BLUGLASS LIMITED — AGM Information 2020

Nov 22, 2020

BLUGLASS (ASX:BLG)

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BLUGLASS 2020 ANNUAL GENERAL MEETING
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FORWARD LOOKING STATEMENT

This document has been prepared by BluGlass Limited to provide readers with an update of the Company and the Company’s technology.

Any statements, opinions, technical data and information, or other material contained in this document, do not constitute commitments, representations or warranties by BluGlass Limited or associated entities, or its directors, agents and employees. Except as required by law, and only to that extent, directors, agents and employees of BluGlass Limited disclaim any loss, claim, demand, damages, costs or expenses of any nature whatsoever arising in any way out of, or in connection with, the information contained in this document.

This document includes certain information which reflects various assumptions, subjective judgment and analysis, and is subject to significant business, economic and competitive uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, BluGlass Limited. The assumptions may not prove to be correct. Recipients of the document must make their own independent investigations, consideration and evaluations prior to making any decisions to invest in the Company.

Information on Service Addressable Markets (SAM) is based on internal BluGlass modelling and assumptions, both of which depend on successful R&D outcomes and results achieved within estimated timetables. BluGlass recommends a cautious interpretation be taken by investors.

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2 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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ORDER OF BUSINESS

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CHAIR’S MANAGING CHIEF OPERATION REPORT DIRECTOR’S & TECHNOLOGY REPORT OFFCIER’S REPORT

QUESTION & OFFICIAL ANSWERS BUSINESS

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3 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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JAMES WALKER CHAIR’S REPORT

23 NOVEMBER 2020

BLUGLASS 2020 ANNUAL GENERAL MEETING

4

STRATEGY

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MULTI-PILLARED MARKET APPROACH

LASER DIODE DEVICES – DIRECT TO MAREKT

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FOUNDRY SERVICES: EPIBLU CUSTOM EPI

LICENSING & COLLABORATION (microLEDs, cascade LEDs, other)

EQUIPMENT PARTNERSHIP

STRATEGIC FOCUS IN 2020

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BUILD LASER DIODE SUPPLY CHAIN

Secure and qualify manufacturing supply chain (wafer processing through packaging) for product delivery in CY2021

ESTABLISH US TESTING FACILITY & TEAM

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Open our Nashua, New Hampshire testing facility and hire expert laser diode testing and packaging specialists

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MEET FUTURE CUSTOMER NEEDS

Develop customer engagement to develop bespoke products to meet specific unmet needs

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SUCCESSFULLY SCALE RPCVD TECHNOLOGY TO COMMERCIAL CAPABILITIES

Deliver commercial scale RPCVD platform, the BLG-500 in collaboration with equipment partner, AIXTRON SE

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ESTABLISH CONTROL OF COMMERCIALISATION TIMELINES

BluGlass remains on track to deliver sample products to customers in FY20 and commence product delivery in CY21

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5 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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2020 PROGRESS HIGHLIGHTS

July 2019

Sep 2019

Dec 2019

Jun 2020

Jul 2020

BluGlass awarded key Tunnel Enters Joint Development Agreement Enters cascade LED collaboration Opens BluGlass’ Laser Junction patent by United States with leading US based LED company, with US lighting company, Luminus Diode test facility in New Patent and Trademark Office Bridgelux, to develop cascade LEDs for to develop cascade LEDs for Hampshire, USA, and general lighting applications entertainment and projector LED establishes US subsidiary, applications ‘BluGlass Inc’ AIXTRON SE Aug 2019 Oct 2019 Apr 2020 Jul 2020 Oct 2020 BluGlass expands operations BluGlass launches direct-toRaises $5.8M in well Wins $250K government grant Wins subaward contract from Yale and officially opens its upgraded market Laser Diode business unit supported Rights Issue and to manufacture smarter, more University to supply laser diode state-of the-art Silverwater to capture 6-10% of $658M Placement efficient plasma sources with development for US government funded facility, unveiling the Paul serviceable market the ANU, AKELA Laser and Defense Advanced Research Projects Dunnigan Laboratories Objective 3D Agency (DARPA) program

Commissions the largest RPCVD platform to date, the BLG-500 in collaboration with global semiconductor leader, AIXTRON SE

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6 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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FINANCIAL PERFORMANCE

	2020	2019	Movement
	$	$	%
Total Revenue EpiBlu Foundry Revenue Laser Diode Revenue Interest	655,830 505,830 150,000 29,976	424,555 424,555 - 235,640	Up 54% Up 19% - Down 680%
Net Assets	12,393,472	11,643,567	Up 6.4%
Impairment Expense	-	8,696,000	-
Monthly Burn Rate	617,000/month	633,000/month	Down 2.5%
R&D Tax Rebate	2,735,000	2,366,000	Up 15.6%
Cash Position (as at end of FY)	5,430,240	6,116,427	Down 11.2%
Cash Position (as at October 31)	5,636,870	5,154,457	Up 9.4%

