fixed Water Grid Costs Coal Rebate Fair Value Movements - Derivatives 26.5 89.4 244.4 307.6 EARNINGS BEFORE INTEREST & TAX 175.5 307.6

(20.4) (41.1) (61.9) (82.2) Net Interest Expense (74.5) (82.2) (1.9) (14.6) (54.9) (67.8) Income Tax (30.4) (67.8) 4.2 33.8 127.6 157.7 NET PROFIT AFTER TAX 70.6 157.7

- - - (126.1) Dividends Provided for Current Year (56.5) (126.1) 4.2 33.8 127.6 31.5 PROFIT AFTER TAX & DIVIDENDS 14.1 31.5

Statement of Corporate Intent 2015/16 Page 24 of 35 Commercial-in-Confidence BALANCE SHEET

2,202.9 2,100.9 2,084.3 2,164.2 TOTAL LIABILITIES 2,259.7 2,164.2

1,316.2 1,345.3 1,438.7 1,341.6 NET ASSETS 1,315.0 1,341.6

Statement of Corporate Intent 2015/16 Page 25 of 35 Commercial-in-Confidence CASH FLOW STATEMENT

Year to date 2015/16 Cash Flow Statement 2014/15 2015/16 Sep-15 Dec-15 Mar-16 Jun-16 Escalated $M Forecast Budget

Cash flows from operating activities 394.9 795.6 1,317.7 1,762.6 Cash receipts in the course of operations 1,271.0 1,762.6 (334.8) (648.4) (976.7) (1,295.8) Cash payments in the course of operations (972.2) (1,295.8) - - - - Cash payments for carbon liability (84.2) - (17.0) (33.9) (50.9) (67.9) Net financing costs paid (55.6) (67.9) (18.8) (30.2) (54.1) (73.1) Income tax paid (62.0) (73.1) 24.3 83.1 236.1 325.8 Net cash provided by operating activities 97.0 325.8 Cash flows from investing activities - - - - Proceeds from/(payment for) the disposal of assets 3.2 - (57.4) (111.5) (149.0) (225.8) Payments for property, plant and equipment (207.0) (225.8) (57.4) (111.5) (149.0) (225.8) Net cash used in investing activities (203.8) (225.8) Cash flows from financing activities - - - - Drawdown/(Repayment) of borrowings 250.0 - - - - - Equity Contribution -- - (56.5) (56.5) (56.5) Dividends paid (96.5) (56.5) - (56.5) (56.5) (56.5) Net cash provided by/(used in) financing activities 153.5 (56.5) (33.1) (84.8) 30.6 43.6 Net increase/(decrease) in cash held 46.7 43.6 157.1 157.1 157.1 157.1 Cash at the beginning of the period 110.4 157.1 124.1 72.3 187.8 200.7 Cash at the end of the period 157.1 200.7

Statement of Corporate Intent 2015/16 Page 26 of 35 Commercial-in-Confidence APPENDIX E: WEIGHTED AVERAGE COST OF CAPITAL

Stanwell will present investment proposals to shareholding Ministers in accordance with the Cost of Capital Principles – Government Owned Corporations (CoCP). However, in addition a ‘Market Approach’ is used for the purposes of asset impairment testing and for evaluating proposals in a competitive market process. This ensures consistency with the practices of other market participants.

Details of Stanwell’s Weighted Average Cost of Capital (WACC) calculations are provided below.

Methodology The WACC figures have been calculated using the post tax nominal methodology which is of the form: kd * (1-Tc) * (D/V) + ke * [(1-Tc) / (1-Tc(1-y))] * (E/V)

Where kd = cost of debt

ke = cost of equity

y = Gamma D = Market value of debt as a proportion of the market value of equity and debt V

E = Market value of equity as a proportion of the market value of equity and debt, (1-D/V) V

Tc = Corporate Tax rate (30%)

Statement of Corporate Intent 2015/16 | Commercial-in-Confidence Page 27 of 35 Stanwell engaged Ernst & Young (EY) to determine an appropriate cost of capital for its business. EY’s findings in respect to input parameters and the resultant Weighted Average Cost of Capital for Stanwell are shown in the ‘Market Approach’ column in the table above.

