Ann: Letter to Shareholders, Notice of AGM & Proxy Form, page-130

Maybe, just maybe, the testing and analysis of PL4 needs to play out. More information is being collected every day. Every order of magnitude of endurance is 10 times more cycling that needs to happen.

They got up in excess of 3 x 10⁹ cycles (3 billion) as of at the last technical update ~6 weeks ago.

To get that to say, 3 x 10¹², they need to cycle 10³ times more - that is, 1000 times more cycles. How long will that take?

The company won't disclose the existence of negotiations with any entity until the deal is signed and if in the event of a takeover offer, there needs to be approval from the shareholders. Early disclosure could set false expectations - it could come to nothing, or kybosh the deal because the buyer gets spooked.

No CR is required to meet the company's current objectives. If those objectives change due to the results of the testing and feedback from potential buyers, then maybe a CR will be required.

This whole process has been designed to meet a pathway to sale that IMEC stands behind, as mandated by industry.

We've just got to let it play out.