Ann: October Operational Update, page-145

Regarding Competitors:

1. As some wrote here, competition emerges when a business model is successful - something the ASX / CHI-X hasn't realised yet.

2. All competitors have to go through this long regulatory process - have they already ?

3. LPE is aiming for 450 GWh, just 10 % of the market. There is enough out there for more players.

4. Hard for any competitors to snatch existing LPE customers due to 5-10 year contract.

5. Any comp offering cheaper than LPE would really have to prove that that would be possible and economical.

I am not concerned at this stage and if there is a big fish emerging then they would rather take over LPE then starting from scratch. LPE got the first mover advantage and that puts it in the hot seat. CFP / CFN,
we have to wait for the next 4C, it all depends on how much of the profits they reinvest. The core business is CFP since June at 100 GWh annual billing base, from January 2018 on the base is about 150 GWh.

It is a sound business and just the market doesn't realise it doesn't mean it's crap - the competitors at least see the huge value and opportunities - and they got more inside knowledge than DTers.