●● ●● Table of contents is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology t the production of extracts and ‘‘active ingredients’’ from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. Ceapro Inc. Letter to Shareholders 2 New Manufacturing Facility 4 Avenanthramides – Our Flagship Ingredient 5 Oat Beta Glucan 6 Management’s Discussion and Analysis 7 Consolidated Financial Statements 24 Notes to Consolidated Financial Statements 31 Investor Information 56