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7 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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GILES BOURNE MANAGING DIRECTOR’S REPORT

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23 NOVEMBER 2020

BLUGLASS 2020 ANNUAL GENERAL MEETING

A PLATFORM TECHNOLOGY WITH MULTIPLE GO-TO-MARKET OPTIONS

BluGlass’ patented RPCVD semiconductor manufacturing technology has demonstrated R&D results, showing competitive advantages with potential application in multiple high-growth market segments

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CONTINUING EXPANSION OF IP ACROSS SEGMENTS:
BLUGLASS WILL GO TO MARKET VIA A
COMBINATION OF THE FOLLOWING:
Laser Diodes (Standard & RPCVD TJ)
Direct-to-market Laser Diode sales
HB-LED (green, blue, red, UV)
Tunnel junctions EpiBlu RPCVD foundry (wafer) sales
microLED (RGB)
RPCVD licence fees and royalties
RPCVD Equipment
Power electronics RPCVD equipment partnerships/licensing
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9 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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GLOBAL LASER END-MARKET OPPORTUNITY (FORECAST 2025)

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US$3.1B US$6.4B
US$27B
US$12.4B US$5.1B
Source: Internal BluGlass modelling based on industry sources Industrial cutting/welding Life sciences Laser display Automotive
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10 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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PORTFOLIO OF PRODUCTS

Industrial Display Biotech/Life Markets Markets Science Markets

Scientific Lighting Markets Markets

	(405nm, 450nm,		(450nm, 525nm)		(405nm, 420nm,		(405nm, 420nm,		(450nm)
	525nm)				450nm, 490, 525nm)		450nm, 490, 525nm)
Applications:		Applications:		Applications:		Applications:		Applications:
•	Welding cutting	•	Pico projector	•	Flow cytometry	•	Raman spectroscopy	•	Automotive
•	Machine vision	•	Business/Cinema	•	Medical diagnostics	•	Quantum computing	•	General lighting
•	Machine sensing		projector	•	DNA sequencing	•	Confocal fluorescence	•	Spotlight/Torch
•	3D printing	•	Heads-up display	•	Endoscopy		microscopy
		•	Augmented	•	Bio-fluorescence	•	Optical clocks
			reality/Virtual Reality			•	Forensics

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11 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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PRODUCT DEVELOPMENT PROGRESS

405nm Industrial & Biotech Applications Good lasing behaviour verified through multiple process steps and vendors Approaching commercial specification and sample products

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420nm
Biotech & Scientific Markets
Good lasing behaviour
verified through multiple
process steps
Customers awaiting
sample products
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450nm All Markets High brightness lasing demonstrated Multiple customers awaiting sample products

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12 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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LASER DIODE SUPPLY CHAIN DEVELOPMENT & QUALIFICATION

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BLUGLASS IS SECURING THE LD SUPPLY CHAIN FOR END-END DELIVERY
BLUGLASS FABRICATION PARTNERS BLUGLASS CUSTOMER
Substrates from End-customer:
Epitaxial Growth BluGlass’ US test
suppliers in: at BluGlass: facility opened • OEM/System
• Japan • RPCVD Wafer Fabrication Die Fabrication Optical Coating June 2020 Integrator
•• USAPRC • MOCVD Inspect/test/ship • • DistributorR&D org
Die Fabrication &
Cleaving
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13 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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CUSTOMER SEGMENTS & NEEDS

R&D Institutions

(Universities, Military, Commercial)

• This customer requires highly flexible,

• bespoke design and development services

• • Developing novel devices and applications • Typically require differentiated designs

• (e.g. RPCVD and tunnel junction

technology advantages)

• First example is our contract with Yale University for DARPA program

Engagement Points: Unprocessed epiwafers, partially processed epiwafers, full products

OEM/ System Integrator

(e.g. Electronics Manufacturer)

• This customer requires high-powered laser diode, and not in the same form factor Requires greater flexibility from a manufacturing partner in development of products and in developing novel designs

Engagement Points: Partially processed laser products, full products

Distributor

(e.g. Biotech product providers)

• This customer requires high-powered laser diodes, in standard form factors

• Supply a huge variety of products and

• require broad range of wavelengths and power levels

• Requires greater flexibility from a

• manufacturing partner in development of diverse products and in developing novel

• designs (e.g. biotech applications, machine vision and sensing)

Engagement Points: F ull products, completed reliability testing

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14 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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BLUGLASS LASER DIODE PRODUCT: SUPPLY ROADMAP & TIMETABLE

