WEEBIT NANO LTD — Investor Presentation 2023

Feb 26, 2023

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ReRAM: The Next NVM is Here US roadshow February/March 2023

Who we are

Leading developer of innovative memory technologies Bringing to market Weebit ReRAM – next-generation NVM[(1)] technology Enabling a new era of intelligent connected devices

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Founded: 2015 Located in Israel & France ASX: WBT

World-leading team

50 personnel [(2)] (90% engineers/ scientists)

R&D partner

CEA-Leti, leading microelectronics research institute

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Signed 1[st] commercial deal Ongoing discussions / evaluations with additional fabs & customers

Business model Product & IP licensing to semiconductor companies & fabs

Proven, protected technology

Fully qualified (130nm); >1K wafers to-date; 47 patents & applications

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Global NVM Market (US $B)
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124
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10.7%
CAGR
74.6
2022 2027
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(1) NVM = Non-Volatile Memory

(2) Includes employees and full-time contractors

Source: MarketsandMarkets, December 2022

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Copyright 2023 Weebit Nano, Ltd.

World-renowned leadership

BOARD

MANAGEMENT

David Dr. Yoav Atiq Raza Coby Hanoch Amir Regev Perlmutter Nissan-Cohen NON-EXEC. CEO Ishai Naveh Ilan Sever Eran Briman Alla Felder VP Technology CHAIRMAN EXEC. DIRECTOR DIRECTOR CTO Development VP R&D VP Marketing & BD CFO Served as Executive Received his PhD Served as Industry veteran, Experienced Experienced leader Seasoned technologist Senior manager at Vice President and researching nonPresident and Semiconductor co-founder of specialist focused and innovator in turning ideas into PWC Israel, active General Manager at volatile memories; COO of Advanced veteran; Co-founder Adesto, a pioneer of on NVM the field of memory business; IP licensing board member of the Intel Founder and CEO Micro Devices of Verisity, VP Sales at ReRAM technologies, IP & mixed-signal expert from CEVA multiple Architecture Group of Tower Semi; (AMD); Chairman Jasper, both technologies. including Intel, SoC design from & Corephotonics companies in TASE and Chief Product Co-Founder of and CEO of RMI acquired by Cadence; Leader of NVM tech Sandisk, Micron STM, Tower Semi (acquired by Samsung) & NASDAQ Officer of Intel Saifun Semi CEO of PacketLight at Tower & Marvell and Dolphin Design Corporation Semiconductor

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Copyright 2023 Weebit Nano, Ltd.

Memory at the forefront of global investment in semiconductors

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Geopolitics driving countries to invest locally in semiconductors

US CHIPS Act & EU Chips Act to boost US CHIPS Act new fab construction, advanced R&D in these regions Memory will be over a third of the spending

Semiconductor companies announce capacity investments over time, mostly in US & EU

TSMC Intel Samsung Micron Announced $100B $40B $345B $150B Fab CapEx: 07.22.2022

Government Investments & Incentives $52B + 8 new fabs $43B + 4 new fabs $150B + 10 new fabs $260B + 5 new fabs $120B + 10 new fabs $6B + 5 new fabs $10B + 1 new fab $5B + 1 new fab

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Sources: SIA 2/2022, EE Times, 5/2022; Android Headlines 6/2022, FIERCE Electronics 7/2022 and 8/2022; Brookings.edu 8/2022Tom’s Hardware 8/2022; WSJ 8/2022

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Copyright 2023 Weebit Nano, Ltd.

Weebit ReRAM memory has inherent advantages vs. Flash memory

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3-4x

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100x

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~100x

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<40nm

Lower added wafer cost Better endurance vs. flash vs. flash

• ✓ 2-mask adder ✓ 10[5] -10[6] P/E cycles

• ✓ Standard materials

More energy efficient vs. flash

• ✓ Low voltage, low currents ✓ Zero standby power

Scales to processes far below limits of flash

• ✓ Proven @ 28nm

• ✓ Scaling to 22nm & below

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~100x

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150 ° C

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~350x

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0

Faster programming Reliability for time than flash up to 10 years

• ✓ Bit/byte addressable

• ✓ Endures 9 SMT

reflow cycles

Better radiation tolerance vs. flash[(1)]

• ✓ Also tolerant to EMI

Interference w/ analog & power devices

• ✓ Best NVM for PMIC & mixed-signal

(1) Refers to ReRAM cell array

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Copyright 2023 Weebit Nano, Ltd.

