Document:

Securityholders'
Deed

 

	DATED 	 	2012

 

TARALGA WIND FARM NOMINEES NO 1 PTY
LIMITED

 

AND

 

TARALGA WIND FARM NOMINEES NO 2 PTY
LIMITED

 

AND

 

TARALGA HOLDING NOMINEES 1 PTY LIMITED

 

AND

 

TARALGA HOLDING NOMINEES 2 PTY LIMITED

 

AND

 

TARALGA WIND FARM PTY LIMITED

 

AND

 

CAPITAL RIESGO GLOBAL S.C.R. de REGIMEN
SIMPLIFICADO S.A.

 

AND

 

CBD ENERGY LIMITED

 

 

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Contents

 

	Clause	 	 	Page
	 	 	 	 
	1.	Interpretation	2
	 	1.1	Definitions	2
	 	1.2	Reasonable endeavours	12
	 	1.3	Terms defined in the Corporations Act	12
	 	1.4	Things required to be done other than on a Business Day	12
	 	1.5	Other rules of interpretation	12
	 	1.6	Several liability	13
	2.	Compliance with this deed and Constitution	14
	 	2.1	General undertaking	14
	 	2.2	Amendment of Constitution	14
	 	2.3	Compliance with Constitution	14
	 	2.4	Company exclusion	14
	3.	The Business of each stapled group	14
	4.	Directors and Corporate Governance	15
	 	4.1	Maximum number of directors	15
	 	4.2	Investor Directors	15
	 	4.3	Removal of Directors	15
	 	4.4	Chairman	15
	 	4.5	Appointment of Directors to committees of each Board	15
	 	4.6	Fees and expenses of Directors	16
	 	4.7	Duties of Investor Directors	16
	 	4.8	Alternate Directors	16
	 	4.9	Deed of Indemnity and Access	16
	 	4.10	Board meetings	16
	 	4.11	Quorum for Board meetings	16
	 	4.12	Voting entitlements at Board meetings	17
	 	4.13	Board resolutions	17
	 	4.14	Written resolutions	17
	5.	Funding Obligations	18
	 	5.1	Further funding	18
	 	5.2	No undertaking from Investors	18
	 	5.3	Further funding by way of debt	18
	 	5.4	Further issues of Securities	18
	 	5.5	Security certificates	18
	6.	Dividends	19
	7.	Shareholder Matters	19
	 	7.1	Shareholders' meetings	19
	 	7.2	Quorum for Shareholder's meetings	19
	 	7.3	Voting entitlements at Shareholder meetings	19
	 	7.4	Shareholder resolutions	20
	8.	Unitholder Matters	20
	 	8.1	Unitholders' meetings	20
	 	8.2	Quorum for Unitholder's meetings	20
	 	8.3	Voting entitlements at Unitholder meetings	20
	 	8.4	Unitholder resolutions	21
	9.	Conduct of Business	21
	 	9.1	Reserved matters	21
	 	9.2	Preparation of management accounts	21

 

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	 	9.3	Content of management accounts	21
	 	9.4	Preparation of other reports	22
	 	9.5	Operating Budget	22
	 	9.6	Insurance	23
	 	9.7	Annual review of insurance arrangements	23
	 	9.8	Compliance	23
	 	9.9	Benefit of this clause	23
	 	9.10	Management Services Agreement	23
	10.	Information Rights	24
	 	10.1	Information to be provided to the Investors	24
	 	10.2	Access rights of Investors and Investor Directors	24
	 	10.3	Exceptions to Investor's access rights	25
	 	10.4	Rights of Investor Directors	25
	11.	Transfers and Other Disposals of Securities	25
	12.	Deed of Adherence	26
	13.	Pre-emptive Rights	26
	 	13.1	Application	26
	 	13.2	Pre-Emptive Rights	26
	14.	 Drag Along Rights; tag along on partial sale	27
	 	14.1	Application	27
	 	14.2	Drag Along Notice	27
	 	14.3	Contents of Drag Along Notice	27
	 	14.4	Effect of Drag Along Notice	28
	 	14.5	Tag Along Notice	28
	 	14.6	Contents of Tag Along Notice	29
	 	14.7	Effect of Tag Along Notice	29
	15.	Default	30
	 	15.1	Notice by Defaulting Investor	30
	 	15.2	Events of Default	30
	 	15.3	Notice by Non-Defaulting Investor	31
	 	15.4	Contents of Default Notice	31
	 	15.5	Determination of Fair Value by Independent Expert	31
	16.	Foreign Investment Approval	32
	 	16.1	Rights and obligations subject to foreign investment approval	32
	 	16.2	Where required approval not held	32
	17.	Exit	32
	 	17.1	Intention of parties	32
	 	17.2	General obligations in relation to an Exit or Reorganisation	32
	 	17.3	Preparation for Listing	33
	 	17.4	Conduct of Listing	33
	 	17.5	Sale of Securities	34
	 	17.6	Disposal of business	34
	 	17.7	Participation of Investors in Exit process	34
	18.	Allocation of Net Proceeds	34
	19.	Power of Attorney	35
	 	19.1	Appointment	35
	 	19.2	Validity	35
	 	19.3	Irrevocable	36
	 	19.4	Benefits	36
	 	19.5	Inconsistent Instruments	36
	 	19.6	Specific Performance	36
	20.	Warranties by the Parties	36
	 	20.1	Warranties by each party	36

 

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	 	20.2	CBD Warranties	36
	 	20.3	Repetition, survival and reliance	37
	21.	Announcements and Confidentiality	37
	 	21.1	Confidentiality obligations	37
	 	21.2	Permitted announcements and disclosures	37
	22.	Termination	38
	 	22.1	Circumstances for termination	38
	 	22.2	Effect of termination	38
	23.	Limitations of Liability	39
	 	23.1	Liability of Investors and Investor Directors	39
	 	23.2	Limitation of liability of Trustee	39
	24.	Claims and Remedies	39
	 	24.1	Restrictions on bringing claims	39
	 	24.2	Equitable remedies	40
	25.	GST	40
	 	25.1	Interpretation	40
	 	25.2	Consideration exclusive of GST	40
	 	25.3	Payment of GST	40
	 	25.4	Tax invoice	40
	 	25.5	Adjustments	40
	 	25.6	Input tax credits	41
	26.	 Notices	41
	 	26.1	Manner of giving notice	41
	 	26.2	When notice given	42
	 	26.3	Proof of service	42
	 	26.4	Documents relating to legal proceedings	42
	27.	Assignments	42
	 	27.1	Security Interests in favour of Trustees' financiers	42
	 	27.2	No other assignment	42
	28.	 Entire Agreement	43
	 	28.1	Entire agreement	43
	 	28.2	No reliance	43
	 	28.3	Termination rights	43
	 	28.4	No limitation of certain liabilities and remedies	43
	29.	General	43
	 	29.1	Amendments	43
	 	29.2	Consents	43
	 	29.3	Costs, fees and commissions	43
	 	29.4	Duties	44
	 	29.5	Execution in counterparts	44
	 	29.6	Exercise and waiver of rights	44
	 	29.7	No merger	44
	 	29.8	No partnership	44
	 	29.9	Severability	44
	 	29.10	Time is not of the essence	45
	30.	Governing Law and Jurisdiction	45
	 	30.1	Governing law	45
	 	30.2	Jurisdiction	45

 

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	Schedule	 	46
	 	 	 
	1.	Warranties	48
	2.	Reserved Matters	50
	3.	Form of Deed of Adherence	52
	4.	Transaction Documents	 
	 	 	 	 
	Execution Page	 	53

 

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THIS DEED is made
on                        October 2012

 

BETWEEN:

 

		(1)	TARALGA HOLDING NOMINEES 1 PTY LIMITED ACN 160 611 441 (in its personal capacity and in
its capacity as trustee for the Taralga Holding Land Trust) of Suite 2, Level 2, 53 Cross Street, Double Bay NSW 2028;

 

		(2)	TARALGA HOLDING NOMINEES 2 PTY LIMITED ACN 160 611 450 (in its personal capacity and in
its capacity as trustee for the Taralga Holding Operating Trust) of Suite 2, Level 2, 53 Cross Street, Double Bay NSW 2028;

 

		(3)	TARALGA WIND FARM NOMINEES NO 1 PTY LIMITED ACN 159 439 611 (in its personal capacity and
in its capacity as trustee for the Taralga Wind Farm Land Trust) of Suite 2, Level 2, 53 Cross Street, Double Bay NSW 2028;

 

		(4)	TARALGA WIND FARM NOMINEES NO 2 PTY LIMITED ACN 159 439 522 (in its personal capacity and
in its capacity as trustee for the Taralga Wind Farm Operating Trust) of Suite 2, Level 2, 53 Cross Street, Double Bay NSW 2028;

 

		(5)	TARALGA WIND FARM PTY LIMITED ACN 136 505 274 of 'Deutsche Bank Place' Level 5, 126-130
Phillip Street, Sydney NSW 2000;

 

		(6)	CAPITAL RIESGO GLOBAL S.C.R. de REGIMEN SIMPLIFICADO S.A. of Avda de Cantabria SN- Ciudad
Grupo Santander-Boadilla del Monte-28660-Madrid (CRG); and

 

		(7)	CBD ENERGY LIMITED ACN 010 966 793 of Suite 2, Level 2, 53 Cross Street, Double Bay NSW
2028 (CBD).

 

BACKGROUND:

 

		(A)	Taralga Wind Farm Nominees No 1 Pty Limited is a proprietary company and the trustee for the Taralga
Wind Farm Land Trust (the Land Trust).
	 	 	 

		(B)

                                                   
	Taralga Wind Farm Nominees No 2 Pty Limited is a proprietary company and the trustee for the Taralga
Wind Farm Operating Trust (the Operating Trust).
	 	 	 

		(C)	Taralga Holding Nominees 1 Pty Limited is a proprietary company and the trustee for the Taralga
Holding Land Trust (the HoldCo Land Trust).
	 	 	 

		(D)	Taralga Holding Nominees 2 Pty Limited is a proprietary company and the trustee for the Taralga
Holding Operating Trust (the HoldCo Operating Trust).
	 	 	 

		(E)

                                                    
	The relevant Unitholders have formed the Land Trust, the Operating Trust, the Holding Land Trust
and the Holding Operating Trust (each, a Trust) to acquire TWF and design, construct, finance, operate and maintain a wind
project in Taralga, New South Wales (the Project).
	 	 	 

		(F)	The parties have agreed that the Group is to be owned, controlled, managed and financed on the
terms set out in this deed.

 

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IT IS AGREED as
follows:

 

		1.	Interpretation

 

		1.1	Definitions

 

In this deed:

 

Accounting
Standards means the Australian accounting standards made under the Corporations Act and generally accepted accounting principles
and practices in Australia which are not inconsistent with those standards.

 

Agreed Form
means, in relation to any Transaction Document or any instrument required under any Transaction Document, the form of that document
or instrument which has been either executed by CRG and CBD or initialled for the purpose of identification by or on behalf of
CRG and CBD.

 

Affiliate
means in relation to a body corporate:

 

		(a)	any related body corporate of it;

 

		(b)	any director of any related body corporate of it; and

 

		(c)	any person (including where that person is a natural person, that person's Affiliates (under paragraph
(a)) that directly or indirectly Controls, is Controlled by, or is under common Control with, that body corporate.

 

Appointer
means, in relation to a Director, the person who appointed or is taken to have appointed, that Director under this deed.

 

Authorisation
means:

 

		(a)	any consent, registration, filing, agreement, notice of non-objection, notarisation, certificate,
licence, approval, permit, authority or exemption; or

 

		(b)	in relation to anything which an Authority may prohibit or restrict within a specific period, the
expiry of that period without intervention or action or notice of intended intervention or action.

 

Authority
means:

 

		(a)	any government or governmental, semi-governmental or local authority and any department, office,
minister, commission, board, delegate or agency of any such government or authority;

 

		(b)	any judicial or administrative entity or authority; and

 

		(c)	any other authority, commission, board, agency or other entity established or having power under
statute or the listing rules of any recognised securities exchange.

 

Board
means, in respect of a Company, the board of directors of that Company as constituted from time to time in accordance with this
deed and the relevant Constitution, as applicable.

 

Business
Day means a day (other than a Saturday, Sunday or public holiday) on which banks are generally open in Sydney for normal business.

 

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Business
Plan in relation to:

 

		(a)	the group comprised by each entity and the Trust referred to in paragraph (a) of the definition
of 'Stapled Group', means the Land Trust Business Plan; and

 

		(b)	the group comprised by each entity and the Trust referred to in paragraph (b) of the definition
of 'Stapled Group', means the Operating Trust Business Plan.

 

Change of
Control means a change in the identity of the person who is able to Control an entity.

 

Class A
IRR means, on any date, the rate of return on the Class A Securityholders' investment in the Issuers calculated using the Microsoft
Excel 2010 'XIRR' function (as at the date of this deed) on the basis that:

 

		(a)	the 'values' for the function are (without double-counting) each amount:

 

		(i)	paid by a Class A Securityholder:

 

		(A)	to an Issuer as consideration for the issue of Class A Securities; and

 

		(B)	in respect of third party fees and expenses in connection with this deed, the Equity Contribution
Agreement or any document or transaction contemplated by those documents or otherwise in connection with any Group Entity other
than to the extent that the fees or expenses arise as a result of the default of the Class A Securityholder; or

 

		(C)	on behalf of any Group Entity,

 

and for the
purposes of the calculation such amounts will be expressed as negative values; or

 

		(ii)	received by a Class A Securityholder:

 

		(A)	by a Group Entity as a fee in connection with the Class A Securities, including the Santander Structuring
Fee (as defined in the Equity Contribution Agreement);

 

		(B)	as consideration for the Disposal of all or a portion of the Class A Securities held by it, including
the amount of any intercompany loan repaid or prepaid to the relevant Class A Securityholders;

 

		(C)	as a Dividend in respect of the Class A Securities; or

 

		(D)	under any other transaction between a Group Entity and a Class A Securityholder or any Affiliate
of a Class A Securityholder other than any such transaction pursuant to a Transaction Document, any such transaction on arm's length
terms for full commercial value or any such transaction which has been approved in accordance with clause 9.1,

 

and for the
purposes of the calculation such amounts will be expressed as positive values and will be net of all Taxes (other than Excluded
Taxes of the Class A Securityholders) and reasonable costs and expenses incurred by the Class A Securityholders in connection with
the relevant Disposal, receipt or recovery; and

 

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		(b)	the 'dates' for each value specified in (a) are the actual dates on which the relevant amount was
paid or received,

 

in each case
prior to the date on which the calculation is made.

 

Class A
Priority Return means, on any date, the net amount that the Class A Securityholders would need to receive on that date in respect
of the Class A Securities (and therefore included as a 'value' for the purpose of calculating the Class A IRR) in order for the
Class A IRR on that date to be 15%. If the Class A Priority Return would be an amount that is less than zero, it is deemed to be
zero.

 

Class A
Security has the meaning given in clause 18(a)(i).

 

Class A
Securityholder means, at any time, any person that holds a Class A Security at that time.

 

Class B
Priority Return means $11,106,000.

 

Company
means each of:

 

		(a)	Taralga Wind Farm Nominees No 1 Pty Limited (in its personal capacity);

 

		(b)	Taralga Wind Farm Nominees No 2 Pty Limited (in its personal capacity);

 

		(c)	Taralga Holding Nominees 1 Pty Limited (in its personal capacity);

 

		(d)	Taralga Holding Nominees 2 Pty Limited (in its personal capacity); and

 

		(e)	following its acquisition by the Land Trustee, TWF.

 

Completion
has the meaning given to that term in the Equity Contribution Agreement.

 

Compulsory
Seller has the meaning given in clause 14.2.

 

Constitution
means each of:

 

		(a)	the Taralga Wind Farm Nominees No 1 Pty Limited Constitution;

 

		(b)	the Taralga Wind Farm Nominees No 2 Pty Limited Constitution;

 

		(c)	the Taralga Holding Nominees 1 Pty Limited Constitution;

 

		(d)	the Taralga Holding Nominees 2 Pty Limited Constitution;

 

		(e)	the HoldCo Land Trust Deed;

 

		(f)	the Land Trust Deed;

 

		(g)	the HoldCo Operating Trust Deed;

 

		(h)	the Operating Trust Deed; and

 

		(i)	following the acquisition of TWF by the Land Trustee, the constitution of TWF.

 

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Control
in relation to an entity has the meaning given in section 50AA of the Corporations Act as if section 50AA(4)(b) were replaced with
the words "only has that capacity as a result of acting as the bare trustee for another person".

 

Corporations
Act means the Corporations Act 2001 (Cth).

 

Deed of
Adherence means a deed in the form set out in Schedule 3.

 

Deed of
Indemnity and Access means deed of indemnity, insurance and access between each Company and its Directors in the form approved
by the relevant Company (with the approval of all Investors).

 

Defaulting
Investor has the meaning given to that term in clause 15.1.

 

Default
Notice has the meaning given to that term in clause 15.3.

 

Director
means in relation to a Company, a director of that entity.

 

Dispose
means, in relation to any Security:

 

		(a)	to sell, transfer, assign, swap, surrender, gift, declare a trust over, or otherwise dispose of,
deal with or create a Security Interest over any legal or equitable interest in the Security, or declare oneself a trustee of or
otherwise part with the benefit of, or otherwise dispose of such Security (or any direct or indirect legal or beneficial interest
in or over any right in respect of any part of it);

 

		(b)	to do any thing which has the effect of placing a person in substantially the same position as
that person would have been had any of the things mentioned in paragraph (a) above been done; or

 

		(c)	to authorise, agree to (whether conditionally or otherwise), or make any attempt to do any of the
things mentioned in paragraph (a) or (b) above,

 

and the term
Disposal has a corresponding meaning.

 

Dividend
includes a dividend, distribution, bonus, capital reduction or other distribution in kind or in cash.

 

Drag Along
Notice has the meaning given in clause 14.2.

 

Duties
mean all stamp, transaction or registration duties or similar charges imposed by any taxing or other authority competent to impose,
administer or collect any such duty in any jurisdiction and includes all penalties, fines, interest or additional charges payable
in relation to such duties or charges.

 

Equity Contribution
Agreement means the equity contribution agreement dated on or about the date of this deed between the parties to this deed
(other than TWF).

 

Event of
Default has the meaning given to that term in clause 15.2.

 

Excluded
Taxes means any Tax assessed on an Investor under the laws of the jurisdiction in which that Investor is incorporated or, if
different, the jurisdiction (or jurisdictions) in which that Investor is treated as resident for tax purposes or under the laws
of Australia if that Tax is imposed on or calculated by reference to the net income or profits received or receivable (but not
any sum deemed to be received or receivable) by that Investor.

 

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Exit means
in relation to a Stapled Group:

 

		(a)	the Disposal (directly or indirectly) of all of the Securities on issue by each Company and Trustee
of that Stapled Group to one or more Third Parties;

 

		(b)	the Disposal by one or more transactions of all or substantially all of the business of the Stapled
Group to one or more Third Parties; or

 

		(c)	any combination of (a) and (b) above.

 

Fair Value
has the meaning given to that term in clause 15.5.

 

Financial
Year means in relation to each Group Entity, the twelve month period in respect of which that Group Entity prepares audited
accounts.

 

Group
means:

 

		(a)	Taralga Holding Nominees 1 Pty Limited (in its personal capacity and in its capacity as trustee
of the HoldCo Land Trust);

 

		(b)	Taralga Holding Nominees 2 Pty Limited (in its personal capacity and in its capacity as trustee
of the HoldCo Operating Trust);

 

		(c)	Taralga Wind Farm Nominees No 1 Pty Limited (in its personal capacity and in its capacity as trustee
of the Land Trust);

 

		(d)	Taralga Wind Farm Nominees No 2 Pty Limited (in its personal capacity and in its capacity as trustee
of the Operating Trust);

 

		(e)	following its acquisition by the Land Trustee, TWF;

 

		(f)	the HoldCo Land Trust;

 

		(g)	the HoldCo Operating Trust;

 

		(h)	the Land Trust; and

 

		(i)	the Operating Trust.

 

Group Entity
means each Company and Trust identified in the definition of Group.

 

GST
has the meaning given in the GST Law.

 

GST Exclusive
Consideration has the meaning given in clause 25.2.

 

GST Law
has the meaning given in the A New Tax System (Goods and Services Tax) Act 1999 (Cth.

 

HoldCo Land
Trust means the trust constituted by the HoldCo Land Trust Deed.

 

HoldCo Land
Trustee means Taralga Holding Nominees 1 Pty Limited in its capacity as trustee of the HoldCo Land Trust.

 

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HoldCo Land
Trust Deed the trust deed constituting the Land Trust dated 5 October 2012 and executed by Taralga Holding Nominees 1 Pty Limited.

 

HoldCo Operating
Trust means the trust constituted by the HoldCo Operating Trust Deed.

 

HoldCo Operating
Trustee means Taralga Holding Nominees 2 Pty Limited in its capacity as trustee of the HoldCo Operating Trust.

 

HoldCo Operating
Trust Deed the trust deed constituting the HoldCo Operating Trust dated 5 October 2012 and executed by Taralga Holding Nominees
2 Pty Limited.

 

Inconsistent
Instrument means any power of attorney or other instrument signed, executed or issued by or on behalf of a holder of Securities
(other than the Majority Investor Holder) at any time, whether before or after the date of this deed, conferring on persons other
than the attorneys appointed under clause 19 (whether jointly or severally or jointly and severally) rights with respect to
Securities which contradict or are inconsistent with some or all of the rights contained in the power of attorney granted under
clause 19.

 

Independent
Expert has the meaning given to that term in clause 15.5.

 

Insolvency
Event means in respect of any person (which for the purposes of this definition, includes each Trust):

 

		(a)	the person is unable to or states that it is unable to pay its debts as they fall due or stops
or threatens to stop paying its debts as they fall due;

 

		(b)	any indebtedness of the person is subject to a moratorium;

 

		(c)	a liquidator, provisional liquidator or administrator has been appointed to the person, a controller
(as defined in section 9 of the Corporations Act) has been appointed to any property of the person or an event occurs which gives
any other person a right to seek such an appointment;

 

		(d)	an order has been made, a resolution has been passed or proposed in a notice of meeting or in an
announcement to any recognised securities exchange, or an application to court has been made for the winding up or dissolution
of the person or for the entry into of any arrangement, compromise or composition with, or assignment for the benefit of, creditors
of the person or any class of them;

 

		(e)	a controlling trustee has been appointed to take control of the property of the person in connection
with a proposal to enter into a personal insolvency agreement;

 

		(f)	an order has been made or an application to court has been made for bankruptcy of the person or
an event occurs which gives any other person a right to seek such an order or make such an application;

 

		(g)	a security interest (as defined in section 51A of the Corporations Act) becomes enforceable or
is enforced over, or a writ of execution, garnishee order, mareva injunction or similar order has been issued over or affecting,
all or a substantial part of the assets of the person; or

 

		(h)	the person has otherwise become, or is otherwise taken to be, insolvent in any jurisdiction or
an event occurs in any jurisdiction in relation to the person which is analogous to, or which has a substantially similar effect
to, any of the events referred to in paragraphs (a) to (g) above.

