Ann: AGM Presentation, page-31

Mickem from the May major project upgrade:

"The $5m Beijing canal project commenced in October, 2017, and revenue of $2.5mwas booked in the December half year. Frozen conditions in Beijing during most of theMarch quarter resulted in the use of fewer materials. It is likely that some $1.0madditional revenue will be booked in the current half year, with the balance of $1.5m-2.5mexpected in the next financial year."

From the October Business Update: "Work continues on the South Beijing canals, with Phoslock, zeolites and bacterial products being applied. A new $1.5m order was received during the quarter for additional product; the water quality results continue to be outstanding"

Just doing the $1.5 m maintenance would be my interpretation of the announcements. The only thing that seems uncertain is whether the "new" $1.5m order announced in October is just the formalisation of the balance of $1.5m-2.5 m flagged for this year in May or is actually extra. They tend to re-announce projects so a conservative view would be it is a formalisation of the May announcement. In that case there was $3.5m last year and $1.5m about to be done.

The more generous interpretation (assuming the $1.5m announced in October is actually new) would be $3.5 million last year and $3-4m this year, of which half as probably been done already. My memory from a question I asked early this year is that there is no longer a stage 2. I would suggest you ring Rob to confirm. This is illustrating the problem in dribbling out individual project data (which can be added to and deleted in a confusing way) and not giving shareholders an overall figure for definite work in hand and potential work under tender. Most companies do provide aggregate data.