Ann: FBR General Meeting Presentation, page-179

Hi Jad,

BKW did enter a WaaS partnership with FBR but called it quickly when Covid hit. The sad/annoying part is now that brickworks has closed its last brick plant in Western Australia, I don't believe anyone is left willing and capable of spending the amount required to setup a WaaS franchise here in WA. America seems more feasible and more likely that people are willing to be the first to spend cash on a new innovative solution. Going to the US as priority may be forced.

WA is often referred to as Wait a While which is very true and something we feel here. I can see builders getting on HX tomorrow if machines are available, but I don't see a viable WaaS partner in the picture ready to fund those machines. Double brick homes aren't so common in other states, I doubt that will change for a while longer unless it becomes forced via cost, availability or green governing. We still haven't seen a brick veneer home completed with HX and I'm not sure we will so I would remove that option as a possibility. So, if it is to happen in WA who is going to run the operation? please don't say FBR, we need to remove them for a chance at profability.

Were just about all frustrated mate, this thing has taken so long with expectations that it was coming sooner. I even got the impression from Lindsay in his interview that this next model was the make-or-break solution for FBR. Next year it will be in America, and they will need to move into commercialisation or risk losing more support. I believe they will get there. My only real concern is about how many more shares they will issue, how little effort will go into raising and maintaining a decent SP prior to the incoming CR and if that will be enough to support setting up in the US.