Ann: Investor Presentation, page-19

Obfuscation..........looking at some of the numbers re sales and what management are
saying , leaves me pondering at how stupid do they think we are .......


and



Comparisons are made with the same period last year...
Sales for H1 2018 are 8.7 m and comparison period is H1 2017 at 11.4 m...
The first dot point tells us that FR sales are up 149% ....ok that could be true..
Next we are told that PCM sales are also up 154% ....??? ....sorry , What ?? . So they are saying
that both FR and PCM sales are both up and yet overall sales are down 24%......doesn't
make any sense to me .....
Then they are telling us that there is an increase in number of customers by over 200%...hang on
a minute ....the H1 2017 was supposed to be represented by a lot of sales to lots of smaller clients
of bespoked chemistries which totaled 11.7m , since then we have moved to a platform sales model
, where larger clients are ordering chemistries that gives us the benefit of economies of scale , each
sale should be larger and they are saying that customer have increased by 200% , yet revenue is
down 30% .... this increase in new customers must only represent trials  and sales are
not significant and they cannot be considered as customers ....

They say that our chemistries are fully registered with the relevant authorities , however there
is a caveat ....they are not yet compliant ....as is the case for Alexiflan NF ....
If military uniforms  materials are a variant of nylon and cotton , which would fall under the
realm of Alexiflam NF for FR application , then I'm not surprised that we have made little
headway in this market ( the preso says they expect compliance some time in 2018 ) .

I also agree with Krusty ,why put a graph as part of the presentation , do management
really think they are going to attrat investors with the same Obfuscation they employed on us..