MPR AUSTRALIA LIMITED — Capital/Financing Update 2018

Sep 13, 2018

MPOWER AWARDED EARLY WORKS AGREEMENT FOR $8 MILLION PORT PIRIE SOLAR FARM

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Early Works Agreement secured

Business development activity for decentralised power generating assets at record levels

Sydney – 14 September 2018 – Tag Pacific Limited (ASX: TAG) (Tag) is pleased to advise that its wholly-owned subsidiary, MPower Projects Pty Limited (MPower), a specialist renewable energy, battery storage and microgrid business, has been awarded an Early Works Agreement for a 5MW solar farm being developed by Renew Power Group Pty Limited (RPG) in Port Pirie, South Australia.

The Early Works Agreement includes preliminary designs and associated activities to an initial value of $100K in relation to the Pirie Solar Farm project. MPower and RPG will now work towards executing a full Engineering, Procurement and Construction contract for the Pirie Solar Farm which is estimated to have a contract value to MPower of between $8 million to $9 million.

The contract would, upon execution, result in a further strengthening of MPower’s current order book. New business development activity is also at a high level and the group is preparing for a further increase in activity once the previously announced acquisition of Energy Made Clean completes.

Comment

Tag’s Chief Executive Officer Nathan Wise commented: “MPower continues to strengthen its order book and secure new decentralised power generating opportunities such as the Port Pirie Solar Farm.

“This is an innovative project that will showcase the latest renewable technologies, and once constructed, will deliver reliable and dependable power generation to the Port Pirie community for many years.

“MPower is benefiting from strong demand from industry for renewable decentralised power generation projects. Business development activity is at a high level, and as a result, our current order book is expected to grow substantially. We anticipate securing more projects in coming months.”

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TRANSACTION BACKGROUND

On 28 June 2018, Tag announced a transformational deal to acquire the Energy Made Clean business from Carnegie Clean Energy Limited (Carnegie) (ASX: CCE) to create a leading renewable energy, battery storage and microgrid specialist in Australia, New Zealand and the Pacific. The combination of MPower and Energy Made Clean brings together two businesses with established track records in the growing solar, battery storage and microgrid market.

The expanded ASX-listed group, to be known as MPower, will hold a market leading position and will benefit from increased scale and enhanced national reach. Tag released its Notice of Extraordinary Meeting and Explanatory Memorandum on 24 August 2018 and will hold its shareholder meeting on 25 September 2018.

ABOUT TAG

Tag Pacific Limited is a Sydney-based investment house listed on the Australian Securities Exchange with a focus on niche areas of the power industry. Tag has invested in a diverse range of companies and activities that have been brought together primarily to operate under the banner of MPower. The company’s mission is to invest in the power industry in a manner that creates and enhances value over time.

ABOUT MPOWER

MPower is an Australian owned and operated subsidiary of Tag Pacific Limited and is an industry leader providing innovative, reliable products and power solutions on a national and international level. Our capabilities are like no other; we combine new and old technologies with a skilled and experienced workforce to create dependable products and power solutions that last the distance. Put simply, we have the energy to deliver and can create products and solutions from solar panels and batteries to engineering, technical support and full turn-key systems.

FORWARD LOOKING STATEMENTS

All statements other than statements of historical fact included in this document including, without limitation, statements regarding future plans and objectives of Tag, are forward-looking statements. Forward-looking statements can be identified by words such as "anticipate", "believe", "could", "estimate", "expect", "future", "intend", "may", "opportunity", "plan", "potential", "project", "seek", "will" and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Tag, its directors and management that could cause Tag’s actual results to differ materially from the results expressed or anticipated in these statements.

Tag cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this document will actually occur and investors are cautioned not to place any reliance on these forward-looking statements. Tag does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this document, except where required by applicable law and stock exchange listing requirements.

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ENDS

For further information please contact:

Nathan Wise Chief Executive Officer Tag Pacific Limited T: +61 2 8275 6000

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