Weebit is addressing both segments of the Non-Volatile Memory market

	▪Embedded memory modules (with ReRAM IP): immediate opportunity Embedded Memory Embedded Memory Part of an SoC (System-on-a-Chip)	▪Discrete (stand-alone) memory chips: short/mid-term opportunity Discrete Memory Chip Contains only memory
Volatile Memory (Erased when power removed)	SRAM	DRAM
Non-Volatile Memory (NVM) (Retained when power removed)	eFlash ReRAM MRAM OTP/MTP	NAND Flash NOR Flash ReRAM MRAM EEPROM
Business Model	Licensing License fees + NRE + Royalties	Product Sell chips

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Copyright 2023 Weebit Nano, Ltd.

Embedded ReRAM market segment – approaching the tipping point Embedded ReRAM Market Size 2021 - 2027 $957m The embedded emerging NVM market is expected to reach $3B by 2027[(1)]

Embedded ReRAM Market Size 2021 - 2027

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$957m
94%
CAGR
$168m
$18m
2021 2024 2027
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ReRAM expected to capture 33% market share

This estimate is solely based on the embedded NVM within the MCU market

Does NOT account for:

• Other target markets apart from embedded MCU market

• • Up-front license/use fees

• NRE (non-recurring engineering) fees

• Fab transfer fees

• Revenues from discrete ReRAM products

Source: Yole Emerging Non-Volatile Memory 2022 (1) Yole estimates embedded ReRAM market potential based on size of MCU market, adoption rate of ReRAM within the MCU market and average chip area occupied by ReRAM in the respective year

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Copyright 2023 Weebit Nano, Ltd.

Foundry-centric IP business model for embedded market

Foundry offers the IP to customers; collects up-front use fees from customers Foundry pays royalties based on % of wafer price

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$ License fee
Product
$ Process NRE
Foundries
$ ReRAM use fees
$ Royalties Companies
$ Wafer cost
$ Use fees Intel, GlobalFoundries,
(incl. ReRAM) Apple, AMD, Google,
$ Annual support & Samsung, Skywater Intel, Nvidia, Samsung
maintenance Technologies, TSMC
and others
and others
Process IP
Silicon wafers
Design IP
Weebit design IP
Process transfer
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Copyright 2023 Weebit Nano, Ltd.

Discrete market segment opportunity

The discrete (standalone chips) NVM market is very broad; numerous opportunities for Weebit ReRAM

Market		Applications		Opportunity	Weebit Advantages	Timeline
EEPROM(1)		IoT, Medical, A&D		$2B in 2021 1% CAGR 2021-2027	✓Die size ✓Cost	Short-term
NOR Flash		Consumer, automotive & industrial		$3.5B forecast in 2022 63% growth in 2021 6% CAGR 2021-2027	✓Ultra-low-power operation ✓Ultra-low standby current ✓Die size ✓Cost	Low densities: short-term Med/high densities: mid- term
NAND Flash		Data storage: on-device or cloud-based		$67B in 2021 6% CAGR 2021-2027	✓Ultra-low power consumption ✓Endurance ✓Cost	Multi Gb dies: longer term
Storage Class Memory (SCM)		Emerging market filling gap between DRAM & NAND storage		~$925m in 2027 16% CAGR 2021-2027

Weebit has various commercial routes to address the discrete market

Development / commercialization of own memory chips

Strategic partnerships with discrete foundries

Licensing technology to Tier-1 / Tier-2 silicon vendors

Sources:

https://www.yolegroup.com/product/report/status-of-the-memory-industry-2022/ https://www.yolegroup.com/product/report/emerging-non-volatile-memory-2022/ https://www.electronicsweekly.com/news/business/2021-market-63-2022-06/ (1) EEPROM = Electrically erasable programmable read-only memory

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Copyright 2023 Weebit Nano, Ltd.