In carrying out their review, EY provided detailed consideration to the stabilising effect that the coal rebate revenue stream and the modest vertical integration through retailing activities has on the Stanwell business compared to that of a typical merchant generator, and the appropriateness of certain parameters:

Review process Stanwell reviews its WACC annually due to the potential volatility of the various parameters.

This aligns with the proposed review period included in the Cost of Capital Principles.

Statement of Corporate Intent 2015/16 | Commercial-in-Confidence Page 28 of 35 APPENDIX F: EMPLOYMENT AND INDUSTRIAL RELATIONS PLAN

This Employment and Industrial Relations Plan applies to Stanwell and its subsidiary companies.

1. Employment and Industrial Relations philosophy and direction

Industrial Relations Strategy

With improving market conditions and prudent cost management, Stanwell will build upon the previous year’s strategic initiatives to sustain a profitable return from its generation business. To deliver on this commitment, Stanwell has structured its strategic approach around three key themes: sell our energy for the best return; simplify and streamline our business; and secure our future.

2. Enterprise Agreements Enterprise Agreements (EAs) remain the principal source of terms and conditions for employees. There are seven EAs currently operating at Stanwell. All EAs include productivity increases, incentive payments and effective training systems to ensure a focus on Stanwell’s strategic outcomes. All EAs have been approved by the Fair Work Commission. Stanwell is currently renegotiating its seven EAs which have expired or are expiring in 2015. The EAs and their expiry dates are described further below. Stanwell’s aim in negotiations is to simplify EAs, obtain flexible work arrangements which contribute to and build profitability in the business and provide fair and reasonable employment terms and conditions. Bargaining will occur within the context of the Government’s wages policy.

3. Remuneration Arrangements

CEO and Senior Executives Remuneration

Senior executive remuneration complies with Senior Executive remuneration guidelines.

CEO and Senior Executives as at 1 January 2015

CEO/ Employer Base Senior Superannuation Other personal benefits 3, 4 Salary 1 Executives Contribution 2 Richard Van Breda (Chief Executive 577,765 57,777 Officer) Ian Gilbar (Acting Chief Operating 265,136 31,974 $1050 per week, higher Officer) duties allowance (total $54,602 per annum) Jenny Gregg (EGM Business Services) 301,098 30,110 Michael O’Rourke (Chief Financial 302,276 30,228 Officer) Steve Quilter (Acting EGM Trading and 233,948 28,396 961.82 per week, higher Commercial Strategy) duties allowance (total 50,015 per annum)

Statement of Corporate Intent 2015/16 | Commercial-in-Confidence Page 29 of 35 CEO/ Total Fixed Other non-personal 2013/14 Performance Senior Remuneration 5 benefits 6 Payment Made 7 Executives Richard Van Breda (Chief Executive 635,541 74,468 Officer) Ian Gilbar (Acting Chief Operating 351,712 33,528 Officer) Jenny Gregg (EGM Business 331,208 42,830 Services) Michael O’Rourke (Chief Financial 332,504 43,314 Officer) Steve Quilter (Acting EGM Trading 312,359 31,219 and Commercial Strategy) 1. Includes salary sacrifice items plus cash salary. 2. Employer contributions to superannuation (other than by salary sacrifice). 3. Have access to pool car park. 4. Includes, but is not limited to, general/expense allowances, subscriptions, home telephone/communication expenses, FBT not elsewhere included, etc. (other than by salary sacrifice). 5. Sum of columns 1 to 4. 6. Include the value of non-personal benefits provided to the Executive to assist in the performance of their duties. 7. This is the actual payment made in the year immediately preceding the plan year relating to performance in the financial year two years prior to the plan period.

