Papyrus grants “first right” to exploit technology in China

Highlights:

~ Significant shareholder UPE introduces new China opportunity

~ UPE related entity Union Pacific Trading (UPT) signs MOA • PPY contemplates first “turn-key” factory in China in 2022

~ UPT commits to establish Chinese entity and operations

~Sale of “turn-key” factories to produce moulded banana fibre products • China’s unmet need for sustainable packaging to be addressed

~First PPY banana fibre manufacturing operation outside Egypt