CENTURIA FUNDS MANAGEMENT LIMITED

Energy Bay - Rights to install/operate embedded networks and other assets from Centuria Capital Group members

Energy Bay Kappa Fund Pty Ltd as trustee for the Energy Bay Kappa Fund (Energy Bay) proposes to acquire from various subsidiaries of the Centuria Capital Group (the CCG Members): energy infrastructure assets and the exclusive right to operate existing embedded networks at 49 sites, energy infrastructure assets and the exclusive right to install and operate embedded networks at a further 211 sites, and first and last rights of refusal to acquire analogous rights in respect of any further sites of the kind described in the transaction documents provided as part of the application. Energy Bay is a part of Energy Bay Group, which is a distributed energy infrastructure company operating embedded networks at large commercial and industrial sites in New South Wales (NSW), Australian Capital Territory (ACT), Western Australia (WA), Victoria (VIC) and Queensland (QLD). Energy Bay Group also owns Diamond Energy Pty Ltd (Diamond Energy), an electricity retailer that operates in all National Electricity Market (NEM) jurisdictions. The CCG Members are subsidiaries of the Centuria Capital Group, which is comprised of Centuria Capital Limited (CNI) and Centuria Funds Management Limited (CFML). CNI is an ASX-listed funds manager that creates, manages and invests in listed and unlisted real estate funds, each of which holds properties for third party investors. CFML is the responsible entity for the Centuria Capital Fund. The CCG Members invest in and manage properties for investment funds. As part of that primary business activity, in each of NSW, ACT, VIC, QLD, South Australia (SA), and WA, they also: operate embedded network infrastructure at some of their sites, engage in behind the meter generation or storage at their sites, and supply and sell electricity to their commercial tenants connected to their embedded networks (embedded network services).