Ann: Market Update, page-86

The definite projects in the USA are peanuts. Only definite projects are in the forecasts according to the answer at the AGM. USA projects must be small, given international projects in the forecasts only totaled around $10 million and there are projects in Brazil and Europe. The USA projects must be a rounding error. They do not justify dropping the top of the forecast range from $70 million to $40 million. Mentioned I would guess to muddy the water. The USA is still opening up (may be too early) so I cannot believe a large impact on our revenue has suddenly become clear in the last 3 weeks. Florida (apart from trials) was not definite, so was not in the forecast.

More importantly if the Board is to become more transparent (I wish, after this effort) then it needs to update the detailed slide on page 34 of the AGM presentation to show us where the project revenue is now expected to occur. China must be the main cause, but the only recent outbreak of covid in China in the last 3 weeks has been in Peking where we only know of 2 projects worth $4 million. What has been slashed? Dianchi trial (value unknown)? Xingyun Lake ($10-15 million)? Shilongba Reservoir ($20 million), or some of the other 20 smaller Chinese projects ($9-18 million)? Exactly what has been downgraded in China?