Ann: Appendix 4E & Annual Report to shareholders, page-6

Looking at the numbers, revenue required for genuine break even is around $66 million at current costs. Assuming costs are contained and looking at Q4 numbers 2022 of $6 million total revenue (ARR 3.1+ 2.9 project revenue) then repeating that over the next 4 quarters brings in revenue of circa $24 million which would ensure very close to break even from my understanding by adding in another $12-13 million in ARR, factoring in ongoing churn. (from my understanding of the numbers) At the same time EVS water is in its infancy and only contributing $1 mill in ARR at $76k per site (13 sites currently) Should WA water board alone take EVS water on across all 113 sites, that’s $8.5 mill recurring revenue from just one semi government backed company. Should that occur and I’m not saying it will, we should expect to see a price sensitive announcement that many of us are hoping to see. And I guess that’s when investors will pay a little more attention to the SAM of $2.8 billion that EVS water is currently pursuing. A big contract like that will rake in significant additional revenue but cost the company very little given it’s through its SAAS platform. So despite EVS still presenting as a bit of an ugly duckling for some with it’s recent results there’s plenty to be optimistic about from my perspective moving forwards. Happy for others to disagree with the above numbers I’ve proposed as they may be off the mark, cheers and GLTAH