Chart, page-7842

I believe Fluence are in somewhat of an enviable position right now and I feel very comfortable holding. It will take time, but FLC:

1. have a disruptive product for wastewater treatment (MABR) and desalination (Nirobox) that works and we have the ability to very rapidly scale up production convert new customers to revenues very quickly;
2. products that are in the early stages of adoption and are continually generating more reference points to provide new customers more confidence to adopt the new technology;
3. have a very strong net cash position without any need for a cap raise;
4. have a debt facility that can be increased as required;
5. have just started construction on a cash cow that will generate never before seen levels of revenue in the next 24 months, and will open up to a very lucrative O&M contract that will provide recurring revenues for 10 years;
6. have started restructuring their business to be more focused and leaner (lower cash burn);
7. have a CEO/Chairman that is one of our largest shareholders who is aligned to shareholders;
8. China (our biggest market opportunity) has a new 5-year plan rolling out this year and is recovering faster than the rest of the Western world and will be in a hurry to take advantage of this by stimulating their economy while the rest of the world is at a standstill/going back-wards, and FLC have two pilot projects in China that if successful, will be that catalyst for an uptrend;
9. There is a new partnership formed in the Middle East that is looking to use our technology to grow their business, and I expect orders to start flowing this year;
10. The massive US$7m SUBRE contract in Cambodia is going to be a very important reference point to further increase sales in that region... data generated from that will show real-world data on how effective SUBRE will be.

I've always looked at FLC as a long term investment, and I will continue to buy hold so long as my investment thesis holds. And to be honest, my conviction and confidence in holding has never been stronger. We are in an exponentially better position today than we have ever been in and while the share price is not reflecting this, I've used that opportunity to take advantage and load up.

Other companies that have been relatively low key to then suddenly gain significant market support (such as BRN and WBT) are cases in point that once sentiment changes, the share price can move very quickly.

But consistent new sales/adoption will provide the market the confirmation it needs before they will see the obvious, and at that point FLC is IMO very likely to have an extended uptrend given the strong foundation that has been laid over the last decade (through RWL and Emefcy), our rapid and disruptive ability to address a global essential need that will only get more focus over time, and our ability to scale up and get our products to customers fast.