Ann: Fluence Investor Presentation, page-94

The problem re corruption is that big and the cash economy is that huge the government changed their notes to try and get a handle on this re uncollected government revenue (ie. taxes).....take a look at NSL's struggles.....after 5+yrs they are finally at the point where they may make $8m/yr. FLC is flat chat with back log, queries have ramped up now they are through Jul/Aug. Henry receives emails/tweets daily or why he doesn't do this or that. There is only so much they can do. A good analogy is why doesn't A2M sell formula to India? Because China and the the US market has yrs and yrs of growth....with all they've done they are still <5% of the total formula sales there. Prudent use of capital is more important. This is a major focus for Richard. This is a major priority for him during this ramp up phase in China....not running out of capital before they become self sustaining. He is very very adamant there will be no more fund raising. I can give you the audio of the presentation via drop box if you send me your email,

Kind regards, SEAH.