Revolutionary pixels for tomorrow’s OLED displays

Intro Deck Max Lemaitre [email protected] (847) 269-3692 LCD TV Factory $6B USD (2008)

2 Confidential & Proprietary SHUTDOWN 2021

3 Confidential & Proprietary 90% Declining LCD Market share 80%

70%

60%

50%

40% OLED 30% Opportunity 20% 2018 2020 2022 2024 2026

4 Confidential & Proprietary LCD OLED TV Factory

5 Confidential & Proprietary We recycle aging LCD display factories and simplify manufacturing for more profitable OLED production

Up to $900M in CAPEX savings per factory

>25% reduction in panel manufacturing costs

6 Confidential & Proprietary The “OLED Backplane Problem”

Conventional OLED Pixel (TFT) Backplane: Ø Supplies current to pixel and acts as the pixel’s internal “dimmer ” -emitting Frontplane: Ø converts electrical current to light

Transistor Light Backplane

Zoom-in of a TV display OLED (array of OLED pixels) Frontplane

Single Pixel Top View

7 Confidential & Proprietary The “OLED Backplane Problem”

Conventional OLED Pixel BACKPLANE PROBLEM Transistor (TFT) Backplane: Complex Ø Supplies current to pixel and acts as pixel circuits the pixel’s internal “dimmer switch” In-pixel compensation 5 to 7 TFTs Light-emitting Frontplane: Ø converts electrical current to light

Exotic Materials Quaternary alloy Narrow processing window Transistor Light sensitivity Light Backplane Expensive Equipment OLED Limited scalability Frontplane Inhomogeneity

8 Confidential & Proprietary Mattrix’s OLED Backplane SOLUTION

Mattrix circumvents what is known as the “OLED backplane problem”, allowing LCD TFT-array lines to be recycled for OLED manufacturing

Backplane Frontplane

Traditional LCD TFT LC Cell Array Cell Module

$

Conventional Complex TFT Array OLED Cell Module OLED Clean Substrates Clean Completed Display Panels Display Completed

TFT Mattrix OLED Cell Module Array

9 Confidential & Proprietary Mattrix’s OLED Backplane SOLUTION

Conventional OLED Pixel Simple Mattrix Pixel • Small light-emitting aperture • Large aperture ratio (>75%) • Complex pixel circuit • Simple 2-component pixel design • Difficult manufacturing process • Mature LCD manufacturing process • Challenging backplane materials • Compatible with large Gen sizes

Light

Transistor Light Backplane LCD Transistor Backplane OLED Frontplane

10 Confidential & Proprietary Mattrix’s OLED Backplane SOLUTION

This simple pixel is enabled by our patented 3-in-1 device:

A. Vertical organic light emitting transistor (VOLET)

A VDD Vscan Light 3-in-1 VOLET • Drive transistor • StorageVdata A • Light-emitting stack

Vsource

11 Confidential & Proprietary Mattrix’s OLED Backplane SOLUTION

Now only TWO components per pixel (typically 4-9!)

A. Vertical organic light emitting transistor (VOLET) B. Single LCD thin-film transistor

B A VDD Vscan Light B

Vdata A

• Brighter • More stable • Scalable Vsource

12 Confidential & Proprietary The Mattrix VOLET

Mattrix Vertical organic light emitting transistor - A 3-in-1 optoelectronic device that combines the drive TFT, OLED, and storage capacitor into a single vertical device.

Mattrix VOLET • Able to source large current current flow • Bias, Temp., Illum. stress stable • Highly uniform over large areas • Low-cost manufacturing • Stackable with OLED

M. A. McCarthy, B. Liu et. al. and A. G. Rinzler, Science, 332, p. 570 (2011)

Conventional Lateral TFT + OLED • Poor uniformity current flow • Unstable current flow • Low-yield manufacturing • Side-by-side with OLED

13 Confidential & Proprietary Value Proposition

Lower CAPEX Higher Yields Lower Material Cost Greener Manufacturing Industry Benefits Compatible w/ all Emissive Tech

Reduced “image sticking” Higher brightness Fully transparent Longer lifetime User Features Truly bendable Competitive Advantage

• Lowest cost backplane Image Quality solution for OLED displays

Power • Cost Matches performance of Efficiency industry leading LTPO (Apple)

VOLET LTPS • Clear path for OLED at largest Oxide Features LTPO Reliability manufacturing Gen sizes (G10+)

Product • Enhances next-generation Scalability Compatability OLED or QD materials

• Compatible with ink-jet printing and roll-to-roll manufacturing Game Changing Possibilities

Low-cost OLED TV Displays

o No image burn-in o 2x longer product lifetime o Matches LCD peak brightness o Fully transparent option

o 50% reduction in fab CAPEX o Equivalent performance from lower-cost OLED materials o Higher-yield a-Si TFT backplanes Manufacturing Process

• Converted G8 LCD-TFT • Bottom Emission • White VOLET + Color Filter $700 $717 $80 $179 • 1 a-Si sw-TFT backplane • Glass Encapsulation

