RedFlow LimitedInvestor Presentation

16 March 2015

Redflow battery on Flextronics stand at World Smart Energy Week, Japan, February 2015

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DisclaimerThis is a document which has been prepared by RedFlow Limited (Company) toprovide the recipient (Recipient) with information and a general understanding ofthe Company and its business. This document is provided to the Recipient on theconditions set out below.

This document is not a recommendation, offer or invitationThis document is not a recommendation, offer or invitation by any person or toany person to sell or apply for securities in the Company.

This document is not a prospectusThis document is not a prospectus under Australian law or under any other law.It is for information purposes only. Accordingly, this document neither purportsto be exhaustive nor contain all of the information which a prospective investoror the Recipient may require to make an investment decision and it does notcontain all of the information which would otherwise be required by Australianlaw or any other law to be disclosed in a prospectus.

Exclusion of representations or warrantiesThe only representations or warranties in relation to the preparation of thisdocument and the information in it (such as its accuracy, reliability, completenessor reasonableness of any assumptions) are those which are implied by law andwhich cannot be excluded by law. Otherwise, all such representations orwarranties are excluded and the Recipient releases the Company, its advisers andthe officers of each of the aforementioned persons from any liability orresponsibility for this document.

Events after date of this documentThe Company and its officers have no responsibility or obligation to informRecipients of any matter arising or coming to their notice, after the date of thisdocument, which may affect any matter referred to in this document.

No relianceThe document is provided to the Recipient on the basis that the Recipient must rely ontheir own inquiries and seek appropriate professional advice in relation to theinformation and statements in relation to the proposed prospects, business andoperations of the Company.

DistributionThe distribution of this document in jurisdictions outside Australia may be restricted bylaw. Any Recipient who receives this document outside Australia must seek advice onand observe any such restrictions.

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Important NoticeF

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Redflow – A Leader in Energy Storage

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Chairman Howard Stack

Managing Director Stuart Smith

Non-Exec Director Richard Aird

Non-Exec Director Bruce Brown

Non-Exec Director Simon Hackett

Chief Engineer Dr Alex Winter

Chief Technology Officer Dr Mike Giulianini

ASX code RFX

30 Day VWAP Price $0.26

Shares on issue 256,076,115

Options 6,060,000

Market capitalisation $56 million(at last traded price of$0.22 per share)

RedFlow (RFX) is an energy storage company listed on the Australian SecuritiesExchange (ASX). The company produces a unique modular zinc-bromide flow batterywhich provides cost effective, safe energy utilisation and storage.

Industry- rapidly growing global energy storage market- key initial markets targeted are early adopters and where there are immediate

commercial benefits including :- telecommunications- off grid, rural and remote sites- residential for the large existing installed solar base

Operational- product proven from field testing performed to date and independent CE

certification (product safety) by an EU nominated body- Energy throughput increasing by 100% driving cost per kWh lower by 36%- manufacturing successfully transitioned to tier 1 global manufacturer - Flextronics- sales prospects developing and significant interest expressed by large international

companies

Corporate- experienced board and management- supportive register including Simon Hackett as major shareholder and director

Financial- sales prospects building with increasing interest but conversion process longer than

expected- operating overheads currently at $600,000 per month- cash balance of $2m at 28 Feb 2015 – proforma cash balance of $18m (before offer

costs) assuming placement and Entitlement Offer successfully completed- cash requirement due to trial process taking longer than anticipated

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Key Milestones Achieved – Past 12 Months

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Key Targets AchievedPast 12 Months

• Key deliverables outlined previously have been achieved :• Cost per kWh reduced by over 36% with improvements in product performance – from $0.70c/kWh to

$0.44c/kWh• Manufacturing transition completed to Flextronics• Containerized prototype successfully completed on time and budget• CE certification achieved by independent EU nominated body validating product safety• Product improvements, expanding applications and decreasing manufacturing cost achieved and

continuing• Engaged with eight system integration partners across 5 continents

Product offering, marketsand geographies expanded

• Product offering recently expanded to include 3 different products in addition to a large scale high voltagecontainerised solution

• Market applications expanded to now include telco, residential and mini-grid applications such as mining• The large scale containerised solution suits commercial applications, mini and micro grids and larger scale

distributed generation• Price per kWh reduced and fast approaching grid tariffs in some countries increasing market opportunities.• Distribution points in USA (Austin, Texas), Europe (Frankenburg, Austria) and Asia Pacific (Australian

operations). Distribution for Africa currently through 3 system integrators with existing facilities and channelsto market

Manufacturing outsourcedwith improved QA

• Flextronics successfully manufacturing batteries in commercial quantities providing security of supply andconsistent quality.

