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Review of operations and future developments

A review of the operations and results of Snowy Hydro during the period is set out in the Operating and Financial Review, which is attached to and forms part of this Directors’ Report. Information about likely developments in the operations of Snowy Hydro and the expected results of those operations in the future has been included in this report except to the extent disclosure of the information would be likely to result in unreasonable prejudice to the consolidated entity.