Ann: Fluence Business Update for Q4 2021, page-22

Hi there. Increasingly, we are seeing a lot of the 5 year plans at the provincial level in China stipulating requirements for Class 1A for rural effluent.

If you are a Chinese reader, we will be more than glad to post these detailed planning proposals for 2021 to 2025 here. Richard has always said that if these SOEs really care about discharge standards, then they will to go to FLC.

When we first invested in 2017, I was worried MABR was going to be a dud. You can't believe how relieved when orders from iTest amounted to US$15m altogether. Now FY2022 guidance is for "SPS sales from continuing businesses +23% to USD$45m, EBITDA $3m (assumes continued COVID-19 headwinds throughout FY2022".

USD$$45m is a far cry from the early days. Personally, I think that day has arrived. But that is just my humble opinion.