• Scalable, outsourced manufacturing completed with full turnkey agreement and incentives in place for costreductions.

Partnering businessmodel with key

stakeholders engaged

• Trials and testing underway in Africa, Europe, USA, Central and South America, Philippines and Australasia.• Partnering strategy in place with both large multinational companies with scale, expertise and established

channels to market, including Emerson and Raytheon, and smaller companies including Probe, BlueSky andSMS Global Technologies.

• Ongoing technical development collaboration includes Albemarle, ICL, CSIRO and the Universities of Sydneyand Queensland amongst others.

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Next 12 Months

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Sales

• Large global companies engaged who have significant reach and channels to market• Converting trials currently underway in Australasia, Africa, Europe, USA, Central and South America, and the

Philippines to firm sales orders.• Significant sales prospects building with a number of system integrators• Market opportunities significant and will focus on key segments identified• Consolidation and focus on current geographic markets and opportunities with no additional regions to be

added unless in conjunction with existing system integration partner using existing product• Sales team in place in USA and Asia Pacific with Europe to commence from 1 April.

Manufactured cost reduction

• Incentive for Flextronics to reduce manufactured cost through sharing of cost savings they initiate.• Redflow has a program of work to reduce bill of material costs substantially before end of 2015 with further

ongoing reductions expected in 2016

Ongoing productdevelopment

• Developments focused on a combination of improved performance, lower cost and ease of manufacturability• Commercial outcome for all ongoing developments

KeyRisks

• Details of risks identified on separate slide – key risks outlined below• Key risks identified are as follows :

• bringing a new technology to market will always have risks• the time taken for sales to materialise and for trials to convert to firm orders• time to ramp up of sales volumes to a point where the company is cash flow positive• the cost down program does not complete as quickly or as effectively as expected• competitive risks

• All these risks, and others, may result in the company having to seek additional funding before it reaches abreakeven level of sales

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The RedFlow ZBM Product RangeFully DC self managing battery with in built diagnostics and self protection capability which enables valuable realtime customer monitoring of performance

4 different products delivering differing energy outputs suited to many applications :

ZBM – the original battery delivering 3kW/8kWh at a nominal 48V DC. Energy throughput of 10,000 kWh at $0.70c/kWh

ZBM2 – delivering 5kW/10kWh at a nominal 48V DC. Energy throughput of 20,000 kWh at $0.48c/kWh

ZBM3 – delivering 5kW/11kWh at a nominal 53V DC. Energy throughput of 22,000 kWh at $0.46c/kWh

LSB – a 20ft shipping container with up to 60 ZBM3 batteries delivering 660kWh and an output voltage range of between480V and 720V.

Capital cost per kWh with no scheduled battery maintenance until end of life

High energy density at 33Wh/kg → results in small footprint and light weight

Efficient utilisation of capital with 100% depth of discharge, with daily charging and discharging available

Real 100% capacity available on a daily basis → with no oversizing requirement, less CAPEX required

Charge and discharge over several hours → can be matched to application requirements

Voltages match standard electrical systems and being below 60V is within most safety limits

Round trip efficiency approximately 80% (DC-DC) → good business case

Operates up to 50ºC → no active cooling requirements or shelf-life problems

Modular design allows for sizing that best suits an application and quicker more efficient ongoing product development than largersystems

Scaleable for different applications with higher voltages and capacity

Smart battery so not a target for theft

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Smart battery capable of remotely monitoring thestate of charge, the health of the battery and manyother diagnostic parameters. Capability

Smart system with in-built BMS to monitor performance and health remotely

Hardware monitoring includes

pumps, fans, leak detection, ambient temperature, BMS and overall electrodehealth

Operational parameters monitored includes

current, voltage, electrolyte temperature, state of charge, rate of charge and endof life monitoring

750+ RedFlow ZBMsmanufactured since 2009

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Safety The concentration of bromine salt in ZBMs in the discharged electrolyte state is very low, and only requires standard personal

protective equipment (PPE).

