Ann: Response to Optimistic Share Price Projections, page-9

Rade said at a investor meeting 2 weeks ago that BASF’s billion dollar plus chemical business was “up for grabs”.

At the same meeting, Geoff said that the current share price had not caught up with the earnings growth trajectory.

There is enough market size to support $100 share price - Fortunately the market is growing at a pace where ANO can grow production capacity at a realistic rate. If the market demand was suddenly multiple billions (which it is working towards) nobody could supply anyway so it would be pointless.

Nanophase said in their earnings call the zinc demand is growing at 300%.

The ANO board also said they themselves find it impossible to predict and forecast even 3 months ahead as the growth is just so rapid and above expectations.