		Product Roadmap - Task	Market Segment	2020	2021	2022	2023
					LASER DIODE PRODUCT DEVELOPMENT
			R&D devices	T
			Industrial – (445-465 nm) A		P
			Industrial – (445-465 nm) B		T	P
		BluGlass Laser Diodes	Industrial – (445-465 nm) C			T	P
			Other market segments	T
			395-410 nm		P P
			410-430 nm	T	P
			Other products		T
					MANUFACTURING & OPERATIONS
		BLG opens US Test Facility
		Supply chain (2”) qualification			M M
		BLG - fabrication (dicing) qualification			M
		Supply chain (4”) qualification					M
		US capacity expansion					M
		T: Technology Demonstration Milestone P: Product Launch M: Manufacturing Milestone Updated timeline

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15 BLUGLASS 2020 ANNUAL GENERAL MEETING
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ECONOMIC SCENARIOS - BLUGLASS TARGET MARKET REVENUES

Target revenue is based on the timely achievement of technical milestones.

Upside revenue is based on the timely achievement of BluGlass’ technical milestones and accelerated customer demand and market growth.

Downside revenue is based on a delay in the attainment of certain technical milestones that reduces the number of laser diode products for sale or slower customer demand and market growth.

Assumptions used in creating these scenarios:

BluGlass’ economic scenarios rely on key technology (including RPCVD & tunnel junction performance), financing, supply chain and market penetration assumptions.

Any failure to achieve the assumed outcomes will have a material affect on the economic scenarios outlined here. In particular, BluGlass has not yet manufactured its initial laser diode product, and any target market revenues outlined should be considered speculative until proven.

Source: Internal BluGlass modelling based on industry sources, including Strategies unlimited, Markets & Markets, Laser & Photonics Marketplace 2018

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16 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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COMMERCIAL & PARTNER ENGAGEMENTS

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• Paid development program for novel laser diode development

• • To combine LDs and PICS in a single device

• • DARPA are the US Department of Defense’s technology research arm

• program for novel laser • International leader in • International leader in LED solutions for • Formerly X-Celeprint, X- • LED solutions for the AIXTRON collaborating display is a world leader

• diode development general lighting market projector& display on scaling RPCVD in micro-transfer

• To combine LDs and • The partners are jointly applications technology

• PICS in a single device • printing (μTP) • investigating cascade Projectors require AIXTRON evaluating

• DARPA are the US technology LEDs for new ultra-high efficiency • Using RPCVD to deliver RPCVD equipment

• Department of and low heat solutions applications active matrix microLED

• Defense’s technology such as cascade LEDs research arm display prototypes sjcnkn

• Developing technology for $6.8B general lighting $6.8B general lighting $1.4B global MOCVD market $20B microLED market

• military & commercial market equipment market(2025)

• applications (e.g LiDAR) (packaged LEDs) (2018) (packaged LEDs) (2018) (2024)

Sources: Strategies Unlimited, Yole Développment & Markets and Markets, Market Study Report LLC

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17 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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GLOBAL PATENT PORTFOLIO – IP UPDATE

• Our Intellectual Property portfolio is a critical foundation for our future commercial success and underpins our licensing-based business model

• In July 2019 BluGlass was awarded a key US Patent for buried activated p-GaN in tunnel junctions

• This important patent brings our internationally granted patent portfolio to a total of 75 patents in key semiconductor jurisdictions across 8 patent families

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EUROPE
USA
KOREA
75
JAPAN
CHINA
Internationally Granted
Patents
TAIWAN
AUSTRALIA
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18 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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LASER DIODE BUSINESS ON TRACK TO DELIVER SIGNIFICANT PRODUCT REVENUES

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Several commercialisation paths

Greater control of commercialisation timelines

Strong patent portfolio

Large and growing markets

• Direct-to-market Laser Diode

business

• Epitaxy wafer sales (EpiBlu foundry services)

• Licence fees & royalties (LED and other markets)

• Equipment sales with equipment partner(s)

Direct-to-market laser diode business and the securing of the end-to-end manufacturing supply chain will drive significant product revenues and complements BluGlass’ existing partnerships and commercial plans

75 patents granted in key semiconductor markets (USA, Europe, Asia).