Bromine salts are stable and used as disinfectant in spas and it remains in solution (does not evaporate)

HAZMAT 8 class of the electrolyte relates to the corrosive nature of the liquid (pH of between 1- 4). Lead acid is of the sameHAZMAT 8 class and lithium the HAZMAT 9 class

The only potentially hazardous material in the ZBM is bromine in the electrolyte, which is held in a complexing agent as an oilyliquid (not gas) when in the charged state.

Safe, water based electrolyte - bromine is commonly used as a fire retardant

Heat tolerant and no cooling required up to 50OC. Ambient temperature of approximately 550C tolerated. Leadacid and lithium require active cooling for comparable performance.

Over 10 years of research and over $50 million invested to date on research and development. Products nowavailable for sale in commercial quantities.

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Product Development & IP Protection

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Redflow has patented the mechanical and electrochemical processes. Non patented know how offers anadditional layer of protection together with manufacturing outsourced to a major global company.

Large scale manufacturing commenced when we had achieved over 6MWh of energy throughput per battery(at least 8MWh was expected) and we are now well over 12 MWh of actual energy throughput with no signs ofdegradation. The potential impact of this on total energy throughput is shown in the appendices.

Over the past 12 months, Redflow’s product development focus has been on :

Completing the transition of manufacturing to Flextronics providing improved quality assurance,scalability and consistency in manufacturing

Completing testing to facilitate an expanded product range for additional applications Completion of the proof of concept large scale battery system producing a modular system capable of

producing between 480V – 720V Continuing to focus on the design, manufacture and improved materials to extend the battery life

thereby reducing cost per kWh by 36% UPS applications where the battery is “put to sleep” and restarted after several months with no loss of

available energy or electrode degradation

With full turnkey pricing now finalised with Flextronics a targetedcost reduction exercise will commence on target in 2015

Significant cost reductions and ongoing improvements in battery life and performance are expected to beachieved through 2015

Redflow batteries have consistently increased energy throughput now resulting in a competitive cost per kWh ofenergy throughput. Future improvements are in process which will further reduce manufactured cost and furtherincrease the amount of energy throughput.

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Competing Technologies

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Redflow is a new technology – yet it is already cost competitive – before cost reductions are included or commenced

Competing technologies such as lead acid and lithium have had over 20 years of product improvements,manufacturing optimisation and cost reductions

As market incumbents, they already have the benefits of sales and manufacturing volumes and the consequentialeconomy of scale benefits Lead acid batteries in general have several limitations including

a small amount of energy available for use, unable to operate continuously in hot and humid conditions, rapid deterioration if not kept in air conditioned environments requiring a trickle charge when stored and when deployed very heavy to install and replace

Lithium batteries also have some limitations including unable to utilise the full energy stored active cooling required to maintain a temperature of about 25oC – 30oC no components are cost effectively recyclable focussed on power and not energy

The third alternative is zinc bromine flow batteries high energy density weighing only 225kgs – similar to lithium and at least half as lead acid for same energy opportunities for cost reductions and efficiency improvements significant and has commenced full 100% discharge available continuously in harsh conditions and non-volatile intelligent battery, self manages, self protects and informs via remote monitoring

The ZBM has an opportunity to be a truly disruptive technology in a rapidly expanding market

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Market Opportunities

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The energy storage market is estimated to have a potential of $114 billion by 20171 of which zinc-bromide flow batterieswill have a 19% market share equating to a USD$21 billion opportunity1 while solar integrated storage alone is forecastto be €15 billion by 20202. Relevant applications for the ZBM include :

1. Telecommunications infrastructure – Powering the large number of mobile phone towers already in existence in off-grid,micro grid or fringe-of-grid areas is an attractive relevant market where commercial trials are now in place.

2. Residential applications – with the large installed solar capacity, our DC battery is well suited to the residential marketand we believe uptake is now competitive in some markets with our lower cost per kWh.

3. Renewable integration – Smooth and shift intermittent renewable energy generation, increasing utilisation of renewableenergy sources. The efficient use of solar and wind energy generated can be increased by storing energy for times ofdemand.