Weebit ReRAM addresses a broad range of application requirements

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Mixed-Signal / Aerospace
IoT / MCUs Edge AI Automotive
Power Mgmt & Defense
Wireless charging; Wearables; Security cameras, ECUs for sensors Flight safety
Example Applications Motor control Smart cards Industrial & controllers systems; Satellites
Back-end-of-line tech for easy analog integration
Cost-efficiency
Ultra-low power consumption
Robustness in high temp / extreme environments
Scaling advantage at 28nm and below
High endurance
Small footprint to store very large arrays
Longevity
Roadmap to neuromorphic computing
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Copyright 2023 Weebit Nano, Ltd.

ReRAM adoption is underway in large end markets

Automotive ICs

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Weebit ReRAM Advantages vs Flash

• ✓ Safety, security, longevity

• ✓ Reliable in extreme temps, EMI, vibration, humidity, etc.

• ✓ Support fast boot, instant response, frequent OTA updates

Example: Infineon will use ReRAM in its automotive MCUs

Automotive semiconductors: $70 billion by 2027

Power Management chips (PMICs)

Wireless charging, motor control, and others

Weebit ReRAM Advantages vs. Flash

• ✓ Embedded flash requires ~10 masks → too expensive

• ✓ ReRAM only 2 added masks → cheap to manufacture

• ✓ ReRAM: No interference with analog integration (embedded flash too difficult to integrate

Example: Call phone and laptop chargers

PMICs: $25.5 billion by 2026

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Smart Cards / Mobile payments

Weebit ReRAM Advantages vs Flash

• ✓ Embedded flash too expensive to manufacture

• ✓ ReRAM most cost-effective NVM

• ✓ ReRAM deeply embedded within metal stacks

• ✓ MRAM not an option due to EMI

• ✓ Ultra-low power, low voltage

Example: Credit cards

Smart card ICs: $3.9 billion by 2027

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Internet of Things (IoT) MCUs

Weebit ReRAM Advantages vs Flash

Market transition to 22nm and below

• ✓ Better cost structure and lower power as market transitions to 22nm and below

• ✓ Maximum system integration; flash must be external below 28nm; ReRAM scales below

• ✓ External NVM compromises power, speed, security

• Example: Wearables, hearing aids, medical devices

Ultra-low-power MCUs: $7.9 billion by 2027

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Sources: https://www.marketsandmarkets.com/Market-Reports/automotive-semiconductor-195.html# ; https://www.yolegroup.com/strategyinsights/power-ics-a-21b-market-evident-in-all-applications; https://www.marketsandmarkets.com/Market-Reports/smart-card-ic-market29374723.html# ; https://www.marketsandmarkets.com/Market-Reports/ultra-low-power-microcontroller-market-206772623.html; https://www.eenewseurope.com/en/fujitsu-takes-nuvoton-reram-to-12mbit/; https://www.tsmc.com/english/dedicatedFoundry/technology/platform_mobile_tech_BCD

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Copyright 2023 Weebit Nano, Ltd.

Significant recent progress

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OCT 2022 ReRAM selector JUN 2022 can achieve high densities ReRAM IP needed for NOV 2021 module fully discrete & Raised further functional, live embedded A$35m; well demonstration applications funded to 2024

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JAN 2023 Taped out first NOV 2022 demo chip in First productionadvanced OCT 2022 fab wafers 22nm FD-SOI Final qualification integrating process Weebit IP of ReRAM IP module. Industrial-grade temperatures

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Copyright 2023 Weebit Nano, Ltd.

