Ann: Appendix 4C - quarterly, page-12

...I think we are close to the point where we have to ask ourself what really the problem here is. Over the years FGR had several MOUs that translated to nothing. FGR has contracted customers that do not generate revenues. Any timeline WG provides does not become reality, e.g. "Steel Blue: Launching March 2021". FGR is 2 years behind the BE forecast of 2019. In 2019 they told us that they become break even at 20 tpa, in one of the research reports this number increased to 40 tpa, last presentation of WG the number was 20 tpa again?! They claim to have 30 customers, then 70, then 100, then again 70... Looks like the claims made in the latest so called "research report" do not become reality. 3 years passed by since the commissioning of the Henderson facility with a starting capacity of 100 tpa and FGR reached 5% utilization on the paper but 0,x% in reality, though we got told that several customers are only have been waiting for the regulatory approval... WG continuously tries to make us believe that there are no real competitors out there, but the graphene market has currently a size of round about 100 m and the "world leader" has a market share less than 1%. They launched Puregraph Auqa and Puregraph 50 weeks ago but they seem not to be able to update their website. Even as there is a updated data sheet available they are not able to link it. The contracted volume shrank round about 10% and 400t of graphite disappeared from their stock - what the hell is going on? The development of the VFD seems to be an infinite process as this device has been available for about 10 years. More details were provided in the announcement related to research the Kainos process as in that one reporting the results.

And here we are, once again waiting for a MOU (Gerdau) to translate to a contract/revenue. WG told us that we only have to wait for the lawyers to finalize the contract. If that is true we have to see this contract to be finalized very soon, 1,5 months passed by so far. Will they finally be able to earn money?!

Cheers