NORTHERN TECHNOLOGIES INTERNATIONAL CORP

Forward-Looking Statements. i _______________ As used in this report, references to NTIC, the Company, we, our, or us, unless the context otherwise requires, refer to Northern Technologies International Corporation and its wholly owned and majority-owned subsidiaries, all of which are consolidated on NTIC ’ s consolidated financial statements. As used in this report, references to: (1) NTIC China refer to NTIC ’ s wholly owned subsidiary in China, NTIC (Shanghai) Co., Ltd.; (2) NTI Europe refer to NTIC ’ s wholly owned subsidiary in Germany, NTIC Europe GmbH; (3) Zerust Mexico refer to NTIC ’ s wholly owned subsidiary in Mexico, ZERUST-EXCOR MEXICO, S. de R.L. de C.V.; (4) Zerust India refer to NTIC ’ s wholly owned subsidiary in India, HNTI Limited (formerly Harita-NTI Limited); (5) Zerust Brazil refer to NTIC ’ s majority owned Brazilian subsidiary, Zerust Preven o de Corros o S.A.; (6) Natur-Tec India refer to NTIC ’ s majority-owned subsidiary in India, Natur-Tec India Private Limited; (7) Natur Tec Lanka refer to NTIC ’ s majority-owned subsidiary in Sri Lanka, Natur Tec Lanka (Pvt) Ltd and (8) NTI Asean refer to NTIC ’ s majority-owned holding company subsidiary, NTI Asean LLC, which holds investments in certain entities that operate in the Association of Southeast Asian Nations (ASEAN) region. NTIC ’ s consolidated financial statements do not include the accounts of any of its joint ventures. Except as otherwise indicated, references in this report to NTIC ’ s joint ventures do not include any of NTIC ’ s wholly owned or majority-owned subsidiaries.