Ann: Clarification Announcement, page-5

BrainChip Clarification Announcement Agreement With Tier-1 Automotive Manufacturer To Evaluate The AkidaTM Neural Processor
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• Detroit-based company to evaluate automotive uses for AkidaTM Neural Processor
• Companies to collaborate on the integration of Akida in automotive applications
• Automotive manufacturer targets ADAS and AV solutions
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Aliso Viejo, California – 25 May 2020 – BrainChip Holdings Ltd (ASX: BRN), a leading provider of ultra-low power high performance AI technology yesterday announced the signing of a joint agreement for evaluation of the Akida neural network System-on-Chip (SoC) for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicle (AV) applications with a prominent Tier-1 automotive manufacturer.

BRN provides the following additional information in relation to this evaluation agreement.

The evaluation agreement, which was binding on execution, has been entered into with The Ford Motor Company and is not the subject of a fixed term. The agreement is based upon a collaboration to evaluate Akida as it pertains to the automotive industry with payments under the agreement intended to cover associated expenses and received periodically during the evaluation process.

The engagement is considered by BRN to be a significant in the ongoing development of the Akida product.