4. Remote power opportunities – Powering remote areas not currently connected to the electricity grid from solar and/orwind and reducing the need for expensive diesel generation. This is particularly cost effective for mining operations.

5. Microgrids including community power – with their smaller footprints, they avoid most transmission and distributionlosses as well as eliminate the waste of energy associated with the conversion of AC to DC required for an increasingportion of todays load.

6. Sustainable solutions – sustainable alternative capable of being retrofitted to existing applications where environmentalissues exist.

1 Lux Research2 Boston Consulting Group

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Current system integration partners

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Trials with Redflow products currently underway in Australasia, Africa, Europe, USA, Central & South Americaand the Philippines

Emerson Network Power – we are currently in trials with Emerson and one of their significant customers. Raytheon has developed 2 prototype energy storage systems containing RedFlow ZBMs and have released a

product sheet for both of them (RK10 and RK30). SMS Global Technologies Philippines is trialling a system for Globe Telecommunications, the second largest

mobile phone operator in the Philippines. This trial was successful and ran for 6 months successfullyproviding over 129kWh of backup energy during network outages. Other trials are also in progress with SMS.

Probe and 2 other system integrators in South Africa as well as a company in the Middle East. Trials in progress in Europe with 2 major international companies. The trial period is longer than expected for a number of reasons including :

introducing new technologies to market takes time disrupting the status quo requires the new technology to be significantly better than the existing

solutions proof of performance for new solutions requires ongoing testing and validation large companies/customers are systematic in their product review and qualification process

We are treating sales negotiations as commercial-in-confidence to avoid competitive interruption followinglessons learned and previous experience.

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Sales - Telecommunications

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The telecommunications segment remains a priority market.

it is estimated there are an estimated 5 million cell towers worldwide, ofwhich 640,000 are off grid and increasing at a rate of around 50,000 peryear.

the vast majority of these off grid cell tower sites are powered by dieselgenerators and/or may suffer from unreliable grid power and rely onexpensive generators to fill the gaps.

the fuel bill and the logistics cost of resupply is a heavy opex cost fortelecoms companies.

it also contributes to carbon emissions and efficient battery options are seenas important “greening” of telco networks.

in India alone during 2011, telecom tower sites consumed an estimated 3.2billion litres of diesel fuel and at the current rate of expansion that couldreach 6 billion by 2020.

in Africa, more than 50% of towers are off grid and the majority of the restrelying on unreliable grid power. Many African tower sites are in remote andhard to reach locations.

as an example, the cost in Namibia is $8,000 USD per kilometre to run powerfrom the grid. This can make it very cost effective to install alternative energysuch as solar power (and batteries).

Source : AKCess Pro – www.akcp.comItalics added

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Sales - Telecommunications

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In the telecommunications segment we are currently engaged with :

Emerson Asia Pacific have developed a unique system incorporating the ZBM which isabout to commence commercial trials.

Raytheon has developed 2 prototype energy storage systems containing ZBMs. One ofthese has been installed in the USA.

SMS Global Technologies have successfully trialled a system in the Philippines and areabout to commence a second trial.

Other trials are about to commence in Central and South America and Australia.

Redflow’s ZBM offers the following benefits to telecommunications customers with off-grid orunreliable grid supply to their base stations:

Reduced fuel consumption; No need for air conditioning to keep batteries in operating range (as with lead acid and

lithium); Wider operating variables (salt, humidity challenges, temperature); Reduced requirement for maintenance, and hence savings; Remote monitoring; and Reduced theft.

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Sales – Off Grid & Distributed Generation Opportunities

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Another targeted sector is the rural, remote and off grid segment (RROG), including mining. Whether a fewbatteries or in containerised solutions, the ZBM is well suited for distributed generation in general.

Current systems developed for the telecommunications market are also suitable for smaller RROGapplications.

Diesel run time minimisation using a ZBM provides compelling business case. DC output attractive for rural electrification. Heat tolerance, no cooling and unable to be operated if stolen attractive attributes. From single batteries with 48V to multiple batteries joined in series or parallel, we have flexible, scalable

solutions. 20ft shipping container solutions offer up to 660kWh with voltages between 440V – 800V available with

the successful completion of the large scale battery development. A modified 20ft shipping container of batteries is now able to be connected in series and in parallel to a

single inverter allowing efficient supply of DC energy for larger applications in this market segment. Multiple containers can also be connected in parallel providing scaled expansion to suit MW applications.

