Ozner Water Intl. – Glaucus Research

Ozner Water International Holding Ltd. (2014.HK) (“Ozner” or the “Company”) manufactures and leases water purifiers to
corporations and households. In this report, we present publicly available evidence, including SAIC filings, government tax
records and independent brand rankings, which in our opinion, indicate that Ozner has made false and misleading
representations and disclosures to the market regarding its financial and operational performance.

We believe that Ozner has a real working business, produces real products and leases such products to real customers.
However, based on our review of the independent evidence presented in this report, we believe that Ozner’s business is
substantially smaller (in production and sales) and much less profitable than Ozner claims.

We estimate that Ozner is only worth between HKD 0.27-0.85 per share, a downside of 76%-92% from today’s trading price. However, in our view, further downside pressure on Ozner’s share price is likely given what would appear to be major
breaches of Hong Kong listing rules and investor confidence.