Ann: Letter to Shareholders & Notice of Annual General Meeting, page-477

I look at where we were in March bouncing around in the high teens to where we are today and so much progress has been made:

- They can scale to small geometries in the latest fabrication equipment (last non platform lot)
- They can produce and switch cells in an array
- Speeds and retention are outperforming DRAM and endurance is outperforming FLASH

- They couldn't integrate the array with transistors, but they have determined they need an additional process step/layer to make this possible - solving the problems.

-IMEC want to stay exposed to the upside with a back end percentage on 4DS royalties.

The program is delayed but they can work through the issues. Nothing suggests to me this is for the bin.

If the market was happy to value the company at 100% more with less progress in March, then this is undervalued.