FBR General Discussion, page-4

Thanks for moving the discussion along Gambledore and great charts and analysis.

As along term holder my humble view of FBR and management is that they have made steady and conservative progress.

This is important in an industry where reputation is hard won and quickly evaporated.

FBR - although delayed -have not undermined confidence in the technical abilities of the machine. Laying speeds are up and well within commercially viable speeds. As the speed of Hadrian X comes down to somewhere in the ballpark of 8-12 hours with good reliability and accuracy, FBR will be gaining great data about future cash flows, downtime, running costs, depreciation, maintenance costs etc

Most technical risks are quickly evaporating, and with the first display homes will be pretty much reduced.

The real risks are now commercial. Adoption and penetration, cashflow and funding.

As more partnerships are signed penetration and adoption will evaporate.

Cashflow might be the next hurdle, but with contracts in hand FBR might be in the position for capital asset funding via a mechant bank, in much the same way aircraft and other capital items are funded. With reliable operating data and contracts this might be a viable way to get thousands of Hadrian X into the field over the next decade.

With every wall going up and every contract signed, the risks are quickly going down. GLTAH