Ann: Appendix 4E and 2023 Annual Report, page-6

Reading this report, the de-risking and confidence levels have both increased. Bearing in mind that any of us invested in this should be aware that there are still risks of the unknowns.

Now in 2023, the risk,delay, unknown time line is the reluctance of new investors to put money into deep tech. AXE is sitting somewhere between deep tech and digital tech, trying to bridge the gap and get into 'safer' investor territory, where digital use cases can quickly demonstrate some value. But for me, I want the transformational tech that leaves the past in the dust. From what I have read, AXE is aiming for that with the 12CQ. The biochip platform is better suited to the digital software as a service, data analytics end use 'safer' bet and AXE is confident that we have made significant breakthroughs and have competitive hardware skills with sub 10nm fabrication.

The AXE strategic partnerships is keeping R&D costs down very successfully. By partnering with other smaller companies, the collaboration and innovation is happening at a pace that has validated my confidence in the teams.

And as for AXE as a company, they are confident. I dont think I would be tweeting our 12CQ capabilities and tagging Michio Kaku in the same sentence unless I knew I could deliver room temperature quantum electronic devices.