4. Employment Conditions and Workforce Planning

Sources of Employment Conditions

Employment conditions for employees are derived from a number of sources. These include:

• Legislation, for example: the Fair Work Act 2009 (Cth), the Government Owned Corporations Act 1993 (Qld) and the Electricity Act 1994 (Qld); • Government Owned Corporations Wages Policy 2015; • Enterprise Agreements (EAs); • Alternative Employment Arrangements (AEAs) which are provided for under Enterprise Agreements; • The Electrical Power Industry Award 2010; • Common law contracts; and • Stanwell policies and procedures.

Statement of Corporate Intent 2015/16 | Commercial-in-Confidence Page 30 of 35 Workforce numbers

The workforce numbers below are as at 1 January 2015.

Employment Category:

Standard Hour Permanent Full Time (FTE) 373 Permanent Part-time (FTE) 18 Other Contract (alternative employment arrangements) (FTE) 303 Senior Executive Contract 3 Graduates (In House) 3 Apprentices (In House) 1 Trainees (In House) 0 Casual Employees (FTE) 0 Total Directly Employed Workforce: 701 Apprentices (Group) 27 Trainees (Group) 0 Total: 728

Enterprise Agreements

The table below sets out the awards or EA applying to Stanwell and the number of employees covered by each EA:

Award/ Scope (as at 1 Expiry Date Jurisdiction Current Status Agreement January 2015) Electrical Power Employees classified Not applicable Federal The modern award is Industry Award currently used to apply the “Better Off Overall Test” for the approval of the Enterprise Agreements. Stanwell Power Stanwell Power Station 31 March 2014 Federal Agreement expired, Station Enterprise employees negotiations continue for a Agreement 2011 (153 employees) replacement to this agreement. Stanwell Corporate Office 30 October Federal Agreement expired, Corporation employees 2014 negotiations have Limited Corporate (236 employees which commenced and continue for Offices Enterprise includes legacy Tarong a replacement for this Agreement 2011 EBA employees) agreement. Kareeya Power Kareeya Power Station 23 December Federal Agreement expired, Station – employees 2014 negotiations have Enterprise (12 employees) commenced and continue for Agreement 2011 a replacement for this Barron Gorge Barron Gorge Power 23 December Federal Agreement expired, Power Station – Station employees 2014 negotiations have Enterprise 13 employees) commenced and continue for Agreement 2011 a replacement for this agreement

Statement of Corporate Intent 2015/16 | Commercial-in-Confidence Page 31 of 35 Award/ Scope (as at 1 Expiry Date Jurisdiction Current Status Agreement January 2015) Mica Creek Mica Creek Power 31 August Federal Agreement expired, Enterprise Station mechanical and 2014 negotiations have Agreement 2011 technical employees, commenced and continue for trades and water a replacement for this treatment (58 agreement employees) Swanbank Power Swanbank Power 11 March 2015 Federal Stanwell is preparing for Station Enterprise Station negotiations to commence Agreement 2011 (45 employees) for a replacement to this agreement. Tarong Power Tarong Power Station 29 July 2015 Federal Stanwell is preparing for Stations and Tarong North negotiations to commence Enterprise Power Station (228 for a replacement to this Agreement 2012 employees) agreement.

Productivity Initiatives

Each of the seven EAs contains productivity initiatives. Stanwell reports to the relevant shareholding Ministers on a quarterly basis with respect to the outcome of each EA’s productivity initiatives.

Other Employment Conditions

The following work practices are also available to employees of Stanwell and may provide employees with the flexibility to manage the balance between work, family and lifestyle:

Part-time arrangements Employees have the ability to apply for reduced working hours following parental leave under their applicable Enterprise Agreement and the National Employment Standards.

Flexible work hours Compressed hours are available so that employees are able to work a nine day fortnight or a four day week depending on the Enterprise Agreement applicable to the employee. Further flexible work arrangements are provided through Stanwell procedures. Employees may also manage their own start and finish times with the agreement of management.