 

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Investor
Consent means, in respect of a Board:

 

		(a)	the consent or approval of all of the Investor Directors of that Board given in writing or given
at a meeting of that Board (or of a committee of that Board) and in each case specifically referred to as representing Investor
Consent (so that an Investor Director may consent to a matter in his capacity as a Director, without that consent representing
consent under this definition unless he specifically indicates it as being so); or

 

		(b)	the written consent or approval of the Majority Investor
Holders.

 

Investor
Director means a Director appointed pursuant to clause 4.2 (and includes any alternate director of that Director).

 

Investors
means:

 

		(a)	CBD;

 

		(b)	CRG; and

 

		(c)	each other person who has agreed in accordance with this deed to adhere to this deed as an Investor,

 

and whose rights
and obligations as an Investor have not terminated under clause 22.

 

Issuer
means:

 

		(a)	in respect of Ordinary Shares of a Company, that Company; and

 

		(b)	in respect of Units in a Trust, the Trustee empowered by the Constitution of the relevant Trust
to issue those Units in that Trust.

 

Land
means the real property assets of a Trust, whether leasehold or otherwise.

 

Land Trust
means the trust constituted by the Land Trust Deed.

 

Land Trust
Business Plan means the business plan relating to the Land Trust set out in Annex 1.

 

Land Trust
Deed the trust deed constituting the Land Trust dated 13 September 2012 and executed by Taralga Wind Farm Nominees No 1 Pty
Limited.

 

Land Trustee
means Taralga Wind Farm Nominees No 1 Pty Limited in its capacity as trustee of the Taralga Wind Farm Land Trust.

 

Listing
means the admission of all of the Shares and Units on issue in a Stapled Group to the official list of the ASX Limited or any other
recognised securities exchange.

 

Majority
Investor Holders means in relation to each of:

 

		(a)	Taralga Holding Nominees 1 Pty Limited; or

 

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		(b)	Taralga Holding Nominees 2 Pty Limited,

 

the holders
of more than 50% of all Ordinary Shares in that company. For the avoidance of doubt, the Majority Investor Holders in Taralga Holding
Nominees 1 Pty Limited may be different from the Majority Investor Holders in Taralga Holding Nominees 2 Pty Limited, and are not
required to vote together.

 

Majority
Unitholders means in relation to each of:

 

		(a)	the HoldCo Land Trust; or

 

		(b)	the HoldCo Operating Trust,

 

the holders
of more than 50% of all Units in that Trust. For the avoidance of doubt, the Majority Unitholders in the HoldCo Land Trust may
be different from the Majority Unitholders in the HoldCo Operating Trust, and such Majority Unitholders are not required to vote
together.

 

Management
Services Agreement means any service agreement entered into or to be entered into between a member of the Group and a Manager,
in form and substance satisfactory to the Majority Investor Holders following consultation with all Investors.

 

Manager
means CBD or an alternative person providing management services to any member of the Group pursuant to a Management Services Agreement.

 

Non-Defaulting
Investor has the meaning given to that term in clause 15.3.

 

Operating
Budget means, in relation to a Financial Year of a Group Entity, a projected consolidated statement of financial position,
income statement and cash flow statement in relation to that Group Entity, together with a statement of projected capital expenditure
in relation to that Group Entity, for that Financial Year.

 

Operating
Trust means the trust constituted by the Operating Trust Deed.

 

Operating
Trust Business Plan means the business plan relating to the Operating Trust set out in Annex 2.

 

Operating
Trust Deed the trust deed constituting the Operating Trust dated 14 August 2012 and executed by Taralga Wind Farm Nominees
No 2 Pty Limited.

 

Operating
Trustee means Taralga Wind Farm Nominees No 2 Pty Limited in its capacity as trustee of the Taralga Wind Farm Operating Trust.

 

Ordinary
Shares means in respect of each Company, the ordinary shares in the capital of that Company, having the rights and being subject
to the restrictions set out in the Constitution of that Company and Ordinary Shareholder means a holder of any of them.

 

Partial
Vendor Investor has the meaning given in clause 14.5.

 

PPS Act
means the Personal Property Securities Act 2009 (Cth).

 

Proportionate
Share means, in relation to an Investor in a Stapled Group, the
proportion that the total number of Ordinary Shares held by that Investor in the Stapled Trustee of that Stapled Group bears to
the total number of Ordinary Shares held by all Investors in the Stapled Trustee of that Stapled Group.

 

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Proposed
Partial Transferee has the meaning given in clause 14.5.

 

Proposed
Transferee has the meaning given in clause 14.2.

 

Relevant
Number has the meaning given in clause 14.6.

 

Relevant
Percentage has the meaning given in clause 14.2.14.5

 

Reorganisation
means, in relation to each:

 

		(a)	Company, a reorganisation of the share capital of that Company (including the insertion of a new
holding company for that Company) which does not result in a material change to the relative economic and voting interests of the
Ordinary Shareholders in that Company; and

 

		(b)	Trust, a reorganisation of the Units of that Trust (including the insertion of a new holding company
or trust for that Trust) which does not result in a material change to the relative economic and voting interests of the holders
of Units in that Trust.

 

Representative
means in relation to a person, any director, officer or employee or agent of, and any accountant, auditor, financier, financial
adviser, legal adviser, technical adviser or other expert adviser or consultant to, that person.

 

Security
means:

 

		(a)	in respect of each Company, Ordinary Shares in the Company; and

 

		(b)	in respect of each Trust, Units in that Trust.

 

Security
Interest means any mortgage, pledge, lien, charge, assignment, hypothecation or security interest, or any other agreement or
arrangement having a similar commercial or legal effect, and includes an agreement to grant or create any of those agreements or
arrangements. It includes a Security Interest within the meaning of section 12 of the PPS Act, other than an interest in personal
property that would not be a security interest but for section 12(3) of the PPS Act.

 

Senior Facility
Agreement means the facility agreement entered into or to be entered into between the Land Trust and its financiers, in form
and substance satisfactory to the Majority Investor Holders following consultation with all Investors.

 

Shareholder
means in relation to each Company, a person registered as the holder of Ordinary Shares in the capital of that Company.

 

Stapled
Group means each group comprised by the company (in both its personal capacity and in its trustee capacity) and the Trust referred
to in each of (a) to (d) below:

 

		(a)	Taralga Wind Farm Nominees No 1 Pty Limited, the Land Trust and, following its acquisition by the
Land Trustee, TWF;

 

		(b)	Taralga Wind Farm Nominees No 2 Pty Limited and the Operating Trust;

 

		(c)	Taralga Holding Nominees 1 Pty Limited and the HoldCo Land Trust; or

 

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		(d)	Taralga Holding Nominees 2 Pty Limited and the HoldCo Operating Trust.

 

Stapled
Trust means:

 

		(a)	in respect of the Land Trustee, the Land Trust;

 

		(b)	in respect of the Operating Trustee, the Operating Trust;

 

		(c)	in respect of the HoldCo Land Trustee, the HoldCo Land Trust; and

 

		(d)	in respect of the HoldCo Operating Trustee, the HoldCo
Operating Trust.

 

Stapled
Trustee means:

 

		(a)	in respect of the Land Trust, the Land Trustee;

 

		(b)	in respect of the Operating Trust, the Operating Trustee;

 

		(c)	in respect of the HoldCo Land Trust, the HoldCo Land Trustee; and

 

		(d)	in respect of the HoldCo Operating Trust, the HoldCo
Operating Trustee.

 

Subscription
Shares has the meaning given to that term in the Equity Contribution Agreement.

 

Subscription
Units has the meaning given to that term in the Equity Contribution Agreement.

 

Supplier
has the meaning given in clause 25.3.

 

Tag Along
Election has the meaning given in clause 14.7.

 

Tag Along
Notice has the meaning given in clause 14.5.

 

Tag Along
Seller has the meaning given in clause 14.7.

 

Taralga
Wind Farm Nominees No 1 Pty Limited Constitution means the constitution adopted by Taralga Wind Farm Nominees No 1 Pty Limited
on 11 July 2012, as amended from time to time.

 

Taralga
Wind Farm Nominees No 2 Pty Limited Constitution means the constitution adopted by Taralga Wind Farm Nominees No 2 Pty Limited
on 11 July 2012, as amended from time to time.

 

Tax
means:

 

		(a)	any charge, tax, duty, levy, impost or withholding having the character of taxation, wherever chargeable
and however collected or recovered, imposed for support of national, federal, state, municipal or local government or any other
governmental or regulatory authority, body or instrumentality including but not limited to tax on gross or net income, profits
or gains, taxes on receipts, sales, use, occupation, franchise or transfer, GST, value added taxes and personal property and social
security taxes; and

 

		(b)	any penalty, fine, surcharge, interest, charges or additions to taxation payable in relation to
any taxation within paragraph (a) above.

 

Third Party
means any person other than a Group Entity, a holder of Securities and any Affiliate of a holder of Securities.

 

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Transaction
Documents means each document specified in Schedule 4 in the Agreed Form.

 

Trustee
means:

 

		(a)	Taralga Wind Farm Nominees No 1 Pty Limited as trustee for the Land Trust;

 

		(b)	Taralga Wind Farm Nominees No 2 Pty Limited as trustee for the Operating Trust;

 

		(c)	Taralga Holding Nominees 1 Pty Limited as trustee for the HoldCo Land Trust; or

 

		(d)	Taralga Holding Nominees 2 Pty Limited as trustee for the HoldCo Operating Trust.

 

TWF means
Taralga Wind Farm Pty Ltd ACN 136 505 274.

 

Units
in respect of each Trust, means units in that Trust issued by the Trustee pursuant to the Constitution of the Trust.

 

Unitholder
means in relation to each Trust, a person registered as the holder of Units in that Trust.

 

Warranties
means each of the representations and warranties on the part of the parties set out in Schedule 1.

 

Wind Farm
means all the wind generation Project including all assets and rights held, controlled, acquired or otherwise operated by any Group
Entity in respect of the Project.

 

		1.2	Reasonable endeavours

 

Except as otherwise
expressly provided in this deed, any provision of this deed which requires a party to use reasonable endeavours or all reasonable
endeavours, or to take all steps reasonably necessary, to procure that something is performed or occurs, does not impose any obligation
to:

 

		(a)	commence any legal action or proceeding against any person;

 

		(b)	procure absolutely that that thing is done or happens;

 

		(c)	incur a material expense; or

 

		(d)	accept any undertakings or conditions required by any Authority if those undertakings or conditions,
in the reasonable opinion of the party required to give such undertakings or satisfy such conditions, are materially adverse to
its commercial interests or fundamentally or materially alter the basis on which it originally agreed to the transaction the subject
of this deed.

 

		1.3	Terms defined in the Corporations Act

 

Words and expressions
defined in the Corporations Act have the same meaning in this deed unless otherwise defined in this deed.

 

		1.4	Things required to be done other than on a Business Day

 

Unless otherwise
indicated, where the day on which any act, matter or thing is to be done is a day other than a Business Day, that act, matter or
thing must be done on or by the next Business Day.

 

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		1.5	Other rules of interpretation

 

In this deed:

 

		(a)	any reference, express or implied, to any legislation in any jurisdiction includes:

 

		(i)	that legislation as amended, extended or applied by or under any other legislation made before
or after execution of this deed;

 

		(ii)	any legislation which that legislation re-enacts with or without modification; and

 

		(iii)	any subordinate legislation made before or after execution of this deed under that legislation,
including (where applicable) that legislation as amended, extended or applied as described in clause 1.5(a)(i), or under any legislation
which it re-enacts as described in clause 1.5(a)(ii);

 

		(b)	references to persons or entities include natural persons, bodies corporate, partnerships, limited
partnerships, trusts and unincorporated and incorporated associations of persons;

 

		(c)	references to an individual or a natural person include his estate and personal representatives;

 

		(d)	a reference to a clause, schedule or annex is a reference to a clause, schedule or annex of or
to this deed (and the schedules and annexes form part of this deed);

 

		(e)	subject to clause 27.1, references to a party to this deed include the successors or assigns (immediate
or otherwise) of that party;

 

		(f)	unless otherwise indicated, a reference to any time is a reference to that time in Sydney, Australia;

 

		(g)	a reference to $, A$ or dollars is to Australian currency;

 

		(h)	singular words include the plural and vice versa;

 

		(i)	a word of any gender includes the corresponding words of any other gender;

 

		(j)	if a word or phrase is defined, other grammatical forms of that word have a corresponding meaning;

 

		(k)	general words must not be given a restrictive meaning by reason of the fact that they are followed
by particular examples intended to be embraced by the general words;

 

		(l)	nothing is to be construed adversely to a party just because that party put forward this deed or
the relevant part of this deed; and

 

		(m)	the headings do not affect interpretation.

 

		1.6	Several liability

 

		(a)	Where any obligation, representation, warranty or undertaking in this deed is expressed to be made,
undertaken or given by two or more parties, those parties will be taken to be severally responsible in respect of it unless this
deed expressly provides otherwise.

 

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		(b)	Without limiting clause 1.6(a):

 

		(i)	the obligations of CRG and CBD under this deed are several;

 

		(ii)	a failure by any of CRG and CBD to perform any of its obligations under this deed does not affect
the obligations of any other person under this deed; and

 

		(iii)	neither of CRG or CBD is responsible for the obligations of the other under this deed.

 

		2.	Compliance with this deed and Constitution

 

		2.1	General undertaking

 

Each Investor
must exercise all powers and rights available to that party as an Investor in order to give effect to the provisions of this deed
and to ensure that each Company and each Trustee complies with its obligations under this deed.

 

		2.2	Amendment of Constitution

 

Without limiting
clause 2.3, each party agrees that if any provision of a Constitution pursuant to which Securities held or issued by that party
were issued at any time conflicts or is inconsistent with the provisions of this deed, the provisions of this deed are to prevail
to the extent of the conflict or inconsistency and:

 

		(a)	that Constitution will be taken to be read and interpreted accordingly; and

 

		(b)	upon receipt of a written request from another party, each such party must exercise all powers
and rights available to that party to procure the amendment of that Constitution to the extent necessary to give effect to the
provisions of this deed.

 

		2.3	Compliance with Constitution

 

Subject to
clause 2.4, the Investors must comply with the Constitution pursuant to which the Securities held by that Investor were issued.

 

		2.4	Company exclusion

 

Each Company
is not required to comply with any obligation contained in this deed to the extent that to do so would constitute an unlawful fetter
on the Company's statutory powers.

 

		3.	The Business of each stapled group

 

		(a)	The business of the Stapled Group comprised by Taralga Wind Farm Nominees No 1 Pty Limited and
the Land Trust and TWF shall be the acquisition, development, construction, commissioning and ownership of the Wind Farm and the
leasing (directly or indirectly) of the Land and the Wind Farm to the Operating Trust.

 

		(b)	The business of the Stapled Group comprised by Taralga Wind Farm Nominees No 2 Pty Limited and
the Operating Trust shall be the leasing of the Land and the Wind Farm from the Land Trust or TWF, the operation and maintenance
of the Land and the Wind Farm and the sale of electricity and environmental products generated as a result of the activities of
the Wind Farm.

 

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		(c)	The business of the Stapled Group comprised by Taralga Holding Nominees 1 Pty Limited and the HoldCo
Land Trust shall be the holding of the interests in the Land Trustee and the Land Trust on behalf of the Investors.

 

		(d)	The business of the Stapled Group comprised by Taralga Holding Nominees 2 Pty Limited and the HoldCo
Operating Trust shall be the holding of the interests in the Operating Trustee and the Operating Trust on behalf of the Investors.

 

		4.	Directors and Corporate Governance

 

		4.1	Maximum number of directors

 

		(a)	The maximum number of directors of each Company from time to time is 5.

 

		(b)	For the purposes of this deed, David Swindin, Ciao Ghiberti and Israel Lopez Fuertes will be taken
to have been appointed by CRG, and Gerard Patrick McGowan and Patrick Gerard Lennon will be taken to have been appointed by CBD.

 

		(c)	Following the meetings held under clause 4.1 of the Equity Contribution Agreement, the directors
of each Company will be as set out in clause 4.1(b).

 

		(d)	The HoldCo Operating Trustee, the HoldCo Land Trustee and the Land Trustee agree to appoint the
persons referred to in clause 4.1(b) to be the directors of the Operating Trustee, the Land Trustee and TWF (respectively).

 

		4.2	Investor Directors

 

		(a)	The Majority Investor Holders may appoint, remove or substitute
up to three (and no more than three) Directors to each Board.

 

		(b)	The Directors taken under clause 4.1(b) to have been appointed
by CRG, and any other Directors that the Majority Investor Holders agree in writing are Investor Directors for the purposes of
this deed from time to time, will be taken to be Investor Directors for the purposes of this deed.

 

		4.3	Removal of Directors

 

Notwithstanding
any other provision of this deed a person will be automatically removed as a Director if that person is, or becomes, ineligible
to be a director in accordance with this deed, any applicable law or under any provision of the relevant Constitution.

 

		4.4	Chairman

 

		(a)	The chairman of each Board will be such Director as may from time to time be nominated as such
by the Majority Investor Holders.

 

		(b)	Only the Majority Investor Holders may remove the chairman of a Board.

 

		(c)	Each of the HoldCo Operating Trustee, HoldCo Land Trustee and Land Trustee agree to remove the
chairman of the Board of each of the Operating Trustee, Land Trustee or TWF (respectively) if directed to do so by the Majority
Investor Holders.

 

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		4.5	Appointment of Directors to committees of each Board

 

			Each Director must be appointed to each committee of each Board
unless the Director's Appointer specifies otherwise.

 

		4.6	Fees and expenses of Directors

 

All expenses
properly and reasonably incurred by a Director in connection with the proper performance of his duties as a Director:

 

		(a)	of a Company, must be reimbursed by the Company; and

 

		(b)	of a Trustee, must be reimbursed by the Trustee out of the assets of the Stapled Trust relating
to that Trustee.

 

		4.7	Duties of Investor Directors

 

			To the maximum extent permitted by law and notwithstanding any
other provision of this deed, each Director has the right to have regard to and act in the interests of the Shareholders that have
appointed the relevant Director and in exercising this right the Director will not be considered to have taken any action which
is inconsistent with the Director's duties under statute or general law.

 

		4.8	Alternate Directors

 

A Director
of any Company may by notice in writing to that entity:

 

		(a)	appoint a person approved by the majority of the Board of that entity to be his alternate Director;
and

 

		(b)	remove a person appointed as his alternate Director of that entity.

 

		4.9	Deed of Indemnity and Access

 

Each Company
must enter into a Deed of Indemnity and Access with each of its Directors, and must comply with its obligations under each such
deed.

 

		4.10	Board meetings

 

Unless otherwise
decided by a Board or by a majority of the Directors of that Board with, in either case, Investor Consent:

 

		(a)	that Board must meet no less frequently than once per year;

 

		(b)	at least five Business Days notice of each meeting of that Board must be given to the Directors
unless otherwise decided by that Board or provided under this agreement; and

 

		(c)	each meeting of that
Board must be held at the place in Australia set out in the notice of meeting.

 

		4.11	Quorum for Board meetings

 

		(a)	The quorum for a meeting of Directors is the presence of at least two Directors, of whom at least
one must be an Investor Director and one of whom must be a Director taken to be appointed by CBD.

 

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		(b)	For the purposes of determining a quorum, an alternate Director who is present at the meeting is
to be counted as a Director for each Director on whose behalf the alternate is attending the meeting.

 

		(c)	If a quorum is not present at a Board meeting of a Company within 30 minutes of the time appointed
for the start of the meeting, the meeting is adjourned to the same time and place on the date 3 Business Days after the original
date for the meeting and notice of such adjourned meeting must be given to each member of the Board of the relevant Company. Provided
that at least one Investor Director is present at the reconvened meeting, the Director or Directors present at that meeting will
constitute a quorum. If no Investor Director is present at the reconvened meeting within 30 minutes of the time appointed for the
start of the meeting, the meeting is dissolved.

 

		4.12	Voting entitlements at Board meetings

 

		(a)	On a Board resolution, each Director of:

 

		(i)	the HoldCo Operating Trustee or any subsidiary of it is entitled to one vote for each Ordinary
Share in the HoldCo Operating Trustee held by the Investor appointing that Director; and

 

		(ii)	the HoldCo Land Trustee or any subsidiary of it is entitled to one vote for each Ordinary Share
in the HoldCo Land Trustee held by the Investor appointing that Director.

 

		(b)	In addition to a Director's individual voting rights:

 

		(i)	at any meeting of the Board at which not all of the Investor Directors that are appointed at that
time are present, any one of the Investor Directors who is present will be entitled to exercise the votes of each absent Investor
Director; and

 

		(ii)	if the Majority Investor Holders have not appointed all persons they are entitled to appoint as
Directors under clause 4.2, any one of the Investor Directors who is present will be entitled to exercise such additional votes
as would have been able to be cast had the Majority Investor Holders appointed all of the persons they are entitled to appoint
as Directors under clause 4.2.

 

		(c)	A Director will have the right to vote on behalf of each Director in respect of which he or she
is an alternate where his or her appointor is not present at the meeting.

 

		(d)	In the case of an equality of votes, the chairman will have a casting vote.

 

		4.13	Board resolutions

 

Subject to
clause 9.1, all resolutions at meetings of the Directors must be decided by a simple majority of votes cast.

 

		4.14	Written resolutions

 

The Directors
may pass a resolution without a meeting of Directors being held if all the Directors entitled to vote on the resolution sign a
document containing a statement that they are in favour of the resolution set out in the document. The document may be in counterparts,
signed by one or more Directors and may be circulated by fax or email.

 

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		5.	Funding Obligations

 

		5.1	Further funding

 

Each member
of the Group may only raise funds or issue Securities:

 

		(a)	under and in accordance with the Equity Contribution Agreement; or

 

		(b)	in accordance with this clause 5 and clause 9.

 

		5.2	No undertaking from Investors

 

Nothing in
this deed constitutes an undertaking by an Investor:

 

		(a)	to make any loan or give any other financial accommodation to or for the benefit of any Issuer;

 

		(b)	to give any guarantee or indemnity in respect of any obligation or liability of any Issuer; or

 

		(c)	to acquire any Securities of any Issuer,

 

other than
those made and required to be made by that Investor pursuant to the Equity Contribution Agreement.

 

		5.3	Further funding by way of debt

 

		(a)	An Issuer may raise further funds by way of debt finance in accordance with clause 9.

 

		(b)	When raising further funds by way of debt finance, the Issuer must use its reasonable endeavours
to obtain those further funds on the best terms that can reasonably be obtained in the circumstances of the Issuer.

 

		5.4	Further issues of Securities

 

		(a)	Unless approval in accordance with clause 9 has been granted, no member of the Group may raise
any further funds by issuing further Securities.

 

		(b)	When raising further funds or issuing Securities, other than pursuant to the Equity Contribution
Agreement or in connection with a Listing that is approved in accordance with clause 9, Taralga Holding Nominees 1 Pty Limited
(in its personal capacity or as trustee of the HoldCo Land Trust) Taralga Holding Nominees 2 Pty Limited (in its personal capacity
or as trustee of the HoldCo Operating Trust) (as applicable) must first offer by way of a notice to each existing Investor in the
relevant Issuer, a right of first refusal to subscribe for such number of Securities in that Issuer that is equal to their Proportionate
Share at the time of the issue.