($/sq. m.) ($/sq. Capex $41 $600 Materials $57

Opex $539 >25% $500 manufacturing

OLED + CF + OLED cost savings per - Manufacturing Costs Costs Manufacturing Conventional W $400 panel Savings

16 Confidential & Proprietary Game Changing Possibilities

High-efficiency Smart Device: Low-cost alternative to Apple’s LTPO displays

o Always-on display (variable- + low power consumption) o Higher peak brightness o Compatible with truly foldable/bendable form factors

o >30% less mask steps than LTPO process o Scales to Gen 8+ (not limited by laser annealing step) o Higher yields (eliminates deleterious hydrogen annealing step) Manufacturing Process

• Converted G6/8 oxide-TFT • Bottom Emission $3,500 • RGB-VOLET • 1 oxide sw-TFT backplane $3,390 $286 $559 • Encapsulation

($/sq. m.) ($/sq. Capex $58 $3,000 Materials $214

Opex $2,831

OLED >15% - $2,500 manufacturing + RGB cost savings per Manufacturing Costs Costs Manufacturing Conventional LTPO $2,000 panel Savings

17 Confidential & Proprietary Opportunities for Fab Conversions

$ Return on Conversion DCF analysis of the value generated by converting a single aSi LCD line (30K sheets/mo)

$1,250 $2,750 Millions Millions $2,250

$750 $1,750

$1,250

$250 $750 NPV of Factory Project NPV of Factory Project $250

-$250 -$250 aSi IGZO Mattrix aSi IGZO LTPS LTPS LTPO Mattrix LCD OLED LCD LCD LCD OLED OLED

TV Display Technology Mobile Display Technology

19 Confidential & Proprietary TotalAddressable Addressable Market Market WorldwideWorldwide LCD LCD Capacity Capacity Available Available for for Mattrix Mattrix ConversionConversion

50 $48.9B

$32.9B

1,722 8,875 $14.3B $27.1B 25 $31.4B 293 2,075 $15.5B Biggest Lowest Barrier Market Available Manufacturing Lines to Entry Opportunity 4,675 0 2,303 3 4 5 6 7 8 9 10 11 Manufacturing Gen Size # Total LCD capacity available for conversion at each Gen size (1000's sq.m./mo) ## Total fab value conversion of LCD value-to-OLED at each conversions Gen size at each Gen size # Total LCD capacity available for conversion (1000's sq.m./mo)

20 Confidential & Proprietary Mattrix Business Model

IP Licensing & Design Panel Fab Licensing Fees Partner

Tools & Recurring co-Dev IP Royalties Materials

Revenue Partnerships Equipment Driver ICs Future Fab Materials Partners

21 Confidential & Proprietary Spun-off in 2018 3 Founders Now 20 Employees 14 PhDs

Max Lemaitre Bo Liu Dr. Andrew Rinzler Bruce Berkoff Dr. Jin Jang Founder, CEO Founder, CTO Chief Scientific Advisor Industry Advisor Scientific Advisor

3rd Start-up Inventor Top 10 Most Cited Ex-LGD, Ex- SID Fellow, LG BOD 10 yrs in Hard Tech 15 yrs in Displays Nanotech Researcher 30+ yrs in Displays Top Display Scientist

Partnerships:

22 Confidential & Proprietary Traction

Industry Partnerships Industry Validation • Investment lead by Ventures 2013 Presented stable VOLET to SID • Backplane development with Silicon 2014 Demonstrated high-uniformity at IMID Display and the Advanced Display 2016 Won SID I-Zone Best Prototype Award Research Center (KHU) • Developing new 5” RGB VOLET prototype with Samsung Advance Institute of Technology • Novel materials joint development with JSR

Strong IP portfolio of 19 patents State-of-the-art prototype • Architecture, materials, and process demonstrations (TRL 5): covered by 19 patents • Record current efficiency • No “workaround” • Multi-color • Bias and Illumination stress stability Scientific Validation • Pixel-to-Pixel Uniformity • 2004 Published dilute CNT films in Science 2.5” QVGA video prototype 2006 Invented the CN-VFET 2010 Record performance from organic FET 2011 Published VOLET in Science

23 Confidential & Proprietary Commercialization Opportunity

Invention Scientific Proof of Pilot production Manufacturing Validation Concept program Scale-up

Academic Seed Series A Series B Revenue 2019 2021 2023 Series B - Plugging into the display market

Investment Opportunity: $10 - 15M • Build out business development operation (Korea, Japan, & China) • Develop Gen 2.5 pilot line-ready CNT deposition tool, • Complete pilot run of medium-size VOLET displays on contracted Gen 2.5 line, • Design & optimize mass production grade materials set, • Integrate pilot display with product-grade drive circuitry

24 Confidential & Proprietary We recycle aging LCD display factories and simplify manufacturing for more profitable OLED production

Up to $900M in CAPEX savings per factory

>25% reduction in panel manufacturing costs

25 Confidential & Proprietary