Ann: Quarterly Activities Report & Appendix 4C, page-6

Another thing I noticed in the recent quarterly when talking about objectives for the upcoming year:

"Once temporary lockdowns in India are lifted, Grasim will recommence operations through the
physical attendance of personnel at their R&D facility, and the Collaboration Agreement will be
expedited as the Company works with this world class and globally recognised industrial partner to
accelerate the development and commercialisation of Nanollose’s Tree-Free fibres."

I think Grasim sees money to be made with Nanollose. This makes me a feel a little bit better about the delays we are experiencing.