 

		5.5	Security certificates

 

Any Security
certificate in respect of Securities issued by:

 

		(a)	a Company must include a statement that "Transfer and disposal of Securities in the Company
are subject to the restrictions contained in the Securityholders' Deed relating to the Company dated [●] 2012 and the Constitution
of the Company."; and

 

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		(b)	a Trustee must include a statement that "Transfer and disposal of interests in the Trust are
subject to the restrictions contained in the Securityholders' Deed relating to the Trust dated [●] 2012 and the Trust Deed
of the Trust."

 

		6.	Dividends

 

		(a)	Subject to clause 6(b), the Dividend policy of:

 

		(i)	each Company, will be as determined by the Board of that Company from time to time in accordance
with this deed; and

 

		(ii)	each Trust, will be determined by the Board of the Trustee of that Trust from time to time in accordance
with this deed.

 

		(b)	Unless otherwise determined by all of the Investors, the Dividend policy of each Company and each
Trust will be that as far as possible and after taking into account the solvency and working capital requirements of the relevant
Company or Trustee and any restrictions imposed by the Finance Documents or applicable law (including the Corporations Act), each
Company and Trustee shall distribute all surplus cash of the relevant Company or Trust to the holders of Securities issued by that
Company or Trustee.

 

		7.	Shareholder Matters

 

		7.1	Shareholders' meetings

 

			Subject to the Corporations Act, the Board of a Company may call
a meeting of the Shareholders at a time and place as the Board resolves.

 

		7.2	Quorum for Shareholder's meetings

 

		(a)	The quorum for a meeting of Shareholders of a Company is the presence in person, or by proxy, representative
or attorney of at least two Shareholders of the Company, of whom at least one must be a Majority Investor Holder in the Company
or, in respect of Companies with only one Shareholder, the presence of that Shareholder.

 

		(b)	If a quorum is not present at a meeting of Shareholders within 30 minutes of the time appointed
for the start of the meeting, the meeting is adjourned to the same time and place on the date 3 Business Days after the original
date for the meeting and notice of such adjournment must be given to each Shareholder of the relevant Company. In the case of a
Company with more than one Shareholder, provided that the Majority Investor Holder is present at the reconvened meeting, the Majority
Investor Holder will constitute a quorum. If the Majority Investor Holder is not present at the reconvened meeting within 30 minutes
of the time appointed for the start of the meeting, the meeting is dissolved. In the case of a Company with only one Shareholder,
if a quorum is not present at the adjourned meeting within 30 minutes of the time appointed for the start of the meeting, the meeting
is dissolved.

 

		7.3	Voting entitlements at Shareholder meetings

 

The voting
entitlements of the Shareholders are as follows:

 

		(a)	on a show of hands, each Shareholder is entitled to one
vote; and

 

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		(b)	on a poll, each Shareholder is entitled to one vote for
each Ordinary Share held by that Shareholder.

 

		7.4	Shareholder resolutions

 

A resolution
of Shareholders of a Company may only be carried:

 

		(a)	subject
to the corporations act and clause 9.1, if it passed by a majority of votes entitled to be cast on the resolution;

		 	 

		(b)	if
a resolution consistent with the shareholder resolution is passed by the unitholders of the stapled trust of that company;

		 	 

		(c)	in
the case of taralga wind farm nominees no 1 pty limited, taralga wind farm nominees no 2 pty limited or twf, if a resolution on
the same terms (or a resolution approving the terms of proposed resolution of the shareholder of the taralga wind farm nominees
no 1 pty limited, taralga wind farm nominees no 2 pty limited or twf) has been duly passed by the shareholders of taralga holding
nominees 1 pty limited (in the case of a proposed resolution of taralga wind farm nominees no 1 pty limited or twf) or the shareholders
in taralga holding nominees 2 pty limited (in the case of a proposed resolution of taralga wind farm nominees no 2 pty limited);
and

 

		(d)	if
the passing of the resolution and the circumstances surrounding it are consistent with the terms of this deed.

 

		8.	UNITHOLDER MATTERS

 

		8.1	Unitholders' meetings

 

The
Board may call a meeting of the Unitholders at a time and place as the Board resolves.

 

		8.2	Quorum for Unitholder's meetings

 

		(a)	The quorum for a meeting of Unitholders of a Trust is the presence in person, or by proxy, representative
or attorney of at least two Unitholders of the Trust, of whom at least one must be a Majority Unitholder in the Trust, or, in the
event that there is only one Unitholder in respect of such Trust, that Unitholder.

 

		(b)	If a quorum is not present at a meeting of Unitholders
of a Trust within 30 minutes of the time appointed for the start of the meeting, the meeting is adjourned to the same time and
place on the date 3 Business Days after the original date for the meeting and notice of such adjournment must be given to each
Unitholder of the relevant Trust. In the case of a Trust with more than one Unitholder, provided that the Majority Unitholder
is present at the reconvened meeting, the Majority Unitholder will constitute a quorum. If the Majority Unitholder is not present
at the reconvened meeting within 30 minutes of the time appointed for the start of the meeting, the meeting is dissolved. In the
case of a Company with only one Shareholder, if a quorum is not present at the adjourned meeting within 30 minutes of the time
appointed for the start of the meeting, the meeting is dissolved.

 

		8.3	Voting entitlements at Unitholder meetings

 

The voting
entitlements of the Unitholders are as follows:

 

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		(a)	on a show of hands, each Unitholder is entitled to one
vote; and

		 	 

		(b)	on a poll, each Unitholder is entitled to one vote for
each Unit held by that Unitholder.

 

		8.4	Unitholder resolutions

 

A resolution
of Unitholders of a Trust may only be carried:

 

		(a)	subject to clause 9.1, if it is passed by a majority of votes entitled to be cast on the resolution;

 

		(b)	if a resolution consistent with the Unitholder resolution is passed by the Shareholders of the
Stapled Company of that Trust;

 

		(c)	in the case of the Land Trust or the Operating Trust, if a resolution on the same terms (or a resolution
approving the terms of proposed resolution of the Unitholder of the Land Trust or Operating Trust) has been duly passed by the
Unitholders of the HoldCo Land Trust (in the case of a proposed resolution of Unitholders in the Land Trust) or the Unitholders
in the HoldCo Operating Trust (in the case of a proposed resolution of the Unitholders in the Operating Trust); and

 

		(d)	if the passing of the resolution and the circumstances surrounding it are consistent with the terms
of this deed.

 

		9.	Conduct of Business

 

		9.1	Reserved matters

 

Each Company
and each Trustee in relation to its Stapled Trust must ensure that in addition to any resolution required to be passed by the Shareholders
under the Corporations Act, none of the matters listed in Schedule 2 is undertaken by any Company or Trustee (in relation to its
Stapled Trust) without the prior written consent of all Investors, which consent is specifically referred to as representing a
consent for the purposes of this clause 9.1 (so that an Investor may consent to such a matter, without that consent representing
a consent for the purposes of this clause 9.1).

 

		9.2	Preparation of management accounts

 

The following
entities must prepare management accounts in accordance with this clause 9 in respect of the following periods:

 

		(a)	the Land Trustee must prepare management accounts for the Land Trust half yearly; and

 

		(b)	the Operating Trustee must prepare management accounts for the Operating Trust quarterly.

 

		9.3	Content of management
                                                                               accounts

 

Management
accounts prepared pursuant to this clause 9 must be prepared consistent with Accounting Standards and must:

 

		(a)	include a consolidated income and expense statement, statement of financial position exhibited
by way of balance and cash flow statement for the Company or Stapled Trust (as applicable) with the consolidated income and expense
statement being be prepared on an accruals basis;

 

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		(b)	refer to and comment on any material matter occurring in or relating to the period in question;

 

		(c)	include a comparison of all such information with the projections and forecasts in the relevant
Operating Budget and with the corresponding information for the same period in the preceding year, together with a statement of
any material variation from the Operating Budget and a commentary thereon;

 

		(d)	itemise all material transactions referred to in the statement of projected capital expenditure
included in the relevant Operating Budget and entered into by the Company and the Trustee in respect of its Stapled Trust during
that period (as applicable);

 

		(e)	set out in a separate schedule (in sufficient detail to demonstrate the same) the Companies' and
Trusts' actual performance against any limits set out in any relevant clause of the Senior Facility Agreement;

 

		(f)	have been approved by the chief financial officer and one other Director as evidenced by their
signature on the accounts

 

		(g)	include a commentary by the managing Director on the state of the business of the Company or Stapled
Trust; and

 

		(h)	on a monthly basis, include a statement by the chief financial officer of the combined Stapled
Groups' debt service cover ratio (if applicable, as calculated in accordance with the Senior Facility Agreement).

 

		9.4	Preparation of other reports

 

Each Company
must prepare, and each Trustee must prepare in respect of its Stapled Trust (and must engage such firm of accountants as may be
specified by the Majority Investor Holders to prepare) such reports as the Majority Investor Holders may from time to time reasonably
require (and which must be approved by the relevant Board before presentation to the Investors) as to any matter relating to the
financial position, business or other affairs of the Company or Stapled Trust.

 

		9.5	Operating Budget

 

		(a)	At least 60 days before the end of each Financial Year (or by such later date as the Board with
Investor Consent may approve) each Company and each Trustee in respect of its Stapled Trust must prepare and submit to the relevant
Board for its consideration and approval a draft Operating Budget for the next Financial Year.

 

		(b)	The Operating Budget submitted to each Board in respect of a Financial Year will not become the
Operating Budget for that Financial Year unless and until it has been approved and adopted by the Board. If an Operating Budget
has not been approved and adopted by the Board by the start of the relevant Financial Year, the Operating Budget for that Financial
Year will be the Operating Budget for the previous year if relevant, grossed up to reflect a full Financial Year and with each
item of budget increased by 2.5% unless and until the proposed Operating Budget for that Financial Year has been approved and adopted
by the Board.

 

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		(c)	Notwithstanding the foregoing sub-clauses of this clause 9.5, in the event that a Board determines
one or more material matters has arisen during the course of a Financial Year, that Board may request management to prepare and
submit an interim mid-Financial Year Operating Budget in respect of the relevant Company or Trustee.

 

		9.6	Insurance

 

Without limiting
the obligations of each Company under any Senior Facility Agreement, each Company, and each Trustee in respect of its Stapled Trust
must keep insured, at all times with a reputable insurer:

 

		(a)	all its assets against such risks and in such manner and to such extent as accords with good commercial
practice with regard to assets of the same kind in comparable circumstances as approved by a meeting of its Board;

 

		(b)	itself in respect of any accident, damage, injury, third party loss, loss of profits and other
risks and to such an extent as accords with good commercial practice with regard to a business of the same kind in comparable circumstances
as approved by a meeting of its Board; and

 

		(c)	subject to the Corporations Act, its directors and officers against any liability incurred by them
in the lawful performance of their duties on terms approved by a meeting of its Board with such insurance cover being made available
to the directors and officers in the Deed of Indemnity and Access.

 

		9.7	Annual review of insurance arrangements

 

Each Company,
and each Trustee in respect of its Stapled Trust, must procure that its insurance policies are reviewed by insurance brokers appointed
with the approval of a meeting of its Board at least once every year and that all reasonable recommendations made by its brokers
in relation to such policies are complied with unless decided otherwise by a meeting of its Board.

 

		9.8	Compliance

 

Each Company,
and each Trustee in respect of its Stapled Trust must take all reasonable steps to obtain, and must comply in all material respects
with the terms of, all governmental and other licences and consents necessary for the conduct of its business.

 

		9.9	Benefit of this clause

 

The obligations
and undertakings in this clause 9 are given for the benefit of the Investors and no one else.

 

		9.10	Management Services Agreement

 

		(a)	The parties acknowledge that each Company and each Trustee intends to comply with the obligations
imposed on it pursuant to clause 9.2 to 9.8 by engaging the services of the Manager pursuant to the Management Services Agreement.

 

		(b)	The engagement of the Manager as contemplated by clause 9.10(a) does not relieve the parties from
their respective obligations under this deed.

 

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		(c)	The parties acknowledge that the business of each Company is to be managed by the Board of directors
of that Company, which may exercise all the powers of the company that are not under the Corporations Act or by its constitution
or this Agreement required to be exercised by the Company in general meeting and that the provision of Services by the Manager
is intended to facilitate the management of the business of each Company by the Board of directors of that Company.

 

		(d)	This clause 9.10 is not intended to, and does not, impose any duty or obligation on CBD.

 

		10.	Information Rights

 

		10.1	Information to be provided
                                                                to the Investors

 

		(a)	Each Trustee in respect of its Stapled Trust, must prepare and provide to the Investors in the
Stapled Group to which the Stapled Trust belongs copies of the following:

 

		(i)	the audited annual financial statements of that Stapled Trust for each Financial Year as soon as
they are available and in any event within 120 days of the end of the relevant Financial Year;

 

		(ii)	the unaudited management accounts referred to in clause 9.2 (in the form referred to in clause 9.2)
as soon as they are available and in any event within 45 days of the end of the relevant period in respect of which they have been
prepared;

 

		(iii)	the Operating Budget for each Financial Year, within 30 days of the same being adopted or amended
in any material respect, together with the accompanying Business Plan; and

 

		(iv)	such other information relating to the businesses or affairs of the Trustee or its Stapled Trust
or to its financial position or prospects as any Investor Director may from time to time reasonably request.

 

		(b)	Each Company must prepare and provide to the Investors in the Stapled Group to which the Company
belongs, copies of the following:

 

		(i)	the audited annual financial statements and annual report of that Company (as applicable) for each
Financial Year as soon as they are available and in any event within 120 days of the end of the relevant Financial Year; and

 

		(ii)	such other information relating to the businesses or affairs of the Company or to its financial
position or prospects as any Investor Director may from time to time reasonably request.

 

		10.2	Access rights of Investors and Investor Directors

 

Subject to
clause 10.3:

 

		(a)	Taralga Wind Farm Nominees No 1 Pty Limited must give each Investor holding Securities of
the Stapled Group to which that entity belongs or any holding entity of such entity, each of their Affiliates and each Director
(including any alternate Director) reasonable access on reasonable notice to:

 

		(i)	inspect the assets of that entity and of the Land Trust;

 

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		(ii)	inspect and take copies of documents relating to that entity and the Land Trust, including the
statutory registers and books of account of that entity and the Land Trust; and
	 	 	 

		(iii)	discuss the affairs, finances and accounts of that entity and the Land Trust with the relevant
responsible officer, any person who reports directly to that officer and the auditor of that entity and the Land Trust;

 

		(b)	Taralga Wind Farm Nominees No 2 Pty Limited must give each Investor holding Securities of
the Stapled Group to which that entity belongs or any holding entity of such entity, each of their Affiliates and each Director
(including any alternate Director) reasonable access on reasonable notice to:

 

		(i)	inspect the assets of that entity and of the Operating Trust;

 

		(ii)	inspect and take copies of documents relating to that entity and the Operating Trust, including
the statutory registers and books of account of that entity and the Operating Trust; and
	 	 	 

		(iii)	discuss the affairs, finances and accounts of that entity and the Operating Trust with the relevant
responsible officer, any person who reports directly to that officer and the auditor of that entity and the Operating Trust;

 

		10.3	Exceptions to Investor's access rights

 

Nothing in
clause 10.2 requires either entity referred to in that clause to give any person access to information if to do so would, in the
opinion of the Board of that entity:

 

		(a)	constitute a breach by the entity of any obligation of confidentiality owed to a third party; or

 

		(b)	materially disrupt, or have a materially adverse effect on, the business or operations of that
entity or the Stapled Group to which that entity belongs.

 

		10.4	Rights of Investor Directors

 

A Director
is entitled to pass information concerning:

 

		(a)	the entity of which they are a Director or any subsidiary of that entity; or

 

		(b)	the Stapled Group to which that entity or subsidiary belongs,

 

to their Appointer
or any of their Appointer's Affiliates.

 

		11.	Transfers and Other Disposals of Securities

 

		(a)	Each Investor may only Dispose of its Securities:

 

		(i)	in connection with an Exit approved by Investor Consent;

 

		(ii)	by way of a transfer of Securities effected under clause 13 or 14;

 

		(iii)	by way of a transfer under clause 14.5;

 

		(iv)	by way of a transfer of Securities to an Affiliate of that Investor; or

 

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		(v)	if the transfer of Securities is approved in writing by Investor Consent (where evidence of that
Investor Consent is given to the Issuer); and

 

provided that:

 

		(A)	in the case of a Disposal by CBD, CRG has given its prior written consent to the Disposal;

 

		(B)	where Ordinary Shares are to be transferred, such number of the Units of the Investor in the Stapled
Trust of the Stapled Group to which the Issuer of the Ordinary Shares belongs, as represents the Proportionate Share of the Investor,
are transferred to the same person at the same time; and

 

		(C)	where Units are to be transferred, such number of the Ordinary Shares of the Investor in the Stapled
Trustee of the Stapled Group to which the Issuer of the Units belongs, as represents the Proportionate Share of the Investor, are
transferred to the same person at the same time.

 

		(b)	Neither the HoldCo Operating Trustee or HoldCo Land Trustee may dispose of any Securities it holds
in the Operating Trustee, the Land Trustee, the Operating Trust or the Land Trust, and the Land Trustee may not dispose of any
Securities in holds in TWF, at any time.

 

		12.	Deed of Adherence

 

		(a)	Each Issuer must not issue any Securities or register a transfer of any Securities and no party
may transfer any Securities unless the subscriber or transferee (if not already party to this deed) first executes and delivers
to the Issuer a Deed of Adherence.

 

		(b)	If a person becomes a holder of Securities, other than as a result of breach of this deed, and
that person executes and delivers a Deed of Adherence in accordance with clause 12(a), the parties accept that person as a party
to this deed.

 

		13.	Pre-emptive Rights

 

		13.1	Application

 

The provisions
of this Clause 13 only apply in respect of Securities in the HoldCo Land Trustee, the HoldCo Operating Trustee, the HoldCo Land
Trust and the HoldCo Operating Trust.

 

		13.2	Pre-Emptive Rights

 

		(a)	If an Investor proposes to transfer any of the Securities held by it (Sale Securities) to
any person, and the Securities proposed to be transferred by the Investor constitute less than 20% of the Securities of that class,
the Investor must first give to each existing Investor in the Stapled Group to which the Securities relate, a notice offering to
sell the Sale Securities (Offer Notice) to those existing Investors.

 

		(b)	An Offer Notice must include details of:

 

		(i)	the total number of Sale Securities;

 

		(ii)	the proposed transfer price (and any other terms of the proposed transfer);

 

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		(iii)	the offer period, which must be a period of at least 14 days, and settlement date for completion
of the transfer; and

 

		(iv)	the name of any proposed third party transferee to whom the Sale Securities are proposed to be
sold, if all the Sale Securities are not purchased by the existing Investors.

 

		(c)	Each Investor may only accept an offer of Sale Securities in writing, within the offer period specified
in the Offer Notice.

 

		(d)	If more than one Investor elects to accept an offer subject of the Offer Notice, the Investors
that accepted the offer are deemed to have accepted that offer in respect of such number of Sale Securities that is equal to their
respective Proportionate Share (excluding the Sale Securities).

 

		(e)	If:

 

		(i)	no Investors accept the offer made under an Offer Notice; or

 

		(ii)	offers made under an Offer Notice have been accepted
in relation to some (but not all) of the Sale Securities the subject of the Offer Notice,

 

within the offer
period specified, the relevant Investor may transfer the Sale Securities that are not the subject of such acceptances to any person
on terms no more favourable than those offered in the Offer Notice, provided that the Investor must transfer all of the Sale Securities
described in the Offer Notice to that person.

 

		14.	Drag Along Rights; tag along on partial sale

 

		14.1	Application

 

		(a)	The provisions of this Clause 14 only apply to Securities in the HoldCo Land Trustee, the HoldCo
Operating Trustee, the HoldCo Land Trust and the HoldCo Operating Trust.

 

		(b)	Clauses 14.5 to 14.7 do not apply in the case of an Exit.

 

		14.2	Drag Along Notice

  

Without
limiting clause 13, if an Investor (the Vendor Investor) proposes to transfer
all or substantially all of the Securities held by it to any person (other than another Investor) on arm's length terms (the Proposed
Transferee) and the Securities proposed to be transferred by the Investor constitute more
than 50% of the Securities of that class (such percentage being the Relevant Percentage),
that Investor may give notice (a Drag Along Notice) to each other holder of Securities
of that class (including any person who becomes a holder of Securities of that class upon exercise of any rights of subscription
or conversion) (each a Compulsory Seller) at any time before the proposed transfer,
requiring each Compulsory Seller to transfer all of its Securities of that class to the Proposed Transferee.

		14.3	Contents
                                                                                                     of Drag Along Notice

 

A
Drag Along Notice must:

 

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		(a)	specify the sale price for each class of Security which must
be a cash price denominated in Australian dollars and must specify any other material terms and conditions of the proposed transfer;

 

		(b)	specify the name of the Proposed Transferee, including details
of any ultimate holding company of the Proposed Transferee;

 

		(c)	require each Compulsory Seller to transfer the Relevant Percentage
of its Securities of the relevant class to the Proposed Transferee such sale to be on terms no less favourable to the Compulsory
Seller than those applying to the transfer of Securities of that class by the Investors;

 

		(d)	require each Compulsory Seller to transfer an equal number of
Ordinary Shares and Units to the Proposed Transferee; and

 

		(e)	specify that it is a Drag Along Notice for the purposes of clause
14.2 of this deed.

 

		14.4	Effect of Drag Along Notice

 

If a Drag Along
Notice is given under clause 14.2 each Compulsory Seller must transfer the Relevant Percentage of its Securities of the relevant
class to the Proposed Transferee:

 

		(a)	on such date, being no earlier than the date of the transfer by the Investors of their Securities
to the Proposed Transferee, as may be specified by the Investors in the Drag Along Notice; and

 

		(b)	on terms no less favourable to the Compulsory Sellers than those applying to the transfer of Securities
of that class by the Investors provided that:

 

		(i)	if the terms applying to the transfer by the Investors provide for the payment or reimbursement
by the Proposed Transferee or some other person of the out-of-pocket costs and expenses of the Investors incurred in connection
with the transfer, that term will be disregarded in establishing whether the terms applying to the transfer by the Compulsory Sellers
are less favourable than those applying to the Investors; and

 

		(ii)	each Compulsory Seller may be required to provide the Proposed Transferee with such representations
and warranties regarding title, capacity and no litigation as are customary for transfers of securities on arm's length terms,
and such other reasonable representations and warranties as are agreed between the Investors and each Compulsory Seller; and

 

		(c)	with each Vendor Investor and Compulsory Seller agreeing to act in good faith towards each other
in all dealings in respect to the transfer of Securities under clauses 14.4(a) and (b).

 

		14.5	Tag Along Notice

 

Without limiting
clause 13, if an Investor (the Partial Vendor Investor) proposes to transfer (directly or indirectly) less than all of the
Securities held by it in each Company and Trustee of a Stapled Group to one or more Third Parties (the Proposed Partial Transferee),
that Investor must give notice (a Tag Along Notice) to each other holder of Securities of that class (including any person
who becomes a holder of Securities of that class upon exercise of any rights of subscription or conversion) not less than 5 Business
Days before the date of the proposed transfer.

