EMN MOMENTUM, page-4

There's still a significant outstanding risk at the moment which is financing and the ability to actually draw down on the USD$30 million second tranche from Orion. If that capital can't be accessed then the company will likely have to do a capital raise - if it can, then I think the share price will rocket as people will be less worried about future potential dilution. It's fantastic to see some offtake term sheets starting to filter through - but it's crucial these are converted to binding offtakes. The company needs to have 40% of the first 5 years of production under binding offtake to draw down on the next tranche of funding. They also need to have a strategic investor on board and the company has been fairly vague on how that process is going. I emailed them over a week ago regarding clarification on the need for binding offtakes, and also asking whether they're able to provide any more information on how far along the path they are with getting a strategic investor on-board. I have yet to receive a reply - which is quite unusual for EMN as they've always been fantastic at replying to me in the past.