Ann: AGM Chairman and CEO Presentation, page-4

Hi sentinel22,

I can list my questions but am reluctant to rely on my memory to elaborate on Richard's responses in case I misrepresent them. Hopefully a recording of the proceedings will be made available so that you can get an accurate account of what was said. Needless to say, being the second largest shareholder, he is also extremely disappointed in the share price. I understood that the previous wide diversity of projects and consequent cash burn was considered to be a major factor in share price decline. The market hasn't caught up to the fact that it is now a much leaner business.

The $3M threshold will stay but smaller strategic contracts will be announced - so no change there.

Also disappointed with progress in Australia - I got the impression that we may be looking for a new partner soon (my words, not his).

Richard seemed to appreciate my comment commending staff and management and pointed out how difficult it has been for staff to undergo 14 day quarantine in less than ideal conditions when they travel from one country to another to carry out their work.

My questions were as follows:

1. Since the merger with RWL Water the Company has made significant progress to become cash flow positive and appears to be in an excellent position to increase sales significantly. Yet, in one of the longest bull markets in history, the share price has declined by more than 80% to be hovering around all time lows, and valuing the Company at little more than the total of our order book! This just doesn't make sense and for want of a better reason I put much of the blame on relentless share price manipulation since the merger. This is creating a feeling amongst many retail shareholders that no matter how positive an announcement by the Company, the share price will continue to decline after a brief rally. I realize that dealing with the irrationality of the share market is not part of management's job description, but there are significant implications in the event of potential future capital raising.

2. I think the trigger of $3M for the release of announcements is too high under current circumstances as the dearth of positive news is very discouraging, even though there may be numerous smaller orders that we won't be aware of until the next 4C announcement.

3. Our exclusive Australian partner, Aquatec Maxcon, does not appear to have made one sale on our behalf over the last couple of years but is actively promoting Kubota MBR systems. I can't find any reference to Fluence on their website. Should we consider looking for a more ambitious partner?

4. In conclusion I'd like to commend management and staff for their considerable achievements under difficult circumstances.