WG@EmergingGrowth, page-22

...this number flips around between 70 and 100, has happened several times before. Maybe its 30 or 50 in reality but that's not what concerns me most - we have had already 30 2 years ago and for some of them the development work was done or close to completion, so why no orders? Initially we got told the onboarding of new customers would take 6 months, later this number got extended to 12-18 months - ok 24 months have passed by...

I think until the graphene adoption in the EU takes place, which is expected to start in 2025 (graphene flagship), there will be probably no big orders from that region. The only exception would probably be graphene for energy storage but looks like they need much more time to get ready for this use case...

Also I think WGs sight of things in case of competitors is wrong. The current graphene market has a size of some millions and FGR does not cover it, so there are competitors out there doing what we want FGR to do. He might be right in case of those public listed pure graphene companies but there are also non public entities which are active in this business, otherwise e.g. GAC would not be able to introduce graphene batteries within their cars by year end...

Best case to expect for the current business year is to sell 7 tpa and maybe around 20 tpa by the end of the year.

Cheers