Successfully completed ReRAM memory module qualification

Qualification is a key step for every semiconductor product on each new target process

Major milestone using Weebit’s ReRAM memory module produced at CEA-Leti

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Qualified wafers to industry standards

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• Endurance

• Industrial robustness

Results driving interest from foundries and customers

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• Repeatability

• Uniformity

• Maturity of Weebit’s embedded ReRAM

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Commercial Traction

Based on results, Weebit ReRAM is being evaluated by several Tier-1 fabs and customers

Weebit and CEA-Leti are now qualifying ReRAM module at higher temperatures and endurance levels – for advanced applications

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Copyright 2023 Weebit Nano, Ltd.

SkyWater Technology (Nasdaq:SKYT) – only US-owned pure-play silicon foundry – taking Weebit ReRAM to volume production

First Weebit ReRAM wafers from a production fab

September 2021 Signed agreement

June 2022 July 2022 Completed Tape-out of technology transfer memory module to US production fab

November 2022 Received 1[st] wafers from manufacturing

1H 2023 Customer wafers Fully qualified with Weebit memory module ReRAM in mass production

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www.skywatertechnology.com/ip-partner-weebit-nano

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CEO Coby Hanoch holding a SkyWater wafer November 8, 2022

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Copyright 2023 Weebit Nano, Ltd.

Selector technology development: key for high-density NVMs

Selector is a strategic R&D effort for Weebit and CEA-Leti

Enabling high-capacity memory arrays while keeping size and power requirements to a minimum

Will enable 3D ReRAM in the future

Discrete chips need higher densities than can be achieved with a transistor (1T1R)

Purpose-built selector (1S1R) enables optimized cell access within a memory array

Enabling discrete chips while using fab-friendly materials and standard tools

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A selector is necessary to scale ReRAM cells

Recent milestone: Weebit ReRAM selector now also suitable for embedded applications

Opens up new opportunities in areas including AI and automotive

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Copyright 2023 Weebit Nano, Ltd.

Taped out Weebit ReRAM demo chip to GF 22nm

Addresses the need for new NVM at one of the industry’s most common process nodes

On-time tape-out of ReRAM IP module in GlobalFoundries’ 22FDX ™ FD-SOI (fully depleted silicon on insulator) platform

FD-SOI: high performance at very low voltage/ low leakage; broadly adopted by the industry

Weebit ReRAM + FD-SOI is ideal for low-power embedded devices

Clear opportunities for NVM at 22nm and below

Existing embedded flash technology is not a viable option Serving various applications including IoT, 5G and AI

Scaling Weebit ReRAM technology to advanced nodes – now targeting sub-22nm

Weebit is already working on smaller geometries with Tier-1 fabs Benefits in terms of memory density

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The work Weebit and CEA-Leti are doing to make Weebit ReRAM available on GlobalFoundries’ 22FDX is a welcome development as we continue to expand the ecosystem around this platform. Embedded NVM is a key element of our customers’ designs, but since embedded flash is difficult to scale below 28nm, many customers are looking to NVM solutions such as embedded ReRAM.

̶ Mike Hogan, Chief Business Officer

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Copyright 2023 Weebit Nano, Ltd.

Weebit is engaged with most top-10 foundries and IDMs

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Top-10 Integrated Device
Top-10 Foundries
Manufacturers (IDMs) [(1)]
1 TSMC 1 Samsung
In different levels of
2 Samsung 2 Intel
discussion/ evaluation
3 UMC 3 SK Hynix
with most of the top fabs
4 GlobalFoundries 4 Micron
5 SMIC 5 Texas Instruments
Expect to sign an
agreement with a top fab 6 6
Hua Hong (HLMC) Western Digital
by mid-year
7 PSMC 7 Infineon
8 VIS 8 STMicroelectronics
9 Tower 9 NXP
10 DB HiTek 10 Analog Devices
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Sources: https://think.ing.com/articles/eu-chips-act-to-strengthen-europes-economy/; https://www.digitimes.com/news/a20220216VL200.html; https://www.gartner.com/en/newsroom/press-releases/2022-04-14-gartner-says-worldwide-semiconductor-revenue-grew-26-percent-in-2021; https://think.ing.com/articles/eu-chips-act-to-strengthen-europes-economy/; public data

(1) By 2021 revenue

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Copyright 2023 Weebit Nano, Ltd.

