Chart, page-6902

Perception is not reality. The only occasion in the last 4 announcements that there may have been some leakage was on the 23 September, the day before 2 x ann being 5 x Nirobox for middle east and 52,000 m3/day Aspiral and Subre for China. The last price was 46c up 10.8% on previous close on volume of 830k. So I grant someone knew something and acted there.

Two other anns, being 1 October for 24 x SUBRE units and 27 August for 240 x L4 Aspiral units showed prices down in the 2 preceding trading days.

The other ann on 13 May being the Brazil CES Desal plant the close was up 1c on volume of 106k, which is about as low as volume gets. I take this to be a normal fluctuation.

Thus in the last four sales announcements, there was only one occasion where where you could point the finger at a likely spot of trading based on Inside knowledge. You could postulate that the both the China and Middle East deals may have been known by any number of people, not necessarily employees of Fluence.

Cheers