Ann: Q2FY19 Activities Update and Appendix 4C, page-11

This is a small cap tech company playing in a big space. Of course it needs substantial funds to do that, regardless of the consolidation.

There are a number of ways to raise funds. CR is one. Another is via Partnerships with the partner funding some of the activity.

The main thing is how mature you can get your tech before that happens, since each step down the road means a more marketable more derisked investment and therefore a higher premium.

If we get through 40nm optimisation and then onto 28nm on 300mm without that, then we are in very good shape come deal time.

Personally, I am amazed how efficient these guys have been to date. By far the most skilled execution per dollar of any of the reram players to date.