 

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		14.6	Contents of Tag Along Notice

 

A Tag Along
Notice must:

 

		(a)	specify the number of Securities of each class to be transferred to the Proposed Partial Transferee
(the Relevant Number);

 

		(b)	specify the sale price for each class of Security which must
be a cash price denominated in Australian dollars and must specify any other material terms and conditions of the proposed transfer
(including the proposed date for completion of the proposed transfer);

 

		(c)	specify the name of the Proposed Partial Transferee, including
details of any ultimate holding company of the Proposed Partial Transferee;

 

		(d)	specify that it is a Tag Along Notice for the purposes of clause
14.5 of this deed.

 

		14.7	Effect of Tag Along Notice

 

		(a)	If a Tag Along Notice is given under clause 14.5 each Investor will have the right (but not the
obligation) to give the Partial Vendor Investor an irrevocable notice (a Tag Along Election) stating that the Investor wishes
to participate in the proposed transfer of Securities by transferring its Proportionate Share of the Relevant Number of Securities
to the Proposed Partial Transferee on the same terms and conditions as set out in the Tag Along Notice.

 

		(b)	A Tag Along Election is only valid and effective if received by the Partial Vendor Investor on
or before the date falling 2 Business Days before the proposed date for transfer specified in the Tag Along Notice.

 

		(c)	If the Partial Vendor Investor receives a valid Tag Along Election from an Investor (the Investor
issuing the Tag Along Election being a Tag Along Seller), the Partial Vendor Investor and Tag Along Seller must each use
all reasonable endeavours to ensure that on completion of the acquisition of the Relevant Number of Securities, the Proposed Partial
Transferee acquires from the Partial Vendor Investor a number of Securities equal to the Partial Vendor Investor's Proportionate
Share of the Relevant Number of Securities and from the Tag Along Seller a number of Securities equal to the Tag Along Seller's
Proportionate Share of the Relevant Number of Securities, on terms no less favourable to the Tag Along Seller than those applying
to the transfer of Securities of that class by the Partial Vendor Investor provided that:

 

		(i)	if the terms applying to the transfer by the Investors provide for the payment or reimbursement
by the Proposed Partial Transferee or some other person of the out-of-pocket costs and expenses of the Investors incurred in connection
with the transfer, that term will be disregarded in establishing whether the terms applying to the transfer by the Tag Along Sellers
are less favourable than those applying to the Investors; and

 

		(ii)	each Tag Along Seller may be required to provide the Proposed Partial Transferee with such representations
and warranties regarding title, capacity and no litigation as are customary for transfers of securities on arm's length terms,
and such other reasonable representations and warranties as are agreed between the Investors and each Tag Along Seller; and

 

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		(d)	with each Partial Vendor Investor and Tag Along Seller agreeing to act in good faith towards each
other in all dealings in respect to the transfer of Securities under clauses 14.7(a) and (c).

 

		15.	Default

 

		15.1	Notice by Defaulting Investor

 

If any of the
matters (each, an Event of Default) in clause 15.2 occur in relation to an Investor then that Investor shall be a Defaulting
Investor and shall notify the other Investor in writing that it is a Defaulting Investor.

 

		15.2	Events of Default

 

An Event of
Default in relation to the relevant Investor has occurred if:

 

		(a)	an Investor fails to pay on the due date any money due under this deed or the Equity Contribution
Agreement, and the failure to pay continues for 21 Business Days after the Investor is given a notice by the Issuer of the Securities
requiring the failure to pay to be remedied;

 

		(b)	an Investor fails to perform any of its other obligations under, or otherwise breaches a provision
of, this deed which is expressed to be a condition, or commits a serious breach of any other term of this deed, and that failure
or breach is incapable of remedy or, if capable of remedy, continues for 21 Business Days after that Investor is given a notice
by the Issuer of the Securities requiring the breach to be remedied;

 

		(c)	an Investor is repeatedly or persistently in breach of or in default under any of the provisions
of the deed;

 

		(d)	an Investor ceases to hold any relevant licence, approval, authorisation or consent required to
enable it to comply with its obligations under this deed;

 

		(e)	a receiver, receiver or manager, administrator, controller or a managing controller of the whole
or any part of the assets of undertaking of an Investor is appointed;

 

		(f)	a summons or other process seeking orders which, if granted, would render an Investor an externally-administered
body corporate or an insolvent under administration is filed and is not withdrawn within 30 Business Days;

 

		(g)	an Investor which is a body corporate becomes an externally-administered body corporate;

 

		(h)	an Investor, being a company, becomes the subject of an order being made or a resolution being
passed for the winding up of the Investor (other than voluntary liquidation or dissolution for the purposes of reconstruction or
amalgamation);

 

		(i)	an Investor which is a natural person becomes an insolvent under administration; and

 

		(j)	an Investor which is not a company becomes subject under the laws of any applicable jurisdiction
to a judicial or administrative regime so that the Investor's position is analogous to that of a company which is an externally-administered
body corporate.

 

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		15.3	Notice by Non-Defaulting Investor

 

An Investor
which is not a Defaulting Investor (the Non-Defaulting Investor) may, without prejudice to the other rights and remedies which
it may have, serve notice in writing on the Defaulting Investor and the Issuer of the Securities held by the Defaulting Investor
(a Default Notice) at any time during the 60 Business Days following an Event of Default coming to the notice of that Investor.
A Default Notice may be served notwithstanding that a notice pursuant to clause 15.1 has not been provided by the Defaulting Investor.

 

		15.4	Contents of Default Notice

 

The Default
Notice may require the Defaulting Investor immediately to sell all of its Securities to the Non-Defaulting Investor (and/or its
nominee) at the price which is 80% of the Fair Value of such Securities as agreed between all of the Investors (including the Defaulting
Investor) or, failing such agreement within 30 days of the date of the Default Notice, as determined by the Independent Expert
in accordance with clause 15.5.

 

		15.5	Determination of Fair Value by Independent Expert

 

If all of the
Investors fail to agree upon the Fair Value of the Securities pursuant to clause 15.4, either Investor may notify the other Investor
by written notice that it wishes to appoint a qualified investment banking firm of international reputation and standing (the Independent
Expert) as the Investors may agree or, if the Investors are unable to agree on the identity of the Independent Expert within
30 days of such the notice being served, or if the Independent Expert appointed is unable or unwilling to act, an appropriate Independent
Expert shall be appointed by the Centre for Expertise of the International Chamber of Commerce in accordance with the International
Chamber of Commerce Rules for Expertise. The Independent Expert shall determine the price of the Securities which are the subject
of the Default Notice as the fair value of those Securities in accordance with the following provisions:

 

		(a)	the Independent Expert shall be instructed to certify in writing to each of the Investors within
20 Business Days of its appointment the price that is in its opinion the fair value of the Securities, having regard to whether
the Securities do or do not carry control of the Issuer and on the basis of an arm's length transaction as between a willing seller
and a willing buyer at the date of the Default Notice (the Fair Value);

 

		(b)	the Independent Expert shall be deemed to be acting as expert and not as arbitrator and its decision
shall be final and binding on the Investors;

 

		(c)	the parties shall, and shall procure that the Issuer shall, ensure that there is made available
to the Independent Expert such information relating to the Issuer as the Independent Expert reasonably requires in order to determine
the Fair Value of the Securities;

 

		(d)	the costs of obtaining the Independent Expert's certificate shall be borne by the Investors in
proportion to their respective pro rata share of the Securities; and

 

		(e)	a copy of the Independent Expert's certificate shall be provided to each of the Investors.

 

		15.6	Default Notice may not be withdrawn

 

Any Default
Notice deemed to be given in accordance with this clause 14.5 may not be withdrawn.

 

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		15.7	Mandatory Transfer of Defaulting Investor's Securities

 

On delivery
of a Default Notice, the Defaulting Investor shall be obliged to sell the relevant Securities and the Non-Defaulting Investor shall
be obliged to procure the purchase of the relevant Securities (on its behalf and/or on the behalf of its nominee) at the price
agreed or determined under clause 15.4 and the Defaulting Investor shall complete the transfer within 5 Business Days of the agreement
or determination of the Fair Value of the relevant Securities in accordance with clause 15.4.

 

		16.	Foreign Investment Approval

 

		16.1	Rights and obligations subject to foreign investment approval

 

Any rights
or obligations of a party to acquire Securities under clause 5, 11, 13 and 14.5 are subject to any consents, no action letters
or approvals which must be obtained by that party under the provisions of the Foreign Acquisitions and Takeovers Act 1975 (Cth)
(FATA).

 

		16.2	Where required approval not held

 

If any issue
or transfer of Securities contemplated by clause 5, 11, 13 and 14.5 inclusive requires a party to obtain a consent, no action letter
or approval under FATA and that party does not have the relevant consent, no action letter or approval at the time that the issue
or transfer would otherwise fall to be made under this deed then:

 

		(a)	the time period set out in this deed for completion of the issue or transfer of those Securities
must be postponed to the extent necessary to permit such consent, no action letter or approval to be obtained, subject to a maximum
postponement of 130 days; and

 

		(b)	the party requiring such consent, no action letter or approval must:

 

		(i)	use all reasonable endeavours to obtain such consent or approval as soon as reasonably practicable;
and

 

		(ii)	keep the Board fully informed in relation to the consent or approval process.

 

		17.	Exit

 

		17.1	Intention of parties

 

It
is the intention (but not obligation) of the Investors that an Exit is achieved within 3 years after the First Subscription Date
(as that term is defined in the Equity Contribution Agreement).

 

		17.2	General obligations in relation to an Exit or Reorganisation

 

If the Majority
Investor Holders of a Stapled Group propose that that Stapled Group proceeds with an Exit or Reorganisation and the Board of that
Stapled Group determines (following consultation with all Investors) to proceed with the proposed Exit or Reorganisation, each
party to this deed at the date of such proposal, must:

 

		(a)	exercise all powers and rights it has in relation to the Company, Trustee and Stapled Trust of
that Stapled Group, to procure (as far as it is able) that the Exit or Reorganisation is achieved in accordance with the proposal;

 

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		(b)	do all things, execute all documents and provide all such assistance as may be reasonably required
by the Majority Investor Holders to facilitate the Exit or Reorganisation (including the preparation of any necessary material
for, and the giving of presentations to, potential buyers and their financiers); and

 

		(c)	in the case of an Exit, use all reasonable endeavours to maximise the Net Proceeds (as defined
in clause 18(a)(iii)) to be received by the Investors and Group Entities as consideration for that Exit with the intention (but
not obligation) of ensuring that those Net Proceeds when received are in an amount at least equal to the amounts referred to in
clauses 18(b)(i) and (ii).

 

		17.3	Preparation for Listing

 

Without limiting
clause 17.2, if the Majority Investor Holders of a Stapled Group propose that that Stapled Group proceeds with an Exit by way of
a Listing or undertakes any Reorganisation to facilitate a Listing, each party that is a holder of the Securities in that Stapled
Group must:

 

		(a)	exercise all powers and rights it has in relation to the Company, Trustee and Stapled Trust of
that Stapled Group to:

 

		(i)	assist the entity that is proposed to undertake the Listing to prepare a prospectus or equivalent
disclosure document;

 

		(ii)	appoint an appropriate board of directors to the entity that is proposed to undertake the Listing;

 

		(iii)	obtain all requisite shareholder approvals required for the Exit or Reorganisation, as the case
may be, including approvals for the removal of any special rights attaching to any of the Securities, for the subdivision or consolidation
of any Securities, for the amendment of the Constitutions or for the conversion of the Company from a proprietary company to a
public company, and the Stapled Trust from a private trust to a managed investment scheme registered under Chapter 5C of the Corporations
Act;

 

		(iv)	facilitate the entry into of an underwriting or offer management agreement or similar agreement
on market terms; and

 

		(v)	provide all reasonable assistance for marketing activities, including road shows; and

 

		(b)	dispose of some or all of its Securities (and surrender any certificates in respect of such Securities);
and

 

		(c)	take all other action reasonably requested by the Board,

 

in each case
to the extent that the Board determines to be necessary or desirable for the purposes of effecting the Listing or Reorganisation
to facilitate a Listing.

 

		17.4	Conduct of Listing

 

Without limiting
clauses 17.2 and 17.3 if the Majority Investor Holders of a Stapled Group propose that the Stapled Group proceeds with an Exit
by way of a Listing the Trustee that is a member of that Stapled Group must, and each Investor of the Stapled Group must use all
reasonable endeavours to procure that the Trustee will:

 

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		(a)	to the maximum extent permitted by law, pay all advisory fees and underwriting commissions, all
costs and expenses incurred in relation to the conduct of due diligence investigations and the preparation of the prospectus or
equivalent disclosure document, all listing fees and other amounts payable to relevant regulatory authorities in connection with
the Listing and all printing and postage expenses and other expenses incurred in connection with the Listing; and

 

		(b)	use all reasonable endeavours to satisfy all terms and conditions of admission to Listing imposed
by the relevant stock exchange.

 

		17.5	Sale of Securities

 

Without limiting
clause 17.2, if the Majority Investor Holders of a Stapled Group propose that the Stapled Group proceeds with an Exit by way of
the sale of Securities, each Investor must use all reasonable endeavours to procure that the Stapled Trustee of the relevant Stapled
Group will pay all advisory fees, all costs and expenses incurred in relation to the conduct of due diligence investigations and
the preparation of the prospectus or equivalent disclosure document, all amounts payable to relevant regulatory authorities in
connection with the Exit and all printing and postage expenses and other expenses incurred in connection with the Exit.

 

		17.6	Disposal of business

 

Without limiting
clauses 17.2, if the Majority Investor Holders of a Stapled Group propose that the Stapled Group proceeds with an Exit by way of
the disposal by one or more transactions of all or substantially all of the business of the Stapled Group, then if required by
the Majority Investor Holders each holder of Securities of the Stapled Group must, as soon as reasonably practicable after completion
of such disposal, do all things and execute all documents necessary to distribute the proceeds of the disposal to the holders of
those Securities in accordance with clause 18.

 

		17.7	Participation of Investors in Exit process

 

Without limiting
clause 17.2, if the Majority Investor Holders of a Stapled Group propose that the Stapled Group proceeds with an Exit (other than
an Exit by way of a Listing), each Investor may approach potential purchasers of the Securities or business of the Stapled Group
and must keep each other Investor informed of the progress of any Exit and provide each other Investor with a reasonable opportunity
to participate in the process for that Exit (including by reviewing any necessary material for, and attending presentations to,
potential buyers and their financiers).

 

		18.	Allocation of Net Proceeds

 

		(a)	For the purposes of this clause 18:

 

		(i)	any Security initially issued to CRG will be designated as a Class A Security (whether or
not such Security continues to be held by CRG);

		(ii)	any Security initially issued to CBD will be designated as a Class B Security (whether or
not such Security continues to be held by CBD); and

 

		(iii)	Net Proceeds means the aggregate amount, without double counting, received by the Investors
and Group Entities as consideration for an Exit, including (without double counting) the amount of any intercompany loan repaid
or prepaid to an Investor, less all Taxes (other than Excluded Taxes of the Investors) and reasonable costs and expenses incurred
by the Investors and Group Entities in connection with the relevant disposal, receipt or recovery.

 

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		(b)	The parties agree that, despite anything in any Constitution or Transaction Document, the Investors
will be entitled to share in the Net Proceeds, and all Net Proceeds will be distributed to the holders of the Class A Securities
and the Class B Securities promptly following receipt, as follows:

 

		(i)	first, to the holders of Class A Securities rateably an aggregate amount equal to the Class A Priority
Return as at the date of distribution;

 

		(ii)	secondly, to the holders of Class B Securities rateably, an aggregate amount equal to the Class
B Priority Return;
	 	 	 

		(iii)	thirdly, any remaining Net Proceeds will be distributed to the Investors on the basis that an aggregate
amount equal to 80% of such remaining Net Proceeds will distributed to the holders of Class A Securities rateably and an aggregate
amount equal to 20% of such remaining Net Proceeds will be distributed to the holders of the Class B Securities rateably.

 

		(c)	If and to the extent that an Investor receives Net Proceeds to which another Investor is entitled
under clause 18(b), that Investor must:

 

		(i)	hold those Net Proceeds as fiduciary agent for the other Investor, separately from its other assets;
and

 

		(ii)	promptly account to the other Investor for the relevant Net Proceeds.

 

		(d)	Amounts received under clause 18(b) by CBD will be applied first to satisfy and discharge the obligation
of the Land Trust to pay any accrued but unpaid Development Fee (Supplementary) in accordance with the Equity Contribution Agreement.

 

		19.	Power of Attorney

 

		19.1	Appointment

 

Each Investor
(other than CRG while it is a Majority Investor Holder) hereby severally and irrevocably appoints any two directors of the Issuer
responsible for issuing those Securities, jointly as their agent and attorney with power to complete and execute such documents
for or on its behalf as those two directors think necessary or desirable to give effect to any sale or transaction contemplated
by clauses 13 and 14.5, including the power for those two directors to execute all necessary documentation to complete any of those
sales or transactions on behalf of that Investor, and the power to vote (to the exclusion of that holder of Securities) at any
meeting of Investors in relation to any such sale or transaction.

 

		19.2	Validity

 

Each holder
of Securities (other than CRG while it is a Majority Investor Holder) declares that all acts and things done by any two directors
of the Issuer of those Securities in exercising powers under this power of attorney will be as good and valid as if they had been
done by the holder of Securities and agrees to ratify and confirm whatever is done in exercising powers under this power of attorney
provided the exercise is consistent with the provision of clause 13 or 14.5 as the case may be.

 

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		19.3	Irrevocable

 

Each Investor
declares that this power of attorney is given for valuable consideration and is irrevocable whilst that person remains an Investor.

 

		19.4	Benefits

 

Each Investor
Director is expressly authorised to do any act in the proper course of exercising their power as attorney under this clause 19
as a result of which a benefit is conferred on the Investor Director or his Appointer.

 

		19.5	Inconsistent Instruments

 

Each holder
of Securities (other than CRG while it is a Majority Investor Holder) must not issue, sign or execute any Inconsistent Instrument,
and undertakes to immediately revoke any powers given in such Inconsistent Instrument, which contradict or are inconsistent with
the powers granted under this power of attorney. If a holder of Securities fails to revoke an Inconsistent Instrument each attorney
appointed under this clause is authorised to revoke the powers given in the Inconsistent Instrument which contradict or are inconsistent
with the powers granted in this power of attorney.

 

		19.6	Specific Performance

 

Each holder
of Securities (other than CRG while it is a Majority Investor Holder) acknowledges:

 

		(a)	that its obligations under this clause 19 may be of a special, unique or invaluable nature such
that an award of damages or an account of profits may be inadequate to compensate the Investors for a failure by the relevant Security
holder to comply with this clause 19;

 

		(b)	that each Investor will have a right to seek an ex parte, interlocutory or final injunction to
prohibit or restrain each holder of Securities (other than CRG while it is a Majority Investor Holder) from any violation or suspected
or threatened violation of this clause 19; and

 

		(c)	that each Investor will have a right to seek an order for specific performance to require the holder
of Securities (other than CRG while it is a Majority Investor Holder) to comply with this clause 19.

 

		20.	Warranties by the Parties

 

		20.1	Warranties by each party

 

Each party
represents and warrants to each other party in respect of itself and the Trust of which it is Trustee only that each of the statements
set out in Schedule 1, is true accurate and not misleading as at:

 

		(a)	in the case of each party who becomes a party to this deed on the date of first execution of this
deed, on the date of this deed and the date of Completion; and

 

		(b)	is the case of any other party, the date of execution and delivery of the Deed of Adherence.

 

		20.2	CBD Warranties

 

CBD gives the
warranties in Schedule 5 of the Equity Contribution Agreement to and for the benefit of CRG.

 

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		20.3	Repetition, survival and reliance

 

		(a)	Each representation and warranty:

 

		(i)	is given on the date of this agreement and immediately before Completion; and

 

		(ii)	is separate and independent and not limited by reference to any other representation and warranty
or any notice or waiver given by any party in connection with anything in this agreement.

 

		(b)	The representations and warranties in this Agreement survive the execution of this Agreement and
Completion.

 

		(c)	Each party acknowledges that the other parties have entered into this agreement in reliance on
each representation and warranty in clause 20.1.

 

		(d)	CBD acknowledges that CRG has entered into this agreement in reliance on each representation and
warranty of CBD in clause 20.2.

 

		21.	Announcements and Confidentiality

 

		21.1	Confidentiality obligations

 

Subject to
clause 21.2, each party must keep confidential and must procure that each of its Representatives, each of its related bodies corporate
and each of their respective Representatives keeps confidential:

 

		(a)	all information made available to it which relates to any Group Entity, or any other party;

 

		(b)	the terms of and subject matter of, and the negotiations relating to, this deed and each other
Transaction Document; and

 

		(c)	all information made available to it in connection with the transactions contemplated by this deed
and the other Transaction Documents.

 

		21.2	Permitted announcements and disclosures

 

Nothing in
clause 21.1 prevents:

 

		(a)	any announcement being made or any information being disclosed:

 

		(i)	with Investor Consent or if the information relates directly to a party, that party; or

 

		(ii)	to the extent required by law, any court of competent jurisdiction or any Authority, but if a person
is so required to make any announcement or to disclose any information, the relevant party must promptly notify the other parties,
where practicable and lawful to do so, before the announcement is made or disclosure occurs (as the case may be) and must co-operate
with the other parties regarding the timing and content of such announcement or disclosure (as the case may be) or any action which
the other parties may reasonably elect to take to challenge the validity of such requirement; or

 

		(b)	any information being disclosed:

 

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		(i)	to the extent that the information is in or comes into the public domain otherwise than as a result
of a breach of any undertaking or duty of confidentiality;

 

		(ii)	to any Investor or any Investor's Affiliate or to any party to the Senior Facility Agreement; or

 

		(iii)	by any party to that party's professional advisers, auditors or bankers;
	 	 	 

		(iv)	by an Investor to a bona fide prospective purchaser of any Securities provided that the Securityholder
who makes or permits a disclosure of Confidential Information to a prospective purchaser must procure that the person to whom the
disclosure is made enters into a deed poll in favour of the Investors and Group Entities under which it agrees to keep the information
confidential on the same terms as clause 21.1; or

 

		(v)	by any party to the extent required to enable that party to enforce (on its own behalf or on behalf
of any other person) the provisions of this deed or any other Transaction Document or for the purpose of defending any judicial
proceedings brought against that party,

 

provided that
such disclosure is made on the basis that the information is treated as confidential by the recipient and used by it only for the
purpose for which it was disclosed (except in the case of disclosure permitted by clause 21.2(b)(i)).

 

		22.	Termination

 

		22.1	Circumstances for termination

 

This deed (other
than clauses 1 (as applicable), 19, and 21) terminates:

 

		(a)	in respect of the rights and obligations of:

 

		(i)	the Investors in a Stapled Group; and

 

		(ii)	the Stapled Trustee of that Stapled Group:

 

		(A)	on the date on which either the Stapled Trust or the Stapled Trustee of that Stapled Group is wound
up;
	 	 	 

		(B)	on the date on which one person becomes the beneficial owner all of the Securities in that Stapled
Group; and

 

		(C)	on the date on which all parties agree (including any person that executes a Deed of Adherence)
in writing to terminate this deed; and

 

		(b)	in respect of the rights and obligations of an Investor, on the date on which that person ceases
to hold any Securities.

 

		22.2	Effect of termination

 

The termination
of this deed under clause 22.1 does not affect any accrued rights or liabilities of any party in respect of damages for non performance
of any obligation under this deed falling due for performance before termination.

