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Annual Report 2003 Release date:02/05/2004 The past few years have been particularly challenging for many businesses, but for emerging high-tech companies, growth has continued undaunted. Many nanotechnology companies, for example, missed the shortsighted and frenzied investments of 1997-2000. Nanotechnology startups had to learn to do business the hard way, bootstrapping and waiting until revenues could support expansion. NanoLab is one of the few that has survived and prospered. What did we do right? For NanoLab, the answers can be found: in our motivated, highly skilled and committed employees; in our focus on products that customers need, and in our unique, strong and sustainable business model built on integration of technologies, from R&D to manufacturing. NanoLab invests a large percentage of our resources in internal R&D and advanced manufacturing. The results speak for themselves. We own the critical technologies that drive our product strategy, and we leverage those technologies across products for our markets. New patent applications made this year will secure opportunities for the future. Total revenues for 2003 were $673K, up ~40% over 2002 ($490K). Our split of revenue is roughly unchanged, where 25% of revenues come from commercial sales of carbon nanotubes and other products. The remaining 75% of revenues reflects sponsored Research and Development income, such as the SBIR program. In 2003, NanoLab concluded its first Army funded Phase II SBIR grant, focused on the scaleup of nanotube manufacturing. The facilities developed in this work will be the foundation for our continued dominance in this area. A new Phase I contract was awarded in the nano-composites area, where we are developing advanced armor composites for the Army. Total operating expenses for 2003 increased only marginally from $228k in 2002, to $243K in 2003. As of Dec 31, 2003 we accrued a profit of $67K for the year, making this the largest net profit to date. On a per-share basis, the profit was $0.67. NanoLab is a privately held company, but publishes this data to reflect the company's commitment to openness and financial accountability. To be added to the list of annual report recipients, send an email to info@nano-lab.com. This document may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve unknown and uncontrollable risks, which may cause the company's future results to differ from those predicted by "forward-looking statements." In particular, such risks include the variable demand and the aggressive pricing environment for carbon nanotubes and products manufactured from them.