Ann: Appendix 4C - quarterly, page-2

"During the Quarter, the Company achieved a technologically significant milestone advancing its prototype from a fixed filter micro-spectrometer that produced very good test results in the field, commencing the design and manufacture of a MEMS-based tunable IR filter micro-spectrometer on a chip. This breakthrough broadens the micro-spectrometers application and market scope, and the Company expects to finish building the instrument for field testing very shortly.

This breakthrough accelerated Panorama Synergy’s technical progress, and provides potential to access further research grants and commercial application enquiries; the Company received research grants of A$697,055 under the R&D tax incentive scheme during the quarter."