 

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		23.	Limitations of Liability

 

		23.1	Liability
                                                                                 of Investors and Investor Directors

 

In giving,
or refusing to give, any opinion, approval, consent or waiver under this deed, each of the Investors and each Investor Director
may act entirely at its or his discretion and, to the maximum extent permitted by law, has no liability or responsibility whatsoever
to any person. The parties acknowledge that:

 

		(a)	each Investor has agreed the terms of this clause 23.1 as agent for and on behalf of each Investor
Director appointed by that Investor and holds the benefit of the terms of this clause 23.1 on trust for them; and

 

		(b)	the provisions set out in this clause 23.1 may be enforced by any Investor on behalf of each Investor
Director appointed by that Investor and each such person may plead this clause 23.1 in response to any claim made by against
them.

 

The consent
of the Investor Directors is not required for any variation (including any release or compromise in whole or in part of any liability)
or termination of this clause 23.1.

 

		23.2	Limitation of liability of Trustee

 

		(a)	Each Trustee enters into this deed only in its capacity as trustee of its Stapled Trust and in
no other capacity. No party may sue either Trustee in any capacity other than as trustee of its Stapled Trust or seek the appointment
to either Trustee of an administrator, liquidator, provisional liquidator, receiver (except in relation to the property of its
Stapled Trust), receiver and manager or equivalent officer or prove in any administration, liquidation or other arrangement of
or affecting the relevant Trustee (except in relation to the property of its Stapled Trust).

 

		(b)	Any liability of either Trustee arising under or in connection with this deed (including all liabilities
arising in connection with any representation or warranty given in this deed and all non-contractual liabilities and obligations
arising out of or in connection with this deed) is limited to and can only be enforced against the Trustee to the extent to which
it can be satisfied out of the assets of its Stapled Trust.

 

		(c)	This clause 23.2 does not apply to any obligation or liability of either Trustee to the extent
that such obligation or liability is not satisfied because the extent of that Trustee's indemnification from the assets of its
Stapled Trust is or has been reduced by operation of law or under the terms of the deed governing the trust as a result of the
Trustee's fraud, gross negligence or breach of trust. Except as provided in this clause 23.2(a), this clause 23.2 applies notwithstanding
any other provision of this deed.

 

		24.	Claims and Remedies

 

		24.1	Restrictions on bringing claims

 

No party may
bring any claim against:

 

		(a)	Taralga Holding Nominees 1 Pty Limited or any subsidiary of it (in each case in any capacity);
or

 

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		(b)	Taralga Holding Nominees 2 Pty Limited or any subsidiary of it (in each case in any capacity),

 

for breach
of this deed without first obtaining the consent of the Majority Investor Holders of the entity against which the claim is proposed
to be brought or its holding entity (as applicable).

 

		24.2	Equitable remedies

 

The parties
acknowledge that the Securities cannot readily be bought or sold on the open market and that, consequently, damages or an account
of profit or both are not an adequate remedy for a party if any other party breaches this deed. The parties acknowledge that, without
prejudice to any other remedy available to a party, any party may apply for and, to the maximum extent permitted by law, is entitled
to, an order for specific performance or other injunctive relief if any other party breaches or threatens to breach this deed or
if the party seeking such order or relief believes that any other party is likely to breach this deed.

 

		25.	GST

 

		25.1	Interpretation

 

Words and expressions
that are defined in the GST Law have the same meaning when used in this clause 25. For the purposes of this clause 25, references
to GST payable and input tax credit entitlements of any entity include GST payable by, and the input tax credit entitlements of,
the representative member of the GST group of which the entity is a member.

 

		25.2	Consideration exclusive of GST

 

Except as otherwise
expressly provided in this deed, all amounts payable or consideration to be provided under or in connection with this deed are
exclusive of GST (GST Exclusive Consideration).

 

		25.3	Payment of GST

 

If GST is payable
on any supply made under or in connection with this deed the recipient must pay to the party that has made or will make the supply
(the Supplier), in addition to the GST Exclusive Consideration, an additional amount equal to the GST payable on that supply
(the Additional Amount). The recipient must pay the Additional Amount without set-off, demand or deduction, at the same
time and in the same manner as any GST Exclusive Consideration for that supply is required to be paid, except that the recipient
is not required to pay the Additional Amount unless and until the Supplier has issued a tax invoice under clause 25.4.

 

		25.4	Tax invoice

 

For any supply
to which clause 25.3 applies, the Supplier must issue a tax invoice which complies with the GST Law.

 

		25.5	Adjustments

 

If any adjustment
event occurs in respect of a supply to which clause 25.3 applies:

 

		(a)	the Additional Amount paid or payable by the recipient must be recalculated, taking into account
any previous adjustments under this clause 25.5, to reflect the occurrence of that adjustment event and the Supplier or the recipient,
as the case requires, must pay to the other the amount required to reflect the recalculation of the Additional Amount; and

 

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		(b)	the Supplier must provide an adjustment note to the recipient as soon as practicable after the
Supplier becomes aware of the occurrence of that adjustment event.

 

		25.6	Input tax credits

 

Notwithstanding
any other provision of this deed, if an amount payable under or in connection with this deed is calculated by reference to any
loss, damage, cost, expense, charges or other liability incurred or suffered by a party, then the amount payable must be reduced
by the amount of any input tax credit to which that entity is entitled in respect of the acquisition of any supply to which the
loss, damage, cost, expense, charge or other liability relates.

 

		26.	Notices

 

		26.1	Manner of giving notice

 

Any notice
or other communication to be given under this deed must be in writing (which includes fax and email) and may be delivered or sent
by post or fax or email to the party to be served as follows:

 

		(a)	to Taralga Holding Nominees 1 Pty Limited or any subsidiary of it (in any capacity), Taralga Holding
Nominees 2 Pty Limited or any subsidiary of it (in any capacity), Taralga Wind Farm Nominees No 1 Pty Limited or any subsidiary
of it (in any capacity), Taralga Wind Farm Nominees No 2 Pty Limited or any subsidiary of it (in any capacity) or Taralga Wind
Farm Pty Limited or any subsidiary of it (in any capacity) at:

 

	Address:	Suite 2, Level 2, 53 Cross Street, Double Bay NSW 2028
	Fax number:	+61 2 9363 9955
	Email:	rpillinger@cbdenergy.com.au
	For the attention of:	Company Secretary

 

with a copy to CRG;

 

		(b)	to CRG at:

 

	Address:	Avda de Cantabria SN- Ciudad Grupo Santander-Boadilla del

Monte-28660-Madrid
	Fax number:	+ 34 91 257 16 16
	Email:	medelicado@gruposantander.com
	For the attention of:	Manuel Esteban Delicado;

 

		(c)	to CBD at:

 

	Address:	Suite 2, Level 2, 53 Cross Street, Double Bay NSW 2028
	Fax number:	+61 2 9363 9955
	Email:	rpillinger@cbdenergy.com.au
	For the attention of:	Company Secretary

 

		(d)	to a party that has become a party by executing a Deed of Adherence, at the address, the fax number
or email address specified in the relevant Deed of Adherence,

 

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or at any such
other address, fax number or email address notified for this purpose to the other parties under this clause 26. Any notice or other
communication sent by post must be sent by prepaid ordinary post (if the country of destination is the same as the country of origin)
or by airmail (if the country of destination is not the same as the country of origin).

 

		26.2	When notice given

 

Any notice
or other communication is deemed to have been given:

 

		(a)	if delivered, on the date of delivery; or

 

		(b)	if sent by post, on the third day after it was put into the post (for post within the same country)
or on the fifth day after it was put into the post (for post sent from one country to another);

 

		(c)	if sent by fax, at the time shown in the transmission report as being the time at which the whole
fax was sent; or

 

		(d)	if sent by e-mail, upon the generation of a receipt notice by the recipient's server or, if such
notice is not so generated, upon delivery to the recipient's server,

 

but if the
notice or other communication would otherwise be taken to be received after 5.00 p.m. or on a Saturday, Sunday or public holiday
in the place of receipt then the notice or communication is taken to be received at 9.00 a.m. on the next day that is not a Saturday,
Sunday or public holiday in the place of receipt.

 

		26.3	Proof of service

 

In proving
service of a notice or other communication, it is sufficient to prove that delivery was made or that the envelope containing the
communication was properly addressed and posted either by prepaid post or by prepaid airmail, or that the fax was properly addressed
and transmitted or that the e-mail was properly addressed and transmitted by the sender's server into the network and there was
no apparent error in the operation of the sender's e-mail system, as the case may be.

 

		26.4	Documents relating to legal proceedings

 

This clause
26 does not apply in relation to the service of any claim form, notice, order, judgment or other document relating to or in connection
with any proceedings, suit or action arising out of or in connection with this deed.

 

		27.	Assignments

 

		27.1	Security Interests in favour of Trustees' financiers

 

The
parties acknowledge that each Company will grant Security Interests to their respective financiers over the Company's respective
rights (in its personal capacity and, if applicable, in its capacity as trustee of the relevant Trust) under this deed.

 

		27.2	No other assignment

 

Except as permitted
by clause 27.1, none of the rights or obligations of any party under this deed may be assigned or transferred.

 

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		28.	Entire Agreement

 

		28.1	Entire agreement

 

This deed and
the other Transaction Documents contain the entire agreement between the parties relating to the transactions contemplated by the
Transaction Documents and supersede all previous agreements, whether oral or in writing, between the parties relating to these
transactions. Except as required by statute, no terms must be implied (whether by custom, usage or otherwise) into this deed or
the other Transaction Documents.

 

		28.2	No reliance

 

Each party
acknowledges that in agreeing to enter into this deed and the other Transaction Documents it has not relied on any express or implied
representation, warranty, collateral contract or other assurance made by or on behalf of any other party before the entering into
of this deed. Each party waives all rights and remedies that it may have in respect of any such representation, warranty, collateral
contract or other assurance including all rights and remedies under Part 7.10 of the Corporations Act, Part 2 Division 2 of the
Australian Securities and Investments Act 2001 (Cth), section 18, Schedule 2 (Australian Consumer Law) of the Competition and Consumer
Act 2010 (Cth) or any corresponding or equivalent provision of any legislation having effect in any relevant jurisdiction.

 

		28.3	Termination rights

 

Except for
the express right of termination contained in clause 22, no party has any right to terminate this deed and the parties waive their
rights (if any) to annul, rescind, dissolve, withdraw from, cancel or terminate this deed in any circumstances.

 

		28.4	No limitation of certain liabilities and remedies

 

Nothing in
this clause 28 limits or excludes any liability or remedy which cannot be limited or excluded as a matter of applicable law.

 

		29.	General

 

		29.1	Amendments

 

This deed may
only be amended in writing and where such amendment is signed by all parties affected by the proposed amendment for these purposes:

 

Notice of any
amendment to this deed must be given to each party as soon as practicable.

 

		29.2	Consents

 

Except as otherwise
expressly provided in this deed a party may give or withhold its consent to any matter referred to in this deed in its absolute
discretion. A party that gives its consent to any matter referred to in this deed is not taken to have made any warranty or representation
as to any matter or circumstance connected with the subject matter of that consent.

 

		29.3	Costs, fees and commissions

 

		(a)	The Stapled Trustee of each Stapled Group must, so far as is lawful, pay the costs and expenses
incurred by each Investor in that Stapled Group in relation to the preparation, negotiation and execution of this deed and all
ancillary matters, to the extent such costs and expenses are approved by the Majority Investor Holders for that Stapled Group.

 

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		(b)	Except as provided in clause 29.3(a) or as expressly provided elsewhere in this deed or any other
Transaction Document, each party must pay the costs and expenses incurred by it in connection with entering into and performing
its obligations under this deed and the other Transaction Documents.

 

		29.4	Duties

 

As between
the parties, the Stapled Trustee of each Stapled Group is liable for and must pay all Duties on or relating to this deed, any document
executed under it, and any transaction contemplated, effected or evidenced by it.

 

		29.5	Execution in counterparts

 

This deed may
be executed in counterparts and any party may execute this deed by executing and delivering a counterpart. Each counterpart constitutes
the deed of the party who has executed and delivered that counterpart. Faxed signatures are taken to be valid and binding to the
same extent as original signatures.

 

		29.6	Exercise and waiver of rights

 

The rights
of each party under this deed:

 

		(a)	may be exercised as often as necessary;

 

		(b)	except as otherwise expressly provided by this deed, are cumulative and not exclusive of rights
and remedies provided by law; and

 

		(c)	may be waived only in writing and specifically,

 

and delay in
exercising or non-exercise of any such right is not a waiver of that right. A waiver (whether express or implied) by a party of
any provision of this deed or of any breach of or default by another party in performing any of provision of this deed does not
constitute a continuing waiver and does not prevent the waiving party from subsequently enforcing any of the provisions of this
deed not waived or from acting on any subsequent breach of or default by that other party under any provision of this deed.

 

		29.7	No merger

 

Each of the
obligations, warranties and undertakings set out in this deed (excluding any obligation which is fully performed at Completion)
continues in force after Completion.

 

		29.8	No partnership

 

Nothing in
this deed or any Constitution will be deemed to constitute a partnership between the parties nor constitute any party the agent
of any other party for any purpose.

 

		29.9	Severability

 

The provisions
contained in each clause of this deed are enforceable independently of each other clause or clause of this deed and the validity
and enforceability of any clause of this deed will not be affected by the invalidity or unenforceability of any other clause.

 

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AU:2293888.4

 

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		29.10	Time is not of the essence

 

Time is not
of the essence in relation to any obligation under this deed unless time is expressly stated to be of the essence in relation to
that obligation.

 

		30.	Governing Law and Jurisdiction

 

		30.1	Governing law

 

This deed and
any non-contractual obligations arising out of or in connection with it are governed by the law applying in the State of Victoria.

 

		30.2	Jurisdiction

 

The courts
having jurisdiction in Victoria have non-exclusive jurisdiction to settle any dispute arising out of or in connection with this
deed (including a dispute relating to any non-contractual obligations arising out of or in connection with this deed) and each
party irrevocably submits to the non-exclusive jurisdiction of the courts having jurisdiction in Victoria.

 

THIS DEED has
been executed and delivered on the date stated at the beginning of this deed.

 

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Execution
Page

Executed as a Deed

 

	EXECUTED AS A DEED by Taralga Holding Nominees 1 Pty Limited (in its personal capacity and in its capacity as trustee of the HoldCo Land Trust) in accordance with section 127 of the Corporations Act 2001 (Cth)	)

)

)	 
	 	 	 
	/s/ Taralga Holding Nominees 1 Pty 

Limited	 	 
	Signature of director	 	Signature of director/company secretary
	 	 	 
	 	 	 
	Name of director	 	Name of director/company secretary

 

	EXECUTED AS A DEED by Taralga Holding Nominees 2 Pty Limited (in its personal capacity and in its capacity as trustee of the HoldCo Operating Trust) in accordance with section 127 of the Corporations Act 2001 (Cth)	)

)

)	 
	/S/ Taralga Holding Nominees 2 Pty 

Limited	 	 
	Signature of director	 	Signature of director/company secretary
	 	 	 
	 	 	 
	Name of director	 	Name of director/company secretary

 

0016597-0000106 AU:2293888.4

 

    	46

    	 

    

 

	EXECUTED AS A DEED by Taralga Wind Farm Nominees No 1 Pty Limited (in its personal capacity and in its capacity as trustee of the Land Trust) in accordance with section 127 of the Corporations Act 2001 (Cth)	)

)

)	 
	/s/ Taralga Holding Nominees 1 Pty 

Limited	 	 
	Signature of director	 	Signature of director/company secretary
	 	 	 
	 	 	 
	Name of director	 	Name of director/company secretary

 

	EXECUTED AS A DEED by Taralga Wind Farm Nominees No 2 Pty Limited (in its personal capacity and in its capacity as trustee of the Operating Trust) in accordance with section 127 of the Corporations Act 2001 (Cth)	)

)

)	 
	/S/ Taralga Holding Nominees 2 Pty 

Limited	 	 
	Signature of director	 	Signature of director/company secretary
	 	 	 
	 	 	 
	Name of director	 	Name of director/company secretary

 

0016597-0000106 AU:2293888.4

 

    	47

    	 

    

 

	EXECUTED AS A DEED by CBD Energy Limited by its attorneys under a power of attorney dated 5 October 2012	)

)

)	/s/ CBD Energy Limited
	 	 	Signature of attorney
	 	 	 
	 	 	 
	 	 	Name of attorney 
	 	 	 
	Signature of witness	 	Signature of attorney
	 	 	 
	 	 	 
	Name of witness	 	Name of attorney

 

	EXECUTED AS A DEED by Taralga Wind Farm Pty Limited in accordance with section 127 of the Corporations Act 2001 (Cth)	)

)

)	 
	/s/ Taralga Wind Farm Pty Limited	 	 
	Signature of director	 	Signature of director/company secretary
	 	 	 
	 	 	 
	Name of director	 	Name of director/company secretary

 

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	EXECUTED AS A DEED by CAPITAL RIESGO GLOBAL S.C.R. de REGIMEN SIMPLIFICADO S.A. by its attorney under a power of attorney dated	)

)

)	 
	/s/ CAPITAL RIESGO GLOBAL S.C.R. de 

REGIMEN SIMPLIFICADO S.A.	 	 
	Signature of witness	 	Signature of Attorney
	 	 	 
	 	 	 
	Name of witness	 	Name of Attorney

 

0016597-0000106 AU:2293888.4

 

    	49Dated                                           2012

 

Share Sale Agreement

 

Parties

 

RES Southern Cross Pty Ltd

ABN 79 106 640 206

 

Taralga Wind Farm Nominees No 1 Pty Ltd 

as trustee of the Taralga Wind Farm Land Trust

ACN 159 439 611

 

Renewable Energy Systems Limited

 

CBD Energy Limited

ACN 010 966 793

 

Capital Riesgo Global , Sociedad de Capital Riesgo de Régimen
Simplificado, S.A.

 

Norton Rose Australia

Grosvenor Place, 225 George Street

Sydney NSW 2000

Tel: +61 (0)2 9330 8000

www.nortonrose.com

Our ref: 2758983

 

    	 

    	 

    

 

COMMERCIAL IN CONFIDENCE

 

Contents

 

	1	Definitions and interpretation	1
	2	Conditions precedent	10
	3	Sale and purchase	11
	4	Purchase Price	11
	5	Completion	11
	6	Other obligations	14
	7	Payments	15
	8	Seller Warranties	16
	9	Limitation of liability	17
	10	Purchaser Warranties and Seller Guarantor Warranties	22
	11	Tax	23
	12	Goods and services tax	24
	13	Guarantee by Seller Guarantor	25
	14	Resolving disputes	26
	15	Confidentiality	27
	16	Further assurance	28
	17	Severability	28
	18	Entire agreement	28
	19	Variation	29
	20	Rights, powers and remedies	29
	21	Continuing obligations	29
	22	Costs	30
	23	Notices	30
	24	No assignment	32
	25	Governing law and jurisdiction	32
	26	Execution by attorney	33
	27	Counterparts	33
	Schedule 1 - Seller Warranties	34
	Schedule 2 - Purchaser Warranties	40
	Schedule 3 - Reference Accounts	41
	Schedule 4 - Disclosure Statement	42
	Schedule 5 - Land Agreements	45
	Schedule 6 - Met Masts	52

 

	Annexure A - Data Room Information	 
	Annexure B - Answers to Purchaser’s Questions	 
	Annexure C – Deed of Novation	 

 

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COMMERCIAL IN CONFIDENCE

 

Agreement dated
                     
2012

 

		Parties	RES Southern Cross Pty Ltd ABN 79 106 640 206

of Deutsche Bank Place, Level 5, 126-130 Philip Street, Sydney NSW 2000

(Seller)

 

Taralga Wind Farm Nominees No 1 Pty Ltd ACN
159 439 611 as trustee of the Taralga Wind Farm Land Trust

of Suite 2 Level 2, 53 Cross Street, Double Bay, NSW 2028

(Purchaser)

 

Renewable Energy Systems Limited UK Company
Number 01589961 of Beaufort Court, Egg Farm Lane, Kings Langley, Hertfordshire WD4 8LR, United Kingdom

(Seller Guarantor)

 

CBD Energy Limited ACN 010 966 793 of level
2, 53 Cross Street, Double Bay, NSW 2028

(CBD)

 

Capital Riesgo Global , Sociedad de Capital Riesgo
de Régimen Simplificado, S.A. of Avda de Cantabria SN- Ciudad Grupo Santander-Boadilla del Monte-28660-Madrid

(CRG)

 

Introduction

 

		A	The Company is a proprietary company limited by shares registered under the Corporations Act and incorporated in New South
Wales.

 

		B	The Seller is the registered holder and beneficial owner of the Shares, being the only shares on issue in the capital of the
Company.

 

		C	The Seller has agreed to sell the Shares to the Purchaser and the Purchaser has agreed to buy the Shares from the Seller on
and subject to the provisions of this Agreement.

 

		D	The Seller Guarantor is the ultimate holding company of the Seller and is willing to guarantee the obligations of the Seller
under this Agreement.