Weebit ReRAM: Greener non-volatile memory

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NVM Environmental Impact Examples
Resource use, minerals & metals
Water Use
ReRAM Process -41.6% -53.5%
MRAM Process
Source: Non-Volatile Memory Lifecycle Analysis completed by CEA-Leti Q4 2022
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• ReRAM has a lower carbon footprint vs. flash and MRAM

• No issues with materials scarcity; no rare earth materials

• Consumes less electric power than flash

• Materials have no contamination risk

• Consumes fewer resources to manufacture than MRAM and flash

• Not subject to international conflict

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Copyright 2023 Weebit Nano, Ltd.

Weebit Nano key targets for 1H23

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SkyWater

Conclude qualification of embedded ReRAM module

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Automotive

Qualify the technology for automotive conditions

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Fab Partners Sign with a Tier-1 fab

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Continue R&D

Further technical enhancements to the ReRAM cell and selector technologies

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Customers

Close initial agreements

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Scaling 22nm

Continue scaling the technology

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Copyright 2023 Weebit Nano, Ltd.

Key takeaways

Weebit ReRAM: The Next NVM is Here!

Weebit ReRAM has Making strong tech Board & mgmt. Weebit is on track to The industry needs unique advantages; progress: 1[st] wafers have extensive deliver a production a new Non-Volatile is well positioned to from a production semiconductor solution across a Memory solution replace flash in fab; qualified based commercialisation range of high-growth various markets on JEDEC standards experience markets

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Copyright 2023 Weebit Nano, Ltd.

Disclaimer

This presentation contains certain statements that constitute forward-looking statements. Examples of such statements include, but are not limited to, statements regarding the design, scope, initiation, conduct and results of our research and development programs; our plans and objectives for future operations; and the potential benefits of our products and research technologies. In some cases, forward-looking statements can be identified by the use of terminology such as “may,” “will,” “expects,” “plans,” “anticipates,” “estimates,” “potential” or “continue” or the negative thereof or other comparable terminology. These statements involve a number of risks and uncertainties that could cause actual results and the timing of events to differ materially from those anticipated by these forward-looking statements. These risks and uncertainties include a variety of factors, some of which are beyond our control. All forward-looking statements and reasons why actual results may differ are based on information available to us when initially made, and we assume no obligation to update these forward-looking statements or reasons why actual results might differ or the information set forth herein.

In addition, we do not make any representations or warranties, express or implied, with regard to the information included in this presentation of any other related document or information disclosed or furnished in connection thereto, including, without limitation, with respect to the accuracy, reliability, completeness or its sufficiency for any particular purpose. This information is proprietary and confidential of Weebit and is provided on a confidential basis and may not be disclosed or used without our prior written consent. You acknowledge that the disclosure and use of the information may be further prohibited under applicable securities or other laws. This presentation is made for informational purposes only and does not constitute an offer to sell any interest in Weebit nor does it form the basis of any contract or agreement between the parties.

Third party data

This presentation includes or is otherwise based on information obtained from publicly available information, including data from various independent research firms and industry associations as noted, and (iii) other information publicly released by corporations and government departments. Weebit has not independently verified or audited this information or any information. Accordingly, the accuracy and completeness of such information is not guaranteed. This data has been accurately reproduced and, as far as Weebit is aware, no facts have been omitted that would render the information provided inaccurate or misleading. Investors should note that market data is inherently predictive and subject to uncertainty and is not necessarily reflective of actual market, industry and macroeconomic conditions. Specifically, there is no assurance that any of the forecasts or projections will be achieved. Forecasts and projections involve risks and uncertainties and are subject to change based on various factors, including those discussed above.

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Copyright 2023 Weebit Nano, Ltd.

Thank You! www.weebit-nano.com

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