Partnered with 2 system integrators in Africa with existing channels to market with trials about to commence.For

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Sales – Large Scale BatteriesWith the successful completion of the containerised prototype, we are in the process of delivering the first commercialcontainer for deployment in Australia as announced to the ASX in February 2015- key benefits of this system are a full DC architecture, easy installation, ability to be interfaced with a range of

commercially available inverters and a DC voltage of between 440V and 800V and it is relocatable.- target applications for this system are larger mini-grid applications, grid support, distributed generation and

renewables integration.- a key advantage over other technologies is the ability to swap any single battery and not replace the entire string as

with lead acid and lithium- implications of this for power system reliability are hard to over-state as each LSB is internally a high availability

system already.- system can also be de-populated for smaller applications (e.g. less than 60 ZBM3’s installed initially) and further

batteries can be added later if desired.- schematics and system design will be available for any system integrator to facilitate the sale of batteries.

15Prototype LSB 300 completed September 2014

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Sales - ResidentialWith recent product developments, we are now in a position to offer a residential solution in countries where our cost per kWhis approaching that of the grid tariff. With the high installed solar capacity in Europe and grid tariffs of approximately €0.30, ourpricing is fast approaching these rates excluding any additional benefit from subsidies.

- prototype developed showing how our ZBM can be fitted and paired with existing solar installations- minimal cost to retrofit to already installed solar (PV) and there is positive interest- currently in a trial with a large European energy company demonstrating the suitability of our battery for residential

applications- have also recently completed successful trials and benchmarking with another major European company who is also

considering the residential energy storage market.- cost competitive with other technologies such as lead acid and lithium

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AGL CEO Michael Fraser recently said :

“We see battery storage technology going ahead inleaps and bounds. This, in conjunction with rooftopsolar and home energy management systems, wouldcause a “significant” and “fundamental” change inthe way the energy market operates. ““History shows that (such technologies) start slow,but then take off faster than anyone expects.We are positioning ourselves for that.”

http://reneweconomy.com.au/2015/agl-energy-says-battery-storage-already-interesting-28336

www.gtai.com

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Redflow’s primary focus is generating sales in 2015

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Since 2013, RedFlow has engaged with a number of large global companies who have significant reach and channelsto market

Trials are underway with key prospects in Africa, Europe, USA, Central & South America, Philippines and Australasia

We are confident that significant sales prospects are building and commercial sales will flow from this trial activity.

However, the trial period and consequently sales cycle has proven longer than originally expected for a number ofreasons including:

- disrupting the status quo requires the new technology to be significantly better than the existing solutionsand this is reflected in the number of trials underway; and

- proof of performance for new solutions requires ongoing testing and verification and introducing newtechnologies to market takes time.

Redflow intends utilising some of the funds raised to seed selected markets and customers with demonstrationproducts to reduce the long periods involved in trialling the products and speed up the sales process.

With new trials underway and existing trials having advanced significantly over 6 months, improved batteryperformance, an expanded product offering, a significant reduction in cost per kWh and new target marketsidentified, Redflow is seeing a significant growth in sales prospects and it is expected that the proposed capitalraising will accelerate sales.

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Overview of the Offers

Offer Details A Placement of approximately 48.5 million shares at an Offer Price of $0.20 per new ordinary share to raise $9.7 million.The placement will comprise: a Placement to institutional and sophisticated investors of approximately 31.2 million shares to raise $6.3 million

(Institutional Placement) ; and a Placement to interests associated with Director and major shareholder Simon Hackett of approximately 17.3

million shares to raise $3.4 million. The placement of shares to interests associated with Simon Hackett will besubject to shareholder approval.

A 1 for 9 Entitlement Offer to existing shareholders at an Offer Price of $0.20 per ordinary new share targeted to raiseapproximately $6.4 million

Pricing The Offer Price of $0.20 represents:20.8% discount to the 10 business day Volume Weighted Average Price up to and including 11 March 2015 of $0.2539.1% discount to the closing price on 11 March 2015 of $0.22

Use of Funds As well as providing the Company with working capital to meet the operational costs, Redflow intends to use existing cashand the proceeds of the Equity Raising for:

1. Funding a higher level of inventory;2. Placing demonstration systems of both individual batteries and containerised solutions in selected regions. These

demonstration units will be available for immediate sale; and3. Investment in new machinery to facilitate higher volumes and reduce costs through automation of some key

processes in manufacturing.

