WEIGHTED AVERAGE COST OF CAPITAL CALCULATION

Parameters Debt (D) Equity (E) Government Guarantee Fee Debt Equity (D/E) Capital (V) Debt Gearing (D/V) Risk Free Rate (Rf) Market Risk Premium (Rmp) Tax Rate (t) Debt Margin Gamma (y) Asset Beta (Ba) Equity Beta (Be) Inflation Rate (i) Cost of Debt (Rd) Cost of Equity (Re) 'Vanilla' WACC (nominal post tax) 'Classical' WACC (nominal post tax) 'Classical' WACC (nominal pre tax) WACC (real pre tax) Treasury Guidelines Treasury Guidelines 10 yr Aus Govt Bond rate at end of each month Treasury Guidelines Treasury Guidelines Government Guarantee Fee (BB+) Treasury Guidelines Market Estimate Average rates ATLEAST 6.0% 30.0% 0.00% 50.0% 1.00 1.00 2.5% 0.0% 6.0% 0.0% 0.0% 0.0% (B) -3.48% Source Full Year Forecast per SBI ($'000) Full Year Forecast per SBI ($'000) Government Guarantee Fee (BB+) ($'000) 0.0% 0 0.0% Inputs

Ba * (1 + (1 - t+ yt)D/E)
Standard per Treasury Guidelines

Rf + Debt Margin Rf + (Be * Rmp) Re*E / V + Rd*D / V Re*E / V*(1-t)/(1-t(1-y)) + Rd*(1-t)*D / V Rd*(D/V) + Re/(1-T(1-y)) * E / V
(((1+WACCnom,post-tax)/(1+i))-1)/(1-t))

Information Input Assumption: Information remain same through out the year Formulas