Reduced working year Purchased leave arrangements are provided in Stanwell purchased leave procedures with the ability to purchase leave (between two and four weeks per year);

Paid maternity / paternity Employees are able to apply for periods of paid and unpaid leave under the / adoption leave National Employment Standards and under their applicable Enterprise Agreement with 14 weeks paid maternity leave (on top of the Federal Government paid 18 weeks).

Telecommuting (work Stanwell provides the ability to work from home with the agreement of from home) management

Statement of Corporate Intent 2015/16 | Commercial-in-Confidence Page 32 of 35 Other policies and practices include: • Job-sharing; • Time off in lieu of payment for overtime; • Paid part-time study leave; • Leave without pay at the discretion of the company; • A range of special leave arrangements based on individual circumstances at the discretion of the company; • Phased-in retirement. The Transition Principles Employee Selection and Transfer ceased operation on 30 June 2014. Legacy procedures were reviewed and consolidated procedures became operational on 1 July 2014.

5. Workplace Health & Safety Stanwell complies with all relevant health and safety legislation, including the Work Health and Safety Act 2011 (Qld) and related standards, codes of practice, Australian standards and industry guidelines.

6. Equal Employment Opportunity and Anti-Discrimination Stanwell complies with the Equal Employment Opportunity and Anti-Discrimination provisions in accordance with Public Service Act 2008 (Qld) through its various policies and procedures, such as procedures detailing the recruitment, selection and promotion of staff and formal and informal processes for resolving issues of discrimination and harassment.

7. Redundancy Provisions All of Stanwell’s EAs contain redundancy provisions. Stanwell currently has a redundancy agreement that focuses on redeployment and retraining but provides for the following in case of retrenchment: • A minimum of four weeks notice of retrenchment (five weeks depending on age and continuous service) • three weeks per year of service severance payment limited to 75 weeks • 13 weeks early separation payment • Pro rata long service leave for each year of service • Payment of accrued annual leave • Outplacement and retraining support The Tarong Power Stations Enterprise Agreement 2012 provides for a further four weeks pay in addition to the above. Currently Stanwell’s EAs provide for ‘no forced retrenchments’. These provisions are being reviewed during the course of negotiations for replacements EAs, in accordance with the Government’s wages policy.

8. Superannuation Stanwell contributes a minimum of 9.5 per cent of Ordinary Time Earnings (OTE) in accordance with current Superannuation Guarantee legislation. Standard contribution rates into Defined Contribution funds may vary depending on underpinning employment contract arrangements and enterprise agreements. For employees covered under a Stanwell Alternative Employment Arrangement (AEA) contract and legacy Tarong employees, the standard employer contribution is 10 per cent. For legacy Stanwell and CS Energy Swanbank employees who contribute five per cent, the employer contribution is 10 per cent. For Legacy CS Energy Mica Creek employees who contribute four per cent, the employer contribution is 11 per cent.

Statement of Corporate Intent 2015/16 | Commercial-in-Confidence Page 33 of 35 Stanwell currently contributes six per cent for Energy Super Defined Benefit members where employees contribute five per cent. Any surplus from defined benefit funds that may arise from time to time remains within the fund. The company will continue to follow advice as received from Actuarial reviews. The Final Average Salary for Defined Benefit members is averaged over the final year of service. Stanwell will ensure that further increases in the minimum Superannuation Guarantee will be passed on to employees.

9. Consultation The Corporation has undertaken consultation on this plan with employees, relevant unions, Shareholders’ Monitoring Unit within Queensland Treasury and Trade, the Department of Energy and Water Supply and the Public Service Commission. The E&IR plan is supported by the relevant Government agencies.

Statement of Corporate Intent 2015/16 | Commercial-in-Confidence Page 34 of 35 The E&IR plan is supported by the relevant Government agencies.

Statement of Corporate Intent 2015/16 | Commercial-in-Confidence Page 35 of 35