Ann: Appendix 4C - quarterly Q2 and Commentary, page-7

Merger occured post Jun 30, so financials for combined group (including RWL Water component) will show in each quaterly from now on.....RWL Water was a private company up till Jun 30 as regards Q just finished and nothing to do with Emefcy....so Aug update will provide 1/2yrly report re EMC and update re where combined group revenue is tracking for CY17, AND, more importantly, managements indication of group revenue in '18....funds may sit on the side lines till FLC is seen to be hitting targets or 1st China MABR contract signed....which at that point will make pur valuation look rediculous.....so, all above board, they're not trying to hide anything.....as a previous poster mentioned, a fund dropping $5 or $10m doesn't care if they are buying in the 80's or 90's or higher.....they just want to see continued growth....even buying at $1 won't matter if they feel it will be $3 on 2-3yrs....,

Kind regards, SEAH.