 

It is agreed

 

		1	Definitions and interpretation

 

		1.1	Definitions

 

In this Agreement, the following words have these
meanings unless the contrary intention appears:

 

		(1)	Accounting Standards means:

 

		(a)	accounting standards in force under section 334 of the Corporations Act relating to the preparation of financial statements;

 

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COMMERCIAL IN CONFIDENCE

 

		(b)	interpretations approved by the Australian Accounting Standards Board; and

 

		(c)	requirements of the Corporations Act relating to the preparation and contents of financial reports,

 

and, to the extent that any matter is not covered
by these accounting standards, interpretations and requirements, means generally accepted accounting principles, policies, practices
and procedures applied from time to time in Australia for companies similar to the Company (including Australian equivalents to
the International Financial Reporting Standards);

 

		(2)	Agreement means this document, including any Schedule or Annexure to it;

 

		(3)	Associate has the meaning given to that term in the Corporations Act;

 

		(4)	Assets means the:

 

		(a)	Land Agreements;

 

		(b)	Planning Decisions;

 

		(c)	Material Contracts;

 

		(d)	the Met Masts; and

 

		(e)	the Domain Name,

 

including all associated rights and obligations;

 

		(5)	ASIC means the Australian Securities and Investments Commission;

 

		(6)	Balance Date means 31 August 2012;

 

		(7)	Business Day means a day that is not a Saturday, Sunday or any other day which is a public holiday or a bank holiday
in Sydney, Australia;

 

		(8)	Claim includes, in relation to a person, any allegation, demand, claim, action, proceeding or judgment made or brought
by or against the person however arising;

 

		(9)	Company means Taralga Wind Farm Pty Ltd ABN 60 136 505 274;

 

		(10)	Completion means completion of the sale and purchase of the Shares in accordance with this Agreement;

 

		(11)	Completion Date means the date the Condition Precedent is satisfied or such other date that is agreed in writing by
the Seller and Purchaser;

 

		(12)	Completion Payment means a payment of $1,900,000 by the Purchaser to the Seller or as the Seller directs
in writing prior to the date of this Agreement;

 

		(13)	Condition Precedent means the execution of the Deed of Novation by all parties thereto;

 

		(14)	Connection Investigation Agreement means the agreement in relation to connection investigation dated 18 February 2009
and made between Essential Energy (in its former name Country Energy) and the Seller;

 

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		(15)	Consolidation Tax Claim means any Claim under clause 11.4, or in respect of a breach of clauses 11.2 or 11.3, or in
respect of a breach of the Seller Warranties set out in clauses 2.7 to 2.12 and 2.14 of Schedule 1;

 

		(16)	Control of an entity or trust by a person includes the direct or indirect power to directly or indirectly;

 

		(a)	direct the management or policies of the entity or trust;

 

		(b)	control the membership of the board of directors of the entity or trust; or

 

		(c)	hold or own (alone or with its Related Bodies Corporate) the majority of the issued interests of the entity or trust;

 

whether or not the power has statutory,
legal or equitable force or is based on statutory, legal or equitable rights, and whether or not it arises by means of trusts,
agreements, arrangements, understandings, practices, the ownership of any interest in shares or stock of that corporation or otherwise;

 

		(17)	Corporations Act means the Corporations Act 2001
(Cth);

 

		(18)	Cullingral Property means the premises located within the vicinity of the Wind Farm and identified by the folio identifier
Lot 21 within Deposited Plan 733863;

 

		(19)	Cullingral Payment means $472,000.00;

 

		(20)	Cullingral Payment Date means the date on or after Completion on which the Company commences works to construct wind
farm infrastructure of any kind on the Cullingral Property, including roads and drainage, met masts (including met mast foundations
but excluding met masts or met mast foundations which are erected to collect wind data only with a view to ascertaining the viability
of erecting turbines), turbines and other physical equipment and infrastructure typically used in the operation of a wind farm;

 

		(21)	Data Room Information means the written information and documents made available by the Seller to the Purchaser in the
CD-ROM provided by the Seller to the Purchaser and identified by the Seller as the 'Data Room Information' for the purpose of this
Agreement, an index to which is set out in Annexure A;

 

		(22)	Deed of Novation means the document of that name between the Seller, the Company, Essential Energy and Taralga Wind
Farm Nominees No. 2 Pty Limited (as trustee for the Taralga Wind Farm Operating Trust) ACN 010 966 793 in the form set out in Annexure C
or another form agreed between the Seller and the Purchaser;

 

		(23)	Default Rate means 5% per annum above the daily buying rate (expressed as a percentage yield per annum to maturity)
displayed at or about 10:30am on the Reuters screen BBSW page for Australian bank bills of a three month duration;

 

		(24)	Disclosure Statement means the statements and information set out in Schedule 4;

 

		(25)	Disclosure Material means all written information relating to the Company and/or its Assets given or made available
by or on behalf of the Seller, or any Personnel of the Seller, to the Purchaser or any Related Entity of the Purchaser, or any
Personnel of the Purchaser or any Related Entity of the Purchaser, on or prior to the date of this Agreement, including:

 

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COMMERCIAL IN CONFIDENCE

 

		(a)	the Disclosure Statement;

 

		(b)	the Data Room Information;

 

		(c)	any management presentations and/or formal meetings including any written materials distributed at such presentations and/or
formal meetings; and

 

		(d)	the written answers provided by or on behalf of the Seller to questions asked by or on behalf of the Purchaser in connection
with the sale of the Shares set out in Annexure B;

 

		(26)	Domain Name means the URL located at http://www.taralga-windfarm.com.au;

 

		(27)	Encumbrance means any Security Interest and any mortgage, charge, lien, pledge, hypothecation, option, right to acquire,
right of pre-emption, assignment by way of security, trust arrangement for the purpose of providing security, retention arrangement
or other interest of any kind, and any agreement or obligation to create any of the foregoing;

 

		(28)	Essential Energy means Essential Energy (ABN 37 428 185 226) (formerly called Country Energy);

 

		(29)	Financial Year means each 12 month period commencing on 1 November and ending on 31 October;

 

		(30)	Financial Statements means the financial statements (including income statement, balance sheet, statement of cash flows,
directors’ report and notes attached to or intended to be read with the financial statements) of the Company for the Financial
Year ended on the Balance Date and as at the Balance Date;

 

		(31)	Governmental Agency means any government and any governmental or semi-governmental body, whether:

 

		(a)	legislative, judicial or administrative;

 

		(b)	a department, commission, authority, instrumentality, tribunal, agency or entity; or

 

		(c)	commonwealth, state, territorial or local,

 

and includes any self-regulatory organisation established
under any law but excludes a governmental body in respect of any service or trading functions as distinct from regulatory or fiscal
functions;

 

		(32)	Group Liabilities has the meaning given in section 721-10 of the Tax Act;

 

		(33)	GST Act means the A New Tax System (Goods and Services Tax) Act 1999 (Cth);

 

		(34)	Indemnified Person means, without any double counting in any instance:

 

		(a)	subject to paragraph (b), the Purchaser;

 

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COMMERCIAL IN CONFIDENCE

 

		(b)	if after Completion there is a change in the identity of the person entitled to Control the Purchaser, CRG and CBD severally
in their Respective Proportions and for the avoidance of doubt, not the Purchaser;

 

		(35)	Intellectual Property Rights means any:

 

		(a)	copyright;

 

		(b)	design, patent, trademark, semiconductor, circuit layout or plant breeder rights (whether registered, unregistered or applied
for);

 

		(c)	trade, business, company or domain name; and

 

		(d)	know-how, inventions, processes, confidential information (whether in writing or recorded in any form),

 

and any other proprietary, licence or personal rights
arising from intellectual activity in the business, industrial, scientific or artistic fields;

 

		(36)	Land Agreements means the agreements relating to the real estate for the Wind Farm and the Electricity Transmission
Line referred to in Schedule 5;

 

		(37)	Law means any statute, regulation, order, rule, subordinate legislation or other instrument enforceable under any statute,
regulation, rule or subordinate legislation and includes any common law, restitution and principles of equity.

 

		(38)	Loss includes any damage, loss, cost, liability or expense of any kind and however arising (including as a result of
any Claim), including penalties, fines and interest and including any that are prospective or contingent and the amount of which
for the time being are not ascertained or ascertainable;

 

		(39)	Material Contracts means:

 

		(a)	the Offer to Connect to the Essential Energy electricity grid distribution or transmission network from Essential Energy to
the Company dated 7 October 2009 as extended by the extension letters dated 20 July 2012 from Essential Energy to the Seller and
13 September 2012 from Essential Energy to the Company;

 

		(b)	the Transmission Line Deed; and

 

		(c)	the Connection Investigation Agreement;

 

		(40)	Material Warranty means any of the Seller Warranties set out in paragraphs 1.1 to 1.14 (inclusive) and Part 2 of Schedule 1;

 

		(41)	Met Masts means the meteorological / anemometer masts erected on the proposed site of the Wind Farm as set out in Schedule 6;

 

		(42)	Operating Trust means Taralga Wind Farm No. 2 Pty Limited (ACN 159 439 522) in its capacity as trustee for the Taralga
Wind Farm Operating Trust;

 

		(43)	Option Agreement for Lease means each agreement of that name referred to in Item 1 of Schedule 5;

 

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		(44)	Personnel of a person means the officers, employees, contractors (including sub-contractors and their employees), professional
advisers, representatives and agents of that person;

 

		(45)	Planning Decisions means the Conditions of Consent for the Taralga Wind Farm issued by the Land and Environment Court
of New South Wales on 20 April 2009 (Case Number 11216 of 2007) and the decision of Essential Energy (in its former name Country
Energy) dated on or around 17 June 2009 approving the ‘Review of Environmental Factors’ contained in the Data Room
Information;

 

		(46)	PPS Act means the Personal Property Securities Act 2009 (Cth);

 

		(47)	Property means the property that is described in the Land Agreements and the Planning Decisions;

 

		(48)	Purchase Price means:

 

		(a)	the Completion Payment; plus

 

		(b)	the Cullingral Payment (if applicable),

 

subject to any further adjustment
in accordance with this Agreement;

 

		(49)	Purchaser Deal Team means Pat Lennon, John Giannasca, Pedro Vozone, Gerry McGowan, Manuel Delicado, David Swindin, Ignacio
Asensio, Helen Ho, Jonathan Wang, Joseph Lo and Felipe Gonzalez;

 

		(50)	Purchaser Group means the Purchaser and each Related Entity of the Purchaser (including CBD and CRG and, after Completion,
the Company);

 

		(51)	Purchaser Warranties means the warranties given by the Purchaser, CRG and CBD set out in Schedule 2;

 

		(52)	Reference Accounts means the unaudited balance sheet and profit and loss statement set out in Schedule 3;

 

		(53)	Related Entity means, in respect of any entity, a second entity that:

 

		(a)	Controls the first entity;

 

		(b)	is under the Control of the first entity; or

 

		(c)	is under the Control of a third entity that also Controls the first entity;

 

		(54)	RES means RES Australia Pty Ltd ABN 55 106 637 754 of Deutsche Bank Place, Level 5, 126-130 Philip Street, Sydney NSW
2000;

 

		(55)	Respective Proportions means:

 

		(a)	CRG as to 90%; and

 

		(b)	CBD as to 10%;

 

		(56)	Security Interest has the meaning given in section 12 of the PPS Act;

 

		(57)	Seller Deal Team means Matt Rebbeck, David Povall, Heidi Creighton, Emil Evers, Ignacio Palacios, Chris Sweatman and
Siobhan Balpe;

 

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		(58)	Seller Group means the Seller and each Related Entity of the Seller;

 

		(59)	Seller TCG has the meaning given by clause 2.7 of Schedule 1;

 

		(60)	Seller Warranties means the warranties given by the Seller set out in Schedule 1;

 

		(61)	Shares means 100 ordinary shares in the capital of the Company owned by the Seller, being all shares on issue in the
capital of the Company, together with the benefit of all rights (including dividend rights) attached or accruing to those shares
on or after the date of this Agreement;

 

		(62)	Stamp Duty means duty imposed under the Duties Act 1997 (NSW) and any other similar legislation of a State or
Territory of Australia or any other relevant jurisdiction;

 

		(63)	Sunset Date means Friday 12 October 2012 or such later date agreed by the Seller and the Purchaser in writing;

 

		(64)	Surviving Clauses means each of clauses 1, 2, 9, 11, 14 through 20 (inclusive) and clauses 22, 23, 25, 26 and 27

 

		(65)	Tax means taxes, duties, fees, rates, charges and imposts of all kinds assessed, levied or imposed by any government
or regional, municipal or local authority and includes capital gains tax, fringe benefits tax, income tax, prescribed payments
tax, superannuation guarantee charge, PAYG withholding, undistributed profits tax, payroll tax, GST, group tax, land tax, import
duty, excise, Stamp Duty, municipal and water rates, withholdings of any nature whatever imposed by a Governmental Agency, interest
on tax payments and additional tax by way of penalty;

 

		(66)	Tax Act means the Income Tax Assessment Act 1997 (Cth) or the Income Tax Assessment Act 1936 (Cth);

 

		(67)	Tax Sharing Agreement means the tax sharing agreement dated 7 October 2012 between each member of the Seller TCG;

 

		(68)	Taxation Authority includes any person, agency or office having the administration of any Tax or Taxes;

 

		(69)	Tax Warranties means the Seller Warranties set out in part 2 of Schedule 1;

 

		(70)	Transmission Line Deed means the deed of that name dated 15 September 2009 made between Essential Energy (in its former
name Country Energy), the Company and the Seller;

 

		(71)	Trust has the meaning given in clause 1.4(1);

 

		(72)	Trust Deed has the meaning given in clause 1.4(5)(b);

 

		(73)	Trustee has the meaning given in clause 1.4(1); and

 

		(74)	Wind Farm means the wind farm to be developed, constructed and operated at the Property and known as the ‘Taralga
Wind Farm’.

 

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		1.2	Interpretation

 

In this Agreement, unless the contrary intention
appears:

 

		(1)	Reference to:

 

		(a)	one gender includes the other;

 

		(b)	the singular includes the plural and the plural includes the singular;

 

		(c)	a recital, clause, schedule or annexure is a reference to a clause of or recital, schedule or annexure to this Agreement and
references to this Agreement include any recital, schedule or annexure;

 

		(d)	any contract (including this Agreement) or other instrument includes any variation or replacement of it;

 

		(e)	a statute, ordinance, code or other Law includes subordinate legislation (including regulations) and other instruments under
it and consolidations, amendments, re-enactments or replacements of any of them;

 

		(f)	a person includes an individual, a firm, a body corporate, an unincorporated association or an authority;

 

		(g)	a person includes their legal personal representatives (including executors), administrators, successors, substitutes (including
by way of novation) and permitted assigns;

 

		(h)	a group of persons is a reference to any 2 or more of them taken together and to each of them individually;

 

		(i)	an accounting term is to that term as it is used in Accounting Standards;

 

		(j)	time is a reference to Sydney time;

 

		(k)	a reference to a day or a month means a calendar day or calendar month; and

 

		(l)	money (including “$”, “AUD” or “dollars”) is to Australian currency.

 

		(2)	Unless expressly provided otherwise, a party which is a trustee is bound both personally and in its capacity as a trustee.

 

		(3)	The meaning of any general language is not restricted by any accompanying example, and the words “includes”, “including”,
“such as”, “for example” or similar words are not words of limitation.

 

		(4)	The word “costs” includes charges, expenses and legal costs on a full indemnity basis.

 

		(5)	Where a word or expression is given a particular meaning, other parts of speech and grammatical forms of that word or expression
have a corresponding meaning.

 

		(6)	Headings and the table of contents are for convenience only and do not form part of this Agreement or affect its interpretation.

 

		(7)	If a period of time is specified and dates from a given day or the day of an act or event, it is to be calculated exclusive
of that day.

 

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		(8)	The time between 2 days, acts or events includes the day of occurrence or performance of the 2nd but not the
1st act or event.

 

		(9)	If an act must be done on a specified day which is not a Business Day, the act must be done instead on the next Business Day.

 

		(10)	A provision of this Agreement must not be construed to the disadvantage of a party merely because that party was responsible
for the preparation of the Agreement or the inclusion of the provision in the Agreement.

 

		1.3	Knowledge

 

Where any Seller Warranty or any other provision
of this Agreement is qualified by reference to the Seller’s awareness, knowledge, information, belief or any similar expression,
the parties agree that the Seller will be deemed to know or be aware of all matters or circumstances of which:

 

		(1)	any officer or director of the Seller; or

 

		(2)	any member of the Seller Deal Team,

 

is actually aware as at the date
the statement is made or would have been aware as at that date had they made all reasonable enquiries.

 

		1.4	Trustee limitation of liability

 

		(1)	Taralga Wind Farm Nominees No 1 Pty Ltd (the Trustee) enters into this Agreement only in its capacity as trustee of
the Taralga Wind Farm Land Trust (the Trust) and in no other capacity and no other party may:

 

		(a)	sue the Trustee personally;

 

		(b)	seek the appointment of a liquidator, provisional liquidator, administrator or equivalent officer to the Trustee or of a controller
(as defined in section 9 of the Corporations Act) or equivalent officer to the property of the Trustee; or

 

		(c)	prove in any liquidation, administration or equivalent arrangement of or affecting the Trustee (other than in relation to the
property of the Trust).

 

		(2)	Any liability of the Trustee arising under or in connection with this Agreement (including all liabilities arising in connection
with any representation or warranty given in this Agreement and all non-contractual liabilities and obligations arising out of
or in connection with this Agreement) is limited to the extent to which:

 

		(a)	the Trustee is indemnified for that liability out of the assets of the Trust; and

 

		(b)	the liability can be satisfied out of the assets of the Trust.

 

		(c)	Subject to clause 1.4(3), this limitation of the Trustee's liability applies despite any other provision of this Agreement.

 

		(3)	This clause 1.4 does not apply to any liability of the Trustee to the extent that the liability is not satisfied because the
extent of the Trustee's right to be indemnified out of the assets of the Trust has been reduced by operation of Law or under the
terms of the deed governing the Trust as a result of the Trustee's fraud, negligence, or breach of trust.

 

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COMMERCIAL IN CONFIDENCE

 

		(4)	The Trustee must cause any successor of the Trustee and any person who becomes a trustee of the Trust jointly with the Trustee
to execute all documents required by The Seller to ensure that this Agreement is binding on them.

 

		(5)	The Trustee warrants that:

 

		(a)	it is the sole trustee of the Trust and no action has been taken to remove or replace it;

 

		(b)	the copies of the trust deed establishing the Trust (Trust Deed) and any other documents relating to the Trust and the
constitution of The Trustee delivered to the Seller before the Trustee executed this Agreement are true copies of those documents
as in force at the date of this Agreement;

 

		(c)	the documents delivered to the Seller contain full particulars of all the terms of the Trust;

 

		(d)	it has power under the Trust Deed to execute and perform its obligations under this Agreement;

 

		(e)	all necessary action has been taken to authorise the execution and performance of this Agreement under the Trust Deed and the
constitution of the Trustee;

 

		(f)	this Agreement is executed and all transactions relating to this Agreement are or will be entered into as part of the due and
proper administration of the Trust and are or will be for the benefit of the beneficiaries;

 

		(g)	it is not in default under the Trust Deed;

 

		(h)	no vesting date for the Trust fund has been determined;

 

		(i)	it has complied with all fiduciary obligations directly or indirectly imposed on it;

 

		(j)	it has a right to be indemnified out of the assets of the Trust in respect of all of its obligations and liabilities incurred
by it under this Agreement; and

 

		(k)	each of the warranties contained in this clause 1.4(5) will remain true as long as this Agreement remains in force.

 

		2	Conditions precedent

 

		2.1	Conditions precedent

 

Completion is subject to the satisfaction or waiver
(in accordance with clause 2.4) of the Condition Precedent.

 

		2.2	Obligation to co-operate

 

Each of the parties must use its
reasonable endeavours to ensure that the Condition Precedent is satisfied by the Sunset Date.

 

		2.3	Obligations to notify

 

If a party becomes aware:

 

		(1)	that the Condition Precedent has been satisfied; or

 

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COMMERCIAL IN CONFIDENCE

 

		(2)	of any facts, circumstances or matters that may result in the Condition Precedent not being or becoming incapable of being
satisfied,

 

that party must promptly notify each other party
accordingly.

 

		2.4	Waiver of a Condition

 

The Purchaser and Seller may jointly waive the Condition
Precedent by giving notice to that effect to one another.

 

		2.5	Failure to satisfy (or obtain waiver)

 

		(1)	Subject to clauses 2.5(2), if the Condition Precedent is not satisfied or waived under clause 2.4 or the parties
agree that they are incapable of being fulfilled, in each case by the Sunset Date, then either the Seller or the Purchaser
may terminate this Agreement by giving notice to the other.

 

		(2)	The Seller or Purchaser may only terminate under clause 2.5(1) if it has complied with its obligations under clause 2.2.

 

		2.6	Rights on termination

 

If this Agreement is terminated under clause 2.5
then, in addition to any other rights, powers or remedies provided by law or in equity:

 

		(1)	subject to clause 2.6(2), the parties are released from their obligations and liabilities under or in connection with
this Agreement and this Agreement will have no further force of effect, other than under the Surviving Clauses;

 

		(2)	each party retains the rights, remedies and powers it has in connection with any past breach or any Claim that has arisen before
termination; and

 

		(3)	the Purchaser must return to the Seller the originals and copies of all Disclosure Material.

 

		3	Sale and purchase

 

		3.1	Agreement to sell and purchase

 

The Seller agrees to sell the Shares to the Purchaser
and the Purchaser agrees to purchase the Shares from the Seller free from all Encumbrances and otherwise on and subject to the
provisions of this Agreement.

 

		3.2	Title and risk

 

Title to the Shares (and property and risk in them):

 

		(1)	remains solely with the Seller until Completion; and

 

		(2)	subject to the provisions of this Agreement, passes from the Seller to the Purchaser with effect from Completion.

 

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		4	Purchase Price

 

		4.1	Consideration

 

The consideration payable by the Purchaser to the
Seller for the Shares is the Purchase Price.

 

		4.2	Payment of the Cullingral Payment

 

On, but subject to the occurrence of, the Cullingral
Payment Date, the Purchaser must pay the Cullingral Payment to the Seller in a manner permitted by clause 7.

 

		5	Completion

 

		5.1	Time and location of Completion

 

Completion will take place:

 

		(1)	at 11am on the Completion Date or such other time or date as the Seller and the Purchaser may agree in writing; and

 

		(2)	at the office of the Seller’s solicitors, Norton Rose Australia at Grosvenor Place, 225 George Street, Sydney NSW 2000
or such other place as the Seller and the Purchaser may agree in writing.

 

		5.2	Power of Attorney

 

		(1)	The Seller appoints the Purchaser to be its attorney from the Completion Date until the Shares are registered in the name of
the Purchaser (but not otherwise). Under this power of attorney, the Purchaser may do in the name of the Seller and on its behalf
everything necessary for the registered holder of the Shares, in the Purchaser’s sole discretion, to:

 

		(a)	transfer the Shares;

 

		(b)	exercise any rights, including rights to appoint a proxy or representative and voting rights, attending to the Shares;

 

		(c)	receive any dividend or other entitlement paid or credited to the Seller in respect of the Shares; and

 

		(d)	do any other act or thing in respect of the Shares or the Company which is necessary for the Purchaser to enjoy its rights
as registered holder of the Shares.

 

		(2)	The Seller declares that all acts and things done by the Purchaser in exercising powers under this power of attorney will be
as good and valid as if they had been done by the Seller and agrees to ratify and confirm whatever the Purchaser does in exercising
power under this power of attorney.

 

		5.3	Seller delivery obligations at Completion

 

At Completion, the Seller must deliver (or, where
appropriate, ensure that the Company delivers) to the Purchaser:

 

		(1)	a transfer (executed by the Seller and in registrable form, subject to stamping) of the Shares in favour of the Purchaser;

 

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COMMERCIAL IN CONFIDENCE

 

		(2)	two original counterparts of the Deed of Novation duly executed by the Seller, the Company and Essential Energy;

 

		(3)	all certificates for the Shares;

 

		(4)	all seals, minute books, statutory books and registers, certificates of incorporation, books of account, trading, tax and financial
records, copies of taxation returns, forms and assessments, constitutions and other documents and papers of the Company;

 

		(5)	the written resignations of each director and secretary of the Company taking effect at Completion;

 

		(6)	originals of each Option Agreement for Lease and originals (where held, or otherwise copies) of the other Land Agreements,
the Planning Decisions and the Material Contracts;

 

		(7)	all current permits, licences and other documents issued to the Company under any legislation or ordinance relating to its
business activities;

 

		(8)	all keys and codes of whatever nature required for the Company to lodge or file documents with any Governmental Agency, including
ASIC;

 

		(9)	electronic copies of the Data Room Information; and

 

		(10)	deeds of release and such other documents as the Purchaser reasonably requires to evidence the release and removal from the
PPS Register of any Encumbrance over the Shares or the assets, undertaking or goodwill of the Company.

 

		5.4	Seller’s right and obligations regarding records

 

Despite clause 5.3(4):

 

		(1)	the Seller is entitled to retain after Completion copies of any records necessary for the Seller to comply with its legal obligations,
including its Tax obligations; but

 

		(2)	the Seller must not disclose any confidential information contained in those records (other than disclosure to its Personnel
in the ordinary course of its business) unless required by Law or the rules of a stock exchange, or until the information becomes
public (otherwise than by a breach by the Seller of its obligations under this clause 5.4).