Other New securities issued pursuant to the Placement will rank equally with Redflow’s existing securities.Morgans Corporate Limited is Lead Manager to the Placement.Shares issued under the Institutional Placement will be eligible to participate in the Entitlement Offer.There will be a top-up facility to allow existing shareholders to apply for additional shares under the entitlement offer.At the completion of the Placements and Entitlement Offer, it is expected the interests associated with Simon Hackett willincrease from 9.8% to approximately 13.4%

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Use of Funds

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Operating expenses$7.2m per annum

- Operating expenses comprise mostly salaries, marketing and travel costs.- European based staff expected to increase in line with increased sales focus.

Inventory$2.4m

- With forecast higher sales, additional working capital will be required to fund increased inventory holdings ofboth raw materials and finished goods.

Demonstration systems$4m

- To speed up the go to market opportunity and sales, it is intended to build and implement up to 6containerised demonstration products in key geographic locations including Australia, Africa, Europe and theAmericas.

- With a new technology, proof of operations and performance is required before repeated larger orders arereceived. It is intended to offer batteries in selected locations and with selected customers to facilitate this.

Machinery$1.7m

- Further cost efficiencies will be achieved through automation.

Capital Raising Costs$750K

- Costs associated with this offer.

Key Assumptions

- Selling price remains constant but energy throughput has increased (as expected).- Product improvements result in 36% lower cost per kWh.- Invoicing and cost of goods are in USD and thus have a natural hedge. Operating expenses are in AUD.- Staffing to largely remain at current levels with increases for sales and marketing staff.- Stock and inventory levels are expected to increase for expected sales levels.

The primary purpose of this raising is to raise funds to build demonstration systems to seed the market and facilitate a quicker sales cycle. Thislonger sales cycle process requires an investment in working capital .

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Use of Funds

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$000’s Jan – Dec 2015

Opening cash 4,300

Capital raising * 16,100

Total Funds Available 20,400

Outflows**

Inventory 2,400

Demonstration Systems 4,000

Machinery 1,700

Operating expenditure 7,200

Capital raising cost 750

Total Outflows 16,050

Closing Cash 4,350

- Whilst sales are expected, no sales have been taken into consideration in the above use of funds.- The increase in inventory is in accordance with current expected sales. Should these sales not eventuate either in

timeframes expected or at all, this could increase further.- This use of funds is indicative only and the Directors reserve the right in their absolute discretion to re-allocate and use the

funds raised to meet the requirements of the Company and its business form time to time.

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Thank You

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Appendices

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Indicative Timetable

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Activity Date

Trading Halt Thursday 12 March 2015

Announcement of the Placement and Entitlement Offer Monday 16 March 2015

Mailing of the Entitlement Offer details Tuesday 17 March 2015

Ex-date Wednesday 18 March 2015

Notice of EGM issued for shareholder approval for placement of shares to Director, Simon Hackett Friday 20 March 2015

Record Date for Entitlement Offer 7.00pm (AEDT) Friday 20 March 2015

Information Booklet and Entitlement & Acceptance Form despatched Wednesday 25 March 2015

Entitlement Offer opens Wednesday 25 March 2015

Closing date for acceptances under Entitlement Offer 5.00pm (AEDT) Friday 17 April 2015

New Shares quoted on deferred settlement basis Monday 20 April 2015

Shareholder meeting to approve placement of shares to Director, Simon Hackett Monday 20 April 2015

Company notifies ASX of under subscriptions Wednesday 22 April 2015

Allotment of New Shares under the Entitlement Offer Friday 24 April 2015

Despatch of holding statements for New Shares issued under the Entitlement Offer Monday 27 April 2015

Normal ASX trading for New Shares issued under the Entitlement Offer commences Monday 27 April 2015

This timetable is indicative only and subject to change. The Directors may vary these dates, in consultation with the Underwriters, subject to the Listing Rules. The last date toextend the closing date is 30 March 2015. An extension of the Closing Date will delay the anticipated date for issue of the New Shares. The Directors also reserve the right notto proceed with the whole or part of the Entitlement Offer any time prior to issue of the New Shares. In that event, the relevant Application Monies (without interest) will bereturned in full to Applicants.

