Ann: Notice of Annual General Meeting/Proxy Form, page-27

Hi Itstime,

I don't believe, that China will revoke the graphite trading restrictions. And here are some reasons why:

1) The relationship between China and the US are everything but good. Especially the arming of Taiwan and the trading restrictions in the semiconductor industry is perceived quite negatively in Beijing.

2) I have been in HK, Beijing and Changchun last month, and the streets are full(!) of BYD and FAW. This is no comparison to any western EV manufacturer. They indeed have figured out how to produce EVs on a large scale. Now, giving away their graphite would be an existential risk to their own EV industry.

3) The profit margin of EVs and batteries far larger than the profit margin of graphite. Here, is just one example: A family member of mine drives a BYD Tang (in Changchun) for 27k-30k (€). A similar model (also BYD Tang, but a bit older then the one in the previous link) costs 70k (€). (This apllies to almost all models, but I'm too lazy to post an extensive list here). Now, why on earth would China sell graphite (a critical ingredients) to the West, if they can sell us their cars instead?!

Contrary, we are definitely in trouble without graphite. Therefore, the US is seeking some damage control, and yet recognizes Ecograf on their website.

Kind regards