BLUGLASS LIMITED — Investor Presentation 2012

Jul 1, 2012

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BLUGLASS PRESENTATION – JULY 2012 WWW.BLUGLASS.COM.AU

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DISCLAIMER
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• This document has been prepared by BluGlass Limited to provide existing and prospective investors in BluGlass Limited with a summary of progress to date.

• Any statements, opinions, or other material contained in this document do not constitute any commitments, representations or warranties by BluGlass Limited or/and associated entities or its directors, agents and employees. Except as required by law, and only to the extent so required, directors, agents and employees of BluGlass Limited shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatsoever nature 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. The assumptions may or 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.

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EXECUTIVE SUMMARY
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✓	Breakthrough Technology	� �	BluGlass has patented processes for exploiting Remote Plasma Chemical Vapour Deposition (RPCVD) Applicable to several large end markets
✓	Performance and Cost Advantages	� �	Superior performance potential for LED and PV devices enabled through BluGlass’ unique lower temperature process Cost and scalability benefits
✓	Rapidly Growing End Markets	� �	LED market grew from $11.3B in 2010 to $12.5B in 2011. Demand for LEDs in lighting market grew 44% to $1.8B in 2011 1. Concentrated Photovoltaic (CPV) solar cell market expanding to
			1.5GW by 20152.
✓	Key Partnerships	� �	JV with SPTS Technologies (global semiconductor equipment provider) Significant Australian Government grants
✓	Progressing towards commercialisation	� �	RPCVD technology approaches commercialisation Next steps for the company: - Produce commercial quality material - Produce market leading material - Customer site for demonstration and testing

1. Source: Strategies Unlimited March 2012 2.Source: 2010-2015 CPV Consortium 2010 Report

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RECENT ANNOUNCEMENTS
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TEM IMAGE AT INTERMEDIATE MAGNIFICATION

RPCVD GaN layer

• BluGlass produces high quality crystalline GaN films using low temperature RPCVD

• �Independent Expert verification of film quality

MOCVD GaN layer

As shown in the transmission electron microscopy (TEM) image, both the MOCVD and low temperature RPCVD GaN layers (dark grey layers) are of equal quality, i.e. both have a low defect density and good crystalline quality

The achievement of high quality crystalline GaN films grown at low temperature on commercial MOCVD GaN templates is the result of a significant reduction of the ‘defect density’ in RPCVD GaN material

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LOW DEFECT DENSITY RPCVD GAN
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BluGlass has made inroads towards proving the commercial potential of RPCVD

• Significant progress towards minimising impurities to within industry acceptable ranges

• The crystal quality is a dramatic improvement for RPCVD; and is largely due to the reduction of impurities incorporated into the GaN layer during growth

TEM IMAGE AT LOW MAGNIFICATION Cap layer RPCVD GaN Interface MOCVD GaN template

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Sapphire substrate
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CONTENTS
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� BLUGLASS OVERVIEW

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• Fast Facts

• Virtual Tour

• A Platform Technology

� THE LED OPPORTUNTITY

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• A Low Temperature Process

• Target Market Features

• Equipment Market

• THE SOLAR OPPORTUNITY

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• What is CPV

• Why InGaN CPV

• Why RPCVD for InGaN CPV

• Target Market Features

• ROADMAP and HIGHLIGHTS

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• Roadmap to Market

• Investment Highlights

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VIRTUAL TOUR
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FAST FACTS
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A PLATFORM TECHNOLOGY
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RPCVD TOOL
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LED OPPORTUNITY

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POTENTIAL VALUE PROPOSITION
OF A LOW TEMPERATURE PROCESS
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✓

✓

✓

✓

✓

Low temperature process

Potential performance advantages

Low cost inputs

Substrate flexibility

High potential for scalability

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PERFORMANCE
ADVANTAGES FOR LED
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A low temperature growth system such as RPCVD offers LED manufacturers compelling performance advantages at several stages of device growth

LED STRUCTURE GROWN USING MOCVD

BENEFITS OF RPCVD GROWTH

p-GaN grown at high temperature

Multi-Quantum-Well InGaN layer, the ACTIVE REGION of an LED - grown at lower temperature

n-GaN grown at high temperature

The higher temperature growth of the p-GaN top layer can cause some of Indium to diffuse out of the active MQW layer and reduce the LEDs light performance. MOCVD cannot effectively grow quality p-GaN at lower temperatures RPCVD has great potential to improve device performance simply by growing a low temperature p-GaN layer which in turn improves the stability of the InGaN layer during fabrication

GaN grown at high temperature

Substrate

A second potential for RPCVD is the growth of high quality InGaN MQW layers at lower temperatures than MOCVD The RPCVD process could enable Indium rich MQW layers necessary for green LEDs and also for PV devices

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TARGET MARKET FEATURES
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• BluGlass is targeting the high value / high margin LED equipment market

MOCVD UNITS SHIPPED

• US$6.1Billion opportunity through to the end of the decade[1]

• Veeco estimates ~400-800 machines shipped annually for LEDs to 2016[2]

• Two global (NASDAQ) MOCVD companies hold +95% of the market

• Veeco (US) (market cap US$1.32B[3] )

• Aixtron (Germany) (market cap US$1.48B[3] )

• High gross margins with tools selling ~US$2M system purchase price

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• This market is driven by the rapidly expanding LED lighting market

Notes: 1). Yolé Developpement III-V Epitaxy Equipment and Application Market Report 2012 2). Veeco Investor Presentation June 2012 3). As at 13 June 2012 ; Chart Source: B Riley and Co 2012

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EQUIPMENT MARKET SHARE
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The MOCVD market is highly concentrated and is currently dominated by two key players: Aixtron of Germany and Veeco of the USA

EQUIPMENT MARKET SHARE

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Source: IMS Research Quarterly GaN LED Supply and Demand Report March 2012

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MARKET DRIVER
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