Ann: Investor Presentation, page-7

Hi Giovanni, I’ll add that this one requires patience. There is a process to follow and they are following it. Great thing about Germany is that as long as you follow the process, then you will get the licenses, unlike other jurisdictions that don’t have clear pathways to finality. I think some investors have a false expectation that just because a project may have an NPV of billions, so the MC and SP should reflect that NOW and that the 620 million odd they need should just be available to them also NOW.

Why would big insto investors, that find this company and project attractive, strand their capital for 3+ years when there are still a few milestones before SHP start construction and delivering product to the market? Such investors can put their capital to use elsewhere in the mean time and only invest when the project is closer to go-live.

Think about it this way: say if you wanted a Tesla Cyber Truck (and lived in USA) from when it was announced. Would it have made sense to pre-pay the full amount in 2019…stranding that capital that could have been put to better use in the 4 years before it actually starts rolling off the production line?

So, if you look at the timeline and are happy to taper your expectations for a potential mega windfall around 2027, then this is one to consider. Any appreciation of the share price before then is just a bonus from my point of view.