 

		5.5	Completion meetings

 

At Completion, the Seller must
ensure that a duly convened meeting of the directors of the Company is held at which a quorum of directors is present and acting
throughout, at which the directors of the Company resolve:

 

		(1)	to register the transfers of the Shares for registration, subject to stamping, despite any contrary provision of the constitution
of the Company;

 

		(2)	to cancel the existing share certificates for the Shares and issue new share certificates for the Shares in the name of the
Purchaser;

 

		(3)	to appoint as directors, secretary and public officer of the Company those persons nominated by the Purchaser, subject to those
persons providing their written consent;

 

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COMMERCIAL IN CONFIDENCE

 

		(4)	to accept the resignations of each director, secretary and public officer of the Company;

 

		(5)	to transfer the registered office of the Company to the address nominated by the Purchaser, subject to the occupier providing
its written consent;

 

		(6)	to revoke all existing banking authorities given by the Company; and

 

		(7)	to revoke all existing powers of attorney or other authorities granted by the Company.

 

		5.6	Purchaser Completion obligations

 

At Completion, the Purchaser must:

 

		(1)	pay the Seller the Completion Payment;

 

		(2)	deliver to the Seller an original counterpart of the Deed of Novation duly executed by the Seller, the Company, Essential Energy
and Taralga Wind Farm Nominees No. 2 Pty Limited (as trustee for the Taralga Wind Farm Operating Trust) ACN 010 966 793; and

 

		(3)	produce to the Seller for inspection the consents of the directors and secretaries referred to in clause 5.5(3).

 

		5.7	Obligations interdependent

 

No party is obliged to complete the sale and purchase
of the Shares and Completion will not occur unless all of the obligations of the other parties which are to be performed on Completion
are performed on the same date and in accordance with the terms of this Agreement. If for any reason any of those obligations is
not performed and Completion does not occur then, without prejudice to any other rights of the parties, if a party has performed
any of the obligations which it is to perform on Completion, the other parties must take all action necessary to restore that party
to the position it was in before that obligation was performed.

 

		5.8	Registration of transfers

 

The Purchaser must ensure that the transfers of
the Shares are registered promptly after Completion.

 

		6	Other obligations

 

		6.1	Continuing obligation to perform

 

If an obligation of any party required to be performed
at Completion is not performed at Completion, and regardless of whether it is waived as a condition or requirement of Completion,
the relevant party remains obliged to perform that obligation.

 

		6.2	Seller obligations whilst registered holder of Shares

 

For so long after Completion as the Seller remains
the registered holder of any Shares, the Seller must:

 

		(1)	exercise all voting rights in relation to those Shares as the Purchaser directs and must, if requested by the Purchaser, execute
an instrument of proxy or such other document as the Purchaser requires to enable the Purchaser or its representative to attend
any general meeting of the Company and to exercise the votes attaching to those Shares; and

 

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COMMERCIAL IN CONFIDENCE

 

		(2)	otherwise deal with those Shares, and any distributions, property and rights deriving from them as the Purchaser directs.

 

The Purchaser indemnifies the
Seller against all Losses and liabilities incurred by the Seller (including legal costs on a solicitor and client basis) in connection
with any act performed by the Seller at the request of the Purchaser under this clause 6.2.

 

		6.3	ASIC notification

 

The Purchaser must ensure that ASIC is notified,
in the prescribed form, as soon as practicable after Completion (and in any event within five (5) Business Days), of the occurrence
of those events under clauses 5.5 that must be notified to ASIC under the Corporations Act.

 

		6.4	No Action against directors or officers

 

The Purchaser and Seller may not, and must ensure
that the Company does not, take any action, proceeding, claim or demand against any of the present or former directors or officers
of the Company in respect of any act or omission on the part of the director or officer before Completion, other than any breach
of statutory duties by the present or former directors or officers of the Company. The Seller holds on trust for each of these
people the benefit of the covenant by the Purchaser contained in this clause 6.4. The Purchaser holds on trust for each of these
people the benefit of the covenant by the Seller contained in this clause 6.4.

 

		7	Payments

 

		7.1	Manner of payments

 

All payments in connection with this Agreement must
be made:

 

		(1)	by way of direct transfer of immediately available funds to the bank account nominated in writing by the party to whom the
payment is due no later than 3pm on the due date for payment; or

 

		(2)	in such other form of immediately available funds as may be agreed in writing between the Seller and the Purchaser.

 

		7.2	Interest on overdue amounts

 

If a party fails to pay an amount of money payable
under this Agreement on its due date, the party in default must pay to the party entitled to payment of that amount, interest at
the Default Rate on that amount computed from (but not including) the due date until (and including) the date the amount is paid
in full. Interest under this provision accrues daily, is calculated on the basis of a 365 day year, and is payable on the last
Business Day of each month. The right to payment of interest under this provision is without prejudice to any other rights, powers
and remedies the non-defaulting party may have against the defaulting party at Law or in equity.

 

		7.3	Payments in gross

 

All payments in connection with this Agreement must
be made free and clear of all deductions and withholdings except as required by Law or otherwise required by a Governmental Agency,
in which case the payer may deduct or withhold the amount required.

 

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COMMERCIAL IN CONFIDENCE

 

		7.4	Tax effect of payments

 

Other than clause 9.7 or any other clause of this
Agreement where a payment is treated as an adjustment of the Purchase Price, if any Tax is payable by any recipient of funds in
respect of any payment a party is liable to make under this Agreement (including this clause but other than the Purchase Price),
the payor of funds must pay to the recipient of funds such additional amount as is required to compensate the recipient of funds
for the Tax payable. Such payment must be made by the payor of funds, within 10 Business Days after the date on which notice setting
out the amount of Tax so payable is received by the payor of funds from the recipient of funds.

 

		8	Seller Warranties

 

		8.1	Seller

 

The Seller warrants to the Purchaser that each Seller
Warranty set out in Schedule 1 is true and correct in all material respects as at the date of this Agreement and the Completion
Date. The Seller acknowledges that the Purchaser has entered into this Agreement in reliance on the representations, warranties
and undertakings by the Seller and the Seller Guarantor set out in this Agreement.

 

		8.2	Separate Warranties

 

Each Seller Warranty is separate and independent
of any other Seller Warranty and, except as expressly provided to the contrary in this Agreement, is not limited by reference to
any other Seller Warranty or by any other provision of this Agreement.

 

		8.3	No imputed or constructive knowledge

 

None of the Seller Warranties will be treated as
qualified by any imputed or constructive knowledge on the part of any member of the Purchaser Group or any of their Personnel and
no such imputed or constructive knowledge prejudices any Claim or operates so as to reduce any amount recoverable under any Claim.

 

		8.4	Indemnity 

 

The Seller indemnifies the Indemnified Person against,
and must pay to the Indemnified Person on demand an amount equal to, all Losses (including legal and other professional fees) directly
incurred or suffered by the Purchaser or the Company arising from any matter or circumstance that resulted in any Seller Warranty
being untrue or inaccurate in any material respect. For the purposes of this clause 8.4, the parties agree that (without prejudice
to any other principles of Law which apply in determining the amount of Loss and damage) the starting point for calculating Losses
incurred or suffered by the Purchaser or the Company will be the amount required to put the Purchaser or Company in the same position
as it would have been had the relevant Seller Warranty been true, accurate and not misleading.

 

		8.5	Seller to give notice of breach 

 

If before Completion the Seller becomes aware of
any matter or circumstance which is reasonably likely to result in any of the Seller Warranties being untrue or inaccurate in any
material respect as at Completion, the Seller must give notice to the Purchaser specifying in reasonable detail that matter or
circumstance. Any notice given under this clause 8.5 in relation to any matter or circumstance does not, for the avoidance of doubt,
prevent the Purchaser from making any Claim arising from that matter or circumstance.

 

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		8.6	Waiver of rights

 

The Seller waives and must procure that each member
of the Seller Group waives all rights or claims which it may have against the Company or any current or former director, officer
or employee of the Company (a Released Person) in respect of any misrepresentation, inaccuracy or omission in or from any
information or advice supplied or given by that Released Person in connection with the giving of the Seller Warranties and the
preparation of the Disclosure Material other than any matter arising from the fraud of that director, officer or employee. The
parties acknowledge that:

 

		(1)	the Purchaser has sought and obtained this waiver on behalf of each Released Person; and

 

		(2)	the Purchaser may enforce the provisions of this clause 8.6 on behalf of and for the benefit of any Released Person and any
Released Person may plead this clause 8.6 in answer to any claim made by the Seller or any other member of the Seller Group against
them.

 

		9	Limitation of liability

 

		9.1	Exclusion of liability

 

To the maximum extent permitted by Law:

 

		(1)	all terms, conditions, warranties and statements (whether express, implied, written, oral, collateral, statutory or otherwise)
which are not expressly set out in this Agreement are excluded and, to the extent they cannot be excluded, the Seller disclaims
all liability for Losses in relation to them; and

 

		(2)	an Indemnified Person must not make any Claim under or in connection with this Agreement unless it is based solely on and limited
to the express provisions of this Agreement. In this regard, except as expressly set out in this Agreement, none of the Company,
the Seller Group or any person acting on behalf of or associated with the Company or the Seller Group, including any Personnel
of the Company or Seller Group, has made any representation, given any advice or given any warranty or undertaking, promise or
forecast of any kind in relation to the Company or this Agreement.

 

		9.2	Limits on liability 

 

Despite any other provision of this Agreement (other
than clause 9.8):

 

		(1)	(Time period for claims): The Seller is not liable to make any payment (whether by way of damages or otherwise) for
any Claim under this Agreement unless notice of the Claim against the Seller is given by the Indemnified Person to the Seller (setting
out full details, including details of the facts, matters and circumstance giving rise to the Claim, the nature of the Claim and
the Indemnified Person's estimate of the Loss suffered) before:

 

		(a)	in the case of Claims for breach of any Tax Warranty, the date that is 5 years after the date of Completion; and

 

		(b)	in the case of all other Claims under this Agreement, the date that is 18 months after the date of Completion.

 

		(2)	(Waiver or withdrawal of Claim): A Claim under or in connection with this Agreement is taken to be waived or withdrawn
and is barred and unenforceable if:

 

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		(a)	the Indemnified Person does not give the Seller (without delay) access to all relevant business records together with all other
records, correspondence and information as the Seller or its Personnel may reasonably request and which is in the possession or
control of the Indemnified Person in connection with the Claim; and

 

		(b)	within 6 months after the Seller has received that notice, the Claim has not been:

 

(i)           admitted or satisfied
by the Seller;

 

(ii)          withdrawn by
the Indemnified Person;

 

(iii)         settled between
the Seller and the Indemnified Person; or

 

(iv)         referred to
a court of competent jurisdiction by the Indemnified Person properly issuing and validly serving legal proceedings against the
Seller in relation to the Claim.

 

		(3)	(No Forecasts): No representation, no advice, no warranty, no undertaking and no promise is given by the Seller, the
Company or any of the Seller Group in relation to any opinions, estimates, projections, business plans, budgets and forecasts in
respect of the Company, the Shares, the Assets, the Property or the Wind Farm and none of the Seller, the Company or any of the
Seller Group are liable for any Claims in relation to such matters.

 

		(4)	(Maximum aggregate amount) The maximum aggregate amount that the Indemnified Person may recover from the Seller (whether
by way of damages or otherwise) for any Claim (including a claim under clauses 8.4 or 11):

 

		(a)	under or in connection with a Material Warranty or under or in connection with the indemnity under clause 11 is:

 

		(i)	$10,400,000 if the Cullingral Payment has not been made; and

 

		(ii)	$10,872,000 if the Cullingral Payment has been made; and

 

		(b)	under or in connection with any Seller Warranty other than a Material Warranty is $4,000,000;

 

without double counting provided
that if the Seller breaches the Seller Warranty set out in clause 2.14 of Schedule 1 then:

 

		(c)	the maximum claim amount set out in clause 9.2(4)(a) will not apply to any Consolidation Tax Claim made by the Indemnified
Person which exceeds the maximum claim amount as a result of that breach; and

 

		(d)	the amount of any Consolidation Tax Claim made will reduce each of the other maximum claim amounts set out in clause 9.2(4).

 

		(5)	(Threshold limit) The Seller is not liable to make any payment (whether by way of damages or otherwise) for any Claim
under or in connection with this Agreement:

 

		(a)	unless the amount finally adjusted against or agreed by the Seller in respect of all Claims arising out of the same or similar
facts or circumstances exceeds $20,000; and

 

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		(b)	until the aggregate of the amounts in (a) together with any other amounts adjudicated against or agreed by the Seller for those
Claims exceeds $75,000, in which case the Indemnified Person is entitled to all amounts resulting from those claims (and not just
the excess over that sum).

 

		(6)	(Other limits): The Seller is not liable to make any payment (whether by way of damages or otherwise) for any Claim
under this Agreement:

 

		(a)	to the extent that such Claim is based on any fact, matter or circumstance disclosed to the Purchaser in this Agreement or
the Disclosure Material with sufficient detail as to identify the nature, scope and financial impact of the matter disclosed;

 

		(b)	to the extent that the nature, scope and financial impact of the facts, matters and circumstances giving rise to the Claim
are within the actual knowledge of:

 

		(i)	the directors and officers of the Purchaser; or

 

		(ii)	a member of the Purchaser Deal Team,

 

prior to the date of this Agreement.

 

		(c)	to the extent that such Claim is based on any fact, matter or circumstance for which there is a provision or reserve in, or
is otherwise identifiable or determinable from, the Financial Statements or Reference Accounts (but for the avoidance of doubt
if the provision does not cover the full amount of the Warranty Claim the Purchaser is entitled to recover the amount by which
the full amount of the Warranty Claim exceeds the provision).

 

		(d)	to the extent that Claim or Loss arises in connection with any Claim has arisen as a result of any act or omission after Completion
by or on behalf of any member of the Purchaser Group (including the Company) or their respective officers, employees or agents
other than where that act or omission is in accordance with an obligation of the Company existing at or prior to Completion;

 

		(e)	to the extent that the Claim, or any Loss arising in connection with any Claim, has arisen as a result of the legal ownership
or tax structure of the Purchaser or other members of the Purchaser’s Group (as the case may be);

 

		(f)	the breach would not have arisen but for any change in the accounting policies of the Purchaser Group after Completion unless
such change is required to enable the Purchaser Group to comply with any applicable legal or other accounting requirements under
the Accounting Standards;

 

		(g)	the breach arises:

 

		(i)	from the Purchaser Group taking a position in relation to the application of Tax that is inconsistent with the position taken
by the Company before Completion (including any position adopted in relation to the preparation of returns prior to Completion
or in relation to the calculation of any reserve or provision relating to Tax, but excluding any position taken by the Company
to the extent that the Indemnified Person has obtained, and provided to the Seller, a written legal opinion from queens counsel
or senior counsel (nominated by the President from time to time of the New South Wales Bar Association) with good standing and
at least 10 years experience in revenue tax matters, concluding that the position taken by the Company before Completion is not
reasonably arguable (on the basis that the costs of the opinion will be borne by the Indemnified Person if the queens counsel or
senior counsel concludes that the position is reasonably arguable and otherwise by the Seller, provided that the Indemnified Person
has consulted with the Seller with respect to the form of the brief);

 

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		(ii)	from the Purchaser Group failing to take any action after Completion required by, or that should reasonably be taken under,
any applicable Tax Law in relation to any Tax (including any failure to take any such action within the time allowed); or

 

		(iii)	from a failure by the Purchaser Group following Completion to make any claim, election, surrender or disclaimer or give any
notice or consent or do any other thing after Completion.

 

		(7)	(Change in law or administrative practice): The Seller is not liable to make any payment (whether by way of damages
or otherwise) for any Claim under or in connection with this Agreement to the extent that it is a result of or in respect of:

 

		(a)	a new Law, or a change in the Law (including its interpretation), taking effect after the date of this Agreement;

 

		(b)	a new rule or decision being made by any Governmental Agency, or a change in any rule or decision of any Governmental Agency,
after the date of this Agreement; or

 

		(c)	a new administrative practice or policy being introduced by any Governmental Agency, or a change in any administrative practice
or policy of any Governmental Agency, after the date of this Agreement,

 

including any Law, rule, decision, practice or policy,
or any change in any Law, rule, decision, practice or policy, which takes effect retrospectively.

 

		(8)	(Indirect losses) The Seller is not liable to make any payment (whether by way of damages or otherwise) to any Indemnified
Person for any indirect, special, consequential loss or loss of profits, however arising.

 

		(9)	(Later recovery) After the Seller has made any payment to an Indemnified Person for any Claim under or in connection
with this Agreement (the Damages Payment):

 

		(a)	if that Indemnified Person recovers from a person other than the Seller any payment (the Third Party Payment) in respect
of any Loss arising in connection with the matter or circumstances giving rise to the Damages Payment, the relevant Indemnified
Person must immediately repay to the Seller an amount equal to the lesser of:

 

		(i)	the amount of the Third Party Payment less any reasonable costs and expenses incurred in connection with the recovery or receipt
of that payment (provided evidence of such expenses is provided to the reasonable satisfaction of the Seller) and less any Taxation
to which that payment is subject; and

 

		(ii)	the Damages Payment.

 

		(10)	(Purchaser breach): The Seller is not liable to make any payment (whether by way of damages or otherwise) for any Claim
or any other breach of this Agreement to the extent the Seller’s position is compromised or prejudiced by any breach by an
Indemnified Person of any provision of this Agreement.

 

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COMMERCIAL IN CONFIDENCE

 

		9.3	Awareness of breach

 

		(1)	If any Indemnified Person becomes aware after the date of this Agreement of anything which constitutes or could (whether alone
or with anything else) constitute a Claim under or in connection with this Agreement, including a Claim which, if satisfied, may
result in a Claim under or in connection with this Agreement, the relevant Indemnified Person must do each of the following:

 

		(a)	promptly notify the Seller, giving the Seller full details, including details of the facts, matters and circumstances giving
rise to the Claim, the nature of the Claim, relevant Indemnified Person's estimate of the Loss suffered and any additional information
reasonably requested by the Seller;

 

		(b)	consider in good faith any request from the Seller to take any steps, and in any event take reasonable steps, to mitigate any
Loss which may give rise to a Claim against the Seller under or in connection with this Agreement including use best endeavours
to recover under any indemnity or insurance policy from any third party other than the Seller in connection with the Loss;

 

		(c)	not make any admission of liability or reach any agreement or compromise with any person in relation to any Claim or other
matter without first consulting with the Seller;

 

		(d)	give the Seller and its professional advisors reasonable access to:

 

		(i)	the Personnel and premises of the Purchaser Group; and

 

		(ii)	relevant chattels and documents (including books and records) within the custody, power, possession or control of the Purchaser
Group,

 

to enable the Seller and its
professional advisors to examine the premises, chattels and documents and to take copies or photographs at the Seller’s expense;

 

		(e)	consider in good faith and with due diligence, any request from the Seller to, at the Seller’s expense, take any action
that the Seller (acting reasonably and in consultation with the relevant Indemnified Person) considers is necessary or prudent
to avoid, remedy or mitigate the Claim or any Loss arising in connection with the Claim, including:

 

		(i)	commencing legal proceedings in the name of the relevant member of the Purchaser Group; and/or

 

		(ii)	disputing, defending, appealing or compromising any Claim or other matter and any adjudication of it,

 

(however nothing in this clause
9.3(1)(e) compels the relevant Indemnified Person to take such action); and

 

		(f)	not do anything which compromises or prejudices the rights of the Seller under this clause 9.3.

 

		(2)	The Indemnified Person is not required to procure that any member of the Purchaser Group (including
the Purchaser) take any action referred to in clause 9.3(1)(e) to the extent that the Indemnified Person believes (acting reasonably
and in good faith) that such action may materially prejudice the goodwill, reputation or commercial relationships or standing of
any member of the Purchaser Group.

 

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		(3)	The Seller is not liable to any Indemnified Person for a Claim under or in connection with this
Agreement to the extent that the Loss or liability arises or is contributed to by any Indemnified Person not complying with its
obligations under this clause 9.3.

 

		9.4	Calculation of Loss

 

In calculating the Loss of the Purchaser or the
Company for any Claim under or in connection with this Agreement account must be taken of the amount by which any Tax for which
any member of the Purchaser Group is now or in the future accountable or liable to be assessed is incurred, increased, reduced
or extinguished as a result of the fact, matter or circumstance giving rise to the Loss or Claim.

 

		9.5	Remedy in damages

 

Except as otherwise provided in this Agreement,
each Indemnified Person acknowledges that its sole remedy for any Claim under or in connection with this Agreement is damages and
that it is not entitled to terminate or rescind this Agreement (except as set out in clause 2.5).

 

		9.6	No double recovery

 

The Seller
is not liable to any Indemnified Person including in respect of the recovery of damages or other payment, reimbursement or restitution
more than once in respect of the same Loss.

 

		9.7	Reduction of Purchase Price

 

Any payment made by the Seller to any Indemnified
Person in respect of any Claim under or in connection with this Agreement will to the extent possible be treated as a reduction
of the Purchase Price payable in accordance with clause 4 of this Agreement.

 

		9.8	No qualification or limitation of certain liabilities

 

Neither this clause 9, nor any other provision of
this Agreement qualifies or limits the liability of the Seller in relation to any Claim attributable to fraud, dishonesty or wilful
concealment by or on behalf of the Seller Group.

 

		10	Purchaser Warranties and Seller Guarantor Warranties

 

		10.1	Purchaser Warranties

 

Each of the Purchaser, CBD and CRG severally warrant
to the Seller that each Purchaser Warranty set out in Schedule 2 is true and correct in all material respects in respect of
itself only as at the date of this Agreement. Each Purchaser Warranty is a separate warranty in no way limited by any other Purchaser
Warranty.

 

		10.2	Seller Guarantor Warranties

 

The Seller Guarantor represents and warrants to
the Purchaser that:

 

		(1)	it is duly incorporated and validly exists under the Law of its place of incorporation;

 

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		(2)	it has full corporate power and authority to enter into this Agreement and perform its obligations under this Agreement, to
carry out the transactions contemplated by this Agreement, and to own its property and assets and carry on its business;

 

		(3)	the entry into and performance of this Agreement has been properly authorised by all necessary corporate action of the Seller
Guarantor;

 

		(4)	this Agreement constitutes a valid and binding obligation of the Seller Guarantor, enforceable against it in accordance with
its terms;

 

		(5)	the Seller Guarantor is not:

 

		(a)	wound up, no resolution for its winding up has been passed and no meeting of members or creditors has been convened for that
purpose;

 

		(b)	the subject of a winding up application which has been made to a court, and no event has occurred which would entitle any person
to apply to a court to wind up the Seller Guarantor;

 

		(c)	a party to a composition or arrangement with any of its creditors;

 

		(d)	the recipient of a demand under section 459E of the Corporations Act or any corresponding or analogous provision governing
the Seller Guarantor in a jurisdiction outside Australia;

 

		(e)	in receivership and none of its assets are in the possession of or under the control of a mortgagee or chargee;

 

		(f)	subject to administration under Part 5.3 of the Corporations Act or any corresponding or analogous provision governing the
Seller Guarantor in a jurisdiction outside Australia; or

 

		(g)	insolvent (as defined in section 95A of the Corporations Act);

 

		(6)	no legal proceedings, arbitration, mediation or other dispute resolution process is taking place, pending or threatened, the
outcome of which is likely to have a material and adverse affect on the ability of the Seller Guarantor to perform its obligations
under this Agreement; and

 

		(7)	the Seller Guarantor is not entering into this Agreement as agent for any other person.

