Ann: August Operational Update, page-3

Conversion under 6 GWh can be interpreted in 2 ways:

- a slow down due to what ever reasons

or


- they are working on bigger buildings which take longer to come online.

The latter seems to be the case as the anns stated

"• An additional 5.85GWh has commenced billing during the month of August 2017" instead of 5.85 GWh have been physically converted.

If I am right we should see soon a big billing increase one that / those buildings coming online.

Anyway, the quarter will have a billed average based of at least 120 GWh pa which should get us easily into the profits.

GLTA and the 4C will give us more clarity.