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The Directors of Snowy Hydro Limited (the Company) declare that, in their opinion:

(a) the attached financial statements and notes thereto are in accordance with the Corporations Act 2001, including:

(i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

(ii) giving a true and fair view of the financial position as at 30 June 2019 and of the performance for the period ended on that date of Snowy Hydro; and

(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and

(c) there are reasonable grounds to believe that the Parent Entity and the subsidiaries identified in Note 21 will be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the Deed of Cross Guarantee between the Parent Entity and those subsidiaries pursuant to ASIC Class Order 2016/785.

Signed in accordance with a resolution of the Directors

Noel H Cornish AM, Chairman

Sydney, 28 August 2019

Paul A Broad, Managing Director

Sydney, 28 August 2019