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Corporate Overview

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Board Profiles

Role Name Previous Experience

Chief Engineer Dr Alex Winter Previously with Schlumberger and experience includes over 9 years experience in fluid dynamicsand mechanical design. Significant experience in various consulting and managerial roles inAustria and Argentina.

Chief Technology Officer Dr Mike Giulianini Over 13 years’ experience as a systems engineer in development, management and executivepositions with Solar Farmers, Integral Electric Technology and SELEX Communications Group inboth Italy and Australia.

Key Personnel

Role Name Previous Experience

Chairman Howard Stack Previous directorships of listed companies include Bow Energy, Flight Centre, Data#3 andAustralian National Industries. A partner of Allen, Allen and Hemsley until 2001, and corporateadvisor to one of Australia’s largest electricity generators until 2011.

Managing Director Stuart Smith A Chartered Accountant with previous experience as Chief Executive Officer and director ofCellnet Group. Prior experience with AAPT Mobile (Cellular One), Pacific Star (a joint venturebetween Bell Atlantic and Telecom New Zealand) and Ernst & Young in London.

Independent Non-Executive Director Bruce Brown Previously Managing Director and Chief Executive of Campbell Brothers Limited (now ALS Ltd), aDirector of ALS Ltd and Transpacific Industries Limited, and previously Chairman of Flight CentreLimited.

Non-Executive Director Simon Hackett A director of NBN Co and founder of Internode, Simon has extensive experience in early stagetechnologies, productising disruptive technologies and developing and growing innovativetechnology businesses.

Non-Executive Director Richard Aird RedFlow’s Chief Operating Officer from early 2010 until July 2012. A professional operationsmanager with over 20 years’ experience in commercial development and operations.

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Technology Improvements

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Redflow batteries have consistently increased energy throughput now resulting in a competitive cost per kWhof energy throughput. Future improvements are in process which will further reduce manufactured cost andfurther increase the amount of energy throughput, as illustrated below.

- ACC1 : 2011-2012 - ACN7 : 2013-2014 (in production)- ACC8 : 2012-2013 - XXX : 2014 (currently under test)

- some long term test batteries are still operating so expected lives have been calculated.- with any design change, physical long term testing of the new/improved product begins again.- hence, expected battery life is calculated by comparing laboratory test results and actual long term test data of

previous versions to laboratory testing of the current version still continuing under test.- there is a risk these correlations may not be precise for certain design and materials changes but we believe they are

reasonable from our experience.

Consistent increase in electrode life results in additionalenergy throughput

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Applications for differing technologies

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RedFlow’s ZBM performance envelopeenergy focussed & not power focussed

- Lithium and lead acid are well suited topower applications

- The ZBM is well suited to energyapplications

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IP Protection

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The current electrode, cell stack, hydraulic system, leak proof design and manufacturing methods are all protectedby a combination of patents and know-how. Our overall IP position is considered sound.

o Currently have 9 patent applications registered in 7 jurisdictions. Of these applications, 3 patents havebeen granted in some of these jurisdictions.

o Protection being sought in main markets including: USA Europe China Australia India Japan

o Patent applications have been filed for new electrode surfaces Very high service life Low cost materials Ease of manufacturability

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Redflow Locations of Trials

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The Business Case for Redflow vs Lead Acid & Lithium(applies to telco, off grid and residential)

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Market feedback from a Tier 1 global telco supplier is that they believe that the cost of ownership of a solution includingRedflow ZBM batteries is potentially significantly lower than their current lead acid battery solution and that the cost ofownership can reduce significantly after 3 years.

The lower costs are due to :

The ZBM does not requiring any active cooling until it reaches 50oC. Lead acid requires cooling and the costassociated with this, such as air conditioning, can be expensive

The cost of replacing lead acid batteries on a regular basis due to degradation from heat or environmentalfactors such as humidity or discharge cycles below their manufacturers recommended thresholds

The ZBM is less likely to be stolen as it is a smart battery which is integrated to the relevant application

The ZBM being interchangeable if a replacement in a string is required whereas lead acid requires the entirestring to be replaced due to compatibility issues

Lithium is not allowed on their sites due to safety concerns.

