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Investor Presentaiton

South Pole Group How the Auction works 1. The Clean Energy Regulator has a benchmark price (ceiling) that it will not accept bids above. 2. CER identifies the bid(s) that straddle the 50% of volume offered at the auction. 3. All bid(s) below the straddling bids are selected. 4. Straddling bid(s) and bids above the straddling bid(s) are selected using the CER's bid analysis tool when determining value for money. Page 27

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