 

		11	Tax

 

		11.1	Subject to clause 9, if at any time within 5 years from the Completion Date any Taxation Authority issues to the Company
an assessment or other notice to pay an amount in respect of any period ending before the Completion Date or in respect of any
payments made by the Company or an event or transaction occurring prior to that date (including any agreement or deed entered into
by the Company prior to the Completion Date), in which the Tax payable exceeds or is additional to the amount of Tax on the same
account either previously paid (or that has remained unpaid), or that is provided for in the Reference Accounts, or the net assets
of the Company are reduced (or its net liabilities increased) due to the Loss or cancellation of a tax benefit relating to a period
before the Completion Date, the Indemnified Person or the Company incurs reasonable third party costs relating to the above, then:

 

		(1)	the Indemnified Person must promptly (and in any case within 5 Business Days) provide or must cause the Company to promptly
(and in any case within 5 Business Days) provide the Seller with a statement of the circumstances of the assessment, notice,
reduction or costs; and

 

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COMMERCIAL IN CONFIDENCE

 

		(2)	the Seller must pay to the Indemnified Person the amount of that excess or additional Tax or reduction within the time stipulated
in the assessment or notice.

 

Any amount payable by the Seller to the Indemnified
Person under this clause 11.1 will be treated as a reduction of the Purchase Price.

 

		11.2	The Seller must procure that:

 

		(1)	each member of the Seller TCG remains a party to the Tax Sharing Agreement until the Company leaves the Seller TCG clear of
all Group Liabilities within the meaning of section 721-35 of the Tax Act; and

 

		(2)	the Tax Sharing Agreement is not terminated or amended without the prior written consent of the Indemnified Person.

 

		11.3	The Seller must:

 

		(1)	take all steps required to permit the Company to leave the Seller TCG clear of all Group Liabilities within the meaning of
section 721-35 of the Tax Act

 

		(2)	on or before the day prior to Completion procure, or have procured, that the Company has paid a clear exit amount or a reasonable
estimate to the head company of the Seller TCG as required by the Tax Sharing Agreement, and provide or have provided evidence
of this having occurred to the Purchaser; and

 

		(3)	before Completion, procure or have procured that a Deed of Release from the Tax Sharing Agreement has been executed in favour
of the Company as required by the Tax Sharing Agreement, and provide or have provided a copy of this to the Purchaser.

 

		11.4	The Seller indemnifies the Indemnified Person against, and must pay to the Indemnified Person an amount equal to, any Tax payment
made or to be made by the Company within 5 years after Completion, the Tax liability for which arises as a result of the Company
having, prior to Completion, been a member of any group that is consolidated for Tax purposes.

 

		11.5	The Indemnified Person must account or must procure that the Company accounts to the Seller for an amount equal to any credit,
refund, rebate or reimbursement that is allowed by or received from a Taxation Authority, within 5 years from the Completion Date
in respect of:

 

		(1)	any Tax paid by the Company before the Completion Date or provided for in the Reference Accounts; or

 

		(2)	any Tax paid by the Company after the Completion Date to the extent any any Indemnified Person has received an amount under
this Agreement for the Tax.

 

Any amount payable by any Indemnified Person to
the Seller under this clause 11 will be treated as an increase in the Purchase Price.

 

		11.6	If so required by the Seller and at the reasonable cost of the Seller, the Indemnified Person must procure that the Company
prepares and files the necessary Tax return and takes such further reasonable action as may be required by the Seller to ensure
that any amount which any Indemnified Person is required to account or procure the accounting of to the Seller under clause 11
is received by the Company and the Seller.

 

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		12	Goods and services tax

 

		12.1	Definitions

 

In this clause 11:

 

		(1)	GST means GST as defined in the GST Act or any replacement or other relevant legislation and regulations;

 

		(2)	words used in this clause which have a particular meaning in the GST law (as defined in the GST Act, and also including
any applicable legislative determinations and Australian Taxation Office public rulings) have the same meaning, unless the context
otherwise requires;

 

		(3)	any reference to GST payable by, or any input tax credit entitlement of, a party includes any corresponding GST payable by,
or an input tax credit entitlement of, the representative member of any GST group of which that party is a member; and

 

		(4)	if the GST law treats part of a supply as a separate supply for the purpose of determining whether GST is payable on that part
of the supply or for the purpose of determining the tax period to which that part of the supply is attributable, such part of the
supply is to be treated as a separate supply.

 

		12.2	No GST in any payments

 

Unless GST is expressly included, any payment expressed
to be payable under any other clause of this Agreement for any supply made under or in connection with this Agreement does not
include GST.

 

		12.3	Addition of GST

 

To the extent that any supply made under or in connection
with this Agreement is a taxable supply, the GST exclusive consideration otherwise payable for that supply is increased by an amount
equal to that consideration multiplied by the rate at which GST is imposed in respect of the supply, and is payable at the same
time (subject to the receipt of a valid tax invoice prior to or contemporaneously with payment).

 

		12.4	Parties’ obligations to provide

 

Each party agrees to do all things, including providing
tax invoices and other documentation, that may be necessary or desirable to enable or assist the other party to claim any input
tax credit, adjustment or refund in relation to any amount of GST paid or payable in respect of any supply made under or in connection
with this Agreement.

 

		12.5	Payment by reimbursement or indemnity

 

If a payment to a party under this Agreement is
a payment by way of reimbursement or indemnity and is calculated by reference to the GST inclusive amount of a Loss, cost or expense
incurred by that party, then the payment is to be reduced by the amount of any input tax credit to which that party is entitled
in respect of that Loss, cost or expense before any adjustment is made for GST pursuant to clause 12.3.

 

		13	Guarantee by Seller Guarantor

 

		13.1	Guarantee and indemnity

 

The Seller Guarantor unconditionally and irrevocably:

 

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		(1)	guarantees to the Indemnified Person the payment when due of all amounts payable by the Seller under or pursuant to this Agreement;

 

		(2)	undertakes to ensure that the Seller will perform when due all its obligations under or pursuant to this Agreement;

 

		(3)	agrees that if and each time that the Seller fails to make any payment when it is due under or pursuant to this Agreement,
the Seller Guarantor must on demand (without requiring the Indemnified Person first to take steps against the Seller or any other
person) pay that amount to the Indemnified Person as if it were the principal obligor in respect of that amount; and

 

		(4)	agrees as principal debtor and primary obligor to indemnify the Indemnified Person against, and to pay to the Indemnified Person
on demand an amount equal to, all Losses (including third party legal and other professional fees) directly or indirectly incurred
or suffered by the Indemnified Person arising from:

 

		(a)	any failure by the Seller or the Seller Guarantor to pay when due all amounts payable by the Seller or Seller Guarantor; and

 

		(b)	any failure by the Seller or the Seller Guarantor to perform when due all obligations,

 

under or pursuant to this Agreement
..

 

		13.2	Obligations not affected by certain matters

 

The obligations of the Seller Guarantor under this
Agreement are not affected by any matter or thing which but for this provision might operate to affect or prejudice those obligations,
including:

 

		(1)	any time or indulgence granted to, or composition with, the Seller or any other person;

 

		(2)	the taking, variation, renewal or release of, or neglect to perfect or enforce this Agreement or any right, guarantee, remedy
or security from or against the Seller or any other person;

 

		(3)	any variation or change to the terms of, or any waiver, consent or notice given under this Agreement; or

 

		(4)	any unenforceability or invalidity of any obligation of the Seller, so that this Agreement must be construed as if there were
no such unenforceability or invalidity.

 

		13.3	Waiver of rights

 

The Seller Guarantor irrevocably waives and must
not exercise any right of subrogation which it otherwise might be entitled to claim and enforce against or in respect of the Indemnified
Person.

 

		13.4	Seller actions to bind Seller Guarantor

 

Any agreement, waiver, consent or release given
by the Seller binds the Seller Guarantor.

 

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		14	Resolving disputes

 

		14.1	Limits

 

No party may begin legal proceedings in connection
with a dispute under or in connection with this Agreement unless the steps in clauses 14.3, 14.4 and 14.6 have been followed.

 

However, this limitation does not apply:

 

		(1)	to a party in relation to a dispute where the party wants to apply for equitable relief or urgent interlocutory relief (and
clauses 14.3, 14.4 and 14.6 do not apply in those circumstances); or

 

		(2)	to a party who attempts in good faith to comply with clauses 14.3, 14.4 and 14.6 but cannot because the other party to
the dispute does not comply with those clauses.

 

		14.2	Nomination of negotiators 

 

In the event that a dispute arises under or in connection
with this Agreement, the parties must nominate their negotiators for the purposes of this clause and such nominated negotiators
will have the authority to bind the party they represent.

 

		14.3	Notification

 

If a dispute arises, a party may notify the other
party to the dispute. The notice must specify the dispute and indicate that the notifying party wants the dispute to be referred
to the negotiators.

 

		14.4	Negotiators

 

The negotiators must meet (in person, by telephone
or otherwise) by the sixth (6th) Business Day after a notice under clause 14.3 is received (or as they otherwise
agree), and negotiate in good faith to try to resolve the dispute within fifteen (15) Business Days of commencing such negotiations.

 

		14.5	Settlement binding

 

Each party to the dispute is bound by any settlement
agreed to in writing by their negotiator and must implement the settlement promptly.

 

		14.6	If dispute not resolved

 

If the dispute is not resolved under clause 14.4
then either party to the dispute may take any further steps they choose (including beginning legal proceedings).

 

		14.7	Disclosure

 

Each party agrees not to use or disclose any information
(including documents) obtained during attempts to resolve a dispute, except to attempt to resolve the dispute, and except for the
purpose of obtaining legal advice or if compelled by Law or by an authority such as a stock exchange. All settlement discussions
and settlement offers by a party are made without prejudice to that party’s rights.

 

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		15	Confidentiality

 

		15.1	General obligation

 

Each party must keep confidential:

 

		(1)	the existence and terms of this Agreement (and any draft of this Agreement);

 

		(2)	all negotiations in connection with it,

 

and must ensure that their respective Personnel
do likewise.

 

However, a party may disclose information:

 

		(3)	on a confidential basis to its relevant Associates, Personnel and advisers (including bankers) to enable them to advise or
assist in connection with this Agreement (including its administration or enforcement);

 

		(4)	to a person whose consent is needed in connection with this Agreement if the party seeking consent uses reasonable endeavours
to get the consenting person to agree to keep the information confidential (and then only to the extent that the consenting person
needs to know the information in order to decide whether to consent);

 

		(5)	if that information is in the public domain (other than because the party has disclosed it);

 

		(6)	if the party lawfully had the information before it was disclosed to them in connection with this Agreement;

 

		(7)	with the consent of each other party;

 

		(8)	in connection with legal or other proceedings relating to this Agreement;

 

		(9)	if compelled by Law or by an authority such as a Governmental Agency, court, tribunal or stock exchange; or

 

		(10)	if this Agreement expressly requires or permits a party to disclose information.

 

A party disclosing under clause 15.1(9) and (10)
must, as far as practical, consult with each other party beforehand as to the content and timing of the disclosure.

 

		15.2	Agreement on press announcements

 

The parties must in good faith agree at or before
Completion on the form of any press announcement or public statement that they will each make concerning this Agreement.

 

		15.3	Continuing obligation

 

This clause 15 continues to bind the parties
after Completion and after the parties’ other obligations under this Agreement terminate.

 

		16	Further assurance

 

		16.1	Each party must at its own cost from time to time do all things (including executing or producing documents, getting documents
executed or produced by others and obtaining consents) necessary or desirable to give full effect to this Agreement (including
the transactions contemplated by this Agreement).

 

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		17	Severability

 

		17.1	If anything in this Agreement is unenforceable,
illegal or void or contravenes the Law then it is severed and the rest of this Agreement remains in force. The rights and obligations
of each party are not affected by any Law that, but for this clause 17,
would affect those rights and obligations.

 

		18	Entire agreement

 

		18.1	This Agreement:

 

		(1)	contains the entire agreement, arrangement and understanding between the parties on everything connected with the subject matter
of this Agreement; and

 

		(2)	supersedes any prior agreement, arrangement or understanding on anything connected with that subject matter.

 

Accordingly, any thing (such as correspondence,
negotiations or representations before this document is executed or an arrangement or understanding) not reflected in this Agreement
does not bind the parties and may not be relied on by them.

 

		19	Variation

 

		19.1	Variation

 

An amendment or variation to this Agreement is not
effective unless it is in writing and signed by the parties.

 

		19.2	Waiver

 

A provision of this Agreement (including a condition
precedent) may only be waived in writing signed by the person who has the benefit of the provision.

 

		20	Rights, powers and remedies

 

		20.1	The rights, powers and remedies of each party under this Agreement are additional to other rights and powers independently
given by Law.

 

		20.2	A party’s failure or delay to exercise a right, power or remedy does not operate as a waiver of that right, power or
remedy.

 

		20.3	The exercise of a right, power or remedy does not preclude either its exercise in the future or the exercise of any other right,
power or remedy.

 

		20.4	Unless this Agreement expressly provides otherwise, a party may exercise a right, power or remedy (including giving or withholding
its approval or consent) entirely at its discretion (including by imposing conditions).

 

		20.5	In exercising, or deciding not to exercise, a right, power or remedy, a party is not required to take into account any adverse
effect on another party.

 

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		20.6	Each party agrees to comply with the conditions of any approval, consent or waiver given by another party.

 

		20.7	Waiver of a right, power or remedy is effective only in respect of the specific instance to which it relates and for the specific
purpose for which it is given.

 

		21	Continuing obligations

 

		21.1	Survival of rights

 

The rights and obligations of the parties do not
merge on the completion of any transaction contemplated by this Agreement.  They also survive the execution and delivery
of any conveyance, assignment, transfer or other document entered into for the purpose of implementing any transaction contemplated
by this Agreement.

 

		21.2	Survival of indemnities

 

Each indemnity in this Agreement survives the expiry
or termination of this Agreement. A party may enforce a right of indemnity at any time, including before it has suffered loss.

 

		22	Costs

 

		22.1	Costs

 

Each party must pay its own costs in connection
with the negotiation, preparation and execution of this Agreement.

 

		22.2	Stamp Duty

 

The Purchaser must pay all Stamp Duty (including
all fines, penalties and interest) and other government imposts payable on or in connection with this Agreement and any transaction
contemplated by this Agreement, and all instruments of transfer and other documents or instruments executed under or in connection
with this Agreement or any transaction contemplated by this Agreement, when due.

 

		23	Notices

 

		23.1	To be in writing

 

Each communication in connection with this Agreement
(including a notice, consent, request, waiver or demand) (Notice) has no legal effect unless it is in writing.

 

		23.2	Delivery

 

In addition to any other method of service provided
by Law, the Notice may be:

 

		(1)	sent by prepaid ordinary post to the address for service of the addressee, if the address is in Australia and the Notice is
sent from within Australia;

 

		(2)	sent by prepaid airmail to the address for service of the addressee, if the address is outside Australia or if the Notice is
sent from outside Australia;

 

		(3)	sent by facsimile to the facsimile number of the addressee; or

 

		(4)	delivered at the address for service of the addressee.

 

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		23.3	Timing of delivery

 

If the Notice is sent or delivered in a manner provided
by clause 23.2, it must be treated as given to and received by the party to which it is addressed:

 

		(1)	if sent by post from within Australia to an address in Australia, on the 2nd Business Day (at the address to
which it is posted) after posting;

 

		(2)	if sent by post to an address outside Australia or sent by post from outside Australia, on the 5th Business Day (at the
address to which it is posted) after posting;

 

		(3)	if sent by facsimile before 5pm on a Business Day at the place of receipt, on the day it is sent and otherwise on the next
Business Day at the place of receipt; or

 

		(4)	if otherwise delivered before 5 pm on a Business Day at the place of delivery, upon delivery, and otherwise on the next Business
Day at the place of delivery.

 

		23.4	Facsimiles 

 

Despite clause 23.3 a facsimile is not treated
as given or received if at the end of the transmission the sender's facsimile machine fails to issue a report confirming the transmission
of the number of pages in the Notice.

 

		23.5	Time and days

 

If a Notice is served by a method which is provided
by Law but is not provided by clause 23.2, and the service takes place after 5pm on a Business Day, or on a day which is not
a Business Day, it must be treated as taking place on the next Business Day.

 

		23.6	Assumed delivery

 

A Notice sent or delivered in a manner provided
by clause 23.2 must be treated as validly given to and received by the party to which it is addressed even if:

 

		(1)	the addressee has been liquidated or deregistered or is absent from the place at which the Notice is delivered or to which
it is sent; or

 

		(2)	the Notice is returned unclaimed.

 

		23.7	Seller’s and Seller Guarantor's address

 

The Seller’s address for service and facsimile
number are:

 

	Name	:	RES Southern Cross Pty Ltd
	Attention	:	Chief Operating Officer
	Address	:	PO Box 1274, Crows Nest, NSW 1585
	Facsimile no	:	+61 2 9431 7699

 

with a copy to the Seller
Guarantor.

 

The Seller Guarantor's address
for service and facsimile number are:

 

	Name	:	Renewable Energy Systems Limited
	Attention	:	Company Secretary
	Address	 	Beaufort Court, Egg Farm Lane, Kings Langley, Hertfordshire WD4 8LR, United Kingdom
	Facsimile no	:	+44 1923 299 299

 

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		23.8	Purchaser’s address

 

The Purchaser’s address for service and facsimile
number are:

 

	Name	Taralga Wind Farm Nominees No 1 Pty Ltd ACN 159 439 611 as trustee of the Taralga Wind Farm Land Trust
	Address	Address: Suite 2, Level 2, 53 Cross Street, Double Bay NSW 2028
	Fax number:	+61 2 9363 9955
	For the attention of	Company Secretary

 

		23.9	CRG’s address

 

CRG’s address for service and facsimile number
are:

 

	Name	Capital Riesgo Global , Sociedad de Capital Riesgo de Régimen Simplificado, S.A.
	Attention	Manuel Delicado
	Address	Avda de Cantabria SN- Ciudad Grupo Santander-Boadilla del Monte-28660-Madrid
	Facsimile no	+ 34 91 257 16 16

 

		23.10	CBD’s address

 

CBD’s address for service and facsimile number
are:

 

	Name	CBD Energy Limited ACN 010 966 793 of level 2, 53 Cross Street, Double Bay, NSW 2028
	Address	Address: Suite 2, Level 2, 53 Cross Street, Double Bay NSW 2028
	Fax number:	+61 2 9363 9955
	For the attention of	Company Secretary

 

		23.11	Change of address

 

A party may change its address for service or facsimile
number by giving Notice of that change to each other party.

 

		23.12	Notice on one party

 

If the party to which a Notice is intended to be
given consists of more than 1 person then the Notice must be treated as given to that party if given to any of those persons.

 

		23.13	Notices from a party’s lawyer

 

Any Notice by a party may be given and may be signed
by its legal representative.

 

		24	No assignment

 

		24.1	Can’t assign

 

Subject to clause 24.2 a party may not assign or
deal with or purport to assign or deal with its rights under this Agreement, or create or allow to exist any Encumbrance over them,
without the prior written consent of the other party. A party is not required to give consent or justify the withholding of consent.

 

    	 	32	© Norton Rose Australia

    	 

    

 

COMMERCIAL IN CONFIDENCE

 

		24.2	Assignment Permitted

 

The Purchaser may on and from Completion, grant
an Encumbrance over any or all of its right, title and interest in this Agreement in connection with any working capital, construction,
project or term finance in relation to the Wind Farm.

 

		24.3	Contravention is ineffective

 

Any act or omission in contravention of clause 24.1
is ineffective.

 

		25	Governing law and jurisdiction

 

		25.1	Law

 

The Law of New South Wales, Australia governs this
Agreement.

 

		25.2	Jurisdiction

 

The parties submit to the exclusive jurisdiction
of the courts of New South Wales and of the Commonwealth of Australia.

 

		26	Execution by attorney

 

Where this Agreement is executed by an attorney,
that attorney, by executing, declares that it has no notice of revocation, termination or suspension of the power of attorney under
which it executes this Agreement.

 

		27	Counterparts

 

		27.1	Number of counterparts

 

This Agreement may be executed in any number of
counterparts. Each counterpart is an original but the counterparts together are one and the same agreement.

 

		27.2	Exchange of counterparts

 

This Agreement is binding on the parties on the
exchange of duly executed counterparts. A copy of a counterpart sent by facsimile machine or scanned PDF document sent by email:

 

		(1)	must be treated as an original counterpart;

 

		(2)	is sufficient evidence of the execution of the original; and

 

		(3)	may be produced in evidence for all purposes in place of the original.

 

Each party agrees to forward duly
executed original counterparts of this Agreement by post to the other parties as soon as reasonably practicable following any such
exchange of this Agreement by facsimile or scanned PDF document.

 

    	 	33	© Norton Rose Australia

    	 

    

 

COMMERCIAL IN CONFIDENCE

 

Executed as an agreement.

 

	Executed by RES Southern Cross Pty Ltd ABN 79 106 640 206 in accordance with section 127 of the Corporations Act 2001:	 	 
	 	 	 
	/s/ RES Southern Cross Pty Ltd	 	 
	Director/company secretary	 	Director
	 	 	 
	 	 	 
	Name of director/company secretary	 	Name of director
	 (BLOCK LETTERS)	 	(BLOCK LETTERS)

 

	Signed for and on behalf of Renewable Energy Systems Limited (UK) by its attorney Matt Rebbeck under power of attorney dated 4 October 2012 in the presence of:	 	 
	 	 	 
	 	 	 
	Signature of witness	 	 
	 	 	 
	 	 	 
	Name of witness (BLOCK LETTERS)	 	 
	 	 	 
	 	 	 
	Address of witness	 	 

 

    	 	34	© Norton Rose Australia

    	 

    

 

COMMERCIAL IN CONFIDENCE

 

	Executed by Taralga Wind Farm Nominees No 1 Pty Ltd ACN 159 439 611 as trustee of the Taralga Wind Farm Land Trust in accordance with section 127 of the Corporations Act 2001:	 	 
	 	 	 
	/s/ Taralga Wind Farm Nominees No 1 Pty Ltd	 	 
	Director/company secretary	 	Director
	 	 	 
	 	 	 
	Name of director/company secretary	 	Name of director
	 (BLOCK LETTERS)	 	(BLOCK LETTERS)

 

	Executed by CBD Energy Limited ACN 010 966 793 in accordance with section 127 of the Corporations Act 2001:	 	 
	 	 	 
	/s/ CBD Energy Limited 	 	 
	Director/company secretary	 	Director
	 	 	 
	 	 	 
	Name of director/company secretary	 	Name of director
	(BLOCK LETTERS)	 	(BLOCK LETTERS)

 

	The common seal of Capital Riesgo Global , Sociedad de Capital Riesgo de Régimen Simplificado, S.A. was affixed in accordance with its constitution in the presence of:	 	 
	 	 	 
	/s/ Capital Riesgo Global , Sociedad de Capital Riesgo de Régimen Simplificado, S.A.	 	 
	Director/company secretary	 	Director
	 	 	 
	 	 	 
	
        Name of director/company secretary

        (BLOCK LETTERS)
	 	
        Name of director

        (BLOCK LETTERS)

 

    	 	35	© Norton Rose Australia

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