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The Business Case for Redflow - Diesel Run Time Reduction(applies to telco, off grid, micro-grids and remote power)

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Improvements in efficiency of diesel generators has occurred over decades and the opportunity for significant further improvementsis limited. In addition, public awareness of the health and environmental impacts of diesel fuels are more widely understood

use of diesel generators is prevalent in telco sites, off grid sites, micro grids and other locations where remote power is required.

diesel generators have their advantages but are expensive to operate and contribute significantly to pollution in often pristineenvironmental areas.

operating costs for diesel generators have been optimised over the years primarily through more efficient models and theintroduction of hybrids. Thus, the opportunity for significant opex cost reductions is limited.

the requirement to oversize diesel generators results in excess energy being lost or wasted.

whilst costs vary between sites and applications, opex costs are consistent and comprise not only the cost of the fuel but the costof transporting it to site, generator down time for repairs, maintenance and annual overhauls and the cost of fuel theft which ismore prevalent in some regions than others.

Solution

introducing a ZBM and solar to a site with an existing generator, results in a significant reduction in generator run time

reduces operating costs significantly. Apart from the cost of the fuel not consumed, the cost to attend remote sites to replenishfuel decreases as does service and maintenance costs

the environmental and health impacts of having lower diesel fuel consumption is improvedFor

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Risks

Commercialisation riskThe market for advanced rechargeable batteries is at a relatively early stage of development, and the extent to which theCompany's zinc bromide batteries will be able to meet its customers' requirements and achieve significant marketacceptance is uncertain. Rapid and ongoing changes in technology and product standards could quickly render theCompany's products less competitive, or even obsolete if it fails to continue to improve the performance of its batterychemistry and systems.

Reliance on strategic partnersThe Company relies on a relatively small number of key strategic partners and its business plan is predicated on a steadyexpansion of the customer bases through development of its strategic integrator relationships. There may be a materiallyadverse effect on the Company if one or more of these relationships is lost and not replaced.

Revenue, sales and funding riskThe Company currently operates on a negative cash operating basis in that its operating expenses exceed its revenue.Revenue will depend on the extent and timing of future product sales. Sales may take longer than expected to materialise ornot be realised at all. For example, there are no guarantees that battery trials or system demonstrations will be successfulor, even if successful, will convert into firm orders on a timely basis. There is no guarantee that the monies raised will beadequate or sufficient to meet the funding requirements of the Company or to achieve a breakeven point.

Product riskIf the Company's products fail to perform as expected whether due to reasons of design or defective manufacture, it couldlose existing and future business, and its ability to develop, market and sell its batteries and energy storage systems couldbe harmed. Extended life-cycle testing on the Company's batteries is not complete and a failure to achieve sufficient batterylife and continuous improvement in battery life could lead to claims, and loss of sales and market share.

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Risks (continued)

Outsourcing riskThe manufacturing and assembly of safe, high-power batteries is a highly complex process that requires extreme precisionand quality control throughout a number of production stages. As the Company has outsourced the manufacturing andassembly of batteries, the Company is unable to directly control delivery schedules, quality assurance, manufacturing yieldsand production costs. Any defects in battery packaging, impurities in the electrode materials used, contamination of themanufacturing environment, incorrect welding, excess moisture, equipment failure or other difficulties in the manufacturingprocess could cause batteries to be rejected, thereby reducing yields and affecting the Company's ability to meet customerexpectations.

Supply riskThe Company's manufacturing operations depend on obtaining raw materials, parts and components, manufacturingequipment and other supplies including services from reliable suppliers in adequate quality and quantity in a timely manner. Itmay be difficult for the Company to substitute one supplier for another, increase the number of suppliers or change onecomponent for another in a timely manner or at all due to the interruption of supply or increased industry demand. This mayadversely affect the Company's operations.

Intellectual property riskRisks include third party infringement of the Company's intellectual property (including reverse engineering or copying), theCompany being unable to protect adequately its proprietary intellectual property and of other persons being able tocommercially exploit its proprietary intellectual property.

Personnel riskThe Company relies heavily on its senior executives and engineering team. There can be no assurance that the Companywill be able to retain its key personnel or recruit suitable technical staff as replacements. The loss of key personnel couldhave a materially adverse impact on the Company.

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Thank You

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