Investor Presentaiton

South Pole Group Australia's climate policy suite INDC target of 26-28% reduction by 2030 compared to 2005 . • Emissions Reduction Fund (ERF) - Three elements; crediting, purchasing and safeguarding emissions reductions $2.55b to start with and $800m remaining for future auctions Safeguard Mechanism - Places emissions baselines on heavy emitting facilities (>100,000 tCO2-e/year) Commenced 1 July 2016 Renewable Energy Target 23.5% renewable energy by 2020 National Energy Productivity Plan Economy-wide work plan to deliver a 40 per cent improvement in Australia's energy productivity by 2030 Page 9 Source: Carbon Market Institute (CMI)

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