Key US Tunnel Junction Patent for multiple applications granted in 2019

BluGlass’ RPCVD technology has demonstrated performance advantages in a number of large and growing photonics market segments including laser diodes, LEDs, microLEDs, & power electronics

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19 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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DR IAN MANN CHIEF OPERATIONS & TECHNOLOGY OFFICER REPORT

BLUGLASS 2020 ANNUAL GENERAL MEETING

BLUGLASS LASER DIODE MANUFACTURING STEPS

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DESIGN/MODEL
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EPITAXIAL WAFER
GROWTH
SUBSTRATE
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WAFER FABRICATION
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WAFER FABRICATION
STEP 2
SUBSTRATE
THINNED
CLEAVE
N-CONTACT
METALISATION
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LASER DIODE PRODUCT READY FOR SYSTEM INTEGRATION

RELIABILITY TESTING

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PACKAGE
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FACET COAT
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AR COATING
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HR COATING
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21 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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LASER DIODE UPDATE – FROM R&D TO PRODUCT

Technical Demonstration

Product Launch

Design, build and test LD devices (at different stages of fabrication) to provide initial performance specification to customers

Reliability testing of LDs completed. LD product is launched and available for customer orders

1 2 3 4

Product Samples

Small volume of fully fabricated LDs available to customers for evaluation

Enhanced Products

Enhanced performance via new LD designs, including RPCVD Tunnel Junction laser diodes / custom devices for specific customer applications

.

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22 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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LASER DIODE TECHNOLOGY UPDATE

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BluGlass 450nm laser diode being tested at
BluGlass’ US test facility
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Wafer test of BluGlass 488nm laser diode
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BluGlass is developing a portfolio of laser designs for a wide array of end-products to meet specific customer needs and product trails

405nm, 420nm and 450nm standard laser diode designs are all lasing

• Validated through multiple vendors and fabrication approaches

405nm design is approaching commercial specification showing very good brightness. 450nm design has made recent progress also demonstrating good brightness

• Final stages of fabrication (for coating and packaging) required for availability of product samples

In addition to the standard laser diode (fabricated using MOCVD only) BluGlass has advanced the RPCVD TJ Laser Diode development with recent improvements in LD design and epitaxial quality

• Working with the University of New Mexico to fabricate into LDs with the new designs

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RPCVD TUNNEL JUNCTIONS FOR LASER DIODES

Improving low conversion efficiency in GaN laser diodes – RPCVD tunnel junctions

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24 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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LASER DIODE CUSTOMER: YALE & DARPA DEVELOPMENT PROGRAM

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BluGlass has won a sub-contract from Yale University to provide custom laser-diode development for the US Defense Advanced Research Projects Agency (DARPA) LUMOS program

The LUMOS (Lasers for Universal Microscale Optical Systems) program aims to combine for the first-time laser diodes and photonic integrated circuits (PICs) in a single device

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The first phase of the paid program represents early laser diode revenue and significant future technical and commercial potential for BluGlass laser diode products

The two technologies (lasers and photonic integrated circuits) combined in a single device could enable high power applications such as compact optical phased array LiDAR and neuromorphic optical computing

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25 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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microLED AND TUNNEL JUNCTION LED UPDATE

microLED update

BluGlass is working with partners to advance microLEDs for red-green-blue (RGB) applications with good progress in demonstrating RPCVD grown orange and red LEDs and microLEDs for customers.

microLED customer foundry orders were impacted during the year by COVID-19 shutdowns in Europe and the USA. Customer orders have now recommenced with the majority of our customers.

Tunnel Junction and Cascade LED update

• Efforts in the last several months devoted to tunnel junction development for laser diodes

• LED development will exploit LD TJ development work once completed

• There is a strong synergy on the design of the TJ and RPCVD growths across all applications

• The main difference is the fabrication steps required for laser diodes

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442 nm 525 nm
590 nm 650 nm
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26 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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RPCVD SCALING MILESTONE & PLASMA GRANT

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The BLG-500, BluGlass’ commercial scale RPCVD platform completed in collaboration with AIXTRON SE has successfully completed its performance testing and demonstrated working tunnel junction wafers

Has demonstrated improved uniformity over a 6” wafer size equivalent area compared to the BLG-300, further improvements in the works

The new platform is now contributing to our key tunnel junction development for the Company’s laser diode commercialisation roadmap

This milestone forms a major part of the Company’s commercial scaling activities. The BLG-500’s large scale will significantly increases BluGlass’ RPCVD research and manufacturing capacities

Plasma scaling Grant is making good progress with the new plasma design approaching completion for use on the BLG300 to suit uniform deposition for 4” Laser Diode wafers

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27 23 NOVEMBER 2020 BLUGLASS 2020 ANNUAL GENERAL MEETING
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QUESTIONS

BLUGLASS 2020 ANNUAL GENERAL MEETING

OFFICIAL BUSINESS

BLUGLASS 2020 ANNUAL GENERAL MEETING

REGISTRATION AND VOTING

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1. Log in or register at: 2. Click view and register your 3. Record your vote. Once you
https://investor.automic.com.au/#/home
attendance for the meeting confirm it is lodged and final
To contact support:
Call 1300 816 159 or open live chat from the Investor Portal
BLUGLASS 2020 ANNUAL GENERAL MEETING
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www.bluglass.com.au

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BLUGLASS 2020 ANNUAL GENERAL MEETING
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