Ann: 2019 AGM Presentation, page-3

ok so in my view very professional group. spoke with a couple directors and had good chat with Adam Hinckley.

Summary:
- ivory coast to get financial close Q3
- don't expect 70% growth like last year, but full focus on sustainable profitability
- no update on Chesapeake. i asked and there has still been no decision. FLC partner pushing for result, wait and see
- i asked about demo site visits in China, Adam did not have any new info on this but he said he will follow up and get back to me
- have gotten increased exposure from Stanford trial, trying to capitalise
- dual listing won't be this year. maybe next year. not necessarily down to market cap, but need to demonstrate we can meet targets. they also would like to see ~$1m in value traded daily to really get interest from funds and big US investors. tick those boxes then they will look at it. but consenus is they are still working out best ingredients for dual listing
- want to get it right as analyst coverage of water market in US is big, not like here where it is near non-existent. we would get big exposure in US
- current SP prices us as an EPC. does not value proprietary products and service
- i asked about ITest. $45m is a minimum. they could actually order more than that. that amount is just to secure exclusivity. tracking well with iTest sales but expecting orders to pick up over next 2 years as the tech proves its worth
- large desal plant like ivory coast has profit margins in the teens %, Aspiral has gross profit margins ~30%, Subre ~50%. product mix will continue to change over coming years with focus on higher profit products and also recurring revenue
- BOOT offers FLC more opportunity to make money across entire life cycle of project. key to our future growth

that is a download while it is fresh. nothing groundbreaking but it was great to meet the team and talk through questions/ideas

will follow up with Adam as well